Document:

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                                                                    EXHIBIT 10.2

                                    WGNB CORP
                           INCENTIVE STOCK OPTION PLAN

         1.       Purpose. The purpose of the WGNB CORP Incentive Stock Option
Plan (the "Plan") is to advance the interests of WGNB CORP (the "Company") by
encouraging and enabling present and future key employees of the Company and any
parent or subsidiary to acquire a financial interest in the Company through
incentive stock options under the Plan. The Company believes that the Plan will
also aid the Company and any parent or subsidiary in attracting and retaining
outstanding key employees and in stimulating the efforts of such employees to
work for the success of the Company.

         2.       Administration.

                  (a) General. The Plan shall be administered, construed and
         interpreted by the Executive Compensation and Management Succession
         Committee (the "Committee") of the Board of Directors of the Company,
         or if no such committee is established, then by the Board of Directors.
         In the event that there is not a Committee established at any time
         during the term of any option granted hereunder, references herein to
         the committee shall be interpreted to be references to the Board of
         Directors.

                  (b) Grant of Options. The Committee shall from time to time
         recommend the persons who shall participate in the Plan and the extent
         of their participation. The Committee also shall recommend the price to
         be paid for shares upon the exercise of options granted under the Plan,
         the period within which each option may be exercised, and the terms and
         conditions of each individual Stock Option Agreement by and between the
         Company and the holder of the option. The terms and conditions of each
         individual Stock Option Agreement shall be consistent with the
         provisions of the Plan, but the Committee may provide for such
         additional terms and conditions, not in conflict with the provisions of
         the Plan, as it deems advisable. All such recommendations by the
         Committee shall be final upon approval of the Board of Directors.

                  (c) Interpretation of Plan. In interpreting the Plan, the
         Committee and Board of Directors shall be governed by the principles
         and requirements of sections 421, and 422 and related sections of the
         Internal Revenue Code of 1986, as amended ("the Code"), and the
         Treasury Regulations applicable to incentive stock options and
         incentive stock option plans. Where applicable, unless otherwise
         defined, a parent corporation is any corporation in an unbroken chain
         of corporations ending with the Company if, at the time the option is
         granted, each of the corporations other than the Company owns stock
         possessing fifty percent (50%) or more of the total combined voting
         power of all

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         classes of stock in one of the other corporations in the chain. A
         subsidiary corporation is any corporation in an unbroken chain of
         corporations beginning with the company if, at the time the option is
         granted, each of the corporations, other than the last corporation in
         the unbroken chain, owns stock possessing fifty percent (50%) or more
         of the total combined voting power of all classes of stock in one of
         the other corporations in the chain. Such definitions of parent and
         subsidiary shall be consistent with the definition of such terms as set
         forth in Code section 424. All other terms used herein shall have and
         shall be interpreted as having the meanings set forth in the applicable
         provisions of the Code. The interpretation and construction by the
         Committee of any provision of or term used in the Plan or any option
         granted under the Plan and any determination pursuant to any provision
         of the Plan or any such option shall be final and conclusive, unless
         otherwise determined by the Board of Directors. No member of the
         Committee or Board of Directors shall be liable for any action or
         determination made in good faith, and members of the Committee and
         Board of Directors shall be entitled to indemnification and
         reimbursement from time to time for expenses incurred in defense of
         such good faith action or determination.

         3.       Eligibility. Options under the Plan may be granted to key
senior officers, key officers and other key employees of the Company or of one
or more of any future parents or subsidiaries of the Company who, in the opinion
of the Committee, are contributing significantly to the effective management and
supervision of the business of the Company or its parents or subsidiaries.
Options may be granted under the Plan only to persons who are employed by the
Company or one of its parents or subsidiaries at the time of the grant. The fact
that an employee is a member of the Board of Directors of the Company shall not
make him ineligible for an option grant unless his vote is required to secure a
majority vote in favor of the grant of his option. For purposes of the Plan, a
person to whom an option is granted under the Plan shall be referred to as a
"Grantee".

         4.       Shares Subject to Plan. The shares subject to the Plan shall
be authorized but unissued or treasury shares of the Company's Two and 50/100
Dollars ($2.50) par value common stock (the "Common Stock"). Subject to
readjustment in accordance with the provisions of paragraph 6 of the Plan, the
maximum number of shares of Common Stock for which options may be granted under
the Plan shall be equal to five percent (5%) of the outstanding Common Stock as
of the date of approval by the shareholders, or 40,000 shares of Common Stock,
and the adoption of the Plan by the Board of Directors of the Company shall
constitute a reservation of such shares of Common Stock for issuance only upon
the exercise of options granted under the Plan. In the event that any
outstanding option granted under the Plan for any reason expires or is
terminated prior to the end of the period during which options may be granted
under the Plan, the shares of Common Stock allocable to the unexercised portion
of such option may again be subject in whole or in part to any option granted
under the Plan.

         5.       Terms and Conditions of Options. Options granted pursuant to
the Plan shall be evidenced by agreements (the "Stock Option Agreements") in
such form as the Committee and Board of Directors shall, consistent with the
provisions of Code sections 421 and 422 and related sections of the Code and
applicable Treasury Regulations, approve from time to time. Such Stock Option
Agreements and the options evidenced thereby shall comply with and be subject to
the following terms and conditions:

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                  (a) Number of Shares. Each Stock Option Agreement shall state
         the total number of shares of Common Stock to which it pertains.

                  (b) Amount Limitation. A key employee may not be granted
         incentive stock options which are exercisable for the first time in any
         one calendar year under the Plan and any other incentive stock option
         plan of the Company or any parent or subsidiary corporation of the
         Company, for the purchase of Common Stock with an aggregate fair market
         value of more than One Hundred Thousand Dollars ($100,000) (valued as
         of the date of grant of the option).

                  (c) Option Price. The option price for each option granted
         under the Plan shall be the amount determined by the Board of
         Directors, upon the recommendation of the Committee, but, subject to
         the provisions of paragraph 5(j) of the Plan, shall not be less than
         one hundred percent (100%) of the fair market value of the shares of
         Common Stock subject to the option on the date of grant of the option.
         The date on which the Board of Directors approves the granting of an
         option shall be considered the date on which such option is granted.
         For purposes of the Plan, the "fair market value" of the shares of
         Common Stock shall be the mean between the high "bid" and the low
         "asked" prices of the Common Stock in the over-the-counter market on
         the day on which such value is to be determined or, if no shares were
         traded on such day, on the next preceding day on which shares were
         traded, as reported. If the Common Stock is not regularly traded in the
         over-the-counter market but is registered on a national securities
         exchange, the "fair market value" of the shares of Common Stock shall
         mean the closing price of the Common Stock on such national securities
         exchange on the day on which such value is to be determined or, if no
         shares were traded on such day, on the next preceding day on which
         shares were traded, as reported by National Quotation Bureau,
         Incorporated or other national quotation service. If the Common Stock
         is not regularly traded in the over-the-counter market or registered in
         a national securities exchange the Committee shall determine the fair
         market value of the common stock in good faith in accordance with Code
         section 422 (c) (1) and accompanying Treasury Regulations.

                  (d) Medium and Time of Payment. The option price shall be
         payable upon the exercise of an option in cash or by check or, if
         provided in the Stock Option Agreement, in shares of Common Stock owned
         by the Grantee. In the event that all or part of the option price is
         paid in shares of Common-Stock, the value of such shares shall be equal
         to the fair market value of such shares on the date of exercise of the
         option (determined as provided in paragraph 5(c) of the Plan), and the
         Grantee shall deliver to the Company a certificate or certificates
         representing such shares duly endorsed to the Company or accompanied by
         a duly-executed separate instrument of transfer satisfactory to the
         Committee.

                  (e) Term and Exercise. Except as set forth in paragraph 5(j)
         of the Plan each option granted under the Plan shall be exercisable by
         the Grantee only during a term fixed by the Board of Directors upon
         recommendation of the Committee ending not later than ten (10) years

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         after the date of grant of the option. The Board of Directors upon
         recommendation of the Committee shall determine whether the option
         shall be exercisable in full at any time during the term or in
         cumulative or non-cumulative installments during the term.

                  (f) Method of Exercise. All options granted under the Plan
         shall be exercised by written notice directed to the officer of the
         Company indicated in the Stock Option Agreement at the Company's
         principal place of business. Such written notice shall specify the form
         of payment made by the Grantee or his successor as provided by
         paragraph 5(d) of the Plan and shall be accompanied by payment in full
         of the option price for the shares for which such option is being
         exercised. The Company shall make delivery of certificates representing
         the shares for which an option has been exercised within a reasonable
         period of time; provided, however, that if any law, regulation or
         agreement requires the Company to take any action with respect to the
         shares for which an option has been exercised before the issuance
         thereof, then the date of delivery of such shares shall be extended for
         the period necessary to take such action.

                  (g)      Effect of Termination of Employment or Death.

                           (A) Termination of Employment.Except as otherwise
                  provided in this subparagraph (A) or in subparagraph (B) below
                  upon termination of the employment of any Grantee with the
                  Company or any parent or subsidiary corporation of the Company
                  for any reason, all options held by the Grantee under the Plan
                  shall immediately terminate. Whether military, government or
                  other service or other leave of absence shall constitute a
                  termination of employment shall be determined in each case by
                  the Committee in its discretion, and any determination by the
                  Committee shall be final and conclusive. The Board of
                  Directors upon recommendation of the Committee at its election
                  may provide in any Stock Option Agreement that the Grantee may
                  exercise an option at any time within three (3) months after
                  the termination of employment of the Grantee with the Company
                  or any parent or subsidiary corporation then employing the
                  Grantee (or within one (1) year after the termination of such
                  employment if such employment is terminated due to the
                  Grantee's permanent disability). In no event, however, will
                  the option be exercisable after the expiration of the term of
                  the option. In addition, exercise of the option following
                  termination of the Grantee's employment shall be subject to
                  the following terms and conditions: (i) with respect to any
                  and all installments of the option that had not become
                  exercisable at the time of termination of employment, the
                  period of extension shall not, unless otherwise provided in
                  the Stock option Agreement, operate to permit such installment
                  to become exercisable within such period; and (ii) with
                  respect to any installment of the option that had become
                  exercisable at the time of termination of employment, the
                  period of extension shall not operate to permit the exercise
                  of such installment after the expiration of the period within
                  which such installment may be exercised. For purposes of this
                  subparagraph (A), if any corporation ceases to be a parent or
                  subsidiary of the

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                  Company, the employment of any Grantee employed by such
                  corporation shall be deemed to have terminated unless such
                  Grantee becomes an employee of the company or another parent
                  or subsidiary of the Company simultaneously with or prior to
                  the time such corporation ceases to be a parent or subsidiary
                  of the Company. For purposes of the Plan, "permanent
                  disability" shall mean a permanent disability as defined in
                  Code section 22(e)(3).

                           (B) Death. In granting any option under the Plan, the
                  Board of Directors and Committee may provide in the Stock
                  Option Agreement representing such option that in the event of
                  the death of a grantee at a time when an option is exercisable
                  by the Grantee, the Grantee's personal representatives, heirs
                  or legatees (the "Grantee's Successors") may exercise all or
                  any portion of such option held by the Grantee on the date of
                  his death upon proof satisfactory to the Company of their
                  authority. The Grantee's Successors must exercise any such
                  option within twelve (12) months after the date of the
                  Grantee's death and in any event prior to the date of
                  expiration of the option. Such exercise otherwise shall be
                  subject to the terms and conditions of the Plan; provided,
                  however, that with respect to any installment of the option
                  that had not become exercisable on the date of the Grantee's
                  death, the period of extension shall not, unless otherwise
                  provided in the Option Agreement, operate to permit such
                  installment to become exercisable within such period.

                  (h) Nonassignability of Option Rights. No option shall be
         assignable or transferable by the Grantee except by will or by the laws
         of descent and distribution. During the lifetime of the Grantee, the
         option shall be exercisable only by the Grantee.

                  (i) Rights as Stockholder. Neither the Grantee nor the
         Grantee's Successors shall have rights as a stockholder of the Company
         with respect to shares of Common Stock covered by the Grantee's option
         until the Grantee or the Grantee's Successors become the holder of
         record of such shares. Except as specified in paragraph 6 of the Plan,
         no adjustment will be made for dividends or other rights for which the
         record date is prior to the date on which shares are issued upon
         exercise of an option.

                  (j) No Options in Certain Cases. Except as set forth in
         paragraph 5 (j) of the Plan, no options shall be granted except within
         a period of ten (10) years after the effective date of the Plan. In no
         event shall an option be granted to any person who, at the time such
         option is granted, owns (as defined in Code section 422 (b)(6)) stock
         possessing more than ten percent (10%) of the total combined voting
         power or value of all classes of stock of the Company or of any parent
         or subsidiary corporation of the Company unless (i) the option price
         under such option is not less than one hundred and ten percent (110%)
         of the fair market value of the shares of Common Stock subject to such
         option on the date of grant of such option (determined as provided in
         paragraph 5(c) of the Plan) and (ii) the terms of the Stock Option
         Agreement shall make such option expire on the date that is the fifth
         (5th) anniversary after the date on which the option is granted.

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                  (k) Miscellaneous Provisions. The Stock option Agreements
         authorized under the Plan may contain such other provisions, not
         inconsistent with the Plan or the applicable provisions of the Code as
         the Committee shall deem advisable.

         6.       Adjustments.

                  (a) Recapitalization. In the event that, after the effective
         date of the Plan, the outstanding shares of Common Stock are increased
         or decreased or changed into or exchanged for a different number or
         kind of shares or other securities of the Company by reason of a
         recapitalization, reclassification, stock split-up, combination of
         shares, or dividend payable in stock, appropriate adjustments shall be
         made by the Committee in the number and kind of shares or other
         securities for which options may be granted under the Plan. In
         addition, the Committee upon the occurrence of such an event shall make
         appropriate adjustments in the number and kind of shares or other
         securities as to which outstanding options, or portions thereof then
         unexercised, shall be exercisable, so that each Grantee's proportionate
         interest shall be maintained as before the occurrence of such event.
         Such adjustment in outstanding options shall be made without change in
         the total price applicable to the unexercised portion of each option
         and with a corresponding adjustment in the option price per share. Any
         fractional shares resulting from any of the foregoing adjustments under
         this subparagraph (a) shall be disregarded and eliminated. Each such
         adjustment under this subparagraph (a) shall be made in such a manner
         that such adjustment will not constitute a "modification" as defined in
         Code section 424. All adjustments made by the Committee (unless
         otherwise determined by the Board of Directors) under this subparagraph
         (a) shall be final and conclusive.

                  (b) Reorganizations; Liquidation. If the Company shall be a
         party to any reorganization involving a merger, consolidation or
         acquisition of the stock or the assets of the Company, the Committee,
         in its discretion, may:

                        (A) Declare that all options granted under the Plan
            shall become exercisable immediately notwithstanding the provisions
            of the respective Stock Option Agreements regarding exercisability
            and that all options shall terminate thirty (30) days after the
            Committee gives written notice to all Grantees of their immediate
            right to exercise all options then outstanding and of the
            Committee's decision to terminate all options not exercised within
            such thirty-day period; or

                        (B) Notify all Grantees that all options granted under
            the Plan shall apply with appropriate adjustments as determined by
            the Committee to the securities of the resulting corporation to
            which holders of the number of shares of Common Stock subject to
            such options would have been entitled.

            The adoption of a plan of dissolution or liquidation by the Board of
            Directors and the stockholders of the Company shall cause every
            option outstanding under the Plan to terminate to the extent not
            exercised prior to the adoption of the plan of

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            dissolution or liquidation by the stockholders; provided, however,
            that the Committee, in its discretion, may declare that all options
            granted under the Plan shall become exercisable immediately
            notwithstanding the provisions of the respective Stock Option
            Agreements regarding exercisability; and provided further that in
            the event of the adoption of a plan of dissolution or liquidation in
            connection with a reorganization as described in the first sentence
            of this subparagraph (b), outstanding options shall be governed by
            and be subject to the provisions of such sentence.

                  (c) Rights or Warrants. If any rights or warrants to subscribe
         for additional shares are given pro rata to holders of outstanding
         shares of the Common Stock, each Grantee under the Plan shall be
         entitled to the same rights or warrants on the same basis as holders of
         the outstanding shares with respect to such portion of the Grantee's
         option that may be exercised on or prior to the date of the expiration
         of such rights or warrants.

         7.       Effective Date and Termination of Plan.

                  (a) Effective Date. The effective date of the Plan shall be
         January 11, 1994, the date of its adoption by the Board of Directors of
         the Company, provided that the stockholders of the Company (acting at a
         duly called meeting of the stockholders) shall approve the Plan before
         January 10, 1995.

                  (b) Termination. The Plan shall terminate ten (10) years after
         its effective date, but the Board of Directors may terminate the Plan
         at any time prior to such date. Termination of the Plan shall not alter
         or impair any of the rights or obligations under any option theretofore
         granted under the Plan unless the Grantee shall so consent.

         8.       Application of Funds. The proceeds received by the Company
from the sale of shares of Common Stock pursuant to options granted under the
Plan will be used for general corporate purposes.

         9.       No Obligation to Exercise Option. The granting of an option
shall impose no obligation upon the Grantee to exercise such option.

         10.      Amendment. The Board of Directors of the Company by majority
vote may at any time and from time to time amend the Plan in such respects as it
shall deem advisable in order that options granted under the Plan shall be
"incentive stock options" as defined in Code section 422, or to conform to any
change in the law, or for any other purpose; provided, however, that without the
approval of the stockholders of the Company, no such amendment shall change:

                  (a) The maximum number of shares of Common Stock as to which
         options may be granted under the Plan (except by operation of the
         adjustment provisions of the Plan); or

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                  (b) The date on which the Plan will terminate as provided by
         paragraph 7 (b) of the Plan; or

                  (c) The minimum option price as provided under paragraph 5(c)
         of the Plan, other than to change the manner of determining the fair
         market value of the Common Stock to conform with any provisions of the
         Code or Treasury Regulations thereunder applicable to incentive stock
         options or if such change is necessitated by a change in the manner in
         which Common Stock is traded; or

                  (d) The period during which options may be granted as provided
         in paragraph 5(j) of the Plan (provided, however, that the Board of
         Directors of the Company shall have the power set forth in paragraph
         7(b) to terminate the Plan); or

                  (e) The provisions of paragraph 3 of the Plan relating to the
         determination of employees to whom options may be granted.

         Any amendment to the Plan shall not, without the written consent of the
Grantee, affect such Grantee's rights under any option theretofore granted to
such Grantee.

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                                                                    EXHIBIT 10.3

                        BONUS AND STOCK OPTION AGREEMENT

         This Bonus and Stock Option Agreement ("Agreement") is made and entered
into effective as of the 11th day of May, 1993 by and between WGNB Corporation,
a Georgia corporation, ("Corporation") and L. Leighton Alston, a resident of the
State of Georgia ("Individual").

         WHEREAS, Individual is an employee of the Corporation and is an officer
and director of the Corporation and its wholly-owned subsidiary, West Georgia
National Bank, a national banking association ("Bank"); and

         WHEREAS, the Board of Directors of the Corporation has adopted
resolutions approving the adoption of a plan providing for the payment of a
bonus in the form of cash and the grant of stock options to Individual effective
as of January 1, 1992; and

         WHEREAS, the terms and conditions of this Agreement are in addition to
any and all agreements relating to the employment of Individual by Corporation
including, but not limited to, the employee bonus plan implemented by the
Corporation and the employment relationship by and between Individual and
Corporation.

         Now, therefore, in consideration of the mutual promises and covenants
contained herein and other good and valuable consideration, the receipt,
adequacy and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                             SECTION 1 - CASH BONUS

         In addition to the annual salary paid by Corporation to Individual
pursuant to the employment relationship between such parties, and the bonus due
to Individual pursuant to the employee bonus program of the Corporation,
Corporation agrees to pay to Individual in consideration for services rendered
as the President and Chief Executive Officer of the Corporation and the Bank and
for services provided by Individual as a member of the respective Boards of
Directors and any committees thereon, an annual cash bonus in an amount to be
determined as follows:

         1.1 The annual cash bonus shall be a performance based calculation with
the performance criteria for each applicable year to be (a) the return on assets
of the Corporation, as determined before the calculation of the amount due to
Individual pursuant to this Section 1 but after the calculation of bonuses due
pursuant to the Corporation Plan and after the determination of federal and
state income taxes (ROA) based on the Corporation's consolidated financial
statements prepared in conformance with the uniform bank performance ratios
promulgated by the Federal Financial

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Institutions Examining Counsel applied on a consistent basis as determined by
the Corporation's independent certified public accountant ("Financial
Statements"), (b) the then most recent rating of the Bank as determined by the
Office of the Comptroller of the Currency based upon capital adequacy, asset
quality, management ability and effectiveness, earnings quantity and quality,
and liquidity (the "CAMEL Rating"), and (c) the total asset growth of
Corporation based upon the average net end of month total assets for the
applicable year as compared to the immediately preceding calendar year end of
operation based upon the Corporation's Financial Statements for such year
("Growth"). For example, "net end of month total assets" is calculated by
determining the gross assets as shown on the Bank's general ledger as of the
last business day of the month, minus the sum of outstanding letters of credit,
minus income collected but not earned on loans, and minus the allowance for loan
and lease losses. This calculation mirrors the monthly adjustments set forth in
the Bank's general ledger. If the Corporation expands its business interests and
owns assets other than its interest in the Bank, this calculation would expend
to include such assets.

         1.2 Individual shall aggregate points on an annual basis based upon
specific levels of ROA of the Corporation, CAMEL Rating of the Bank, and Growth
of the Corporation. The points to be aggregated by Individual for each year for
the purpose of the bonus calculation set forth above will be determined in
accordance with the schedule set forth on Exhibit "A". The percentages
applicable to the provisions of Exhibit "A" shall be rounded down to the nearest
tenth or hundredth of a percent, as applicable. The bonus due to Individual for
each applicable year shall be equal to (a) the aggregate number of points
accrued for the applicable year, divided by, (b) 10 and (c) the resulting
quotient will constitute a percentage which will be multiplied by Corporation's
profit for the applicable year based upon the Corporation's Financial
Statements, after the calculation of bonuses pursuant to the Corporation Plan
and the determination of federal and state income taxes, but before dividends
payable by Corporation. The resulting product shall constitute the cash bonus
due to Individual for the applicable year ("Cash Bonus"). The Cash Bonus shall
be paid to Individual within ten days after such calculation is determined by
the Board of Directors of Corporation. Exhibit "B" attached hereto and
incorporated herein by reference shall be utilized solely for the purpose of
exemplifying the determination of the Cash Bonus and stock options due to
Individual based upon various assumptions. The calculations set forth on Exhibit
"B" are non-binding and do not represent any obligation or projection of the
Corporation relating to the Cash Bonus due to Individual pursuant to this
Section 1 or the options due to Individual pursuant to Section 2 of this
Agreement.

         1.3 Once per calendar quarter, Individual shall be allowed to receive
an advance against the amount of the Cash Bonus due to Individual for the
applicable calendar year in an amount not to exceed 50% of the anticipated Cash
Bonus due to Individual for such calendar year as determined by the Board of
Directors, or the Executive Committee, of the

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Corporation in its sole discretion. During the month of December Individual may
draw as an advance an additional amount against the Cash Bonus due for each
calendar year in an amount to be determined in the sole discretion of the Board
of Directors, or Executive Committee, of the Corporation. In the event the
aggregate amount of advances paid to Individual against the Cash Bonus due for a
calendar year exceeds the actual amount of the Cash Bonus due to Individual for
such year pursuant to Section 1.2, Individual shall remit the resulting excess
amount to the Corporation not later than January 31 of the immediately
succeeding year. In the event the amount advanced against the Cash Bonus to
Individual for a calendar year is less than the Cash Bonus due to Individual for
such year, the remaining amount due to Individual shall be paid within ten days
after the calculation of the amount due.

                            SECTION 2 - STOCK OPTION

         2.1 Corporation grants to Individual the option to acquire shares of
the common stock of Corporation on an annual basis ("Option Shares"), in an
amount equal to the quotient (rounded to the nearest whole share) which shall be
determined by dividing (a) the Cash Bonus due to Individual pursuant to Section
1 for the applicable year, by (b) the Market Value Per Share of the common stock
of Corporation, as of December 31 of the applicable year. For purposes of this
Agreement, Market Value Per Share of the common stock of the Corporation shall
be equal to the average of the per share price of the last two (2) trades
between unrelated parties known to the President of the Corporation prior to the
end of the applicable year.

         2.2 The date of grant of the Option Shares shall be December 31 of each
applicable year. The Option Shares shall be granted commencing with the year
ended December 31, 1992 and terminating with the year ending December 31, 2001.
The Option Shares may not be exercised prior to five years from the date of
grant of options for any applicable year and may not be exercised more than 10
years after the date of grant for any applicable year. By example, the Option
Shares subject to the option granted as of December 31, 1992 may not be
exercised prior to December 31, 1997 nor after December 31, 2002.

         2.3 The exercise price to be paid by Individual to Corporation upon
exercise of Option Shares shall be equal to the produce of (a) the Market Value
Per Share of Corporation as of December 31 of the year such Option Shares were
granted, multiplied times (b) the number of Option Shares acquired through
exercise.

         2.4 The option to acquire the Option Shares may not be exercised if the
issuance of shares of commons stock of Corporation upon such exercise would
constitute a violation of any applicable federal or state securities or other
law or valid regulation.

         2.5 The Option Shares granted to individual pursuant to this Section 2
may not be transferred in any manner and may be exercised during the lifetime of
the Individual

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only by Individual. An option granted hereunder may be exercised in whole, or in
part, by delivery by Individual of a writing evidencing his intent to exercise
the option and accompanied by Individual's check payable to the order of the
Corporation in an amount equal to the product of (a) number of Option Shares
subject to exercise, multiplied times (b) the appropriate exercise price per
share. Individual shall also be required to deliver to the Corporation upon
exercise any documents reasonably required by the Corporation to evidence
compliance with federal and state securities laws relating to exercise. Promptly
after the payment of the exercise price and the delivery of the above-referenced
documents, the Corporation shall deliver to Individual a stock certificate
evidencing ownership of the common stock of Corporation. Individual shall have
no rights of a shareholder as to the Option Shares until the terms of this
Section 2.5 are satisfied.

         2.6 This option shall immediately terminate and become void on the date
that Individual's employment with Corporation is terminated for any reason
whatsoever, whether voluntarily or involuntarily, or whether with or without
cause, or by death of Individual, provided, however, the option may be exercised
within three months after the date of retirement of Individual with the consent
of Corporation and, in the event of the death of Individual while employed by
Corporation or within three months after having fully exercised the option
granted hereunder, the executors or administrators, legatees or heirs of
Individual's estate shall have the right to exercise such option to the extent
that the deceased Individual was entitled to exercise the options on the date of
his death, provided, however, that in no event shall the options be exercisable
more than ten years after the date they were granted.

         2.7 The option may not be exercised unless the individual, at the time
he exercises this option, is an employee of Corporation and has been such an
employee at all times since the date of this Agreement, except as provided in
Section 2.6 of this Agreement. The number of Option Shares subject to this
Agreement and the option exercise price determined by Section 2.3 of this
Agreement shall be proportionately adjusted for any increase or decrease in the
number of issued shares of common stock of Corporation subsequent to the date of
this Agreement resulting from (i) a subdivision or consolidation of shares or
any other capital adjustment, (ii) the payment of a stock dividend, or (iii)
other increase or decrease in such shares without receipt of consideration by
Corporation. If Corporation shall be the surviving entity in any merger or
consolidation, any option shall pertain, apply and relate the securities to
which a holder of the number of shares of common stock of Corporation subject to
the option would have been entitled after the merger or consolidation. Upon
dissolution or liquidation of Corporation, or upon a merger or consolidation in
which Corporation is not the surviving corporation, all options outstanding
hereunder shall terminate, provided, however, that Individual, and each other
person entitled under Section 2.6 to exercise the option, shall have the right,
immediately prior to such dissolution or liquidation, or such merger or
consolidation, to exercise Individual's option in whole or in part, as if
Individual were fully vested at such time. If this option shall be assumed or a
new option substituted therefor as a result of a corporate merger,
consolidation, acquisition of property or stock, separation, reorganization, or

                                       4
<PAGE>   5

liquidation, then employment by such assuming or substituting corporation or by
a subsidiary thereof shall be considered for purposes of this Option to be
employment by Corporation.

         2.8 The option granted hereunder shall be null and void and without
effect upon the bankruptcy of the Individual, or upon any attempted assignment
or transfer, including without limitation, any purported assignment, whether
voluntary or by operation of law, pledge, hypothecation or other disposition,
attachment, trustee process or similar process, whether legal or equitable, upon
such option.

                                SECTION 3 - TERM

         3.1 The provisions of this Agreement regarding the payment of the Cash
Bonus pursuant to Section 1 and the grant of stock options pursuant to Section
2.1 shall be applicable commencing with the calendar year ended December 31,
1992 and shall remain in full force and effect for ten successive calendar years
ending December 31, 2001. The remaining provisions of this Agreement shall
terminate on December 31, 2011.

                           SECTION 4 - MISCELLANEOUS

         4.1 Neither the obligation of the Corporation to pay to Individual the
Cash Bonus pursuant to Section 1 of this Agreement nor the grant of the option
to acquire common stock of the Corporation pursuant to Section 2 of this
Agreement confers any right upon Individual with respect to the continuation of
employment with the Corporation. Nothing contained herein shall be construed as
interfering with or restricting the right of the Corporation or of Individual to
terminate employment at any time, with or without cause.

         4.2 Notwithstanding any provision of this Agreement to the contrary, in
the event the CAMEL Rating of the Bank for any calendar year of this Agreement
is 3, 4, or 5, and, in such event, for as long as the CAMEL Rating remains 3, 4,
or 5, Individual shall not be entitled to receive and the Corporation shall not
be required to pay a Cash Bonus for such year or years pursuant to Section 1 and
the Corporation shall have no obligation to grant a stock option for such year
or years pursuant to Section 2 of this Agreement.

         4.3 Any notices or other communications to any party pursuant to or
relating to this Agreement and the transactions provided for herein shall be
determined to be given, delivered or received when delivered personally or three
days after being deposited in the United States Mail, registered or certified,
and with proper postage and registration and

                                       5
<PAGE>   6

certification fees prepaid, addressed to the parties for whom intended at the
addresses indicated for each party as set forth below:

<TABLE>
<CAPTION>

           Company:                   Individual:

           <S>                        <C>
           WGNB CORP.                 L. Leighton Alston
           201 Maple Street           244 Foggy Bottom Drive
           Post Office Box 280        Carrollton, GA  30117
           Carrollton, GA  30117
           Attn:  Chairman
</TABLE>

         4.4 This Agreement shall be governed by the laws of the State of
Georgia.

         4.5 This Agreement may be executed with counterpart signature pages,
all of which together shall constitute one and the same Agreement.

         4.6 The terms of this Agreement, including the rights and obligations
of the parties hereunder, shall not supersede or amend any additional agreement
of the parties with respect to the employment of Individual by Corporation or
any compensation for services performed under such agreements, including, but
not limited to, the consideration paid pursuant to the employment relationship
between the Bank and Individual and any employee bonus plan utilized by
Corporation. This Agreement shall inure to the benefit of and be enforceable by
and binding upon the successors and assigns of each party, including the
personal or legal representatives, executors, administrators, heirs, and
legatees of Individual.

         4.7 No amendment, modification or alteration of the terms or provisions
of this Agreement shall be binding unless the same shall be in writing and duly
executed by the parties hereto.

         4.8 Time is of the essence in this Agreement.

                                       6
<PAGE>   7

         IN WITNESS WHEREOF, the undersigned have executed this Agreement the
day and year first written below.

                                         "Corporation"

Attest:                                  WGNB CORP.

By: /s/ Richard A. Duncan                By: /s/ Joe Whit Walker
   ---------------------------              -------------------------
   Richard A. Duncan, Secretary             Joe Whit Walker, Chairman
   -----------------                        ---------------

(Corporate Seal)

Witness:                                 "Individual"

/s/ W. T. Green, Jr.                     /s/ L. Leighton Alston
--------------------                     ----------------------
W.T. Green, Jr.                          L. Leighton Alston

                                       7
<PAGE>   8

                                   EXHIBIT "A"

Item 1

Item 1 is the product of the square of the ROA multiplied times 10.

Item 2

<TABLE>
<CAPTION>

Camel Rating      Points
<S>               <C>
         1        5
         2        0
         3        No Cash Bonus or Stock Option
         4        No Cash Bonus or Stock Option
         5        No Cash Bonus or Stock Option
</TABLE>

Item 3

Percentage of Growth is the number of points equal to the percentage of growth
from year to year when compared to 1992 as the base year. For example:

<TABLE>

<S>      <C>      <C>      <C>      <C>     <C>      <C>      <C>      <C>      <C>     <C>      <C>      <C>        <C>
% of
Growth   .00      2.0      3.5      4.0     5.5      6.0      7.5      8.0      9.5     10.0     11.5     12.0       13.5

Points    0       2.0      3.5      4.0     5.5      6.0      7.5      8.0      9.5     10.0     11.5     12.0       13.5
</TABLE>

<PAGE>   9

                                 LEIGHTON ALSTON
                                      WGNB
                               CEO BONUS PROPOSAL

COMPONENTS OF BONUS CALCULATION

<TABLE>

<S>            <C>              <C>       <C>        <C>       <C>        <C>        <C>        <C>        <C>        <C>
ITEM 1:        ROA              0.8%      0.9%       1.0%       1.1%       1.2%       1.3%       1.4%       1.5%       1.6%
               POINTS             0       8.1         10       12.1       14.4       16.9       19.6       22.5       25.6
</TABLE>

<TABLE>
<CAPTION>

ITEM 2:  CAMEL             POINTS

                  <S>      <C>
                  1              5
                  2              0
                  3 NO BONUS
</TABLE>

<TABLE>

<S>           <C>       <C>     <C>     <C>    <C>    <C>     <C>     <C>    <C>    <C>    <C>      <C>     <C>     <C>
ITEM 3:       GROWTH    0.00%   2.0%    3.0%   4.0%   5.0%    6.0%    7.0%   8.0%   9.0%   10.0%    11.0%   12.0%   13.0%
              POINTS       0      2       3      4      5       6       7      8      9      10       11      12      13
</TABLE>

BONUS CALCULATION:
SHORTLY AFTER DECEMBER 31 OF EACH YEAR THE POINTS AS DETERMINED BY EACH OF THE
ABOVE 3 ITEMS WILL BE ADDED TOGETHER. THE NUMBER OF POINTS WILL BE DIVIDED BY 10
AND THE RESULTING NUMBER WILL BE THE PERCENTAGE THAT WILL BE USED TO DETERMINE
LEIGHTON'S BONUS. FOR EXAMPLE ASSUME:

<TABLE>
<CAPTION>

                                                                    POINTS
                                                                    ------
                    <S>           <C>     <C>       <C>             <C>
                    ROA           (1)     1.25%                     15.625
                    CAMEL         (2)        2                           0
                    GROWTH        (3)     3.50%                        3.5

                                                                    ======
                                                    POINTS          19.125
                                                    DIVIDED BY          10
                                                    PERCENTAGE        1.91%
</TABLE>

CASH BONUS:
THE RESULTING PERCENTAGE WILL BE MULTIPLIED BY THE BANKS PROVIT AFTER NORMAL
EMPLOYEE BONUS AND INCOME TAXES BUT BEFORE DIVIDENDS. THE RESULTING AMOUNT WILL
BE PAID TO LEIGHTON AS A CASH BONUS.

STOCK OPTION:
EACH YEAR LEIGHTON WILL BE GIVEN AN OPTION ON SHARES OF STOCK THAT CAN BE BOUGHT
BY HIM AFTER 5(?) YEARS. THE NUMBER OF SHARES WILL BE DETERMINED EACH YEAR BY
TAKING THE SAME NUMBER AS THE CASH BONUS ABOVE AND DIVIDING THAT NUMBER BY THE
MARKET VALUE FOR THE BANK STOCK AS OF DECEMBER 31 OF THE YEAR JUST ENDED.

REVIEW OF BONUS:
THE EXECUTIVE COMMITTEE PROPOSES THAT THE BONUS PROGRAM BE REVIEWED FROM TIME TO
TIME TO PROPERLY ACCOUNT FOR CHANGING CIRCUMSTANCES.

         (1)      ROA WILL BE DETERMINED BEFORE LEIGHTON'S BONUS BUT AFTER
                  NORMAL EMPLOYEE BONUS AND INCOME TAXES.
         (2)      CAMEL RATING WILL BE THE CAMEL RATING THE BANK IS OPERATING
                  UNDER AS OF THE END OF THE FISCAL YEAR IN QUESTION.
         (3)      GROWTH WILL BE DETERMINED BY THE GROWTH OF TOTAL ASSETS BASED
                  ON THE AVERAGE EOM FOOTINGS FOR EACH MONTH AS COMPARED TO THE
                  SAME DATE FROM THE YEAR EARLIER.

                                       2
<PAGE>   10

                             LEIGHTON ALSTON'S BONUS
                                     EXAMPLE

<TABLE>
<CAPTION>

                                       1992         1993         1994         1995         1996         1997            1998
                                       ----         ----         ----         ----         ----         ----            ----
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>          <C>
ROA                                     1.20%        1.30%        1.40%        1.40%        1.40%        1.40%           1.40%
CAMEL                                      2            2            1            2            2            2               2
GROWTH                                   0.0%         5.0%         7.0%         7.0%         8.0%         8.0%            8.0%
TOTAL ASSETS EOY                    $  130.0     $  136.5     $  146.1     $  156.3     $  168.8     $  182.3     $     196.0
         (MILLIONS)
PROFITS  (MILLIONS)                 $    1.6     $    1.8     $    2.0     $    2.2     $    2.4     $    2.6     $       2.8
BONUS CALCULATION
         ROA                            14.4         16.9         19.6         19.6         19.6         19.6            19.6
         CAMEL                             0            0            5            0            0            0               0
         GROWTH                            0            5            7            7            8            8               8
                                    --------     --------     --------      -------      -------     --------     -----------
TOTAL POINTS                            14.4         21.9         31.6         26.6         27.6         27.6            27.6
% OF PROFITS                            1.44%        21.9%        3.16%        2.66%        2.76%        2.76%           2.76%
         (TOTAL/10)
CASH BONUS                          $ 22,464     $ 38,862     $  4,615     $ 58,198     $ 65,217     $ 70,434     $    76,069
STOCK OPTION CALCULATION:
BEGINNING BOOK                      $  10.00     $  11.09     $  12.33     $  13.77     $  15.30     $  16.05     $     18.74
EARNINGS                            $   1.56     $   1.77     $   2.04     $   2.19     $   2.36     $   2.55     $      2.76
DIVIDENDS 30%                       $   0.47     $   0.53     $   0.61     $   0.66     $   0.71     $   0.77     $      0.83
ENDING BOOK                         $  11.09     $  12.33     $  13.77     $  15.30     $  16.95     $  18.74     $     20.67
MARKET VALUE 1.80                   $  19.97     $  22.20     $  24.78     $  27.53     $  30.51     $  33.73     $     37.20
   ABOVE NUMBERS ARE IN MILLIONS
ENDING SHARES                        800,000      800,900      802,302      804,394      806,094      807,817         809,504
MARKET/VALUE/SHARE                  $  24.96     $  27.72     $  30.88     $  34.23     $  37.85     $  41.75     $     45.95

STOCK OPTIONS $$                    $ 22,464     $ 38,862     $ 64,615     $ 58,198     $ 85,217     $ 70,434     $    76,069
SHARES OPTIONED                          900        1,402        2,092        1,700        1,723        1,687           1,655

CUMULATIVE SHARES                        900        2,302        4,394        6,004        7,817        9,504          11,160
TOTAL VALUE                         $ 22,464     $ 63,813     $135,709     $208,614     $295,900     $396,820     $   512,836

OPTION DATE                             1998         1999         2000         2001         2002         2003            2004
                                        ----         ----         ----         ----         ----         ----            ----

VALUE/OPTION DATE                   $ 41,364     $ 70,774     $115,839     $103,082     $114,236     $122,167     $   130,785

COST/OPTION DATE                    $ 22,464     $ 38,862     $ 64,615     $ 58,198     $ 65,217     $ 70,434     $    76,069
GAIN                                $ 18,900     $ 31,912     $ 51,224     $ 44,884     $ 49,019     $ 51,733     $    54,716

SHARES HELD                              411          632          925          740          739          714             693
CUMULATIVE SHARES HELD                              1,043        1,969        2,709        3,448        4,163           4,855
VALUE OF THOSE SHARES                            $ 52,675     $108,993     $164,237     $228,623     $301,441     $   383,594

                                       1999         2000         2001           2002           2003           2004
                                       ----         ----         ----           ----           ----           ----
<S>                                 <C>          <C>          <C>          <C>            <C>            <C>
ROA                                     1.40%        1.40%        1.40%          1.40%          1.40%          1.40%
CAMEL                                      2            2            2              2              2              2
GROWTH                                   8.0%         8.0%         8.0%           8.0%           8.0%           8.0%
TOTAL ASSETS EOY                    $  212.6     $  229.6     $  248.0     $    267.8     $    289.3     $    312.4
         (MILLIONS)
PROFITS  (MILLIONS)                 $    3.0     $    3.2     $    3.5     $      3.7     $      4.0     $      4.4
BONUS CALCULATION
         ROA                            19.6         19.6         19.6           19.6           19.6           19.6
         CAMEL                             0            0            0              0              0              0
         GROWTH                            8            8            8              8              8              8
                                    --------     --------     --------     ----------     ----------     ----------
TOTAL POINTS                            27.6         27.6         27.6           27.6           27.6           27.6
% OF PROFITS                            2.76%        2.76%        2.76%          2.76%          2.76%          2.76%
         (TOTAL/10)
CASH BONUS                          $ 82,155     $ 88,727     $ 95,825     $  103,491     $  111,771     $  120,712
STOCK OPTION CALCULATION:
BEGINNING BOOK                      $  20.67     $  22.75     $  25.00     $    27.43     $    30.06     $    32.89
EARNINGS                            $   2.98     $   3.21     $   3.47     $     3.75     $     4.05     $     4.37
DIVIDENDS 30%                       $   0.89     $   0.96     $   1.04     $     1.12     $     1.21     $     1.31
ENDING BOOK                         $  22.75     $  25.00     $  27.43     $    30.06     $    32.89     $    35.95
MARKET VALUE 1.80                   $  40.95     $  45.00     $  49.38     $    54.10     $    59.20     $    64.71
   ABOVE NUMBERS ARE IN MILLIONS
ENDING SHARES                        811,160      812,787      814,390        815,970        817,531        819,074
MARKET/VALUE/SHARE                  $  50.48     $  55.37     $  60.63     $    66.30     $    72.42     $    79.01

STOCK OPTIONS $$                    $ 82,155     $ 88,727     $ 95,825     $  103,491     $  111,771     $  120,712
SHARES OPTIONED                        1,627        1,603        1,581          1,561          1,543          1,528

CUMULATIVE SHARES                     12,787       14,390       15,970         17,531         19,074         20,602
TOTAL VALUE                         $645,543     $796,702     $968,256     $1,162,341     $1,381,311     $1,627,754

OPTION DATE                             2005         2006         2007           2008           2009           2010
                                        ----         ----         ----           ----           ----           ----
VALUE/OPTION DATE                   $140,137     $150,277     $161,262     $  173,158     $  186,032     $  199,960

COST/OPTION DATE                    $ 82,155     $ 88,727     $ 95,825     $  103,491     $  111,771     $  120,712
GAIN                                $ 57,982     $ 61,549     $ 65,437     $   69,666     $   74,261     $   79,248

SHARES HELD                              673          656          641            628            616            606
CUMULATIVE SHARES HELD                 5,528        6,185        6,826          7,454          8,070          8,676
VALUE OF THOSE SHARES               $476,075     $579,972     $696,481     $  826,915     $  972,715     $1,135,461
</TABLE>

                                       3

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