Document:

Series 2006-R-M Tri-Party Remittance Processing Agreement

 Exhibit 10.9 
 Execution Copy 
 SERIES 2006-R-M TRI-PARTY REMITTANCE 
 PROCESSING AGREEMENT 
 May 10, 2006

 JPMorgan Chase Bank, N.A. (“Processor”), AmeriCredit Financial Services, Inc. (“AmeriCredit”) and Wells
Fargo Bank, National Association, as Trustee (the “Trustee”), agree as follows: 
 1. Servicing Arrangements.
AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2006-R-M (the “Trust”) and the Trustee entered into a Sale and Servicing
Agreement dated as of May 10, 2006 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing
Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account
(as defined herein), and the Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services
and deposit of remittance items. Such terms are set forth in this Tri-Party Remittance Processing Agreement (the “Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in
the Sale and Servicing Agreement. 
 2. Remittance Processing Services. In order to provide a means of collection of the Receivables
which will allow the Trustee to receive the proceeds of the Receivables and related security without AmeriCredit or its Affiliates having access to the funds, the parties hereto agree for the benefit of the Trustee that the processing services (the
“Service(s)”) of Processor will be used for the collection and the deposit of remittances related to the Receivables and related security. 
 3. Customer Remittances. 
 (a) Obligors of the Receivables will be directed by AmeriCredit to forward
their remittances to Processor at a post office address (the “Lockbox”) assigned by Processor. Processor, acting for the exclusive benefit of the Trustee, shall have unrestricted and exclusive access to the mail directed to this
address. AmeriCredit agrees to notify Processor thirty (30) days in advance of any change in Obligor remittance statements and/or mailing schedule. 
 (b) Third party money wire transfer providers, which shall include Western Union Financial Services, Inc. (other such providers may perform the services herein with the prior written consent of the Insurer)
(“ACH Service”) may from time to time electronically deposit funds in the Lockbox Account (as defined herein) on behalf of Obligors and such ACH Service shall be authorized by Processor to electronically debit the Lockbox Account
for the amounts of any return items from Obligors; provided, however, the electronic debit of the Lockbox Account for any return items by all ACH Services may not exceed $100,000 in the aggregate per day. Processor is authorized to establish such
arrangements, on such terms deemed prudent by Processor, with such ACH Service concerning the electronic access to the Lockbox Account. 

 4. Collection of Mail. Processor will collect mail from the post office at regular intervals each
business day, but not less than two times daily. 
 5. Endorsement of Items. Processor will endorse, on behalf of AmeriCredit, checks
and other deposited items that appear to be for deposit to the credit of AmeriCredit or its Affiliates in accordance with Processor’s National Retail Lockbox Processing Agreements and Instructions, Treasury Management Services Agreement,
Commercial Account Agreement or other applicable agreement and related service terms (individually and collectively, the “Bank Agreements”), as appropriate. 
 6. Credit of Funds to Account. 
 (a)
Processor will process the checks and other deposited items and credit the total amount to the account described below (the “Lockbox Account”). The Lockbox Account will be established at Processor (ABA No.: 122100024) as account
number 662632983. Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the
Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a
successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 19 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further
act by any of the parties to this Agreement. 
 (b) Unless otherwise directed by the Trustee (with the written consent of the Insurer),
AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Wells Fargo Bank, National
Association, Account No. 0001038377 f/b/o 20123201; ABA No. 121000248 (the “Collection Account”). 
 (c) Each
party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the
Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and
overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall,
upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient
funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor. 
 7. Applicable Documentation. This Agreement supplements, rather than replaces, Processor’s deposit account agreement, terms and conditions, and lockbox agreement and other standard documentation in effect
from time to time with respect to the Lockbox, the Lockbox Account or the services provided in connection therewith (the “Applicable Documentation”), which Applicable Documentation will continue to apply to the Lockbox, the 

  

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Lockbox Account and such services, and the respective rights, powers, duties, obligations, liabilities and responsibilities of the parties thereto and
hereto, to the extent not expressly conflicting with the provisions of this Agreement (however, in the event of any such conflict, the provisions of this Agreement shall control). Prior to issuing any instructions, the Trustee shall provide
Processor with such documentation as Processor may reasonably request to establish the identity and authority of the individuals issuing instructions on behalf of the Trustee. The Trustee may request the Processor to provide other services with
respect to the Lockbox and the Lockbox Account; however, if such services are not authorized or otherwise covered under the Applicable Documentation, Processor’s decision to provide any such services shall be made in its sole discretion
(including without limitation being subject to AmeriCredit and/or the Trustee executing such Applicable Documentation or other documentation as Processor may require in connection therewith). 
 8. Processor’s General Duties. Notwithstanding anything to the contrary in this Agreement: (i) Processor shall have only the duties and
responsibilities with respect to the matters set forth herein as is expressly set forth in writing herein and shall not be deemed to be an agent, bailee or fiduciary for any party hereto; (ii) Processor shall be fully protected in acting or
refraining from acting in good faith without investigation on any notice, instruction or request purportedly furnished to it by AmeriCredit or the Trustee in accordance with the terms hereof, in which case the parties hereto agree that Processor has
no duty to make any further inquiry whatsoever; (iii) it is hereby acknowledged and agreed that Processor has no knowledge of (and is not required to know) the terms and provisions of the Sale and Servicing Agreement referred to in
Section 1 above or any other related documentation or whether any actions by the Trustee, AmeriCredit or any other person or entity are permitted or a breach thereunder or consistent or inconsistent therewith; and (iv) Processor shall not
be liable to any party hereto or any other person for any action or failure to act under or in connection with this Agreement except to the extent such conduct constitutes its own willful misconduct or negligence. 
 9. Processing of Items. The provision of services shall be governed by the Bank Agreements, as may be amended from time to time, subject to the
prior written consent to any such amendments of a material nature by the Trustee, the Insurer and AmeriCredit, which consents shall not be unreasonably withheld, conditioned or delayed. 
 10. Trust Correspondence. Any envelopes collected from the Lockbox which contain correspondence and other documents (including, but not limited
to, certificates of title, tax receipts, insurance policy endorsements and any other documents or communications of or relating to the Receivables) will be sent to the Servicer at its current address. Any enclosed payment(s), coupon(s) or check(s)
will be processed and deposited by Processor in accordance with the provisions of the Agreement. 
 11. Confidentiality. Processor
agrees that all information concerning the Obligors of the Receivables which comes into Processor’s possession pursuant to this Agreement, other than that which is already known by Processor or to the general public, will be treated in a
confidential manner. 
 12. Fees. Unless otherwise agreed by Processor, AmeriCredit shall pay Processor the fees set forth for this
Service in Processor’s most current Price List as in effect from time to time, plus additional fees for the performance of services beyond the terms of this 

  

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Agreement, or resulting from increased expenses incurred by the failure of AmeriCredit to furnish within a reasonable period of time following a request by
Processor, data in a form acceptable to Processor. Processor shall look first to AmeriCredit for payment of such fees. If AmeriCredit fails to pay Processor within thirty (30) days of receipt of invoice but in any event no later than forty-five
(45) days from the date of the invoice, Processor will notify the Trustee in writing as soon as practicable and provide to the Trustee a copy of such unpaid invoice. Subject to rights to terminate this Agreement pursuant to Section 17,
Processor will continue to perform its services under this Agreement and the amount reflected in such invoice will be paid to Processor by the Trustee out of funds in the Collection Account on the next Distribution Date (as defined below), which
follows by at least three Business Days the date of giving such notice to the Trustee. Any fees unpaid after such date will be considered unpaid fees. “Distribution Date” means the sixth day of the following calendar month, or, if such day
is not a Business Day, the immediately following Business Day. 
 13. Processor’s Liability for Nonperformance. In performing the
Services, Processor will exercise ordinary care and act in good faith. Processor shall be deemed to have exercised ordinary care if its action or failure to act is in conformity with general banking usages or is otherwise a commercially reasonable
practice of the banking industry. Processor’s liability relating to its or its employees’, officers’ or agents’ performance or failure to perform hereunder, or for any other action or inaction of Processor, or its employees,
officers or agents, shall be limited exclusively to the lesser of (i) any direct losses which are caused by the failure of Processor, its employees, officers or agents to exercise reasonable care and/or act in good faith, and (ii) the face
amount of any item, check, payment or other funds lost or mishandled by the action or inaction of Processor. Under no circumstances will Processor be liable for any general, indirect, special, incidental, punitive or consequential damages or for
damages caused, in whole or in part, by the action or inaction of AmeriCredit or the Trustee, whether or not such action or inaction constitutes negligence. Processor will not be liable for any damage, loss, liability or delay caused by accidents,
strikes, fire, flood, war, riot, equipment breakdown, electrical or mechanical failure, acts of God or any cause which is reasonably unavoidable or beyond its reasonable control. AmeriCredit agrees that the fees charged by Processor for the
performance of this Service shall be deemed to have been established in contemplation of these limitations on Processor’s liability. In addition, AmeriCredit agrees to indemnify and hold Processor harmless from all liability on the part of
Processor under this Section 13 except such liability as is attributable to the gross negligence of Processor. 
 14. Indemnification
by AmeriCredit. AmeriCredit agrees to indemnify, defend and hold Processor harmless from and against any and all damage, loss, cost, expense or liability of any kind, including, without limitation, reasonable attorneys’ fees and court
costs, which results, directly or indirectly, in whole or in part, from any negligence and willful misconduct or infidelity of AmeriCredit or any agent or employee of AmeriCredit, incurred in connection with this Agreement, Lockbox or the Lockbox
Account or any interpleader proceeding relating thereto or from Processor acting upon information furnished by AmeriCredit under this Agreement. AmeriCredit will remain liable for all indemnification under this Section 14 after its removal
and/or resignation as Servicer. 
 15. Other Agreements. Processor shall not be bound by any agreement between any of the other
parties hereto irrespective of whether Processor has knowledge of the existence of any such agreement or the terms and provisions thereof. 
  

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 16. Records. This Agreement and the performance by Processor of the Services hereunder shall not
relieve Processor of any obligation imposed by law or contract regarding the maintenance of records. 
 17. Amendment and Termination.
This Agreement may only be amended in writing signed by all parties to this Agreement and the Insurer. AmeriCredit or Trustee may immediately terminate this Agreement for cause, provided, however, that a similar agreement has been executed with a
successor processor reasonably acceptable to the Trustee and the Insurer or the Trustee and the Insurer have consented to such termination. The Trustee may immediately terminate this Agreement, at any time with the consent of the Insurer, and shall
do so, at the direction of the Insurer, upon written notice to the other parties hereto. Otherwise, any party may terminate this Agreement on sixty (60) days’ prior written notice to the others; provided, however, that AmeriCredit shall
promptly notify the Insurer of receipt of any such notice and shall arrange for alternative lockbox processing services satisfactory to the Insurer prior to the termination of the Services. 
 18. Successor Servicer. Each of Processor and the Trustee agrees that if the Servicer has been terminated or resigns as Servicer, this Agreement
shall not thereupon terminate and the successor servicer appointed pursuant to the Sale and Servicing Agreement shall succeed, except as otherwise provided herein, to all rights, benefits, duties and obligations of the Servicer hereunder. Prior to
the termination or resignation of the Trustee or the Servicer, the Trustee or the Servicer, respectively, shall provide notice to Processor in accordance with the terms and conditions to which each of the Trustee or the Servicer, respectively, is
itself entitled upon termination or resignation. 
 19. Successor Processor. Any company or national banking association into which
Processor may be merged or converted or with which it may be consolidated, or any company or national banking association resulting from any merger, conversion or consolidation to which it shall be a party or any company or national association to
which Processor may sell or transfer all or substantially all of its business (provided any such company or national banking association shall be a company organized under the laws of any state of the United States or a national banking association
and shall be eligible to perform all of the duties imposed upon it by this Agreement) shall be the successor to Processor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided,
however, that Processor notify the Trustee, the Insurer and AmeriCredit of any such merger, conversion or consolidation within 30 days of its occurrence. If such successor requires the establishment of a new account, then the successor Processor
shall as soon as practicable after the occurrence of any such merger, conversion or consolidation (i) establish the new Lockbox Account and (ii) send written notice to the Trustee, the Insurer and AmeriCredit with respect to the new
Lockbox Account number. 
 20. Third Party Beneficiary. This Agreement shall inure to the benefit of the Insurer, and all covenants
and agreements in this Agreement shall be for the benefit of and run directly to the Insurer, and the Insurer shall be entitled to rely on and, subject to the limitations on liability set forth herein, enforce such covenants to the same extent as if
it were a party to this Agreement; provided, however, that, notwithstanding this provision, the liability of Processor under this Agreement shall not under any circumstances exceed the liability of Processor in the absence of any such
third-party beneficiary. 
  

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 21. Governing Law. This Agreement shall be governed by the laws of the State of Texas. All parties
hereby waive all rights to a trial by jury in any action or proceeding relating to the Lockbox, Lockbox Account or this Agreement. 
 22.
Notices. All written notices required by this Agreement shall be delivered or mailed to the other parties at the addresses set forth below or to such other address as a party may specify in writing. 
  

			
	Processor:	  	JPMorgan Chase Bank, N.A.
		  	2200 Ross Avenue, Floor 10
		  	Mail code TX1-2946,
		  	Dallas, TX 75201-2787
		  	Attention: Belinda Crow
		
		  	With a copy to:
		
		  	JPMorgan Chase Bank, N.A.
		  	2200 Ross Avenue, Floor 3
		  	Mail code TX1-2903,
		  	Dallas, TX 75201-2787
		  	Attention: Michael Lister
		
	AmeriCredit:	  	AmeriCredit Financial Services, Inc.
		  	801 Cherry Street, Suite 3900
		  	Fort Worth, Texas 76102
		  	Attention: Chief Financial Officer
		
	Trustee:	  	Wells Fargo Bank, National Association
		  	Sixth Street and Marquette Avenue
		  	MAC N9311-161
		  	Minneapolis, Minnesota 55479
		  	Attention: AmeriCredit Automobile Receivables Trust 2006-R-M
		
	Insurer:	  	MBIA Insurance Corporation
		  	113 King Street
		  	Armonk, NY 10504
		  	Attention: Insured Portfolio Management – Structured Finance

 23. Bankruptcy. Processor hereby covenants and agrees that, prior to the date which is one
year and one day after the payment in full of the Notes and all amounts owed under the Indenture and the Sale and Servicing Agreement, any loan facility or any other securities issued by a special purpose, “bankruptcy remote” vehicle or
trust (an “AmeriCredit Issuer SPE”), directly or indirectly formed by AmeriCredit or any affiliate thereof, Processor will not institute against or join with any other person in instituting against any AmeriCredit Issuer SPE or any
non-issuer special purpose, “bankruptcy remote,” vehicle or trust (each an “AmeriCredit SPE”), any proceeding or file any petition against any such AmeriCredit SPE, under any bankruptcy, insolvency or similar law for the
relief or aid of debtors (including, without limitation, Title 11 of the United States Code or any amendment thereto), seeking the dissolution, liquidation, arrangement, reorganization or similar relief of any such AmeriCredit SPE or the appointment
of a receiver, trustee, custodian or liquidator of any such AmeriCredit SPE, or issue any writ, order, judgment warrant of attachment, execution or similar process against a substantial part of the property, assets or business of any such
AmeriCredit SPE. This covenant shall survive the termination of this Agreement. 
  

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	PROCESSOR:	 		 	AMERICREDIT:
			
	JPMORGAN CHASE BANK, N.A.	 		 	AMERICREDIT FINANCIAL SERVICES, INC.
					
	By:	 	/s/ Tandra Davis	 		 	By:	 	/s/ Susan B. Sheffield
		 	Name:	 	Tandra Davis	 		 	Name: Susan B. Sheffield
		 	Title:	 	Officer	 		 	Title:   Senior Vice President, Structured Finance

 TRUSTEE: 
  

					
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	/s/ Marianna C. Stershic
		 	Name:	 	Marianna C. Stershic
		 	Title:	 	Vice President

 [Series 2006-R-M Tri-Party Remittance Processing Agreement]Porter Bancorp,Inc. 2006 Non-Employee Directors Stock Ownership Incentive Plan

 Exhibit 10.6 
 PORTER BANCORP, INC. 
 2006 NON-EMPLOYEE DIRECTORS STOCK OWNERSHIP INCENTIVE PLAN 

ARTICLE 1. PURPOSE. 
 The purpose of this 2006
Non-employee Directors Stock Ownership Incentive Plan (“Plan”) is to advance the interests of Porter Bancorp, Inc., a Kentucky corporation (“Company”), and its subsidiaries, by providing non-employee directors of the Company and
its principal subsidiary, PBI Bank, Inc. with an ownership interest in the Company. The Plan is also intended to enhance the Company’s ability to attract and retain persons of outstanding ability to serve as directors of the Company and the
Bank. 
 ARTICLE 2. DEFINITIONS AND CONSTRUCTION. 
 2.1 Definitions. As used in the Plan, the terms defined parenthetically, immediately after their use shall have the respective meanings provided by such definitions, and the terms set forth below shall have the following meanings (in
either case, such meanings shall apply equally to both the singular and plural forms of the terms defined): 
 (a) “Award” shall
mean a grant of Options under Section 5 of the Plan. 
 (b) “Award Date” shall mean (i) in 2006, the date on which the
Company’s registration statement for an initial public offering of its Shares is declared effective by the Securities and Exchange Commission, and (ii) in subsequent years, the first business day of the first calendar month after the date
of the Company’s annual meeting of shareholders. 
 (c) “Bank” shall mean PBI Bank, Inc., a wholly owned subsidiary of the
Company. 
 (d) “Board” shall mean the Board of Directors of the Company or the Bank, as the case may be. 
 (e) “Change of Control” means (i) an event or series of events which have the effect of any “person” as such term is used
in Section 13(d) and 14(d) of the Exchange Act, other than any trustee or other fiduciary holding securities of the Company under any employee benefit plan of the Company, becoming the “beneficial owner” as defined in Rule 13d-3 under
the Exchange Act, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding capital stock; (ii) any merger, consolidation, share exchange, recapitalization
or other transaction in which any person becomes the beneficial owner of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding capital stock; (iii) the persons who were members of
the Board of the Company immediately before a transaction shall cease to constitute a majority of the Board of the Company or any successor to the Company; (iv) the business of the Company is disposed of pursuant to a merger, consolidation,
share exchange, sale or other disposition of the Bank, or to a partial or complete liquidation, sale of assets, or otherwise. 
  

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 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any
successor thereto, together with any regulations promulgated thereunder. 
 (g) “Committee” shall mean the committee described in
Section 3.1. 
 (h) “Director” shall mean a member of the Board who is not an employee of the Company or any Subsidiary of the
Company. 
 (i) “Disability” shall mean a physical or mental infirmity that the Committee determines impairs the Director’s
ability to perform substantially his or her duties for a period of 180 consecutive days. 
 (j) “Effective Date” shall mean the
date described in Section 6.1. 
 (k) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time. 
 (l) “Fair Market Value” of the Shares shall mean, as of any Award Date, the closing sale price of the Shares as reported
on the NASDAQ National Market, or if no such reported sale of the Shares shall have occurred on such date, on the next preceding date on which there was a reported sale. If there shall be any material alteration in the present system of reporting
sale prices of the Shares, or if the Shares shall no longer be listed on the NASDAQ National Market, the Fair Market Value of the Shares as of an Award Date shall be determined by such method as shall be determined in good faith by the Committee.

 (m) “Option” shall mean an option to purchase Shares granted pursuant to Article 5. 
 (n) “Optionee” shall mean a person to whom an option has been granted under the Plan. 
 (o) “Option Agreement” shall mean an agreement evidencing the grant of an Option, as described in Section 5.2. 
 (p) “Option Exercise Price” shall mean the purchase price per Share subject to an Option, which shall be (i) with respect to the Awards
made on the first Award Date, the price at which Shares are sold to investors in the Company’s initial public offering of Shares and (ii) thereafter, the Fair Market Value of the Share on the Award Date. 
 (q) “Person” shall have the meaning ascribed to such term in Section 3(a) (9) of the Exchange Act and as used in Sections 13(d) and
14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
  

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 (r) “Plan” shall mean this Porter Bancorp, Inc. 2006 Non-employee Directors Stock Ownership
Incentive Plan as the same may be amended from time to time. 
 (s) “Shares” shall mean the Company’s Common Shares.

 (t) “Subsidiary” shall mean, with respect to any company, any corporation or other Person of which a majority of its voting
power, equity securities, or equity interest is owned directly or indirectly by such company. 
 (u) “Withholding Taxes” shall mean
all federal, state and local income taxes and other amounts as may be required by law to be withheld with respect to any option exercise, if any. 
 2.2 Gender and Number. Except where otherwise indicated by the context, reference to the masculine gender shall include the feminine gender, the plural shall include the singular and the singular shall include the plural. 

2.3 Severability. If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 ARTICLE 3.
ADMINISTRATION. 
 3.1 The Committee. The Plan is designed to operate automatically and not require administration. However, to the
extent administration is required, it shall be provided by the Board of Directors of the Company (the “Committee”). 
 3.2
Authority of the Committee. Subject to the provisions of the Plan, the Committee shall have full authority to: 
 (a) construe and
interpret the Plan and any agreement or instrument entered into under the Plan; and 
 (b) establish, amend and rescind rules and regulations
for the Plan’s administration. 
 To the extent permitted by law, Rule 16b-3 promulgated under the Exchange Act, and the rules of the NASDAQ Stock
Market, the Committee may delegate its authority as identified herein. 
 3.3 Decisions Binding. All determinations and decisions made
by the Committee pursuant to the provisions of the Plan, and all related orders or resolutions of the Board, shall be final, conclusive and binding on all Persons, including the Company, the Directors and their estates and beneficiaries. 

 

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 3.4 Section 16 Compliance. It is the intention of the Company that the Plan and the
administration of the Plan comply in all respects with Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. If any Plan provision, or any aspect of the administration of the Plan, is found not to be in compliance
with Section 16 of the Exchange Act, the provision or aspect of administration shall be null and void to the extent permitted by law and deemed advisable by the Committee. In all events the Plan shall be construed in favor of its meeting the
requirements of Rule 16b-3 promulgated under the Exchange Act. 
 3.5 Section 409A Compliance. It is the intention of the Company
that the Plan not be subject to Section 409A of the Code and the rules and regulations promulgated thereunder. If any Plan provision, or any aspect of the administration of the Plan, would be found to subject the Plan to Section 409A of
the Code, the provision or aspect of administration shall be null and void to the extent permitted by law and deemed advisable by the Committee. In all events the Plan shall be construed in favor of its meeting the requirements of Section 409A
of the Code. 
 ARTICLE 4. SHARES AVAILABLE UNDER THE PLAN. 
 4.1 Number of Shares. Subject to adjustment as provided in Section 4.2, the number of Shares reserved for issuance upon the exercise of options is 100,000 Shares. Any Shares issued under the Plan will
consist of authorized and unissued Shares. If and to the extent options shall expire or terminate for any reason without having been exercised in full, the Shares associated with such Awards to the extent not fully exercised shall again become
available for Awards under the Plan. 
 4.2 Adjustments in Authorized Shares and Outstanding Awards. In the event of a merger,
reorganization, consolidation, recapitalization, reclassification, split-up, spin-off, separation, liquidation, share dividend, stock split, reverse stock split, cash dividend, property dividend, share repurchase, share combination, share exchange,
issuance of warrants, rights or debentures, or other change in the corporate structure of the Company affecting the Shares, the Committee may substitute or adjust the total number and class of Shares or other stock or securities that may be issued
under the Plan, and the number, class and/or price of Shares. or other stock or securities subject to outstanding Awards, as it determines to be appropriate and equitable to prevent dilution or enlargement of the rights of Directors and to preserve,
without exceeding, the value of any outstanding Awards; and further provided, that the number of Shares or other stock or securities subject to any Award shall always be a whole number. 
 ARTICLE 5. AWARDS. 
 5.1 Automatic Grant of Options. Subject to the terms and provisions of the
Plan, on each Award Date: (a) each Director of the Company shall automatically receive an option to purchase 5,000 Shares, and (b) each Director of the Bank shall automatically receive an option to purchase 1,000 Shares. The options
granted under the Plan are not intended to qualify as incentive stock options within” the meaning of Section 422 of the Code. 
  

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 5.2 Vesting. Subject to Sections 5.4 and 5.7, each Option shall vest and become exercisable with
respect to one-sixth of the Shares subject thereto on each six month anniversary of the Award Date; provided, however, that the Director continues to serve as a member of the Board as of such dates. If a Director ceases to serve as a
member of the Board for any reason, the Director shall have no rights with respect to that portion of an option which is not then vested pursuant to the preceding sentence and the Director shall automatically forfeit that portion of the Option that
remains unvested. 
 5.3 Option Agreement. Each Award shall be evidenced by an Option Agreement that shall specify the Option
Exercise Price, the duration of the Option, the number of Shares to which the option relates and such other terms and conditions not inconsistent with the provisions of this Plan as determined by the Committee; provided, however, that
such terms shall not vary the timing of Awards, including provisions dealing with exercisability, forfeiture or termination of such Awards. 
 5.4 Duration of Options. Subject to Section 5.6, each Option shall expire on the fifth (5th) anniversary of the Award Date on which it was granted. 
 5.5 Method of Exercise. The exercise of an Option shall be made only by a written notice delivered in person or by mail to the Secretary of the
Company at the Company’s principal executive office, specifying the number of Shares to be purchased and accompanied by payment therefor and otherwise in accordance with the Option Agreement pursuant to which the Option was granted. Shares
purchased pursuant to the exercise of an option shall be paid in full upon such exercise by any one or a combination of the following: (i) in cash; (ii) in Shares owned by the Optionee (or jointly by the Optionee and his or her spouse) for
at least six months evidenced by negotiable certificates or by a written attestation of ownership and consent to issuance, in satisfaction of the Option or portion thereof being exercised, of only the net Shares (those equal in value to the
difference between the Option Exercise Price and the then Fair Market Value); (iii) by a written election to have the Company retain that number of Shares subject to the Option having an aggregate Fair Market Value equal to the aggregate Option
Exercise Price; or (iv) by any combination thereof. The written notice pursuant to this Section 5.5 may also provide instructions from the Optionee to the Company that upon receipt of the purchase price in cash from the Optionee’s
broker or dealer, designated as such on the written notice, in payment for any Shares purchased pursuant to the exercise of an Option, the Company shall issue such Shares directly to the designated broker or dealer. Any Shares transferred to the
Company or withheld as payment of the Option Exercise Price shall be valued at their Fair Market Value on the date preceding the date of exercise. If requested by the Committee, the Optionee shall deliver the Option Agreement evidencing the option
to the Secretary of the Company who shall endorse thereon a notation of such exercise and return such Option Agreement to the Optionee. No fractional shares (or cash in lieu thereof) shall be issued upon exercise of an Option and the number of
Shares that may be purchased upon exercise shall be rounded down to the nearest number of whole Shares. 
 5.6 Termination of Director
Relationship. If a Director for any reason other than death or Disability shall cease to be a member of the Board, the outstanding Options of such Director (or portions thereof) that are vested and exercisable as of the date the Director so

  

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 ceased to be a member of the Board may be exercised by such Director at any time before the earlier of the expiration
date of the options or the date that is ninety (90) days after the date on which such Director ceases to be a member of the Board. If a Director shall cease to be a member of the Board by reason of death or Disability, the outstanding options
of such Director (or portions thereof) that are vested and exercisable as of the date the Director so ceased to be a member of the Board may be exercised by such Director at any time before the earlier of the expiration date of the Options or the
date that is the first anniversary of the Director’s death or Disability. Options may be exercised as provided in this Section 5.6 (x) in the event of the death of a Director, by the person or persons to whom rights pass by will or by
the laws of descent and distribution, or if appropriate, the legal representative of his estate and (y) in the event of the Disability of a Director, by the Director, or if such Director is incapacitated, by his legal representative.

 5.7 Effect of Change of Control. Notwithstanding anything contained in the Plan or an Option Agreement to the contrary, in the
event of a Change of Control, (i) all options outstanding on the date of such Change of Control shall become immediately and fully exercisable and (ii) an Optionee will be entitled to receive, in lieu of the exercise of any Option or
portion of an Option to the extent not yet exercised, a cash payment in an amount equal to the difference between the aggregate Option Exercise Price and (A) in the case of a tender offer or exchange offer, the final offer price paid per Share,
multiplied by the number of Shares covered by the Option, or (B) in the case of any other Change of Control, the aggregate Fair Market Value of the Shares covered by the Option. The Company shall pay any amount it must make under this
Section 5.7 on the 7th day following the occurrence of the Change of Control. 
 ARTICLE 6. EFFECTIVE DATE, AMENDMENT, MODIFICATION, AND TERMINATION. 
 6.1 Effective Date. The Plan shall be effective upon the approval by the affirmative vote of the holders of a majority of the securities of the Company represented in person or by proxy, and entitled to vote,
at a meeting of shareholders of the Company at which the Plan is submitted for approval. 
 6.2 Termination Date. The Plan shall
terminate on the earliest to occur of (a) the date when all Shares available under the Plan shall have been acquired pursuant to the exercise of Awards or (b) such other date as the Board may determine in accordance with Section 6.3.

 6.3 Amendment, Modification and Termination. 
 (a) Except as provided in Section 6.3(b), the Board may, at any time, amend, modify or terminate the Plan. 
 (b) Without the approval of shareholders of the Company, no amendment, modification or termination may: 
  

	 	(i)	materially increase the benefits accruing to Directors under the Plan; 

  

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	 	(ii)	increase the total number of Shares that may be issued under the Plan, except as provided in Section 4.2; or 

  

	 	(iii)	modify the eligibility or other requirements to receive an Award under the Plan. 

 6. 4 Awards Previously Granted. No amendment, modification or termination of the Plan shall in any manner adversely affect any outstanding Award without the written consent of the Optionee. 
 ARTICLE 7. NON-TRANSFERABILITY. 
 Except as otherwise
provided in this Article 7, no Option shall be transferable by a Director other than by will or the laws of descent and distribution, and an Option shall be exercisable, during the Director’s lifetime, only by the Director (or, in the event of
the Director’s legal incapacity or incompetency, the Director’s guardian or legal representative). A Director may transfer all or part of a Nonqualified Stock Option to (i) the Director’s spouse or lineal descendants
(“Immediate Family Members”), (ii) trusts for the exclusive benefit of the Director and/or his Immediate Family Members, or (iii) a partnership or limited liability company in which the Director and/or his Immediate Family
Members are the only partners or members, as applicable. Such transfer may be made by a Director only if there is no consideration for the transfer, and subsequent transfers of any Option shall be prohibited other than in accordance with this
Article 7 and by will or the laws of descent and distribution. Following a transfer of an Option, the Option shall continue to be subject to the same terms and conditions as were applicable immediately before the transfer, and the conditions to
exercise of an Option upon Termination of Director Relationship or otherwise provided in this Plan shall be applied with respect to the original Director. However, for purposes of exercising the Option, the term Director shall refer to the
transferee. In addition, for purposes of the death benefit provisions of Section 5.6, references to a Director shall be deemed to refer to the transferee, the personal representative of the transferee’s estate, or after final settlement of
the transferee’s estate, the successor or successors entitled thereto by law. 
 ARTICLE 8. NO RIGHT OF REELECTION. 
 Neither the Plan nor any action taken under the Plan shall be construed as conferring upon a Director any right to continue as a director of the Company,
to be renominated by the Board or to be reelected by the shareholders of the Company. 
 ARTICLE 9. WITHHOLDING. 
 Upon the exercise of an Option (a “Taxable Event”), the Optionee shall pay the Withholding Taxes, if any, to the Company before the issuance, or
release from escrow, of such Shares. In satisfaction of the obligation to pay any Withholding Taxes to the Company, the 
  

 7 

 Optionee may make a written election (the “Tax Election”) to have withheld a portion of the Shares then
issuable to him or her having an aggregate Fair Market Value, on the date preceding the date of such issuance, equal to the Withholding Taxes. 
 ARTICLE
10. INDEMNIFICATION. 
 No member of the Board or the Committee, nor any officer or employee acting on behalf of the Board or the
Committee, shall be personally liable for any action, determination or interpretation taken or made with respect to the Plan, except for liability arising from his or her own willful misfeasance, gross negligence or reckless disregard of his or her
duties. All members of the Board, the Committee and each and any officer or employee of the company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action,
determination or interpretation. 
 ARTICLE 11. SUCCESSORS. 
 All obligations of the Company with respect to Awards granted under the Plan shall be binding on any successor to the Company, whether the existence of such successor is a result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business and/or assets of the Company. 
 ARTICLE 12. GOVERNING LAW.

 To the extent not preempted by federal law, the Plan, and all agreements under the Plan, shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Kentucky without regard to its conflict of law rules. 
 * * * * * 
  

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