Document:

Exhibit 10.10

 

STATE BANK AND TRUST COMPANY

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT (the “Agreement”)
is made and entered into as of July 24, 2009, by and between State Bank
and Trust Company, a Georgia state bank (the “Company”),
and                          ,
an individual resident of the State of Georgia (the “Owner”).

 

WHEREAS, the Owner is the current holder of that certain Warrant to
Purchase Common Stock of State Bank and Trust Company (the “Warrant”) to purchase 400,521 shares
of the Company’s common stock (the “Common Stock”)
at $10.00 per share; and

 

WHEREAS, the Owner has agreed to grant the Company certain repurchase
rights with respect to both (i) the Warrant (and the shares of Common
Stock then issuable pursuant to the Warrant), and (ii) the shares of
Common Stock that have been issued to the Owner upon partial or complete
exercise of the Warrant (the “Exercised Common Shares”
and together with the Warrant, the “Covered  Securities”) on the terms and
conditions set forth herein.

 

NOW, THEREFORE, in consideration of these premises and for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.             Repurchase
Option.

 

(a)           “Triggering Event”
means (i) the Company’s termination of the Owner’s employment from the
Company for “Cause” pursuant to that certain Employment Agreement (the “Owner Employment Agreement”) dated
as of July 24, 2009 between Owner and the Company, or (ii) the Owner’s
termination of Owner’s employment with the Company without “Cause” pursuant to
the Owner Employment Agreement.

 

(b)           In the event that a
Triggering Event occurs, the Company shall, from the date thereof, have an
option (the “Repurchase Option”) for a
period of ninety (90) days after the Triggering Event (the “Repurchase Period”) to repurchase
any or all of the Covered Securities. 
The repurchase price(s) for the Covered Securities is set forth in Section 1(c) below.  The Company’s decision to elect to exercise
the Repurchase Option shall be made by a majority of the then serving
independent directors of the Company (for purposes of this Agreement, “independent
directors” shall be those members of the board of directors who are not
executive officers of the Company).  If
the Company elects to exercise the Repurchase Option, it shall be exercised by
the Company by written notice to the Owner, which notice shall specify the
number of Covered Securities and the time, date (not later than thirty (30)
days from the date of the Company’s notice) and place for the closing of the
repurchase of the Covered Securities. 
Upon delivery of such notice and payment of the purchase price in
accordance with the terms herewith, and delivery by the Owner of the Warrant
and the stock certificates evidencing the Exercised Common Shares, if any, the
Owner shall no longer be the legal or beneficial owner of the Covered
Securities being repurchased and all rights and interests therein or relating
thereto shall terminate such that the Covered Securities will no longer be outstanding.

 

 

(c)           (i) The
purchase price for the Warrant being repurchased by the Company pursuant to Section 1(b) above
shall be equal to $2.00 per each share of Common Stock that remains issuable
upon exercise of the Warrant at the time of the Repurchase Option;

 

(ii) The purchase price for each Exercised Common Share being
repurchased by the Company pursuant to Section 1(b) above shall be
equal to $12.00 per Exercised Common Share.

 

(d)           The purchase price
shall be paid at the Company’s option by delivery of cash or a check in the
amount of the purchase price.

 

(e)           In the event that the Repurchase
Option is triggered pursuant to a Triggering Event and the Company fails to
exercise the Company’s option for the repurchase of any or all of the Covered
Securities then subject to the Repurchase Option and upon the expiration of the
Repurchase Period, any and all such Covered Securities not repurchased by the
Company shall be released from the Repurchase Option.

 

(f)            Notwithstanding anything herein to
the contrary, the Company’s Repurchase Option shall expire as follows: (i) one-third
(1/3rd) of the
Covered Securities shall be released from the Repurchase Option on the first
anniversary of the date of this Agreement; (ii) one-third (1/3rd) of the Covered Securities
shall be released on the second anniversary of this Agreement; and (iii) the
last one-third (1/3rd) of the
Covered Securities shall be released on the third anniversary of this
Agreement; provided, further, the Company’s
Repurchase Option with respect to the Covered Securities shall automatically
expire upon a “Change in Control” of the Company (as hereinafter defined) and
all obligations of the parties under this Agreement shall terminate.  For purposes of this Agreement, “Change in
Control” shall have the meaning ascribed to such term in the Owner Employment
Agreement.

 

(g)           The Company may impose stop-transfer
instructions with respect to Owner’s Covered Securities then subject to the
Company’s Repurchase Option hereunder pursuant to Section 1(f) above,
and any certificates evidencing the Covered Securities shall be endorsed with
the legend set forth in Section 3(b) below.

 

2.             Restriction on Transfer.  None of the Covered Securities or any
beneficial interest therein may at any time be assigned, transferred, sold,
pledged, hypothecated, encumbered or otherwise disposed of in any way by the
Owner (whether with or without consideration and whether voluntarily or
involuntarily or by operation of law) until the release of such Covered
Securities from the Repurchase Option in accordance with the provisions of this
Agreement.  Additionally, none of the
Covered Securities shall be assigned, transferred, sold, pledged, hypothecated,
encumbered or otherwise disposed of except in compliance with the provisions
herein and applicable securities laws and any permitted transferee of any or
all of the Covered Securities shall be required, as a condition to such
transfer, to agree to be bound by the terms and conditions of this Agreement to
the same extent as is the person making such transfer.  Any purported transfer of shares of Covered
Securities in violation of this Agreement shall be void and shall not transfer
any interest or title to any Covered Securities to the purported transferee.

 

2

 

The
Company shall be under no obligation to recognize any such transfer in
violation of this Agreement.

 

3.             Representations
and Warranties of the Owner.

 

(a)           The Owner
understands that the Covered Securities have not been registered with the
Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “Securities
Act”), or under the securities acts or laws of any state in
reliance upon exemptions under those acts, and that the Covered Securities must
be held indefinitely unless the transfer thereof is subsequently registered
under the Securities Act or unless an exemption from registration is available.

 

(b)           The Owner
acknowledges that the certificates evidencing the Covered Securities shall be
endorsed with a legend, in addition to any other legends required by this
Agreement or any other agreement to which the Covered Securities are subject,
substantially as follows:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
PURCHASE AGREEMENT AND TO THE RESTRICTIONS CONTAINED THEREIN, INCLUDING
RESTRICTIONS UPON TRANSFER.  A COPY OF
THE AGREEMENT WILL BE FURNISHED TO ANY INTERESTED PARTY UPON WRITTEN REQUEST,
WITHOUT CHARGE.

 

(c)           The Owner
understands and agrees that neither the Company nor any agent of the Company
shall be under any obligation to recognize and transfer any of the Covered
Securities if, in the opinion of counsel for the Company, such transfer would
result in violation by the Company of any federal or state law with respect to
the offering, issuance or sale of securities.

 

(d)           The Owner is an
individual with the legal capacity, power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to
carry out his obligations hereunder, and the execution, delivery and
performance by the Owner of the transactions contemplated by this Agreement
have been duly authorized by all necessary action on the part of the
Owner.  This Agreement, when executed and
delivered by the Owner, will constitute a valid and legally binding obligation
of the Owner, enforceable against the Owner in accordance with its terms.

 

(e)           The Owner is the
sole owner of the Warrant free and clear of any liens, security interests,
pledges or encumbrances of any kind, and no liens, security interests, pledges
or encumbrances of any kind are contemplated as of the date hereof.

 

(f)            No authorization,
consent, approval or other order of, or declaration to or filing with, any
governmental agency or body or other person, spousal or otherwise, is required
for the valid authorization, execution, delivery and performance by the Owner
of this Agreement.

 

4.             Representations
and Warranties of the Company.  The
Company has been duly incorporated and is validly existing as a banking corporation
in good standing under the laws of the State of Georgia with full right,
corporate, partnership or other applicable power and authority to enter into
and to consummate the transactions contemplated by this Agreement and

 

3

 

otherwise
to carry out its obligations hereunder, and the execution, delivery and
performance by the Company of the transactions contemplated by this Agreement
have been duly authorized by all necessary corporate or similar action on the
part of the Company.  This Agreement,
when executed and delivered by the Company, will constitute a valid and legally
binding obligation of the Company, enforceable against the Company in
accordance with its terms.

 

5.             Adjustment for
Stock Splits and the Like.  If, from
time to time, during the term of the Agreement there is any change affecting
the Company’s outstanding Common Stock as a class that is effected without the
receipt of consideration by the Company (through merger, consolidation,
reorganization, reincorporation, stock split, stock dividend, dividend in
property other than cash, liquidating dividend, combination of shares, change
in corporation structure or other transaction not involving the receipt of
consideration by the Company), then any and all new, substituted or additional
securities or other property to which Owner is entitled by reason of Owner’s
ownership of the Covered Securities shall be immediately subject to the
Repurchase Option and be included in the term “Covered Securities” for all
purposes of the Repurchase Option with the same force and effect as the Covered
Securities presently subject to the Repurchase Option, but only to the extent
the Covered Securities are, at the time, covered by such Repurchase Option.  While the total purchase price for the
Covered Securities shall remain the same after each such event, the purchase
price per Covered Securities upon exercise of the Repurchase Option shall be
appropriately adjusted.

 

6.             General
Provisions.

 

(a)           This Agreement shall
be construed and enforced in accordance with and governed by the laws of the
State of Georgia.  This Agreement
represents the entire agreement between the parties with respect to the
repurchase of the Covered Securities by the Company and the other transactions
contemplated hereby and may be modified or amended only in a writing signed by
all parties hereto; provided, however,
that any such modification or amendment by the Company shall require the
approval or consent of a majority of the then serving independent directors of
the Company.

 

(b)           It is expressly
agreed between the parties that money damages are inadequate to compensate the
Company for the Covered Securities and that the Company shall, upon proper
exercise of the Repurchase Option, be entitled to specific enforcement of its
rights to purchase and receive said Covered Securities.

 

(c)           This Agreement may
be executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument.  Facsimile transmission of
signatures shall be deemed originals.

 

(d)           Any notice, demand
or request required or permitted to be given pursuant to the terms of this
Agreement shall be in writing and shall be deemed given when delivered personally
or deposited in the U.S. mail, first class, certified or registered, return
receipt requested, with postage prepaid, and addressed to the parties at the
addresses of the parties set forth at the end of this Agreement or such other
address as a party may designate by notifying the other in writing.

 

4

 

(e)           Neither the Company
nor the Owner shall have the right to assign any of its rights or obligations
pursuant to this Agreement without the prior written consent of the other
party; provided, however, that any such
assignment by the Company shall require the consent of a majority of the then
serving independent directors of the Company. This Agreement shall be assumed
by and shall be binding upon any successor to the Company.  To the extent the Company completes a
reorganization where the Common Stock is exchanged for securities of a newly
formed holding company of the Company, the obligations of the Company under
this Agreement shall then become the obligations of the newly formed holding
company of the Company, and the securities of the newly formed holding company
issued in exchange for the Covered Securities shall be subject to this
Agreement.

 

(f)            Any party’s failure
to enforce any provision or provisions of this Agreement, except for the
exercise by the Company of its Repurchase Option set forth in Section 1(b),
shall not in any way be construed as a waiver of any such provision or
provisions, nor prevent the party thereafter from enforcing each and every
other provision of this Agreement.  The
rights granted the parties herein are cumulative and shall not constitute a
waiver of any party’s right to assert all other legal remedies available to it
under the circumstances.

 

(g)           The Company and the
Owner agree, upon request, to execute any further documents or instruments
necessary or desirable to carry out the purposes or intent of this Agreement.

 

(h)           The parties hereto
have participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as it was drafted jointly by the parties hereto, and no presumption or burden
of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship
of any of the provisions of this Agreement.

 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first set forth above.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

5

 

EXECUTION PAGE

TO THE

STATE BANK AND TRUST COMPANY

 

PURCHASE AGREEMENT

 

	
   

  	
   

  
	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  STATE
  BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  321
  Fullington Avenue

  
	
   

  	
   

  	
  Pinehurst,
  Georgia 31070

  
	
   

  	
   

  	
   

  
	
   

  	
  OWNER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:Exhibit 10.11

 

STATE BANK AND TRUST COMPANY

PURCHASE AGREEMENT

 

                THIS PURCHASE AGREEMENT (the “Agreement”) is made and entered into
as of July 24, 2009, by and between State Bank and Trust Company, a Georgia
state bank (the “Company”), and                                ,
an individual resident of the State of Georgia (the “Owner”).

 

                WHEREAS, the Owner is the
current holder of that certain Warrant to Purchase Common Stock of State Bank
and Trust Company (the “Warrant”)
to purchase 400,521 shares of the Company’s common stock (the “Common Stock”) at $10.00 per share;
and

 

                WHEREAS, the Owner has agreed to
grant the Company certain repurchase rights with respect to both (i) the
Warrant (and the shares of Common Stock then issuable pursuant to the Warrant),
and (ii) the shares of Common Stock that have been issued to the Owner upon
partial or complete exercise of the Warrant (the “Exercised
Common Shares” and together with the Warrant, the “Covered  Securities”)
on the terms and conditions set forth herein.

 

                NOW, THEREFORE, in consideration
of these premises and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

                1.             Repurchase Option.

 

                (a)           “Triggering Event” means the date on which the second of
two of the three executive officers of the Company set forth on attached Exhibit
A (each, an “Executive Officer”) ceases to
be employed by the Company because of (i) the Company’s termination of the
Executive Officer’s employment from the Company for “Cause” pursuant to such
Executive Officer’s Employment Agreement with the Company (each, the “Executive Officer Employment Agreement”),
or (ii) the Executive Officer’s termination of Executive Officer’s employment
with the Company without “Cause” pursuant to such Executive Officer’s
Employment Agreement.  Termination of an
Executive Officer’s employment by the Company for “Cause” or by an Executive
Officer without “Cause” under this Agreement shall occur, if and only if, the
termination of such Executive Officer is established under such conditions
pursuant to such Executive Officer’s own Purchase Agreement similar to this
Agreement with the Company.  A copy of
each Executive Officer’s Purchase Agreement and each Executive Officer’s
Employment Agreement was delivered to Owner prior to the execution of this
Agreement.

 

                (b)           In the event that a Triggering Event occurs, the Company
shall, from the date thereof, have an option (the “Repurchase
Option”) for a period of ninety (90) days after the Triggering
Event (the “Repurchase Period”) to
repurchase any or all of the Covered Securities.  The repurchase price(s) for the Covered
Securities is set forth in Section 1(c) below. 
The Company’s decision to elect to exercise the Repurchase Option shall
be made by a majority of the then serving independent directors of the Company
(for purposes of this Agreement, “independent directors” shall be those members
of the board of directors who are not executive 

 

 

officers
of the Company).  If the Company elects
to exercise the Repurchase Option, it shall be exercised by the Company by
written notice to the Owner, which notice shall specify the number of Covered
Securities and the time, date (not later than thirty (30) days from the date of
the Company’s notice) and place for the closing of the repurchase of the
Covered Securities.  Upon delivery of
such notice and payment of the purchase price in accordance with the terms
herewith, and delivery by the Owner of the Warrant and the stock certificates
evidencing the Exercised Common Shares, if any, the Owner shall no longer be
the legal or beneficial owner of the Covered Securities being repurchased and
all rights and interests therein or relating thereto shall terminate such that
the Covered Securities will no longer be outstanding.

 

                (c)           (i) The purchase price for the Warrant being repurchased
by the Company pursuant to Section 1(b) above shall be equal to $2.00 per each
share of Common Stock that remains issuable upon exercise of the Warrant at the
time of the Repurchase Option;

 

                                (ii) The
purchase price for each Exercised Common Share being repurchased by the Company
pursuant to Section 1(b) above shall be equal to $12.00 per Exercised Common
Share.

 

                (d)           The purchase price shall be paid at the Company’s option by
delivery of cash or a check in the amount of the purchase price.

 

                (e)           In the event that the Repurchase Option is triggered
pursuant to a Triggering Event and the Company fails to exercise the Company’s
option for the repurchase of any or all of the Covered Securities then subject
to the Repurchase Option and upon the expiration of the Repurchase Period, any
and all such Covered Securities not repurchased by the Company shall be
released from the Repurchase Option.

 

(f)            Notwithstanding anything herein to
the contrary, the Company’s Repurchase Option shall expire as follows: (i)
one-third (1/3rd) of the
Covered Securities shall be released from the Repurchase Option on the first
anniversary of the date of this Agreement; (ii) one-third (1/3rd) of the Covered Securities
shall be released on the second anniversary of this Agreement; and (iii) the
last one-third (1/3rd) of the
Covered Securities shall be released on the third anniversary of this
Agreement; provided, further, the Company’s
Repurchase Option with respect to the Covered Securities shall automatically
expire upon a “Change in Control” of the Company (as hereinafter defined) and
all obligations of the parties under this Agreement shall terminate.  A “Change in Control” of the Company under
this Agreement shall occur, if and only if, a “Change in Control” of the
Company is established pursuant to any Executive Officer Employment Agreement.

 

(g)           The Company may impose stop-transfer
instructions with respect to Owner’s Covered Securities then subject to the
Company’s Repurchase Option hereunder pursuant to Section 1(f) above, and any
certificates evidencing the Covered Securities shall be endorsed with the
legend set forth in Section 3(b) below.

 

                2.             Restriction on Transfer.  None of the Covered Securities or any
beneficial interest therein may at any time be assigned, transferred, sold,
pledged, hypothecated, encumbered or 

 

2

 

otherwise
disposed of in any way by the Owner (whether with or without consideration and
whether voluntarily or involuntarily or by operation of law) until the release
of such Covered Securities from the Repurchase Option in accordance with the
provisions of this Agreement. 
Additionally, none of the Covered Securities shall be assigned,
transferred, sold, pledged, hypothecated, encumbered or otherwise disposed of
except in compliance with the provisions herein and applicable securities laws
and any permitted transferee of any or all of the Covered Securities shall be
required, as a condition to such transfer, to agree to be bound by the terms
and conditions of this Agreement to the same extent as is the person making
such transfer.  Any purported transfer of
shares of Covered Securities in violation of this Agreement shall be void and
shall not transfer any interest or title to any Covered Securities to the
purported transferee. The Company shall be under no obligation to recognize any
such transfer in violation of this Agreement.

 

                3.             Representations and Warranties of the Owner.

 

                (a)           The Owner understands that the Covered Securities have not
been registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act of
1933, as amended (the “Securities Act”),
or under the securities acts or laws of any state in reliance upon exemptions
under those acts, and that the Covered Securities must be held indefinitely
unless the transfer thereof is subsequently registered under the Securities Act
or unless an exemption from registration is available.

 

                (b)           The Owner acknowledges that the certificates evidencing
the Covered Securities shall be endorsed with a legend, in addition to any
other legends required by this Agreement or any other agreement to which the
Covered Securities are subject, substantially as follows:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
PURCHASE AGREEMENT AND TO THE RESTRICTIONS CONTAINED THEREIN, INCLUDING
RESTRICTIONS UPON TRANSFER.  A COPY OF
THE AGREEMENT WILL BE FURNISHED TO ANY INTERESTED PARTY UPON WRITTEN REQUEST,
WITHOUT CHARGE.

 

                (c)           The Owner understands and agrees that neither the Company
nor any agent of the Company shall be under any obligation to recognize and
transfer any of the Covered Securities if, in the opinion of counsel for the
Company, such transfer would result in violation by the Company of any federal
or state law with respect to the offering, issuance or sale of securities.

 

                (d)           The Owner is an individual with the legal capacity, power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out his obligations hereunder, and the
execution, delivery and performance by the Owner of the transactions
contemplated by this Agreement have been duly authorized by all necessary
action on the part of the Owner.  This
Agreement, when executed and delivered by the Owner, will constitute a valid
and legally binding obligation of the Owner, enforceable against the Owner in
accordance with its terms.

 

3

 

                (e)           The Owner is the sole owner of the Warrant free and clear
of any liens, security interests, pledges or encumbrances of any kind, and no
liens, security interests, pledges or encumbrances of any kind are contemplated
as of the date hereof.

 

                (f)            No authorization, consent, approval or other order of, or
declaration to or filing with, any governmental agency or body or other person,
spousal or otherwise, is required for the valid authorization, execution,
delivery and performance by the Owner of this Agreement.

 

                4.             Representations and Warranties of the Company.  The Company has been duly incorporated and is
validly existing as a banking corporation in good standing under the laws of
the State of Georgia with full right, corporate, partnership or other
applicable power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations
hereunder, and the execution, delivery and performance by the Company of the
transactions contemplated by this Agreement have been duly authorized by all
necessary corporate or similar action on the part of the Company.  This Agreement, when executed and delivered
by the Company, will constitute a valid and legally binding obligation of the
Company, enforceable against the Company in accordance with its terms.

 

                5.             Adjustment for Stock Splits and the Like.  If, from time to time, during the term of the
Agreement there is any change affecting the Company’s outstanding Common Stock
as a class that is effected without the receipt of consideration by the Company
(through merger, consolidation, reorganization, reincorporation, stock split,
stock dividend, dividend in property other than cash, liquidating dividend,
combination of shares, change in corporation structure or other transaction not
involving the receipt of consideration by the Company), then any and all new,
substituted or additional securities or other property to which Owner is
entitled by reason of Owner’s ownership of the Covered Securities shall be
immediately subject to the Repurchase Option and be included in the term “Covered
Securities” for all purposes of the Repurchase Option with the same force and
effect as the Covered Securities presently subject to the Repurchase Option,
but only to the extent the Covered Securities are, at the time, covered by such
Repurchase Option.  While the total
purchase price for the Covered Securities shall remain the same after each such
event, the purchase price per Covered Securities upon exercise of the
Repurchase Option shall be appropriately adjusted.

 

                6.             General Provisions.

 

                (a)           This Agreement shall be construed and enforced in
accordance with and governed by the laws of the State of Georgia.  This Agreement represents the entire
agreement between the parties with respect to the repurchase of the Covered
Securities by the Company and the other transactions contemplated hereby and
may be modified or amended only in a writing signed by all parties hereto; provided, however, that any such modification or amendment
by the Company shall require the approval or consent of a majority of the then
serving independent directors of the Company.

 

                (b)           It is expressly agreed between the parties that money
damages are inadequate to compensate the Company for the Covered Securities and
that the Company shall, upon proper 

 

4

 

exercise
of the Repurchase Option, be entitled to specific enforcement of its rights to
purchase and receive said Covered Securities.

 

                (c)           This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.  Facsimile transmission of signatures shall be
deemed originals.

 

                (d)           Any notice, demand or request required or permitted to be
given pursuant to the terms of this Agreement shall be in writing and shall be
deemed given when delivered personally or deposited in the U.S. mail, first
class, certified or registered, return receipt requested, with postage prepaid,
and addressed to the parties at the addresses of the parties set forth at the
end of this Agreement or such other address as a party may designate by
notifying the other in writing.

 

                (e)           Neither the Company nor the Owner shall have the right to
assign any of its rights or obligations pursuant to this Agreement without the
prior written consent of the other party; provided, however,
that any such assignment by the Company shall require the consent of a majority
of the then serving independent directors of the Company. This Agreement shall
be assumed by and shall be binding upon any successor to the Company.  To the extent the Company completes a
reorganization where the Common Stock is exchanged for securities of a newly
formed holding company of the Company, the obligations of the Company under
this Agreement shall then become the obligations of the newly formed holding
company of the Company, and the securities of the newly formed holding company
issued in exchange for the Covered Securities shall be subject to this
Agreement.

 

                (f)            Any party’s failure to enforce any provision or
provisions of this Agreement, except for the exercise by the Company of its
Repurchase Option set forth in Section 1(b), shall not in any way be construed
as a waiver of any such provision or provisions, nor prevent the party
thereafter from enforcing each and every other provision of this
Agreement.  The rights granted the
parties herein are cumulative and shall not constitute a waiver of any party’s
right to assert all other legal remedies available to it under the
circumstances.

 

                (g)           The Company and the Owner agree, upon request, to execute
any further documents or instruments necessary or desirable to carry out the
purposes or intent of this Agreement.

 

                (h)           The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. 
In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as it was drafted jointly by the
parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party hereto by virtue of the authorship of any of the
provisions of this Agreement.

 

                IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

5

 

EXECUTION PAGE

TO THE

STATE BANK AND TRUST COMPANY

 

PURCHASE AGREEMENT

 

	
   

  	
   

  
	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  STATE
  BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Joseph
  W. Evans

  
	
   

  	
   

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  321
  Fullington Avenue

  
	
   

  	
   

  	
  Pinehurst,
  Georgia 31070

  
	
   

  	
   

  	
   

  
	
   

  	
  OWNER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
				

 

 

EXHIBIT A

 

EXECUTIVE OFFICERS OF THE COMPANY

 

	
  Name

  	
   

  	
  Office

  
	
   

  	
   

  	
   

  
	
  Kim
  Michael Childers

  	
   

  	
  President
  and Chief Credit Officer

  
	
  Joseph
  W. Evans

  	
   

  	
  Chairman
  and Chief Executive Officer

  
	
  J.
  Daniel Speight

  	
   

  	
  Vice
  Chairman, Chief Operating Officer and Chief Financial Officer

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