Document:

Form of Offshore Securities Purchase Agreement for US Offering

 Exhibit 10.5 
 OFFSHORE SECURITIES PURCHASE AGREEMENT 
 June 30, 2007 
 THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (OTHER THAN DISTRIBUTORS)
UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OF 1933, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 IS AVAILABLE. 
 This Offshore Securities Purchase Agreement (this “Agreement”) is made by Sterling Mining Company, an Idaho corporation (the “Company”), and the purchaser identified on the signature
page hereto, including its successors and assigns, (the “Buyer”); and 
 WHEREAS, this Agreement is executed in reliance
upon the transaction exemption afforded by Regulation S (“Regulation S”) as promulgated by the Securities and Exchange Commission (“SEC”), under the Securities Act of 1933, as amended, (the “1933 Act”), 
 NOW, THEREFORE, in consideration of the foregoing recitals and the terms and conditions hereinafter set forth the parties hereto agree as follows:

 1. SUBSCRIPTION. The Buyer hereby subscribes for and purchases
                     Units described in the Statement of Offering dated June 30, 2007 (the “Statement”) on the terms set forth
in this Agreement. The total purchase price for the Units at an Issue Price of $3.25 per Unit is US$             . The common stock and warrants included in the Units and the common
stock underlying the warrants are collectively referred to as the “Securities.” The subscription payment will be made in United States Dollars by wire transfer initiated by Buyer’s bank to an account designated by the Company.

 2. BUYER’S REPRESENTATIONS. Buyer represents and warrants to the Company as follows: 
 (a) Buyer is not a U.S. Person and Buyer was not formed for the purpose of investing in the Securities, which have not been registered under the 1933 Act
in reliance upon Regulation S, and Buyer is not purchasing the Securities by or for the benefit of a U.S. person. 
 (b) At the time the buy
order was originated, Buyer was outside the United States. 
 (c) No offer to sell or purchase the Securities was made in the United States.

 (d) Buyer has not engaged in nor will engage in any “Directed Selling Efforts,” i.e., any activity undertaken for the purpose
of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Securities being purchased by the Buyer. 
 (e) Buyer is purchasing the Securities for its own account and for investment purposes and not with the view towards distribution or for the account of a U.S. Person. 
 (f) All subsequent offers and sales of the Securities shall be made in compliance with Regulation S and/or pursuant to registration of the Securities
under the 1933 Act or pursuant to an exemption from registration under the 1933 Act. Unless registered for sale under the 1933 Act, the Securities will not be resold to U.S. Persons or within the United States until after the end of a one year
restricted period commencing on the date of closing of the purchase of the Securities and otherwise in compliance with Rule 904 of Regulation S. 

 (g) The Securities are being offered and sold to Buyer in reliance on Regulation S and the Company is
relying upon the truth and accuracy of Buyer’s representations and warranties in order to justify such reliance in connection with the sale of the Securities to Buyer. 
 (h) Buyer has received and reviewed the Statement with respect to the purchase of the Securities, including each of the Company’s SEC reports
incorporated therein by reference, and understands the risk of an investment in the Company and acknowledges that an investment in the Company involves high risks. 
 3. COMPANY REPRESENTATIONS. The Company represents and warrants to Buyer as follows: 
 (a) The Company is incorporated in the state
of Idaho and is in good standing as of the date of this Agreement. The Company’s Federal Identification Number is XXXXXXXXXX. 
 (b) At
the time the buy order was originated, the Company and/or its agents reasonably believed Buyer was outside of the United States and was not a U.S. Person. 
 (c) The Company and/or its agents reasonably believe that the transaction has not been pre-arranged with a buyer in the United States. 
 (d) The Company has not engaged in nor will engage in any “Directed Selling Efforts,” i.e., any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of,
conditioning the market in the United States for any of the Securities being purchased by the Buyer. 
 (e) The Securities when issued and
delivered will be duly and validly authorized and issued, fully paid and non-assessable and will not subject the holders thereof to personal liability by reason of being such holders. There are no preemptive rights of any shareholders of the
Company. The Securities are free and clear of any security interest, liens, claims, or other encumbrances. 
 (f) The Agreement has been duly
authorized, validly executed and delivered on behalf of the Company and is a valid and binding agreement in accordance with its terms, subject to general principles of equity and to bankruptcy or other laws affecting the enforcement of
creditors’ rights generally. 
 4. EXEMPTION; RELIANCE ON REPRESENTATION. 
 (a) Buyer understands that the offer and sale of the Securities is not being registered under the 1933 Act. The Company is relying on the rules governing offers and sales made outside the United States pursuant to
Regulation S as an exemption from registration for this transaction between the Company and the Buyer. Buyer agrees that the Securities can not be sold except in accordance with the provisions of Regulation S, pursuant to registration under the 1933
Act, or pursuant to an available exemption from registration; and agrees not to engage in hedging transactions with regard to the Securities unless in compliance with the 1933 Act. 
 (b) Buyer agrees that the Securities are “restricted securities” as defined in SEC Rule 144(a)(3). The Company is bound by this Agreement to
refuse to register any transfer of the Securities not made in accordance with the provisions of Regulation S, pursuant to registration under the 1933 Act, or pursuant to an available exemption from registration. 
  

 2 

 5. TRANSFER AGENT INSTRUCTIONS. 
 Upon acceptance of the subscription under this Agreement and receipt of payment for the Securities, the Company will promptly cause to be issued and sent to the Buyer certificates and instruments representing the
Securities in the name of Buyer. All certificates and instruments shall bear appropriate restrictive legends to the effect that no transfer of the Securities may be made except in compliance with the provisions of Regulation S. The Company and Buyer
agree that the Company’s transfer agent is hereby directed and authorized to refuse to register any transfer of the Securities that is not made in accordance with the provisions of Regulation S. 
 6. CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL. Buyer understands that the Company’s obligation to sell the Securities is conditioned upon: 
 (a) The receipt and acceptance by the Company of this Subscription Agreement executed by Buyer, and 
 (b) Delivery to the Company of good funds as payment in full for the purchase of the Securities. 
 7. GOVERNING LAW. 
 This Agreement shall be governed by and
interpreted in accordance with the laws of the State of Idaho, United States of America. A facsimile transmission of this signed agreement shall be legal and binding to all parties hereto. 
 8. MODIFICATION. 
 This Agreement sets forth the entire
understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements among them concerning such subject matter, and may be modified only by a written instrument duly executed by each party with the approval of
their respective boards of directors. 
 9. NON-ASSIGNABLE. 
 This Agreement is not assignable or transferable to any other party. 
 10. ATTORNEY FEES. 
 Buyer shall be responsible for his own legal fees in connection with the execution and negotiation of this Agreement. If any action at law or equity,
including an action for declaratory judgment is filed, or if an arbitration proceeding is brought to enforce or interpret the terms, covenants or provisions of this Agreement, each party agrees to bear their own attorneys’ fees and costs.

 11. FORM OF OWNERSHIP. Please indicate the form of ownership that the Buyer desires for the Securities: 
  

									
	            Individual	 		 	            Joint Tenants with Right of Survivorship
	            Tenants in Common	 		 	            Community Property	 	
	            Trust	 		 	            Corporation	 	
	            Partnership	 		 	            Other:	 	  
	 	

  

 3 

 IN WITNESS WHEREOF, this Offshore Securities Purchase Agreement was duly executed on the date first
written below. 
 Dated this      day of the month of
             2007. 
  

			
	 Buyer:
	 	
	
	
 Print Name of Buyer

		
	 By:
	 	  

	
	
 Print Name and Title of Signer

	
	
 Address

	
	
 City

	
	
 Country

 Accepted this      day of the month of
             2007. 
  

			
	STERLING MINING COMPANY
		
	By:	 	  

		 	Duly Authorized Officer

  

 4First Modification to Note and Stock Pledge Agreement

 Exhibit 10.13 
 FIRST MODIFICATION TO NOTE AND STOCK PLEDGE AGREEMENT 
 Loan #4027203-101 
 This First Note Modification Agreement (hereinafter “Agreement”) is made and entered into this 20th day of JULY 2007, by and between
SECURITY BANK CORPORATION, (hereinafter “Borrower”) and THE BANKERS BANK, a Georgia banking corporation (hereinafter “Lender”). 
 WITNESSETH: 
 WHEREAS, Borrower did execute and deliver to the Lender a Promissory Note
(hereinafter “Note”), dated JULY 20, 2005 in the original principal amount of SEVENTEEN MILLION DOLLARS AND NO/100 ($17,000,000.00) DOLLARS, with a maturity date of JULY 20, 2007; and 
 WHEREAS, Borrower and Lender have agreed to modify the original Note and Stock Pledge Agreement by extending the draw period under the note, by
extending the maturity date, and by modifying the covenants of the loan agreement; 
 NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender do hereby agree as follows: 
 NOTE 
 The Note is hereby modified and amended as follows: 
  

	 	1.	The Note amount will be increased to Twenty Two Million Dollars and no/100 ($22,000,000.00); 

  

	 	2.	Interest shall be payable quarterly beginning October 1, 2007 with a final payment of principal and Interest due at maturity on July 20, 2009; 

 LOAN AND STOCK PLEDGE AGREEMENT 
 The Loan and Stock Pledge Agreement is hereby modified and amended as follows: 
  

	 	1.	In section 4. Negative Covenants, paragraph (a), deleting the first sentence that reads: 

 “The Borrower shall not permit its Tangible Capital, not excluding any injection of capital from trust preferred facilities, to be less than $79,000,000,00”: 
 And replacing it with: 
 “The Borrower
shall not permit its Tangible Capital, not excluding any injection of capital from trust preferred facilities, to be less than $150,000,000.00”; 
  

	 	2.	In section 4, Negative Covenants, paragraph (f), deleting the sentence that reads: 

 “The Borrower shall not permit the allowance for loan and lease losses of any of the Bank Subsidiaries to be less than 1.00% of its gross loans for each year-end.” 

 PROMISSORY NOTE 
  

			
	$22,000,000.00	  	JULY 20, 2007

 FOR VALUE RECEIVED, the undersigned, Security Bank Corporation, a Georgia corporation (the
“Borrower”), promises to pay to the order of THE BANKERS BANK (the “Lender” and, together with any holder hereof, called the “Holder”), at 2410 Paces Ferry Road, 600 Paces Summit, Atlanta, Georgia 30339-4098 (or
at such other place as the Holder may designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of Twenty Two Million AND NO/100 DOLLARS ($22,000,000.00), or so much thereof as may hereafter be
disbursed hereunder, together with interest on so much thereof as is from time to time outstanding and unpaid, from the date of each advance of principal at a rate of interest as hereinafter provided. 
 This Note is the Note made and given as described in that certain First Modification To Note and Stock Pledge Agreement of even date, between the
Borrower and the Lender. Such Loan and Stock Pledge Agreement as modified from time to time is referred to herein as the “Loan Agreement”. In the event of any inconsistency between this Note and the Loan Agreement, this Note shall control.
All capitalized terms used herein shall have the meanings ascribed to such terms in the Loan Agreement, except to the extent such capitalized terms are otherwise defined or limited herein. 
 Subject to the terms and conditions of the Loan Agreement, the Lender will make advances of the principal amount hereunder as requested from time to time
by the Borrower. Each such advance will reduce the remaining commitment to lend hereunder and repayments of advances shall permit the Borrower to receive a re-advance of such funds. No advance shall be made after July 20, 2009.

 The Borrower hereby authorizes the Holder to endorse on the Schedule annexed to this Note all advances of funds made to the Borrower and
all payments of principal amounts in respect of the Loan, which endorsements shall, in the absence of manifest error, be conclusive as to the outstanding principal amount of the Loan; provided, however, that the failure to make such notation with
respect to any Loan or payment shall not limit or otherwise affect the obligations of the Borrower under this Note. 
 The Borrower promises
to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum
equal to the Prime Rate minus one hundred basis points (1.00%). 
 “Prime Rate” shall mean, on any day, the rate of interest
published as the “Prime Rate” as of such day appearing in the “Money Rates” section of the Wall Street Journal, Eastern Printed Edition, or any successor to such section. If more than one such rate shall be published, then
the Prime Rate shall be the higher or highest of such rates. The 

 
Prime Rate in effect as of the close of business of each day shall be the applicable Prime Rate for the day and each succeeding non-business day in
determining the applicable Prime Rate Basis. 
 Interest shall be calculated on the basis of a 360-day year for the actual number of days
elapsed. 
 Interest under this Note shall be due and payable quarterly in arrears on the first day of each calendar quarter, commencing
October 1, 2007, and continuing to be due on the first day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of
acceleration or otherwise). After default, interest shall also be due and payable upon demand from time to time by the Holder as provided below. 
 The principal under this note shall be due and payable at maturity. The entire outstanding balance of the indebtedness evidenced by this Note, together with all accrued and unpaid interest, shall be due and payable on July 20,
2009. 
 Overdue principal shall bear interest for each day from the date it became so due until paid in full, payable on demand, at a
rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to the Prime Rate Basis plus 3%. 
 In
no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such payment is inadvertently paid by the Borrower or inadvertently received by the Holder, then such
excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Holder, in writing, that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and
the Holder not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under applicable law. 
 All parties now or hereafter liable with respect to this Note, whether the Borrower, any guarantor, endorser, or any other person or entity, hereby waive presentment for payment, demand, notice of non-payment or
dishonor, protest and notice of protest, or any other notice of any kind with respect thereto. 
 Time is of the essence of this Note.

 No delay or omission on the part of the Holder in the exercise of any right or remedy hereunder or any Financing Document, or at law or in
equity, shall operate as a waiver thereof, and no single or partial exercise by the Holder of any right or remedy hereunder, under the Loan Agreement or any Financing Document, or at law or in equity, shall preclude or estop another or further
exercise thereof or the exercise of any other right or remedy. 
 Should this Note, or any part of the indebtedness evidenced hereby, be
collected by law or through an attorney-at-law or under advice therefrom, the Holder shall be entitled to collect reasonable attorneys’ fees and all costs of collection. 
 This Note is entitled to the benefits of the Loan Agreement, which contains provisions with respect to the acceleration of the maturity of this Note upon
the 

 And replacing it with: 
 “For any subsidiary Bank, Allowance for Loan and Lease Losses (ALLL) shall be at least 1.00%, measured at fiscal year-end. If GAAP requires that the ALLL be reduced to a level lower than 1.00%, this percentage
shall be considered for the covenant measurement.” 
 The Note, Loan and Stock Pledge Agreement, and other Documents are hereby
modified and amended to reflect the availability increase and modification of covenants. All other terms, conditions and warranties contained within the Note, Stock Pledge Agreement, and other Documents executed in connection therewith shall remain
in full force and effect in exact accordance with the terms thereof, except where modified, ; 
 The parties acknowledge and agree that this
shall not constitute a novation of the obligations and liabilities of any of the documents executed in connection therewith or a release of any collateral or security therefore or a waiver of any rights or remedies of the Lender thereunder, such
rights being specifically reserved by the Lender. Borrower hereby ratifies, confirms and acknowledges each warranty and obligation of the Borrower contained in the Note, Loan and Stock Pledge Agreement, and other Documents, and in consideration of
the extension of the draw period by the Lender, Borrower both for himself and his heirs, representatives and assigns, waives any defenses that he may have, whether known or unknown, to the enforcement by the Lender of all obligations of the Borrower
contained in all the documents now in force or executed simultaneously herewith. 
 This Agreement shall be construed, governed by and
enforced in accordance with the laws of the State of Georgia. 
 This Agreement has been made and entered into the day and year first written
above. 
  

							
	Signed, sealed and delivered	 		 	BORROWER:
	In our presence this 20th	 		 		 	
	Day of July 2007.	 		 	SECURITY BANK CORPORATION
				
	 /s/ Linda Cassidy
	 		 	BY:	 	 /s/ James R. McLemore

	Linda Cassidy	 		 	NAME:	 	JAMES R. MCLEMORE
	Witness	 		 	TITLE:	 	CFO
				
	 /s/ Catrina Canady
	 		 	BY:	 	 /s/ Michael T. O’Dillon

	Catrina Canady	 		 	NAME:	 	MICHAEL T. O’DILLON
	NOTARY	 		 	TITLE:	 	TREASURER
				
	

	 		 	LENDER:	 	
	 		 	  
 THE BANKERS BANK

	 		 	  
 BY:
	 	  
 /s/ Kristi Hill
  

	 		 	NAME:	 	KRISTI HILL
	 		 	TITLE:	 	VICE PRESIDENT
	 		 		 	
	 		 		 	
	 		 		 	
	 		 		 	
	 		 		 	

 THE BANKERS BANK 
 2410 PACES FERRY ROAD 
 600 PACES SUMMIT 
 ATLANTA, GEORGIA 30339 
 DOCUMENT REPLACEMENT AGREEMENT 
  

			
	Loan Amount:	  	$22,000,000.00
		
	Date of Loan:	  	JULY 20, 2007

 I/We understand and agree that in the event any of the documents evidencing and/or securing the above-referenced
Loan (the Loan) misstate or inaccurately reflect the true and correct terms and provisions of the Loan due to unilateral mistake on the part of the Lender, mutual mistake on the part of the Lender and the Borrower(s), or clerical error, the
Borrower(s) shall upon the request by Lender execute such new documents or initial such corrected original documents as Lender may deem necessary to remedy said inaccuracy or mistake. Failure by the undersigned Borrower(s) to initial or execute such
documents as requested shall constitute a default under the Note evidencing the Loan. 
  

					
	Borrower:	 	
		
	SECURITY BANK CORPORATION	 	
			
	By:	 	 /s/ James R. McLemore
	 	
	Name:	 	JAMES R. MCLEMORE	 	
	Title:	 	CFO	 	
			
	By:	 	 /s/ Michael T. O’Dillon
	 	
	Name:	 	MICHAEL T. O’DILLON	 	
	Title:	 	Treasurer	 	

 happening of certain stated events, and for prepayment of the Loan. Prepayment of the Loan may be made by the Borrower,
in whole or in part, without penalty or premium. 
 The Holder shall be under no duty to exercise any or all of the rights and remedies given
by this Note and the Loan Agreement or under any of the other Financing Documents and no party to this instrument shall be discharged from the obligations or undertakings hereunder (a) should the Holder release or agree not to sue any person
against whom the party has, to the knowledge of the Holder, a right to recourse, or (b) should the Holder agree to suspend the right to enforce this Note or Holder’s interest in any collateral pledged or any guarantee given to secure this
Note against such person or otherwise discharge such person. 
 This Note shall be deemed to be made pursuant to the laws of the State of
Georgia. 
 IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed, sealed, and delivered this Note, as of the day
and year first above written. 
  

					
	BORROWER:	 	
	
	SECURITY BANK CORPORATION
			
	BY:	 	 /s/ James R. McLemore
	 	
	NAME:	 	JAMES R. MCLEMORE	 	
	TITLE:	 	CFO	 	
			
	BY:	 	 /s/ Michael T. O’Dillon
	 	
	NAME:	 	MICHAEL T. O’ DILLON	 	
	TITLE:	 	TREASURER	 	
			
	ATTEST:	 	 /s/ Robert F. Willingham
	 	
	NAME:	 	ROBERT F. WILLINGHAM	 	
	TITLE:	 	S.VP.	 	
	  
 [CORPORATE SEAL]
	 	

 

 
 2410 PACES FERRY ROAD 
 600 PACES SUMMIT 
 ATLANTA, GA 30339-4098 
 July 27, 2007 
 Michael O’Dillon 
 Security Bank Corporation 
 4219
Forsyth Road 
 Macon, Georgia 31208 
 Dear
Mr. O’Dilion: 
 This commitment letter replaces in whole our prior commitment letter dated July 24, 2007. The Bankers Bank (“Bank”)
is pleased to extend its commitment for credit, subject to the specific terms and conditions as outlined in the financing commitment below. These are not necessarily intended to represent all the conditions and requirements of our commitment that
would be included in the subsequent loan documentation. 
  

	A.	GENERAL TERMS 

  

	 	1.	BORROWER. Advances under the credit facility shall be made to Security Bank Corporation, (hereinafter referred to as “Borrower”). 

  

	 	2.	BANK. The Bankers Bank. 

  

	 	3.	AMOUNT OF LOAN. The maximum amount outstanding under the credit facility shall be Twenty-Two Million Dollars ($22,000,000). 

  

	 	4.	PURPOSE. General corporate purposes. 

  

	 	5.	INTEREST RATE. The interest rate to TBB will be “Prime” as designated in the Money Rates Section of the Wall Street Journal minus 100 basis points. If more than one
rate is indicated in the Wall Street Journal, the highest rate will be used. This rate will be adjusted the same day of change in the Wall Street Journal Prime Rate as noted above. Interest shall be computed on the basis of a 360-day year.

  

	 	6.	MATURITY. Twenty-four (24) months from date of note. 

  

	 	7.	REPAYMENT. Interest due quarterly with all accrued interest and outstanding principal due at maturity. 

  

	B.	COLLATERAL. Assignment of 100% of the stock in the following subsidiary banks: (i) Security Bank of Bibb County, (ii) Security Bank of Houston County, and
(iii) Security Bank of Jones County. 

  

	C.	DOCUMENTATION. Loan documents may include a promissory note, loan agreement, and appropriate collateral assignments as counsel for the Bank may require, in a form and
substance satisfactory to Bank. 

  

	D.	LOAN AGREEMENT. The Loan Agreement shall include such terms and conditions, as Bank and its counsel deem appropriate. 

 Page 2 
  

 Performance and reporting requirements are as follows: 
  

	 	1.	Capital ratios for Borrower and any subsidiary banks shall be maintained at the following levels: Total Risk Based Capital Ratio of 9.00% or greater and Tier One Leverage Ratio
(Tier One Capital to Average Total Assets) of 7.00% or greater, measured at fiscal year end. 

  

	 	2.	Tangible capital for Borrower will be in excess of $150,000,000 at all times, measured at fiscal year end. 

  

	 	3.	Consolidated Return on Average Assets of Borrower shall be 0.90% or greater every fiscal year during the term of the note, measured at fiscal year end. 

  

	 	4.	For any subsidiary Bank, Allowance for Loan and Lease Losses (ALLL) shall be at least 1.00%, measured at fiscal year-end. If GAAP requires that the ALLL be reduced to a level lower
than 1.00%, this percentage shall be considered for the covenant measurement. 

  

	 	5.	The total of loans internally or externally classified substandard, doubtful, and loss shall not exceed 45% of Tier One Capital plus Allowance for Loan and Leases Losses for either
Borrower or any subsidiary bank, measured at fiscal year end. 

  

	 	6.	Borrower will allow Bank to inspect its books, to perform a review of the loan portfolio of each subsidiary as deemed necessary, and to review internal and external loan review
reports. 

  

	 	7.	Borrower shall pay no dividend if the Loan is in default or if the dividend would create a default without prior Bank approval. 

  

	 	8.	Borrower will notify Bank immediately of all significant changes in management. 

  

	 	9.	Borrower to promptly furnish Bank with copies of its Annual Reports, Call Reports, and Bank Performance Reports on itself and each subsidiary bank as required by Bank.

  

	 	10.	Borrower or subsidiary bank shall not be under any formal enforcement action by its regulators at any time. 

  

	 	11.	Borrower shall not incur additional debt over $500,000 without Bank approval. 

  

	 	12.	Borrower shall provide Bank with Covenant Compliance Certificate (as attached) within 45 days of fiscal year end. 

  

	E.	GENERAL CONDITIONS. 

  

	 	1.	The issuance of this Commitment is based upon the accuracy of Borrower’s representations and statements, any loan application and all additional information, representations,
exhibits and other matters submitted to Bank for its consideration. Bank shall have the option to declare this Commitment Letter null and void, and to refrain from establishing the facility or facilities hereunder, if (i) there shall have been
any material misrepresentation of misstatement or any material error in any item submitted to Bank; (ii) there shall have been a material adverse change in the state of facts submitted to Bank, or (iii) Borrower has become insolvent,
bankrupt, incompetent or is deceased. 

  

	 	2.	Bank shall be furnished with such securities and credit instruments, as it shall deem necessary or appropriate for its protection. 

  

	 	3.	This executed commitment letter shall survive closing and become part of the Loan documentation. 

 Page 3 
  

  

	 	4.	Borrower shall be responsible for all reasonable and necessary expenses incidental to the transaction, including, but not limited to, all pre-closing, closing and post-closing
expenses. 

 If the aforementioned conditions are acceptable, please sign in the appropriate space and return to the undersigned. Unless
accepted within sixty (60) days, this commitment will be null and void. If this commitment is accepted, it will remain open for ninety (90) days after the acceptance date, at which time it will be null and void if this facility is not
closed. 
 Sincerely, 
  

			
	 /s/ Kristi Hill
	 	
	Kristi Hill	 	
	 Vice President
 Commercial Lending
	 	

 Accepted this 27th day of July, 2007. 
  

					
	Security Bank Corporation
			
	By:	 	 /s/ Michael T. O’Dillon
	 	
		 	Michael T. O’Dillon	 	
	Title:	 	TREASURER	 	

 Security Bank Corporation (Borrower) 
 Security Bank of Bibb County (Subsidiary Bank) 
 Security Bank of Houston County
(Subsidiary Bank) 
 Security Bank of Jonos County (Subsidiary Bank) 
 Security Bank of North Metro (Subsidiary Bank) 
 Security Bank of North Fulton
(Subsidiary Bank) 
 Security Bank of Gwinnett County (Subsidiary Bank) 
 $22,000,000 Revolving Line of Credit 
 The Bankers Bank (TBB) 
 Covenant Compliance Certificate 
 Enter Year
Ending 
  

											
	 COVENANT DESCRIPTION
	 	 MUST BE
	  	REQUIRED	 	 	ACTUAL	 	STATUS (OK or FAIL)
	 1  Borrower Tangible Capital position - Security Bank Corporation
	 	GREATER THAN or equal to	  	$	150,000M	 	 	Enter	 	Enter
	 (At All Times, to be tested at each FYE)
	 		  				 		 	
					
	 2  Borrower consolidated ROAA
	 	GREATER THAN or equal to	  	 	0.90	%	 	Enter	 	Enter
	 (At All Times, to be tested at each FYE)
	 		  				 		 	
					
	 3  Borrower & Subsidiary Bank Total Risk Based Capital Ratio
	 		  				 		 	
	 (At All Times, to be tested at each FYE)
	 		  				 		 	
	 Defined as Total Risk Based Capital to Risk-Adjusted Assets
	 		  				 		 	
					
	 Security Bank Corporation
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of Bibb County
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of Houston County
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of Jones County
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of North Metro
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of North Fulton
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
	 Security Bank of Gwinnett County
	 	GREATER THAN or equal to	  	 	9.00	%	 	Enter	 	Enter
					
	 4  Borrower & Subsidiary Bank Tier 1 Leverage Ratio
	 		  				 		 	
	 (At All Times, to be tested at each FYE)
	 		  				 		 	
	 Defined as Tier 1 Capital to Average Total Assets
	 		  				 		 	
					
	 Security Bank Corporation
	 	GREATER THAN or equal to	  	 	7 00	%	 	Enter	 	Enter
	 Security Bank of Bibb County
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
	 Security Bank of Houston County
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
	 Security Bank of Jones County
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
	 Security Bank of North Metro
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
	 Security Bank of North Fulton
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
	 Security Bank of Gwinnett County
	 	GREATER THAN or equal to	  	 	7.00	%	 	Enter	 	Enter
					
	 5  Subsidiary Bank Allowance for Loans and Lease Losses
	 		  				 		 	
	 (At All Times, to be tested at each FYE)
	 		  				 		 	
	 Defined as Allowance to Loans and Lease Losses/Total Loans
	 		  				 		 	
					
	 Security Bank of Bibb County
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
	 Security Bank of Houston County
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
	 Security Bank of Jones County
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
	 Security Sank of North Metro
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
	 Security Bank of North Fulton
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
	 Security Bank of Gwinnett County
	 	GREATER THAN or equal to	  	 	1.00	%	 	Enter	 	Enter
					
	 6  Borrower & Subsidiary Bank Classified Assets to Tier 1 Capital + ALLL
	 		  				 		 	
	 (At All Times, 10 be tested at each FYE)
	 		  				 		 	
	 Defined as Classified Assets (substandard, doubtful and loss)/Tier 1
	 		  				 		 	
	 Capital + Allowance for Loans & Lease Losses
	 		  				 		 	
					
	 Security Bank Corporation
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Securily Bank of Bibb County
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Security Bank of Houston County
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Security Bank of Jones County
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Security Bank of North Metro
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Security Bank of North Fulton
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter
	 Security Bank of Gwinnett County
	 	LESS THAN or equal to	  	 	45.00	%	 	Enter	 	Enter

 The Borrower (undersigned) hereby evidences the Borrowers compliance with all terms and conditions of the loan
documents including without limitation all financial covenants listed above. 
 This Covenant Compliance Certificate shall be submitted to The Bankers Bank
within 45 days of year end. 
  

			
	Signature	 	
		
	Name	 	
		
	Title

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]