Document:

Form of Incentive Stock Option Agreement

 Exhibit 10.25 
  
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 THIS INCENTIVE STOCK OPTION AGREEMENT (this “Agreement”), dated as of
                     , 20    , by and between FNB Corp., a North Carolina corporation having its principal
office in Asheboro, North Carolina (the “Company”), and
                                        ,
a director of the Company or a subsidiary of the Company (hereinafter called the “Option Holder”). 
  
 WITNESSETH: 
  
 WHEREAS, the Board of Directors of the Company has adopted, and the shareholders of the Company have approved, the FNB Corp. 2003 Stock Incentive Plan, a copy of which is attached hereto as Exhibit A (hereinafter called the
“Plan”); and 
  
 WHEREAS, the Company recognizes the
value to it of the services of the Option Holder as a director and desires to furnish him with added incentive and inducement to promote the best interests of the Company; and 
  
 WHEREAS, pursuant to the provisions of the Plan, the Compensation Committee of the Board of Directors has authorized the
grant of a Nonqualified Stock Option to the Option Holder on the terms and conditions hereinafter set forth, and the Option Holder desires to accept the option on such terms and conditions; 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, it is agreed by and between the parties as follows: 
  
 1. Grant of Option. Subject to the Plan, the terms and provisions of which are incorporated herein by reference, the Company hereby grants to the Option Holder a Nonqualified Stock Option to purchase, on the terms and subject to the
conditions hereinafter set forth, all or any part of an aggregate of              shares of the Common Stock, par value $2.50 per share, of the Company at the purchase price of
$         per share (the “Option”), exercisable in the amounts and at the times set forth in this paragraph l. Unless sooner terminated as provided in the Plan or this Agreement, the Option
shall terminate, and all rights of the Option Holder hereunder shall expire, on                      ,
20    . 
  
 The Option may be exercised
in installments as follows: 
  
 (a) up to
             shares (20% of the total shares subject to the Option) on and at any time after
                     , 20     and prior to termination of the Option; 
  
 (b) up to
             shares (40% of the total shares subject to the Option), less any shares previously purchased pursuant to the Option, on and at any time after
                     , 20     and prior to termination of the Option; 

 (c) up to             
shares (60% of the total shares subject to the Option), less any shares previously purchased pursuant to the Option, on and at any time after                 
    , 20     and prior to termination of the Option; 
  
 (d) up to              shares (80% of the total shares subject to the
Option), less any shares previously purchased pursuant to the Option, on and at any time after                      ,
20     and prior to termination of the Option; 
  
 (e) all shares, less any shares previously purchased pursuant to the Option, on and at any time after                 
    , 20     and prior to termination of the Option; 
  
 provided, however, that not less than 100 shares may be purchased at any one time unless the number purchased is the total number that may be purchased under the Option at that time. 
  
 Notwithstanding the foregoing, but subject to Section 3(d) of this Agreement,
the Option shall become immediately exercisable as to all shares subject to the Option, less any shares previously purchased pursuant to the Option, on and at any time after the occurrence of a Change in Control (as defined in the Plan) of the
Company and prior to termination of the Option. 
  
 2.
Nontransferability of Option. The Option may not be sold, pledged, assigned or transferred in any manner other than upon the death of the Option Holder by will or by the laws of descent and distribution. 
  
 3. Termination of Option. The Option shall terminate and be no longer
exercisable after                      , 20    ; provided, however, that the Option shall sooner terminate
as follows: 
  
 (a) If the Option Holder ceases
to be a director of the Company or any of its subsidiaries for any reason other than the Option Holder’s death or permanent and total disability, then the Option shall terminate on the date that is 30 days after the effective date as of which
the Option Holder ceases to be a director. 
  
 (b) If the Option Holder ceases to be a director of the Company or any of its subsidiaries because of his permanent and total disability, then the Option shall terminate on the date that is one year after the effective date as of which the
Option Holder ceases to be a director due to disability. 
  
 (c) If the Option Holder ceases to be a director of the Company or any of its subsidiaries by reason of death, then the Option shall terminate on the date that is one year after the date of the Option Holder’s
death. The Option may be exercised during this one-year period by the person or persons to whom the Option Holder’s rights under the Option pass by will or by the laws of descent and distribution. 
  
 (d) If the Company shall be a party to any merger or
consolidation in which it is not the surviving corporation or pursuant to which the shareholders of the Company exchange their Common Stock, or if the Company shall dissolve or liquidate or sell all or substantially all of its assets, then in
accordance with the last paragraph of Section 1 of this Agreement, the Option Holder shall be provided the opportunity to participate in the 
  

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 transaction on the same basis as other shareholders of the Company with respect to all shares subject to
the Option (less any shares previously purchased pursuant to the Option), but if the Option Holder elects not to participate on the same basis as other shareholders, the Option shall terminate on the effective date of such merger, consolidation,
dissolution, liquidation or sale; provided, however, that the Board of Directors, in its sole discretion, may, prior to such effective date, accelerate the time at which the Option may be exercised, may authorize a payment to the Option Holder that
approximates the economic benefit that would be realized if the Option were exercised immediately before the effective date, may authorize a payment in such other amount as it deems appropriate to compensate the Option Holder for termination of the
Option, or may arrange for the granting of a substitute option to the Option Holder. 
  
 Any Option that may be exercised for a period following termination of the Option Holder’s employment may be exercised only to the extent it was exercisable immediately before such termination and in no event after the Option would
expire by its terms without regard to such termination. 
  
 4.
Method of Exercise. The Option shall be exercised by the tender of payment in accordance with this Section 4 and delivery to the Company at its principal place of business of a written notice, which shall: 
  
 (a) state the number of shares of Common Stock with respect
to which the Option is being exercised; 
  
 (b)
be signed by the person entitled to exercise the Option, and, if the Option is being exercised by any person or persons other than the Option Holder, be accompanied by proof of the right of such person or persons to exercise the Option. 

 
 After receipt of such notice in a form satisfactory to the Company and receipt of payment
in full, the Company shall deliver to the Option Holder a certificate or certificates representing the shares purchased hereunder, provided, that if any law or regulation requires the Company to take any action with respect to the shares specified
in such notice before the issuance thereof, the date of delivery of such shares shall be extended for the period necessary to take such action. Payment of the purchase price for the shares of Common Stock with respect to which the Option is being
exercised must be in the form of (i) cash or certified or cashier’s check payable to the order of the Company, (ii) nonforfeitable, unrestricted shares of Common Stock that have been owned by the Option Holder for at least six months and have a
Fair Market Value (as defined in the Plan) at the time of exercise that is equal to the purchase price, together with any applicable withholding taxes, or (iii) any combination of the foregoing. 
  
 5. Tax Matters. The Option Holder acknowledges that, upon any exercise
of the Option, he will recognize ordinary income for income tax purposes (generally in an amount equal to the difference between the fair market value of the shares on the date of exercise and the option price paid therefor) and the Company will be
entitled to a corresponding deduction. Consequently, the Option Holder agrees to pay, or make arrangements to pay, to the Company an amount equal to any income and other taxes that the Company is required to withhold as a result of his exercise of
the Option and, unless such payment or arrangement is made, the Company shall be entitled to withhold, from other sums payable to him, the amount of such income and other taxes. 
  

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 6. Compliance with Securities Laws. The Option Holder recognizes that any registration of the
shares of Common Stock issuable pursuant to this Option under applicable federal and state securities laws, or actions to qualify for applicable exemptions from such registrations, shall be at the option of the Company. The Option Holder
acknowledges that, in the event that no such registrations are undertaken and the Company relies on exemptions from such registrations, the shares shall be issued only if the Option Holder qualifies to receive such shares in accordance with the
exemptions from registration on which the Company relies and that, in connection with any issuance of certificates evidencing such shares, the Board of Directors may require appropriate representations from the Option Holder and take such other
action as the Board of Directors may deem necessary, including but not limited to placing restrictive legends on such certificates and delivering stop transfer instructions to the Company’s stock transfer agent, or delivering such instructions
to the Company’s transfer agent, in order to assure compliance with any such exemptions. Notwithstanding any other provision of the Plan or this Agreement, (a) no shares will be issued upon any exercise of the Option unless and until such
shares have been registered under all applicable federal and state securities laws or unless, in the opinion of counsel satisfactory to the Company, all actions necessary to qualify for exemptions from such registrations shall have been taken and
(b) the Company shall have no obligation to undertake such registrations or such actions necessary to qualify for exemptions from registrations and shall have no liability whatsoever for not doing so except to refund any option price tendered to the
Company. The Option Holder further acknowledges that, notwithstanding registration, if, at the time of exercise of the Option, he is deemed an “affiliate” of the Company as defined in Rule 144 promulgated under the Securities Act of 1933,
as amended, any shares purchased upon exercise of the Option will nevertheless be subject to sale only in compliance with Rule 144 (but without any holding period), and that the Company may take such action as it deems necessary or appropriate to
assure such compliance, including placing restrictive legends on certificates evidencing such shares and delivering stop transfer instructions to the Company’s stock transfer agent. 
  
 7. Rights of a Shareholder. The Option Holder shall not be deemed for any purpose to be a shareholder of the Company
with respect to any shares covered by this Option unless this Option shall have been exercised and the exercise price paid in the manner provided herein. Except as provided in Section 4 of the Plan, no adjustment will be made for dividends or other
rights where the record date is prior to the date of exercise and payment. Upon the exercise of the Option and the issuance of the certificate or certificates evidencing the shares of Common Stock received, except as otherwise provided herein, the
Option Holder shall have all the rights of a shareholder of the Company including the rights to receive all dividends or other distributions paid or made with respect to such shares. 
  
 8. Construction. Whenever the words “Option Holder” are used in any provision of this Agreement under
circumstances where the provision should logically be construed to apply to (i) the estate, personal representative, or beneficiary to whom this Option may be transferred by will or by the laws of descent and distribution or (ii) the guardian or
legal representative of the Option Holder acting pursuant to a valid power of attorney or the decree of a court of competent jurisdiction, then the term “Option Holder” shall be construed to include such estate, personal representative,
beneficiary, guardian or legal representative. 
  

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 9. Successor and Assigns. The terms of this Agreement shall be binding upon and shall inure to the
benefit of any successors or assigns of the Company and of the Option Holder. 
  
 10. Notices. Notices under this Agreement shall be in writing and shall be deemed to have been duly given (i) when personally delivered, (ii) when delivered by Federal Express or another private carrier which
maintains records showing delivery information, (iii) when sent via facsimile but only if a written facsimile acknowledgment of receipt is received by the sending party, or (iv) on the third day following deposit in the United States Mail,
registered or certified mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given. Any notice to be given to the Company shall be addressed to the Secretary of the Company at 101 Sunset Avenue,
Asheboro, North Carolina 27203. 
  
 11. Governing Law. This
Agreement shall be governed in accordance with the laws of the State of North Carolina. 
  
 12. Multiple Counterparts. This Agreement may be signed in one or more counterparts, each of which shall be deemed to be an original. 
  
 IN WITNESS WHEREOF, the Option Holder and the Company have executed this Agreement as of the day and year first above
written. 
  

			
	FNB CORP.
		
	 By
	 	  

	
	  

	 Option Holder:

  

 5Form of Change of Control Agreement

 Exhibit 10.35 
  
 CHANGE OF CONTROL AGREEMENT 
  
 THIS CHANGE OF CONTROL AGREEMENT (this “Agreement”) is entered into as of the
             day of                     
20    , by and among FNB Corp., a North Carolina corporation and a registered bank holding company (the “Corporation”), First National Bank and Trust Company, a national banking association and a wholly
owned subsidiary of the Corporation (the “Bank”) (hereinafter the Corporation and the Bank, or their successors, are collectively referred to as the “Company”), and
                     (the “Officer”), an individual residing in
             County,                     . 
  
 WHEREAS, the Officer was employed by the Company as of
                     ,             ; and 
  
 WHEREAS, the services of the Officer, the Officer’s experience and
knowledge of the affairs of the Company and reputation and contacts in the industry are extremely valuable to the Company; and 
  
 WHEREAS, the Company wishes to attract and retain such well-qualified executives and it is in the best interest of the Company and of the Officer to
secure the continued services of the Officer notwithstanding any change of control of the Corporation or the Bank; and 
  
 WHEREAS, the Company considers the establishment and maintenance of a sound and vital management team to be part of their overall corporate strategy and
to be essential to protecting and enhancing the best interests of the Company and its shareholders; and 
  
 WHEREAS, the parties desire to enter into this Agreement to provide the Officer with security in the event of a change of control of the Corporation or
the Bank to ensure the continued loyalty of the Officer during any change of control in order to maximize shareholder value as well as the continued safe and sound operation of the Company; and 
  
 WHEREAS, the Officer and the Company acknowledge and agree that the
Officer’s employment with the Company will continue to be on an at-will basis and that this Agreement is not an employment agreement but is limited to circumstances giving rise to a change of control of the Corporation or the Bank as set forth
herein. 
  
 NOW, THEREFORE, for and in consideration of the
premises and mutual promises, covenants, and conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereby agree as follows: 
  
 1. Term. The initial term of this Agreement shall be for the period
commencing upon the effective date of this Agreement and ending three calendar years from the effective 

 date of this Agreement. On each anniversary date of this Agreement, the term automatically shall be extended for an
additional one-year period so that the term shall again be three years unless either the Company or the Officer notifies the other of its decision not to continue such annual renewal by written notice given not less than 90 days prior to such
anniversary date. 
  
 2. Change of Control. 
  
 (a) In the event of a termination of the Officer’s employment in
connection with, or within twenty-four (24) months after, a “Change of Control” (as defined in subparagraph (e) below) of the Corporation or the Bank, for reasons other than for “cause” (as defined in subparagraph (b) below),
death or “disability” (as defined in subparagraph (c) below), the Officer shall be entitled to receive the sum set forth in subparagraph (e) below. 
  
 (b) For purposes of this Agreement, termination for “cause” shall mean termination by reason of (i) an intentional, willful and continued
failure by the Officer to perform his duties as an employee of the Company (other than due to disability); (ii) an intentional, willful and material breach by the Officer of his fiduciary duties of loyalty and care to the Company; (iii) a conviction
of, or the entering of a plea of nolo contendere by the Officer for any felony or any crime involving fraud or dishonesty, or (iv) a willful and knowing violation of any material federal or state law or regulation applicable to the Corporation or
the Bank or the occurrence of any act or event as a result of which the Officer becomes unacceptable to, or is removed, suspended or prohibited from participating in the conduct of the Company’s affairs by any regulatory authority having
jurisdiction over the Corporation or the Bank. 
  
 (c) For
purposes of this Agreement, “disability” shall mean the inability, by reason of bodily injury or physical or mental disease, or any combination thereof, of the Officer to perform his customary or other comparable duties with the Company
for a period of 90 consecutive days. In the event that the Officer and the Company are unable to agree as to whether the Officer is suffering a disability, the Officer and the Company shall each select a physician and the two physicians so chosen
shall make the determination or, if they are unable to agree, they shall select a third physician, and the determination as to whether the Officer is suffering a disability shall be based upon the determination of a majority of the three physicians.
The Company shall pay the reasonable fees and expenses of all physicians selected pursuant to this subparagraph (c). 
  
 (d) The Officer shall have the right to resign his employment with the Company and terminate this Agreement upon the occurrence of any of the following
events (the “Termination Events”) within twenty-four (24) months following a Change of Control of the Corporation or the Bank: 
  
 (i) Officer is assigned any duties and/or responsibilities that are inconsistent with his duties or responsibilities at the time of the
Change of Control; 
  
 (ii) Officer’s annual
base salary rate is reduced below the annual amount in effect as of the effective date of a Change of Control or as the same shall have been increased from time to time following such effective date; 
  

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 (iii) Officer’s life insurance, medical or hospitalization insurance, disability
insurance, stock option plans, stock purchase plans, deferred compensation plans, management retention plans, retirement plans, or similar plans or benefits being provided by the Company to the Officer as of the effective date of the Change of
Control are reduced in their level, scope, or coverage, or any such insurance, plans, or benefits are eliminated, unless such reduction or elimination applies proportionately to all salaried employees of the Company who participated in such benefits
prior to such Change of Control; or 
  
 (iv)
Officer is required to transfer performance of his day-to-day services required hereunder to a location which is more than fifty (50) miles from the Officer’s current principal work location, without the Officer’s express written consent.

  
 A Termination Event shall be deemed to have occurred on the date such action
or event is implemented or takes effect. 
  
 (e) In the event that
the Officer resigns his employment and terminates this Agreement pursuant to this Paragraph 2, the Company will be obligated to pay or cause to be paid to the Officer an amount equal to that set forth on Schedule A attached hereto. 
  
 (f) For the purposes of this Agreement, the term “Change of
Control” shall mean any of the following events: 
  
 (i) After the effective date of this Agreement, any “person” (as such term is defined Section 7(j)(8)(A) of the Change in Bank Control Act of 1978), directly or indirectly, acquires beneficial ownership of voting stock, or
acquires irrevocable proxies or any combination of voting stock and irrevocable proxies, representing twenty-five percent (25%) or more of any class of voting securities of the Corporation or the Bank, or acquires control of in any manner the
election of a majority of the directors of the Corporation or the Bank; 
  
 (ii) The Corporation or the Bank consolidates or merges with or into another corporation, association, or entity, or is otherwise reorganized, where the Corporation or the Bank is not the surviving corporation in such
transaction and the holders of the voting securities of the Corporation or the Bank immediately prior to such acquisition own less than a majority of the voting securities of the surviving entity immediately after the transaction; or 
  
 (iii) All or substantially all of the assets of the
Corporation or the Bank are sold or otherwise transferred to or are acquired by any other corporation, association, or other person, entity, or group; or 
  
 (iv) Individuals who, as of the date hereof, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director after the date hereof whose election, or 
  

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 nomination for election by the Corporation’s shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as defined above) other than the
Corporation’s Board of Directors. 
  
 Notwithstanding the other provisions of
this Paragraph 2, a transaction or event shall not be considered a Change of Control if, prior to the consummation or occurrence of such transaction or event, the Officer and the Company agree in writing that the same shall not be treated as a
Change of Control for purposes of this Agreement. 
  
 (g) Amounts
payable pursuant to this Paragraph 2 shall be paid, at the option of the Officer, either in one lump sum or in twelve (12) equal monthly payments. 
  
 (h) Following a Termination Event which gives rise to the Officer’s rights hereunder, the Officer shall have six months from the date of occurrence
of the Termination Event to resign his employment and terminate this Agreement pursuant to this Paragraph 2. Any such termination shall be deemed to have occurred only upon delivery to the Corporation or Bank, or any successors thereto, of written
notice of termination, which describes the Change of Control and Termination Event. If the Officer does not so resign his employment and terminate this Agreement within such six-month period, the Officer shall thereafter have no further rights
hereunder with respect to that Termination Event, but shall retain rights, if any, hereunder with respect to any other Termination Event as to which such period has not expired. 
  
 (i) It is the intent of the parties hereto that all payments made pursuant to this Agreement be deductible by the
Corporation or the Bank for federal income tax purposes and not result in the imposition of an excise tax on the Officer. Notwithstanding anything contained in this Agreement to the contrary, any payments to be made to or for the benefit of the
Officer which are deemed to be “parachute payments” as that term is defined in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), shall be modified or reduced to the extent deemed to be necessary by
the Company’s Board of Directors to avoid the imposition of an excise tax on the Officer under Section 4999 of the Code or the disallowance of a deduction to the Company under Section 280G(a) of the Code. 
  
 (j) In the event any dispute shall arise between the Officer and the Company
as to the terms or interpretation of this Agreement, including this Paragraph 2, whether instituted by formal legal proceedings or otherwise, including any action taken by the Officer to enforce the terms of this Paragraph 2 or in defending against
any action taken by the Corporation or the Bank, the Bank shall reimburse the Officer for all costs and expenses, proceedings or actions, in the event the Officer prevails in any such action. 
  
 3. Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon any corporate or other successor of the Corporation or the Bank, which shall acquire, directly or indirectly, by conversion, merger, consolidation, purchase, or otherwise, all or substantially all of the assets of the
Corporation or the Bank. 
  

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 4. Modification; Waiver; Amendments. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Officer, the Company, except as herein otherwise provided. No waiver by any party hereto, at any time, of any breach by any party hereto, or
compliance with, any condition or provision of this Agreement to be performed by such party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No amendments or additions to this
Agreement shall be binding unless in writing and signed by the parties, except as herein otherwise provided. 
  
 5. Applicable Law. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance, or otherwise, by
the laws of North Carolina, except to the extent that federal law shall be deemed to apply. 
  
 6. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of the other provision
hereof. 
  
 IN WITNESS WHEREOF, the parties have executed this
Agreement as of the day and year first above written. 
  

			
	 CORPORATION:

	
	 FNB CORP.

		
	 By
	 	  

	 	 	Name:
	 	 	Title:
	
	 BANK:

	
	 FIRST NATIONAL BANK AND TRUST COMPANY

		
	 By
	 	  

	 	 	Name:
	 	 	Title:
	
	 OFFICER:

	
	

  

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 CHANGE OF CONTROL AGREEMENT 
  
 Schedule A 
  

			
	 Employee’s Term of Service

	  	Severance Benefit

	 0 years to 5 years
	  	6 months
	 5 years and one day to 10 years
	  	12 months
	 More than 10 years
	  	24 months

  

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