THE BANK OF GEORGIA
1ST AMENDMENT TO STOCK WARRANT AGREEMENT
THIS 1ST AMENDMENT TO STOCK WARRANT AGREEMENT (this "Amendment") is
entered into as of this ______ day of ____________, 2000, between The Bank of
Georgia, a Georgia state chartered bank (the "Bank"), and
_________________________ (the "Warrant Holder").
WHEREAS, the Bank entered into that certain Stock Warrant Agreement
with Warrant Holder dated ________________ (the "Warrant Agreement"); and
WHEREAS, subject to certain conditions contained therein, the Warrant
Agreement granted to the Warrant Holder warrants to purchase up to _________
shares of the Bank's common stock for $10.00 per share (the "Warrants"); and
WHEREAS, Section 9 (a) of the Warrant Agreement provided that the
Warrant Holder shall exercise all of the Warrant Holder's then exercisable
Warrants within 120 days of the date that the Warrant Holder ceases to serve the
Bank as an executive officer, employee, or director; and
WHEREAS, the Bank and the Warrant Holder desire to amend the Warrant
Agreement as set forth below.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the Bank and the Warrant Holder agree to modify and amend the Warrant
Agreement as follows:
1. Section 9(a) of the Warrant Agreement is deleted in its entirety and
replaced with the following:
9. Mandatory Exercise; Termination.
(a) Except as otherwise provided in subparagraph (b), Warrant Holder
shall have the right to exercise all of Warrant Holder's then
exercisable Warrants for up to 120 days after the date that the
Warrant Holder ceases to serve the Company as an executive officer,
employee, or director. Warrant Holder shall have the right to
exercise any Warrants that are not exercisable on the date in which
Warrant Holder ceases to serve the Company for up to 120 days after
the date that those Warrants become exercisable. In the event the
Warrant Holder fails to exercise any of the Warrants referred to in
this subparagraph within such 120 day periods, such Warrants shall
be forfeited.
2. All other terms of the Warrant Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the Bank and Warrant Holder have caused this
Amendment to be executed as of the day and year first above written.
THE BANK OF GEORGIA
By: __________________________________
Name:
Title:
WARRANT HOLDER
By: ________________________________
Name:
Address:______________________________