EX-10.8



 Exhibit 10.8 

Non-Qualified 
 Organizers

 COMMERCE UNION BANK 

Springfield, Tennessee 

ORGANIZERS STOCK OPTION AGREEMENT 

Grant Date: August 23, 2006 

THIS AGREEMENT is made and entered into effective as of this 23 day of August, 2006, (the “Grant Date”) by and between
Commerce Union Bank (the “Bank”), a Tennessee-chartered commercial bank with its principal place of business in Springfield, Tennessee, and Charles Trimble Beasley (“Optionee”). 

WHEREAS, upon recommendation of the Board of Directors, the shareholders of the Bank have adopted the Commerce Union Bank Stock Option
Plan (the “Plan”) authorizing the grant of stock options with respect to the common stock of the Bank, one dollar ($1.00) par value (the “Stock”) to, inter alia, organizers of the Bank in connection with financial
contributions and valuable services rendered to the Bank during its organization; and 
 WHEREAS, the Bank desires to reward the
contributions of the Optionee to the Bank in furthermore of the business objectives of the Bank and the Plan, by providing the Optionee with the opportunity to acquire shares of Stock by this grant of an option under the Plan. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the undersigned agree as follows: 

1. Grant of Option. Subject to the terms and conditions of this Agreement, Bank hereby grants to the Optionee the right and option to
purchase a number of shares of its Stock equal to the number of shares of Stock subscribed by the Optionee in the organizational phase of the Bank’s initial offering of the Bank’s Stock, or Twenty-five Thousand (25,000) shares
of Stock, at an exercise price of $10.00 per share of stock, the fair market value of the Bank’s Stock (the “Option”). This Agreement shall be limited and construed as necessary in order that this Option may be treated as
Non-Qualified Stock Options for federal income tax purposes and not be treated as an Incentive Stock Option. 
 2. Vesting. This
Option shall vest immediately upon grant under this Agreement. 
 3. Option Term. Subject to the terms of paragraphs 4 and 5, the
Option may be exercised at any time with respect to shares of Stock as to which it has vested prior to the close of business on the tenth (10th) anniversary of the Grant Date (the
“Expiration Date”). To the extent not exercised, this Option shall expire as of that date. 
 4. Exercise of Option. 

 

	 	(a)	 The Optionee may exercise any vested portion of the Option prior to the Expiration Date by transmitting notice of exercise and the required payment by
mail or hand-



  
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delivery to the President of the Bank, specifying the number of shares of Stock to be purchased and the exercise price tendered in payment for the shares in accordance with subparagraph
(b) below. Such exercise shall be deemed effective upon the Optionee placing in the mail or hand-delivering such written notice together with the required payment. 


 

	 	(b)	Payment of the exercise price for the number of shares of Stock as to which the Option is exercised shall be in cash or certified or cashier’s check payable to the order of the Bank, in an amount equal to the
exercise price per share multiplied by the number of shares as to which the Option is exercised. 

  

	 	(c)	In event of the resignation, removal or expiration of the term of the Optionee as a member of the Bank’s board of directors, any vested portion of the Option shall be exercised within three (3) months after
the date the Optionee ceases to be a director of the Bank, after which date the Option shall expire. 

  

	 	(d)	In the event of the death of the Optionee while serving as a director of the Bank or within three (3) months after ceasing to serve as a director, any vested portion of the Option may be exercised at any time
within one year after the date of death by the personal representative of the estate of the Optionee or by any person who has acquired the Option from the Optionee by bequest or inheritance. To the extent not exercised by the close of the business
day of such date, this Option shall expire as of said date. 

 5. Regulatory Matters. Notwithstanding any provision of
this Agreement, in the event the Bank fails to satisfy the minimum regulatory requirements relating to its capitalization, this Option (whether vested or not) shall be subject to one or more of the following actions by the primary state or federal
regulator of the Bank: 
 (a) the requirement of immediate exercise of all, or any portion of, the unexercised Option; 

(b) the suspension of the right to exercise all, or any portion of, the unexercised Option; 

(c) the forfeiture of all, or any portion of, the unexercised Option. 

6. Adjustment Upon Changes in Capitalization. 
  

	 	(a)	 If at any time during the period when this Option may be exercised, the Bank shall declare or pay a dividend(s) payable in shares of its Stock (or any
security convertible into or granting rights to purchase shares of such Stock) or split the then outstanding shares of its Stock into a greater number of shares, the number of shares of Stock which may be purchased upon the exercise of this Option
in effect at the time of taking a record for such dividend or at the time of such stock split shall be proportionately increased and the option price per share proportionately decreased as of such time; and conversely, if at any time the Bank shall
reduce the number of outstanding shares of its Stock by combining such shares into a smaller 



  
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number of shares, the number of shares which may be purchased upon the exercise of this Option at the time of such action shall be proportionately decreased and the option price per share
proportionately increased as of such time. 

  

	 	(b)	If the Rank consolidates with or merges with or into another corporation (whether or not the Bank shall be the surviving entity), or sells all or substantially all of its assets as part of a reorganization within the
meaning of Section 368 of the Internal Revenue Code of 1986, as amended, or reclassifies or reorganizes its capital structure (except a stock dividend, split, or combination covered by subparagraph (a) hereof), the number of shares of
Stock subject to this Option shall be increased or decreased to reflect the number of shares to which the Optionee would have been entitled to receive in connection with such transaction if the shares subject to this Option had been issued and held
by Optionee on the record date for such transaction. Notice of such consolidation, merger, sale, reclassification, or reorganization and of said provisions proposed to be made shall be mailed to the Optionee not less than (30) days prior to
such record date. As a condition to any reorganization, reclassification, consolidation, merger or sale, in which the Bank is not the survivor, the Bank or any successor, surviving or purchasing corporation, as the case may be, shall agree that it
is bound by this Option, that it will satisfy all of the obligations of the Bank hereunder and that the Optionee shall have the right, upon exercise of this Option, on the terms and conditions hereof, to receive the kind and amount of stock,
securities or assets receivable by a shareholder upon such reorganization, reclassification, consolidation, merger or sale, including the number of shares of Stock issuable upon exercise of this Option immediately prior to such reorganization,
reclassification, consolidation, merger or sale, subject to adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this subparagraph (b); provided, however, that Optionee shall be required to
exercise all such options within 24 months from the date of such reorganization, reclassification, consolidation, merger, or sale. 

  

	 	(c)	Provided there exists a sufficient number of shares of Stock subject to the Plan, if, at any time, the Bank increases the number of shares of Stock issued and outstanding above the number issued and outstanding as of
the date hereof, including those events causing adjustment as set forth herein, this Agreement shall be modified so as to grant additional Options for the number of shares necessary to bring the total number of shares subject to this Agreement to
the same pro rata percentage of the outstanding shares of Stock of the Bank as of the Grant Date of this Option. Such additional Options shall be on the same terms as provided in this Agreement. The exercise price to the Optionee for any
additional shares which become subject to this Option shall be determined by the Board of Directors of the Bank at the time of such issue, but in no event shall the exercise price of those shares be less than Fair Market Value (as such term is
defined in the Plan) on the date of the grant. 

 7. Delivery of Stock Certificates. As soon as practicable after an
exercise hereunder, in whole or in part, and in no event later than five (5) business days after an effective exercise and payment in full of the exercise price for the number of shares of Stock to be purchased, the Bank at its expense shall cause
to 

  
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be issued in the name of and delivered to the Optionee a stock certificate, validly issued, for the number of duly authorized, fully paid and nonassessable shares of Stock to which the Optionee
is entitled upon such exercise. 
 8. Reservation of Shares. Except as otherwise restricted by the Plan, the Bank shall at all times
reserve and keep available a number of its authorized but unissued shares of its Stock sufficient to permit the exercise in full of this Option. 

9. Reservation of Rights by Bank. When a transfer of Stock subject to this Option conflicts or is inconsistent with any applicable law
or regulation of any governmental agency having jurisdiction, the Bank reserves the right to refuse to transfer such Stock, and shall return any tendered option price therefore. 

10. No Rights of Liabilities as Shareholder. The Optionee shall have no rights or any obligations or liabilities as a shareholder of
the Bank with respect to any shares which may be purchased upon exercise of this Option unless and until a certificate representing such shares is duly issued and delivered to the Optionee. 

11. Transferability. The Option shall be transferable and assignable by the Optionee, the Option having been granted in consideration
of Optionee’s contributions of capital and time and other valuable services during the organization of the Bank. It is expressly determined by the Board of Directors of the Bank that the Option is not granted to Optionee as compensation for
Optionee’s continued service on the Bank’s Board of Directors. 
 12. Plan Terms. The terms of the Plan, pursuant to which
this Agreement is made, are incorporated herein by reference and expressly made a part of this Agreement. In the event of any contradiction or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall control.
Capitalized terms not otherwise defined herein shall have the meaning given to such terms in the Plan. 
 13. Rule 16b-3. This
Agreement and the Option granted hereunder shall be limited and construed in such respects as may be necessary in order that it will receive the full benefit of the exemption from liability provided by Rule 16b-3 under the Securities Exchange Act of
1934, as amended, or any successor rule or regulation to the extent applicable. 
 14. Governing Law. This Agreement is to be
construed and enforced in accordance with and governed by the procedural provisions and substantive law of the State of Tennessee. 
 15.
Miscellaneous. 
  

	 	(a)	Except as provided herein, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by an authorized officer of the Bank and the Optionee or his or her duly appointed
attorney-in-fact. 

  

	 	(b)	All notices under this Agreement shall be mailed or delivered by hand to the parties at their respective addresses as recorded in the official stockholder records of the Bank or at such other address as the parties may
from time to time provide to each other in writing. 


  
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 IN WITNESS WHEREOF, the Bank and the Optionee have duly executed this Stock Option
Agreement as of the date first above written. 
  

					
	COMMERCE UNION BANK	 		 	OPTIONEE
			
	



	 		 	




	By: William Ronald DeBerry, President and CEO	 		 	Charles Trimble Beasley


  
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