Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT

This Amendment No. 3 to Employment Agreement (“Amendment No. 3”) is effective as of July 8, 2015, by and between Four Oaks Bank & Trust Company (the “Bank”) and David H. Rupp (“Employee”).

WHEREAS, Employee is currently employed with the Bank pursuant to that certain Employment Agreement entered into effective June 23, 2014 (as amended by that certain Amendment No. 1 to Employment Agreement entered into effective October 1, 2014, as amended by that certain Amendment No. 2 to Employment Agreement entered into effective March 31, 2015, as further amended, restated, supplemented or otherwise modified from time to time, the “Employment Agreement”); and

WHEREAS, the parties to the Employment Agreement desire to amend the Employment Agreement as provided in this Amendment No. 3 to, among other things, reflect a change in position for Employee.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Employment Agreement shall be amended as follows:

1.Amendment.
A.Section 2 “NATURE OF EMPLOYMENT/DUTIES” is amended by deleting the first paragraph of that Section and replacing it with the following:
Employee shall serve as President and Chief Executive Officer of the Bank with such duties, responsibilities and authorities of such office as may be assigned to him by the Bank and as are customarily associated with such office.
B.Section 3.3 “Equity” is amended inserting the following sentence immediately after the last sentence:
The terms and conditions, including vesting, for such restricted stock shall be (a) set forth in the SPA and an Award Agreement between Employee and FOFN and in substantially the form and substance attached hereto as Exhibit A and (b) subject to such other the terms and conditions as the Compensation Committee of the Board of Directors of FOFN shall deem appropriate
C.Section 4.4 “Following a Change in Control, by Employee for Good Reason” is amended by amending and restating the first sentence of the second paragraph of that Section as follows:
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events or conditions without Employee’s consent: (i) a material diminution in Employee’s title, authority, duties, or responsibilities from such immediately prior to the Change in Control; (ii) a material diminution in Employee’s Base Salary; (iii) a material change in the geographic location at which Employee must perform his services under this Agreement; or (iv) any other action or inaction that constitutes a material breach by the Bank of this Agreement.
a.The Employment Agreement is hereby amended adding as Exhibit A the form attached hereto as Annex A.

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2.Counterparts.  This Amendment No. 3 may be executed in counterparts, each of which shall be an original, with the same effect as if the signatures affixed thereto were upon the same instrument.
3.Effect of Amendment.  Except as amended hereby, the Employment Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects by the parties to the Employment Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, this Amendment No. 3 has been duly executed as of the day and year set forth above.

EMPLOYEE

/s/ David H. Rupp                
David H. Rupp

                             
FOUR OAKS BANK & TRUST COMPANY

By: /s/ Ayden R. Lee, Jr.                
Name:     Ayden R. Lee, Jr., 
Title:     Authorized Officer

[Signature Page to Amendment No. 3 to Employment Agreement (David H. Rupp)]

Annex A

Exhibit A

Form of Award Agreement

[see attached]

FOUR OAKS FINCORP, INC.
2015 RESTRICTED STOCK PLAN

AWARD AGREEMENT
(Awarding Restricted Stock)

THIS AWARD AGREEMENT (this “Agreement”) is made by and between Four Oaks Fincorp, Inc., a North Carolina corporation (the “Company”), and «Name» (the “Participant”) pursuant to the provisions of the Four Oaks Fincorp, Inc. 2015 Restricted Stock Plan (the “Plan”), which is incorporated herein by reference.  Capitalized terms not defined in this Agreement shall have the meanings given to them in the Plan.

WITNESSETH:

WHEREAS, the Participant is providing, or has agreed to provide, services to the Company, or Affiliate or a Subsidiary of the Company, as an Employee, Director or Third Party Service Provider; and 

WHEREAS, the Company considers it desirable and in its best interests that the Participant be given a personal stake in the Company’s growth, development and financial success through the grant of Shares in the form of Restricted Stock, pursuant to the terms and conditions of the Plan and this Agreement.  

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties agree as follows:

1.    Grant of Restricted Stock.  Effective as of «Grant Date» (the “Grant Date”), the Company hereby awards to the Participant «Number» shares of Restricted Stock, having a Fair Market Value per share of $«FVM»  on the Grant Date.  The Restricted Stock is subject to the terms and conditions of the Plan and this Agreement.  

2.    Vesting Schedule.  Provided that the Participant continues to render services to the Company through the applicable vesting date, the Restricted Stock will be eligible to vest in two (2) separate tranches, fifteen percent (15%) at the end of the one-year Performance Period ending on December 31, 2015, and eighty-five percent (85%) at the end of the three-year performance period ending on December 31, 2018, in each case based on the Performance Measures and goals for each such period set forth on Addendum A hereto.  Each tranche will vest on the later of the last day of the Performance Period and the date the Committee determines in its discretion that the performance goals for that particular Performance Period have been met.  If the performance goals for a particular Performance Period are not met, that tranche of Restricted Stock will be forfeited.  

3.    Termination of Service Relationship.  Any Restricted Stock that has not vested at the time of the termination of the Participant’s service relationship will be forfeited, although, consistent with the Plan, the Committee has the power, in its sole and absolute discretion, to accelerate vesting where such termination is as a result of the Participant’s death or Disability or in other termination situations.  
4.    Book Entry and Delivery of Shares.  The Participant agrees that the Participant’s ownership of the Restricted Stock will be evidenced solely by a computerized or manual entry in the records of the Company or its designated stock transfer agent in the Participant’s name.  Once the Restricted Stock has vested, the Company will deliver (subject to any withholding of Shares as described in Section 5 below) the 

Shares to the Participant either by (i) delivering one or more stock certificates representing such Shares to the Participant, registered in the name of the Participant, or (ii) electronically depositing such Shares into an online securities account maintained for the Participant with such brokerage firm as may be designated by the Company in connection with any Company plan or arrangement providing for investment in Shares.  All certificates for Shares and all Shares shall be subject to such stop transfer orders and other restrictions as the Company may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or quotation system upon which the Shares are then listed or quoted, and any applicable federal or state securities law.

5.    Withholding and Taxes.  In connection with the vesting of Restricted Stock, the Company shall have the right to require that the Participant make such provision, or furnish the Company such authorization, as may be necessary or desirable so that the Company may satisfy any obligation it has under applicable income tax laws to withhold for income or other taxes due upon or incident to such vesting.  The Committee may, in its discretion, permit or require such withholding obligation to be satisfied through the withholding of Shares that otherwise would be delivered to the Participant.  In the event the Participant elects immediate Federal income taxation with respect to all or any portion of this Award pursuant to Section 83(b) of the Code, the Participant agrees to deliver a copy of such election to the Company within ten (10) days after filing such election with the Internal Revenue Service.

6.    Non-Transferability of Restricted Stock.  Except as may be otherwise determined by the Committee in its sole discretion, prior to its vesting, the Restricted Stock may not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of (whether voluntarily or involuntarily or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings, including bankruptcy).

7.    Restrictions on Shares.  This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchange as may be required.  The Participant agrees to take all steps the Committee determines are necessary to comply with all applicable provisions of federal and state securities law in exercising his or her rights under this Agreement.  The Committee may impose such restrictions on any Shares acquired pursuant to this Agreement as it deems advisable, including without limitation, minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed or traded, or under any blue sky or state securities laws as may be applicable to such Shares.

8.    Forfeiture.  Where a Participant engages in certain competitive activity or is terminated by the Company for Cause, his or her Restricted Stock and Shares are subject to forfeiture conditions under Section 7.3 of the Plan.  Upon the occurrence of any of the events set forth in Section 7.3 of the Plan, in addition to the remedies provided in Section 7.3, the Company shall be entitled to issue a stop transfer order or other document implementing the forfeiture to its transfer agent, the depository or any of its nominees, and any other person with respect to the Restricted Stock and Shares.

9.    Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, the terms and conditions of the Plan and this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

10.    Interpretation.  Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or by the Company forthwith to the Committee, which shall review such dispute at its next regular meeting.  The resolution of such a dispute by the Committee shall be final and binding on all parties.

11.    Acknowledgement.  The Participant acknowledges and agrees:  (i) that the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that the award of Restricted Stock does not create any contractual or other right to receive future Awards or any right to continue an employment or other relationship with the Company (for the vesting period or otherwise); (iii) that the Participant remains subject to discharge from such relationship to the same extent as if the Restricted Stock had not been granted; (iv) that all determinations with respect to any such future grants, including, but not limited to, when and on what terms they shall be made, will be at the sole discretion of the Committee; (v) that participation in the Plan is voluntary; (vi) that the value of the Restricted Stock is an extraordinary item of compensation that is outside the scope of the Participant’s employment contract if any; and (vii) that the Restricted Stock is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar benefits.

12.    Entire Agreement; Governing Law.  The Plan is incorporated herein by reference.  The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.  This Agreement is governed by the internal substantive laws but not the choice of law rules of North Carolina.

[The remainder of this page left blank intentionally]

[Signature Page to Restricted Stock Agreement]

By signing below, you accept the award of this Restricted Stock and agree that this Award is subject in all respects to the terms and conditions of the Plan.  Copies of the Plan and a Prospectus containing information concerning the Plan are available upon request to Wanda Blow at (919) 963-2177.  

PARTICIPANT                FOUR OAKS FINCORP, INC.

_____________________________        By:___________________________________
Signature                    Name:  _______________________________
Title:  ________________________________

Addendum A to Restricted Stock Agreement

Performance Measures and Goals

		
	I.
	For Performance Period Ending December 31, 2015

The Performance Measures for the one-year period ending December 31, 2015 will be (1) budgeted Net Income as set forth in the Company’s 2015 budget and (2) the Company having Net Income in each quarter of 2015.

Provided that the Company has Net Income in each quarter of 2015, the performance-based Shares will vest as follows:

	
			
	Percentage of Budgeted Net Income Achieved
	Number of Shares Vested

	Less than 70%
	

	0% of total Award

	70
	%
	10.5% of total Award

	80
	%
	12% of total Award

	90
	%
	13.5% of total Award

	100
	%
	15% of total Award

Where achievement against budgeted Net Income falls between the performance levels set out above, the number of Shares vested shall be determined based on straight line interpolation.  

Shares will vest on the later of December 31, 2015 and the date the Committee determines in its discretion that the performance goals for the Performance Period have been met.  If the performance goals are not met, 15% of the total Award will be forfeited.  

II.    For Performance Period Ending December 31, 2018

The Performance Measures and related goals for the three-year period ending December 31, 2018 will be determined by the Committee in its sole discretion in the fourth quarter of 2015.Exhibit

Exhibit 10.3

SEVERANCE AND
GENERAL RELEASE AGREEMENT

This SEVERANCE AND GENERAL RELEASE AGREEMENT (this “Agreement”) is made and entered into by and among Four Oaks Bank & Trust Company (the “Bank”), Four Oaks Fincorp, Inc. (the “Company”) and Nancy S. Wise (“Employee”).  Throughout the remainder of this Agreement, the Bank, the Company, and Employee may be collectively referred to as the “Parties” and individually referred to as a “Party.”
Employee is currently employed as Executive Vice President, Chief Financial Officer of the Bank pursuant to an employment agreement among the Parties dated December 11, 2008 (the “Employment Agreement”), and she is currently the Executive Vice President, Chief Financial Officer of the Company.  The Parties desire to terminate the Employment Agreement and Employee’s employment with the Bank and her position and relationship with the Company upon mutually agreeable terms as provided herein. Employee desires to resign from her employment with the Bank and from her position with the Company with her resignation being effective on September 1, 2015, and the Bank and the Company are willing to accept her resignation and provide certain severance to which she would not otherwise be entitled in exchange for the release of claims provided herein.
Employee represents that she has carefully read this entire Agreement, understands its consequences, and voluntarily enters into it.
In consideration of the above and the mutual promises set forth below, Employee and the Bank agree as follows:
1.    SEPARATION AND TERMINATION OF EMPLOYMENT AGREEMENT.  Employee’s employment with the Bank and her relationship with the Company will terminate pursuant to her resignation on September 1, 2015 (the “Resignation Date”).  By signing this Agreement, Employee represents that she has been properly paid for all time worked and received all salary, expense reimbursement, and all other amounts of any kind due to her from the Bank with the sole exception of (a) her final paycheck for work during her final payroll period which will be paid on the next regularly scheduled payroll date following the Resignation Date and (b) the benefits payable under this Agreement.
The Parties hereby terminate the Employment Agreement and acknowledge and agree that neither Party shall have any further obligation thereunder.  Additionally, the Parties acknowledge that Employee is resigning from her employment with the Bank’s and the Company’s consent and thus she has a period of fifteen (15) months from the Resignation Date within which she may exercise her vested stock options granted pursuant to the Company’s Nonqualified Stock Option Plan.  Employee specifically acknowledges that all unvested options are forfeited as of the Resignation Date.  Employee further specifically acknowledges that she has no entitlement to any severance payments or benefits under the Employment Agreement upon its termination.

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2.    SEVERANCE BENEFITS.  
A.     Severance Payment.  The Bank will pay Employee an amount equal to (i) sixteen (16) months (September 2015 through December 2016) of her current base salary (less applicable taxes and withholdings) plus (ii) $10,000.00 (less applicable taxes and withholdings) (the “Severance Payment”).  The Severance Payment shall be paid in a lump sum on September 30, 2015.  
B.    COBRA Reimbursement.  The Bank will reimburse Employee for the premiums she pays to continue coverage under the Bank’s group health insurance policy pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for the eighteen (18)-month period beginning October 1, 2015. 
Employee shall bear full responsibility for applying for COBRA coverage and nothing herein shall constitute a guarantee of COBRA continuation coverage or benefits or a guarantee of eligibility for health insurance coverage.  All reimbursements required by this Paragraph 2B. shall be paid a soon as practicable following Employee’s submission of proof of timely premium payments to the Bank; provided, however, that all such reimbursements shall be made on or before the last day of the taxable year following the taxable year in which the expenses were incurred.  Under no circumstances will Employee be entitled to a cash payment or other benefit in lieu of reimbursement for the actual costs of premiums for health coverage hereunder.  The amount of expenses eligible for reimbursement during any calendar year shall not be affected by the amount of expenses eligible for reimbursement in any other calendar year, and Employee’s right to reimbursement shall not be subject to liquidation or exchange for any other benefit.
C.      Automobile.  The Bank will transfer to Employee the title to the Bank-owned automobile she is currently using.  Said transfer shall occur within thirty (30) days after the date on which this Agreement becomes effective as provided in Paragraph 5 below.
D.      Accrued Time Off.  The Bank will pay Employee for all of her accrued, unused vacation and sick time.  This payment will be made in a lump sum on September 30, 2015. 
The severance benefits afforded under this Agreement are in lieu of any other compensation or benefits to which Employee otherwise might be entitled.
3.   RELEASE. 
In consideration of the benefits conferred by this Agreement, EMPLOYEE (ON BEHALF OF HERSELF AND HER ASSIGNS, HEIRS AND OTHER REPRESENTATIVES) RELEASES THE BANK, THE COMPANY, AND THEIR PAST, PRESENT, AND FUTURE PARENTS, SUBSIDIARIES, AFFILIATES, AND THEIR  PREDECESSORS, SUCCESSORS, ASSIGNS, AND THEIR PAST, PRESENT, AND FUTURE OFFICERS, DIRECTORS, EMPLOYEES, OWNERS, INVESTORS, SHAREHOLDERS, ADMINISTRATORS, BUSINESS UNITS, EMPLOYEE BENEFIT PLANS (TOGETHER WITH ALL PLAN ADMINISTRATORS, TRUSTEES, FIDUCIARIES, AND INSURERS), AND AGENTS (“RELEASEES”) FROM ALL CLAIMS AND WAIVES ALL RIGHTS, 

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KNOWN OR UNKNOWN, SHE MAY HAVE OR CLAIM TO HAVE AGAINST THE BANK, THE COMPANY, AND THEIR PREDECESSORS, SUBSIDIARIES, OR AFFILIATES arising before the execution of this Agreement to the fullest extent permitted by law, including but not limited to claims: 
(i) for discrimination, harassment or retaliation arising under federal, state, or local laws prohibiting age (including, but not limited to, claims under the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended), sex, national origin, race, religion, disability, veteran status, or other protected class discrimination, harassment, or retaliation for protected activity; 
(ii) for compensation and benefits including, but not limited to, claims under the Employee Retirement Income Security Act of 1974 (“ERISA”), Fair Labor Standards Act of 1938 (“FLSA”), Family and Medical Leave Act of 1993 (“FMLA”), all as amended, and similar federal, state, and local laws and claims under any Bank policy, plan, or program;
(iii) under federal, state, or local law of any nature whatsoever (including but not limited to constitutional, statutory, tort, express or implied contract, or other common law); 
(iv) for attorneys’ fees; and
(v) of any kind whatsoever (with the sole exception of those listed below) whether or not Employee knows about them at the time she signs this general release. 
Provided, however, the release of claims set forth in this Agreement does NOT:
(vi) apply to claims for workers’ compensation benefits, vested retirement benefits, or unemployment benefits filed with the applicable state agencies or where otherwise prohibited by law;
(vii) bar a challenge under the Older Workers Benefit Protection Act of 1990 (“OWBPA”) to the enforceability of the waiver and release of ADEA claims set forth in this Agreement; or 
(viii) prohibit Employee from filing a charge with or participating in an investigation by the U.S. Equal Employment Opportunity Commission or other governmental agency with jurisdiction concerning the terms, conditions, and privileges of employment or jurisdiction over the Bank’s business or assisting with an investigation conducted internally by the Bank; provided, however, that, by signing this Agreement, Employee waives the right to, and shall not seek or accept, any monetary or other relief of any 

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nature whatsoever in connection with any such charges, investigations, or proceedings.
     Employee will not sue Releasees on any matters relating to her employment or separation therefrom arising before the execution of this Agreement (with the sole exception of claims and challenges set forth in subparagraph A(vi) - (viii) above), or join as a party with others who may sue on any such claims, or opt-in to an action brought by others asserting such claims, and, in the event that Employee is made a member of any class asserting such claims without her knowledge or consent, Employee shall opt out of such action at the first opportunity.
4.    BANK INFORMATION AND PROPERTY. Employee shall not at any time after her employment terminates disclose, use, or aid third parties in obtaining or using any confidential or proprietary information of the Bank nor access or attempt to access any Bank computer systems, networks, or any resources or data that resides thereon. Confidential or proprietary information is information relating to the Bank or any aspect of its business which is not generally available to the public, the Bank’s competitors, or other third parties, or ascertainable through common sense or general business or technical knowledge.  Nothing in this Agreement shall relieve Employee from any obligations under any previously executed confidentiality, proprietary information, or secrecy agreements. 
All records, files, or other materials maintained by or under the control, custody, or possession of the Bank or its agents in their capacity as such shall be and remain the Bank’s property.  By signing this Agreement, Employee represents that she: (a) has returned all Bank property (including, but not limited to, credit cards; keys; access cards; thumb drive(s), laptop(s), personal digital devices (other than cellular telephone), and all other computer hardware and software; records, files, documents, manuals, and other documents in whatever form they exist, whether electronic, hard copy, or otherwise and all copies, notes, or summaries thereof) which she created, received, or otherwise obtained in connection with her employment; (b) has permanently deleted any Bank information that may reside on her personal computer(s), cellular telephone, other devices or accounts; and (c) will fully cooperate with the Bank in winding up her work and transferring that work to those individuals designated by the Bank. 
5.    RIGHT TO REVIEW.  The Bank delivered, via hand delivery, this Agreement, containing the release language set forth in Paragraph 3 to Employee on August 25, 2015 (the “Notification Date”) and desires that she have adequate time and opportunity to review and understand the consequences of entering into it.  Accordingly, the Bank advises Employee as follows:
		
	•
	To consult with her attorney prior to executing it; and

		
	•
	That she has twenty-one (21) days from the Notification Date to consider it, provided, however, she may not execute it prior to the Resignation Date.

In the event that Employee does not return an executed copy of this Agreement by certified mail to Ayden Lee at 6114 US 301 South, Four Oaks, NC 27524 by the 22nd calendar day following the Notification Date, this Agreement and the obligations of the Bank herein shall become null and 

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void, and Employee will not be entitled to the severance pay benefits described herein.  Employee may revoke this Agreement during the seven (7)-day period immediately following her execution of it.  This Agreement will not become effective or enforceable until the revocation period has expired.  To revoke this Agreement, a written notice of revocation must be delivered by certified mail to Ayden Lee at the above address.
6.    CONFIDENTIALITY AND NONDISPARAGEMENT.  Employee shall keep the terms and provisions of this Agreement confidential, and Employee represents and warrants that since receiving this Agreement she has not disclosed, and going forward will not disclose, the terms and conditions of this Agreement to third parties, except as follows:  (a) she may reveal the terms and provisions of this Agreement to members of her immediate family or to an attorney whom she may consult for legal advice, provided that such persons agree to maintain the confidentiality of the Agreement and (b) she may disclose the terms and provisions of this Agreement to the extent such disclosure is required by law.
Employee represents and warrants that since receiving this Agreement, she (i) has not made, and going forward will not make, disparaging, defaming, or derogatory remarks about the Bank or its products, services, business practices, directors, officers, managers, or employees to anyone; nor (ii) taken, and going forward will not take, any action that may impair the relations between the Bank and its vendors, customers, employees, or agents or that may be detrimental to or interfere with the Bank or its business.
7.    OTHER. Except as expressly provided in this Agreement, this Agreement supersedes all other understandings and agreements, oral or written, between the Parties and constitutes the sole agreement between the parties with respect to its subject matter. Each Party acknowledges that no representations, inducements, promises, or agreements, oral or written, have been made by any Party or by anyone acting on behalf of any Party, which are not embodied in this Agreement, and no agreement, statement, or promise not contained in the Agreement shall be valid or binding on the Parties.  No change or modification of this Agreement shall be valid or binding on the Parties unless such change or modification is in writing and is signed by the Parties. Employee’s or the Bank’s waiver of any breach of a provision of this Agreement shall not waive any subsequent breach by the other Party. If a court of competent jurisdiction holds that any provision or sub-part thereof contained in this Agreement is invalid, illegal, or unenforceable, that invalidity, illegality, or unenforceability shall not affect any other provision in this Agreement.
This Agreement is intended to avoid all litigation relating to Employee’s employment with the Bank and her separation therefrom; therefore, it is not to be construed as the Bank’s admission of any liability to her, liability which the Bank denies.
If Employee does not abide by this Agreement, then she will (a) return all monies received under this Agreement and the Bank will be relieved of its obligations hereunder, except to the extent that such return and relief would result in invalidation of the release set forth above, and (b) indemnify the Bank for all expenses it incurs in seeking to enforce this Agreement or as a result of her failure to abide by this Agreement, including reasonable attorneys’ fees in defending any released claims.

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This Agreement shall apply to, be binding upon, and inure to the benefit of the Parties’ successors, assigns, heirs, and other representatives and be governed by North Carolina law (with the sole exception of its conflicts of laws provisions) and the applicable provisions of federal law, including but not limited to ADEA.

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EMPLOYEE REPRESENTS THAT SHE HAS CAREFULLY READ THE ENTIRE AGREEMENT, UNDERSTANDS ITS CONSEQUENCES, AND VOLUNTARILY ENTERS INTO IT.

IN WITNESS WHEREOF, the Parties have entered into this Agreement on the day and year written below.

/s/ Nancy S. Wise _______________    September 15, 2015
Nancy S. Wise    Date

Four Oaks Bank & Trust Company

By: /s/ David H. Rupp____________    September 15, 2015
David H. Rupp    Date
Title:  President and Chief Executive Officer

Fincorp, Inc.

By: /s/ David H. Rupp ____________    September 15, 2015
David H. Rupp    Date
Title:  President and Chief Executive Officer

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