Document:

Exhibit 10.8

    
      

    

    Exhibit
      10.8

    

    EXECUTIVE
      SALARY CONTINUATION AGREEMENT THAT 

    SUPERSEDES
      AND REPLACES THE EXECUTIVE 

    SUPPLEMENTAL
      RETIREMENT PLAN EXECUTIVE 

    AGREEMENT
      EFFECTIVE FEBRUARY 2, 2000

    

    

    THIS
      AGREEMENT,
      made
      and entered into this 20th day of February, 2007, by and between The First
      National Bank of Polk County, a bank organized and existing under the laws
      of
      the United States of America (hereinafter referred to as the “Bank”), and Larry
      T. Kuglar, an Executive of the Bank (hereinafter referred to as the
“Executive”), a member of a select group of management and highly compensated
      employees of the Bank.

    

    WHEREAS,
      the
      Bank
      and the Executive are parties to an Executive Supplemental Retirement Plan
      Executive Agreement effective the 2nd
      day of
      February, 2000 between The First National Bank of Polk County that provides
      for
      the payment of certain benefits. This Executive Salary Continuation Agreement
      that supersedes and replaces the Executive Supplemental Retirement Plan
      Executive Agreement effective February 2, 2000, shall bring the Executive
      Supplemental Retirement Plan Executive Agreement effective February 2, 2000
      into
      compliance with Internal Revenue Code Section 409A. The benefits provided
      hereunder shall supersede and replace the existing Executive Supplemental
      Retirement Plan Executive Agreement and the benefits provided
      thereby;

    

    WHEREAS,
      the
      Executive has been and continues to be a valued Executive of the
      Bank;

    

    WHEREAS,
      the
      purpose of this Agreement is to further the growth and development of the Bank
      by providing the Executive with supplemental retirement income, and thereby
      encourage the Executive’s productive efforts on behalf of the Bank and the
      Bank’s shareholders, and to align the interests of the Executive and those
      shareholders.

    

    WHEREAS,
      it is
      the desire of the Bank and the Executive to enter into this Agreement under
      which the Bank will agree to make certain payments to the Executive at
      retirement or the Executive’s Beneficiary in the event of the Executive’s death
      pursuant to this Agreement;

    

    ACCORDINGLY,
      it is
      intended that the Agreement be “unfunded” for purposes of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) and not be
      construed to provide income to the participant or beneficiary under the Internal
      Revenue Code of 1986, as amended (the “Code”), particularly Section 409A of the
      Code and guidance or regulations issued thereunder, prior to actual receipt
      of
      benefits; and

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    THEREFORE,
      it is
      agreed as follows:

    

    
      	
              I.

            	
              EFFECTIVE
                DATE

            

    

    

    The
      Effective Date of this Agreement shall be January 1, 2007.

    

    
      	II.	
              FRINGE
                BENEFITS

            

    

    

    The
      salary continuation benefits provided by this Agreement are granted by the
      Bank
      as a fringe benefit to the Executive and are not part of any salary reduction
      plan or an arrangement deferring a bonus or a salary increase. The Executive
      has
      no option to take any current payment or bonus in lieu of these salary
      continuation benefits except as set forth hereinafter.

    

    
      	III.	
              DEFINITIONS

            

    

    

    
      	 	
              A.

            	
              Retirement
                Date:

            

    

    

    If
      the
      Executive remains in the continuous employ of the Bank, the Executive shall
      retire from active employment with the Bank on the later of the Executive’s
      sixty-fifth (65th)
      birthday or Separation from Service.

    

    
      	 	
              B.

            	
              Normal
                Retirement Age:

            

    

    

    “Normal
      Retirement Age” shall mean the date on which the Executive attains age
      sixty-five (65).

    

    
      	
            	C.	
              Plan
                Year:

            

    

    

    Any
      reference to “Plan Year” shall mean a calendar year from January 1st
      to
      December 31st.
      In the
      year of implementation, the term “Plan Year” shall mean the period from the
      effective date to December 31st
      of the
      year of the effective date.

    

    
      	
            	D.	
              Termination
                of Employment:

            

    

    

    “Termination
      of Employment” shall mean voluntary resignation of employment by the Executive
      or the Bank’s discharge of the Executive without cause, prior to the Normal
      Retirement Age.

    

    
      	
            	E.	
              Separation
                from Service:

            

    

    

    “Separation
      from Service” shall mean that the Executive has experienced a Termination of
      Employment from the Bank. Where the Executive continues to perform services
      for
      the Bank following a Termination of Employment, however, and the facts and
      circumstances indicate that such services are intended by the Bank and the
      Executive to be more than “insignificant” services, a Separation from Service
      will not be deemed to have occurred and any amounts deferred under this
      Agreement may not be paid or made available to the Executive. The determination
      of whether

    
      
         

      

      
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    such
      services are considered “insignificant” will be based upon all facts and
      circumstances relating to the termination and upon any applicable rules and
      regulations issued under Section 409A of the Code. Military leave, sick leave,
      or other bona fide leaves of absence are not generally considered terminations
      of employment.

    

    
      	 	
              F.

            	
              Discharge
                for Cause:

            

    

    

    The
      term
“for cause” shall mean any of the following that result in an adverse effect on
      the Bank: (i) the commission of a felony or gross misdemeanor involving fraud
      or
      dishonesty; (ii) the willful violation of any banking law, rule, or banking
      regulation (other than a traffic violation or similar offense); (iii) an
      intentional failure to perform stated duties; or (iv) a breach of fiduciary
      duty
      involving personal profit. If a dispute arises as to discharge “for cause,” such
      dispute shall be resolved by arbitration as set forth in this Agreement. In
      the
      alternative, if the Executive is permitted to resign due to inappropriate
      conduct as defined above, the Board of Directors may vote to deny all benefits.
      A majority decision by the Board of Directors is required for forfeiture of
      the
      Executive’s benefits. 

    

    
      	 	
              G.

            	
              Change
                of Control:

            

    

    

    “Change
      of Control” shall mean a change in ownership or control of the Bank as defined
      in Treasury Regulation Section 1.409A-3(g)(5) or any subsequently applicable
      Treasury Regulation.

    

    
      	 	
              H.

            	
              Restriction
                on Timing of Distribution:

            

    

    

    Notwithstanding
      any provision of this Agreement to the contrary, distributions to the Executive
      may not commence earlier than six (6) months after the date of a Separation
      from
      Service if, pursuant to Section 409A of the Code and regulations and guidance
      promulgated thereunder, the Executive is considered a “specified employee” under
      Section 416(i) of the Code. In the event a distribution is delayed pursuant
      to
      this paragraph, the originally scheduled payment shall be delayed for six (6)
      months, and shall commence instead on the first day of the seventh month
      following the delay. If payments are scheduled to be made in installments,
      the
      first six (6) months of installment payments shall be delayed, aggregated,
      and
      paid instead on the first day of the seventh month, after which all installment
      payments shall be made on their regular schedule. If payment is scheduled to
      be
      made in a lump sum, the lump payment shall be delayed for six (6) months and
      instead be made on the first day of the seventh month. 

    
      
         

      

      
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              I.

            	
              Beneficiary:

            

    

    

    The
      Executive shall have the right to name a Beneficiary of the Death Benefit.
      The
      Executive shall have the right to name such Beneficiary at any time prior to
      the
      Executive’s death and submit it to the Plan Administrator (or Plan
      Administrator’s representative) on the form provided. Once received and
      acknowledged by the Plan Administrator, the form shall be effective. The
      Executive may change a Beneficiary designation at any time by submitting a
      new
      form to the Plan Administrator. Any such change shall follow the same rules
      as
      for the original Beneficiary designation and shall automatically supersede
      the
      existing Beneficiary form on file with the Plan Administrator. 

    

    If
      the
      Executive dies without a valid Beneficiary designation on file with the Plan
      Administrator, death benefits shall be paid to the Executive’s
      estate.

    

    If
      the
      Plan Administrator determines in its discretion that a benefit is to be paid
      to
      a minor, to a person declared incompetent, or to a person incapable of handling
      the disposition of that person’s property, the Plan Administrator may direct
      distribution of such benefit to the guardian, legal representative or person
      having the care or custody of such minor, incompetent person or incapable
      person. The Plan Administrator may require proof of incompetence, minority
      or
      guardianship as it may deem appropriate prior to distribution of the benefit.
      Any distribution of a benefit shall be a distribution for the account of the
      Executive and the Beneficiary, as the case may be, and shall be a complete
      discharge of any liability under the Agreement for such distribution
      amount.

    

    
      	IV.	
              RETIREMENT
                BENEFIT

            

    

    

    Upon
      attainment of the Retirement Date, the Bank shall pay the Executive an annual
      benefit equal to Sixty Thousand and 00/100th
      Dollars
      ($60,000.00). Said benefit shall be paid in equal annual installments until
      the
      death of the Executive. Said payment shall be made the first day of the month
      following the date of such Separation from Service. 

    

    
      	V.	
              DEATH
                BENEFIT 

            

    

    

    
      	
            	A.	
              Pre-Retirement
                Death Benefit:

            

    

    

    In
      the
      event the Executive should die while actively employed by the Bank at any time
      after the date of this Agreement but prior to the Executive’s Separation from
      Service, the Bank will pay the accrued balance on the date of death, of the
      Executive’s accrued liability retirement account in one (1) lump sum to the
      Beneficiary. Said payment due hereunder shall be made the first day of the
      second month following the Executive’s death.

    
      
         

      

      
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            	B.	
              Post-Retirement
                Death Benefit:

            

    

    

    Upon
      the
      death of the Executive, if there is a balance in the accrued liability
      retirement account, such balance shall be paid in one (1) lump sum to the
      Beneficiary. Said payment due hereunder shall be made the first day of the
      second month following the Executive’s death.

    

    
      	VI.	
              BENEFIT
                ACCOUNTING/

              ACCRUED
                LIABILITY RETIREMENT
                ACCOUNT

            

    

    

    The
      Bank
      shall account for this benefit using the regulatory accounting principles of
      the
      Bank’s primary federal regulator. The Bank shall establish an accrued liability
      retirement account for the Executive into which appropriate reserves shall
      be
      accrued.

    

    
      	VII.	
              VESTING

            

    

    

    The
      Executive shall be twenty percent (20%) vested each year in the accrued
      liability retirement account from the Effective Date of the original Agreement
      dated February 2, 2000, to
      a
      maximum of one hundred percent (100%).

    

    
      	VIII.	
              TERMINATION
                OF EMPLOYMENT

            

    

    

    In
      the
      event that the employment of the Executive shall terminate prior to the Normal
      Retirement Age, by the Executive’s voluntary action, or by the Executive’s
      discharge by the Bank without cause, then this Agreement shall terminate upon
      the date of Separation from Service and the Bank shall pay to the Executive
      an
      amount of money equal to balance of the Executive’s accrued liability retirement
      account on the date of said Separation from Service, multiplied by the
      Executive’s cumulative vested percentage (Paragraph VII). This compensation
      shall be paid in one (1) lump sum the first day of the second month following
      said Separation from Service. 

    

    In
      the
      event the Executive’s death should occur after such termination but prior to the
      payment provided for in this paragraph, the balance shall be paid, in one (1)
      lump sum to the Beneficiary. Said payment due hereunder shall be made the first
      day of the second month following the decease of the Executive.

    

    In
      the
      event the Executive shall be Discharged for Cause at any time, this Agreement
      shall terminate and all benefits provided herein shall be forfeited.

    

    
      	IX.	
              CHANGE
                OF CONTROL

            

    

    

    If
      the
      Executive subsequently suffers a Termination of Employment (voluntarily or
      involuntarily), and Separation from Service except for cause, anytime subsequent
      to a Change of Control, then the Executive shall receive the benefits stated
      and
      in accordance with Paragraph IV herein upon attaining Normal Retirement Age,
      as
      if the Executive had been continuously employed by the Bank until the
      Executive’s Normal Retirement Age. Said payment shall be made in the same manner
      as stated in Paragraph IV.

    
      
         

      

      
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      	X.	
              RESTRICTIONS
                ON FUNDING

            

    

    

    The
      Bank
      shall have no obligation to set aside, earmark or entrust any fund or money
      with
      which to pay its obligations under this Agreement. The Executive, their
      beneficiary(ies), or any successor in interest shall be and remain simply a
      general creditor of the Bank in the same manner as any other creditor having
      a
      general claim for matured and unpaid compensation.

    

    The
      Bank
      reserves the absolute right, at its sole discretion, to either fund the
      obligations undertaken by this Agreement or to refrain from funding the same
      and
      to determine the extent, nature and method of such funding. Should the Bank
      elect to fund this Agreement, in whole or in part, through the purchase of
      life
      insurance, mutual funds, disability policies or annuities, the Bank reserves
      the
      absolute right, in its sole discretion, to terminate such funding at any time,
      in whole or in part. At no time shall any Executive be deemed to have any lien,
      right, title or interest in any specific funding investment or assets of the
      Bank.

    

    If
      the
      Bank elects to invest in a life insurance, disability or annuity policy on
      the
      life of the Executive, then the Executive shall assist the Bank by freely
      submitting to a physical exam and supplying such additional information
      necessary to obtain such insurance or annuities.

    

    
      	XI.	
              MISCELLANEOUS

            

    

    

    
      	 	
              A.

            	
              Alienability
                and Assignment Prohibition:

            

    

    

    Neither
      the Executive nor any Beneficiary under this Agreement shall have any power
      or
      right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify
      or
      otherwise encumber in advance any of the benefits payable hereunder nor shall
      any of said benefits be subject to seizure for the payment of any debts,
      judgments, alimony or separate maintenance owed by the Executive or the
      Executive’s Beneficiary, nor be transferable by operation of law in the event of
      bankruptcy, insolvency or otherwise. In the event the Executive or any
      Beneficiary attempts assignment, commutation, hypothecation, transfer or
      disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease
      and terminate.

    

    
      	 	
              B.

            	
              Binding
                Obligation of the Bank and any Successor in
                Interest:

            

    

    

    The
      Bank
      shall not merge or consolidate into or with another bank or sell substantially
      all of its assets to another bank, firm or person until such bank, firm or
      person expressly agree, in writing, to assume and discharge the duties and
      obligations of the Bank under this Agreement. This Agreement shall be binding
      upon the parties hereto, their successors, beneficiaries, heirs and personal
      representatives.

    
      
         

      

      
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              C.

            	
              Amendment
                or Revocation:

            

    

    

    It
      is
      agreed by and between the parties hereto that, during the lifetime of the
      Executive, this Agreement may be amended or revoked at any time or times, in
      whole or in part, by the mutual written consent of the Executive and the Bank.
      Any such amendment shall not be effective to decrease or restrict any
      Executive’s accrued benefit under this Agreement, determined as of the date of
      amendment, unless agreed to in writing by the Executive, and provided further,
      no amendment shall be made, or if made, shall be effective, if such amendment
      would cause the Agreement to violate Internal Revenue Code Section 409A. In
      the
      event this Agreement is terminated, such termination shall not cause a
      distribution of benefits, except under limited circumstances as permitted under
      Section 409A (i.e., 30 days before or 12 months after a Change of Control event,
      upon termination of all arrangements of the same type, or upon corporate
      dissolution or bankruptcy).

    

    
      	 	
              D.

            	
              Gender:

            

    

    

    Whenever
      in this Agreement words are used in the masculine or neutral gender, they shall
      be read and construed as in the masculine, feminine or neutral gender, whenever
      they should so apply.

    

    
      	 	
              E.

            	
              Headings:

            

    

    

    Headings
      and subheadings in this Agreement are inserted for reference and convenience
      only and shall not be deemed a part of this Agreement.

    

    
      	 	
              F.

            	
              Applicable
                Law:

            

    

    

    The
      laws
      of the State of Georgia shall govern the validity and interpretation of this
      Agreement.

    

    
      	 	
              G.

            	
              Partial
                Invalidity:

            

    

    

    If
      any
      term, provision, covenant, or condition of this Agreement is determined by
      an
      arbitrator or a court, as the case may be, to be invalid, void, or
      unenforceable, such determination shall not render any other term, provision,
      covenant, or condition invalid, void, or unenforceable, and the Agreement shall
      remain in full force and effect notwithstanding such partial
      invalidity.

    
      
         

      

      
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              H.

            	
              Not
                a Contract of Employment:

            

    

    

    This
      Agreement shall not be deemed to constitute a contract of employment between
      the
      parties hereto, nor shall any provision hereof restrict the right of the Bank
      to
      discharge the Executive, or restrict the right of the Executive to terminate
      employment.

    

    
      	 	
              I.

            	
              Tax
                Withholding:

            

    

    

    The
      Bank
      shall withhold any taxes that are required to be withheld, under Section 409A
      of
      the Code and regulations thereunder, from the benefits provided under this
      Agreement. The Executive acknowledges that the Bank’s sole liability regarding
      taxes is to forward any amounts withheld to the appropriate taxing
      authority(ies).

    

    
      	 	
              J.

            	
              Opportunity
                to Consult with Independent Advisors:

            

    

    

    The
      Executive acknowledges that he has been afforded the opportunity to consult
      with
      independent advisors of his choosing including, without limitation, accountants
      or tax advisors and counsel regarding both the benefits granted to him under
      the
      terms of this Agreement and the: (i) terms and conditions which may affect
      the
      Executive’s right to these benefits; and (ii) personal tax effects of such
      benefits including, without limitation, the effects of any federal or state
      taxes, Section 280G of the Code, Section 409A of the Code and guidance or
      regulations thereunder, and any other taxes, costs, expenses or liabilities
      whatsoever related to such benefits, which in any of the foregoing instances
      the
      Executive acknowledges and agrees shall be the sole responsibility of the
      Executive notwithstanding any other term or provision of this Agreement. The
      Executive further acknowledges and agrees that the Bank shall have no liability
      whatsoever related to any such personal tax effects or other personal costs,
      expenses, or liabilities applicable to the Executive and further specifically
      waives any right for himself or herself, and his or her heirs, beneficiaries,
      legal representative, agents, successor and assign to claim or assert liability
      on the part of the Bank related to the matters described above in this
      paragraph. The Executive further acknowledges that he has read, understands
      and
      consents to all of the terms and conditions of this Agreement, and that he
      enters into this Agreement with a full understanding of its terms and
      conditions.

    

    
      	 	
              K.

            	
              Permissible
                Acceleration Provision:

            

    

    

    Under
      Section 409A(a)(3), a payment of deferred compensation may not be accelerated
      except as provided in regulations by the Internal Revenue Code. Certain
      permissible payment accelerations include payments necessary to comply with
      a
      domestic relations order, payments necessary 

    
      
         

      

      
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    to
      comply
      with certain conflict of interest rules, payments intended to pay employment
      taxes, and certain de minimis payments related to the participant’s termination
      of the Executive’s interest in the plan. 

    

    
      	
            	L.	
              Supersede
                and Replace Entire Agreement:

            

    

    

    This
      Agreement shall supersede the Executive Supplemental Retirement Plan Executive
      Agreement dated the 2nd
      day of
      February, 2000, and shall replace the entire agreement of the parties pertaining
      to this particular Executive Salary Continuation Agreement.

    

    XII. ADMINISTRATIVE
      AND CLAIMS PROVISIONS

    

    
      	 	
              A.

            	
              Plan
                Administrator:

            

    

    

    The
“Plan
      Administrator” of this Agreement shall be The First National Bank of Polk
      County. As Plan Administrator, the Bank shall be responsible for the management,
      control and administration of the Agreement. The Plan Administrator may delegate
      to others certain aspects of the management and operation responsibilities
      of
      the Agreement including the employment of advisors and the delegation of
      ministerial duties to qualified individuals.

    

    
      	
            	B.	
              Claims
                Procedure:

            

    

    

    a.    Filing
      a Claim for Benefits:

    

    Any
      insured, Beneficiary, or other individual, (“Claimant”) entitled to benefits
      under this Agreement will file a claim request with the Plan Administrator.
      The
      Plan Administrator will, upon written request of a Claimant, make available
      copies of all forms and instructions necessary to file a claim for benefits
      or
      advise the Claimant where such forms and instructions may be obtained. If the
      claim relates to disability benefits, then the Plan Administrator shall
      designate a sub-committee to conduct the initial review of the claim (and
      applicable references below to the Plan Administrator shall mean such
      sub-committee).

    

    b.    Denial
      of Claim:

    

    
      	 	 	
              A
                claim for benefits under this Agreement will be denied if the Bank
                determines that the Claimant is not entitled to receive benefits
                under the
                Agreement. Notice of a denial shall be furnished the Claimant within
                a
                reasonable period of time after receipt of the claim for benefits
                by the
                Plan Administrator. This time period shall not exceed more than ninety
                (90) days after the receipt of the

            

    

    
      
         

      

      
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    properly
      submitted claim. In the event that the claim for benefits pertains to
      disability, the Plan Administrator shall provide written notice within
      forty-five (45) days. However, if the Plan Administrator determines, in its
      discretion, that an
      extension of time for processing the claim is required, such extension shall
      not
      exceed an additional ninety (90) days. In the case of a claim for disability
      benefits, the forty-five (45) day review period may be extended for up to thirty
      (30) days if necessary due to circumstances beyond the Plan Administrator’s
      control, and for an additional thirty (30) days, if necessary. Any
      extension notice shall indicate the special circumstances requiring an extension
      of time and the date by which the Plan Administrator expects to render the
      determination on review.

    

    c.    Content
      of Notice:

    

    
      	 	 	
              The
                Plan Administrator shall provide written notice to every Claimant
                who is
                denied a claim for benefits which notice shall set forth the
                following:

            

    

     

    
      	
            	(i.)	
              The
                specific reason or reasons for the
                denial;

            

    

    

    
      	 	
              (ii.)

            	
              Specific
                reference to pertinent Agreement provisions on which the denial is
                based;

            

    

    

    
      	 	
              (iii.)

            	
              A
                description of any additional material or information necessary for
                the
                Claimant to perfect the claim, and any explanation of why such material
                or
                information is necessary; and

            

    

    
      	 	
              (iv.)

            	
              Any
                other information required by applicable regulations, including with
                respect to disability benefits. 

            

    

    

    d.    Review
      Procedure:

    

    
      	 	 	
              The
                purpose of the Review Procedure is to provide a method by which a
                Claimant
                may have a reasonable opportunity to appeal a denial of a claim to
                the
                Plan Administrator for a full and fair review. The Claimant, or his
                duly
                authorized representative, may:

            

    

     

    
      	 	
              (i.)

            	
              Request
                a review upon written application to the Plan Administrator. Application
                for review must be made within sixty (60) days of receipt of written
                notice of denial of claim. If the denial of claim pertains to disability,
                application for review must be made within one hundred eighty (180)
                days
                of receipt of written notice of the denial of
                claim;

            

    

    
      
         

      

      
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              (ii.)

            	
              Review
                and copy (free of charge) pertinent Agreement documents, records
                and other
                information relevant to the Claimant’s claim for
                benefits;

            

    

    

    
      	 	
              (iii.)

            	
              Submit
                issues and concerns in writing, as well as documents, records, and
                other
                information relating to the claim.

            

    

    

    e.    Decision
      on Review:

    

    A
      decision on review of a denied claim shall be made in the  following
      manner:

    

    
      	 	
              (i.)

            	
              The
                Plan Administrator may, in its sole discretion, hold a hearing on
                the
                denied claim. If the Claimant’s initial claim is for disability benefits,
                any review of a denied claim shall be made by members of the Plan
                Administrator other than the original decision maker(s) and such
                person(s)
                shall not be a subordinate of the original decision maker(s). The
                decision
                on review shall be made promptly, but generally not later than sixty
                (60)
                days after receipt of the application for review. In the event that
                the
                denied claim pertains to disability, such decision shall not be made
                later
                than forty-five (45) days after receipt of the application for review.
                If
                the Plan Administrator determines that an extension of time for processing
                is required, written notice of the extension shall be furnished to
                the
                Claimant prior to the termination of the initial sixty (60) day period.
                In
                no event shall the extension exceed a period of sixty (60) days from
                the
                end of the initial period. In the event the denied claim pertains
                to
                disability, written notice of such extension shall be furnished to
                the
                Claimant prior to the termination of the initial forty-five (45)
                day
                period. In no event shall the extension exceed a period of thirty
                (30)
                days from the end of the initial period. The extension notice shall
                indicate the special circumstances requiring an extension of time
                and the
                date by which the Plan Administrator expects to render the determination
                on review.

            

    

    

    
      	 	
              (ii.)

            	
              The
                decision on review shall be in writing and shall include specific
                reasons
                for the decision written in an understandable manner with specific
                references to the pertinent Agreement provisions upon which the decision
                is based. 

            

    

    
      
         

      

      
        -
          11
          -

        
          

        

      

      
         

      

    

    

    
      	 	
              (iii.)

            	
              The
                review will take into account all comments, documents, records and
                other
                information submitted by the Claimant relating to the claim without
                regard
                to whether such information was submitted or considered in the initial
                benefit determination. Additional considerations shall be required
                in the
                case of a claim for disability benefits. For example, the
                claim will be reviewed without deference to the initial adverse benefits
                determination and, if the initial adverse benefit determination was
                based
                in whole or in part on a medical judgment, the Plan Administrator
                will
                consult with a health care professional with appropriate training
                and
                experience in the field of medicine involving the medical judgment.
                The
                health care professional who is consulted on appeal will not be the
                same
                individual who was consulted during the initial determination or
                the
                subordinate of such individual. If the Plan Administrator obtained
                the
                advice of medical or vocational experts in making the initial adverse
                benefits determination (regardless of whether the advice was relied
                upon),
                the Plan Administrator will identify such
                experts.

            

    

     

    
      	 	
              (iv.)

            	
              The
                decision on review will include a statement that the Claimant is
                entitled
                to receive, upon request and free of charge, reasonable access to,
                and
                copies of, all documents, records or other information relevant to
                the
                Claimant’s claim for benefits.

            

    

    

    
      	 	 	
              f.

            	
              Exhaustion
                of Remedies:

            

    

    

    
      	 	 	 	
              A
                Claimant must follow the claims review procedures under this Agreement
                and
                exhaust his or her administrative remedies before taking any further
                action with respect to a claim for
                benefits.

            

    

    

    
      	 	
              C.

            	
              Arbitration:

            

    

    

    If
      claimants continue to dispute the benefit denial based upon completed
      performance of this Agreement or the meaning and effect of the terms and
      conditions thereof, then claimants may submit the dispute to an Arbitrator
      for
      final arbitration. The Arbitrator shall be selected by mutual agreement of
      the
      Bank and the claimants. The Arbitrator shall operate under any generally
      recognized set of arbitration rules. The parties hereto agree that they and
      their heirs, personal representatives, successors and assigns shall be bound
      by
      the decision of such Arbitrator with respect to any controversy properly
      submitted to it for determination.

    
      
         

      

      
        -
          12
          -

        
          

        

      

      
         

      

    

    

    Where
      a
      dispute arises as to the Bank’s discharge of the Executive “for cause,” such
      dispute shall likewise be submitted to arbitration as above described and the
      parties hereto agree to be bound by the decision thereunder.

    

    
      	
              XIV.

            	
              TERMINATION
                OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES
                OR
                REGULATIONS

            

    

    

    The
      Bank
      is entering into this Agreement upon the assumption that certain existing tax
      laws, rules and regulations will continue in effect in their current form.
      If
      any said assumptions should change and said change has a detrimental effect
      on
      this Agreement, then the Bank reserves the right to terminate or modify this
      Agreement accordingly. Any such termination or modification shall not be
      effective to decrease or restrict any Executive’s Accrued Liability Retirement
      Account under this Agreement, determined as of the date of amendment, unless
      agreed to in writing by the Executive, and provided further, no amendment shall
      be made, or if made, shall be effective, if such termination or modification
      would cause the Agreement to violate Internal Revenue Code Section 409A. In
      the
      event this Agreement is terminated, such termination shall not cause a
      distribution of benefits, except under limited circumstances as permitted under
      Section 409A (i.e., 30 days before or 12 months after a Change in Control event,
      upon termination of all arrangements of the same type, or upon corporate
      dissolution or bankruptcy). Upon a Change of Control, this paragraph shall
      become null and void effective immediately upon said Change of
      Control.

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto acknowledge that each has carefully read this Agreement and
      executed the original thereof on the first day set forth hereinabove, and that,
      upon execution, each has received a conforming copy.

    

    
      	 	
              THE
                FIRST NATIONAL 

            
	 	
              BANK
                OF POLK COUNTY

            
	 	
              Cedartown,
                GA

            
	 	 
	 	 
	 	 
	____________________________	
              By:_____________________________

            
	
              Witness
                

            	
              (Bank
                Officer other than Insured)           
                   Title

            
	 	 
	 	 
	 	 
	_____________________________	_________________________________
	
              Witness

            	
              Larry
                T. Kuglar

            

    

    
      
         

      

      
        -
          13
          -

        
          

        

      

      
         

      

    

    BENEFICIARY
      DESIGNATION FORM

    FOR
      THE EXECUTIVE SALARY CONTINUATION

    AGREEMENT
      THAT SUPERSEDES AND REPLACES THE EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN
      EXECUTIVE AGREEMENT

    

    
      	
              I.

            	
              PRIMARY
                DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Primary Designation:

              (Please
                indicate the percentage for each beneficiary.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 
	
              II.

            	
              ESTATE
                AND/OR TRUST AS PRIMARY DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Primary Designation:

              An
                Estate can still be listed even if there is no
                will.

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the Last Will and 

            
	 	 	 	
              (Insert
                full name)

            	 
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Primary Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

    

    
      
         

      

      
        -
          14
          -

        
          

        

      

      
         

      

    

    

    
      	
              III.

            	
              SECONDARY
                (CONTINGENT) DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Secondary (Contingent) Designation:

              (Please
                indicate the percentage for each beneficiary in the event of the
                Primary’s
                Death.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	
              IV.

            	
              ESTATE
                AND/OR TRUST AS SECONDARY (CONTINGENT)
                DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

    V. SIGN
      AND DATE

    

    This
      Beneficiary Designation Form is valid until the participant notifies the bank
      in
      writing.

    

    

    
      	__________________________	_______________________
	
              Larry
                T. Kuglar

            	
              Date

            

    

    
 

     

     

     

    -
      15
      -Unassociated Document

    
      

    

    Exhibit
      10.9

    

    LIFE
      INSURANCE

    

    ENDORSEMENT
      METHOD SPLIT DOLLAR PLAN 

    

    AGREEMENT

    

    

    
      	
              Insurer:

            	
              _________________________

            
	 	
              _________________________

            
	 	 
	
              Policy
                Number:

            	
              __________

            
	 	
              __________

            
	 	 
	
              Bank:

            	
              The
                First National Bank of Polk County

            
	 	 
	
              Insured:

            	
              Larry
                T. Kugler

            
	 	 
	
              Relationship
                of Insured to Bank:

            	
              Executive

            
	 	 

    

    

    The
      respective rights and duties of the Bank and the Insured in the above-referenced
      policy shall be pursuant to the terms set forth below:

    

    

    
      	I.	
              DEFINITIONS

            

    

    

    Refer
      to
      the policy contract for the definition of all terms in this
      Agreement.

    

    
      	
              II.

            	
              POLICY
                TITLE AND OWNERSHIP

            

    

    

    Title
      and
      ownership shall reside in the Bank for its use and for the use of the Insured
      all in accordance with this Agreement. The Bank alone may, to the extent of
      its
      interest, exercise the right to borrow or withdraw on the policy cash values.
      Where the Bank and the Insured (or assignee, with the consent of the Insured)
      mutually agree to exercise the right to increase the coverage under the subject
      Split Dollar policy, then, in such event, the rights, duties and benefits of
      the
      parties to such increased coverage shall continue to be subject to the terms
      of
      this Agreement.

    

    
      	
              III.

            	
              BENEFICIARY
                DESIGNATION RIGHTS

            

    

    

    The
      Insured (or assignee) shall have the right and power to designate a beneficiary
      or beneficiaries to receive the Insured’s share of the proceeds payable upon the
      death of the Insured, and to elect and change a payment option for such
      beneficiary, subject to any right or interest the Bank may have in such
      proceeds, as provided in this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              IV.

            	
              PREMIUM
                PAYMENT METHOD

            

    

    

    The
      Bank
      shall pay an amount equal to the planned premiums and any other premium payments
      that might become necessary to keep the policy in force.

    

    
      	
              V.

            	
              TAXABLE
                BENEFIT

            

    

    

    Annually
      the Insured will receive a taxable benefit equal to the assumed cost of
      insurance as required by the Internal Revenue Service. The Bank (or its
      administrator) will report to the Insured the amount of imputed income each
      year
      on Form W-2 or its equivalent.

    

    
      	
              VI.

            	
              DIVISION
                OF DEATH PROCEEDS

            

    

    

    Subject
      to Paragraphs VII and IX herein, the division of the death proceeds of the
      policy is as follows:

    

    
      	 	
              A.

            	
              If
                the Insured is employed by the Bank at the time of his or her death,
                the
                Insured’s beneficiary(ies), designated in accordance with Paragraph III,
                shall be entitled to an amount equal to one hundred percent (100%)
                of the
                net at risk insurance portion of the proceeds. The net at risk insurance
                portion is the total proceeds less the cash value of the
                policy.

            

    

    

    
      	 	
              B.

            	
              Should
                the Insured not be employed by the Bank at the time of his or her
                death,
                the Insured’s beneficiary(ies), designated in accordance with Paragraph
                III, shall be entitled to the following percentage of the proceeds
                described in Subparagraph VI (A) hereinabove that corresponds to
                the full
                number of years of service with the Bank from the Effective Date
                of this
                Agreement.

            

    

    

    
      	
              Full
                years of

            	
              Vested
                (to a

            
	
              Employment

            	
              maximum
                of 100%)

            
	 	 
	
              Less
                than 1

            	
              0%

            
	
              1

            	
              20%

            
	
              2

            	
              40%

            
	
              3

            	
              60%

            
	
              4

            	
              80%

            
	
              5

            	
              100%

            

    

    

    
      	 	
              C.

            	
              The
                Bank shall be entitled to the remainder of such
                proceeds.

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              D.

            	
              The
                Bank and the Insured (or assignees) shall share in any interest due
                on the
                death proceeds on a pro rata basis as the proceeds due each respectively
                bears to the total proceeds, excluding any such
                interest.

            

    

    

    
      	
              VII.

            	
              DIVISION
                OF THE CASH SURRENDER VALUE OF THE
                POLICY

            

    

    

    The
      Bank
      shall at all times be entitled to an amount equal to the policy’s cash value, as
      that term is defined in the policy contract, less any policy loans and unpaid
      interest or cash withdrawals previously incurred by the Bank and any applicable
      surrender charges. Such cash value shall be determined as of the date of
      surrender or death as the case may be.

    

    
      	
              VIII.

            	
              RIGHTS
                OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION
                EXISTS

            

    

    

    In
      the
      event the policy involves an endowment or annuity element, the Bank’s right and
      interest in any endowment proceeds or annuity benefits, on expiration of the
      deferment period, shall be determined under the provisions of this Agreement
      by
      regarding such endowment proceeds or the commuted value of such annuity benefits
      as the policy’s cash value. Such endowment proceeds or annuity benefits shall be
      considered to be like death proceeds for the purposes of division under this
      Agreement.

    

    
      	
              IX.

            	
              TERMINATION
                OF AGREEMENT

            

    

    

    This
      Agreement shall terminate upon the occurrence of any one of the
      following:

    

    
      	 	
              1.

            	
              The
                Insured shall leave the employment of the Bank (voluntarily or
                involuntarily) prior to one (1) full year of employment with the
                Bank from
                the Effective Date of this Agreement,
                or

            

    

    

    
      	 	
              2.

            	
              The
                Insured shall be discharged from employment with the Bank for cause.
                The
                term for “cause” shall mean any of the following that result in an adverse
                effect on the Bank: (i) gross negligence or gross neglect; (ii) the
                commission of a felony or gross misdemeanor involving moral turpitude,
                fraud, or dishonesty; (iii) the willful violation of any law, rule,
                or
                regulation (other than a traffic violation or similar offense); (iv)
                an
                intentional failure to perform stated duties; or (v) a breach of
                fiduciary
                duty involving personal profit; or

            

    

    

    
      	 	
              3.

            	
              Surrender,
                lapse, or other termination of the Policy by the
                Bank.

            

    

    

    Upon
      such
      termination, the Insured (or assignee) shall have a fifteen (15) day option
      to
      receive from the Bank an absolute assignment of the policy in consideration
      of a
      cash payment to the Bank, whereupon this Agreement shall terminate. Such cash
      payment referred to hereinabove shall be the greater of:

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
            	1.	
              The
                Bank’s share of the cash value of the policy on the date of such
                assignment, as defined in this Agreement;
                or

            

    

    

    
      	
            	2.	
              The
                amount of the premiums which have been paid by the Bank prior to
                the date
                of such assignment.

            

    

    

    If,
      within said fifteen (15) day period, the Insured fails to exercise said option,
      fails to procure the entire aforestated cash payment, or dies, then the option
      shall terminate, and the Insured (or assignee) agrees that all of the Insured’s
      rights, interest and claims in the policy shall terminate as of the date of
      the
      termination of this Agreement.

    

    The
      Insured expressly agrees that this Agreement shall constitute sufficient written
      notice to the Insured of the Insured’s option to receive an absolute assignment
      of the policy as set forth herein.

    

    Except
      as
      provided above, this Agreement shall terminate upon distribution of the death
      benefit proceeds in accordance with Paragraph VI above.

    

    
      	
              X.

            	
              INSURED’S
                OR ASSIGNEE’S ASSIGNMENT
                RIGHTS

            

    

    

    The
      Insured may not, without the written consent of the Bank, assign to any
      individual, trust or other organization, any right, title or interest in the
      subject policy nor any rights, options, privileges or duties created under
      this
      Agreement.

    

    
      	
              XI.

            	
              AGREEMENT
                BINDING UPON THE PARTIES

            

    

    

    This
      Agreement shall bind the Insured and the Bank, their heirs, successors, personal
      representatives and assigns.

    

    
      	
              XII.

            	
              ERISA
                PROVISIONS 

            

    

    

    
      	 	
              The
                following provisions are part of this Agreement and are intended
                to meet
                the requirements of the Employee Retirement Income Security Act of
                1974
                (“ERISA”):

            

    

    

    
      	
            	A.	
              Named
                Fiduciary and Plan
                Administrator.

            

    

    

    The
      “Named Fiduciary and Plan Administrator” of this Endorsement Method Split Dollar
      Agreement shall be The First National Bank of Polk County until resignation
      or
      removal by the Board of Directors. As Named Fiduciary and Plan Administrator,
      the Bank shall be responsible for the management, control, and administration
      of
      this Split Dollar Plan as established herein. The Named Fiduciary may delegate
      to others certain aspects of the management and operation responsibilities
      of
      the Plan, including the employment of advisors and the delegation of any
      ministerial duties to qualified individuals.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
            	B.	
              Funding
                Policy.

            

    

    

    The
      funding policy for this Split Dollar Plan shall be to maintain the subject
      policy in force by paying, when due, all premiums required.

    

    
      	
            	C.	
              Basis
                of Payment of Benefits.
                

            

    

    

    Direct
      payment by the Insurer is the basis of payment of benefits under this Agreement,
      with those benefits in turn being based on the payment of premiums as provided
      in this Agreement. 

    

    
      	
            	D.	
              Claim
                Procedures.

            

    

    

    Claim
      forms or claim information as to the subject policy can be obtained by
      contacting The Benefit Marketing Group, Inc. (770-952-1529). When the Named
      Fiduciary has a claim which may be covered under the provisions described in
      the
      insurance policy, they should contact the office named above, and they will
      either complete a claim form and forward it to an authorized representative
      of
      the Insurer or advise the named Fiduciary what further requirements are
      necessary. The Insurer will evaluate and make a decision as to payment. If
      the
      claim is payable, a benefit check will be issued in accordance with the terms
      of
      this Agreement. 

    

    In
      the
      event that a claim is not eligible under the policy, the Insurer will notify
      the
      Named Fiduciary of the denial pursuant to the requirements under the terms
      of
      the policy. If the Named Fiduciary is dissatisfied with the denial of the claim
      and wishes to contest such claim denial, they should contact the office named
      above and they will assist in making inquiry to the Insurer. All objections
      to
      the Insurer’s actions should be in writing and submitted to the office named
      above for transmittal to the Insurer.

    

    
      	XIII.	
              GENDER

            

    

    

    Whenever
      in this Agreement words are used in the masculine or neuter gender, they shall
      be read and construed as in the masculine, feminine or neuter gender, whenever
      they should so apply.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    

    
      	
              XIV.

            	
              INSURANCE
                COMPANY NOT A PARTY TO THIS
                AGREEMENT

            

    

    

    The
      Insurer shall not be deemed a party to this Agreement, but will respect the
      rights of the parties as herein developed upon receiving an executed copy of
      this Agreement. Payment or other performance in accordance with the policy
      provisions shall fully discharge the Insurer for any and all
      liability.

    

    
      	XV.	
              CHANGE
                OF CONTROL

            

    

    

    Change
      of
      Control shall be deemed to be the cumulative transfer of more than fifty percent
      (50%) of the voting stock of the Bank from the date of this Agreement. For
      the
      purposes of this Agreement, transfers on account of deaths or gifts, transfers
      between family members, or transfers to a qualified retirement plan maintained
      by the Bank shall not be considered in determining whether there has been a
      Change of Control. Upon a Change of Control, if the Insured’s employment is
      subsequently terminated, except for cause, then the Insured shall be one hundred
      percent (100%) vested in the benefits promised in this Agreement and, therefore,
      upon the death of the Insured, the Insured’s beneficiary(ies) (designated in
      accordance with Paragraph III) shall receive the death benefit provided herein
      as if the Insured had died while employed by the Bank [See Subparagraphs VI
      (A)
& (B)].

    

    
      	XVI.	
              AMENDMENT
                OR REVOCATION

            

    

    

    It
      is
      agreed by and between the parties hereto that, during the lifetime of the
      Insured, this Agreement may be amended or revoked at any time or times, in
      whole
      or in part, by the mutual written consent of the Insured and the
      Bank.

    

    
      	XVII.	
              EFFECTIVE
                DATE

            

    

    

    The
      Effective Date of this Agreement shall be February 2, 2000.

    

    
      	XVIII.	
              SEVERABILITY
                AND INTERPRETATION

            

    

    

    If
      a
      provision of this Agreement is held to be invalid or unenforceable, the
      remaining provisions shall nonetheless be enforceable according to their terms.
      Further, in the event that any provision is held to be over broad as written,
      such provision shall be deemed amended to narrow its application to the extent
      necessary to make the provision enforceable according to law and enforced as
      amended.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	XIX.	
              APPLICABLE
                LAW

            

    

    

    The
      validity and interpretation of this Agreement shall be governed by the laws
      of
 the
      State
      of Georgia.

     

    Executed
      at Cedartown, Georgia, this 7th day of February, 2000.

    

    

    
      	 	
              THE
                FIRST NATIONAL BANK

            
	 	
              OF
                POLK COUNTY

            
	 	
              Cedartown,
                Georgia

            
	 	 
	 	 
	 	 
	 	 
	_________________________	
              By:______________________________

            
	
              Witness

            	
              Title

            
	 	 
	 	 
	 	 
	 	 
	_________________________	_____________________________
	
              Witness

            	
              Larry
                T. Kuglar

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    BENEFICIARY
      DESIGNATION FORM

     

    FOR
      LIFE INSURANCE ENDORSEMENT METHOD

    SPLIT
      DOLLAR PLAN AGREEMENT

    

    

    PRIMARY
      DESIGNATION:

     

    
 

    
      	
               Name

            	
                Address

            	
               Relationship

            

    

    
       

       

      
        

      
   

    
      
        

      

    

     

    
      

    

     

    
SECONDARY
      (CONTINGENT) DESIGNATION:

    

    
      
        

      
   
      
        
          

        

      

       

      
        

      

    

    

    All
      sums
      payable under the Life Insurance Endorsement Method Split Dollar Plan Agreement
      by reason of my death shall be paid to the Primary Beneficiary, if he or she
      survives me, and if no Primary Beneficiary shall survive me, then to the
      Secondary (Contingent) Beneficiary. 

    

     

    
      	__________________________	__________________________
	
              Larry
                T. Kuglar

            	
              Date

            

    

    
 

     

     

     

     

    8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]