Document:

Offer of Employment to John Croteau, dated September 6, 2012

 Exhibit 10.1 

 
 

 
 M/A-COM Technology Solutions Inc. 

100 Chelmsford Street 
 Lowell, MA 01851 
 September 6, 2012 

John Croteau 
 26 Buehler Road 

Bedford, MA 01730 
 Re: Offer
of Employment with M/A-COM Technology Solutions Inc. 
 Dear John: 
 On behalf of M/A-COM Technology Solutions Inc., a Delaware corporation (the “Company”), I am pleased to invite you to join the Company as its President, reporting to me. This is an exempt
position and you will be working out of our 100 Chelmsford St., Lowell, Massachusetts Corporate Headquarters. Subject to the terms and conditions set forth in this letter, the effective date of your employment will be October 1, 2012.

 The terms of this offer of employment are as follows: 

1.        At-Will Employment. You should be aware that your employment with the Company is
for no specified period and constitutes “at-will” employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the Company is free to terminate your employment at any time, for
any reason or for no reason. We request that, in the event of a resignation, you endeavor to give the Company at least two weeks’ notice. 
 2.        Compensation. The Company will pay you a starting bi-weekly salary at a rate equivalent to $500,000 on an annualized basis payable in accordance
with the Company’s standard payroll policies, including compliance with applicable withholding. The first and last payment by the Company to you will be adjusted, if necessary, to reflect a commencement or termination date other than the first
or last working day of a pay period. You will also be eligible to participate in a Company bonus plan, with a target bonus of 57.5% of your annualized salary and a maximum bonus potential of up to 115% of your annualized salary, based on Company
and/or individual performance targets determined by the Board of Directors and communicated to you in advance from time to time. 
 3.        Equity Awards. Subject to your execution of this offer letter and your commencement of employment at the Company, M/A-COM Technology Solutions
Holdings, Inc. (“Parent”) will grant you pursuant to the Parent’s 2012 Omnibus Incentive Plan (the “Plan”): 

 (a) Restricted stock units (“RSUs”) valued at $800,000 based on the average
closing price of Parent’s common stock for the 15 days immediately prior to your start date with the Company (“First Grant”). Three-eighths (3/8) of the RSUs subject to the First Grant will vest and settle on each of
February 15, 2013 and February 15, 2014 and an additional two-eighths (2/8) of the RSUs subject to the First Grant will vest and settle on February 15, 2015, subject to your continued employment with the Company at each such
date. 
 (b) RSUs valued at $1,225,000 based on the average closing price of the Parent’s common stock for the 15 days
immediately prior to your start date with the Company (“Second Grant”). RSUs subject to the Second Grant valued at $232,750 based on the same valuation methodology described above will vest and settle on May 15, 2013, RSUs
subject to the Second Grant valued at an additional $397,300 based on the valuation methodology described above will vest and settle on each of May 15, 2014 and May 15, 2015 and RSUs subject to the Second Grant valued at an additional
$197,650 based on the same valuation methodology described above will vest and settle on May 15, 2016, subject to your continued employment with the Company at each such date. 

Each RSU grant shall be subject to the terms and conditions of the Plan and the related RSU agreement. No right to any stock is earned or
accrued under any such RSU until such time as vesting occurs, nor does the grant confer any right to continued vesting or employment. 
 4.        Severance. 
 (a) Our
at-will relationship notwithstanding, if the Company terminates your employment with the Company for any reason other than for “Cause” (as defined below) or you resign for Good Reason (as defined below) (an “Involuntary
Termination”), and you sign and deliver to the Company within 52 days after such termination of employment and do not revoke within any applicable 7-day revocation period (or other revocation period set forth by the Company ending prior to
the 60th day after termination of employment) (such time period being the “Release Deadline Period”) a general release of claims in the Company’s favor in a form and substance acceptable to the Company (the
“Release”), then you shall be entitled to receive as severance pay continuation of your monthly salary, as in effect and payable in accordance with the Company’s standard payroll policies as in effect on the date of such
termination (and in no event less frequently than monthly), including compliance with applicable withholding, for a period of twelve (12) months (such period is hereinafter referred to as the “Severance Period”). Payment of
this severance pay shall begin on the first regularly scheduled pay day occurring after your Release becomes effective (i.e., after your Release has been signed and any applicable revocation period has elapsed without your revoking the Release) (the
“Payment Commencement Date”), but in any event no later than March 15 of the calendar year following the calendar year in which your Involuntarily Termination occurs; provided, however, that the first such payment shall include
any installments of severance pay that you would have received prior to such pay day had your Release been effective on the date of your Involuntary Termination. However, if the Release Deadline Period spans two calendar years, then the Payment
Commencement Date will in any event be in the second calendar year. In addition, as of immediately prior to the effectiveness of such Involuntary Termination, your First Grant will immediately vest and settle in full. You shall also be given twelve
(12) months’ accelerated vesting credit against any other outstanding equity grants (meaning that vesting of any other outstanding equity grants shall be equivalent to the number of such shares that would have vested under the normal
vesting schedule of 

  
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such grants had you remained employed with the Company through the date that is twelve (12) months following the effective date of such Involuntary Termination) and such equity grants shall
be exercisable for 1 year following such Involuntary Termination. In addition to the payment and vesting described above, if you are subject to an Involuntary Termination within six (6) months following a Change in Control (as defined below),
then effective as of immediately prior to the effectiveness of such Involuntary Termination, your Second Grant and any equity grant made to you by the Company in May 2013 will immediately vest (and settle, if applicable) in full and such equity
grants shall be exercisable for 1 year following such Involuntary Termination. 
 (b) Subject to the same conditions applicable
to the receipt of any severance payments otherwise payable during any Severance Period as set forth in Section 4(a), the Company will pay you the amount, if any, that would have been paid to you under the Company’s then active bonus plan
had you remained employed by the Company for the full bonus plan performance period, based on the actual performance of you and/or the Company, as applicable, against the performance metrics set forth in such bonus plan, provided, however, that any
such amount otherwise earned shall be prorated based on the ratio of the number of days you were actually employed by the Company during the bonus plan performance period to the total number of days comprising the bonus plan performance period as a
whole. Such prorated bonus, if any, will be paid at its regularly scheduled time. 
 (c) Subject to the same conditions
applicable to the receipt of any severance payments otherwise payable during any Severance Period as set forth in Section 4(a), to the extent that you or any of your dependents may be covered under the terms of any medical and dental plans of
the Company immediately prior to the termination of your employment, the Company will provide you with reimbursement for premiums paid for the continuation of such benefits for you and those dependents for the same or equivalent coverages through
the end of the Severance Period. The Company is under no obligation to provide reimbursement for special coverages for you that would not be covered by the plans applicable to employees generally. The reimbursement payable to you pursuant to this
paragraph shall be reduced by the amount equal to the contributions required from time to time from other employees for equivalent coverages under the Company’s medical or dental plans. If and to the extent that you or any of your dependents is
or becomes eligible to participate in a medical, dental or other health insurance plan of another employer during the Severance Period, then the reimbursement benefit provided by this paragraph shall be eliminated or commensurately diminished.
Notwithstanding the foregoing, the Company may unilaterally amend this Section 4(b) or eliminate the benefit provided hereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar charges on the
Company, including, without limitation, under Section 4980D of the Internal Revenue Code of 1986, as amended (the “Code”). In the event that your benefits under this Section 4(c) are reduced or eliminated pursuant to the
foregoing sentence, on the Payment Commencement Date, the Company shall pay you a lump-sum amount (minus any applicable tax withholding) equal to: (1) in the event of a reduction, the amount of such reduction or (2) in the event of the
elimination of such benefit, the product of (A) 12 and (B) the monthly amount the Company was paying on behalf of you and your eligible dependents with respect to the Company’s health insurance plans in which you and your eligible
dependents were participants as of the day of your Involuntary Termination.

  
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 (d) If your employment terminates for any reason other than an Involuntary Termination the
Company may elect, in its sole discretion, to pay you the cash severance pay (but not any equity award vesting acceleration) and benefit reimbursements in the amounts and on the terms set forth in this Section 4 for any period up to twelve
(12) months. If the Company makes such an election, the duration elected by the Company shall be deemed to be the “Severance Period” for all purposes under this Agreement. 

(e) You hereby agree that the severance benefits provided for in this Section 4 are the only severance benefits to which you may be
entitled in the event of the termination of your employment with the Company, and that such benefits will be reduced dollar for dollar by any severance-related amount the Company is required to pay you by law, corporate policy or other source that
would otherwise duplicate any portion of the severance benefits provided herein. 
 As used herein, “Cause”
shall mean (i) an act of dishonesty made by you in connection with your responsibilities as an employee; (ii) your conviction of, or plea of nolo contendere to, a felony, or commission of an act of moral turpitude; (iii) your gross
misconduct; or (iv) your (a) material failure to discharge your employment duties or (b) a material breach of this offer letter or the ECIA (as defined below), in each case of clauses (a) and (b) after you have received a
written demand for performance from the Parent’s Board of Directors (or notice of non-performance, where applicable) specifying the breach of employment duties, and your failure to cure such breach (where such breach is curable) within thirty
(30) days of the date of such notice from the Parent’s Board of Directors. 
 As used herein, “Good
Reason” shall mean your resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without your consent: (i) the assignment
to you of any duties, or the reduction of your duties, either of which results in a material diminution of your authority, duties, or responsibilities with the Company in effect immediately prior to such assignment, or the removal of you from such
position and responsibilities; provided, however, that a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger entity, whether as a subsidiary, business unit or otherwise (as, for
example, when the President of the Company remains the President of the Company following a Change in Control where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the President of the acquiring corporation) will not
constitute “Good Reason;” (ii) a material change in the geographic location at which you must perform services (in other words, the relocation of you to a facility that is more than fifty (50) miles from your current work
location); and (iii) the failure of the Company to obtain assumption of this agreement by any successor. You agree you will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting
the grounds for “Good Reason” within thirty (30) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice.

 As used herein, a “Change in Control” shall be deemed to occur if any of the following occur with respect to
Parent following the date we each execute this Agreement: 
 (1)        Any person or
entity first acquires securities of Parent representing more than 50% of the combined voting power of Parent’s then outstanding securities entitled to vote generally 

  
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in the election of directors (“Voting Securities”), provided, however, that the following shall not constitute a Change in Control pursuant to this paragraph (g)(1): 

(A)        any acquisition or beneficial ownership by Parent or a subsidiary or
Affiliate (as defined below), 
 (B)        any acquisition or
beneficial ownership by any employee benefit plan (or related trust) sponsored or maintained by Parent or one or more of its subsidiaries or Affiliates, 
 (C)        any acquisition or beneficial ownership by any person or entity with respect to which, immediately following such acquisition, more than 50% of the
combined voting power of Parent’s then outstanding Voting Securities is then beneficially owned, directly or indirectly, by persons who beneficially owned more than 50% of the Voting Securities immediately prior to such acquisition, or

 (D)        any sale of stock by Parent for capital raising purposes.

 (2)        A majority of the members of the Board of Directors of Parent shall not be
Continuing Directors. “Continuing Directors” shall mean: (A) individuals who, on the date hereof, are directors of Parent, (B) individuals elected as directors of Parent subsequent to the date hereof for whose election proxies
shall have been solicited by the Board of Directors of Parent or who shall have been recommended for election by the Board of Directors of Parent, or (C) any individual elected or appointed by the Board of Directors of Parent or stockholders to
fill vacancies on the Board caused by death or resignation (but not by removal) or to fill newly created directorships; 

(3)        Consummation of a reorganization, merger or consolidation of Parent or a statutory
exchange of outstanding Voting Securities, unless, immediately following such transaction, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of Parent or the
corporation that is the issuer of the securities held by the shareholders of Parent after such transaction is beneficially owned, directly or indirectly, by persons who beneficially owned more than 50% of the Voting Securities of Parent immediately
prior to such transaction; or 
 (4)        Consummation of (x) a complete
liquidation or dissolution of Parent or (y) the sale or other disposition of all or substantially all of the assets of Parent (in one or a series of related transactions), other than to a subsidiary, Affiliate or another entity with respect to
which, immediately following such sale or other disposition, more than 50% of the combined voting power of the then outstanding voting securities of such entity entitled to vote generally in the election of directors is then beneficially owned,
directly or indirectly, by persons who were the beneficial owners of more than 50% of the Voting Securities of Parent immediately prior to such sale or other disposition. 
 As used herein, “Affiliate” means any person or entity that controls, is controlled by or is under common control with the Company or Parent, by reason of equity security ownership, contract or
otherwise, as of the date of this letter agreement, or any entity controlled by any such person or 

  
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entity, by reason of equity security ownership, contract or otherwise, whether such control exists as of the date of this letter agreement or is established at any point in the future

 5.        Post-Termination Restrictions. 

(a)        Non-Competition. You acknowledge that, as an employee of the Company, you will
have access to valuable, proprietary trade secret and other confidential information of the Company in connection with this letter agreement. You acknowledge that such valuable proprietary and confidential information is developed and acquired by
the Company on an ongoing basis and you will receive the benefit of access to new and unique information on a continuing basis, and that such information is worthy of protection. To further ensure the confidentiality of the Company’s trade
secrets and other proprietary information, during the time you are employed by the Company and also during any Severance Period, you agree that you shall not directly or indirectly (whether for compensation or otherwise), alone or as a partner,
associate, agent, principal, trustee, consultant, co-venturer, creditor, owner (excepting not more than 2% passive stockholdings for investment purposes in securities), representative, or in any other capacity, engage in, take any action
constituting or in furtherance of, participate with or become interested in or associated with any person, firm, partnership, corporation or other entity which is or intends to be in competition with the Company in those portions of the
Company’s business in which you were involved during your tenure of employment with the Company. You further understand and agree to be bound by the provisions of this Section 5 because you are employed in a position of trust and
responsibility and have access and will have access to current as well as future confidential and proprietary information, and this covenant is necessary to prevent the inevitable disclosure of confidential and proprietary information should you
accept employment in violation of such provisions. 

(b)        Non-Solicitation. During the time you are employed by the Company and also
during any Severance Period, you agree that you shall not directly or indirectly (whether for compensation or otherwise), alone or together with others, influence or attempt to influence customers or suppliers of the Company or any of its present or
future subsidiaries or Affiliates, either directly or indirectly, to divert their business to any individual, partnership, firm, corporation or other entity then in competition with the business of the Company or any subsidiary or Affiliate of the
Company. 
 (c)        Consideration; Tolling, Scope and Reasonableness. You
agree that in addition to the other good and valuable consideration you are receiving for the covenants contained in this Section 5 as recited above, any severance amount payable to you by the Company in respect of any Severance Period
hereunder constitutes further consideration for these covenants. You agree that the periods of time during which you are prohibited by Sections 5(a) and (b) hereof from engaging in such business practices shall be extended by any length of time
during which you are in breach of any of such covenants. The covenants contained in this Section 5 shall apply in any country or jurisdiction where the Company and its Affiliates had offices or shipped product during the term of your employment
with the Company. You and the Company agree that the time, scope and geographic limitations and other particulars of the foregoing covenants are appropriate and reasonable when considered in light of the nature and extent of the business conducted
by the Company and your role in the Company. 

  
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 (d)        Remedies. If you commit a breach,
or threaten to commit a breach, of any of the provisions of this Section 5, the Company shall have the following rights and remedies, in addition to any and all others rights and remedies of law or in equity, each of which shall be independent
of the other and severally enforceable: (i) the right to have the provisions of this letter agreement specifically enforced by any court having equity jurisdiction, including the right to a restraining order, an injunction or other equitable
relief, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to it; and (ii) the right and remedy to require you to
account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits (hereinafter collectively the “Benefits”) derived or received, directly or indirectly, by you as a result of any
transactions constituting a breach of any of the provisions of this letter agreement, and you hereby agree to account for and pay over any such Benefits to the Company. 
 6.        Benefits. During the term of your employment, you will be eligible, provided that you meet the eligibility requirements of the relevant plans and
policies, for the Company’s standard employee benefits applicable to employees at your level, including health, dental, vision, life, short and long-term disability insurance. The Company reserves the right to change the benefits it offers or
the terms of such benefits from time to time. The Company will provide you with 25 paid vacation days per year. 

7.        Business Expenses. During the term of your employment with the Company, you
shall be authorized to incur necessary and reasonable travel, entertainment and other business expenses in connection with your duties hereunder. The Company will reimburse you for such expenses upon presentation of an itemized account and
appropriate supporting documentation, all in accordance with the Company’s generally applicable policies. 

8.        Immigration Laws. This offer of employment is contingent on your providing
proper documentation of your identity and authorization to work in the United States under applicable immigration laws, as required by Form I-9 of the US Department of Homeland Security. 

9.        Employee Confidentiality and Invention Assignment Agreement. As a condition of
this offer of employment, you will be required to promptly complete, sign and return the Company’s standard form of employee confidentiality and invention assignment agreement (the “ECIA”). 

10.        No Conflicts. In this position, you will be expected to devote your full
business time, attention and energies to the performance of your duties with the Company. We also ask that, before signing this letter, you disclose to the Company any and all agreements relating to your prior employment that may affect your
eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such
is the case. 
 11.        Clawback. Any bonuses, incentive or equity based
compensation awards granted to you hereunder will be subject to any executive compensation recovery policy adopted by the Company pursuant to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or the Nasdaq listing
rules to the extent such requirements become applicable to the Company. 

  
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 12.        General. This offer letter and the
ECIA, when signed by you, set forth the terms of your employment with the Company and supersede any and all prior representations and agreements made to or with you by the Company, any of its predecessors or Affiliates, or any of their respective
employees or agents, whether written or oral. As a Company employee, you will also be expected to abide by Company rules and regulations, whether set forth in a Company-approved employee handbook or otherwise, that may be modified from time to time.
In the event of a conflict between the terms and provisions of this offer letter and the ECIA, the terms and provisions of the ECIA will control. Any amendment of this offer letter or any waiver of a right under this offer letter must be set forth
in a writing signed by you and an authorized officer of the Company to be effective. The law of the Commonwealth of Massachusetts will govern this letter agreement. In the event of any dispute or claim relating to or arising out of our employment
relationship, you and the Company agree that we are both waiving any and all rights to a jury trial in connection with such dispute or claim. This letter agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

13.        Severability. The invalidity or unenforceability of any provision or provisions
of this letter agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 14.        Section 409A. The parties intend that this letter agreement and the payments and benefits provided hereunder, including, without limitation,
those provided pursuant to Sections 2 and 4 hereof, be exempt from the requirements of Section 409A of the Code to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treas. Reg.
Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treas. Reg. Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is applicable to this letter agreement, the parties intend that
this letter agreement and any payments and benefits thereunder comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A. Notwithstanding anything herein to the contrary, this letter agreement shall
be interpreted, operated and administered in a manner consistent with such intentions; provided, however that in no event shall Employer or its agents, parents, subsidiaries, Affiliates or successors be liable for any additional tax, interest or
penalty that may be imposed on you pursuant to Code Section 409A or for any damages incurred by you as a result of this letter agreement (or the payments or benefits hereunder) failing to comply with, or be exempt from, Code Section 409A.
Without limiting the generality of the foregoing, and notwithstanding any other provision of this letter agreement to the contrary: 
 (a)        To the extent Code Section 409A is applicable to this letter agreement, a termination of employment shall not be deemed to have occurred for
purposes of any provision of this letter agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service,” as defined in Treas. Reg.
Section 1.409A-1(h), after giving effect to the presumptions contained therein (and without regard to the optional alternative definitions available therein), and, for purposes of any such provision of this letter agreement, references to
“terminate,” “termination,” “termination of employment” and like terms shall mean separation from service; 

  
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 (b)        If at the time your
employment hereunder terminates, you are a “specified employee,” as defined in Treas. Reg. Section 1.409A-1(i) and determined using the identification methodology selected by the Company from time to time, or if none, the default
methodology, then to the extent necessary to avoid subjecting you to an additional tax or interest under Code Section 409A, any and all amounts payable under this letter agreement on account of such termination of employment that would (but for
this provision) be payable within six (6) months following the date of termination, shall instead be paid in a lump sum on the first day of the seventh month following the date on which your employment terminates or, if earlier, upon your
death, except (i) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treas. Reg. Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Treas. Reg.
Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion), (ii) benefits which qualify as excepted welfare benefits pursuant to Treas. Reg. Section 1.409A-1(a)(5), and (iii) other amounts
or benefits that are not subject to the requirements of Code Section 409A; and 

(c)        Each payment made under this letter agreement shall be treated as a
separate payment and the right to a series of installment payments under this letter agreement shall be treated as a right to a series of separate payments. 
 Lastly, this offer of employment is contingent on the satisfactory completion of a background check. It is also contingent in part on your submitting to a pre-employment drug-screening test for the
presence of drugs. Human Resources will provide the necessary documents once you have returned your signed offer letter. 
 We
look forward to you joining the Company. If the foregoing terms are agreeable, please indicate your acceptance by signing this offer letter in the space provided below and returning it to me, along with your completed and signed ECIA. 

 

			
	Sincerely,
	
	M/A-COM Technology Solutions Inc.
		
	By:	 	/s/ Charles Bland
		 	Charles Bland
		 	Chief Executive Officer

  
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 AGREED TO AND ACCEPTED: 

 

	
	
	/s/ John Croteau
	John Croteau

  
 - 10 -Executive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive Employment Agreement (this
“Agreement”), dated as of September 5, 2012, is by and between MARGARET A. INCANDELA (“Executive”), THE JACKSONVILLE BANK (the “Bank”) and the Bank’s parent
corporation JACKSONVILLE BANCORP, INC. (the “Company”). 
 The Company and the Bank each desire to newly
employ Executive as Chief Operating Officer, in each case subject to any required regulatory approvals, and continue to employ Executive as Executive Vice President and Chief Credit Officer and Executive desires to serve in such positions.

 As an inducement to continue her employment with the Bank and the Company, the Bank and the Company desire to enter into this
Agreement to set forth the terms of her employment, and to provide for certain payments contingent upon a Change in Control (as defined in Section 4(c)). 
 Executive desires to enter into the Agreement and to continue to devote her full time business efforts to the Bank and the Company. 

Therefore, the parties agree as follows: 
 1. Employment. 
 (a) Bank. The Bank shall employ Executive as
Executive Vice President, Chief Operating Officer and Chief Credit Officer of the Bank with the duties, responsibilities and powers of such offices as provided in the Bank’s bylaws, as assigned to her as of the date set forth above and as
customarily associated with such offices and/or assigned to her by the Board of Directors and the Chief Executive Officer of the Bank, and Executive shall serve the Bank in such capacities during the term of this Agreement. Executive acknowledges
and agrees that such duties, responsibilities and powers may be changed from time to time by the Board of Directors and/or the Chief Executive Officer of the Bank, that the positions held by Executive may be changed or Executive’s employment
may terminated pursuant to Section 4(c) by action of the Board of Directors of the Bank prior to a Change in Control and that such a change in positions, duties, responsibilities, or powers or a termination of employment pursuant to
Section 4(c), whether prior to or following a Change in Control, shall not entitle Executive to the benefits provided for in Section 5(c), unless such change or termination is not made in good faith. 

(b) Company. The Company shall employ Executive as Executive as Executive Vice President, Chief Operating Officer and Chief Credit
Officer of the Company with the duties, responsibilities and powers of such offices as assigned to her as of the date set forth above and as customarily associated with such offices and/or as assigned to her by the Board of Directors and the Chief
Executive Officer of the Company, and Executive shall serve the Company in such capacities during the term of this Agreement. Executive acknowledges and agrees that such duties, responsibilities and powers may be changed from time to time by the
Board of Directors and/or the Chief Executive Officer of the Company, that the positions held by Executive may be changed or that Executive’s employment may be terminated pursuant to Section 4(c) by action of the Board of Directors
of the Company prior to a Change in Control 

 
and that such a change in positions, duties, responsibilities, or powers or a termination of employment pursuant to Section 4(c) whether prior to or following a Change in Control
shall not entitle Executive to the benefits provided for in Section 5(c), unless such change or termination is not made in good faith. Executive acknowledges and agrees that she shall not receive any separate compensation for her service
to the Company. 
 (c) Executive, the Company and the Bank have received all necessary regulatory approvals for Executive’s
service under Sections 1(a) and 1(b) above. 
 (d) Executive represents, warrants and covenants to the Bank and
the Company that this Agreement and her performance of services hereunder does not breach or conflict with any other agreements or instruments to which Executive is a party or may be bound, and that she shall faithfully and diligently discharge her
duties and responsibilities under this Agreement, and shall use her best efforts to implement the policies established by the Board of Directors and/or the Chief Executive Officer of each of the Bank and the Company. 

(e) During the term of this Agreement, Executive shall devote her full and exclusive business time, attention, energy and skill to the
business of the Bank and the Company, to the promotion of the interests of the Bank and the Company and to the fulfillment of Executive’s obligations hereunder. 
 2. Term. The initial term of this Agreement shall be three years from the date hereof, unless further extended by mutual consent of the Bank, the Company and Executive or sooner terminated as
herein provided. Unless written notice of non-renewal is given by any party hereto no less than 90 days prior to the end of the initial term hereof or any subsequent renewal term hereof, this Agreement shall automatically be extended on the last day
of the initial term or any subsequent renewal term for an additional one-year term, unless sooner terminated by either party. 

3. Compensation and Benefits. 
 (a) The Bank shall pay or provide to Executive the following items as compensation for her service hereunder: 
 (i) A base salary of $200,000 per year, in equal installments in accordance with the Bank’s standard payroll practices, reduced appropriately by deductions and withholdings for federal, state and
local income taxes, Social Security taxes and other deductions (collectively, “Deductions and Withholdings”) required by applicable laws (the “Base Salary”), which Base Salary may be increased from
time to time by and at the sole discretion of the Company’s Board of Directors (or a committee thereof). 
 (ii) For each fiscal year during the term of this Agreement, an annual bonus (the “Annual Bonus”) in cash of up to 33.33% of the Base Salary (the actual amount to be at the sole
discretion of the Company’s Board of Directors (or committee thereof)), payable no later than the 15th day of the third month after the end of the Bank’s fiscal year to which the Annual Bonus relates, and subject to applicable Deductions and Withholdings. 

  
 2 

 (iii) If, at any time during the first year of the initial term of this Agreement, the
Company sells, in a transaction or series of related transactions (collectively, the “Recapitalization”), at least $50.0 million in the Company’s common stock, par value $.01 per share (“Common
Stock”) (or preferred stock convertible into common stock) to investors (excluding any grants of equity to employees pursuant to any Company equity incentive plan), then Executive shall be awarded an award of restricted shares of Common
Stock and/or options to purchase shares of Common Stock (the “Equity Award”). The number of shares of Common Stock subject to the Equity Award shall be up to 1.5% of the aggregate number of new shares of Common Stock issued
in the Recapitalization. To the extent the Equity Award consists of options to purchase shares of Common Stock, the Equity Award shall have an exercise price per share equal to the “fair market value” (as defined in the Internal Revenue
Service’s regulations promulgated pursuant to Internal Revenue Code Section 409A) at the date of grant. The Equity Award shall be pursuant and subject to the 2008 Amendment and Restatement of the Jacksonville Bancorp, Inc. 2006 Stock
Incentive Plan (the “Plan”) and shall be further subject to any required (i) regulatory approvals or regulatory restrictions imposed by federal or state banking laws, and (ii) shareholder approvals (including the
approval of an amendment to the Plan to, among other things, add a number of shares available for issuance under the Plan sufficient to grant the Equity Award). The Equity Award shall vest 20% upon closing of the Recapitalization (or, if the
Recapitalization consists of a series of related transactions, upon the closing of the final transaction of such series); 40% upon the first anniversary of such closing; and 40% upon the second anniversary of such closing. 

(iv) Reimbursement for authorized expenses (evidenced by an itemized account of such expenses timely submitted by the Executive to the
Bank), according to the Bank’s established policies, within 30 calendar days following the date on which Executive incurs the expenses, but, in each case, no later than December 31 of the year following the year in which the Executive
incurs the related expenses; provided that in no event shall the reimbursements or in-kind benefits to be provided by the Company or the Bank in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any
other taxable year, nor shall Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, all reimbursements relating to the Additional Delayed Payments (as
defined in Section 9) shall be made on the Permissible Payment Date (as defined in Section 9). 
 (v)
Paid vacation time each year pursuant to the Bank’s policy as it may be revised from time to time. 
 (vi) Participation
in all medical and health care benefit plans through health insurance, corporate funds, medical reimbursement plans or other plans, if any, provided, or to be provided, by the Bank for its employees (“Benefit Plans”).

 (b) The above-stated terms of compensation shall not be deemed exclusive or prevent Executive from receiving any other
compensation, including, without limitation, bonuses provided by the Bank and/or the Company. Executive shall be entitled to participate in all current and future employee benefit plans and arrangements in which the executive officers of the Company
or the Bank are permitted to participate. Executive acknowledges and agrees that the Company does not separately compensate its officers who are also officers of the Bank and that 

  
 3 

 
no compensation or other benefits will be payable by the Company hereunder. The foregoing notwithstanding, the Equity Award shall be the sole equity award to Executive during the term of this
Agreement. 
 (c) The payment of any Annual Bonus shall be subject to any approvals or non-objections required by any regulator
of the Company or the Bank, and it is understood by the parties that it is contemplated that Executive will not be eligible to receive any such Annual Bonus or other short-term incentive compensation while the Company or the Bank is subject to
restrictions imposed by any written agreements with any bank regulatory authority, or otherwise restricted under applicable law. 
 (d) Executive agrees to repay any incentive compensation previously paid or otherwise made available to her that is subject to recovery under any applicable law or any applicable governmental, regulatory,
or self-regulatory authority, including Nasdaq or any other securities exchange or market where the Company’s securities are then traded (each, “Governmental Authority”), where such incentive compensation was in excess of what
should have been paid or made available because of a determination that the amount was inconsistent with any applicable law, order or other requirements of a Governmental Authority. Executive agrees to return promptly any such incentive compensation
identified by the Company or the Bank. If Executive fails to return such incentive compensation promptly, Executive agrees that the amount of such incentive compensation may be deducted from any and all other compensation owed to Executive.
Executive acknowledges that the Company or the Bank may take appropriate disciplinary action (up to, and including, termination of employment) if Executive fails to return such incentive compensation. The provisions of this Section 3(d)
shall be modified to the extent, and remain in effect for the period, required by applicable law. 
 4. Termination.
Executives’ employment under this Agreement shall terminate, and the effective date of termination shall be referred to as the “Termination Date” upon the occurrence of the following events or circumstances: 

(a) Death or Permanent Disability. Upon Executive’s death or upon written notice from the Bank or the Company to Executive,
or from Executive to the Bank, in the event Executive becomes “permanently disabled”. For purposes of this Agreement, Executive shall be deemed “permanently disabled” if she has been disabled by bodily or mental
illness, disease, or injury, to the extent that, in the opinion of the Board of Directors or the Chief Executive Officer of the Bank, she is materially prevented from performing the duties of her employment hereunder, and provided further that such
disability has continued substantially for six (6) months. If requested by the Bank, Executive shall submit to an examination by a physician selected by the Bank for the purpose of determining or confirming the existence or extent of any
disability; 
 (b) Cause. Upon written notice from the Bank or the Company to Executive for “cause.” For
purposes of this Agreement, “cause” shall be (i) a willful and continued failure by Executive to perform her duties as provided in Section 1 above (other than due to disability); (ii) a breach by
Executive of her duties hereunder or her fiduciary duties of loyalty, care or good faith to the Bank or the Company; (iii) a violation by Executive of any provision of this Agreement; (iv) a conviction or the entering of a plea of nolo
contendere or similar plea by 

  
 4 

 
Executive for any felony or any crime involving fraud, dishonesty or a breach of trust; (v) a breach of the Company’s Code of Ethics, (vi) commission by Executive of a willful or
negligent act which causes material harm to the Bank or the Company; (vii) absenteeism, alcoholism or other form of drug or other addiction; (viii) any violation of laws or regulations such that Executive ceases to be eligible to serve as
an executive officer of a depository institution or a depository institution holding company; or (ix) Executive becomes ineligible to be bonded at costs consistent with the Bank’s and/or the Company’s other executive officers. In
addition, if Executive shall terminate her employment asserting a breach of this Agreement by the Bank and/or the Company in accordance with Section 4(d), and it is ultimately determined that no reasonable basis existed for
Executive’s termination on account of the alleged default of the Bank and/or the Company, such event shall be deemed to be for “cause” pursuant hereto. Any notice of termination of Executive’s employment with the Bank for cause
shall set forth, in reasonable detail, the facts and circumstances claimed to provide the basis for termination of her employment under the provisions contained herein; 
 (c) Change in Control. Upon written notice by Executive to the Company following a “Change in Control” (as defined in this Section 4(c)), and provided further Executive
terminates her employment under Section 4(d) for breach by the Company and/or the Bank or under Section 4(e) for change in position or duties, in either case within one year following the effective date of such Change in
Control (the “Effective Date”). As used herein, a “Change in Control” shall be deemed to have occurred if: 
 (i) any “person” or “group” (as such terms are used and defined in the Securities Exchange Act of 1934, as amended (the “1934 Act”), Sections 3(a)(9), 13(d) and
14(d)) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding
securities eligible to vote for the election of the Board (the “Company Voting Securities”). As used in this Agreement, any person or group who is, on the date hereof, the beneficial owner of 25% or more of the outstanding
Company Voting Securities is a “Controlling Person”, and any person or group as of the date of determination is “controlled” for purposes of the Bank Holding Company Act of 1956 by a person or group is a
“Controlled Person. Notwithstanding the first sentence of this subsection 4(c)(i), none of the following events shall be deemed to be a Change in Control for purposes of this Agreement: (A) an acquisition of Company Voting
Securities by the Company that reduces the number of Company Voting Securities outstanding and thereby results in any person or group (other than a Controlling Person or a Controlled Person) beneficially owning 25% or more of the outstanding Company
Voting Securities, (B) an acquisition of Company Voting Securities by any employee benefit plan (or related trust) sponsored or maintained by the Company or any parent or subsidiary thereof, (C) an acquisition of Company Voting Securities
by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities, or (D) any acquisition of Company Voting Securities and/or securities convertible into or exchangeable for Company Voting
Securities pursuant to (1) the Stock Purchase Agreement dated as of August 22, 2012 (as amended and/or restated, the “Stock Purchase Agreement”), by and among the Company and CapGen Capital Group IV LP, a Delaware limited
partnership (“CapGen”), and each of the respective investors other than CapGen named on the signature pages to the Stock Purchase Agreement, or (2) otherwise; 

  
 5 

 (ii) the Company consummates a reorganization, merger, consolidation, statutory share
exchange or similar transaction involving the Company with any person or entity other than a Controlling Person that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in such
transaction (a “Reorganization”), or consummates the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) to a person that is not an affiliate of the Company or
a Controlling Person, unless immediately following such Reorganization or Sale: (A) more than 50% of the total voting power of (x) the person or entity resulting from such Reorganization or the person or entity which has acquired all or
substantially all of the assets of the Company (in either case, the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation or entity that directly or indirectly has beneficial ownership of 100%
of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by the Company Voting Securities that were outstanding immediately prior to such Reorganization or
Sale (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Reorganization or Sale), and (B) at least a majority of the members of the board of directors of the Parent Corporation
(or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for
such Reorganization or Sale; or 
 (iii) the Company’s board of directors and/or shareholders approve a complete
liquidation or dissolution of the Company in a transaction or series of transactions; 
 (d) Breach. Upon written notice
from Executive to the Bank and the Company of the Bank’s and/or the Company’s failure to comply with any material provision of this Agreement, provided that the Bank or the Company, as the case may be, shall have thirty (30) days from
the receipt of such notice to cure any such failure under this Agreement. Upon the cure of such failure, Executive shall have no right to terminate her employment under the provisions of this Section 4(d). Any notice of termination of
Executive’s employment with the Bank or the Company for breach under this Section 4(d) shall set forth, in reasonable detail, the facts and circumstances claimed to provide the basis for termination of her employment under the
provisions contained herein; 
 (e) Change in Position or Duties. Upon written notice from Executive to the Bank, in the
event that Executive is not elected Executive Vice President, Chief Operating Officer and Chief Credit Officer of the Bank other than as a result of termination for cause or regulatory action or request, or upon written notice from Executive to the
Company, in the event that Executive is not elected Executive Vice President, Chief Operating Officer and Chief Credit Officer of the Company, with substantially all the duties and powers which are customarily associated with such offices, or in the
event the duties and powers assigned to Executive by the Board of Directors and/or the Chief Executive Officer are reduced to substantially less than the duties and powers which are customarily associated with such offices. The Bank or the Company
shall have 30 days from the receipt of such notice to cure any such failure under this Agreement. Upon the cure of such failure, Executive shall have no right to terminate her employment under this Section 4(e). Any notice of termination
of Executive’s employment with the Bank or the Company for a change as set forth under this Section 4(e) shall set forth, in reasonable detail, the 

  
 6 

 
facts and circumstances claimed to provide the basis for termination of her employment under the provisions contained herein; 

(f) Performance. Upon written notice from the Company and/or the Bank upon a determination by the Company’s or the
Bank’s Board of Directors that Executive’s performance is not satisfactory; or 
 (g) Notice of Non-Renewal.
Upon the expiration of the initial or any subsequent term of this Agreement following Bank’s or Executive’s notice of non-renewal as set forth in Section 2. 

5. Compensation and Benefits Payable upon Termination. 
 (a) Death. Upon Executive’s death, the Bank shall pay Executive’s Base Salary through the date of Executive’s death as well as any other compensation to which Executive has earned
and is then entitled to as provided herein. 
 (b) Permanent Disability. In the event Executive becomes permanently
disabled and is terminated pursuant to Section 4(a), the Bank shall pay to Executive the Base Salary through the Termination Date, provided that such payments shall be reduced by any amounts received by Executive under the Bank’s
long term disability plan or from any other collateral source payable due to disability including, without limitation, Social Security benefits. 
 (c) Termination. 
 (i) By Executive. 

(A) If Executive’s employment is terminated by Executive pursuant to and in accordance with Section 4(d) for breach of
this Agreement by the Company and/or the Bank or Section 4(e) for a change in position or duties, other than following a Change in Control, the Bank shall continue to pay to Executive her Base Salary, in equal installments in
accordance with the Bank’s standard payroll practices, for a period of one year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested. 

(B) If Executive’s employment is terminated by Executive pursuant to and in accordance with Section 4(d) for breach of
this Agreement by the Company and/or the Bank or Section 4(e) for a change in position or duties, following a Change in Control, the Bank shall continue to pay to Executive her Base Salary, in equal installments in accordance with
the Bank’s standard payroll practices, for a period of two years following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested. 

(ii) Death or Permanent Disability. Upon the death or disability of Executive, the Bank (or its successor) shall continue to pay
to Executive or her estate or beneficiaries, her Base Salary, in equal installments in accordance with the Bank’s standard payroll practices, for a period of one year following the Termination Date, and any unvested

  
 7 

 
portion of the Equity Award shall be immediately forfeited and shall no longer represent any right to the underlying shares of common stock covered thereby. 

(iii) By the Company or Bank. If Executive’s employment is terminated by the Company or the Bank pursuant to
Section 4(b) for cause or for any reason pursuant to Section 4(f) (performance), the Bank (or its successor) shall pay Executive’s Base Salary through the Termination Date. In addition, any unvested portion of the Equity
Award shall be immediately forfeited and shall no longer represent any right to the underlying shares of common stock covered thereby. 
 (iv) Other Termination. In the event termination is for any reason other than as described in Sections 5(c)(i)-(iii), the Bank shall pay Executive her Base Salary through the Termination
Date and no other compensation or benefits shall be paid to Executive hereunder; provided, however, that nothing herein shall be deemed to limit her rights under any other benefit, retirement, stock option or pension plan of the Bank
or the Company that are fully vested as of the Termination Date, and the terms of those plans, programs or arrangements shall govern. 
 (d) Other Terms of Severance. The compensation and benefits payable under Section 5(c) are hereinafter referred to as “Severance Benefits”. The payment of
Severance Benefits is in recognition and consideration of the value of services by Executive to the Bank and the Company and is not in any way to be construed as a penalty or damages. Executive shall not be required to mitigate the amount of any
payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Executive under any other employment compensation or benefit or welfare plan
of the Company or the Bank. The timing of payment or provision of Severance Benefits is subject to Section 9. All Severance Benefits and other payments and benefits hereunder shall be subject to, and limited by, 12 U.S.C. 1828(k) and 12
C.F.R. Part 359, and the prior receipt of necessary regulatory approvals. The Bank shall have no obligations to pay any taxes owed by Executive or to gross-up any payment or consideration hereunder for taxes and shall have no obligation to pay or
deliver any consideration that would be subject to Internal Revenue Code of 1986 Sections 280G or 409A. 
 (e) Notwithstanding
any other provision of this Agreement to the contrary, as a condition of any Severance Payment, Executive shall execute within 21 days following the Termination Date complete, irrevocable, enforceable release and non-disparagement agreement in the
form provided by the Company. All Severance Payments shall accrue from the Termination Date and, notwithstanding the timing provisions under Section 5(c), shall be made or commence on the 60th day following the Termination Date, with any
accrued but unpaid Severance Payment being paid on the date of the first payment. 
 6. Non-Competition and
Non-Disclosure. 
 (a) To induce the Bank and the Company to enter into this Agreement, Executive agrees that while employed
by the Bank or the Company and during the term of this Agreement and for a period of one year after the termination of employment or service of Executive hereunder (the “Restricted Period”), Executive shall not, within
Jacksonville, Florida 

  
 8 

 
Metropolitan Statistical Area or any county where the Bank has offices as of the Termination Date (the “Restricted Area”), as principal, agent, trustee or through the
agency or on behalf of any person or entity, (i) engage in the business of banking, fiduciary services, securities or insurance brokerage, investment management or services, lending or deposit taking (individually and collectively, the
“Business”), (ii) control or beneficially own (directly or indirectly) 5% or more of the outstanding capital stock or other ownership interest (a “Principal Shareholder”) of any person or entity
engaged in or controlling any such Business other than the Company or Bank, or (iii) serve as an officer, director, trustee, agent or employee of any corporation, or as a member, partner, employee or agent of any limited liability company or
partnership, or as an owner, trustee, employee or agent of any other business or entity, which directly or indirectly conducts such Business within the Restricted Area. Following termination of Executive’s employment with the Bank and for the
remainder of the Restricted Period, Executive shall not solicit any officer or employee of the Bank, the Company, or any of their affiliates to leave their employment, or any director of the Bank, the Company, or any of their affiliates to terminate
her or her service as such, or any director, officer or employee to become a director, officer or employee of any other person or entity engaged in the Business for any reason or otherwise interfere with any employment relationships of the Company,
the Bank, or their affiliates. In the event that the provisions of this Section 6(a) should be deemed to exceed the time or geographic limitations permitted by applicable law, then such provisions shall be reformed automatically to the
maximum time or geographic limitations so permitted. 
 (b) Executive recognizes and acknowledges that she has had, and as an
officer of the Company and the Bank will have, access to certain confidential information of the Company, the Bank and their respective subsidiaries and affiliates, including customer information and lists, credit information, organization, pricing,
mark-ups, commissions, and other information and that all such information constitutes proprietary valuable, special and unique property belonging solely to the Company, the Bank and their subsidiaries and affiliates. Such information, together with
any information regarded as “trade secrets” under Florida law, is herein referred to as “Trade Secrets”. Executive will not disclose or directly or indirectly utilize, in any manner, any such Trade Secrets for her
own benefit or the benefit of anyone other than the Company, Bank and their subsidiaries and affiliates or disclose Trade Secrets to anyone other than bank regulatory agencies or to a court upon order thereof. 

(c) Executive acknowledges and agrees that the payments for services hereunder, and her rights and benefits under this Agreement are
contingent upon her compliance with the provisions of this Section 6. Executive recognizes and agrees that the Company and the Bank will suffer irreparable harm in the event that Executive violates any of the provisions of this
Section 6. Executive and the Company and the Bank understand and agree that the purpose of this Section 6 is to protect the Company’s and the Bank’s legitimate business interests, and is not intended to impair or
infringe upon Executive’s right to work, earn a living, or acquire and possess property from the fruits of her labor. Executive and the Company and the Bank acknowledge and agree that the provisions of this Section 6 are not made in
connection with any former services for the Company or the Bank provided by Executive, but rather are intended to protect the Company’s and the Bank’s interests. Executive hereby acknowledges that the restrictions set forth in this
Section 6 are reasonable and that they do not, and will not, unduly impair her ability to earn a living. 

  
 9 

 (d) In the event of a breach or threatened breach by Executive of the provisions of this
Section 6, the Company, the Bank, or any subsidiary or affiliate of the Company or the Bank shall be entitled to an injunction or temporary restraining order, without any requirement of a bond preventing Executive and any others from
disclosing or utilizing, or attempting to disclose or utilize, in whole or in part, such Trade Secrets, and no bond shall be required of the Company, the Bank, or any subsidiary affiliate in connection with their enforcement of this provision.
Nothing herein shall be construed as prohibiting or limiting the Company, the Bank, or any subsidiary or affiliate of the Company or the Bank from also exercising any other available rights or remedies for such breach or threatened breach,
including, without limitation, the recovery of damages from Executive or others. 
 7. Arbitration. Any dispute or
controversy arising under or in connection with this Agreement other than as a result of the provisions of Section 6 hereof, shall be settled exclusively by arbitration. Each party shall appoint one arbitrator and shall notify, in
writing, the other party of such appointment and request the other party to appoint one arbitrator within 30 days of receipt of such request. If the party so requested fails to appoint an arbitrator, the party making the request shall be entitled to
designate two arbitrators. The two arbitrators shall select a third. The written decision of a majority of the arbitrators shall be binding upon the Bank, the Company and Executive and enforceable by law. The arbitrators shall, by majority vote,
determine the place for hearing, the rules of procedure, and allocation of the expenses of the arbitration. Absent any written agreement to the contrary, the rules of the American Arbitration Association shall apply to any arbitration proceedings.

 8. Successors: Binding Agreement. 
 (a) This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise), to all or substantially all of the business and/or assets of the Bank
and/or the Company regardless of whether such occurrence constitutes a Change in Control hereunder and the Bank and the Company shall require any such successor to expressly assume and agree to perform this Agreement. As used in this Agreement,
“Company” and “Bank” shall mean the Company and Bank as herein respectively defined and their successors and assigns, including any successors and assigns to their respective businesses and/or assets
as aforesaid, which is required by this Agreement to assume and perform this Agreement, whether by operation of law or otherwise. In the event any successor to the Company has total assets in excess of $10 billion and does not maintain a
Florida-based holding company, then the term “successor” shall only include the bank resulting from such transaction. 
 (b) This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. If Executive should die while any amount would still be payable hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement, and otherwise at the times and in the amounts
specified herein, to Executive’s devisee, legatee or other designee or, if there is no such designee, to Executive’s estate. 

  
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 9. Section 409A. 

(a) Notwithstanding any provisions of this Agreement to the contrary, if Executive is a “specified employee” (within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and determined pursuant to procedures adopted by the Bank) at the time of her separation from service and if any portion of the
payments or benefits to be received by Executive upon separation from service would be considered deferred compensation under Section 409A, amounts that would otherwise be payable pursuant to this Agreement during the six-month period
immediately following the Termination Date (the “Delayed Payments”) and benefits that would otherwise be provided pursuant to this Agreement (the “Delayed Benefits”) during the six-month period
immediately following the Termination Date (such period, the “Delay Period”) shall instead be paid or made available on the earlier of (i) the first business day of the seventh month following the Termination Date or
(ii) Executive’s death (the applicable date, the “Permissible Payment Date”). 
 (b) Each
payment under this Agreement shall be considered a “separate payment” and not of a series of payments for purposes of Section 409A. 
 (c) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon
or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Section 409A). 
 10. Miscellaneous. 
 (a) All notices required or permitted hereunder shall
be given in writing by actual delivery or by Registered or Certified Mail (postage prepaid), at the following addresses or at such other places as shall be designated in writing: 

If to the Executive: 
 1401 Riverplace Blvd, Unit 2609 
 Jacksonville, Florida 32207 

If to the Company or Bank: 
 100 North Laura Street 
 Suite 1000 

Jacksonville, Florida 32202 
 (904) 421-3040 
 Attention: Chairman of the Board 

(b) If any provision of this Agreement shall be determined to be void by any court or arbitral authority of competent jurisdiction, then
such determination shall not affect any provisions of this Agreement, all of which shall remain in full force and effect. 

  
 11 

 (c) The failure of the parties to complain of any act or omission on the part of either
party, no matter how long the same may continue, shall not be deemed to be a waiver of any rights hereunder. 
 (d) This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. It may be modified or terminated only by a writing signed by the party against
whom enforcement of any waiver, change, modification, extension, discharge or termination is sought. 
 (e) The recitals
contained in this Agreement are expressly made a part hereof. Herein, references to any gender shall include all genders, and the singular shall include the plural and vice versa. The words “include”,
“including” and derivations thereof shall mean without limitation by reason of enumeration or otherwise. 
 (f) This Agreement represents the entire understanding and agreement among the parties and supersedes any prior agreements or understandings with respect to the subject matter hereof. It is intended and
agreed that the Company, the Bank and its direct and indirect subsidiaries are express beneficiaries of this Agreement and may enforce the provisions hereof to the same extent as the Bank. 

(g) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida. 

[Signatures on following page] 

  
 12 

 The parties are signing this Agreement as of the day and year first above written.

  

			
	EXECUTIVE
	
	 /s/ Margaret A. Incandela

	Margaret A. Incandela
	
	THE JACKSONVILLE BANK
		
	By:	 	 /s/ Stephen C. Green

	Name:	 	Stephen C. Green
	Title:	 	Chief Executive Officer
	
	JACKSONVILLE BANCORP, INC.
		
	By:	 	 /s/ Stephen C. Green

	Name:	 	Stephen C. Green
	Title:	 	Chief Executive Officer

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