NETBANK INC
EXHIBIT 10.1
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc1123_second_amendment_to_employment_agreement"> </A>
<A NAME="toc_kc1123_1"> </A>
<BR></FONT><FONT SIZE=2><B>SECOND AMENDMENT<BR>  TO EMPLOYMENT AGREEMENT    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDMENT is made on February&nbsp;11, 2002 by and among </FONT><FONT SIZE=2><B>NETBANK, INC.</B></FONT><FONT SIZE=2>, the parent holding company
of </FONT><FONT SIZE=2><B>NETBANK</B></FONT><FONT SIZE=2>, a federal savings bank (collectively, the "Employer"), and </FONT><FONT SIZE=2><B>D.R. GRIMES</B></FONT><FONT SIZE=2> (the "Executive"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Employer and the Executive entered into that certain employment agreement dated as of January&nbsp;4, 1999 (the "Employment Agreement"), which was
first amended on December&nbsp;17, 2001; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties wish to further amend the Employment Agreement to include certain provisions required by 12&nbsp;CFR&nbsp;&sect;&nbsp;563.39(b)(4) and (5); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as of the Effective Date,
except as otherwise provided herein, to amend the Employment Agreement as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;By
adding the following new Section&nbsp;3.5: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"3.5&nbsp;Termination
in the event of regulatory default. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;If
the Employer is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under the Employment Agreement shall terminate as of
the time of default, but this paragraph&nbsp;3.5(a) shall not affect any vested rights of the Executive. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;All
obligations under the Employment Agreement shall be terminated, except to the extent determined that continuation of the Employment Agreement is necessary for the
continued operation of the Employer: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;by
the Director of the Office of Thrift Supervision (the "Director") or his or her designee, at the time the Federal Deposit Insurance Corporation enters into an
agreement to provide assistance to or on behalf of the association under the authority contained in Section&nbsp;1.3(c) of the Federal Deposit Insurance Act; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;by
the director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the
association or when the association is determined by the Director to be in an unsafe or unsound condition. </FONT></P>

</UL>

<P><FONT SIZE=2>Any
rights of the parties that have already vested, however, shall not be affected by such action." </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all remaining respects, the terms of the Employment Agreement shall remain in full force and effect. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have caused this Second Amendment to be executed as of the day and year first above written. </FONT></P>

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<TD COLSPAN=2><BR><FONT SIZE=2>NETBANK, INC.:</FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT E. BOWERS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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Print Name:</FONT></TD>
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Robert E. Bowers</FONT><HR NOSHADE></TD>
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CFO</FONT><HR NOSHADE></TD>
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<TD COLSPAN=2><BR><FONT SIZE=2>NETBANK:</FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT E. BOWERS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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<TD WIDTH="14%"><FONT SIZE=2><BR>
Print Name:</FONT></TD>
<TD WIDTH="36%"><FONT SIZE=2><BR>
Robert E. Bowers</FONT><HR NOSHADE></TD>
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Title:</FONT></TD>
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CFO</FONT><HR NOSHADE></TD>
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EXECUTIVE:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>D. R. GRIMES</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> D. R. GRIMES<BR></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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