Document:

Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of the 17th day of February , 2011, by and between First Bank
& Trust of Indiantown, FSB, a Federal savings association (the “Bank”), and MICHAEL J. BROWN, JR. (“Executive”).

 

RECITAL:

 

The Board of Directors
of the Bank (the “Board”) believes it is in the best interest of the Bank, and its parent company, HCBF Holding
Company, Inc., a Florida corporation (the “Company” and together with its direct and indirect subsidiaries,
the “Bank Group”), to employ Executive as the Bank’s Executive Vice President, and Executive accepts such
employment, pursuant to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing recital and the covenants, agreements, representations, warranties, terms and conditions set forth
in this Agreement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Bank
and Executive, intending to be legally bound, hereby agree as follows:

 

1.           Employment.
The Bank hereby employs Executive as its Executive Vice President, and Executive hereby accepts such employment, all upon the terms
and conditions contained in this Agreement.

 

A.           Executive’s
Representations. Executive represents, warrants and covenants to the Bank that: (i) he is not bound, nor will Executive become
bound, by any covenant, contract, agreement or other obligation that conflicts with, or may or does prevent Executive in any manner
from performing Executive’s duties as Executive Vice President of the Bank under this Agreement, and (ii) he is not aware
of any presently existing fact, circumstance or event (including, without limitation, any health condition or legal constraint)
which would preclude or restrict him from providing to the Bank the services contemplated by this Agreement, or which would give
rise to any breach of any term or provision hereof, or which could otherwise result in the termination of his employment hereunder
for Cause or Good Reason (each as hereinafter defined).

 

B.           Bank’s
Representations. The Bank hereby represents and warrants to Executive that (a) it is not aware of any fact, circumstance or
event that would give rise to any breach of any term or provision of this Agreement, or that would form the basis for any claim
or allegation that Executive’s employment hereunder could be terminated for Cause or Good Reason hereunder, and (b) it has
received all authorizations and have taken all actions necessary or appropriate for the due execution, delivery and performance
of this Agreement.

 

2.           Employment
Period. Unless sooner terminated pursuant to the terms and conditions of this Agreement, the term of this Agreement shall commence
on the date first written above and shall expire three (3) years from the Effective Date (as defined below) (such term, the “Employment
Period”); provided, however that, prior to the second anniversary of the Effective Date and prior to each
anniversary thereafter, the Board, acting with the approval of the Board of Directors of the Company, may extend the Employment
Period in connection with the 

 

    	 	 	 

     

    

 

Executive’s annual performance review for additional one (1) year periods. The “Effective
Date” of this Agreement shall commence with the date the Company (or a subsidiary of the Company) acquires a depository
institution or obtains applicable regulatory approvals and organizes a de novo depository institution and the Employment
Period following the Effective Date shall be referred to herein as the “Effective Employment Period.” All references
to “Employment Period” or “Effective Employment Period” in this Agreement shall refer both to the initial
term and any successive term.

 

3.           Compensation.
For all services rendered by Executive during the Effective Employment Period to the Bank, the Bank shall compensate Executive
as follows:

 

A.           Base
Salary. Executive shall be entitled to receive a base salary during the Employment Period of Two Hundred Thousand Dollars ($200,000.00)
per year (the “Base Salary”), payable in accordance with the normal payroll policies of the Bank. The Compensation
Committee of the Board of Directors of the Company (the “Compensation Committee”) shall review the Base Salary
on not less than an annual basis. The Compensation Committee, in its sole and absolute discretion, may elect to increase the Base
Salary at any time, but shall not ever decrease the Base Salary below its then-current amount unless such decrease is consented
to by Executive in writing and/or required by any regulatory authority having jurisdiction over the Bank. Any increase in the Base
Salary shall constitute an amendment to this Agreement solely as to the amount of the Base Salary, without waiver or modification
of any other terms or conditions of this Agreement.

 

B.           Annual
Bonus. Executive shall be entitled to receive an annual bonus (“Annual Bonus”) in respect of each completed
fiscal year of the Bank during the Employment Period (except as otherwise specifically provided in this Agreement) based on the
achievement of the Bank’s budgetary objectives to be agreed upon in writing by the Executive and the Board, acting with the
approval of the Board of Directors of the Company. The minimum Annual Bonus shall be fifteen percent (15%) of the Base Salary (prorated
for partial years), and the maximum Annual Bonus for meeting all such goals shall be fifty percent (50%) of the Base Salary, and
shall be paid to Executive in cash on the March 31 immediately following the end of each calendar year to which it relates during
the Employment Period (and, to the extent payable with respect to the calendar year, or portion thereof, immediately preceding
the expiration or termination of the Employment Period, then it shall be payable, if at all, in accordance with the terms of Section
8).

 

C.           Equity
Incentive Program. The Company shall grant to Executive from time to time (each grant to be effective as of the date the Company
issues additional shares of its common stock) options to acquire shares of the common stock of the Company in an amount equal to
one and one-quarter percent (1.25%) of the common stock issued by the Company from time to time in connection with the greater
of: (i) the first $350 million of aggregate paid-in capital of the Company or (ii) the amount of aggregate paid-in capital of the
Company pursuant to capital commitments accepted by the Company as of September 30, 2010 (not including any common stock outstanding
as a result of the exercise of any options granted by the Company), at an exercise price per share equal to the fair market value
(as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) as of each such date
of grant (each

 

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such grant, and collectively, the “Equity Incentive”). The terms of the Equity Incentive shall
include the terms set forth in Exhibit A to this Agreement and shall be subject to the terms and conditions of the Company’s
applicable incentive plan and award agreement thereunder.

 

D.           Withholding.
The Base Salary, the Annual Bonus, and all other payments and compensation to Executive for his services to the Bank shall be subject
to all withholding and deductions required by federal, state or other law (including those authorized by Executive but not otherwise
required by law), including but not limited to state, federal and local income taxes, unemployment tax, Medicare and FICA, together
with such deductions as Executive may from time to time specifically authorize under any employee benefit program that may be adopted
by the Bank for the benefit of its senior executives or Executive.

 

4.           Executive
Perquisites and Benefits. During the Effective Employment Period, Executive shall be entitled to participate in and receive
benefits pursuant to: (i) any and all employee pension plans (“Employee Pension Benefit Plans,” as that term
is defined in the Employee Retirement Income Security Act of 1974 (“ERISA”) and whether or not such plan is
a plan covered by ERISA), including but not limited to all qualified or non-qualified retirement, pension, savings, profit-sharing
or stock bonus plans, and (ii) any and all welfare benefit plans (“Employee Welfare Benefit Plans,” as that
term is defined in ERISA and whether or not such plan is a plan covered by ERISA), including but not limited to group life, health
(including hospitalization, medical and major medical, prescription drug), accident and long-term disability insurance plans, and
(iii) any other employee benefit and compensation plans (including, but not limited to, any incentive compensation plans or programs,
stock option and appreciation rights plans and restricted stock plans) as may from time to time be maintained by, or cover employees
of, the Bank, in accordance with the terms and conditions of such employee benefit plans and programs and compensation plans and
programs and consistent with the Bank’s customary practices and whether or not such plans are ERISA plans. Such benefits
or plans shall collectively be referred to as the “Benefits.” In addition, the Executive shall be provided the
following Benefits during the Effective Employment Period:

 

A.           Vacation.
Executive shall be entitled to such reasonable periods of paid vacation as may be mutually agreed upon by Executive and the Board,
acting with the approval of the Board of Directors of the Company, from time to time; in no event, however, shall such periods
of paid vacation be less than three (3) weeks per year; and

 

B.           Cell
Phone Expenses. The Bank shall provide and pay for (or reimburse Executive for) a cell phone and cell phone service for Executive.

 

5.           Business
Expenses and Reimbursements. During the Employment Period, the Bank shall pay, or promptly reimburse Executive for, all business
travel and other out-of-pocket expenses (including, without limitation, mileage reimbursement at rates specified from time to time
in or pursuant to the Code) reasonably incurred by Executive in the performance of Executive’s duties pursuant to this Agreement
that are in compliance with the Bank’s policies with respect thereto upon submission by Executive of an expense report with
appropriate vouchers to the Bank (collectively, “Business Expenses”). With respect to any amount of expenses
eligible for reimbursement that is required to be included in Executive’s gross income

 

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for federal income tax purposes, such
expenses shall be reimbursed to Executive no later than December 31 of the year following the year in which Executive incurs the
related expenses. In no event shall the amount of expenses (or in-kind benefits) eligible for reimbursement in one taxable year
affect the amount of expenses (or in-kind benefits) eligible for reimbursement in any other taxable year (except for those medical
reimbursements referred to in Section 105(b) of the Code), nor shall Executive’s right to reimbursement or in-kind benefits
be subject to liquidation or exchange for another benefit.

 

6.           “Key
Employee” Insurance. The Bank shall have the right to obtain on the life of Executive, pay all premium amounts related
to, and maintain, “key employee” insurance naming the Bank and/or the Company as beneficiary. Selection of such insurance
policy shall be in the sole and absolute discretion of the Board of Directors of the Company. Executive shall cooperate fully with
the Bank and the insurer in applying for, obtaining and maintaining such life insurance, by executing and delivering such further
and other documents as the Bank and/or the insurer may request from time to time, and doing all matters and things which may be
convenient or necessary to obtain such insurance, including, without limitation, submitting to any physical examinations and providing
any medical information required by the insurer.

 

7.           Duties.
Executive shall utilize Executive’s reasonable efforts to do all of the following:

 

A.           Performance
Requirements. Executive shall perform all customary duties in connection with Executive’s position as Executive Vice
President of the Bank. Executive shall have the responsibilities, duties and authority customarily appertaining to such office
and such other duties as may be reasonably assigned to Executive by the Board and/or the Board of Directors of the Company and
which are consistent with such positions. Executive shall use reasonable efforts to perform his duties duly and faithfully.

 

B.           Direction
and Control of the Board. Executive shall at all times report to, and Executive’s activities shall at all times be subject
to the direction and control of, the President and Chief Operating Officer of the Bank.

 

C.           Adherence
to Policies. Executive shall adhere to, execute and fulfill all lawful policies established from time to time by the Bank,
the Company, the shareholders of the Company and/or the Board.

 

D.           Devotion
of Professional Efforts. Executive shall devote substantially all of Executive’s business and professional time, efforts,
energy and skills to the performance of Executive’s duties pursuant to this Agreement and Executive’s other duties
to the Bank Group. Notwithstanding the foregoing, Executive may: (a) invest Executive’s personal assets in businesses
in which Executive’s participation is solely that of a passive investor, provided that the form or manner of such investment
shall not require services on the part of Executive that conflict or interfere with performance of Executive’s duties pursuant
to this Agreement, and provided further that Executive may possess an ownership interest in any other publicly traded depository
institution, bank holding company, or savings and loan holding company so long as that ownership interest does not exceed two percent
(2%) of the total number of shares

 

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outstanding of such entity; and (b)  serve other public and private organizations, including
without limitation, on the board of directors of such organizations (provided each position on the board of a for-profit
organization is pre-approved by the Board of Directors of the Company), so long as such service does not compromise Executive’s
devotion of time and efforts to the Bank, and does not present a conflict of interest with regard to the Bank. The parties hereby
approve Executive’s ownership interests in, and activities with, the organizations listed on Exhibit B to this Agreement.

 

8.           Termination
of Executive’s Employment. The Employment Period and Executive’s employment hereunder may be terminated as follows:

 

A.           Termination
by Executive Without “Good Reason”. Executive, upon at least ninety (90) days’ prior written notice to the
Bank, shall have the right to terminate the Employment Period at any time, for any reason or for no reason. In the event of such
termination by Executive after the Effective Date, the Bank shall pay Executive, within thirty-five (35) days of the effective
date of such termination, in a lump sum all Base Salary, Business Expenses and Benefits which are due through the effective date
of termination (less any amounts owed to the Bank by Executive) (collectively, the “Accrued Compensation”).
All such amounts shall be payable to Executive in accordance with the normal payroll policies of the Bank.

 

B.           Termination
by Executive for “Good Reason”. (i) Executive, effective immediately upon written notice to the Bank, shall have
the right to terminate the Employment Period at any time, for any one of the following reasons (collectively, “Good Reason”),
unless Executive specifically agrees in writing that such event shall not be Good Reason:

 

(a)           the
failure to continue Executive as Executive Vice President of the Bank;

 

(b)           the
failure to assign Executive duties, authorities, responsibilities and reporting requirements consistent with his positions and
otherwise as set forth herein, or if the scope of any of Executive’s material duties, authorities or responsibilities set
forth in Section 7 hereof is reduced to a material degree without Executive’s prior consent, except for any reduction in
duties, authorities or responsibilities due to (x) Executive’s illness or disability; (y) order from any regulatory authority
having jurisdiction over the Bank; or (z) the temporary suspensions of Executive’s duties, authorities or responsibilities
pending results of any Board commissioned investigation as to potential Cause for termination of Executive’s employment;

 

(c)           a
reduction in, or a substantial delay in, the payment of Executive’s compensation, expense reimbursements or Benefits from
those required to be provided in accordance with the provisions of this Agreement;

 

(d)           a
requirement by the Bank Group, without Executive’s prior consent, that Executive’s prevailing primary work location
be more than fifty (50) miles from St. Lucie County, Florida, other than travel temporarily and reasonably required to carry

 

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out
Executive’s obligations under this Agreement, including but not limited to travel to customer locations;

 

(e)           the
failure of the Bank Group to indemnify Executive (including the prompt advancement of expenses), or to maintain directors’
and officers’ liability insurance coverage for Executive, in accordance with the provisions of Section 18 hereof;

 

(f)           any
breach by the Bank of any material provision of this Agreement; or

 

(g)           material
acts or conduct on the part of the Bank or its officers or representatives that are designed to force the resignation of Executive
or prevent Executive from performing his duties and responsibilities pursuant to this Agreement;

 

provided, (I) “Good
Reason” shall not include acts that are cured by the Bank within thirty (30) days from receipt by the Bank of a written notice
from Executive (a “Preliminary Notice of Good Reason”) identifying in reasonable detail the act or acts constituting
Good Reason, (II) Good Reason shall not exist unless the Preliminary Notice of Good Reason shall have been given by Executive within
sixty (60) days after learning of the act, failure or event (or, in the case of a series of related acts, failures or events, within
ninety (90) days of the first such act, failure or event) which Executive alleges constitutes Good Reason hereunder, and (III)
if the Bank has failed to cure as provided above, Good Reason shall not exist unless Executive shall have given notice of termination
hereunder for Good Reason within forty-five (45) days from delivery of the Preliminary Notice of Good Reason (which termination
shall be effective thirty (30) days from the giving of such notice). Notwithstanding anything to the contrary in this Agreement,
pending the conclusion of a proceeding to determine whether Good Reason in fact does exist, the Bank shall continue to pay and
provide the compensation and Benefits referred to in Sections 3, 4 and 5 hereof. For the avoidance of doubt, the liquidation, dissolution,
insolvency or cessation of operations of the Bank shall not constitute Good Reason and Executive shall not be entitled to the compensation
specified in Section 8(B)(ii)(b) or the continuation of Benefits specified in Section 8(B)(ii)(d) and Section 8(B(ii)(e) (other
than as required by COBRA) if Executive’s employment is terminated in connection therewith.

 

(ii)           In
the event of such termination after the Effective Date by Executive for Good Reason, Executive shall be entitled to the following
compensation and benefits, with payment and provision to commence on the Bank’s regular payroll payment date next following
the thirty-second (32nd) day after the effective date of such termination of employment (but retroactive to such effective
date):

 

(a)           The
Bank shall pay Executive’s Accrued Compensation to Executive.

 

(b)           The
Bank shall pay to Executive an amount equal to the sum of (I) Executive’s then-current Base Salary to be paid in accordance
with the normal payroll policies of the Bank for the period which is the longer of (A) one (1) year, or (B) the remainder of the
then Employment Period (such longer period being hereinafter referred to as the

 

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“Severance Period”) (provided,
however, that to the extent Executive remains employed by the Bank for all or a portion of the Severance Period, during
such continuing employment period he shall not receive duplicative compensation (i.e., he shall not receive both the amounts payable
under this paragraph and the amounts payable under Sections 3(A) and (B) above if, for example, the Employment Period is not extended
under Section 2 but Executive remains employed by the Bank for a portion or all of the remaining Employment Period), and (II) an
amount equal to the maximum Annual Bonus Executive could have earned during such Severance Period to be paid within the time specified
in Section 3(B) hereof.

 

(c)           The
Bank shall pay to Executive any other amounts due under this Agreement.

 

(d)           The
Bank, at its sole expense, shall maintain in full force and effect for the continued benefit of Executive and his spouse, if any,
for the duration of the Severance Period, all Benefits, in which Executive or his spouse were participating immediately prior to
the effective date of termination at the level in effect and upon substantially the same terms and conditions (including, without
limitation, contributions required by Executive for such Benefits) as existed immediately prior to the effective date of termination
(except to the extent that Executive or his spouse may be ineligible for one or more such Benefits under applicable plan terms).

 

(e)           Without
limiting the generality of paragraph (d) above, the Bank shall continue Executive and his spouse’s medical coverage during
the Severance Period commencing immediately after the effective date of termination, to the extent that Executive and his spouse
are eligible to receive coverage under Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”); provided,
however, that if Executive and his spouse cease to be eligible to receive coverage under COBRA during any portion of such
period, the Bank shall pay to Executive the greater of (I) the amount the Bank would have paid under COBRA, or (II) the amount
the Bank would have paid for premiums under the Bank’s policy, in either case for the balance of such period; provided further,
however, that such Bank-paid medical coverage shall immediately terminate if Executive becomes covered (either before or after
the effective date of termination) by another employer group health plan or by Medicare.

 

C.           Termination
Upon Executive’s Death or Disability. In the event of the death or Disability (as defined in this paragraph) of Executive
during the Employment Period, the Employment Period shall terminate effective immediately, and, provided such termination is after
the Effective Date, the Bank shall pay to Executive (or his representative) in a lump sum, on the Bank’s regular payroll
payment date next following the thirty-second (32nd) day after the effective date of termination, Executive’s
Accrued Compensation. Provided such termination is after the Effective Date, Executive (or his representative) shall also continue
to receive Executive’s prevailing Base Salary (less any disability pay or sick pay benefits to which Executive may be entitled
under the Bank’s customary practices and policies) for a period of twelve (12) months following the effective date of termination
payable in accordance with the Bank’s normal payroll policies (payment to commence on the Bank’s regular payroll payment
date next following the thirty-second (32nd) day after the effective date of such termination, but retroactive to such
effective date), and the Bank shall pay to Executive (or his representative) an

 

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amount equal to the prorated portion of the Annual
Bonus Executive earned with respect to the year immediately preceding the year in which the effective date of termination occurred
provided that Executive had been employed by the Bank for at least six (6) months during such calendar year (provided,
however, that if the effective date of termination occurs during the second six (6) months of the first year of the Effective
Employment Period, the amount payable shall be equal to the maximum Annual Bonus), payable within the time specified in Section
3(B) hereof. The Bank shall also maintain in full force and effect for the continued benefit of Executive (if not deceased) and
Executive’s spouse (if any) for a period of twelve (12) months following the effective date of termination all Benefits in
which Executive or his spouse were participating immediately prior to the effective date of termination at the level in effect
and upon substantially the same terms and conditions (including, without limitation, contributions required by Executive for such
Benefits) as existed immediately prior to the effective date of termination (except to the extent that Executive and/or his spouse
may be ineligible for one or more such Benefits under applicable plan terms). The term “Disability” as used
in this Agreement means physical or mental incapacity resulting in Executive being absent and unable to perform Executive’s
duties for any consecutive three (3) month period, or for any six (6) non-consecutive months in any twelve (12) month period, which
physical or mental incapacity is then determined in writing to be total and permanent by either of the following, which shall be
deemed conclusive determination of disability: (i) a decision by an insurance company to pay disability benefits under a specified
waiting period to Executive, the determination of which shall relate back and be effective at the beginning of such waiting period;
or (ii) a decision to such effect by a qualified physician appointed by the Bank and reasonably acceptable to Executive (or Executive’s
representative) who is not an employee of or otherwise affiliated with the Bank or any of its shareholders or directors. Executive
shall submit to a reasonable number of examinations by the physician making the determination of disability, and Executive hereby
authorizes the disclosure and release of all supporting medical records.

 

D.           Termination
by the Bank Without “Cause”. The Bank, upon written notice to Executive, shall have the right to terminate the
Employment Period at any time, for any reason or for no reason. In the event of such termination by the Bank (including termination
following delivery of a notice of non-renewal by the Bank under Section 2 without “Cause” (unless the Bank terminates
for “Cause” thereafter), but excluding a termination by the Bank for “Cause” under Section 8(E)), Executive
shall be entitled to all of the same compensation and benefits specified in Section 8(B)(ii) within the same time periods and on
the same terms and conditions as specified therein, provided that Executive shall not be entitled to the compensation specified
in Section 8(B)(ii)(b) or the continuation of Benefits specified in Section 8(B)(ii)(d) and Section 8(B(ii)(e) (other than as required
by COBRA) if Executive’s employment is terminated in connection with the liquidation, dissolution, insolvency or cessation
of operations of the Bank; provided further, that in the event of a non-renewal of the Employment Period by the Bank under Section
2 without “Cause,” the Severance Period shall be reduced by the number of whole and partial months elapsed from the
delivery date of such non-renewal notice and the effective date of such termination.

 

E.           Termination
by the Bank for Cause. The Bank, effective immediately upon written notice to Executive, shall have the right to terminate
the Employment Period at any

 

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time, for Cause (as defined below). In the event of such termination by the Bank after the Effective
Date, the Bank shall pay Executive in a lump sum, on the Bank’s regular payroll payment date next following the thirty-second
(32nd) day after the effective date of termination, Executive’s Accrued Compensation.

 

(i)           Cause.
For purposes of this Agreement, “Cause” shall mean (i) the failure by Executive (after written warning from
the Board or the Board of Directors of the Company specifying in reasonable detail the breach(es) complained of) to substantially
perform his duties under this Agreement (excluding, however, any failure to meet any performance targets or to raise capital and
excluding any failure due to Executive’s death or Disability) or to comply materially with the policies of the Bank Group,
(ii) personal dishonesty, incompetence (excluding, however, any failure to meet any performance targets or to raise capital), willful
misconduct, or breach of fiduciary duty involving personal profit, by Executive in the performance of his duties, and/or Executive’s
intentional failure to perform stated duties, (iii) the commission by Executive of an act or omission constituting fraud or embezzlement
against, or willful breach of fiduciary duty to, the Bank Group, (iv) the conviction of Executive for, or the entering by Executive
of a plea of nolo contendere with respect to, a criminal offense constituting a felony, (v) willful violation of any law,
rule or regulation (other than traffic violations or similar offenses) or any final cease-and-desist order; (vi) Executive habitually
abused alcohol or any controlled substance or reported to work under the influence of alcohol or any controlled substance (other
than a controlled substance which Executive is properly taking under a current prescription), (vii) Executive engaged in unlawful
harassment of employees or customers of the Bank Group, (viii) Executive exposed the Bank Group to criminal liability substantially
and knowingly caused by Executive which results in a material adverse effect on the business, financial condition, prospects or
results of operations of the Bank Group, and/or (ix) material breach by Executive of any provision of this Agreement. For purposes
of the foregoing, no act or failure to act on the part of Executive shall be considered “willful” unless it
is done, or omitted to be done, by Executive without reasonable belief that Executive’s action or omission was in the best
interests of the Bank Group. Any act or failure to act that is expressly authorized by the Board or the Board of Directors of the
Company pursuant to a resolution duly adopted by such Board, or pursuant to the written advice of counsel for the Bank, shall be
conclusively presumed to be done, or omitted to be done, by Executive in the best interests of the Bank Group.

 

For all purposes of
this Agreement, “Good Reason” and “Cause” shall have the applicable defined meaning as set
forth above in this Section 8.

 

F.           Treatment
of Equity Incentive upon Termination. In the event Executive terminates his employment for Good Reason in accordance with Section
8(B) or the Bank terminates Executive’s employment without Cause (other than non-renewal of the Employment Period under Section
2), any unvested options to purchase shares of the Company’s common stock (pursuant to the Equity Incentive or otherwise)
and any unvested restricted shares of the Company’s common stock or other unvested equity compensation in the Company or
any of its subsidiaries granted to Executive shall vest in full upon such termination. In the event Executive is terminated by
the Bank for Cause in accordance with Section 8(E), all vested and unvested 

 

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options to purchase shares of the Company’s common
stock (pursuant to the Equity Incentive or otherwise) and any vested and unvested restricted shares of the Company’s common
stock or other vested and unvested equity compensation in the Company or any of its subsidiaries granted to Executive shall be
forfeited upon such termination. In the event Executive’s employment is terminated for any other reason, all unvested options
to purchase shares of the Company’s common stock (pursuant to the Equity Incentive or otherwise) and any unvested restricted
shares of the Company’s common stock or other unvested equity compensation in the Company or any of its subsidiaries granted
to Executive shall be forfeited upon such termination.

 

G.           Release.
Notwithstanding anything in this Agreement to the contrary, as a condition to receipt by Executive of the payments due from the
Bank pursuant to the applicable provision in this Section 8 in connection with termination of the Employment Period, Executive
shall execute and deliver to the Bank within twenty-five (25) days of the effective date of the termination of the Employment Period,
a general release of all claims Executive may have against the Bank Group, the Board, the Board of Directors of the Company, and
affiliates and shareholders of the Bank Group and their respective affiliates, with respect to the subject matter of this Agreement
(other than any obligations of the Bank under this Agreement or any severance agreement which by their terms survive) in a form
reasonably acceptable to the Bank and/or its counsel, and such release shall not have been revoked by Executive.

 

H.           Resignations.
Any termination of Executive’s employment for any reason shall require that Executive resign all other positions (including
as director) he may then be holding with the Bank Group or as trustee of any of its benefit plans, unless the Board of Directors
of the Company and Executive agree to the contrary.

 

I.           Reasonableness.
The parties acknowledge and agree that the compensation and benefits set forth in this Section 8 as being payable upon termination
of this Agreement constitute liquidated damages upon the termination of this Agreement, and the parties hereto have agreed that
such compensation and benefits are reasonable. The parties further acknowledge and agree that the Bank shall not be required to
pay any salary, bonus or Benefits under this Section 8 if, upon the advice of counsel, Bank determines that the payment of such
salary, bonus or Benefits would be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation
promulgated by any regulatory agency having jurisdiction over the Bank or its affiliates.

 

9.           Nonsolicitation
and Noncompetition.

 

A.           Legitimate
Business Interests. Executive acknowledges and agrees that in the performance of his duties of employment with the Bank Group,
he will be in contact with customers, potential customers and/or information about customers or potential customers of the Bank
Group either in person, through the mails, by telephone or by other electronic means. Executive also acknowledges and agrees that
trade secrets and confidential information of the Bank Group, more fully described in Section 10 of this Agreement, that will be
gained by Executive during his employment with the Bank Group, have been developed by the Bank Group through substantial expenditures
of time, effort and financial resources and constitute valuable and unique property of the Bank Group. Executive further understands,
acknowledges and

 

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agrees that the foregoing makes it necessary for the protection of the Bank Group’s businesses that Executive
not divert business or customers from the Bank Group and that the Executive maintain the confidentiality and integrity of the Confidential
Information as provided in this Agreement.

 

B.           Nonsolicitation.
Executive shall not, at any time during the Restricted Period (as defined in Section 9(F) below), directly or indirectly, contact
or proposition, or otherwise attempt to induce, nor accept the initiative of a third party in such regard, alone or by combining
or conspiring with a third party, any employees, agents, consultants, representatives, contractors, vendors, suppliers, distributors,
manufacturers, clients, customers or other business contacts of the Bank Group to terminate or modify their relationship with,
or compete against, any of the Bank Group.

 

C.           Noncompetition.
Executive shall not, at any time during the Restricted Period, directly or indirectly, personally or as an owner, officer, director,
partner, employee, member, agent, consultant, representative, independent contractor, or in any other capacity whatsoever of any
corporation or other entity, own, manage, operate, control, conduct or assist in any way any business competing with any of the
Bank Group in the Restricted Territory. For purposes of this Agreement, “Restricted Territory” shall mean all
counties located within the Bank Group’s then current territory as of the effective date of termination and all contiguous
counties. For purposes of this Agreement, “compete” or “competing” shall mean any situation
where the Executive: (i) enters into, engages in, becomes an employee of or acquires an ownership of more than two percent (2%)
of any business that competes with the Bank Group’s businesses in the Restricted Territory; (ii) directly or indirectly solicits,
diverts, entices, or accepts any customers, clients, business patronage or orders from any customers, clients, or businesses with
whom Executive has had contact, involvement or responsibility during Executive’s employment with any of the Bank Group’s
businesses on behalf of any person (including Executive) or entity, that competes with the Bank Group’s businesses; (iii)
directly or indirectly solicits, diverts, entices, or takes away any potential customer identified, selected or targeted by the
Bank Group with whom the Executive has had contact, involvement or responsibility during Executive’s employment with any
of the Bank Group, or attempts to do so, for the sale of any product or service that is the same as, similar to, or a substitute
for, any product or service offered by the Bank Group’s businesses; and/or (iv) promotes or assists, financially or otherwise,
any person or entity, engaged in any business that is the same as, similar to, or a substitute for, any product or service offered
by the Bank Group’s businesses.

 

D.           No
Inducement of Bank Group Employees. Except in the course of his employment with the Bank Group, or with the prior written approval
of the Board of Directors of the Company, Executive shall not, during the Restricted Period, in any way directly or indirectly
(i) induce, influence, combine or conspire with, or attempt to induce, influence, combine or conspire with, any of the employees
of the Bank Group to terminate his or her employment with or to compete against the Bank Group in any capacity in the Restricted
Territory, and/or (ii) hire, attempt to hire, or cause to be hired any person or persons (other than Executive’s personal
or executive assistants) who to Executive’s best knowledge was employed by the Bank Group at any time during the period commencing
six (6) months prior to such termination.

 

    	 	11	 

     

    

 

E.           Permitted
Investments. Nothing in this Agreement shall be deemed to prevent Executive from acquiring and owning, solely as an investment,
up to two percent (2%) of the total number of shares outstanding of any other publicly-traded depository institution, bank holding
company or savings and loan holding company, so long as Executive is not a member of any “control group” (within the
meaning of the rules and regulations of the Securities and Exchange Commission) of any such issuer.

 

F.           Restricted
Period. For the purposes of this Agreement, “Restricted Period” means during the Employment Period, plus
either: (i) one (1) year following the effective date of any termination of Executive’s employment by Executive other than
for Good Reason, by the Bank for Cause or due to Executive’s Disability, or (ii) the Severance Period following the effective
date of any termination by Executive for Good Reason or by the Bank without Cause (i.e., for the period Executive continues to
receive compensation under Section 8(B)(ii)(b) hereof); provided, however, in the event of non-renewal of the Employment
Period under Section 2, the Restricted Period, for the purposes of Section 9(C) only, shall be limited to the Employment Period
(i.e., through the then applicable expiration date, regardless of whether Executive continues to provide services hereunder).

 

10.         Confidentiality.

 

A.           Confidential
Information. During the Employment Period, Executive may have access to, be trusted or become acquainted with, and/or may acquire,
knowledge of various confidential, trade secret and/or proprietary information of the Bank Group, clients and customers, including,
without limitation, ideas, concepts, plans, designs, marketing techniques, sales techniques, forecasts, projections, products,
technology, methods, procedures, pricing, costs, cost reports, customers, customer lists, customer identification, customer prospects,
designs, computer systems, passwords, computer software, procedures, methods, formulae, financial statements, assets, liabilities,
revenues, business methods, marketing information, marketing methods, acquisition plans, contract terms, contract negotiations,
compensation information, structures and plans, employee responsibilities and duties, copyrights, trademarks, patents and other
proprietary information (collectively, the “Confidential Information”).

 

B.           What
is not the Confidential Information. The Confidential Information shall not include information that: (i) is or becomes public
information without breach of this Agreement by Executive; (ii) was in Executive’s possession (in writing or other recorded
form) prior to his employment by the Bank with no obligation to maintain confidentiality, as evidenced by written or electronic
records; (iii) was received from a third party not under any obligation of confidentiality to any of the Bank Group; or (iv) is
required to be disclosed by Executive by law or a final order of a court or other governmental agency or authority of competent
jurisdiction; provided, however, reasonable notice prior to any such disclosure shall be given to the Bank to allow
sufficient time for the Bank Group to obtain injunctive relief, a protective order or similar remedy, in accordance with Section
10(E).

 

C.           Executive’s
Use of Confidential Information. During the Employment Period and for two (2) years after the expiration or termination of
the Employment Period, for any reason or for no reason (and regardless of who is the terminating party), Executive shall not,

 

    	 	12	 

     

    

 

without
the prior written consent of the Bank, except as is necessary for Executive to perform Executive’s duties on behalf of the
Bank, directly or indirectly, use, publish, disseminate, distribute, or otherwise disclose any of the Confidential Information
to any third party that does not have a confidentiality obligation in writing with any of the Bank Group.

 

D.           Executive’s
Protection of Confidential Information. During the Employment Period, Executive shall take all steps reasonably necessary
and/or requested by the Bank to ensure that the Confidential Information is kept confidential pursuant to this Agreement. Executive
will comply with all applicable policies, procedures and practices that the Bank may establish from time to time with regard to
the Confidential Information. Executive will not, directly or indirectly, reproduce, permit reproduction of, remove and/or permit
removal of any of the Confidential Information from any of the Bank Group’s premises, except as is necessary for Executive
to perform Executive’s duties on behalf of the Bank Group.

 

E.           Procedures
to be Followed if Disclosure is Required by Law or Court. In the event Executive is requested pursuant to, or required by,
applicable law or regulation or by legal process to disclose any Confidential Information, Executive agrees to provide the Bank
Group with prompt notice of such request or requirement to enable the Bank Group to seek an appropriate protective order, waive
compliance with the provisions of this Agreement or take other appropriate action. Executive agrees to use Executive’s best
efforts in such event to assist the Bank Group in obtaining a protective order. If, in the absence of a protective order or the
receipt of a waiver under this Agreement, Executive is nonetheless, in the written opinion of Executive’s counsel, compelled
to disclose the Confidential Information to any tribunal or else stand liable for contempt or suffer other censure or significant
penalty, Executive, after notice to the Bank Group, may disclose to such tribunal only such Confidential Information that Executive
is compelled to disclose. Executive shall not be liable for the disclosure of Confidential Information to a tribunal compelling
such disclosure unless such disclosure was caused or resulted from a previous disclosure by Executive not permitted under this
Agreement.

 

F.           Executive’s
Acknowledgement of Value of Confidential Information. Executive acknowledges and agrees that the Confidential Information is
a special and unique asset of the Bank Group, created and/or obtained by the Bank Group at considerable time and/or expense, from
which the Bank Group may or does derive independent economic value from the Confidential Information not being generally known
to third parties.

 

G.           Executive’s
Return of Confidential Information and the Bank Group Property. Executive will, immediately upon the Bank’s request,
upon termination of Executive’s employment by the Bank, for any reason or for no reason, return to the Bank: (i) all copies
and manifestations of Confidential Information that Executive may have or have access to; (ii) all documents, other materials and
equipment provided by any of the Bank Group; and (iii) all documents and materials that Executive has prepared during Executive’s
employment by any of the Bank Group (collectively, the “Bank Property”). Executive acknowledges and agrees that
the Bank Property is, and shall, remain at all times the exclusive property of the Bank Group.

 

11.         Notice
to Executive’s Future Employers. For a period of two (2) years following the termination of Executive’s employment
by any of the Bank Group, for any reason or for no

 

    	 	13	 

     

    

 

reason, the Bank Group shall have the right to inform each of Executive’s
employers in writing of the existence of the obligations contained in Sections 9 and 10 of this Agreement, and provide such employers
with a copy of Sections 9 and 10 of this Agreement.

 

12.         Assignment
of Intellectual Property Rights. Executive hereby grants, transfers and assigns, and agrees to grant, transfer, and assign,
to the Bank and its successors and assigns, all of Executive’s rights, title and interest, if any, in or to any and all Developments
(as defined below) and Intellectual Property (as defined below) in the Developments, including rights to translation and reproductions
in all forms or formats, and the copyrights and patent rights to the same, if any. Executive agrees that the Bank may copyright
and/or patent all Developments in the Bank’s name and secure renewal, reissues and extensions of such copyrights and patents
for such periods of time as the law may permit.

 

A.           Developments.
“Developments” shall mean any idea, invention, process, design, concept, or useful article (whether the design
is ornamental or otherwise), software and/or computer program and/or code documentation, trademark, trade secret, literary work,
audiovisual work and any other work of authorship previously or hereafter created, expressed, made or conceived solely or jointly
by Executive during Executive’s employment by any of the Bank Group, whether or not subject to copyright, patent or other
forms of proprietary protection, and that (i) is related to the actual or anticipated business, research or development of any
of the Bank Group and/or (ii) is suggested by, or results from, any task assigned to Executive, or work performed by Executive,
for or on behalf of the Bank Group.

 

B.           Intellectual
Property Rights. “Intellectual Property Rights” shall mean any and all now known or hereafter known, tangible
and intangible: (1) rights associated with works of authorship throughout the universe, including, but not limited to, copyrights,
moral rights and mask-works; (2) trademark and trade name rights and similar rights; (3) trade secret rights; (4) patents,
designs, algorithms and other industrial property rights; (5) all other intellectual and industrial property rights of every kind
and nature throughout the universe, however named or designated, including, without limitation, logos, rental rights and rights
to remuneration, whether arising by operation of law, contract, license, or otherwise; and (6) all registrations, initial applications,
renewals, extensions, continuations, division or reissues of the above, whether now or hereafter in force.

 

13.         Non-Disparagement.
Executive shall not, during the Employment Period or at any time thereafter, directly or indirectly, in any communications in any
media, criticize, ridicule or make (or cause or permit others to criticize, ridicule or make) any statement which disparages or
is derogatory of any of the Bank Group, the Bank Group’s products or services, or any of the Bank Group’s present,
former or future shareholders, officers, directors, employees, affiliates and/or subsidiaries. Notwithstanding the foregoing, Executive
is not barred or otherwise restricted from exercising any right of speech or expression protected by applicable law, rule or regulation.

 

14.         Equitable
Relief. The Bank has entered into this Agreement in order to obtain the benefit of Executive’s unique skills, talent,
and experience. The parties enter into this Agreement with the understanding that the Base Salary and all other compensation and
Benefits

 

    	 	14	 

     

    

 

to be paid to Executive pursuant to this Agreement have been based in part on the value to the Bank Group of each of the
provisions of this Agreement. Executive acknowledges and agrees that any breach or threatened breach of this Agreement will result
in irreparable damage to the Bank Group and, accordingly, any of the Bank Group may obtain injunctive relief, a decree of specific
performance and/or any other equitable relief for any breach or threatened breach of this Agreement in addition to any other remedies
available to the Bank Group, without being required to show any actual damage, or to post an injunction bond. Accordingly, Executive
acknowledges and agrees that the Company and its direct and indirect subsidiaries (other than the Bank) shall be third party beneficiaries
of this Agreement.

 

15.         Enforcement
of this Agreement by the Bank Group is Necessary and Reasonable. Executive acknowledges and agrees that the enforcement of
Sections 1(A), 9, 10, 12, 13 and 14 of this Agreement by the Bank Group is necessary to ensure the preservation, protection and
continuity of the business, the Confidential Information, and the goodwill of the Bank Group. Due to the proprietary nature of
the Bank Group’s business, Executive acknowledges and agrees that the terms of this Agreement, including, without limitation,
the length and scope of the terms and geographical restrictions contained in Sections 9, 10 and 11 this Agreement, are fair and
reasonable and not the result of overreaching, duress or coercion of any kind. Executive further acknowledges and agrees that Executive’s
full, uninhibited and faithful observance of Sections 1(a), 9, 10, 12, 13 and 14 of this Agreement will not cause Executive any
undue hardship, financial or otherwise, and that enforcement of this Agreement will not impair Executive’s ability to obtain
employment commensurate with Executive’s abilities and on terms fully acceptable to Executive, or to otherwise obtain income
required for the comfortable support of Executive and Executive’s family and the satisfaction of the needs of Executive’s
creditors.

 

16.         Any
Claim by Executive Against the Bank Group is Not a Defense to Enforcement. The existence of any claim or cause of action Executive
might have against any of the Bank Group predicated on this Agreement or otherwise, will not constitute a defense to the enforcement
by the any of the Bank Group of Sections 9, 10, 12 and 13 of this Agreement.

 

17.         Restrictive
Periods Can Be Extended If the Bank Group Must Enforce This Agreement. In the event any of the Bank Group should bring any
legal action or other proceeding for the enforcement of Sections 9 or 10 of this Agreement, Executive agrees that the time for
calculating the restrictive terms contained in Sections 9 or 10 of this Agreement will not include the period of time commencing
with the filing of legal action or other proceeding to enforce the terms of Sections 9 or 10 of this Agreement, through the date
of final judgment or final resolution, including all appeals, if any, of such legal action or other proceeding.

 

18.         Indemnification.
In addition to any additional benefits provided under applicable federal and state law to Executive as a director and officer of
the Bank, Executive shall be entitled to the benefits of: (a) those provisions of the Articles of Incorporation and By-Laws of
the Bank, which provide for indemnification of directors and officers of any of the Bank (and no such provision shall be amended
in any way to limit or reduce the extent of indemnification available to Executive as a director or officer of the Bank), and (b)
any Indemnification Agreement between the Bank and Executive. The rights of Executive under such indemnification obligations shall
survive the termination of this Agreement and be applicable for

 

    	 	15	 

     

    

 

so long as Executive may be subject to any claim, demand, liability,
cost or expense, which the indemnification obligations referred to in this Section are intended to protect and indemnify him against.
The Bank shall, at no cost to Executive, use its best efforts to at all times include Executive, during the term of Executive’s
employment hereunder and for so long thereafter as Executive may be subject to any such claim, as an insured under any directors’
and officers’ liability insurance policy maintained by the Bank, which policy shall provide such coverage in such amounts
as the Board shall deem appropriate for coverage of all directors and officers of the Bank. Notwithstanding the foregoing, any
payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with
12 U.S.C. 1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

19.         Section
409A of the Internal Revenue Code. This Agreement is intended to be construed in a manner that avoids the imposition upon payments
hereunder of interest and additional tax under Section 409A(a)(1)(B) of the Code. Without limiting the scope of the previous sentence,
(i) with respect to any payment hereunder subject to Section 409A of the Code, distributions on account of a separation from service
may not be made to Executive if he or she is a “Specified Employee” within the meaning of Section 409A(a)(2)(B)(i)
before the date which is six (6) months after the date of the separation from service (or, if earlier, the date of death of Executive),
and (ii) any references to termination of employment, the Employment Period or this Agreement shall have the same meaning as “separation
from service” as defined in Treasury Regulations 1.409A-1(h). Within the time period permitted by the applicable Treasury
Regulations, the Bank may, in consultation with the Executive, modify this Agreement, in the least restrictive manner necessary
and without any diminution in the value of the payments to the Executive, in order to cause the provisions of this Agreement to
comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties pursuant to Section
409A of the Code.

 

20.         Required
Regulatory Provision.

 

A.           Notwithstanding
anything herein contained to the contrary, any payments to the Executive by the Bank, whether pursuant to this Agreement or otherwise,
are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k),
and any other applicable statutes and applicable regulations promulgated thereunder. Nothing in this Agreement shall be construed
to subject the Bank or its assets to any contractual obligations undertaken by the Company hereunder or to liability for any breach
by the Company.

 

B.           If
Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1), the Bank’s
obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the
charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld
while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which
were suspended.

 

    	 	16	 

     

    

 

C.           If
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued
under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank
under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.

 

D.           If
the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement
shall terminate as of the date of default, but this Section 20(D) shall not affect any vested rights of the parties hereunder.

 

E.           All
obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary
for the continued operation of the Bank: (i) by the Director (“Director”) of the Federal Deposit Insurance Corporation
(“FDIC”) or his or her designee, at the time the FDIC or Resolution Trust Corporation enters into an agreement
to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance
Act; or (ii) by the Director of the FDIC or his or her designee, at the time the Director or his or her designee approves a supervisory
merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

 

21.         Miscellaneous.

 

A.           Amendments.
The provisions of this Agreement may not be amended, supplemented, waived or changed orally, but only by a writing signed by all
parties to this Agreement and making specific reference to this Agreement.

 

B.           Assignability.
The rights and obligations of the Bank under this Agreement may not be assigned in whole or any part except in the case of a consolidation
or merger with, or a transfer of all or substantially all of the assets of the Bank to, another entity which prior to the consummation
of such combination transaction expressly assumes all of the Bank’s obligations to Executive hereunder. No such assignment
shall limit or restrict Executive’s right to terminate this Agreement for Good Reason, which right shall remain absolute,
but the assignment of this Agreement in connection with such a combination transaction shall not, in and of itself, constitute
Good Reason. Executive’s rights and obligations hereunder are personal and may not be assigned by Executive (other than his
rights to payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution or to Executive’s
representative in the event of his Disability), provided, however, in the event of Executive’s death or Disability, Executive’s
representative may also exercise any unexercised stock options, if any, to the extent permitted by the relevant option plan agreement
or this Agreement. As used in this Agreement, “Bank” and “Company” shall mean the entities
as hereinbefore defined and any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the equity, business and/or assets of the Bank or the Company (as the case may be) that executes and delivers
the agreement contemplated by this paragraph or that otherwise becomes bound by all the terms and provisions of this Agreement
by operation of law.

 

    	 	17	 

     

    

 

C.           Binding
Effect. All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by the parties and their respective administrators, executors, personal representatives, legal representatives, heirs, successors
and permitted assigns, whether so expressed or not.

 

D.           Severability.
If any part of this Agreement or any other Agreement entered into pursuant to this Agreement is contrary to, prohibited by, or
deemed invalid under, applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited or invalid, but the remainder of this Agreement shall not be invalidated thereby and shall be given full force and effect
so far as possible. Without limiting the generality of the foregoing, in the event that any of the terms and geographical restrictions
or other provisions contained in Sections 9 and 10 of this Agreement are held to constitute an unreasonable restriction upon Executive,
Executive agrees that the provisions of this Agreement will not be rendered void, but will apply as to their time and territory
or to such other extent as may be determined or indicated to constitute a reasonable restriction.

 

E.           Waivers.
The failure or delay of any party at any time to require performance by the other party of any provision of this Agreement shall
not affect the right of such party to require performance of that provision or to exercise any right, power or remedy hereunder,
and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing
or succeeding breach of such provision, a waiver of the provision itself or a waiver of any right, power or remedy under this Agreement.
No notice to or demand on any party in any case shall, of itself, entitle such party to any other or further notice or demand in
similar or other circumstances.

 

F.           Notices.
All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall
be (as elected by the party giving such notice) hand delivered by messenger or overnight courier service, transmitted by fax, or
mailed by registered or certified mail (postage prepaid), return receipt requested, addressed to:

 

 

	If to Executive:	 	If to the Bank:	 
	 	 	 	 
	Michael J. Brown, Jr.	 	Robin Moorman	 
	2925 S. Indian River Dr.	 	First Bank & Trust of Indiantown, FSB	 
	Fort Pierce, FL 34982	 	2991 SW High Meadows Ave.	 
	 	 	Palm City, FL 34990	 
	Email:	mjblzb@bellsouth.net	 	Email:	rmoorman@fboi.com	 

 

or to such other address as any party may designate by notice
complying with the terms of this Section. Each such notice shall be deemed delivered (a) on the date delivered if by messenger
or overnight courier service; (b) on the date of confirmation of receipt if by fax; and (c) either upon the date of
receipt or refusal of delivery, if mailed.

 

    	 	18	 

     

    

 

G.           Governing
Law. This Agreement and all transactions contemplated by this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida, without regard to principles of conflicts of laws.

 

H.           Headings.
The headings contained in this Agreement are for convenience of reference only, are not to be considered a part of the Agreement
and shall not limit or otherwise affect in any way the meaning or interpretation of this Agreement.

 

I.           Advice
of Counsel. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL, OR HAS HAD THE OPPORTUNITY TO CONSULT WITH
COUNSEL, WITH RESPECT TO THIS AGREEMENT.

 

J.           Survival.
The provisions of Sections 1(A) and Sections 8 through 21 shall survive the expiration or termination of this Agreement.

 

K.          Remedies
Cumulative. Except as otherwise expressly provided in this Agreement, no remedy in this Agreement conferred upon any party
is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to
every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute or otherwise. No single
or partial exercise by any party of any right, power or remedy under this Agreement shall preclude any other or further exercise
thereof.

 

L.           Preparation
of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is responsible for its
preparation. The parties acknowledge each contributed and is equally responsible for its preparation.

 

M.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument. Confirmation of execution by electronic transmission of a facsimile signature page
shall be binding on a party so confirming.

 

N.           JURY
WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR RELATES
TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE RELATIONSHIP
CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT
JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE
AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS AGREEMENT
OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER
PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION.
EACH PARTY

 

    19 

     

    

 

ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION GOVERNED BY THIS AGREEMENT
AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION.

 

    20 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	BANK:
	 	 	 
	 	First Bank
    and Trust of Indiantown
	 	 	 
	 	By:	/s/  J. Hal Roberts, Jr.
	 	 	J. Hal Roberts, Jr.

	 	Print Name:	J. Hal Roberts, Jr.

	 	Title:	President and COO

 

	 	EXECUTIVE:
	 	 
	 	/s/ Michael J. Brown, Jr.
	 	Michael J. Brown, Jr.

 

    21 

     

    

 

EXHIBIT A

 

To

 

EMPLOYMENT AGREEMENT

 

Between

 

 

 

And

 

MICHAEL J. BROWN,
JR.

 

The terms of the Equity
Incentive grant of stock options by the Company to Executive shall include the following:

 

		1.	Twenty-five percent (25%) of the shares subject to the
stock option granted to Executive as the Equity Incentive shall vest (i.e., all of the restrictions shall lapse) on the first
anniversary of the date of grant of such shares, and twenty-five percent (25%) of the shares subject to the stock option granted
to Executive as the Equity Incentive shall vest annually on each of the following three anniversary dates of the date of grant,
provided Executive is employed by any of the Bank Group on each such anniversary date (subject to the acceleration provisions
hereinafter referred to). In addition, such option shares shall be subject to vesting, acceleration and forfeiture pursuant to
Section 8(F) of this Agreement and any applicable equity incentive plan.

 

		2.	Executive shall pay to the Bank Group upon request any
income taxes, unemployment tax, Medicare and FICA that may be required to be submitted by the Bank Group to the Internal Revenue
Service in connection with the grant or exercise of any such option shares.

 

    

     

    

 

EXHIBIT B

 

To

 

EMPLOYMENT AGREEMENT

 

Between

 

 

 

And

 

MICHAEL J. BROWN,
JR.

 

Harbor Federal Realty,
LLC

 

Harbor Asset Management,
LLC

 

    2Exhibit 10.5

 

(As of July 24, 2015)

 

HCBF
Holding Company, Inc.

 

Amended
and Restated 2010 STOCK INCENTIVE PLAN

 

ARTICLE
1

GENERAL PROVISIONS

 

1.1          Purpose.

 

The 2010 Stock Incentive
Plan (the “Plan”) of HCBF Holding Company, Inc. (the “Corporation”) is adopted for the following
purposes: (1) to closely associate the interests of certain Key Persons (as hereinafter defined) with the interests of the Corporation’s
shareholders; (2) to encourage the Key Persons to focus on the growth and development of the Corporation, as reflected in increased
shareholder value; (3) to maintain competitive compensation levels; and (4) to provide an incentive for the Key Persons to maintain
association or employment with the Corporation so that the Corporation may retain the services of the most highly qualified individuals
in high level managerial capacities.

 

1.2          Administration.

 

(a)          The
Plan shall be administered by the Board of Directors of the Corporation, unless and to the extent such Board delegates any of such
functions to the Compensation Committee of the Corporation (in either case, the “Administrator”) as that term
is defined in and as constituted from time to time in accordance with the Bylaws of the Corporation.

 

(b)          The
Administrator shall have the authority, in its sole discretion and from time to time to:

 

(i)          designate
the individuals or classes of individuals eligible to participate in the Plan;

 

(ii)         grant
awards provided in the Plan in such form and amount as the Administrator shall determine;

 

(iii)        impose
such limitations, restrictions and conditions upon any such award as the Administrator shall determine;

 

(iv)        interpret
the Plan, and adopt, amend, and rescind rules and regulations relating to the Plan, and

 

(v)         make
all other determinations and take all other actions necessary or advisable for the implementation and administration of the Plan.

 

(c)          The
Administrator may select one of its members as its chair, and shall hold meetings at such time and places as it may determine.
Acts approved by the vote of a majority of

 

    	 	 	 

     

    

 

the members of the Administrator,
or acts reduced to or approved in writing by a majority of the members of the Administrator, shall be the valid acts of the Administrator.

 

(d)          The
Administrator’s interpretation of the Plan or any Awards granted pursuant thereto and all decisions and determinations by
the Administrator with respect to the Plan shall be final, binding, and conclusive on all parties unless otherwise determined by
the Administrator.

 

1.3          Eligibility
for Participation.

 

Only Key Persons shall
be eligible for participation in the Plan. For purposes of the Plan, “Key Persons” shall be individuals selected
by the Administrator for grants of Awards under this Plan.

 

1.4          Types
of Awards Under Plan.

 

Awards that are available
under the Plan shall be as follows:

 

(a)          Nonqualified
Stock Options (as described in Article 3);

 

(b)          Incentive
Stock Options (as described in Article 4); or

 

(c)          Any
combination of the foregoing Awards.

 

1.5          Aggregate
Limitation on Awards.

 

(a)          Subject
to adjustment for the Excluded Share Issuances (as defined below), shares of stock which may be the subject of Awards issued under
the Plan shall be authorized and unissued or treasury shares of the Common Stock of the Corporation. Except as otherwise provided
in this Section 1.5, the maximum number of shares of Common Stock which may be the subject of Awards issued under the Plan (the
“Aggregate Limitation”) shall be equal to ten percent (10%) of the Common Stock issued and outstanding from time to
time as a result of issuances of Common Stock by the Company in connection with the greater of: (i) the first $350 million of aggregate
paid-in capital of the Company or (ii) the amount of aggregate paid-in capital of the Company pursuant to capital commitments accepted
by the Company as of September 30, 2010 (the greater of (i) and (ii), the “Paid-In Capital Threshold”); provided, however,
that the maximum number of shares of Common Stock which may be the subject of Incentive Stock Options shall be equal to ten percent
(10%) of the issued and outstanding Common Stock as of the date this Plan is adopted by the Board; and provided further, that if
there shall be a prospective reduction in the outstanding Common Stock other than in connection with an event to which Section
5.11 applies (such as a reverse stock split), any previously issued Awards shall remain valid and exercisable in Common Stock notwithstanding
that Common Stock subsequently issued pursuant to the prior Awards may exceed such limit. The Aggregate Limitation shall be increased
from time to time as and when such shares of Common Stock are issued and additional capital is paid into the Company up to, but
not in excess of, the Paid-In Capital Threshold. For avoidance of doubt, the Aggregate Limitation shall not be increased (and outstanding
Awards shall be subject to dilution) upon (i) the issuance of Common Stock as a result of the exercise of any Awards granted by
the Company, (ii) mergers, acquisitions and similar transactions in which Common Stock (or instruments convertible into Common
Stock) is

 

    	 	2	 

     

    

 

used as consideration,
or (iii) other events that do not result in an increase in the Aggregate Limitation (each of (i), (ii) and (iii), an “Excluded
Share Issuance”), whether any such Excluded Share Issuance occurs prior to or after the date on which the Paid-In Capital
Threshold has been met.

 

(b)          If
the Institutional Investors realize a cash-on-cash internal rate of return (“IRR”) on the capital they have invested
in the Corporation in an amount equal to or exceeding eight percent (8%) per annum, compounded annually, as a result of a Liquidity
Event, then the Aggregate Limitation shall automatically be deemed increased from ten percent (10%) to twelve percent (12%) of
the Paid-In Capital Threshold (determined as aforesaid) as in effect immediately prior to the consummation of such Liquidity Event
calculated on a fully-diluted basis, and the Administrator shall take whatever acts are deemed necessary in order to effectuate
such increase immediately prior to the consummation of the Liquidity Event. Such additional amount of Awards shall be fully granted
by the Administrator (and allocated as the Administrator deems appropriate) immediately prior to the consummation of the Liquidity
Event either in the form of grants of additional Awards of Nonqualified Stock Options having an exercise price equal to Ten Dollars
($10.00) per share of Common Stock (“Initial Exercise Price”), or, in the alternative, grants to the recipients (whether
within, to the extent permissible, or outside of this Plan) of cash compensation, restricted stock or an alternative form of compensation
deemed appropriate by the Administrator, provided that any such alternative to Common Stock shall have the economic equivalent
of the differential between the Initial Exercise Price and the Fair Market Value of the Common Stock as reflected in the terms
of such Liquidity Event; and provided further that any such award or instrument shall be structured to comply with Section 409A
of the Code. For the purposes of this Section 1.5(b), the IRR shall be calculated inclusive of the dilution resulting from the
additional benefits granted pursuant to this Section 1.5(b), and, in the event of an underwritten public offering by the Corporation,
shall be calculated based on the assumption that the Institutional Investors were permitted to sell all of their Common Stock through
such public offering at the price per share offered in such public offering.

 

(c)          For
purposes of calculating the maximum number of shares of Common Stock remaining to be issued under the Plan, all the shares issued
(including the shares, if any, withheld for tax withholding requirements) shall be counted when cash is used as full payment for
the shares issued for any Award.

 

(d)          If
any Award granted under the Plan terminates for any reason without being wholly exercised, then the Administrator shall have the
discretion to grant new Awards to Participants covering the number of shares of Common Stock to which such Awards related.

 

1.6          Effective
Date and Term of Plan.

 

(a)          The
Plan shall be effective on the date it is adopted by the Board. If the shareholders of the Corporation shall not approve the Plan
within 12 months after the Board's adoption of the Plan, any Stock Options granted under the Plan by the Board shall be and remain
valid, issued and outstanding Stock Options but shall be treated as Nonqualified Stock Options.

 

    	 	3	 

     

    

 

(b)          No
Awards shall be made under the Plan after the ten (10) year anniversary of the effective date of the Plan; provided, however, that
the Plan and all Awards made under the Plan prior to such date shall remain in effect until such Awards have been satisfied or
terminated in accordance with the Plan and the terms of such Awards.

 

ARTICLE
2

Definitions

 

The following definitions
shall be applicable throughout the Plan.

 

2.1          “Administrator”
shall have the meaning set forth in Section 1.2(a) of the Plan.

 

2.2          “Award”
shall mean, individually or collectively, any Incentive Stock Option or Nonqualified Stock Option granted to a Participant pursuant
to the terms of the Plan.

 

2.3          “Award
Period” shall mean the Incentive Stock Option Period or the Nonqualified Stock Option Period, as applicable.

 

2.4          “Board”
or “Board of Directors” shall mean the Board of Directors of the Corporation.

 

2.5          “Change
in Control” shall, unless the Administrator otherwise directs by resolution adopted prior thereto, be deemed to occur
if (i) any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act (as defined herein) is or
becomes the beneficial owner (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of more than
fifty percent (50%) of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote
generally in the election of directors; or (ii) during any period of twelve (12) consecutive months, individuals who at the beginning
of such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election or the
nomination for election by the Corporation’s shareholders of each new Director was approved by a vote of at least three-quarters
(3/4) of the Directors then still in office who were Directors at the beginning of the period or the election or nomination for
election was previously so approved, or who are approved or elected by or on behalf of shareholders pursuant to the Company’s
Articles of Incorporation (as the same may be amended or amended and restated from time to time in accordance with its terms).

 

2.6          “Code”
shall mean the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall be deemed to include
any amendments or successor provisions to such section and any regulations under such section.

 

2.7          “Common
Stock” shall mean the Common Stock of the Corporation, $0.001 par value per share.

 

2.8          “Corporation”
shall mean HCBF Holding Company, Inc., a Florida corporation, and its successors.

 

2.9          “Director”
shall mean a member of the Board of Directors.

 

    	 	4	 

     

    

 

2.10       “Disability”
shall have the meaning set forth in any written Employment Agreement between the Participant and the Corporation. If a Participant
does not have a written Employment Agreement with the Corporation which defines “Disability,” then “Disability”
shall mean as to such Participant his or her physical or mental incapacity resulting in such Participant being absent and unable
to perform Participant’s duties for any consecutive three (3) month period, or for any six (6) non-consecutive months in
any twelve (12) month period, as determined by the Administrator, which shall be deemed conclusive determination of disability.
Notwithstanding the foregoing, in the case of any Incentive Stock Options, “Disability” shall be defined under Section
22(e)(3) of the Code.

 

2.11       “Effective
Date” shall mean the date specified in Section 1.6.

 

2.12       “Employee”
shall mean a statutory employee of the Corporation or any subsidiary thereof as defined in Code Section 1402(d).

 

2.13       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.14       “Fair
Market Value” shall have the following meaning:

 

(a)          Corporation’s
Common Stock is Publicly Traded.

 

For purposes of the Plan, if the Corporation’s
Common Stock is publicly traded at the time of determination, “Fair Market Value” as of any date and in respect of
any share of Common Stock shall mean:

 

(i)          the
average of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock
is traded, or if no sales of Common Stock occur on the date in question, on the last preceding date on which there was a sale on
such market, if the Common Stock is then traded on a national securities exchange; or

 

(ii)         the
mean between the closing bid and ask prices last quoted by an established quotation service for over-the-counter securities, or
if no sales of Common Stock occur on the date in question, on the last preceding date on which there was a sale on such market,
if the Common Stock is not reported on a national securities exchange.

 

The above definition
shall be interpreted consistent with Treas. Reg. §1.409A-1(b)(5)(iv)(A).

 

(b)          Corporation’s
Common Stock is Not Publicly Traded.

 

For purposes of the Plan, if the Corporation’s
Common Stock is not publicly traded at the time of determination, “Fair Market Value” as of any date and in respect
of any share of Common Stock shall be deemed to be the fair value of the Common Stock as determined by the Administrator after
taking into consideration all factors which it deems appropriate, including, without limitation, recent sale and offer prices of
the Common Stock in private transactions negotiated at arm’s length.

 

    	 	5	 

     

    

 

2.15       “Holder”
shall mean a Participant who has been granted a Nonqualified Stock Option Award or an Incentive Stock Option Award.

 

2.16       “Incentive
Stock Option” shall have the meaning set forth in Section 4.1.

 

2.17       “Incentive
Stock Option Period” shall mean the period described in Section 4.6(a).

 

2.18       “Institutional
Investors” shall mean the Board Seat Investors (as such term is defined in the Company’s Articles of Incorporation
(as the same may be amended or amended and restated from time to time in accordance with its terms)).

 

2.19         “Key
Persons” shall mean any Employee and shall also include any officers or Directors of the Corporation or any subsidiary
thereof, whether or not the latter shall be an Employee of the Corporation.

 

2.20       “Liquidity
Event” shall mean one or more of the following transactions for which proper approval is obtained from the Board and/or
the shareholders of the Corporation, as applicable: (a) a Qualified Public Offering; (b) a merger or consolidation in which the
Corporation is not the surviving entity and which constitutes a Change in Control; (c) the sale, transfer or other disposition
of all or substantially all of the assets of the Corporation; or (d) any reverse merger in which the Corporation is the surviving
entity but which constitutes a Change in Control.

 

2.21       “Nonqualified
Stock Option” shall mean an Option granted by the Administrator to a Participant under the Plan which is not designated
by the Administrator as an Incentive Stock Option.

 

2.22       “Nonqualified
Stock Option Period” shall mean the period described in Section 3.5(a).

 

2.23       “Option”
shall mean a Nonqualified Stock Option or an Incentive Stock Option.

 

2.24       “Option
Period” shall mean a Nonqualified Stock Option Period or an Incentive Stock Option Period.

 

2.25       “Option
Price” shall mean the applicable Stock Option Price or Incentive Option Price.

 

2.26       “Participant”
shall mean a Key Person who shall be granted an Award under the Plan.

 

2.27       “Performance
Goals” shall mean the performance objectives of the Corporation, if any, during an Award Period specified by the Administrator
for the purpose of determining whether, and to what extent, Awards will be earned for an Award Period.

 

2.28       “Plan”
shall mean the 2010 Stock Incentive Plan of HCBF Holding Company, Inc.

 

2.29       “Qualified
Public Offering” shall mean a best efforts commitment underwritten public offering of shares of common stock of the Company
for cash pursuant to a Registration Statement or Registration Statements (i) pursuant to which at least fifteen percent (15%) of
the Shares outstanding immediately following such offering are distributed to the public and there is

 

    	 	6	 

     

    

 

established a listing
on a national securities exchange for the Shares, and (ii) with aggregate gross proceeds of at least $75,000,000.

 

2.30       “Stock”
shall mean the Common Stock or such other authorized shares of stock of the Corporation as the Board may from time to time authorize
for use under the Plan.

 

2.31       “Valuation
Date” shall mean the last day of an Award Period or the date of death of a Participant, as applicable.

 

ARTICLE
3

NONQUALIFIED STOCK OPTIONS

 

3.1         Award
of Nonqualified Stock Options.

 

The Administrator may
from time to time, and subject to the provisions of the Plan and such other terms and conditions as the Administrator may prescribe,
grant to any Key Person one or more Options to purchase for cash or shares, the number of shares of Common Stock (“Nonqualified
Stock Options”) allotted by the Administrator. The date a Nonqualified Stock Option is granted shall mean the date selected
by the Administrator as of which the Administrator shall allot a specific number of shares to a Participant pursuant to the Plan
and when the Participant has a legally binding right constituting the Nonqualified Stock Option; provided that the grant date may
not be a date that occurs prior to the date the Administrator takes action to approve the Nonqualified Stock Option.

 

3.2         Nonqualified
Stock Option Agreements.

 

Each Nonqualified Stock
Option granted under the Plan shall be evidenced by an “Incentive Agreement” between the Corporation and the
Holder of the Nonqualified Stock Option containing such provisions as may be determined by the Administrator, but shall be subject
to the following terms and conditions.

 

(a)          Each
Nonqualified Stock Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof,
except as otherwise determined by the terms of the Incentive Agreement.

 

(b)          Each
share of Common Stock purchased through the exercise of a Nonqualified Stock Option shall be paid for in full at the time of the
exercise. Each Nonqualified Stock Option shall cease to be exercisable as to any share of Common Stock, at the earlier of: (i)
the date the Holder purchases the share; or (ii) when the Nonqualified Stock Option lapses.

 

(c)          Nonqualified
Stock Options shall not be assignable or transferable by the Holder except by (i) will or the laws of descent and distribution,
or (ii) a domestic relations order, and shall be exercisable during the Holder’s lifetime only by him or her or his or her
guardian or legal representative, but subject to termination as provided in Section 3.5.

 

(d)          Each
Nonqualified Stock Option shall become exercisable by the Holder in accordance with the vesting schedule (if any) established by
the Administrator for the Award.

 

    	 	7	 

     

    

 

(e)          Each
Incentive Agreement may contain an agreement that, upon demand by the Administrator for such a representation, the Holder shall
deliver to the Administrator at the time of any exercise of a Nonqualified Stock Option a written representation that the shares
to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof.
Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise of a Nonqualified Stock
Option shall be a condition precedent to the right of the Holder or such other person to purchase any shares. In the event certificates
for Common Stock are delivered under the Plan with respect to which such investment representation has been obtained, the Administrator
may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict
transfer in the absence of compliance with applicable federal or state securities laws.

 

3.3         Nonqualified
Stock Option Price.

 

The exercise price
per share of Common Stock (the “Nonqualified Stock Option Price”) shall be set by the Administrator at the time
of grant subject to the following: (i) the Nonqualified Stock Option Price shall never be less than the Fair Market Value of the
underlying stock on the date the Nonqualified Stock Option is granted; (ii) the number of shares subject to the Nonqualified Stock
Option Price must be fixed on the original date of grant; and (iii) the Nonqualified Stock Option Price may not include any additional
feature for the deferral of compensation.

 

3.4         Manner
of Exercise and Form of Payment.

 

(a)          Nonqualified
Stock Options which have become exercisable may be exercised by delivery of a written notice of exercise (“Notice of Exercise”)
to the Administrator accompanied by payment of the Nonqualified Stock Option Price. The Nonqualified Stock Option Price shall be
payable in cash or such other means as set forth in the Incentive Agreement plus the amount (if any) of federal and/or other taxes
which the Corporation may, in its judgment, be required to withhold with respect to an Award. If a Participant shall fail to pay
the Nonqualified Stock Option Price at the time of exercise, the Nonqualified Stock Option(s) which are being exercised shall become
null and void.

 

(b)          Notwithstanding
Section 3.4(a), at the time the Notice of Exercise pertaining to the Nonqualified Stock Option is given to the Administrator with
respect to the exercise of any Nonqualified Stock Option, if the Corporation’s shares of Common Stock are traded on a national
securities exchange, a Participant may elect in writing to pay the Nonqualified Stock Option Price and any related withholding
taxes through a broker-assisted “cashless” exercise established by the Corporation.

 

(c)          Any
state or federal withholding taxes attributable to the portion of the Nonqualified Stock Option payable in cash shall be withheld
from the cash that would otherwise be paid to the Participant hereunder.

 

3.5         Nonqualified
Stock Option Period; Termination.

 

(a)          Each
Nonqualified Stock Option shall be exercisable by the Holder in accordance with such terms as shall be established by the Administrator
for the Nonqualified Stock Option,

 

    	 	8	 

     

    

 

and unless a shorter
period is provided by the Administrator or by another Section of the Plan, may be exercised during a period of ten (10) years from
the date of grant thereof (the “Nonqualified Stock Option Period”). No Nonqualified Stock Option shall be exercisable
after the expiration of its Nonqualified Stock Option Period.

 

(b)          For
any Award granted before July 24, 2015, if the Holder dies within the Nonqualified Stock Option Period (or such other period as
may have been established by the Administrator), any rights to the extent exercisable on the date of death may be exercised by
the Holder’s estate, or by a person who acquires the right to exercise such Nonqualified Stock Option by bequest or inheritance
or by reason of the death of the Holder, provided that such exercise occurs within both the Nonqualified Stock Option Period and
six (6) months after the Holder’s death.

 

(c)          For
any Award granted on or after July 24, 2015, if the Holder dies within the Nonqualified Stock Option Period (or such other period
as may have been established by the Administrator), then (i) notwithstanding any vesting schedule provided by the Administrator
with respect to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%)
of the shares subject to such Option, and (ii) any rights on the date of death may be exercised by the Holder’s estate, or
by a person who acquires the right to exercise such Nonqualified Stock Option by bequest or inheritance or by reason of the death
of the Holder, provided that such exercise occurs within both the Nonqualified Stock Option Period and six (6) months after the
Holder’s death.

 

(d)          For
any Award granted before July 24, 2015, if the Holder’s relationship as an Employee, officer or Director of the Corporation
or a subsidiary thereof terminates by reason of Disability within the Nonqualified Stock Option Period (or such other period as
may have been established by the Administrator), the Holder may, within six (6) months from the date of termination (or within
such other period as determined by the Administrator), exercise any Nonqualified Stock Options to the extent such options are exercisable
during such six (6) month period.

 

(e)          For
any Award granted on or after July 24, 2015, if the Holder’s relationship as an Employee, officer or Director of the Corporation
or a subsidiary thereof terminates by reason of Disability within the Nonqualified Stock Option Period (or such other period as
may have been established by the Administrator), then (i) notwithstanding any vesting schedule provided by the Administrator with
respect to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%) of
the shares subject to such Option, and (ii) any rights on the date of Disability may be exercised by the Holder or the Holders’
legal representative, conservator, or guardian; provided that such exercise occurs within both the Nonqualified Stock Option Period
and six (6) months after the date of Disability.

 

(f)          If
the Holder’s relationship as an Employee, officer or Director of the Corporation or any subsidiary thereof terminates for
any reason other than death or Disability, (i) all unvested Nonqualified Stock Options shall, except as set forth in the Holder’s
written Employment Agreement (if any) or Incentive Agreement or as otherwise determined by the Administrator at the time of the
grant, terminate at the time of the termination of such relationship or employment, as the case may be, and (ii) the Holder may
within ninety (90) days from the date of termination

 

    	 	9	 

     

    

 

(or within such other
period as determined by the Administrator), exercise any vested Nonqualified Stock Options to the extent such options are exercisable
during such ninety (90) day period; however, if a Participant thereafter dies during such ninety (90) day period, the vested and
exercisable portions of the Nonqualified Stock Options may be exercised for a period of six (6) months after the date of termination,
but in no event later than the expiration of the Nonqualified Stock Option Period.

 

3.6         Effect
of Exercise.

 

As soon as practicable
after receipt of payment from a Participant, and if the shares of Common Stock are represented by certificates, the Corporation
shall deliver to such Participant a certificate or certificates for such shares of Common Stock. The Participant shall become a
shareholder of the Corporation with respect to Common Stock (whether or not represented by share certificates) so issued and as
such shall be fully entitled to receive dividends, to vote and to exercise all other rights of a shareholder.

 

3.7         Order
of Exercise.

 

Options granted under
the Plan may be exercised in any order, regardless of the date of the grant or the existence of any other outstanding Nonqualified
Stock Option awarded to the Participant.

 

ARTICLE
4

INCENTIVE STOCK OPTIONS

 

4.1         Award
of Incentive Stock Options.

 

The Administrator may,
from time to time and subject to the provisions of the Plan and such other terms and conditions as the Administrator may prescribe,
grant to any Key Person who is an Employee one or more “incentive stock options” (intended to qualify as such under
the provisions of Section 422 of the Code) (“Incentive Stock Options”) to purchase for cash or shares, the number
of shares of Common Stock allotted by the Administrator. The date an Incentive Stock Option is granted shall mean the date selected
by the Administrator as of which the Administrator allots a specific number of shares to a Participant pursuant to the Plan; provided
that the grant date may not be a date that occurs prior to the date the Administrator takes action to approve the Incentive Stock
Option.

 

4.2         Incentive
Stock Option Agreements.

 

Each Incentive Stock
Option granted under the Plan shall be evidenced by an “Incentive Agreement” between the Corporation and the
Holder of the Incentive Stock Option, stating the number of shares of Common Stock subject to the Incentive Stock Option evidenced
thereby and containing such other provisions as may be determined by the Administrator from time to time, but shall be subject
to the following terms and conditions.

 

    	 	10	 

     

    

 

(a)          Each
Incentive Stock Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof,
except as otherwise determined by the terms of the Incentive Stock Option Agreement.

 

(b)          Each
share of Common Stock purchased through the exercise of an Incentive Stock Option shall be paid for in full at the time of the
exercise. Each Incentive Stock Option shall cease to be exercisable, as to any share of Common Stock, at the earlier of: (i) the
date the Holder purchases the share; or (ii) when the Incentive Stock Option lapses.

 

(c)          Incentive
Stock Options shall not be assignable or transferable by the Holder except by (i) will or the laws of descent and distribution,
or (ii) a domestic relations order, and shall be exercisable during the Holder’s lifetime only by him or her or his or her
guardian or legal representative but subject to termination as provided in Section 4.6.

 

(d)          Each
Incentive Stock Option shall become exercisable by the Holder in accordance with the vesting schedule (if any) established by the
Administrator for the Award.

 

(e)          Each
Incentive Agreement may contain an agreement that, upon demand by the Administrator for such a representation, the Holder shall
deliver to the Administrator at the time of any exercise of an Incentive Stock Option a written representation that the shares
to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof.
Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise of an Incentive Stock
Option shall be a condition precedent to the right of the Holder or such other person to purchase any shares. In the event certificates
for Common Stock are delivered under the Plan with respect to which such investment representation has been obtained, the Administrator
may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict
transfer in the absence of compliance with applicable federal or state securities laws.

 

4.3         Incentive
Stock Option Price.

 

The option price per
share of Common Stock deliverable upon the exercise of an Incentive Stock Option shall be the Fair Market Value of a share of Common
Stock on the date the Incentive Stock Option is granted.

 

4.4         Special
Rule for Ten Percent Shareholder.

 

Notwithstanding Sections
4.2 and 4.3, if Incentive Stock Options are issued to an individual who owns stock possessing more than ten percent (10%) of the
total combined voting power of all classes of stock of the Corporation, then (a) the option price per share of Common Stock deliverable
upon the exercise of an Incentive Stock Option shall be at least one hundred and ten percent (110%) of the Fair Market Value of
a share of Common Stock on the date the Incentive Stock Option is granted; and (b) such option, by its terms, shall not be exercisable
after the expiration of five (5) years from the date such option is granted.

 

    	 	11	 

     

    

 

4.5         Maximum
Amount of Incentive Stock Option Grant.

 

The aggregate Fair
Market Value (determined on the date the option is granted) of Common Stock subject to an Incentive Stock Option granted to a Participant
by the Administrator in any calendar year shall not exceed One Hundred Thousand Dollars ($100,000) (or such other amount set forth
in section 422 of the Code) (the “ISO Limitation Amount”). To the extent the aggregate Fair Market Value (determined
on the date the option is granted) of Common Stock for which Incentive Stock Options are exercisable for the first time during
any calendar year (under all plans of the Corporation) exceeds the ISO Limitation Amount, such excess Incentive Stock Options shall
be treated as Nonqualified Stock Options.

 

4.6         Incentive
Stock Option Period; Termination.

 

(a)          Each
Incentive Stock Option shall be exercisable by the Holder in accordance with such terms as shall be established by the Administrator
for the Incentive Stock Option, and, unless a shorter period is provided by the Administrator or by another section of the Plan,
may be exercised during a period of ten (10) years from the date of grant thereof (the “Incentive Stock Option Period”).
No Incentive Stock Option shall be exercisable after the expiration of its Incentive Stock Option Period.

 

(b)          For
any Award granted before July 24, 2015, if the Holder dies within the Incentive Stock Option Period (or such shorter period as
may have been established by the Administrator), any rights to the extent exercisable on the date of death may be exercised by
the Holder’s estate, or by a person who acquires the right to exercise such Incentive Stock Option by bequest or inheritance
or by reason of the death of the Holder, provided that such exercise occurs within both the Incentive Stock Option Period and six
(6) months after the Holder’s death.

 

(c)          For
any Award granted on or after July 24, 2015, if the Holder dies within the Incentive Stock Option Period (or such shorter period
as may have been established by the Administrator), then (i) notwithstanding any vesting schedule provided by the Administrator
with respect to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%)
of the shares subject to such Option, and (ii) any rights on the date of death may be exercised by the Holder’s estate, or
by a person who acquires the right to exercise such Incentive Stock Option by bequest or inheritance or by reason of the death
of the Holder; provided that such exercise occurs within both the Incentive Stock Option Period and six (6) months after the Holder’s
death; and further provided, that to the extent that any acceleration of the time an Incentive Stock Option may first be exercised
would cause the limitation provided in Section 4.5 to be exceeded, such Options shall be treated as Nonqualified Stock Options.

 

(d)          For
any Award granted before July 24, 2015, if the Holder’s relationship as an Employee, officer or Director of the Corporation
or a subsidiary thereof terminates by reason of Disability within the Incentive Stock Option Period (or such shorter period as
may have been established by the Administrator), the Holder may, within six (6) months from the date of Disability termination
(or within such other period as determined by the Administrator), exercise any Incentive Stock Options to the extent such options
are exercisable during such six (6) month period (or such shorter period as determined by the Administrator).

 

    	 	12	 

     

    

 

(e)          For
any Award granted on or after July 24, 2015, if the Holder’s relationship as an Employee, officer or Director of the Corporation
or a subsidiary thereof terminates by reason of Disability within the Incentive Stock Option Period (or such other period as may
have been established by the Administrator), then (i) notwithstanding any vesting schedule provided by the Administrator with respect
to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%) of the shares
subject to such Option, and (ii) any rights on the date of Disability may be exercised by the Holder or the Holders’ legal
representative, conservator, or guardian; provided that such exercise occurs within both the Incentive Stock Option Period and
six (6) months after the date of Disability; and further provided, that to the extent that any acceleration of the time an Incentive
Stock Option may first be exercised would cause the limitation provided in Section 4.5 to be exceeded, such Options shall be treated
as Nonqualified Stock Options.

 

(f)          Notwithstanding
the foregoing, the tax treatment available pursuant to Section 422 of the Code upon the exercise of an Incentive Stock Option will
not be available to a Holder who exercises any Incentive Stock Options more than (i) twelve (12) months after the date of termination
of employment due to Disability or (ii) three (3) months after the date of termination of employment due to death.

 

(g)          For
any Award granted before July 24, 2015, if the Holder’s employment or relationship as an Employee, officer or Director of
the Corporation or a subsidiary thereof terminates for any reason other than death or Disability, (i) all unvested Incentive Stock
Options shall, except as set forth in the Holder’s Incentive Agreement or as otherwise determined by the Administrator at
the time of the grant, terminate at the time of the termination of such relationship, and (ii) the Holder may within ninety (90)
days from the date of termination (or within such other period as determined by the Administrator), exercise any vested Incentive
Stock Options to the extent such options are exercisable during such ninety (90) day period.

 

(h)          For
any Award granted on or after July 24, 2015, if the Holder’s employment or relationship as an Employee, officer or Director
of the Corporation or a subsidiary thereof terminates for any reason other than death or Disability, (i) all unvested Incentive
Stock Options shall, except as set forth in the Holder’s Incentive Agreement or as otherwise determined by the Administrator
at the time of the grant, terminate at the time of the termination of such relationship, and (ii) the Holder may within ninety
(90) days from the date of termination (or within such other period as determined by the Administrator), exercise any vested Incentive
Stock Options to the extent such options are exercisable during such ninety (90) day period; however, if a Participant thereafter
dies during such ninety (90) day period, the vested and exercisable portions of the Incentive Stock Options may be exercised for
a period of six (6) months after the date of termination, but in no event later than the expiration of the Incentive Stock Option
Period.

 

4.7         Notice
of Disposition.

 

Participants shall
give prompt notice to the Administrator of any disposition of Common Stock acquired upon exercise of an Incentive Stock Option
if such disposition occurs within either two (2) years after the date of the grant of such Incentive Stock Option and/or one (1)
year after the receipt of such Common Stock by the Holder.

 

    	 	13	 

     

    

 

4.8         Applicability
of Nonqualified Stock Options Sections.

 

Sections 3.4 (Manner
of Exercise and Form of Payment), 3.6 (Effect of Exercise) and 3.7 (Order of Exercise) applicable to Nonqualified Stock Options,
shall apply equally to Incentive Stock Options. These sections are incorporated by reference in this Article 4 as though fully
set forth herein.

 

ARTICLE
5

MISCELLANEOUS

 

5.1         General
Restriction.

 

Each Award under the
Plan shall be subject to the requirement that, if at any time the Administrator shall determine that (a) the listing, registration
or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or Federal
law, or (b) the consent or approval of any government regulatory body, or (c) an agreement by the Participant with respect to the
disposition of shares of Common Stock, is necessary or desirable as a condition of, or in connection with, the granting of such
Award or the issue or purchase of shares of Common Stock thereunder, such Award may not be consummated in whole or in part unless
such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions
not acceptable to the Administrator.

 

5.2         Additional
Provisions of an Award.

 

The award of any benefit
under the Plan may also be subject to such other provisions (whether or not applicable to the benefit awarded to any other Participant)
as the Administrator determines appropriate, including, without limitation, provisions to assist the Participant in financing the
purchase of Common Stock through the exercise of Options, provisions for the forfeiture of or restrictions on resale or other disposition
of shares acquired under any form of benefit, provisions giving the Corporation the right to repurchase shares acquired under any
form of benefit in the event the Participant elects to dispose of such shares, and provisions to comply with Federal and state
securities laws and Federal and state income tax withholding requirements.

 

5.3         Restrictions
on Transferability.

 

No Award under the
Plan shall be assignable or transferable by the recipient thereof, except by will or by the laws of descent and distribution. During
the life of the recipient, such Award shall be exercisable only by such person or by such person’s guardian or legal representative.
No right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge
and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit hereunder
shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of the person entitled to such benefits.
If any Participant or beneficiary hereunder shall become subject to a bankruptcy proceeding or attempt to anticipate, alienate,
assign, pledge, sell, encumber or charge any right or benefit hereunder, then such right or benefit shall in the discretion of
the Administrator cease. Such Awards shall thereupon become null and void.

 

    	 	14	 

     

    

 

5.4         Withholding
Taxes.

 

Notwithstanding any
other provision of the Plan, the Corporation shall have the right in general and in addition to any other specific procedure for
the payment of taxes attributable to any Award to deduct from all Awards, to the extent paid in cash, all federal, state or local
taxes as required by law to be withheld with respect to such Awards and, in the case of Awards paid in Common Stock, the Holder
or other person receiving such Common Stock may be required to pay to the Corporation prior to delivery of such stock, the amount
of any such taxes which the Corporation is required to withhold, if any, with respect to such Common Stock. Subject in particular
cases to the approval of the Administrator, the Corporation may accept shares of Common Stock of equivalent Fair Market Value in
payment of such withholding tax obligations if the Holder of the Award elects to make payment in such manner at least six (6) months
prior to the date such tax obligation is determined.

 

5.5         Employment
Not Affected.

 

Nothing in the Plan
or in any agreement entered into pursuant to the Plan shall confer upon any Participant the right to continue to serve on the Board
of the Corporation or the board of directors of a subsidiary thereof or in the employment of the Corporation or a subsidiary thereof
or affect any right which the Corporation or a subsidiary thereof, or their respective shareholders, may have to terminate the
relationship or employment of such Participant.

 

5.6         Payments
to Persons Other than Participants.

 

If the Administrator
shall find that any person to whom any amount is payable under the Plan is unable to care for his or her affairs because of illness
or accident, or is a minor, or has died, then any payment due to such person or his or her estate (unless a prior claim therefor
has been made by a duly appointed legal representative), may, if the Administrator so directs the Corporation, be paid to his or
her spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Administrator
to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge
of the liability of the Administrator and the Corporation therefor.

 

5.7         Non-Uniform
Determinations.

 

The Administrator’s
determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount
and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and
may be made by the Administrator selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether
or not such persons are similarly situated.

 

5.8         Rights
as a Shareholder.

 

Except as otherwise
specifically provided in the Plan, no person shall be entitled to the privileges of stock ownership in respect of shares of Common
Stock which are subject to Options Awards hereunder until such shares have been issued to that person upon exercise of an Option
according to its terms.

 

    	 	15	 

     

    

 

5.9         Leaves
of Absence.

 

The Administrator shall
be entitled to make such rules, regulations and determinations as it deems appropriate under the Plan in respect of any leave of
absence taken by the recipient of any award. Without limiting the generality of the foregoing, the Administrator shall be entitled
to determine (a) whether or not any such leave of absence shall constitute a termination of employment within the meaning of the
Plan and (b) the impact, if any, of any such leave of absence on awards under the Plan previously made to any recipient who takes
such leave of absence.

 

5.10       Newly
Eligible Employees.

 

The Administrator shall
be entitled to make such rules, regulations, determinations and awards as it deems appropriate in respect of any person who becomes
eligible to participate in the Plan or any portion thereof after the commencement of an Award or incentive period.

 

5.11       Adjustments.

 

Unless the Administrator
specifically determines otherwise, Options and any agreements evidencing such Awards shall be subject to adjustment or substitution
as to the number, price or if applicable, kind of a shares of stock or other consideration subject to such Awards or as otherwise
determined by the Administrator to be equitable (a) in the event of changes in the outstanding Common Stock or in the capital structure
of the Corporation, or of any other corporation whose performance is relevant to the attainment of Performance Goals hereunder,
by reason of stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges
or other relevant changes in capitalization occurring after the date of the grant of any such Award, or (b) in the event of any
change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement
of the rights granted to, or available for, Participants in the Plan, or which otherwise warrants equitable adjustment because
it interferes with the intended operation of the Plan. In addition, unless the Administrator specifically determines otherwise,
in the event of any such adjustments or substitution, the aggregate number of shares of Common Stock available under the Plan shall
be appropriately adjusted by the Administrator, whose determination shall be conclusive. Any adjustment in Incentive Stock Options
under this Section shall be made only to the extent not constituting a “modification” within the meaning of Section
424(h)(3) of the Code, and any adjustments under this Section shall be made in a manner which does not adversely affect the exemption
provided pursuant to Rule 16b-3 under the Exchange Act. The Corporation shall give each Participant notice of an adjustment hereunder
and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

5.12       Effect
of Death or Disability.

 

For any Award granted
on or after July 24, 2015, if the Participant’s relationship as an Employee, officer or Director of the Corporation or a
subsidiary thereof terminates by reason of death or Disability, the Administrator shall (i) determine the extent to which Performance
Goals with respect to each such Award Period have been met based upon such audited or unaudited financial information then available
as it deems relevant, and (ii) cause to be paid to the

 

    	 	16	 

     

    

 

Participant (or persons
other than the Participant pursuant to Section 5.6) partial or full Awards with respect to Performance Goals for each such Award
Period based upon the Administrator’s determination of the degree of attainment of Performance Goals.

 

5.13       Effect
of Change in Control.

 

(a)          In
the event of a Change in Control and notwithstanding any vesting schedule provided for hereunder or by the Administrator with respect
to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%) of the shares
subject to such Option; provided, however, that to the extent that so accelerating the time an Incentive Stock Option may first
be exercised would cause the limitation provided in Section 4.5 to be exceeded, such Options shall instead be treated as Nonqualified
Stock Options.

 

(b)          In
the event of a Change in Control, the Administrator shall (i) determine the extent to which Performance Goals with respect to each
such Award Period have been met based upon such audited or unaudited financial information then available as it deems relevant,
(ii) cause to be paid to each Participant partial or full Awards with respect to Performance Goals for each such Award Period based
upon the Administrator’s determination of the degree of attainment of Performance Goals, and (iii) determine the effect of
the Change in Control on all outstanding Awards, including, if so determined by the Administrator, causing all Awards outstanding
at the time of the Change in Control to be cancelled in exchange for a cash payment equal to the positive amount (if any) of the
Fair Market Value at the time of the Change in Control over the Option Price.

 

(c)          The
obligations of the Corporation under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Corporation, or upon any successor corporation or organization succeeding
to substantially all of the assets and business of the Corporation. The Corporation agrees that it will make appropriate provisions
for the preservation of a Participant’s rights under the Plan in any agreement or plan which it may enter into or adopt to
effect any such merger, consolidation, reorganization or transfer of assets.

 

5.14       Funding.

 

Except as otherwise
provided in the Plan, no provision of the Plan shall require the Corporation, for the purpose of satisfying any obligations under
the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Corporation maintain separate bank accounts, books, records, or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Holders shall have no rights under the Plan other than
as unsecured general creditors of the Corporation, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees under general law.

 

5.15       Reliance
on Reports.

 

Each member of the
Administrator shall be fully justified in relying, acting or failing to act, and shall not be liable for having so relied, acted
or failed to act in good faith, upon any

 

    	 	17	 

     

    

 

report made by the independent public accountant
of the Corporation and upon any other information furnished in connection with the Plan by any person or persons other than himself
or herself.

 

5.16       Relationship
to Other Benefits.

 

No payment under the
Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or
other benefit plan of the Corporation except as otherwise specifically provided.

 

5.17       Expenses.

 

The expenses of administering
the Plan shall be borne by the Corporation.

 

5.18       Titles
and Headings.

 

The titles and headings
of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather
than such titles or headings, shall control.

 

5.19       No
Presumption.

 

The fact that this
Agreement was prepared by counsel for the Corporation shall create no presumptions and specifically shall not cause any ambiguities
to be construed against the Corporation.

 

5.20       Nonexclusivity
of the Plan.

 

Neither the adoption
of this Plan by the Board nor the submission of this Plan to the shareholders of the Corporation for approval shall be construed
as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may
be either applicable generally or only in specific cases.

 

5.21       No
Liability of Administrator Members.

 

No member of the Administrator
shall be personally liable by reason of any contract or other instrument executed by such member or on his or her behalf in his
or her capacity as a member of the Administrator nor for any mistake of judgment made in good faith, and the Corporation shall
defend, indemnify and hold harmless each member of the Administrator and each other employee, officer or Director of the Corporation
to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any
cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act
or omission to act in connection with the Plan unless arising out of such person’s own fraud or bad faith; provided,
however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any
such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Corporation’s Articles of Incorporation or Bylaws, as a

 

    	 	18	 

     

    

 

matter of law, or otherwise, or any power
that the Corporation may have to indemnify them or hold them harmless.

 

5.22       Governing
Law; Construction.

 

The validity and construction
of the Plan and the instruments evidencing Awards under the Plan shall be governed by the laws of the State of Florida without
regard to principles of conflicts of law. In construing the Plan, the singular shall include the plural and the masculine gender
shall include the feminine and neuter, unless the context otherwise requires.

 

5.23       Amendment
of the Plan.

 

(a)          The
Administrator may, without further action by the shareholders and without receiving further consideration from the Participants,
amend this Plan or condition or modify awards under this Plan in response to changes in securities laws or other laws or rules,
regulations or regulatory interpretations thereof applicable to this Plan.

 

(b)          The
Administrator may at any time and from time to time terminate or modify or amend the Plan in any respect, except that, without
shareholder approval, the Administrator may not materially amend the Plan, including, but not limited to, the following:

 

(i)          materially
increase the number of shares of Common Stock to be issued under the Plan (other than pursuant to Sections 5.11 and 5.13);

 

(ii)         materially
increase benefits to Participants, including any material change to (A) permit a re-pricing (or decrease in exercise price) of
outstanding Options, (B) reduce the price at which Options may be offered, or (C) extend the duration of the Plan;

 

(iii)        materially
expand the class of Participants eligible to participate in the Plan; and

 

(iv)        expand
the types of Options or other awards provided under the Plan.

 

(c)          The
termination or any modification or amendment of the Plan, except as provided in subsections (a) and (b), shall not, without the
consent of a Participant, adversely affect his or her rights under an Award previously granted to him or her.

 

    	 	19

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