Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.XXI 
 OAK RIDGE FINANCIAL SERVICES, INC. 
 LONG-TERM STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 This Restricted Stock Award Agreement (this “Agreement”) is entered into as of June 20, 2011, by and between Oak Ridge Financial Services, Inc., a North Carolina corporation
(the “Company”), and Ronald O. Black (the “Participant”). The Company hereby grants Restricted Stock in accordance with section 7 of the Company’s Long-Term Stock Incentive Plan (the
“Plan”) to the Participant, subject to the terms and conditions of this Agreement. Terms that are defined in the Plan are used in this Agreement as the terms are defined in the Plan. 

WHEREAS, the Plan Committee appointed to administer the Plan (the “Plan Committee”) has approved a
restricted stock award to the Participant under the terms and conditions provided in the Plan and in this Agreement, 

WHEREAS, the Company is a participant in the Department of the Treasury’s Capital Purchase Program (“CPP”), a
financial stability program implemented under the Troubled Asset Relief Program, 
 WHEREAS, as of the date of this
restricted stock award, the Participant is the “most highly compensated” employee of the Company as determined under Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment
Act of 2009, and the interim final rules set forth at 31 C.F.R. Part 30 (as the same may be supplemented or amended after the date of this Agreement, the “CPP Rules”), 

WHEREAS, the amount and terms of this restricted stock award are subject to the limitations in the CPP Rules, and 

WHEREAS, the parties desire to set forth the terms and conditions of the restricted stock award. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the Company and the
Participant agree as follows. 
 1. Grant of Award. Subject to the terms and conditions set forth in the Plan and
in this Agreement, the Participant is hereby awarded 10,096 restricted shares (the “Restricted Shares”) of the Company’s common stock. The date of this grant (the “Restricted Stock Award Date”) is
June 20, 2011. The value of the award made by this Agreement shall not exceed one-third of the Participant’s annual compensation (including the value of the award) for the year in which the award is made, as determined in accordance with
the CPP Rules. 
 2. Representations of the Participant. The Participant hereby (a) accepts the award of Restricted
Shares described in section 1, (b) agrees that the Restricted Shares will be issued and shall be held in uncertificated form until all of the restrictions shall have lapsed and will be held by the Participant and the Participant’s
successors subject to (and will not be disposed of except in accordance with) all of the restrictions, terms, and conditions contained in this Agreement and the Plan, (c) represents that he is acquiring the Restricted Shares for investment and
not for resale or other distribution, (d) acknowledges that the Restricted Shares are subject to the terms and conditions of the CPP Rules, (e) understands that the transfer or resale of the Restricted Shares may be subject to restrictions
under the Securities Act of 1933 or applicable state securities laws, and (f) agrees that the following legend may be noted in the Company’s stock transfer books: 
 “These shares are subject to the terms and restrictions of the Oak Ridge Financial Services, Inc. Long-Term Stock Incentive Plan; such shares are subject to forfeiture or cancellation under the terms
of said Plan; and such shares shall not be sold, transferred, assigned, pledged, encumbered, or otherwise alienated or hypothecated except pursuant to the provisions of said Plan, a copy of which Plan is available from Oak Ridge Financial Services,
Inc. upon request.” 
 3. Vesting. No Restricted Shares subject to this Agreement shall be vested until the
Participant has continued to perform substantial services for the Company for at least two years from the Restricted Stock Award Date, other than due to the Participant’s death, disability, or a change in control event (as defined in 26 C.F.R.
§1.280G–1, Q&A–27 through Q&A–29, or as defined in 26 C.F.R. §1.409A–3(i)(5)(i)) with respect to the Company before the second anniversary of the Restricted Stock Award Date. 

4. Non-Transferability. The Participant shall not sell, transfer, assign, pledge, or otherwise encumber the Restricted Shares
subject to this Agreement until the Restricted Shares are vested in accordance with section 3 of this Agreement. For as long as the Company remains a participant in the CPP, the Restricted Shares may be sold, transferred, assigned, pledged, or
otherwise encumbered after vesting solely according to the following schedule – 
 (a) 25% of the Restricted
Shares may be transferred after the Company repays 25% of the aggregate financial assistance received under the CPP, 

 (b) an additional 25% of the Restricted Shares be transferred after the
Company repays 50% of the aggregate financial assistance received under the CPP, 
 (c) an additional 25% of the
Restricted Shares may be transferred after the Company repays 75% of the aggregate financial assistance received under the CPP, and 
 (d) the remainder of the Restricted Shares may be transferred after the Company repays 100% of the financial assistance received under the CPP; provided, however, the foregoing schedule
shall be subject to change to the extent hereafter required by the CPP Rules. 
 Notwithstanding the restrictions set forth in
(a) through (d) immediately above, the Participant may, in the case of Restricted Shares for which the Participant does not make an election under section 83(b) of the Internal Revenue Code, at any time beginning with the date upon which
the Restricted Shares become substantially vested (as defined in 26 C.F.R. § 1.83–3(b)) and ending on December 31 of the calendar year including that date, a portion of the Restricted Shares may be made transferable as may reasonably
be required to pay the Federal, state, local, or foreign taxes that are anticipated to apply to the income recognized due to this vesting, and the amounts made transferable for this purpose shall not count toward the percentages set forth in
(a) through (d) above. 
 The period of time between the Restricted Stock Award Date and the date the Restricted
Shares subject to this Agreement become vested and transferable is referred to herein as the “Restriction Period.” 
 5. Effect of Termination of Employment. (a) Death or Disability. All unvested shares subject to this restricted stock award shall immediately satisfy the vesting requirements specified
in section 3 above, if any, upon termination of employment because of death or Disability. 
 (b) Cause. All unvested
shares subject to this restricted stock award shall be forfeited as of the date of termination for cause and any rights the Participant had to such shares shall become null and void. 

(c) Other Reasons. Unless otherwise determined by the Plan Committee and except as provided in clauses (a) and (b) of
this section 5, all unvested shares subject to this restricted stock award shall be forfeited as of the date of termination and any rights the Participant had to such shares shall become null and void. 

6. Voting and Dividends. During the Restriction Period and except as otherwise provided in the Plan or in this Agreement, the
Restricted Shares shall confer on the Participant all of the rights of a shareholder. Stock dividends and shares issued as a result of any stock-split, if any, issued with respect to the Restricted Shares shall be treated as additional Restricted
Shares and shall be subject to the same restrictions and other terms and conditions that apply with respect to, and shall vest or be forfeited at the same time as, the Restricted Shares with respect to which such stock dividends or shares are
issued. 
 7. The Plan Governs. The Restricted Shares and this Agreement are subject to the terms and conditions of the
Plan, as well as any rules of the Plan Committee under the Plan. The Participant acknowledges having received a copy of the Plan. The Participant represents that he is familiar with the terms and provisions of the Plan. The Participant accepts the
Restricted Shares subject to all the terms and provisions of the Plan. The Participant agrees to accept as binding, conclusive, and final all decisions or interpretations of the Plan Committee having to do with the Plan or this Agreement.

 8. CPP Rules. The terms and conditions of the restricted stock award and this Agreement are subject to the
requirements of the CPP Rules. If all or any portion of the restricted stock award made by this Agreement is found to be in conflict with the requirements of the CPP Rules, the restricted stock award and this Agreement shall be automatically
modified to reflect the requirements of the law, regulation, and/or guidance, and the restricted stock award and this Agreement shall be interpreted and administered accordingly. As a condition to

  
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receiving this award, the Participant acknowledges and agrees that (x) the restricted stock award and this Agreement remain subject to the requirements of the CPP Rules,
(y) the restricted stock award and this Agreement are subject to modification in order to comply with the CPP Rules, and (z) the Participant agrees to repay immediately all amounts paid to Participant that are later
determined to be in conflict with the requirements of the CPP Rules. 
 9. Clawback Requirements. Despite any provision
in this Agreement to the contrary, if it is later determined that the grant (or payment with respect thereto) of Restricted Shares under this Agreement (or dividends or earnings on such stock) was based on materially inaccurate financial statements
or any other materially inaccurate performance metric criteria, the Participant acknowledges and agrees that (x) the unvested Restricted Shares shall be immediately forfeited and (y) the full amount of any and all payment(s)
to the Participant under this Agreement shall be immediately due and owing to the Company, which the Participant shall repay in full to the Company in accordance with and in a manner that complies with the CPP Rules. 

10. No Internal Revenue Code Section 280G Cutback. The Restricted Shares awarded under this Agreement shall not be subject to
section 13.6 of the Plan, which provides that payments attributable to the Plan that are “parachute payments” within the meaning of Internal Revenue Code section 280G are subject to reduction to the extent necessary to avoid Adverse Tax
Consequences. 
 11. Certificates. Provided book entry registration is allowed by the Company’s Articles of
Incorporation and Bylaws, and despite any provision of the Plan that provides for issuance of a stock certificate or certificates, the Participant hereby agrees that the Company may record the Participant’s ownership of the shares using a book
entry system instead of issuing certificates representing shares of common stock awarded by this Agreement. 
 12. Entire
Agreement. This Agreement and the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties concerning the subject matter and constitute the sole agreement between the parties relating
to the subject matter. All prior negotiations and agreements between the parties concerning the subject matter of this Agreement are merged in this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises,
or agreements concerning the Restricted Shares have been made by any party or by anyone acting on behalf of any party that are not contained in this Agreement or in the Plan, and each acknowledges that any agreement, statement, or promise concerning
the Restricted Shares that is not contained in this Agreement or the Plan is not valid, is not binding, and is of no force or effect. 
 13. Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and is signed by the parties. However, the
Company may change or modify this Agreement without the Participant’s consent or signature if, in its sole discretion, the Company determines that the change or modification is necessary for purposes of compliance with or exemption from the
requirements of the Internal Revenue Code of 1986, including, but not limited to, section 409A of the Internal Revenue Code of 1986, or any regulations or other Department of Treasury guidance of general application issued under the Internal Revenue
Code of 1986. The Company may amend this Agreement to the extent permitted by the Plan. 
 14. Headings. The headings in
this Agreement are solely for convenience of reference and shall not affect the interpretation of this Agreement. 
 15.
Notice. All notices and other communications required or permitted under this Agreement shall be written and shall be delivered personally or sent by registered or certified first-class mail, postage prepaid, and return receipt required,
addressed as follows: if to the Company, to the Company’s executive offices in Oak Ridge, North Carolina, and if to Participant or his successor, to the address last furnished by the Participant to the Company. Each notice and communication
shall be deemed to have been given when received by the Company or the Participant. 
 16. Taxes. In connection with the
transfer of shares of common stock as a result of the vesting of Restricted Shares, the Company shall have the right to require the Participant to pay an amount in cash sufficient to cover any tax, including any Federal, state, or local income tax
required by any governmental entity to be withheld or otherwise deducted and paid with respect to such transfer and make payment to the appropriate taxing authority of the amount of the withholding tax. 

  
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 17. No Registration Rights. The Participant acknowledges and agrees that the Company
and its Subsidiaries are under no obligation to register the Participant’s offer and sale of the Restricted Shares awarded under this Agreement under the Securities Act of 1933 or the securities laws of any state. 

IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer as of the date specified in section 1, and the Participant has duly executed this Agreement as of the date specified in section 1 and consents to and approves all of its terms. 

 

							
	PARTICIPANT	 		 	OAK RIDGE FINANCIAL SERVICES, INC.
		 		 	a North Carolina corporation
				
	 /s/ Ronald O. Black
	 		 	By:	 	  

	Ronald O. Black	 		 		 	
		 		 	Its:	 	  

  
 4Form of Stock Option Award Agreement

 Exhibit 10.XXII 

OAK RIDGE FINANCIAL SERVICES, INC. 
 STOCK OPTION GRANT AND AGREEMENT 
 THIS STOCK OPTION GRANT AND
AGREEMENT (“Agreement”), being made according to and subject to the terms and conditions of the Oak Ridge Financial Services, Inc. Long-Term Stock Incentive Plan (referred to hereafter as the “Plan”), a copy of which Plan is
attached hereto as Annex A and is hereby incorporated by reference and made a part of this Agreement, is herein executed and effective the      day of
            ,         , between Oak Ridge Financial Services, Inc. (the “Company”) and
                                        
(“Optionee”): 
 1. Grant. As of the above date, the Company hereby grants to the Optionee (applicable
provisions are marked): 
 an Incentive Stock Option [as that term is defined in Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”)] to purchase                  shares of Common Stock of the Company at the price stated in this
Agreement; 
 a Nonqualified Stock Option to purchase
                 shares of Common Stock of the Company at the price stated in this Agreement. 

The Option(s) granted under this section and as described in this Agreement is (are) in all respects subject to and conditioned by the
terms, definitions, and provisions of this Agreement and of the Plan. Capitalized terms in this Agreement which are not otherwise defined but which are defined in the Plan shall have the same meaning given to those terms in the Plan. 

The Optionee has been granted Options under the Plan as a result of the Optionee’s position as a director employee of the Company or
a subsidiary. 
 2. Price. The Option price is $         for each share.

 3. Exercise of Option. The Option(s) granted under this Agreement shall be exercisable pursuant to the terms and
conditions of the Plan and as set forth below: 
 (a) Right to Exercise: In addition to the terms and conditions imposed
on the Optionee’s right to exercise the Options imposed in the Plan, the following terms and conditions are applicable: 
  

	
	  

	  

	  

 (b) (Marked if applicable) Annual Installments: Subject to the terms and conditions
of the Plan, the Incentive Stock Options can be exercised in annual installments as follows: 

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     
 Subject to
the terms and conditions of the Plan, the Nonqualified Options can be exercised in annual installments as follows: 

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     

                 shares beginning on
            , 20     
 The right
to exercise the Option(s) in annual installments shall be cumulative. In addition, the Option(s) shall be exercisable upon disability, death and a change in control as set forth in the Plan. 

(c) (Marked if applicable) Immediate Vesting: Subject to the terms and conditions of the Plan, all of the Options are vested,
nonforfeitable and exercisable. 
 (d) Method of Exercise: The Options granted under this Agreement shall be exercisable
by a written notice to the Secretary of the Company which shall: 
 (1) State the election to exercise the Option, the number of
shares in respect of which the Option is being exercised, the person in whose name any stock certificate or certificates for such shares of Common Stock is to be registered or to whom any cash is to be paid, his or her address, and social security
number; 
 (2) Contain any such representation and agreements as to Optionee’s investment intent with respect to shares of
Common Stock as may be required by the Committee; 
 (3) Be signed by the person entitled to exercise the Option and, if the
Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to the Company, of the right of such person or persons to exercise the Option in accordance with the Plan; and 

 (4) Be accompanied by payment of the purchase price of any shares with respect to which the
Option is being exercised which payment shall be in form acceptable to the Committee pursuant to the Plan. 
 (e)
Representations and Warranties: In order to exercise an Option, the person exercising the Option must make the representations and warranties to the Company as may be required by any applicable law or regulation, or as may otherwise be
required pursuant to the Plan. 
 (f) Approvals. In order for an Option to be exercised, all filings and approvals
required by applicable law and regulations or pursuant to the Plan must have been made and obtained. 
  

	 	4.	Non-transferability. This Option may not be transferred in any manner otherwise than in accordance with the terms of the Plan. 

 

	 	5.	Investment Purpose. This Option may not be exercised if the issuance of shares or payment of cash upon such exercise would constitute a violation of any
applicable federal or state securities law or other law or valid regulation. 

  

	 	6.	Expiration. This Option shall expire on
                    , 20    . 

 

	 	7.	Escrow. All stock purchased pursuant to an Incentive Stock Option shall be held in escrow for a period which ends on the later of (i) two years from
the date of the granting of the option or (ii) one year after the transfer of the stock pursuant to the exercise of the Option. The stock shall be held by the Company or its designee. The Optionee who has exercised the Option shall have all
rights of a stockholder, including but not limited to the rights to vote, receive dividends and sell the stock. The sole purpose of the escrow is to inform the Company of a disqualifying disposition of the stock within the meaning of
Section 422 of the Code, and it shall be administered solely for this purpose. 

  

	 	8.	Tax Withholding. All stock, cash and other assets distributed pursuant to this Agreement shall be subject to applicable federal, state and local
withholding for taxes. The Optionee expressly acknowledges and agrees to such withholding. The Optionee acknowledges and agrees to the tax withholding provisions which are set forth in the Plan. 

	 	9.	Resolution of Disputes. Any dispute or disagreement which should arise under, or as a result of, or in any way relate to, the interpretation,
construction, or application of this Agreement or the Plan will be determined by the Committee designated in Section 2 of the Plan. Any determination made by such Committee shall be final, binding, and conclusive for all purposes.

  

	 	10.	Construction Controlled by Plan. The Options evidenced hereby shall be subject to all of the requirements, conditions and provisions of the Plan. This
Agreement shall be construed so as to be consistent with the Plan; and the provisions of the Plan shall be deemed to be controlling in the event that any provision should appear to be inconsistent therewith. 

 

	 	11.	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be valid and enforceable under applicable
law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any other provision or part thereof shall not be affected thereby and this Agreement shall continue to be binding on the parties
hereto as if such unenforceable, invalid or illegal provision or part thereof had not been included herein. 

  

	 	12.	Modification of Agreement; Waiver. This Agreement may be modified, amended, suspended or terminated, and any terms, representations or conditions may be
waived, but only by a written instrument signed by each of the parties hereto and only subject to the limitations set forth in the Plan. No waiver hereunder shall constitute a waiver with respect to any subsequent occurrence or other transaction
hereunder or of any other provision. 

  

	 	13.	Captions and Headings; Gender and Number. Captions and paragraph headings used herein are for convenience only, do not modify or affect the meaning of any
provision herein, are not a part, and shall not serve as a basis for interpretation or construction, of this Agreement. As used herein, the masculine gender shall include the feminine and neuter, and the singular number shall include the plural, and
vice versa, whenever such meanings are appropriate. 

  

	 	14.	Governing Law; Venue and Jurisdiction. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and
control the validity, interpretation, performance, and enforcement of this Agreement. 

  

	 	15.	Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, and its successors and assigns, and shall be binding
upon and inure to the benefit of the Optionee, and his or her heirs, legatees, personal representative, executor, administrator and permitted assigns. 

	 	16.	Entire Agreement. This Agreement and the Plan constitute and embody the entire understanding and agreement of the parties hereto and, except as otherwise
provided hereunder, there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein. 

 

	 	17.	Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties have set
their hands and seals the day and year first above written. 
  

							
	ATTEST:	 		 	OAK RIDGE FINANCIAL SERVICES, INC.
				
	  
	 		 	By:	 	  

				
		 		 	Its:	 	President
			
	(Corporate Seal)	 		 	
			
		 		 	OPTIONEE:
			
		 		 	  

			
		 		 	(SEAL)

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