Third Amendment to FLAG Financial Corporation 1994 Directors Stock Incentive Plan

Summary

FLAG Financial Corporation has amended its 1994 Directors Stock Incentive Plan to increase the total number of shares available for issuance from 166,938 to 266,938. This change allows the company to grant stock options to new members of its Board of Directors. All other terms of the plan remain unchanged. The amendment is effective as of January 16, 2001.

EX-10.23 12 0012.txt EXHIBIT 10.23 THIRD AMENDMENT TO THE FLAG FINANCIAL CORPORATION 1994 DIRECTORS STOCK INCENTIVE PLAN (AS AMENDED AND RESTATED AS OF SEPTEMBER 18, 1997) THIS THIRD 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 Directors Stock Incentive Plan (as amended and restated as of September 18, 1997) (the "Plan"); and WHEREAS, the Company desires to amend the Plan to increase the number of shares reserved for issuance under the Plan to accommodate grants of options to new members of the Board of Directors. 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 "166,938" with "266,938" 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 Third Amendment. IN WITNESS WHEREOF, the Company has caused this Third Amendment to be duly executed under seal on its behalf, effective as of the date first above written. ATTEST/WITNESS: FLAG FINANCIAL CORPORATION By:___________________________ By:_________________________________ Print Name:__________________ Print Name:________________________ Print Title:_______________________ Date:_______________________________