Community First Bancshares, Inc. (Form: S-8, Received: 09/06/2018 16:20:14)

Registration No. 333-_________

As filed with the Securities and Exchange Commission on September 6, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Community First Bancshares, Inc.

(Exact Name of Registrant as Specified in its Charter)

Federal		82-1147778
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

3175 Highway 278

Covington, Georgia 30014

(Address of Principal Executive Offices)

Community First Bancshares, Inc. 2018 Equity Incentive Plan

(Full Title of the Plan)

Copies to:

Mr. Johnny S. Smith		Thomas P. Hutton, Esq.
President and Chief Executive Officer		Edward Quint, Esq.
Community First Bancshares, Inc.		Luse Gorman, PC
3175 Highway 278		5335 Wisconsin Ave., N.W., Suite 780
Covington, Georgia 30014		Washington, DC 20015-2035
(770) 786-7088		(202) 274-2000
(Name, Address and Telephone
Number of Agent for Service)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company ☒
Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box ☒

CALCULATION OF REGISTRATION FEE

Title of Securities to be Registered	Amount to be Registered ⁽¹⁾	Proposed Maximum Offering Price Per Share	Proposed Maximum Aggregate Offering Price	Amount of Registration Fee
Common stock, par value $0.01 per share	517,123 ⁽²⁾	$11.51 ⁽⁴⁾	$5,952,086	$742
Stock Options	369,374 ⁽³⁾			N/A ⁽⁵⁾

_________________________

(1)

Together with an indeterminate number of additional shares that may be necessary to adjust the number of shares reserved for issuance pursuant to the Community First Bancshares, Inc. 2018 Equity Incentive Plan (the "Equity Plan") as a result of a stock split, stock dividend or similar adjustment of the outstanding common stock of Community First Bancshares, Inc. (the "Company") pursuant to 17 C.F.R. Section 230.416(a) under the Securities Act of 1933, as amended (the "Securities Act").

(2)	Represents the number of shares of common stock reserved for issuance under the Equity Plan for any grants of stock options and restricted stock.

(3)	Represents the number of stock options reserved for issuance under the Equity Plan for any future grants of stock options.

(4)	Determined pursuant to 17 C.F.R. Section 230.457(h)(1) of the Securities Act.

(5)	Pursuant to 17 C.F.R. Section 230.457(h)(3) of the Securities Act, no registration fee is required to be paid.

________________________

This Registration Statement shall become effective upon filing in accordance with Section 8(a) of the Securities Act of 1933 and 17 C.F.R. § 230.462.

PART I.

Items 1 and 2. Plan Information and Registrant Information and Employee Plan Annual Information

The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants in the Plan as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act.

Such documents are not being filed with the Commission, but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.

PART II.

Item 3. Incorporation of Documents by Reference

The following documents previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:

(a) The Company's Annual Report on Form 10-K for the year ended September 30, 2017 (File No. 001-38074), filed with the Commission on December 26, 2017 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");

(b) All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the year covered by the Annual Report on Form 10-K referred to in (a) above; and

(c) The description of the Company's common stock contained in the Registration Statement on Form 8-A filed with the Commission on April 27, 2017 to register the Company's common stock under the Exchange Act (Commission File No. 001-38074).

All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed incorporated by reference into this Registration Statement and to be a part thereof from the date of the filing of such documents. Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or therein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the prospectus.

All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the detailed information, including financial statements, appearing in the documents incorporated herein or therein by reference.

Item 4. Description of Securities

Not applicable.

Item 5. Interests of Named Experts and Counsel

None.

Item 6. Indemnification of Directors and Officers

Article XII of t he Bylaws of Community First Bancshares, Inc. provides that Community First Bancshares, Inc. shall indemnify its personnel, including directors, officers and employees, to the fullest extent authorized by applicable law and regulations, as the same exists or may hereafter be amended; provided, any indemnification by the Company of the Company's personnel is subject to any applicable rules or regulations of the Federal Reserve Board.

In addition, Section 239.40 of Title 12 of the Code of Federal Regulations, as described below, applies to Community First Bancshares, Inc. Section 239.31 of Title 12 of the Code of Federal Regulations indicates that Section 239.40 apply to subsidiary holding companies, such as Community First Bancshares, Inc.

Generally, federal regulations require indemnity coverage for mutual holding companies and subsidiary holding companies for any person against whom any action is brought or threatened because that person is or was a director or officer of the savings association, for:

(i) Any amount for which that person becomes liable under a judgment in such action; and

(ii)

Reasonable costs and expenses, including reasonable attorney's fees, actually paid or incurred by that person in defending or settling such action, or in enforcing his or her rights under this section if he or she attains a favorable judgment in such enforcement action,

provided that indemnification shall be made to such person only if:

(i) Final judgment on the merits is in his or her favor; or

(ii) In case of:

a. Settlement,

b. Final judgment against him or her, or

Final judgment in his or her favor, other than on the merits, if a majority of the disinterested directors of the mutual holding company determine that he or she was acting in good faith within the scope of his or her employment or authority as he or she could reasonably have perceived it under the circumstances and for a purpose he or she could reasonably have believed under the circumstances was in the best interests of the mutual holding company or its members.

However, no indemnification shall be made unless the mutual holding company gives the Board at least 60 days' notice of its intention to make such indemnification. Such notice shall state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified copy of the resolution containing the required determination by the board of directors shall be sent to the appropriate Reserve Bank, who shall promptly acknowledge receipt thereof. The notice period shall run from the date of such receipt. No such indemnification shall be made if the Board advises the mutual holding company in writing, within such notice period, of its objection to the indemnification.

As used in the above paragraph:

(i)

"Action" means any judicial or administrative proceeding, or threatened proceeding, whether civil, criminal, or otherwise, including any appeal or other proceeding for review;

(ii)

"Court" includes, without limitation, any court to which or in which any appeal or any proceeding for review is brought;

(iii)

"Final Judgment" means a judgment, decree, or order which is not appealable or as to which the period for appeal has expired with no appeal taken;

(iv)

"Settlement" includes the entry of a judgment by consent or confession or a plea of guilty or of nolo contendere .

Item 7. Exemption From Registration Claimed

Not applicable.

Item 8. Exhibits.

Regulation S-K Exhibit Number	Document	Reference to Prior Filing or Exhibit No. Attached Hereto

4	Form of Common Stock Certificate	*

5	Opinion of Luse Gorman, PC	Attached as Exhibit 5

10.1	Community First Bancshares, Inc. 2018 Equity Incentive Plan	**

10.2	Form of Restricted Stock Award Agreement	Attached as Exhibit 10.2

10.3	Form of Incentive Stock Option Award Agreement	Attached as Exhibit 10.3

10.4	Form of Non-Qualified Stock Option Award Agreement	Attached as Exhibit 10.4

23.1	Consent of Luse Gorman, PC	Contained in Exhibit 5

23.2	Consent of Porter Keadle Moore, LLC	Attached as Exhibit 23.2

24	Power of Attorney	Contained on Signature Page

_________________________

*	Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 (File No. 333-215041) originally filed by the Company under the Securities Act with the Commission on December 12, 2016, and all amendments or reports filed for the purpose of updating such description.

**	Incorporated by reference to Appendix A to the definitive proxy statement for the Special Meeting of Stockholders of Community First Bancshares, Inc. (File No. 001-38074), filed by the Company under the Exchange Act on July 18, 2018.

Item 9. Undertakings

The undersigned registrant hereby undertakes:

1. To file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement 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;

2. That, for the purpose of determining any liability under the Securities Act, 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;

4. That, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act 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;

5. 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 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) 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; and

6. Insofar as indemnification for liabilities arising under the Securities Act 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 Commission such indemnification is against public policy as expressed in the Securities 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 Securities Act and will be governed by the final adjudication of such issue.

SIGNATURES

The Registrant. Pursuant to the requirements of the Securities Act of 1933, as amended, 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 Covington, State of Georgia, on September 6, 2018.

		COMMUNITY FIRST BANCSHARES, INC.
	By:	/s/ Johnny S. Smith
		Johnny S. Smith
		President and Chief Executive Officer
		(Duly Authorized Representative)

POWER OF ATTORNEY

We, the undersigned directors and officers of Community First Bancshares, Inc. (the "Company") hereby severally constitute and appoint Johnny S. Smith, as our true and lawful attorney and agent, to do any and all things in our names in the capacities indicated below which said Johnny S. Smith may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be issued upon the exercise of stock options and the award of restricted stock under the Community First Bancshares, Inc. 2018 Equity Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said Johnny S. Smith shall do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the date indicated.

Signatures	Title	Date


/s/ Johnny S. Smith	President, Chief Executive	September 6, 2018
Johnny S. Smith	Officer and Director
	(Principal Executive Officer)

/s/ Tessa M. Nolan	Senior Vice President and	September 6, 2018
Tessa M. Nolan	Chief Financial Officer
	(Principal Financial and Accounting Officer)


/s/ William D. Fortson, Jr.	Chairman of the Board	September 6, 2018
William D. Fortson, Jr.


/s/ Marshall L. Ginn	Director	September 6, 2018
Marshall L. Ginn

Signatures	Title	Date


/s/ Bob W. Richardson	Director	September 6, 2018
Bob W. Richardson


/s/ Howard G. Roberts	Director	September 6, 2018
Howard G. Roberts


/s/ Mark Ross	Director	September 6, 2018
Mark Ross


/s/ Edward P. Stone	Director	September 6, 2018
Edward P. Stone

LUSE GORMAN, PC

ATTORNEYS AT LAW

5335 WISCONSIN AVENUE, N.W., SUITE 780

WASHINGTON, D.C. 20015

TELEPHONE (202) 274-2000

FACSIMILE (202) 362-2902

www.luselaw.com

September 6, 2018

Board of Directors

Community First Bancshares, Inc.

3175 Highway 278

Covington, Georgia 30014

Re:

Community First Bancshares, Inc. - Registration Statement on Form S-8

Members of the Board of Directors:

You have requested the opinion of this firm as to certain matters in connection with the registration of 517,123 shares of common stock, $0.01 par value per share (the "Shares"), of Community First Bancshares, Inc. (the "Company") to be issued pursuant to the Community First Bancshares, Inc. 2018 Equity Incentive Plan (the "Equity Plan").

In rendering the opinion expressed herein, we have reviewed the Charter of the Company, the Equity Plan, the Company's Registration Statement on Form S-8 (the "Form S-8"), as well as resolutions of the board of directors of the Company and applicable statutes and regulations governing the Company. We have assumed the authenticity, accuracy and completeness of all documents in connection with the opinion expressed herein. We have also assumed the legal capacity and genuineness of the signatures of persons signing all documents in connection with which the opinions expressed herein are rendered.

Based on the foregoing, we are of the following opinion:

Following the effectiveness of the Form S-8, the Shares of the Company, when issued in accordance with the terms and conditions of the Equity Plan, will be legally issued, fully paid and non-assessable.

This opinion has been prepared solely for the use of the Company in connection with the preparation and filing of the Form S-8, and shall not be used for any other purpose or relied upon by any other person without the prior express written consent of this firm. We hereby consent to the use of this opinion in the Form S-8.

	Very truly yours,


	/s/ Luse Gorman, PC
	LUSE GORMAN, PC

Exhibit 10.2

RESTRICTED STOCK AWARD AGREEMENT

FORM OF

RESTRICTED STOCK AWARD AGREEMENT

Granted by

COMMUNITY FIRST BANCSHARES, INC.

under the

COMMUNITY FIRST BANCSHARES, INC.

2018 EQUITY INCENTIVE PLAN

This restricted stock award agreement (" Restricted Stock Award " or " Agreement ") is and will be subject in every respect to the provisions of the 2018 Equity Incentive Plan (the " Plan ") of Community First Bancshares, Inc. (the " Company ") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan. The holder of this Restricted Stock Award (the " Participant ") hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee responsible for administering the Plan (the " Committee ") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the " Code "). Capitalized terms used herein but not defined will have the same meaning as in the Plan. Any reference to the "Bank" herein shall refer to Newton Federal Bank and any reference to "Employer" shall mean either or both the Company and the Bank.

1.	Name of Participant :___________________________________________________
2.	Date of Grant:________________________________________________________
3.	Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award:___________________________ (subject to adjustment pursuant to Section 9 hereof).
4.	Vesting Schedule . Except as otherwise provided in this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein. The Restricted Stock granted under this Agreement shall vest in ___ (__) equal annual installments, with the first installment vesting on the first anniversary of the date of grant, or __________, 20__, and succeeding installments on each anniversary thereafter, through _________, 20__, subject to accelerated vesting under Section 9 of this Agreement. To the extent the Restricted Stock awarded are not equally divisible by "___," any excess Restricted Stock shall vest on _________, 20__.

	Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination at or following a Change in Control).

5.	Grant of Restricted Stock Award . The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant. Notwithstanding the foregoing, the Company may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards. If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock. The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.
6.	Terms and Conditions .
	6.1	The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.
	6.2	Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be retained and distributed to the Participant within thirty (30) days after the Restricted Stock vests. If the Stock does not vest, the dividends will be forfeited by the Participant. No dividend will be paid with respect to any Restricted Stock Award subject to performance-based vesting conditions unless and until the Participant vests in such Restricted Stock Award. Any stock dividends declared on shares of Stock subject to a Restricted Stock Award will be subject to the same restrictions and will vest at the same time as the shares of Restricted Stock from which said dividends were derived.
7.	Delivery of Shares. Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity

8.	Change in Control.
	8.1	In the event of an Involuntary Termination at or following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.
	8.2	A " Change in Control " will be deemed to have occurred as provided in Section 4.2 of the Plan.

9.	Adjustment Provisions. This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan
10.	Effect of Termination of Service on Restricted Stock Award.
	10.1	This Restricted Stock Award will vest as follows:
	(i)	Death . In the event of the Participant's Termination of Service by reason of the Participant's death, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.
	(ii)	Disability . In the event of the Participant's Termination of Service by reason of Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.
	(iii)	Retirement . In the event of the Participant's Termination of Service by reason of the Participant's Retirement, any Restricted Stock award that has not vested as of the date of Termination of Service will expire and be forfeited. The term "Retirement" shall have the meaning set forth in Section 8.1(aa) of the Plan.
	(iv)	Termination for Cause . If the Participant's Service has been terminated for Cause, all Restricted Stock granted to a Participant that has not vested will expire and be forfeited.
	(v)	Other Termination . If a Participant terminates Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in Control or for Cause, all shares of Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.
11.	Miscellaneous.
	11.1	No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.
	11.2	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.
	11.3	Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

	11.4	This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of Georgia.
	11.5	This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

[Signature page follows]

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set forth above.

	COMMUNITY FIRST BANCSHARES, INC.

	By:________________________________
	Its:________________________________

PARTICIPANT'S ACCEPTANCE

The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2018 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company's 2018 Equity Incentive Plan.

	PARTICIPANT
	____________________________________

Exhibit 10.3

INCENTIVE STOCK OPTION

FORM OF

INCENTIVE STOCK OPTION

Granted by

COMMUNITY FIRST BANCSHARES, INC.

under the

COMMUNITY FIRST BANCSHARES, INC.

2018 EQUITY INCENTIVE PLAN

This incentive stock option agreement (" Option " or " Agreement ") is and will be subject in every respect to the provisions of the 2018 Equity Incentive Plan (the " Plan ") of Community First Bancshares, Inc. (the " Company ") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided or made available to each person granted a stock option pursuant to the Plan. The holder of this Option (the " Participant ") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee responsible for administering the Plan (the " Committee ") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the " Code "). Capitalized terms used herein but not defined will have the same meaning as in the Plan. Any reference to the "Bank" herein shall refer to Newton Federal Bank and any reference to "Employer" shall mean either or both the Company and the Bank.

1.	Name of Participant :___________________________________________
2.	Date of Grant:________________________________________________
3.	Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option:_________________________ (subject to adjustment pursuant to Section 10 hereof).
	• This is an Incentive Stock Option (" ISO ") to the maximum extent permitted under Code Section 422(d).
4.	Exercise price per share:_____________________________________________ (subject to adjustment pursuant to Section 10 below)
5.	Expiration Date of Option:_____________________________________________
6.	Vesting Schedule . Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option's expiration date, in accordance with the vesting schedule specified herein.

	The Options granted under this Agreement shall vest in five (5) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or ________, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__. To the extent the Options awarded to me are not equally divisible by "5," any excess Options shall vest on ________, 20__. This Option may not be exercised at any time on or after the Option's expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death or Disability or Involuntary Termination at or following a Change in Control).
7.	Exercise Procedure .
	7.1	Delivery of Notice of Exercise of Option . This Option will be exercised in whole or in part by the Participant's delivery to the Company of written notice (the " Notice of Exercise of Option " attached hereto as Exhibit A or a similar form provided by the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including: • Cash or personal, certified or cashier's check in full/partial payment of the purchase price. • Stock of the Company in full/partial payment of the purchase price. • By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding). • By selling shares from my Option shares through a broker in full/partial payment of the purchase price. In order to exercise the Option, please deliver the Notice of Exercise and payment (if applicable) to the Company at the following address: Community First Bancshares, Inc. 3175 Highway 278 Covington, Georgia 30014 Attention:___________________
	7.2	"Fair Market Value" shall have the meaning set forth in Section 8.1(p) of the Plan.

8.	Delivery of Shares.
	8.1	Delivery of Shares . Delivery of shares of Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.
9.	Change in Control.
	9.1	In the event of an Involuntary Termination at or following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option.
	9.2	A " Change in Control " will be deemed to have occurred as provided in Section 4.2 of the Plan.
10.	Adjustment Provisions. This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.
11.	Termination of Option and Accelerated Vesting. This Option will terminate upon the expiration date, except as set forth in the following provisions:
	(i)	Death . This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's death. This Option may thereafter be exercised by the Participant's legal representative or beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier. In order for the Options to have ISO treatment, the Participant's death must have occurred while employed or within three months of Termination of Service.
	(ii)	Disability . This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to termination on the Option's expiration date, if earlier.
	(iii)	Retirement . Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to termination on the Option's expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement). The term "Retirement" shall have the meaning set forth in Section 8.1(aa) of the Plan. Options exercised more than three months following Retirement will not have ISO treatment.

	(iv)	Termination for Cause . If the Participant's Service has terminated for Cause, all Options that have not been exercised will expire and be forfeited.
	(v)	Other Termination . If the Participant's Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or Cause, all unvested Options will be forfeited and vested Options may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option's expiration date, if earlier.
12.	Miscellaneous.
	12.1	No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.
	12.2	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.
	12.3	Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described under (3), the Option will not qualify as an ISO as of the day of such transfer.
	12.4	This Agreement will be governed by and construed in accordance with the laws of the State of Georgia.
	12.5	This Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof.
	12.6	The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

	COMMUNITY FIRST BANCSHARES, INC.

	By: __________________________________
	Its:___________________________________

PARTICIPANT'S ACCEPTANCE

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2018 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company's 2018 Equity Incentive Plan.

	PARTICIPANT
	_______________________________________

EXHIBIT A

NOTICE OF EXERCISE OF OPTION

I hereby exercise the stock option (the "Option") granted to me by Community First Bancshares, Inc. (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the "Agreement") and the Community First Bancshares, Inc. 2018 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $______ per share.

I elect to pay the exercise price by:

___

Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price.

___

Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

___

A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding).

___

Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____. _________________________________________

Participant's signature

* If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

Exhibit 10.4

NON-QUALIFIED STOCK OPTION

FORM OF

NON-QUALIFIED STOCK OPTION

Granted by

COMMUNITY FIRST BANCSHARES, INC.

under the

COMMUNITY FIRST BANCSHARES, INC.

2018 EQUITY INCENTIVE PLAN

This non-qualified stock option agreement (" Option " or " Agreement ") is and will be subject in every respect to the provisions of the 2018 Equity Incentive Plan (the " Plan ") of Community First Bancshares, Inc. (the " Company ") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided or made available to each person granted a stock option pursuant to the Plan. The holder of this Option (the " Participant ") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee responsible for administering the Plan (the " Committee ") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the " Code "). Capitalized terms used herein but not defined will have the same meaning as in the Plan. Any reference to the "Bank" herein shall refer to Newton Federal Bank and any reference to "Employer" shall mean either or both the Company and the Bank.

1.	Name of Participant :___________________________________________
2.	Date of Grant:________________________________________________
3.	Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option:_________________________ (subject to adjustment pursuant to Section 10 hereof).
	• This is an Incentive Stock Option (" ISO ") to the maximum extent permitted under Code Section 422(d).
4.	Exercise price per share:_____________________________________________ (subject to adjustment pursuant to Section 10 below)
5.	Expiration Date of Option:_____________________________________________
6.	Vesting Schedule . Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option's expiration date, in accordance with the vesting schedule specified herein.

	The Options granted under this Agreement shall vest in five (5) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or ________, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__. To the extent the Options awarded to me are not equally divisible by "5," any excess Options shall vest on ________, 20__. This Option may not be exercised at any time on or after the Option's expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death or Disability or Involuntary Termination at or following a Change in Control).
7.	Exercise Procedure .
	7.1	Delivery of Notice of Exercise of Option . This Option will be exercised in whole or in part by the Participant's delivery to the Company of written notice (the " Notice of Exercise of Option " attached hereto as Exhibit A or a similar form provided by the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including: • Cash or personal, certified or cashier's check in full/partial payment of the purchase price. • Stock of the Company in full/partial payment of the purchase price. • By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding). • By selling shares from my Option shares through a broker in full/partial payment of the purchase price. In order to exercise the Option, please deliver the Notice of Exercise and payment (if applicable) to the Company at the following address: Community First Bancshares, Inc. 3175 Highway 278 Covington, Georgia 30014 Attention:______________________
	7.2	"Fair Market Value" shall have the meaning set forth in Section 8.1(p) of the Plan.

8.	Delivery of Shares.
	8.1	Delivery of Shares . Delivery of shares of Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.
9.	Change in Control.
	9.1	In the event of an Involuntary Termination at or following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option.
	9.2	A " Change in Control " will be deemed to have occurred as provided in Section 4.2 of the Plan.
10.	Adjustment Provisions. This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.
11.	Termination of Option and Accelerated Vesting. This Option will terminate upon the expiration date, except as set forth in the following provisions:
	(i)	Death . This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's death. This Option may thereafter be exercised by the Participant's legal representative or beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier.
	(ii)	Disability . This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to termination on the Option's expiration date, if earlier.
	(iii)	Retirement. Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to termination on the Option's expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement). The term "Retirement" shall have the meaning set forth in Section 8.1(aa) of the Plan.

	(iv)	Termination for Cause . If the Participant's Service has been terminated for Cause, all Options that have not been exercised will expire and be forfeited.
	(v)	Other Termination . If the Participant's Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or Cause, all unvested Options will be forfeited and vested Options may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option's expiration date, if earlier.
12.	Miscellaneous.
	12.1	No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.
	12.2	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.
	12.3	At the discretion of the Committee, a non-qualified Option granted under the Plan may be transferable by the Participant, provided, however, that such transfers will be limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and provided, further, that such transfers are not made for consideration to the Participant.
	12.4	This Agreement will be governed by and construed in accordance with the laws of the State of Georgia.
	12.5 12.6	This Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof. The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

	COMMUNITY FIRST BANCSHARES, INC.

	By:__________________________________
	Its:__________________________________

PARTICIPANT'S ACCEPTANCE

	PARTICIPANT
	______________________________________

EXHIBIT A

NOTICE OF EXERCISE OF OPTION

I elect to pay the exercise price by:

___

Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price.

___

Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

___

A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding).

___

Selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

___ investment

___ resale or distribution

Date: ____________, _____. _________________________________________

Participant's signature

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Community First Bancshares, Inc. of our report dated December 26, 2017, relating to the consolidated financial statements of Community First Bancshares, Inc., appearing in the Annual Report on Form 10-K of Community First Bancshares, Inc. for the year ended September 30, 2017.

/s/ PORTER KEADLE MOORE, LLC

Atlanta, Georgia

September 6, 2018