<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the Securities and
Exchange Commission on August 10, 2004 &#151; Registration No. 333-___________________ </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECURITIES AND
EXCHANGE COMMISSION <BR>Washington, D.C. 20549 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>FORM S-8 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION STATEMENT<BR>UNDER<BR>THE SECURITIES
ACT OF 1933 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2><B>Fentura Financial, Inc.</B><BR><I>(Exact Name of
Registrant as Specified in its Charter)</I> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Michigan</B></FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=55% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>38-2806518</B></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(State or Other Jurisdiction of</I></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(I.R.S. Employer</I></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Incorporation or Organization)</I></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Identification Number)</I></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>175 North Leroy,
Fenton, Michigan 48430-0725 </B> <BR><I>(address of
principal executive offices)</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Italic" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FENTURA FINANCIAL,
INC. STOCK PURCHASE PLAN </B> <BR><I>(full title of plan)</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2><B>Joyce A. Dunckel<BR>Fentura
Financial, Inc. <BR>175 North Leroy<BR>Fenton,
Michigan 48430-0725<BR>(810) 750-8725 </B><BR><I>(Name, address,
including zip code, and telephone number,<BR>including area code, of agent for service)</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>With copy to: <BR>Harvey Koning, Esquire<BR>Varnum,
Riddering, Schmidt &amp; Howlett LLP <BR>Bridgewater Place<BR>P.O.
Box 352 <BR>Grand Rapids, Michigan
49501-0352 <BR>(616) 336-6000</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>CALCULATION OF
REGISTRATION FEE </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of Securities<BR>Being Registered</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount Being<BR>Registered</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed<BR>Maximum<BR>Offering Price<BR>Per Share(2)</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed<BR>Maximum<BR>Aggregate<BR>Offering Price(2)</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount of<BR>Registration<BR>Fee</FONT></TH></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=14% COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock</FONT></TD>
     <TD WIDTH=14% COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000 shares(1)</FONT></TD>
     <TD WIDTH=14% COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$43.625</FONT></TD>
     <TD WIDTH=14% COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,087,500</FONT></TD>
     <TD WIDTH=14% COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,659</FONT></TD></TR>
</TABLE>

<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Represents 300,000 shares of Common Stock authorized for issuance under the
          Fentura Financial, Inc. Stock Purchase Plan. This Registration Statement also
          covers such indeterminable additional number of shares as may be issuable under
          the Fentura Financial, Inc. Stock Purchase Plan by reason of adjustments to the
          number of shares covered thereby as described in its Prospectus. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          For the purpose of computing the registration fee only, the price shown is based
          upon the price of $43.625 per share, the average of the high and low sales
          prices for the Common Stock of Fentura Financial, Inc. on the OTC Bulletin Board
          on August 5, 2004, in accordance with Rule 457(h). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Rule 416(a) of the
General Rules and Regulations under the Securities Act of 1933, this Registration
Statement shall cover such additional securities as may be offered or issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions. </FONT></P>


<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2 </FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>PART I </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information required by Part I to be
contained in the Section 10(a) Prospectus is omitted from this Registration Statement in
accordance with Rule 428 under the Securities Act of 1933 and the Note to Part I of Form
S-8. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 3. Incorporation of Documents
by Reference </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Corporation hereby incorporates
by reference in this Registration Statement the following documents filed by the
Corporation with the Securities and Exchange Commission: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Corporation&#146;s latest Annual Report on Form 10-K filed pursuant to
          Section 13(a) of the Securities Exchange Act of 1934; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All other reports or documents filed by the Corporation pursuant to Section
          13(a) or 15(d) of the Securities Exchange Act of 1934, since the end of the
          fiscal year covered by the Annual Report on Form 10-K referenced to in (a)
          above; and </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The description of the Corporation&#146;s Common Stock is contained in the
          Corporation&#146;s Registration Statement filed pursuant to Section 12 of the
          Exchange Act and is incorporated in this Registration Statement by reference,
          including any subsequent amendments or reports filed for the purpose of updating
          such description. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All other documents subsequently
filed by the Corporation pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act, prior to the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be part of
this Registration Statement from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference in this
Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration
Statement or in any other subsequently filed document which also is incorporated or deemed
to be incorporated by reference in this Registration Statement modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as
modified or superseded, to constitute a part of this Registration Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 4. Description of
Securities </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The class of securities to be offered
is registered under Section 12 of the Exchange Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 5. Interests of
Named Experts and Counsel </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 6. Indemnification
of Directors and Officers </FONT></H1>

<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3 </FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Michigan Business Corporation Act and provisions of the Corporation&#146;s Bylaws provide
for indemnification of our directors and officers in a variety of circumstances against
liabilities arising in connection with the performance of their duties. The
Corporation&#146;s Bylaws provide that its directors and officers are to be indemnified as
of right to the fullest extent permitted under the Michigan Business Corporation Act
(&#147;MBCA&#148;). Under the MBCA, directors, officers, employees or agents are entitled
to indemnification against expenses (including attorneys&#146; fees) whenever they
successfully defend legal proceedings brought against them by reason of the fact that they
hold such a position with the corporation. In addition, with respect to actions not
brought by or in the right of the corporation, indemnification is permitted under the MBCA
for expenses (including attorneys&#146; fees), judgments, fines, penalties and reasonable
settlement if it is determined that the person seeking indemnification acted in a good
faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the corporation or its shareholders and, with respect to criminal
proceedings, he or she had no reasonable cause to believe that his or her conduct was
unlawful. With respect to actions brought by or in the right of the corporation,
indemnification is permitted under the MBCA for expenses (including attorneys&#146; fees)
and reasonable settlements, if it is determined that the person seeking indemnification
acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the corporation or its shareholders; provided, indemnification is
not permitted if the person is found liable to the corporation, unless the court in which
the action or suit was brought has determined that indemnification is fair and reasonable
in view of all the circumstances of the case. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the available indemnification referenced above, the Corporation&#146;s
Articles of Incorporation, as amended, limit the personal liability of the members of its
Board of Directors for monetary damages with respect to claims by the Corporation or its
shareholders resulting from certain negligent acts or omissions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Corporation pursuant to the
foregoing provisions, the Corporation has been informed that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is therefore unenforceable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 7. Exemption from
Registration Claimed </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 8. Exhibits </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reference is made to the Exhibit
Index which appears on Page 7. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>Item 9. Undertakings </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To reflect in the prospectus any facts or events arising after the effective
               date of the Registration Statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represents a fundamental
               change in the information set forth in the Registration Statement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any material information with respect to the plan of distribution not
               previously disclosed in the Registration Statement or any material change to
               such information in the Registration Statement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>provided, however</I>, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if information required to be included in
a</FONT></P>

<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4</FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>post-effective amendment by those paragraphs is contained in periodic reports filed by
the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the Registration Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial
          <I>bona fide</I> offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes that, for purposes of determining
          any liability under the Securities Act of 1933, each filing of the
          registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of
          the Securities Exchange Act of 1934 (and, where applicable, each filing of an
          employee benefit plan&#146;s annual report pursuant to Section 15(d) of the
          Securities Exchange Act of 1934) that is incorporated by reference in the
          Registration Statement shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial <I>bona fide</I> offering
          thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Insofar as indemnification for liabilities arising under the Securities Act of
          1933 may be permitted to directors, officers, and controlling persons of the
          registrant pursuant to the foregoing provisions, or otherwise, the registrant
          has been advised that in the opinion of the Securities and Exchange Commission
          such indemnification is against public policy as expressed in the Act and is,
          therefore, unenforceable. In the event that a claim for indemnification against
          such liabilities (other than the payment by the registrant of expenses incurred
          or paid by a director, officer or controlling person of the registrant in the
          successful defense of any action, suit or proceeding) is asserted by such
          director, officer or controlling person in connection with the securities being
          registered, the registrant will, unless in the opinion of its counsel the matter
          has been settled by controlling precedent, submit to a court of appropriate
          jurisdiction the question whether such indemnification by it is against public
          policy as expressed in the Act and will be governed by the final adjudication of
          such issue. </FONT></P>


<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5 </FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Fenton, State of Michigan, on the
29th day of July, 2004. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FENTURA FINANCIAL, INC.</B><BR><BR><BR><BR>                                                     By       <U>/s/Donald L. Grill &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                          Donald L. Grill, President and Chief Executive Officer
</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>POWER OF ATTORNEY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW
ALL MEN BY THESE PRESENTS,</B> that each person whose signature appears below constitutes
and appoints Donald L. Grill and Douglas J. Kelley, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration Statement and to
file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission and any other regulatory authority, granting
unto said attorney-in-fact and agent, full power and authority to do and perform each and
every act and thing required and necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or
cause to be done by virtue hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below on July 29, 2004, by the following persons in the capacities indicated. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=58% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Forrest A. Shook</U></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=38% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Thomas P. McKenney</U></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forrest A. Shook, Chairman of the Board of Directors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas P. McKenney, Vice Chairman of the Board of Directors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Donald L. Grill</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Peggy L. Haw-Jury</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Donald L. Grill, President, Chief Executive Officer and Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peggy L. Haw-Jury, Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/J. David Karr</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>J. David Karr, Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas L. Miller, Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Brian P. Petty</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Ian W.Schonsheck</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brian P. Petty, Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ian W. Schonsheck, Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Douglas J. Kelley</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Douglas J. Kelley, Chief Financial Officer (also</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Principal Accounting Officer)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>978311_3.DOC </FONT></P>


<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 6 </FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" size=2>EXHIBIT INDEX </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Exhibit No.</B></U> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Description</U></B> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          4.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Articles
of Incorporation of Fentura Financial, Inc. (Incorporated by Reference to Form
                         10-SB Registration Number 0-23550.) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          4.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment
to Articles of Incorporation of Fentura Financial, Inc.( Incorporated by
                         Reference to Form 10-K filed on March 20, 2001) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          4.3  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bylaws
of Fentura Financial, Inc. (Incorporated by Reference to Form 10-SB Registration
                         Number 0-23550.) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          4.4  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specimen
Stock Certificate (Incorporated by Reference to Exhibit 4.4 on Form S-3D
                         Registration Number 333-75194) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          5.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Varnum, Riddering, Schmidt &amp; Howlett LLP                          regarding
legality of securities being registered </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        23.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Independent Registered Public Accounting Firm </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        23.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Varnum, Riddering, Schmidt &amp; Howlett LLP                         (included in
opinion filed as Exhibit 5.1) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         24.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney (included on the signature page of this registration statement) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        99.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fentura
Financial, Inc. Stock Purchase Plan </FONT></TD>
</TR>
</TABLE>
<BR>


<BR>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  7</FONT></P>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>EXHIBIT 5.1 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 4, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fentura Financial, Inc.<BR>175
North Leroy<BR>Fenton, Michigan 48430-0725 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Re:</B>  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registration
Statement on Form S-8 Relating to the Fentura Financial, Inc.<BR>Stock Purchase Plan (the
&#147;Plan&#148;)</B> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the Registration Statement on Form S-8 (the &#147;Registration Statement&#148;)
filed by Fentura Financial, Inc., a Michigan corporation (the &#147;Company&#148;) with
the Securities and Exchange Commission, for the purpose of registering under the
Securities Act of 1933, as amended, 300,000 shares of the Company&#146;s common stock, no
par value, for issuance pursuant to the Plan, we have examined such documents and
questions of law we consider necessary or appropriate for the purpose of giving this
opinion. On the basis of such evaluation, we advise you that in our opinion the 300,000
shares covered by the Registration Statement, at the prices described in the Registration
Statement, and upon delivery of such shares and payment therefor in accordance with the
terms stated in the Plan and the Registration Statement, will be duly and legally
authorized, issued and outstanding, and will be fully paid and nonassessable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving this consent, we do not thereby admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as amended, or
under the rules and regulations of the Securities and Exchange Commission relating
thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VARNUM, RIDDERING,
SCHMIDT &amp; HOWLETT LLP </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Varnum, Riddering,
Schmidt &amp; Howlett LLP </FONT></P>


<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>EXHIBIT 23.1 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>CONSENT OF INDEPENDENT
AUDITORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We consent to the incorporation by
reference in this Registration Statement (Form S-8) pertaining to the Fentura Financial,
Inc. Stock Purchase Plan, of our report dated February 6, 2004, with respect to the
Consolidated Financial Statements of Fentura Financial, Inc., which report is included in
the 2003 Annual Report on Form 10-K of Fentura Financial, Inc. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CROWE CHIZEK AND COMPANY LLC<BR><BR>/s/  Crowe Chizek and Company LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grand Rapids, Michigan<BR>August
6, 2004 </FONT></P>


<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>EXHIBIT 99.1 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>FENTURA FINANCIAL, INC.<BR>STOCK
PURCHASE PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECTION I <BR><U>Purpose of Plan</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of the Fentura Financial, Inc. Stock Purchase Plan is to encourage and assist
directors and employees of the Company and the Company&#146;s subsidiaries who wish to
purchase shares of the Company&#146;s Common Stock. The Plan provides participating
directors and employees with a convenient method of purchasing shares of the
Company&#146;s Common Stock through regular deductions from payroll, retainers or fees, as
applicable, or by acceptable lump sum payment. This Plan is not meant to qualify as an
Internal Revenue Code Section 423 plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECTION 2 <BR><U>Definitions</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following words have the following meanings unless a different meaning is plainly required
by the context: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Administrator&#148;
means the Company or an agent appointed by the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Board&#148;
means the Board of Directors of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Cash
Account&#148; means an account maintained by the Administrator to which Payroll
Deductions for the benefit of the Participant are credited pending the purchase of
Shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.4  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Cash
Credit Date&#148; has the meaning given in Section 4.5. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.5  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Committee&#148;
has the meaning given in Section 5.4. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.6  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Common
Stock&#148; means the Company's company stock. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.7  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Company&#148;
means Fentura Financial, Inc., a Michigan corporation, and its successors and assigns. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Custodian&#148; means
The State Bank or such other bank with trust powers as may be appointed by the Company as
the Custodian.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Election
Form&#148; means a notice (in a form approved by the Committee) that an Eligible Person
must complete to participate in the Plan and authorize deductions from payroll, retainers
or fees, as applicable, to be made on the Eligible Person&#146;s behalf under the Plan.  </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.10  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Eligible
Persons&#148; means all members of the Board, all members of the Board of Directors of
any of the Company&#146;s subsidiaries, and all active full-time and part-time employees
of the Company and its subsidiaries who are over the age of 18 and residents of Michigan.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.11  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Fair
Market Value&#148; means the average of the closing bid prices of shares of Company&#146;s
Common stock as reported by the OTC Bulletin Board for the five most recent trading days
for which there were trades preceding the Stock Purchase Date.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.12  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Normal
Compensation&#148; means salary or wages for a standard pay period. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.13  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Participant&#148;
means an Eligible Person who has elected to participate in the Plan. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.14  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Payroll
Deduction&#148; has the meaning given in Section 4.4. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.15  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Plan&#148; means
this Stock Purchase Plan. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.16  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Plan
Quarter&#148; has the meaning given in Section 4.2. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.17  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Plan
Year&#148; has the meaning given in Section 4.1. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.18  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Share&#148;
means a share of Stock. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.19  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&#147;Share
Account&#148; means an account maintained by the Administrator to which Shares or
fractional shares purchased for the benefit of a Participant will be credited.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.20  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Share
Allocation Date&#148; has the meaning given in Section 4.7. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.21  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Stock&#148; means
the Company&#146;s Common Stock. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         2.22  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Stock
Purchase Date&#148; has the meaning given in Section 4.6. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECTION 3<BR><U>Stock Subject to the
Plan</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
<U>Number of Shares of Stock</U>. Subject to adjustment as provided in Section 3.2, the
total number of Shares that may be purchased under the Plan is 300,000 shares. Such Shares
shall be authorized and may be either unissued Shares or outstanding Shares. Prior to any
Plan Year, the Committee may set the maximum number of Shares that may be purchased during
that Plan Year. In the event the amounts contained in Participants&#146; Cash Accounts
exceed the amount that is necessary to purchase the maximum number of Shares deemed
purchasable by the Committee in any Plan Year, then the excess funds in each Cash Account
shall be retained and  </FONT></P>
<BR>

<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>used in the subsequent Plan Year, unless otherwise requested by the
Participant whose Cash Account holds excess funds. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
<U>Adjustments</U>. In the event of a stock dividend, stock split, recapitalization,
merger, reorganization, consolidation, combination or exchange of Shares during the term
of the Plan, the number of Shares reserved and authorized to be issued under the Plan
shall be adjusted proportionately, and such other adjustments shall be made as may be
considered necessary or equitable by the Committee or the Board. In the event of any other
change affecting the Stock, such adjustments shall be made as may be considered equitable
by the Committee or the Board to give proper effect to such event. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECTION 4 <BR><U>Operation of the Plan</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1
<U>The Plan Year</U>. The Plan shall operate on a fiscal year beginning on the first day
of January in each year and ending on the 31st day of December of such year. Each such
fiscal year is referred to herein as a &#147;<U>Plan Year</U>.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2
<U>Plan Quarters</U>. Each Plan Year shall be divided into four quarters ending on March
31, June 30, September 30 and December 31, respectively, of such Plan Year. Each such
quarter is referred to herein as a <U>&#147;Plan Quarter</U>.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3
     <U>Eligible  Persons</U>.  Participation  under the Plan shall be open to all Eligible
Persons and shall be entirely voluntary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4
     <U>Election to Participate; Payroll Deductions; Lump Sum Payments</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               An
Eligible Person may elect to participate in the Plan as of the first day of
               any Plan Quarter by correctly completing and returning to the Company
prior to                such date an Election Form authorizing the Company, the
Participant&#146;s                employer, or other subsidiary of the Company to deduct
a specified amount from                each of such Participant&#146;s subsequent
paychecks or retainer fees (each a                &#147;Payroll Deduction&#148;) for the
purchase of Shares under the Plan. All                Payroll Deductions shall be made
regularly and in equal amounts and shall be                credited not later than the
Participant&#146;s pay dates occurring during each                Plan Quarter in which
he or she is a Participant to such Participant&#146;s Cash                Account. Lump
sum payments as described in 4.4(b) below shall also be credited                to a
Participant&#146;s Cash Account. No amounts other than Payroll Deductions
               and lump sum payments authorized under this Plan may be credited to a
               Participant&#146;s Cash Account. Such credits shall only constitute
bookkeeping                entries by the Administrator and no interest shall become due
or payable on any                amount contributed by or credited to any such
Participant pursuant to the Plan.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               The
minimum allowable Payroll Deduction shall be Ten Dollars ($10) per pay
               period. The maximum amount an employee-Participant may deduct is 10% of
the                employee&#146;s Normal Compensation for each standard pay period. A
               director-Participant   </FONT></P></TD>
</TR>
</TABLE>
<BR>

<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(employee or non-employee) may deduct up to 100% of
the                director-Participant&#146;s retainers and fees. One time only during
any Plan                Year, a Participant may make one lump sum payment during any Plan
Quarter in any                amount not less than One Hundred Dollars ($100), but not
more than a maximum of                Ten Thousand Dollars ($10,000). Lump sum payments
must be received by the                Company at least ten (10) days before the end of a
Plan Quarter. In no event                shall payments of any kind for credit to a
Participant&#146;s Cash Account by or                on behalf of any Participant
aggregate more than Ten Thousand Dollars ($10,000)                by Payroll Deduction
and Ten Thousand Dollars ($10,000) by lump sum                contribution, or a total of
Twenty Thousand Dollars ($20,000) in any calendar                year.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee
may set a maximum dollar amount or percentage of compensation that a Participant may
authorize for compensation deductions during any Plan Year.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Each Participant shall be deemed to have authorized the same Payroll Deduction
               for each subsequent payroll period provided that such Participant is eligible to
               participate during each such payroll period. A Participant may increase or
               decrease his or her Payroll Deduction as of the first day of any Plan Quarter by
               filing prior to such date the appropriate form, in the time and manner
               prescribed by the Committee. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               If a person ceases to be a Participant, or if for any reason the Administrator
               does not carry forward to the next Plan Quarter any funds contained in a
               Participant&#146;s Cash Account pursuant to this Plan or otherwise use the
               entire balance in a Participant&#146;s Cash Account to purchase Shares, then
               such unused balance shall be returned to such person. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5
<U>Accounting for Participant Contributions</U>. The Administrator shall cause to be
established for bookkeeping purposes a &#147;Cash Account&#148; and a &#147;Share
Account&#148; for each Participant. As soon as practicable on or after the last day of
each Plan Quarter, but in no event later than the tenth day of the month immediately
following the end of such Plan Quarter, the Administrator shall complete the credit to
each Participant&#146;s Cash Account of all of such Participant&#146;s Payroll Deductions
during the Plan Quarter (&#147;Cash Credit Date&#148;). The Company shall not be required
to pay or accrue interest on the cash balances in any Cash Account or on the value of any
Shares in any Share Account. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6
<U>Share Purchases</U>. Within twenty (20) business days following the last day of each
Plan Quarter the Administrator shall use the aggregate balance of funds credited in all
Participants&#146; Cash Accounts as of the immediately preceding Cash Credit Date to
purchase as many whole Shares as possible (the &#147;Stock Purchase Date&#148;), subject
to any limitations described in Section 3.1 above. Such purchases shall be made directly
from the Company or in the open market at the option and direction of the Committee. The
purchase price for each Share purchased from the Company shall be the Fair Market Value on
the date the Stock is purchased. The purchase price for Shares purchased in the open
market shall be the average of the actual open market purchase price paid by the
Administrator for such Shares, including any brokerage commissions, dealer mark-ups or
transaction fees paid with respect to such purchase. There shall </FONT></P>

<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> be no discount for Shares
purchased under the Plan. The number of Shares purchased for each Participant will depend
on the amount of the funds accumulated in the Participant&#146;s Cash Account and the
purchase price of the Shares purchased. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7
<U>Allocation of Shares and Oversubscribed Funds</U>. As soon as practicable after all
necessary Shares have been purchased pursuant to Section 4.6, the Administrator shall
allocate such Shares to Participants&#146; Share Accounts (the date of such allocation to
be referred to herein as the &#147;Share Allocation Date&#148;) in the following manner: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The Administrator shall allocate full Shares and fractional Shares pro rata to
               the Share Account of each Participant in proportion to the balance in such
               Participant&#146;s Cash Account on the immediately preceding Cash Credit Date
               compared to the aggregated balance in all Participant&#146;s Cash Accounts. Such
               Cash Account shall be charged with the purchase price of all full or partial
               Shares so allocated, so that to the extent possible no cash balance shall remain
               in such Cash Account immediately following each Share Allocation Date. If a
               balance remains in any Participant&#146;s Cash Account for any reason, including
               without limitation oversubscription by Participants, then that balance will
               either be carried forward to the next Plan Quarter or disbursed to the
               Participant pursuant to the provisions of this Plan. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Until certificates for Shares are issued to a Participant, no person shall have
               any right to sell, assign, mortgage, pledge, hypothecate or otherwise encumber
               any Shares held for a Participant&#146;s benefit in a Share Account. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8
<U>Cost of Administration</U>. All costs of administration of the Plan are paid by the
Company. Brokerage fees, dealer mark-ups and broker transaction fees are not considered to
be costs of administration. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9
<U>Issuance of Share Certificates</U>. Stock certificates for any of the whole Shares in a
Participant&#146;s Share Account may be issued to such Participant only upon receipt by
the Administrator of such Participant&#146;s written request, which request shall indicate
the number of Shares (up to a maximum of the number of full Shares in such
Participant&#146;s Share Account) for which the Participant wishes to receive stock
certificates. Such request shall be made on a form at the time prescribed by the Committee
and shall be filed with the Administrator. The appropriate Share certificates shall be
issued to such Participant in the Participant&#146;s name only, as soon as practicable
after the end of the Plan Quarter in which a qualifying request is timely made. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10
<U>Cash Dividends, Share Splits and Distributions</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Cash Dividends</U>. Any cash dividends attributable to Shares allocated to a
               Participant&#146;s Share Account as of the record date for which such cash
               dividends are declared shall be credited to such Participant&#146;s Cash Account
               as of the dividend payment date and shall be applied to Share purchases and
               allocations on the next Share Allocation Date in accordance with Sections 4.6
               and 4.7 hereof. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Share Distributions and Share Splits</U>. Any Share distributions and Share
               splits attributable to Shares allocated to a Participant&#146;s Share Account as
               of the Share distribution record date or the Share split effective date shall be
               credited directly to such Participant&#146;s Share Account as of the record date
               and the effective date, respectively, of such Share distributions and such Share
               splits. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Share Rights and Warrants</U>. The Company may, from time to time and in the
               exercise of its sole discretion, declare rights or warrants with respect to
               Shares. Following and as of the record date for determining those shareholders
               of record entitled to receive rights or warrants with respect to their Shares,
               the Company shall issue and the Administrator shall allocate such rights or
               warrants directly to the appropriate Participants as though the Shares allocated
               to the Share Account of each such Participant were held of record by such
               Participant. Certificates representing such rights or warrants, if any such
               certificates have been authorized by the Board, may be issued to each such
               Participant pursuant to the procedures set forth in Section 4.9 hereof. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11
<U>Voting Rights</U>. Participants shall have the same rights to vote Shares credited to
their Share Accounts on matters affecting the Company as do other shareholders of the
Company. If any such matter is submitted to the shareholders for a vote, then following
the record date for any shareholder meeting at which such vote is to occur the
Administrator shall advise the Company of the number of Participants for whom Shares are
held in Share Accounts on such record date, and the Company shall furnish the
Administrator with sufficient sets of proxy soliciting materials for one set to be
delivered to each Participant with Shares held in a Share Account. The Administrator shall
forward one such set to each Participant for whom allocated Shares are being held, and
shall request voting instructions from each such Participant. Upon receipt of such voting
instructions, the Administrator shall vote each Participant&#146;s Shares as instructed.
If no voting instructions are received from a Participant, the Administrator shall not
vote any Share allocated to such Participant&#146;s Share Account. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12
<U>Records and Reports to Participants</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The Administrator shall cause to be maintained books of account and records of
               all transactions under the Plan, and such books and records shall be open to
               inspection and audit by such person or persons as the Committee may designate.
               On or before March 31 of each year, the Administrator shall file with the
               Company&#146;s Treasurer a written report setting forth all receipts,
               disbursements and other transactions effected on behalf of the Plan during the
               preceding Plan Year, including a description of all Shares purchased and the
               cost of all such Shares. Such report shall also disclose any liabilities of the
               Plan and shall show, as of the close of such Plan Year, the values of the Cash
               Account and Share Account of each Participant together with the record of Share
               certificates delivered to each such Participant during such Plan Year. The
               Administrator shall have the right to maintain one or more bank accounts for
               Payroll Deductions, and to make deposits in and withdrawals therefrom in
               connection with the administration of the Plan. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>
<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               An annual report shall be provided to each Participant within 90 days after the
               close of each Plan Year, showing for the Plan Year just ended: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          the aggregate amount of Payroll Deductions for such Participant; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 3" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the aggregate amount of cash dividends credited to the Cash Account of such
               Participant; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 3" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the number of whole and fractional Shares acquired for the Share Account of such
               Participant (including the amounts of Share distributions or Share splits so
               allocated or credited); </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 3" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the average cost per Share of Shares purchased for such Participant; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 3" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the number of Shares, if any, for which certificates were delivered to such
               Participant; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 3" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the beginning and ending balances in the Share Account and Cash Account of such
               Participant. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13
<U>Termination of Participation</U>. A Participant may elect at any time to terminate his
or her participation in the Plan on written notice given to the Company or subsidiary of
the Company of which the Participant is an employee or director (&#147;Notice of
Termination&#148;). Termination of employment or service as a director with the Company or
a subsidiary of the Company shall automatically terminate participation in the Plan.
Settlement of the Cash Account and Share Account of any Participant who gives Notice of
Termination or whose employment or service as a director has terminated (by death,
retirement or otherwise) shall be made as of the beginning of the Plan Quarter following
the Plan Quarter in which such Notice of Termination is given or such termination
occurred. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               As soon as practicable after the close of the Plan Quarter in which Notice of
               Termination is given or such termination occurred, the Committee shall deliver
               to such former Participant a certificate for the number of full Shares allocated
               to such former Participant&#146;s Share Account and not previously distributed,
               together with a check for the sum of (i) any remaining cash balance in such
               former Participant&#146;s Cash Account and (ii) the value of any fractional
               Shares allocated to such former Participant&#146;s Share Account. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               In the event of a Participant&#146;s death, settlement shall be made to such
               Participant&#146;s designated beneficiary, if any. If no beneficiary has been
               designated, or if such beneficiary does not survive such Participant, settlement
               shall be made to such Participant&#146;s duly appointed legal representative
               after the satisfaction of any applicable legal requirements. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
<BR>
<HR SIZE=2 NOSHADE>
<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Upon any termination by a Participant, the Participant shall cease to be a
               Participant and his or her Election Form shall be revoked insofar as subsequent
               compensation deductions are concerned. Furthermore, any Participant who ceases
               to be a Participant under the Plan may not elect again to become a Participant
               until the expiration of the Plan Quarter following the Plan Quarter in which the
               Participant ceased to be a Participant under the Plan. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>SECTION 5 <BR><U>General Provisions</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
<U>Rights Not Transferable</U>. No right or interest of any Participant under the Plan or
in the Participant&#146;s Cash Account or Share Account shall be assignable or
transferable in full or in part, except by will, by the laws of descent or distribution or
by other operation of law. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
     <U>Amendment of the Plan</U>.  The Board may at any time,  and from time to time,  amend
the Plan in any respect.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
<U>Termination of the Plan</U>. The Company may, by action of the Board, terminate the
Plan at any time. Notice of termination shall be given to all Participants but any failure
to give notice shall not impair the termination. Upon termination of the Plan, all amounts
in Cash Accounts and Shares in Share Accounts of Participants shall be refunded or
distributed as soon as practicable, but no more than 45 days after such termination, to
the Participants. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
<U>Administration</U>. The Plan shall be administered by a committee or administrators
(the &#147;Committee&#148;) composed of one or more persons appointed by the Board. The
members of the Committee are appointed by the Board and serve at the pleasure of the
Board. The Committee may establish from time to time such regulations, provisions and
procedures, consistent with the terms of the Plan, as in the opinion of the Committee may
be advisable in the administration of the Plan. The Committee may appoint one or more
administrators of the Plan. The initial Administrators of the Plan shall be the President
and Chief Executive Officer, Chief Financial Officer, and the Corporate Secretary and
Investor Relations Officer.  </FONT></P>


</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "fenturas8_081004.htm", "secsgml_size_bytes": 94085}]
{"company-data": {"conformed-name": "FENTURA FINANCIAL INC", "cik": "0000919865", "assigned-sic": "6022", "irs-number": "382806518", "state-of-incorporation": "MI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-118085", "film-number": "04964481"}, "business-address": {"street1": "175 NORTH LAROY", "city": "FENTON", "state": "MI", "zip": "48430-0725", "phone": "8106292263"}}
As filed with the Securities and
Exchange Commission on August 10, 2004 — Registration No. 333-___________________
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES
ACT OF 1933
Fentura Financial, Inc.
(Exact Name of
Registrant as Specified in its Charter)
Michigan
38-2806518
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification Number)
175 North Leroy,
Fenton, Michigan 48430-0725
(address of
principal executive offices)
FENTURA FINANCIAL,
INC. STOCK PURCHASE PLAN
(full title of plan)
Joyce A. Dunckel
Fentura
Financial, Inc.
175 North Leroy
Fenton,
Michigan 48430-0725
(810) 750-8725
(Name, address,
including zip code, and telephone number,
including area code, of agent for service)
With copy to:
Harvey Koning, Esquire
Varnum,
Riddering, Schmidt & Howlett LLP
Bridgewater Place
P.O.
Box 352
Grand Rapids, Michigan
49501-0352
(616) 336-6000
CALCULATION OF
REGISTRATION FEE
Title of Securities
Being Registered
Amount Being
Registered
Proposed
Maximum
Offering Price
Per Share(2)
Proposed
Maximum
Aggregate
Offering Price(2)
Amount of
Registration
Fee
Common Stock
300,000 shares(1)
$43.625
$13,087,500
$1,659
(1)
Represents 300,000 shares of Common Stock authorized for issuance under the
          Fentura Financial, Inc. Stock Purchase Plan. This Registration Statement also
          covers such indeterminable additional number of shares as may be issuable under
          the Fentura Financial, Inc. Stock Purchase Plan by reason of adjustments to the
          number of shares covered thereby as described in its Prospectus.
(2)
For the purpose of computing the registration fee only, the price shown is based
          upon the price of $43.625 per share, the average of the high and low sales
          prices for the Common Stock of Fentura Financial, Inc. on the OTC Bulletin Board
          on August 5, 2004, in accordance with Rule 457(h).
Pursuant to Rule 416(a) of the
General Rules and Regulations under the Securities Act of 1933, this Registration
Statement shall cover such additional securities as may be offered or issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions.
2
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
Information required by Part I to be
contained in the Section 10(a) Prospectus is omitted from this Registration Statement in
accordance with Rule 428 under the Securities Act of 1933 and the Note to Part I of Form
S-8.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents
by Reference
The Corporation hereby incorporates
by reference in this Registration Statement the following documents filed by the
Corporation with the Securities and Exchange Commission:
(a)
The Corporation's latest Annual Report on Form 10-K filed pursuant to
          Section 13(a) of the Securities Exchange Act of 1934;
(b)
All other reports or documents filed by the Corporation pursuant to Section
          13(a) or 15(d) of the Securities Exchange Act of 1934, since the end of the
          fiscal year covered by the Annual Report on Form 10-K referenced to in (a)
          above; and
(c)
The description of the Corporation's Common Stock is contained in the
          Corporation's Registration Statement filed pursuant to Section 12 of the
          Exchange Act and is incorporated in this Registration Statement by reference,
          including any subsequent amendments or reports filed for the purpose of updating
          such description.
All other documents subsequently
filed by the Corporation pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act, prior to the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be part of
this Registration Statement from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference in this
Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration
Statement or in any other subsequently filed document which also is incorporated or deemed
to be incorporated by reference in this Registration Statement modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as
modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of
Securities
The class of securities to be offered
is registered under Section 12 of the Exchange Act.
Item 5. Interests of
Named Experts and Counsel
Not applicable.
Item 6. Indemnification
of Directors and Officers
3
The
Michigan Business Corporation Act and provisions of the Corporation's Bylaws provide
for indemnification of our directors and officers in a variety of circumstances against
liabilities arising in connection with the performance of their duties. The
Corporation's Bylaws provide that its directors and officers are to be indemnified as
of right to the fullest extent permitted under the Michigan Business Corporation Act
("MBCA"). Under the MBCA, directors, officers, employees or agents are entitled
to indemnification against expenses (including attorneys' fees) whenever they
successfully defend legal proceedings brought against them by reason of the fact that they
hold such a position with the corporation. In addition, with respect to actions not
brought by or in the right of the corporation, indemnification is permitted under the MBCA
for expenses (including attorneys' fees), judgments, fines, penalties and reasonable
settlement if it is determined that the person seeking indemnification acted in a good
faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the corporation or its shareholders and, with respect to criminal
proceedings, he or she had no reasonable cause to believe that his or her conduct was
unlawful. With respect to actions brought by or in the right of the corporation,
indemnification is permitted under the MBCA for expenses (including attorneys' fees)
and reasonable settlements, if it is determined that the person seeking indemnification
acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the corporation or its shareholders; provided, indemnification is
not permitted if the person is found liable to the corporation, unless the court in which
the action or suit was brought has determined that indemnification is fair and reasonable
in view of all the circumstances of the case.
In
addition to the available indemnification referenced above, the Corporation's
Articles of Incorporation, as amended, limit the personal liability of the members of its
Board of Directors for monetary damages with respect to claims by the Corporation or its
shareholders resulting from certain negligent acts or omissions.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Corporation pursuant to the
foregoing provisions, the Corporation has been informed that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is therefore unenforceable.
Item 7. Exemption from
Registration Claimed
Not applicable.
Item 8. Exhibits
Reference is made to the Exhibit
Index which appears on Page 7.
Item 9. Undertakings
(a)    
          The undersigned registrant hereby undertakes:
(1)       
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement:
(i)       
               To include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933;
(ii)       
               To reflect in the prospectus any facts or events arising after the effective
               date of the Registration Statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represents a fundamental
               change in the information set forth in the Registration Statement; and
(iii)       
               To include any material information with respect to the plan of distribution not
               previously disclosed in the Registration Statement or any material change to
               such information in the Registration Statement;
provided, however
, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if information required to be included in
a
4
post-effective amendment by those paragraphs is contained in periodic reports filed by
the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the Registration Statement.
(2)       
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3)       
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
(b)    
          The undersigned registrant hereby undertakes that, for purposes of determining
          any liability under the Securities Act of 1933, each filing of the
          registrant's annual report pursuant to Section 13(a) or Section 15(d) of
          the Securities Exchange Act of 1934 (and, where applicable, each filing of an
          employee benefit plan's annual report pursuant to Section 15(d) of the
          Securities Exchange Act of 1934) that is incorporated by reference in the
          Registration Statement shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial
bona fide
offering
          thereof.
(c)    
          Insofar as indemnification for liabilities arising under the Securities Act of
          1933 may be permitted to directors, officers, and controlling persons of the
          registrant pursuant to the foregoing provisions, or otherwise, the registrant
          has been advised that in the opinion of the Securities and Exchange Commission
          such indemnification is against public policy as expressed in the Act and is,
          therefore, unenforceable. In the event that a claim for indemnification against
          such liabilities (other than the payment by the registrant of expenses incurred
          or paid by a director, officer or controlling person of the registrant in the
          successful defense of any action, suit or proceeding) is asserted by such
          director, officer or controlling person in connection with the securities being
          registered, the registrant will, unless in the opinion of its counsel the matter
          has been settled by controlling precedent, submit to a court of appropriate
          jurisdiction the question whether such indemnification by it is against public
          policy as expressed in the Act and will be governed by the final adjudication of
          such issue.
5
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Fenton, State of Michigan, on the
29th day of July, 2004.
FENTURA FINANCIAL, INC.
By
/s/Donald L. Grill
Donald L. Grill, President and Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes
and appoints Donald L. Grill and Douglas J. Kelley, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him
and in his name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration Statement and to
file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission and any other regulatory authority, granting
unto said attorney-in-fact and agent, full power and authority to do and perform each and
every act and thing required and necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or
cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below on July 29, 2004, by the following persons in the capacities indicated.
/s/Forrest A. Shook
/s/Thomas P. McKenney
Forrest A. Shook, Chairman of the Board of Directors
Thomas P. McKenney, Vice Chairman of the Board of Directors
/s/Donald L. Grill
/s/Peggy L. Haw-Jury
Donald L. Grill, President, Chief Executive Officer and Director
Peggy L. Haw-Jury, Director
/s/J. David Karr
J. David Karr, Director
Thomas L. Miller, Director
/s/Brian P. Petty
/s/Ian W.Schonsheck
Brian P. Petty, Director
Ian W. Schonsheck, Director
/s/Douglas J. Kelley
Douglas J. Kelley, Chief Financial Officer (also
Principal Accounting Officer)
978311_3.DOC
6
EXHIBIT INDEX
Exhibit No.
Description
4.1
Articles
of Incorporation of Fentura Financial, Inc. (Incorporated by Reference to Form
                         10-SB Registration Number 0-23550.)
4.2
Amendment
to Articles of Incorporation of Fentura Financial, Inc.( Incorporated by
                         Reference to Form 10-K filed on March 20, 2001)
4.3
Bylaws
of Fentura Financial, Inc. (Incorporated by Reference to Form 10-SB Registration
                         Number 0-23550.)
4.4
Specimen
Stock Certificate (Incorporated by Reference to Exhibit 4.4 on Form S-3D
                         Registration Number 333-75194)
5.1
Opinion
of Varnum, Riddering, Schmidt & Howlett LLP                          regarding
legality of securities being registered
23.1
Consent
of Independent Registered Public Accounting Firm
23.2
Consent
of Varnum, Riddering, Schmidt & Howlett LLP                         (included in
opinion filed as Exhibit 5.1)
24.1
Power
of Attorney (included on the signature page of this registration statement)
99.1
Fentura
Financial, Inc. Stock Purchase Plan
7
EXHIBIT 5.1
August 4, 2004
Fentura Financial, Inc.
175
North Leroy
Fenton, Michigan 48430-0725
Re:
Registration
Statement on Form S-8 Relating to the Fentura Financial, Inc.
Stock Purchase Plan (the
"Plan")
Gentlemen:
With
respect to the Registration Statement on Form S-8 (the "Registration Statement")
filed by Fentura Financial, Inc., a Michigan corporation (the "Company") with
the Securities and Exchange Commission, for the purpose of registering under the
Securities Act of 1933, as amended, 300,000 shares of the Company's common stock, no
par value, for issuance pursuant to the Plan, we have examined such documents and
questions of law we consider necessary or appropriate for the purpose of giving this
opinion. On the basis of such evaluation, we advise you that in our opinion the 300,000
shares covered by the Registration Statement, at the prices described in the Registration
Statement, and upon delivery of such shares and payment therefor in accordance with the
terms stated in the Plan and the Registration Statement, will be duly and legally
authorized, issued and outstanding, and will be fully paid and nonassessable.
We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving this consent, we do not thereby admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as amended, or
under the rules and regulations of the Securities and Exchange Commission relating
thereto.
Sincerely,
VARNUM, RIDDERING,
SCHMIDT & HOWLETT LLP
/s/ Varnum, Riddering,
Schmidt & Howlett LLP
EXHIBIT 23.1
CONSENT OF INDEPENDENT
AUDITORS
We consent to the incorporation by
reference in this Registration Statement (Form S-8) pertaining to the Fentura Financial,
Inc. Stock Purchase Plan, of our report dated February 6, 2004, with respect to the
Consolidated Financial Statements of Fentura Financial, Inc., which report is included in
the 2003 Annual Report on Form 10-K of Fentura Financial, Inc.
CROWE CHIZEK AND COMPANY LLC
/s/  Crowe Chizek and Company LLC
Grand Rapids, Michigan
August
6, 2004
EXHIBIT 99.1
FENTURA FINANCIAL, INC.
STOCK
PURCHASE PLAN
SECTION I
Purpose of Plan
The
purpose of the Fentura Financial, Inc. Stock Purchase Plan is to encourage and assist
directors and employees of the Company and the Company's subsidiaries who wish to
purchase shares of the Company's Common Stock. The Plan provides participating
directors and employees with a convenient method of purchasing shares of the
Company's Common Stock through regular deductions from payroll, retainers or fees, as
applicable, or by acceptable lump sum payment. This Plan is not meant to qualify as an
Internal Revenue Code Section 423 plan.
SECTION 2
Definitions
The
following words have the following meanings unless a different meaning is plainly required
by the context:
2.1
"Administrator"
means the Company or an agent appointed by the Company.
2.2
"Board"
means the Board of Directors of the Company.
2.3
"Cash
Account" means an account maintained by the Administrator to which Payroll
Deductions for the benefit of the Participant are credited pending the purchase of
Shares.
2.4
"Cash
Credit Date" has the meaning given in Section 4.5.
2.5
"Committee"
has the meaning given in Section 5.4.
2.6
"Common
Stock" means the Company's company stock.
2.7
"Company"
means Fentura Financial, Inc., a Michigan corporation, and its successors and assigns.
2.8
"Custodian" means
The State Bank or such other bank with trust powers as may be appointed by the Company as
the Custodian.
2.9
"Election
Form" means a notice (in a form approved by the Committee) that an Eligible Person
must complete to participate in the Plan and authorize deductions from payroll, retainers
or fees, as applicable, to be made on the Eligible Person's behalf under the Plan.
2.10
"Eligible
Persons" means all members of the Board, all members of the Board of Directors of
any of the Company's subsidiaries, and all active full-time and part-time employees
of the Company and its subsidiaries who are over the age of 18 and residents of Michigan.
2.11
"Fair
Market Value" means the average of the closing bid prices of shares of Company's
Common stock as reported by the OTC Bulletin Board for the five most recent trading days
for which there were trades preceding the Stock Purchase Date.
2.12
"Normal
Compensation" means salary or wages for a standard pay period.
2.13
"Participant"
means an Eligible Person who has elected to participate in the Plan.
2.14
"Payroll
Deduction" has the meaning given in Section 4.4.
2.15
"Plan" means
this Stock Purchase Plan.
2.16
"Plan
Quarter" has the meaning given in Section 4.2.
2.17
"Plan
Year" has the meaning given in Section 4.1.
2.18
"Share"
means a share of Stock.
2.19
"Share
Account" means an account maintained by the Administrator to which Shares or
fractional shares purchased for the benefit of a Participant will be credited.
2.20
"Share
Allocation Date" has the meaning given in Section 4.7.
2.21
"Stock" means
the Company's Common Stock.
2.22
"Stock
Purchase Date" has the meaning given in Section 4.6.
SECTION 3
Stock Subject to the
Plan
3.1
Number of Shares of Stock
. Subject to adjustment as provided in Section 3.2, the
total number of Shares that may be purchased under the Plan is 300,000 shares. Such Shares
shall be authorized and may be either unissued Shares or outstanding Shares. Prior to any
Plan Year, the Committee may set the maximum number of Shares that may be purchased during
that Plan Year. In the event the amounts contained in Participants' Cash Accounts
exceed the amount that is necessary to purchase the maximum number of Shares deemed
purchasable by the Committee in any Plan Year, then the excess funds in each Cash Account
shall be retained and
used in the subsequent Plan Year, unless otherwise requested by the
Participant whose Cash Account holds excess funds.
3.2
Adjustments
. In the event of a stock dividend, stock split, recapitalization,
merger, reorganization, consolidation, combination or exchange of Shares during the term
of the Plan, the number of Shares reserved and authorized to be issued under the Plan
shall be adjusted proportionately, and such other adjustments shall be made as may be
considered necessary or equitable by the Committee or the Board. In the event of any other
change affecting the Stock, such adjustments shall be made as may be considered equitable
by the Committee or the Board to give proper effect to such event.
SECTION 4
Operation of the Plan
4.1
The Plan Year
. The Plan shall operate on a fiscal year beginning on the first day
of January in each year and ending on the 31st day of December of such year. Each such
fiscal year is referred to herein as a "
Plan Year
."
4.2
Plan Quarters
. Each Plan Year shall be divided into four quarters ending on March
31, June 30, September 30 and December 31, respectively, of such Plan Year. Each such
quarter is referred to herein as a
"Plan Quarter
."
4.3
Eligible  Persons
.  Participation  under the Plan shall be open to all Eligible
Persons and shall be entirely voluntary.
4.4
Election to Participate; Payroll Deductions; Lump Sum Payments
.
(a)                                    An
Eligible Person may elect to participate in the Plan as of the first day of
               any Plan Quarter by correctly completing and returning to the Company
prior to                such date an Election Form authorizing the Company, the
Participant's                employer, or other subsidiary of the Company to deduct
a specified amount from                each of such Participant's subsequent
paychecks or retainer fees (each a                "Payroll Deduction") for the
purchase of Shares under the Plan. All                Payroll Deductions shall be made
regularly and in equal amounts and shall be                credited not later than the
Participant's pay dates occurring during each                Plan Quarter in which
he or she is a Participant to such Participant's Cash                Account. Lump
sum payments as described in 4.4(b) below shall also be credited                to a
Participant's Cash Account. No amounts other than Payroll Deductions
               and lump sum payments authorized under this Plan may be credited to a
               Participant's Cash Account. Such credits shall only constitute
bookkeeping                entries by the Administrator and no interest shall become due
or payable on any                amount contributed by or credited to any such
Participant pursuant to the Plan.
(b)                             The
minimum allowable Payroll Deduction shall be Ten Dollars ($10) per pay
               period. The maximum amount an employee-Participant may deduct is 10% of
the                employee's Normal Compensation for each standard pay period. A
               director-Participant
(employee or non-employee) may deduct up to 100% of
the                director-Participant's retainers and fees. One time only during
any Plan                Year, a Participant may make one lump sum payment during any Plan
Quarter in any                amount not less than One Hundred Dollars ($100), but not
more than a maximum of                Ten Thousand Dollars ($10,000). Lump sum payments
must be received by the                Company at least ten (10) days before the end of a
Plan Quarter. In no event                shall payments of any kind for credit to a
Participant's Cash Account by or                on behalf of any Participant
aggregate more than Ten Thousand Dollars ($10,000)                by Payroll Deduction
and Ten Thousand Dollars ($10,000) by lump sum                contribution, or a total of
Twenty Thousand Dollars ($20,000) in any calendar                year.
The Committee
may set a maximum dollar amount or percentage of compensation that a Participant may
authorize for compensation deductions during any Plan Year.
(c)       
               Each Participant shall be deemed to have authorized the same Payroll Deduction
               for each subsequent payroll period provided that such Participant is eligible to
               participate during each such payroll period. A Participant may increase or
               decrease his or her Payroll Deduction as of the first day of any Plan Quarter by
               filing prior to such date the appropriate form, in the time and manner
               prescribed by the Committee.
(d)       
               If a person ceases to be a Participant, or if for any reason the Administrator
               does not carry forward to the next Plan Quarter any funds contained in a
               Participant's Cash Account pursuant to this Plan or otherwise use the
               entire balance in a Participant's Cash Account to purchase Shares, then
               such unused balance shall be returned to such person.
4.5
Accounting for Participant Contributions
. The Administrator shall cause to be
established for bookkeeping purposes a "Cash Account" and a "Share
Account" for each Participant. As soon as practicable on or after the last day of
each Plan Quarter, but in no event later than the tenth day of the month immediately
following the end of such Plan Quarter, the Administrator shall complete the credit to
each Participant's Cash Account of all of such Participant's Payroll Deductions
during the Plan Quarter ("Cash Credit Date"). The Company shall not be required
to pay or accrue interest on the cash balances in any Cash Account or on the value of any
Shares in any Share Account.
4.6
Share Purchases
. Within twenty (20) business days following the last day of each
Plan Quarter the Administrator shall use the aggregate balance of funds credited in all
Participants' Cash Accounts as of the immediately preceding Cash Credit Date to
purchase as many whole Shares as possible (the "Stock Purchase Date"), subject
to any limitations described in Section 3.1 above. Such purchases shall be made directly
from the Company or in the open market at the option and direction of the Committee. The
purchase price for each Share purchased from the Company shall be the Fair Market Value on
the date the Stock is purchased. The purchase price for Shares purchased in the open
market shall be the average of the actual open market purchase price paid by the
Administrator for such Shares, including any brokerage commissions, dealer mark-ups or
transaction fees paid with respect to such purchase. There shall
be no discount for Shares
purchased under the Plan. The number of Shares purchased for each Participant will depend
on the amount of the funds accumulated in the Participant's Cash Account and the
purchase price of the Shares purchased.
4.7
Allocation of Shares and Oversubscribed Funds
. As soon as practicable after all
necessary Shares have been purchased pursuant to Section 4.6, the Administrator shall
allocate such Shares to Participants' Share Accounts (the date of such allocation to
be referred to herein as the "Share Allocation Date") in the following manner:
(a)       
               The Administrator shall allocate full Shares and fractional Shares pro rata to
               the Share Account of each Participant in proportion to the balance in such
               Participant's Cash Account on the immediately preceding Cash Credit Date
               compared to the aggregated balance in all Participant's Cash Accounts. Such
               Cash Account shall be charged with the purchase price of all full or partial
               Shares so allocated, so that to the extent possible no cash balance shall remain
               in such Cash Account immediately following each Share Allocation Date. If a
               balance remains in any Participant's Cash Account for any reason, including
               without limitation oversubscription by Participants, then that balance will
               either be carried forward to the next Plan Quarter or disbursed to the
               Participant pursuant to the provisions of this Plan.
(b)       
               Until certificates for Shares are issued to a Participant, no person shall have
               any right to sell, assign, mortgage, pledge, hypothecate or otherwise encumber
               any Shares held for a Participant's benefit in a Share Account.
4.8
Cost of Administration
. All costs of administration of the Plan are paid by the
Company. Brokerage fees, dealer mark-ups and broker transaction fees are not considered to
be costs of administration.
4.9
Issuance of Share Certificates
. Stock certificates for any of the whole Shares in a
Participant's Share Account may be issued to such Participant only upon receipt by
the Administrator of such Participant's written request, which request shall indicate
the number of Shares (up to a maximum of the number of full Shares in such
Participant's Share Account) for which the Participant wishes to receive stock
certificates. Such request shall be made on a form at the time prescribed by the Committee
and shall be filed with the Administrator. The appropriate Share certificates shall be
issued to such Participant in the Participant's name only, as soon as practicable
after the end of the Plan Quarter in which a qualifying request is timely made.
4.10
Cash Dividends, Share Splits and Distributions
.
(a)
Cash Dividends
. Any cash dividends attributable to Shares allocated to a
               Participant's Share Account as of the record date for which such cash
               dividends are declared shall be credited to such Participant's Cash Account
               as of the dividend payment date and shall be applied to Share purchases and
               allocations on the next Share Allocation Date in accordance with Sections 4.6
               and 4.7 hereof.
(b)
Share Distributions and Share Splits
. Any Share distributions and Share
               splits attributable to Shares allocated to a Participant's Share Account as
               of the Share distribution record date or the Share split effective date shall be
               credited directly to such Participant's Share Account as of the record date
               and the effective date, respectively, of such Share distributions and such Share
               splits.
(c)
Share Rights and Warrants
. The Company may, from time to time and in the
               exercise of its sole discretion, declare rights or warrants with respect to
               Shares. Following and as of the record date for determining those shareholders
               of record entitled to receive rights or warrants with respect to their Shares,
               the Company shall issue and the Administrator shall allocate such rights or
               warrants directly to the appropriate Participants as though the Shares allocated
               to the Share Account of each such Participant were held of record by such
               Participant. Certificates representing such rights or warrants, if any such
               certificates have been authorized by the Board, may be issued to each such
               Participant pursuant to the procedures set forth in Section 4.9 hereof.
4.11
Voting Rights
. Participants shall have the same rights to vote Shares credited to
their Share Accounts on matters affecting the Company as do other shareholders of the
Company. If any such matter is submitted to the shareholders for a vote, then following
the record date for any shareholder meeting at which such vote is to occur the
Administrator shall advise the Company of the number of Participants for whom Shares are
held in Share Accounts on such record date, and the Company shall furnish the
Administrator with sufficient sets of proxy soliciting materials for one set to be
delivered to each Participant with Shares held in a Share Account. The Administrator shall
forward one such set to each Participant for whom allocated Shares are being held, and
shall request voting instructions from each such Participant. Upon receipt of such voting
instructions, the Administrator shall vote each Participant's Shares as instructed.
If no voting instructions are received from a Participant, the Administrator shall not
vote any Share allocated to such Participant's Share Account.
4.12
Records and Reports to Participants
.
(a)       
               The Administrator shall cause to be maintained books of account and records of
               all transactions under the Plan, and such books and records shall be open to
               inspection and audit by such person or persons as the Committee may designate.
               On or before March 31 of each year, the Administrator shall file with the
               Company's Treasurer a written report setting forth all receipts,
               disbursements and other transactions effected on behalf of the Plan during the
               preceding Plan Year, including a description of all Shares purchased and the
               cost of all such Shares. Such report shall also disclose any liabilities of the
               Plan and shall show, as of the close of such Plan Year, the values of the Cash
               Account and Share Account of each Participant together with the record of Share
               certificates delivered to each such Participant during such Plan Year. The
               Administrator shall have the right to maintain one or more bank accounts for
               Payroll Deductions, and to make deposits in and withdrawals therefrom in
               connection with the administration of the Plan.
(b)       
               An annual report shall be provided to each Participant within 90 days after the
               close of each Plan Year, showing for the Plan Year just ended:
(i)       
          the aggregate amount of Payroll Deductions for such Participant;
(ii)       
               the aggregate amount of cash dividends credited to the Cash Account of such
               Participant;
(iii)       
               the number of whole and fractional Shares acquired for the Share Account of such
               Participant (including the amounts of Share distributions or Share splits so
               allocated or credited);
(iv)       
               the average cost per Share of Shares purchased for such Participant;
(v)       
               the number of Shares, if any, for which certificates were delivered to such
               Participant; and
(vii)       
               the beginning and ending balances in the Share Account and Cash Account of such
               Participant.
4.13
Termination of Participation
. A Participant may elect at any time to terminate his
or her participation in the Plan on written notice given to the Company or subsidiary of
the Company of which the Participant is an employee or director ("Notice of
Termination"). Termination of employment or service as a director with the Company or
a subsidiary of the Company shall automatically terminate participation in the Plan.
Settlement of the Cash Account and Share Account of any Participant who gives Notice of
Termination or whose employment or service as a director has terminated (by death,
retirement or otherwise) shall be made as of the beginning of the Plan Quarter following
the Plan Quarter in which such Notice of Termination is given or such termination
occurred.
(a)       
               As soon as practicable after the close of the Plan Quarter in which Notice of
               Termination is given or such termination occurred, the Committee shall deliver
               to such former Participant a certificate for the number of full Shares allocated
               to such former Participant's Share Account and not previously distributed,
               together with a check for the sum of (i) any remaining cash balance in such
               former Participant's Cash Account and (ii) the value of any fractional
               Shares allocated to such former Participant's Share Account.
(b)       
               In the event of a Participant's death, settlement shall be made to such
               Participant's designated beneficiary, if any. If no beneficiary has been
               designated, or if such beneficiary does not survive such Participant, settlement
               shall be made to such Participant's duly appointed legal representative
               after the satisfaction of any applicable legal requirements.
(c)       
               Upon any termination by a Participant, the Participant shall cease to be a
               Participant and his or her Election Form shall be revoked insofar as subsequent
               compensation deductions are concerned. Furthermore, any Participant who ceases
               to be a Participant under the Plan may not elect again to become a Participant
               until the expiration of the Plan Quarter following the Plan Quarter in which the
               Participant ceased to be a Participant under the Plan.
SECTION 5
General Provisions
5.1
Rights Not Transferable
. No right or interest of any Participant under the Plan or
in the Participant's Cash Account or Share Account shall be assignable or
transferable in full or in part, except by will, by the laws of descent or distribution or
by other operation of law.
5.2
Amendment of the Plan
.  The Board may at any time,  and from time to time,  amend
the Plan in any respect.
5.3
Termination of the Plan
. The Company may, by action of the Board, terminate the
Plan at any time. Notice of termination shall be given to all Participants but any failure
to give notice shall not impair the termination. Upon termination of the Plan, all amounts
in Cash Accounts and Shares in Share Accounts of Participants shall be refunded or
distributed as soon as practicable, but no more than 45 days after such termination, to
the Participants.
5.4
Administration
. The Plan shall be administered by a committee or administrators
(the "Committee") composed of one or more persons appointed by the Board. The
members of the Committee are appointed by the Board and serve at the pleasure of the
Board. The Committee may establish from time to time such regulations, provisions and
procedures, consistent with the terms of the Plan, as in the opinion of the Committee may
be advisable in the administration of the Plan. The Committee may appoint one or more
administrators of the Plan. The initial Administrators of the Plan shall be the President
and Chief Executive Officer, Chief Financial Officer, and the Corporate Secretary and
Investor Relations Officer.