Document:

Exhibit 10.10

 

EASTERN VIRGINIA BANKSHARES, INC.

EXECUTIVE SEVERANCE
PLAN AND SUMMARY PLAN DESCRIPTION

 

Effective January 1, 2015

 

	 	1.	Purpose of the Plan; General. The purpose of the Executive Severance Plan (the “Plan”) of Eastern Virginia Bankshares, Inc. (the “Company”) is to describe the circumstances under which a “Senior Executive” will be entitled to severance compensation and benefits upon termination of service. For purposes of the Plan, a “Senior Executive” means any officer at the Executive Vice President level or above employed by the Company or by its wholly-owned subsidiary EVB (the “Bank”), provided in any event that an employee who has an employment agreement with the Company or the Bank is not eligible to participate in the Plan.

 

The Plan is an unfunded welfare benefit plan for purposes
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and a severance pay plan within the meaning
of United States Department of Labor Regulations Section 2510.3-2(b). This document serves as both the Plan document and the summary
plan description for the Plan. The Plan supersedes any prior severance plans, programs or policies sponsored by the Company or
the Bank covering Senior Executives under this Plan, both formal and informal.

 

	 	2.	Definitions.

 

	 	a.	“Cause” means a Senior Executive’s (i) personal dishonesty, (ii) incompetence, (iii) willful misconduct, (iv) breach of a fiduciary duty involving personal profit, (v) intentional failure to perform stated duties, (vi) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, (vii) conviction of a felony or of a misdemeanor involving moral turpitude, (viii) misappropriation of the Company’s assets (determined on a reasonable basis) or those of the Bank, (ix) death, or (x) disability as defined in a policy of long-term disability insurance maintained by the Company or the Bank for the benefit of the Senior Executive.

 

	 	b.	A “Change of Control” occurs if, after the effective date of the Plan, (i) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Company securities having 50% or more of the combined voting power of the then outstanding Company securities that may be cast for the election of the Company’s directors other than a result of an issuance of securities initiated by the Company, or open market purchases approved by the Board of Directors, as long as the majority of the Board of Directors approving the purchases is a majority at the time the purchases are made; or (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer, a merger or other business combination, a sale of assets, a contested election of directors, or any combination of these events, the persons who were directors of the Company before such events cease to constitute a majority of the Company’s Board, or any successor’s board, within two years of the last of such transactions. For purposes of the Plan, a Change of Control occurs on the date on which an event described in (i) or (ii) occurs. If a Change of Control occurs on account of a series of transactions or events, the Change of Control occurs on the date of the last of such transactions or events.

 

	 	c.	“Constructive Discharge” means the occurrence of one or more of the following (i) a material diminution in the Senior Executive’s base compensation, (ii) a material diminution of the Senior Executive’s authority, duties or responsibility, or (iii) a material change in the geographic location at which the Senior Executive must perform the services; provided in any event that the Senior Executive delivers written notice to the Company of the existence of the condition described in this section within thirty (30) days of the initial existence of the condition, and the Company shall have thirty (30) days during which it may remedy the condition without the condition constituting a Constructive Discharge.

 

     

     

    

 

		3.	Severance Pay upon Involuntary
Termination. A Senior Executive whose employment is terminated involuntarily by the Company and/or the Bank other than
for Cause will be entitled to the following severance pay and benefits, provided the Senior Executive executes and does not revoke
a general release of claims in favor of the Company and its affiliated entities in substantially the form attached to the Plan
as Exhibit A (the “Release”), subject to the timing limitations set forth in Section 6:

 

		a.	Six (6) months of base salary
continuation at the rate in effect on the date of termination, payable in accordance with the established payroll practices of
the Senior Executive’s employer (but not less frequently than monthly and in equal installments);

 

	 	b.	For a period of six (6) months, payment in accordance with the established payroll practices of the Senior Executive’s employer (but not less frequently than monthly) of an amount equal to the regular employer-paid portion of the monthly premium for the Senior Executive’s then-currently elected medical insurance for himself and, if applicable, his spouse and eligible dependents who are covered under the medical plan at the time of termination, provided the Senior Executive elects and receives medical coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) during the six (6) month period.

 

		4.	Severance Pay upon Termination
following a Change of Control. A Senior Executive whose employment is terminated involuntarily by the Company and/or
the Bank other than for Cause within one (1) year following a Change of Control or who experiences a Constructive Discharge within
one (1) year following a Change of Control will be entitled to the following severance pay and benefits in lieu of, and not in
addition to, any severance pay or benefits provided under Section 3 of the Plan, provided the Senior Executive executes and does
not revoke the Release (as defined in Section 3), subject to the timing limitations set forth in Section 6:

 

		a.	Twelve (12) months of base
salary continuation at the rate in effect on the date of termination, payable in accordance with the established payroll practices
of the Senior Executive’s employer (but not less frequently than monthly and in equal installments);

 

	 	b.	For a period of twelve (12) months, payment in accordance with the established payroll practices of the Senior Executive’s employer (but not less frequently than monthly) of an amount equal to the regular employer-paid portion of the monthly premium for the Senior Executive’s then-currently elected medical insurance for himself and, if applicable, his spouse and eligible dependents who are covered under the medical plan at the time of termination, provided the Senior Executive elects and receives medical coverage under COBRA during the twelve (12) month period.

 

The severance pay and benefits set forth in this Section
4 that may be due upon a termination following a Change of Control shall supersede all severance pay and benefits of the Senior
Executive under Section 3; the severance pay and benefits set forth in this Section 4 replace those under Section 3 and are not
cumulative thereof.

 

		5.	No Duplicate Payments. Any
benefits or amounts owed hereunder will be reduced by any other severance payment to which the Senior Executive is entitled under
any applicable laws or regulations, including payments made by the Company or the Bank pursuant to any statutory or regulatory
obligation to provide severance or similar payments, including payments under the Worker Adjustment Retraining and Notification
Act, or any similar state or local statute.

 

		6.	Release. Payment
of the severance pay and benefits described under the Plan is contingent upon the Senior Executive executing the Release, and
the applicable revocation period having expired (the Release “become effective”), before the sixtieth (60th)
day after the effective date of termination. A Senior Executive may revoke a signed Release within seven (7) days of signing the
Release. Any such revocation must be made in writing and received by the Plan Administrator (defined in Section 7) within such
seven (7) day period. A Senior Executive who does not submit a signed Release or, having submitted one, timely

 

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revokes
the Release shall not be eligible to receive, and shall forfeit all rights to, any severance pay or benefits under the Plan. A
Senior Executive who timely submits a signed Release and who does not exercise his right of revocation shall be eligible to receive
severance pay and benefits under the Plan only after the applicable period for revoking such Release has expired. If any payments
are due to be paid in accordance with established payroll practices during the sixty (60) day period during which the Release
may become effective, then such payments shall be accumulated and paid on the first regularly scheduled payroll date that occurs
on or after the date that the Release has become effective.

 

		7.	Plan Administration;
Authority of Plan Administrator.

 

		a.	The Company shall act as
the Plan Administrator of the Plan and the “named fiduciary” within the meaning of such terms as defined in ERISA.
It shall be the principal duty of the Plan Administrator to see that the Plan is carried out, in accordance with its terms, and
operated uniformly for similarly situated individuals. The Plan Administrator shall have the power to appoint an administrative
committee to manage the day-to-day affairs of the Plan.

 

	 	b.	The Plan Administrator shall administer the Plan in accordance with its terms and shall have the power to determine all questions arising in connection with the administration, interpretation and application of the Plan. Any such determination by the Plan Administrator will be conclusive and binding upon all persons. The Plan Administrator may establish procedures, correct defects, supply information, or reconcile inconsistencies in any manner and to whatever extent is deemed necessary or advisable to carry out the purposes of this Plan. However, any procedure, discretionary act, interpretation or construction will be adopted or performed in a nondiscriminatory manner based upon uniform principles consistently applied. The Plan Administrator will have all powers necessary or appropriate to accomplish its duties under this Plan.

 

		c.	The Plan Administrator may
delegate to other persons responsibilities for performing certain of the duties of the Plan Administrator under the Plan and may
seek expert advice as the Plan Administrator deems reasonably necessary with respect to the Plan. The Plan Administrator shall
be entitled to rely upon the information and advice furnished by such persons and experts, unless actually knowing such information
and advice to be inaccurate or unlawful.

 

		d.	Neither the Plan Administrator
nor anyone acting on its behalf shall be liable in any manner for any action taken or determination made under the Plan in good
faith. Nevertheless, as permitted by law, the Company will indemnify and save the Plan Administrator’s designees harmless
against expenses, claims and liabilities arising out of his or their actions on behalf of the Company in connection with the administration
of the Plan, except expenses, claims and liabilities arising out of such person’s own gross negligence or bad faith or for
which applicable law does not permit such indemnification.

 

		8.	Claim Procedure.

 

		a.	The Plan Administrator shall
maintain a procedure by which a Senior Executive shall claim benefits and such procedure shall be communicated to each Senior
Executive in the Plan. Such procedure shall include rules for determining the date on which a claim is deemed filed.

 

		b.	Any Senior Executive, former
Senior Executive or other person claiming an interest in the Plan (the “Claimant”) who has not been granted severance
pay or benefits under the Plan from his employer in connection with a termination described in the Plan or who disputes the amount
of such payments or benefits granted may file a claim with the Plan Administrator. The claim must be in writing and must be received
by the Plan Administrator within ninety (90)

 

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days after the date as of which the Claimant’s
employment is terminated. Failure to submit a claim within ninety (90) days after the date as of which the Claimant’s employment
is terminated shall bar the Claimant’s claim for benefits.

 

		c.	The denial of any claim
shall be communicated in writing or in electronic form by the Plan Administrator to the Claimant (or the Claimant's authorized
representative) within ninety (90) days of receipt of the claim, unless the Plan Administrator determines that special circumstances
require an extension of time, in which case the Plan Administrator may have up to an additional ninety (90) days to process the
claim. If the Plan Administrator determines that an extension of time for processing is required, the Plan Administrator shall
furnish written or electronic notice of the extension to the Claimant before the end of the initial 90-day period. Any notice
of extension shall describe the special circumstances necessitating the additional time and the date by which the Plan Administrator
expects to render its decision on the claim.

 

		d.	The written or electronic
notice of denial shall be set forth in a manner designed to be understood by the Claimant, and shall include specific reasons
for the denial, specific references to the Plan provision(s) upon which the denial is based, a description of any information
or material necessary for the Claimant to perfect his claim, an explanation of why such material or information is necessary,
and an explanation of the Plan’s review procedures and the time limits applicable to such procedures, including a statement
of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination on review.
If a Claimant has not received notification within ninety (90) days (or such extended period as may be applicable) that his claim
has been allowed, the Claimant will be considered to have exhausted the Plan’s internal claims procedure and will be entitled
to pursue any remedies available to him under ERISA.

 

		e.	Any Claimant whose claim
is denied in accordance with paragraph (c) shall have the right to request the review of such denial within sixty (60) days of
receipt of written or electronic notice of the denial. Such request for review shall be in writing and directed to the Plan Administrator.
The Claimant shall have the right to be represented at such review, to review all documents relevant to the denial, and to submit
written comments, documents, records and other information relating to the claim for benefits. The Claimant shall be provided
upon request and free of charge reasonable access to and copies of all documents, records and other information relevant to the
Claimant’s claim for benefits. Any review requested by the Claimant of a determination by the Plan Administrator shall take
into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard
to whether such information was submitted or considered in the initial benefit determination. The Plan Administrator shall respond
electronically or in writing within sixty (60) days after the receipt of the request for such review, unless the Plan Administrator
determines that special circumstances require an extension of time, in which case the Plan Administrator may have up to an additional
sixty (60) days to respond. If the Plan Administrator determines that an extension of time for processing is required, the Plan
Administrator shall furnish written or electronic notice of the extension to the Claimant before the end of the initial 60-day
period. Any notice of extension shall describe the special circumstances necessitating the additional time and the date by which
the Plan Administrator expects to render its decision on review.

 

		f.	The decision on review shall
include specific reasons for the decision, written in a manner calculated to be understood by the Claimant and with specific references
to the relevant Plan provisions on which the decision is based. The decision on review also shall include a statement that the
Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant to the Claimant’s claim for benefits and a statement of the Claimant’s right to bring
an action under Section 502(a) of ERISA. In no event shall a Claimant be entitled to challenge a decision of the Plan Administrator,
in court or in any other administrative proceeding, until the claim procedures provided herein are exhausted. The Plan Administrator’s
decision shall be final and binding for all employees, Senior Executives and other parties.

 

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		g.	Any person submitting a
claim in accordance with this section may withdraw the claim at any time or, with the consent of the Senior Executive’s
employer, defer the date on which such claim shall be deemed filed for purposes of this Section.

 

		h.	For purposes of this section,
a document, record or other information is considered “relevant” to the Claimant’s claim if such document, record
or other information (i) was relied upon by the Plan Administrator in making the benefit determination; (ii) was submitted, considered
or generated in the course of making the benefit determination, without regard to whether such document, record or other information
was relied upon in making the benefit determination; or (iii) demonstrates compliance with the administrative processes and safeguards
designed to ensure and to verify that that benefit claim determinations are made in accordance with governing Plan documents and
that, where appropriate, the Plan provisions have been applied consistently with respect to similarly situated Claimants. A document,
record, or other information that constitutes privileged attorney-client material or attorney work-product, or that is otherwise
protected from disclosure on the basis of privilege or immunity shall not be considered “relevant” to the Claimant's
claim.

 

		9.	Amendment and Termination.
The Company reserves the right, in its sole discretion, to amend or terminate the Plan at any time. On and after the termination
of the Plan, no further awards of severance pay or other benefits shall be made or accrue under the Plan; provided, however, that
any Senior Executive whose employment terminated and whose Release had become effective before the effective date of the termination
of the Plan shall receive the severance pay and benefits set forth in either Section 3 or Section 4 of the Plan, notwithstanding
the termination of the Plan.

 

		10.	Plan Funding. The
Plan is funded entirely through Company or Bank payments from its operating assets. Severance pay and benefits are not held under
any trust, are paid from the general assets of the participating employer, are unsecured, and are subject to the claims of the
participating employer’s general creditors. The rights of a Senior Executive under the Plan are no greater than those of
an unsecured general creditor of the applicable employer.

 

		11.	Coordination with Other
Employment Benefits. Severance pay and benefits under the Plan are not considered eligible earnings for the 401(k) plan or
any other benefit program offered by the Senior Executive’s employer.

 

		12.	Employment At-Will.
The Plan does not change the at-will nature of any Senior Executive's employment with the Company or the Bank.

 

		13.	Restriction against Assignment.
Severance pay and benefits under the Plan may not be assigned, pledged or encumbered in any manner, and any attempt to do so shall
be void. The Company and the Bank shall make deductions from Plan severance payments to the extent required by court-ordered garnishment,
wage assignment, or similar law.

 

		14.	Governing Law. Except
to the extent superseded by the laws of the United States, the laws of the Commonwealth of Virginia shall be controlling in all
matters relating to the Plan.

 

		15.	Compliance with Code
Section 409A. The Plan and all payments to be made or benefits to be provided hereunder are intended to be exempt from the
applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), under the “two
years/two times” limitation set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), and shall be construed and
interpreted in accordance therewith. No payments will be made or benefits provided that are in excess of the limits, or are paid
or provided at a time later than that which is, set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A). Neither the Company
nor the Bank will be liable to any employee or other person for any liability or damages incurred if the Internal Revenue Service
or any other court or other authority having jurisdiction over such matter determines for any reason that any amount under the
Plan is subject to taxes, penalties or interest as a result of failing to comply with Code Section 409A.

 

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		16.	ERISA Rights Statement.

 

As a Senior Executive in the Plan, you are entitled
to certain rights and protections under ERISA. ERISA provides that all Senior Executives shall be entitled to:

 

		·	examine, without charge
at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan
and a copy of the latest Annual Report (Form 5500 series), if any, filed by the Plan with the U.S. Department of Labor and available
at the Public Disclosure Room of the Employee Benefits Security Administration.

 

		·	obtain copies of all documents
governing the operation of the Plan and copies of the latest Annual Report (Form 5500 series), if any, and an updated summary
plan description, by making a written request to the Plan Administrator and paying a reasonable charge for the copies.

 

		·	receive a summary of the
Plan’s annual financial report, if such summary is required by law.

 

In addition to creating rights for Senior Executives,
ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called
“fiduciaries” of the Plan, have a duty to do so prudently and in your interest and in the interest of the other Senior
Executives and beneficiaries.

 

No one, including your employer or any other person,
may fire you or otherwise discriminate against you, in any way solely to prevent you from getting a benefit or exercising your
rights under ERISA. If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was
done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time
schedules.

 

Under ERISA, there are steps you can take to enforce
the above rights. For instance, if you request a copy of Plan documents or the latest Annual Report from the Plan and do not receive
them within thirty (30) days, you may file suit in federal court. In such a case, the court may require the Plan Administrator
to provide the documents and pay you up to $110 a day until you receive them, unless they were not sent because of reasons beyond
the control of the Plan Administrator.

 

If you have a claim for benefits which is denied or
ignored, in whole or in part, you may file suit in a state or federal court. If it should happen that Plan fiduciaries misuse the
Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department
of Labor or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If your suit
is successful, the court may order the person you have sued to pay costs and fees. If you lose, the court may order you to pay
these costs and fees, for example, if it finds your claim is frivolous.

 

If you have any questions about the Plan, you should
contact the Plan Administrator. If you have any questions about your rights under ERISA, or if you need assistance in obtaining
documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration,
U.S. Department of Labor listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits
Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain
publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration.

 

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General Plan Information

 

Plan Name

 

Eastern Virginia Bankshares, Inc. Executive
Severance Plan

 

Plan Sponsor

 

Eastern Virginia Bankshares, Inc.

 

P.O. Box 1455

330 Hospital Road

Tappahannock, Virginia 22560

 

804-443-8400

 

Employer Identification Number (EIN)

 

54-1866052

 

Plan Number

 

502

 

Plan Type

 

The Plan is a welfare benefit plan that
pays severance benefits.

 

Plan Administrator

 

Eastern Virginia Bankshares, Inc.

 

P.O. Box 1455

330 Hospital Road

Tappahannock, Virginia 22560

 

804-443-8400

 

Agent for Service of Legal Process

 

Eastern Virginia Bankshares, Inc.

 

P.O. Box 1455

330 Hospital Road

Tappahannock, Virginia 22560

 

804-443-8400

 

Plan Year

 

The calendar year.

 

    7 

     

    

 

Exhibit A

 

GENERAL RELEASE AGREEMENT

 

For good and valuable consideration, the
receipt of which is hereby acknowledged, _________________ (“Employee”), hereby irrevocably and unconditionally releases,
acquits, and forever discharges Eastern Virginia Bankshares, Inc. (the “Company”) and each of its current and former
agents, directors, members, affiliated entities, officers, executives, employees, attorneys, and all persons acting by, through,
under or in concert with any of them (collectively “Releasees”) from any and all charges, complaints, claims, liabilities,
grievances, obligations, promises, agreements, controversies, damages, policies, actions, causes of action, suits, rights, demands,
costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited
to, any rights arising out of alleged violations or breaches of any contracts, express or implied, or any tort, or any legal restrictions
on their right to terminate Employee’s employment, or any federal, state or other governmental statute, regulation, law or
ordinance, including without limitation (1) Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991;
(2) the Americans with Disabilities Act; (3) 42 U.S.C. § 1981; (4) the federal Age Discrimination in Employment Act (age
discrimination); (5) the Older Workers Benefit Protection Act; (6) the Equal Pay Act; (7) the Family and Medical Leave Act; and
(8) the Employee Retirement Income Security Act (“ERISA”) (“Claim” or “Claims”), which
Employee now has, owns or holds, or claims to have, own or hold, or which Employee at any time heretofore had owned or held, or
claimed to have owned or held, against each or any of the Releasees at any time up to and including the date of the execution of
this General Release Agreement (“Release”).

 

Employee hereby acknowledges and agrees
that the execution of this Release and the cessation of Employee’s employment and all actions taken in connection therewith
are in compliance with the federal Age Discrimination in Employment Act and the Older Workers Benefit Protection Act and that the
releases set forth above shall be applicable, without limitation, to any claims brought under these Acts. Employee further acknowledges
and agrees that:

 

		a.	This Release given by Employee
is given solely in exchange for the consideration set forth in the Eastern Virginia Bankshares, Inc. Executive Severance Plan
to which this Release was initially attached and such consideration is in addition to anything of value which Employee was entitled
to receive prior to entering into this Release;

	 	b.	By entering into this Release, Employee does not waive rights or claims that may arise after the date this Release is executed;

	 	c.	Employee has been advised to consult an attorney prior to entering into this Release, and this provision of this Release satisfies the requirements of the Older Workers Benefit Protection Act that Employee be so advised in writing;

	 	d.	Employee has been offered twenty-one (21) days from receipt of this Release within which to consider whether to sign this Release; and

	 	e.	For a period of seven (7) days following Employee’s execution of this Release, Employee may revoke this Release by delivering or mailing the revocation to [______________] and this Release shall not become effective or enforceable until such seven (7) day period has expired.

 

This Release shall be binding upon the heirs and personal representatives
of Employee and shall inure to the benefit of the successors and assigns of the Company.

  

	 	 	 
	Date	 	

 

    8 

     

    

 

AMENDMENT 

TO THE

EASTERN VIRGINIA BANKSHARES, INC. EXECUTIVE
SEVERANCE PLAN

 

WHEREAS, effective
as of the consummation of the mergers contemplated under the Agreement and Plan of Merger by and among Southern National Bancorp
of Virginia, Inc. (“SONA”), Sonabank, Eastern Virginia Bankshares, Inc. and EVB, dated December 13, 2016, as
amended (the “Merger Agreement”), SONA assumed the Eastern Virginia Bankshares, Inc. Executive Severance Plan
(the “Plan”);

 

WHEREAS, pursuant
to the terms of the Merger Agreement, SONA has agreed that the Plan shall not be terminated for at least twelve (12) months following
the Effective Date (as defined in the Merger Agreement): and

 

WHEREAS, SONA
wishes to amend the Plan to reflect the assumption of the Plan by SONA at the Effective Date.

 

NOW, THEREFORE, the
Plan is hereby amended as follows to be effective upon the Effective Date:

 

		1.	The title of the Plan shall be revised to “Southern
National Bancorp of Virginia, Inc. Executive Severance Plan”.

 

		2.	All references to “Eastern Virginia Bankshares,
Inc.” in the Plan shall be replaced with references to “Southern National Bancorp of Virginia, Inc.”.

 

		3.	Except as expressly modified by this Amendment, all the
terms and provisions of the Plan shall continue to remain in full force and effect.

 

IN WITNESS WHEREOF,
SONA has caused this Amendment to be executed by its undersigned officer, thereunto duly authorized as of the day and year set
forth below.

 

	 	SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
	 	 	 
	 	/s/ Joe A. Shearin
	 	By:  Joe A. Shearin
	 	Title:  President and Chief Executive Officer
	 	 
	 	Date:	June 23, 2017

 

    9EX-10.1

 Exhibit 10.1 

Steelberg Time-Based Option 

VERITONE, INC. 

NOTICE OF GRANT OF STOCK OPTION 

Notice is hereby given of the following option grant (the “Option”) to purchase shares of the Common Stock of
Veritone, Inc. (the “Corporation”): 
 Optionee:
                                         
        
 Grant Date: May 11, 2017 

Vesting Commencement Date: May 11, 2017 

Exercise Price: $15.00 per share 

Number of Option Shares: 1,044,819 shares of Common Stock 

Expiration Date: May 10, 2017 

Type of Option:  ☐ Incentive Stock Option 

                        
    ☒ Non-Statutory Stock Option 
 Exercise Schedule: The Option shall vest and become exercisable for the
Option Shares in a series of thirty-six (36) successive equal monthly installments upon Optionee’s completion of each month of Service over the thirty-six (36)-month period measured from the Vesting Commencement Date. The Option shall vest
and become exercisable on an accelerated basis in accordance with Paragraph 5 and Paragraph 7 of the Stock Option Agreement attached hereto as Exhibit A. The Option shall not become exercisable for any additional Option Shares following
Optionee’s cessation of Service, except to the extent (if any) specifically authorized by the Plan Administrator in its sole discretion pursuant to an express written agreement with Optionee. 

Optionee understands and agrees that the Option is granted subject to and in accordance with the terms of the Veritone, Inc. 2014 Stock
Option/Stock Issuance Plan (the “Plan”). Optionee further agrees to be bound by the terms of the Plan and the terms of the Option as set forth in the Stock Option Agreement attached hereto as Exhibit A. Optionee
understands that any Option Shares purchased under the Option will be subject to the terms set forth in the Stock Purchase Agreement attached hereto as Exhibit B. Optionee hereby acknowledges receipt of a copy of the prospectus for the Plan dated
May 11, 2017. A copy of the Plan is available upon request made to the Corporate Secretary at the Corporation’s principal offices. 

MARKET STAND-OFF PROVISION. OPTIONEE HEREBY AGREES THAT ALL OPTION SHARES ACQUIRED UPON THE EXERCISE OF THE OPTION SHALL BE SUBJECT
TO A MARKET STAND-OFF RESTRICTION, THE TERMS OF SUCH RIGHTS ARE SPECIFIED IN THE ATTACHED STOCK PURCHASE AGREEMENT. 
 At Will
Employment. Nothing in this Notice or in the attached Stock Option Agreement or the Plan shall confer upon Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the
rights of the Corporation (or any Parent or Subsidiary employing or retaining Optionee) or of Optionee, which rights are hereby expressly reserved by each, to terminate Optionee’s Service at any time for any reason, with or without cause. 

 Definitions. All capitalized terms in this Notice shall have the meaning assigned to them
in this Notice or in the attached Stock Option Agreement. 
 DATED: May 11, 2017 

 

			
	VERITONE, INC.
		
	By:	 	  

		 	Peter F. Collins,
		 	Chief Financial Officer

 
			
	
	  

	Name of Optionee:	 	  

 
			
		
	Address:	 	  

	  

 Attachments: 

Exhibit A – Stock Option Agreement 

Exhibit B – Form of Stock Purchase Agreement 

  
 - 2 - 

 Steelberg Time-Based Option 

EXHIBIT A 

STOCK OPTION AGREEMENT 

(attached hereto) 

 Steelberg Time-Based Option 

VERITONE, INC. 

STOCK OPTION AGREEMENT 

RECITALS 
 A. The Board has adopted
the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors in the service of the Corporation (or
any Parent or Subsidiary). 
 B. Optionee is to render valuable services to the Corporation (or a Parent or Subsidiary), and this Agreement
is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Corporation’s grant of an option to Optionee. 

C. All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix. 

NOW, THEREFORE, it is hereby agreed as follows: 

1. Grant of Option. The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of
Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price. 

2. Option Term. This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire
at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 6 or 7. 
 3. Limited
Transferability. 
 (a) This option, together with the Option Shares during the period prior to exercise, shall be neither
transferable nor assignable by Optionee other than by will or the laws of inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. However, Optionee may designate one or more Family Members
as the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon Optionee’s death while holding this option. Such beneficiary
or beneficiaries shall take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 6, be exercised following
Optionee’s death. 
 (b) If this option is designated a Non-Statutory Option in the Grant Notice, then this option, together with the
unexercised Option Shares, shall be subject to the same transfer restrictions as set forth in Paragraph 3(a), except that such option, together with the underlying unexercised Option Shares, may be assigned in whole or in part during
Optionee’s lifetime by gift or pursuant to a domestic relations order to one or more of Optionee’s Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members. The assigned portion
shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to
such assignment. 
 4. Dates of Exercise. This option shall become exercisable for the Option Shares in one or more
installments as specified in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated installments until the Expiration Date or sooner
termination of the option term under Paragraph 6 or 7. 
 5. Accelerated Vesting. This option shall vest and become
exercisable with respect to 100% of the Option Shares upon termination of Optionee’s Service by the Corporation other than for the Cause. In the event of Optionee’s cessation of Service as a result of Optionee’s resignation for Good
Reason, this option shall vest and become exercisable with respect to fifty percent (50%) of the Option Shares for which the option is not vested and exercisable at the time of such cessation of Service. 

 6. Cessation of Service. The option term specified in Paragraph 2 shall
terminate (and this option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable: 

(a) Should Optionee cease to remain in Service for any reason (other than death, Disability or Misconduct) while this option is outstanding,
then Optionee (or any person or persons to whom this option is transferred pursuant to a permitted transfer under Paragraph 3) shall have a period of three (3) months (commencing with the date of such cessation of Service) during which to
exercise this option, but in no event shall this option be exercisable at any time after the Expiration Date. 
 (b) Should Optionee die
while this option is outstanding, then the personal representative of Optionee’s estate or the person or persons to whom the option is transferred pursuant to Optionee’s will or the laws of inheritance following Optionee’s death or,
if applicable, the person to whom the option is transferred during Optionee’s lifetime pursuant to a permitted transfer under Paragraph 3 shall have the right to exercise this option. However, if Optionee dies while holding this option and
has an effective beneficiary designation in effect for this option at the time of his or her death, then the designated beneficiary or beneficiaries shall have the exclusive right to exercise this option following Optionee’s death. Any such
right to exercise this option shall lapse, and this option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee’s death or (ii) the Expiration Date.

 (c) Should Optionee cease Service by reason of Disability while this option is outstanding, then Optionee (or any person or persons to
whom this option is transferred pursuant to a permitted transfer under Paragraph 3) shall have a period of twelve (12) months (commencing with the date of such cessation of Service) during which to exercise this option. In no event shall
this option be exercisable at any time after the Expiration Date. 
 Note: Exercise of this option on a date
later than three (3) months following cessation of Service due to Disability will result in loss of favorable Incentive Option treatment, unless such Disability constitutes Permanent Disability. In the event that Incentive Option treatment is
not available, this option will be taxed as a Non-Statutory Option upon exercise. 
 (d) During the limited period of post-Service
exercisability, this option may not be exercised in the aggregate for more than the number of Option Shares in which Optionee is, at the time of Optionee’s cessation of Service, vested and exercisable pursuant to the Exercise Schedule specified
in the Grant Notice or the special vesting acceleration provisions of Paragraph 5 and Paragraph 7. No additional Option Shares shall vest and become exercisable, whether pursuant to the normal Exercise Schedule specified in the Grant Notice or
the special vesting acceleration provisions of Paragraph 5 and Paragraph 7, following Optionee’s cessation of Service, except to the extent (if any) specifically authorized by the Plan Administrator pursuant to an express written agreement
with Optionee. Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this option shall terminate and cease to be outstanding for any Option Shares for which the option has not been exercised. 

(e) Should Optionee’s Service be terminated for Cause or should Optionee otherwise engage in conduct constituting Cause while this
option is outstanding, then this option shall terminate immediately and cease to remain outstanding. 
 7. Change in Control.

 (a) Should a Change in Control occur during Optionee’s period of Service, then the Option Shares at the time subject to this option,
as determined by the Plan Administrator in its sole discretion, may be (i) assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction or
(ii) replaced with a cash retention program of the successor corporation which preserves the spread existing on the unvested Option Shares at the time of the Change in Control (the excess of the Fair Market Value of those Option Shares over the
Exercise Price payable for such shares) and 

  
 2 

 
provides for subsequent payout of that spread in accordance with the same Exercise Schedule applicable to those unvested Option Shares as set forth in the Grant Notice. Notwithstanding the
foregoing, no such cash retention program shall be established for this option (or any other option granted to Optionee under the Plan) to the extent such program would otherwise be deemed to constitute a deferred compensation arrangement subject to
the requirements of Code Section 409A and the Treasury Regulations thereunder. Any escrow, holdback, earn-out or similar provisions in the agreement effecting the Change in Control may apply to a cash retention program described in clause
(ii) above to the same extent and in the same manner as such provisions apply to a holder of a share of Common Stock, as determined by the Plan Administrator. 

(b) If this option is not assumed, continued or replaced in accordance with Paragraph 7(a) or is otherwise cancelled in connection with the
Change in Control, this option shall, immediately prior to the effective date of the Change in Control, become vested and exercisable with respect to all the shares of Common Stock at the time subject to this option, and may be exercised for any or
all of those shares as fully-vested shares of Common Stock. If this option, as so accelerated, remains outstanding at the time of a Change in Control, Optionee shall be entitled to receive, upon consummation of the Change in Control, a cash payment
in an amount equal to the spread existing on the Option Shares that are vested and exercisable at the time of the Change in Control (the excess of the Fair Market Value of those shares over the aggregate exercise price payable for such shares), if
any. However, the option shall be subject to cancellation and termination in its entirety, without cash payment or other consideration due the award holder, if the Fair Market Value per share of Common Stock on the date of such Change in Control is
less than the per share exercise price in effect for such option. Any escrow, holdback, earn-out or similar provisions in the agreement effecting the Change in Control shall apply to any such cash payment to the same extent and in the same manner as
such provisions apply to a holder of a share of Common Stock. 
 (c) Immediately following the Change in Control, this option shall
terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction. 

(d) If this option is assumed in connection with a Change in Control or otherwise continued in effect, then this option shall be
appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control had the option been exercised immediately prior to
such Change in Control, and appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same. To the extent that the actual holders of the Corporation’s outstanding Common Stock
receive cash consideration for their Common Stock in consummation of the Change in Control, the Plan Administrator may, in its sole discretion, provide in the document evidencing the Change in Control that the successor corporation (or parent
thereof) shall, in connection with the assumption or continuation of this option, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in
Control. 
 (e) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise
change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

8. Adjustment in Option Shares. In the event of any of the following transactions affecting the outstanding Common Stock as a
class without the Corporation’s receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of
shares or other similar transaction affecting the Common Stock without the Corporation’s receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock as a result of a spin-off
transaction or extraordinary distribution, then equitable adjustments shall be made to (i) the total number and/or class of securities subject to this option and (ii) the Exercise Price. The adjustments shall be made by the Plan
Administrator in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive. 

9. Stockholder Rights. The holder of this option shall not have any stockholder rights with respect to the Option Shares until
such person shall have exercised the option, paid the Exercise Price and become the record holder of the purchased shares. 

  
 3 

 10. Manner of Exercising Option. 

(a) In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable,
Optionee (or any other person or persons exercising the option) must take the following actions: 
 (i) Execute and deliver to the
Corporation a Stock Purchase Agreement for any option exercised on or before May 11, 2019, or after that date, a Notice of Exercise, or comply with such procedure as the Corporation may establish from time to time, for notifying the Corporation
of the exercise of this option, for the Option Shares for which the option is exercised. 
 (ii) Pay the aggregate Exercise Price for the
purchased shares in one or more of the following forms: 
 (A) cash or check made payable to the Corporation; or 

(B) in shares of Common Stock valued at Fair Market Value on the Exercise Date and held by Optionee (or any other person or persons
exercising the option) for the period (if any) necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes; or 

(C) through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons exercising the option) shall
concurrently provide irrevocable instructions (a) to a brokerage firm (reasonably satisfactory to the Corporation for purposes of administering such procedure in compliance with any applicable pre-clearance or pre-notification requirements) to
effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable
income and employment taxes required to be withheld by the Corporation by reason of such exercise and (b) to the Corporation to deliver the certificates for the purchased shares directly to such brokerage firm on such settlement date in order
to complete the sale. 
 Except to the extent the sale and remittance procedure is utilized in connection with the option exercise, payment
of the Exercise Price must accompany the Stock Purchase Agreement or the Notice of Exercise delivered to the Corporation in connection with the option exercise. 

(iii) Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other than Optionee) have the
right to exercise this option. 
 (iv) Execute and deliver to the Corporation such written representations as may be requested by the
Corporation in order for it to comply with the applicable requirements of applicable securities laws. 
 (v) Make appropriate arrangements
with the Corporation (or Parent or Subsidiary employing or retaining Optionee) for the satisfaction of all applicable income and employment tax withholding requirements applicable to the option exercise. 

(b) As soon as practical after the Exercise Date, the Corporation shall issue to or on behalf of Optionee (or any other person or persons
exercising this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto. 
 (c) In no event may
this option be exercised for any fractional shares. 
 11. Compliance with Laws and Regulations. 

(a) The exercise of this option and the issuance of the Option Shares upon such exercise shall be subject to compliance by the Corporation and
Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange on which the Common Stock may be listed for trading at the time of such exercise and issuance. 

  
 4 

 (b) The inability of the Corporation to obtain approval from any regulatory body having
authority deemed by the Corporation to be necessary to the lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Corporation of any liability with respect to the non-issuance or sale of the Common Stock as to which
such approval shall not have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals. 
 12.
Successors and Assigns. Except to the extent otherwise provided in Paragraphs 3 and 7, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and
Optionee, Optionee’s assigns and the legal representatives, heirs and legatees of Optionee’s estate. 
 13. Notices.
Any notice required to be given or delivered to the Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to Optionee shall
be in writing and addressed to Optionee at the address indicated below Optionee’s signature line on the Grant Notice. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly
addressed to the party to be notified. 
 14. Construction. This Agreement and the option evidenced hereby are made and
granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and
binding on all persons having an interest in this option. 
 15. Governing Law. The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of Delaware without resort to that state’s conflict-of-laws rules. 

16. Stockholder Approval. If the Option Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of
Common Stock which may be issued under the Plan as last approved by the stockholders, then this option shall be void with respect to such excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of
Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan. 
 17. Additional Terms Applicable to
an Incentive Option. In the event this option is designated an Incentive Option in the Grant Notice, the following terms and conditions shall also apply to the grant: 

(a) This option shall cease to qualify for favorable tax treatment as an Incentive Option if (and to the extent) this option is exercised for
one or more Option Shares: (i) more than three (3) months after the date Optionee ceases to be an Employee for any reason other than death or Permanent Disability or (ii) more than twelve (12) months after the date Optionee
ceases to be an Employee by reason of Permanent Disability. 
 (b) This option shall not become exercisable in the calendar year in which
granted if (and to the extent) the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which this option would otherwise first become exercisable in such calendar year would, when added to the aggregate value
(determined as of the respective date or dates of grant) of the Common Stock and any other securities for which one or more other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the
Corporation or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. To the extent the exercisability of this option is deferred by reason of the foregoing
limitation, the deferred portion shall become exercisable in the first calendar year or years thereafter in which the One Hundred Thousand Dollar ($100,000) limitation of this Paragraph 17(b) would not be contravened, but such deferral shall in
all events end immediately prior to the effective date of a Change in Control in which this option is not to be assumed or otherwise continued in effect, whereupon the option shall become immediately exercisable as a Non-Statutory Option for the
deferred portion of the Option Shares. 

  
 5 

 (c) Should Optionee hold, in addition to this option, one or more other options to purchase
Common Stock which become exercisable for the first time in the same calendar year as this option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Options, this option and each of those other options
shall be deemed to become first exercisable in that calendar year on the basis of the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation. 

  
 6 

 Steelberg Time-Based Option 

APPENDIX 
 The following
definitions shall be in effect under the Agreement: 
 A. Agreement shall mean this Stock Option Agreement. 

B. Board shall mean the Corporation’s Board of Directors. 

C. Cause shall have the meaning assigned to such term in the Employment Agreement. The foregoing definition shall not in any way
preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or dismiss Optionee or any other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts
or omissions shall not be deemed, for purposes of the Plan or this Agreement, to constitute grounds for termination for Cause. 
 D.
Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following transactions: 

(i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders, unless securities representing
more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the
persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction, or 
 (ii) a
stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation’s assets in liquidation or dissolution of the Corporation, or 

(iii) the acquisition, directly or indirectly by any person or related group of persons (other than the Corporation or a person that directly
or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the Corporation’s stockholders. 

In no event shall any public offering of the Corporation’s securities be deemed to constitute a Change in Control. 

E. Code shall mean the Internal Revenue Code of 1986, as amended. 

F. Common Stock shall mean the Corporation’s common stock. 

G. Corporation shall mean Veritone, Inc., a Delaware corporation, and any successor corporation to all or substantially all of
the assets or voting stock of Veritone, Inc. which shall by appropriate action assume this option. 
 H. Disability shall mean
the inability of Optionee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment and shall be determined by the Plan Administrator on the basis of such medical evidence as the Plan
Administrator deems warranted under the circumstances. Disability shall be deemed to constitute Permanent Disability in the event that such Disability is expected to result in death or has lasted or can be expected to last for a continuous
period of twelve (12) months or more. 
 I. Employee shall mean an individual who is in the employ of the Corporation (or
any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 

  
 A-1 

 J. Employment Agreement shall mean the Employment Agreement between the Corporation
and Optionee effective as of March 14, 2017. 
 K. Exercise Date shall mean the date on which the option shall have been
exercised in accordance with Paragraph 10 of the Agreement. 
 L. Exercise Price shall mean the exercise price payable
per Option Share as specified in the Grant Notice. 
 M. Exercise Schedule shall mean the Exercise Schedule specified in the
Grant Notice pursuant to which Optionee is to vest in the Option Shares in a series of installments over his or her period of Service. 
 N.
Expiration Date shall mean the date on which the option expires as specified in the Grant Notice. 
 O. Fair Market
Value per share of Common Stock on any relevant date shall be determined in accordance with the following provisions: 
 (i) If the
Common Stock is at the time traded on the Nasdaq Global or Global Select Market, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question, as the price is reported by the National Association of
Securities Dealers for that particular Stock Exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price
on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time listed on any other Stock Exchange,
then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially
quoted in the composite tape of transactions on such exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling
price on the last preceding date for which such quotation exists. 
 (iii) If the Common Stock is not at the time listed on any Stock
Exchange, then the Fair Market Value shall be determined by the Plan Administrator through the reasonable application of a reasonable valuation method that takes into account the applicable valuation factors set forth in the Treasury Regulations
issued under Section 409A of the Code; provided, however, that if the option is designated as an Incentive Option in the Grant Notice, then such Fair Market Value shall be determined in accordance with the standards of Section 422 and the
applicable Treasury Regulations thereunder. 
 P. Family Member shall mean any of the following members of Optionee’s
family: any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. 

Q. Good Reason shall have the meaning assigned to such term in the Employment Agreement. 

R. Grant Date shall mean the date of grant of the option as specified in the Grant Notice. 

S. Grant Notice shall mean the Notice of Grant of Stock Option accompanying the Agreement, pursuant to which Optionee has been
informed of the basic terms of the option evidenced hereby. 
 T. Incentive Option shall mean an option which satisfies the
requirements of Code Section 422. 
 U. 1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

V. Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code Section 422. 

  
 A-2 

 W. Notice of Exercise shall mean the notice of exercise in such form as provided by
the Corporation. 
 X. Option Shares shall mean the number of shares of Common Stock subject to the option. 

Y. Optionee shall mean the person to whom the option is granted as specified in the Grant Notice. 

Z. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the
Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. 
 AA. Plan shall mean the Corporation’s 2014 Stock Option/Stock Issuance Plan.

 BB. Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of
the Plan. 
 CC. Service shall mean Optionee’s performance of services for the Corporation (or any Parent or Subsidiary,
whether now existing or subsequently established) in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor. For purposes of this Agreement, Optionee shall be deemed to cease Service
immediately upon the occurrence of either of the following events: (i) Optionee no longer performs services in any of the foregoing capacities for the Corporation or any Parent or Subsidiary or (ii) the entity for which Optionee is
performing such services ceases to remain a Parent or Subsidiary of the Corporation, even though Optionee may subsequently continue to perform active services for that entity. Service shall not be deemed to cease during a period of military leave,
sick leave or other personal leave approved by the Corporation; provided, however, that should such leave of absence exceed three (3) months, then for purposes of determining the period within which the Option (if designated as an Incentive
Option in the Grant Notice) may be exercised as such an Incentive Option under the federal tax laws, Optionee’s Service shall be deemed to cease on the first day immediately following the expiration of such three (3)-month period, unless
Optionee is provided with the right to return to Service following such leave either by statute or by written contract. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Corporation’s
written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period Optionee is on a leave of absence. 

DD. Stock Exchange shall mean the American Stock Exchange, the Nasdaq Global or Global Select Market or the New York Stock
Exchange. 
 EE. Stock Purchase Agreement shall mean the stock purchase agreement in substantially the form of Exhibit B to
the Grant Notice. 
 FF. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of
corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. 

  
 A-3 

 Steelberg Time-Based Option 

EXHIBIT B 

FORM OF STOCK PURCHASE AGREEMENT 

(attached hereto) 

 INSTALLMENT 

VERITONE, INC. 

STOCK PURCHASE AGREEMENT 

AGREEMENT made this      day of             ,
20     by and between Veritone, Inc., a Delaware corporation, and                     , Optionee under the Corporation’s
2014 Stock Option/Stock Issuance Plan. 
 All capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement
or in the attached Appendix. 
  

	 	A.	EXERCISE OF OPTION 

 1. Exercise. Optionee hereby purchases
                 shares of Common Stock (the “Purchased Shares”) pursuant to that certain option (the “Option”) granted
to Optionee on                     ,              (the “Grant
Date”) to purchase up to                  shares of Common Stock (the “Option Shares”) under the Plan at the exercise price of
$             per share (the “Exercise Price”). 
 2.
Payment. Concurrently with the delivery of this Agreement to the Corporation, Optionee shall pay the Exercise Price for the Purchased Shares in accordance with the provisions of the Option Agreement and shall deliver whatever
additional documents may be required by the Option Agreement as a condition for exercise. 
 3. Stockholder Rights. Optionee
(or any successor in interest) shall have all the rights of a stockholder (including voting, dividend and liquidation rights) with respect to the Purchased Shares, subject, however, to the market stand-off provision set forth herein. 

 

	 	B.	TRANSFER RESTRICTIONS 

 1. Restriction on Transfer. Optionee shall
not transfer, assign, encumber or otherwise dispose of any of the Purchased Shares in contravention of the Market Stand-Off. 
 2.
Transferee Obligations. Each person (other than the Corporation) to whom the Purchased Shares are transferred by means of a Permitted Transfer must, as a condition precedent to the validity of such transfer, acknowledge in writing to
the Corporation that such person is bound by the provisions of this Agreement and that the transferred shares are subject to the Market Stand-Off to the same extent such shares would be so subject if retained by Optionee. 

3. Market Stand-Off. 

(a) In connection with any underwritten public offering by the Corporation of its equity securities pursuant to an effective registration
statement filed under the 1933 Act, including the Corporation’s initial public offering, Owner shall not sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value
or otherwise agree to engage in any of the foregoing transactions with respect to, any Purchased Shares without the prior written consent of the Corporation or its underwriters. Such restriction (the “Market Stand-Off”) shall
be in effect for such period of time from and after the effective date of the final prospectus for the offering as may be requested by the Corporation or such underwriters. In no event, however, shall such period exceed the greater of: (a) one
hundred eighty (180) days, or (b) if required by such underwriter, such 

 
longer period of time as is necessary to enable the underwriter to issue a research report, analyst recommendation or opinion in accordance with the then-applicable rules and regulations of the
Financial Regulatory Authority, Inc. and the applicable stock exchange, but in no event in excess of two hundred ten (210) days following the effective date of the registration statement relating to such offering. The Market Stand-Off shall in
no event be applicable to any underwritten public offering effected after May 11, 2019 and all of the transfer restrictions and other obligations of Section B of this Agreement shall lapse at 5 pm Pacific time on May 11, 2019. 

(b) Owner shall be subject to the Market Stand-Off provided and only if the officers and directors of the Corporation are also subject to
similar restrictions. 
 (c) Any new, substituted or additional securities which are by reason of any Recapitalization or Reorganization
distributed with respect to the Purchased Shares shall be immediately subject to the Market Stand-Off, to the same extent the Purchased Shares are at such time covered by such provisions. 

(d) In order to enforce the Market Stand-Off, the Corporation may impose stop-transfer instructions with respect to the Purchased Shares
until the end of the applicable stand-off period. 
  

	 	C.	GENERAL PROVISIONS 

 1. At Will Employment. Nothing in this
Agreement or in the Plan shall confer upon Optionee any right to continue in employment or service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary
employing or retaining Optionee) or of Optionee, which rights are hereby expressly reserved by each, to terminate Optionee’s service or employment at any time for any reason, with or without cause. 

2. Notices. Any notice required to be given under this Agreement shall be in writing and shall be deemed effective upon personal
delivery or upon deposit in the U.S. mail, registered or certified, postage prepaid and properly addressed to the party entitled to such notice at the address indicated below such party’s signature line on this Agreement or at such other
address as such party may designate by ten (10) days advance written notice under this paragraph to all other parties to this Agreement. 
  

	 	D.	MISCELLANEOUS PROVISIONS 

 1. Optionee Undertaking. Optionee hereby
agrees to take whatever additional action and execute whatever additional documents the Corporation may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either Optionee or the
Purchased Shares pursuant to the provisions of this Agreement. 
 2. Agreement is Entire Contract. This Agreement constitutes
the entire contract between the parties hereto with regard to the subject matter hereof. This Agreement is made pursuant to the provisions of the Plan and shall in all respects be construed in conformity with the terms of the Plan. 

3. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
without resort to that state’s conflict-of-laws rules. 

  
 2 

 4. Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 5. Successors and
Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and upon Optionee, Optionee’s permitted assigns and the legal representatives, heirs and
legatees of Optionee’s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to join herein and be bound by the terms hereof. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first indicated above. 

 

			
	VERITONE, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 
			
	
	  

	OPTIONEE NAME:

 
			
		
	Address:	 	  

 
			
	  

  
 3 

 SPOUSAL ACKNOWLEDGMENT 

The undersigned spouse of Optionee has read and hereby approves the foregoing Stock Purchase Agreement. In consideration of the
Corporation’s granting Optionee the right to acquire the Purchased Shares in accordance with the terms of such Agreement, the undersigned hereby agrees to be irrevocably bound by all the terms of such Agreement. 

 

			
	  

	SPOUSE NAME:
		
	Address:	 	  

	
	  

 APPENDIX 

The following definitions shall be in effect under the Agreement: 

A. Agreement shall mean this Stock Purchase Agreement. 

B. Board shall mean the Corporation’s Board of Directors. 

C. Common Stock shall mean the Corporation’s common stock. 

D. Corporation shall mean Veritone, Inc., a Delaware corporation, and any successor corporation to all or substantially all of
the assets or voting stock of Veritone, Inc. which shall by appropriate action adopt the Plan. 
 E. Exercise Price shall
have the meaning assigned to such term in Paragraph A.1. 
 F. Family Member shall mean any of the following members of
the Optionee’s family: any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. 

G. Market Stand-Off shall mean the market stand-off restriction specified in Paragraph B.3. 

H. 1933 Act shall mean the Securities Act of 1933, as amended. 

I. Option shall have the meaning assigned to such term in Paragraph A.1. 

J. Option Agreement shall mean all agreements and other documents evidencing the Option. 

K. Optionee shall mean the person to whom the Option is granted under the Plan. 

L. Owner shall mean Optionee and all subsequent holders of the Purchased Shares who derive their chain of ownership through a
Permitted Transfer from Optionee. 
 M. Parent shall mean any corporation (other than the Corporation) in an unbroken chain
of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain. 
 N. Permitted Transfer shall mean (i) a
gratuitous transfer of the Purchased Shares to one or more of the Optionee’s Family Members or to a trust established for Optionee or one or more such Family Members, provided and only if Optionee obtains the Corporation’s prior written
consent to such transfer, (ii) a transfer of title to the Purchased Shares effected pursuant to Optionee’s will or the laws of inheritance following Optionee’s death or (iii) a transfer to the Corporation in pledge as security
for any purchase-money indebtedness incurred by Optionee in connection with the acquisition of the Purchased Shares. 

  
 A-1 

 O. Plan shall mean the Corporation’s 2014 Stock Option/Stock Issuance Plan,
as amended. 
 P. Purchased Shares shall have the meaning assigned to such term in Paragraph A.1. 

Q. Recapitalization shall mean any of the following transactions affecting the Corporation’s outstanding Common Stock as a
class without the Corporation’s receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of
shares or other similar transaction affecting the Common Stock without the Corporation’s receipt of consideration. 
 R.
Reorganization shall mean any of the following transactions: 
 (i) a merger or consolidation in which the
Corporation is not the surviving entity, 
 (ii) a sale, transfer or other disposition of all or substantially all of the
Corporation’s assets, 
 (iii) a reverse merger in which the Corporation is the surviving entity but in which the
Corporation’s outstanding voting securities are transferred in whole or in part to a person or persons different from the persons holding those securities immediately prior to the merger, or 

(iv) any transaction effected primarily to change the state in which the Corporation is incorporated or to create a holding
company structure. 
 S. SEC shall mean the Securities and Exchange Commission. 

T. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the
Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other corporations in such chain. 

  
 A-2

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