Second Amendment to FLAG Financial Corporation 1994 Employees Stock Incentive Plan

Summary

FLAG Financial Corporation has amended its 1994 Employees Stock Incentive Plan to increase the total number of shares available for issuance from 914,000 to 1,314,000. This amendment, approved by the Board of Directors and effective January 16, 2001, does not change any other terms of the plan. All other provisions remain unchanged.

EX-10.20 9 0009.txt EXHIBIT 10.20 SECOND AMENDMENT TO THE FLAG FINANCIAL CORPORATION 1994 EMPLOYEES STOCK INCENTIVE PLAN (AS AMENDED AND RESTATED AS OF MARCH 30, 1998) THIS SECOND AMENDMENT is made as of January 16, 2001, by FLAG Financial Corporation, a Georgia corporation (the "Company"). WHEREAS, the Company maintains the FLAG Financial Corporation 1994 Employees Stock Incentive Plan (as amended and restated as of March 30, 1998) (the "Plan"); and WHEREAS, the Board of Directors of the Company has approved an increase in the number of shares reserved for issuance under the Plan. NOW, THEREFORE, the Company does hereby amend Article 4 of the Plan, effective as of the date first set forth above, by replacing the number "914,000" with "1,314,000" with respect to the aggregate number of shares reserved for issuance under the Plan. Except as specifically amended hereby, the remaining provisions of the Plan shall remain in full force and effect as prior to the adoption of this Second Amendment. IN WITNESS WHEREOF, the Company has caused this Second Amendment to be duly executed under seal on its behalf, effective as specified herein. ATTEST/WITNESS: FLAG FINANCIAL CORPORATION By:___________________________ By:_________________________________ Print Name:__________________ Print Name:________________________ Print Title:_______________________ Date:_______________________________