(e) The Independent Directors Compensation Committee of Colony Bankcorp, Inc. ("the Company") has approved salaries, bonus awards, and stock grant awards for certain of its named executive officers. The following table shows the approved corporation salaries and awards:

                                        2008 Base       2009 Base       2008 Bonus       Stock Grant
Name                                   Salary ($)      Salary ($)       Awards ($)       Awards (#)
Al D. Ross President & CEO Colony
Bankcorp, Inc.                             225,000         225,000                -             3,000

Terry Hester CFO Colony Bankcorp,
Inc.                                       162,750         162,750                -             1,000

Henry F. Brown, Jr. (1) Senior
Credit. Administrator and Regional
Credit Officer                              88,543         105,000              300               500

Steve Wood (2) MSA Group Executive          76,938         200,000              300             1,500

Walter Patten City President &
Regional Credit Officer                    165,000         165,000              300               600

(1) Assumed Senior Credit Administrator position during 2008 and was named an Executive Officer of the Company. Base salary was adjusted during 2008 to reflect new position and responsibility to annualized base salary of $105,000, thus no increase in 2009 base salary. 2008 base salary above reflects actual 2008 base salary earnings.

(2) Hired on August 4, 2008 as MSA Group Executive and was named an Executive Officer of the Company. Base salary for 2008 annualized to $200,000, thus no increase in 2009 base salary. 2008 base salary above reflects actual 2008 base salary earnings.

The bonus awards were paid on November 27, 2008. The stock award grants have a three-year vesting requirement beginning January 2, 2009 and an officer forfeits all shares if within the three year period termination of employment occurs. The value per share on the date of the grant was $8.025.