Document:

Form of Executive Life Insurance Endorsement Method Split Dollar Plan Agreement.

 EXHIBIT 10.22 
  
 LIFE INSURANCE 
  
 ENDORSEMENT METHOD SPLIT DOLLAR PLAN 
  
 AGREEMENT 
  

			
	Insurer:	  	 
		
	Policy Number:	  	 
		
	Bank:	  	Crescent Bank and Trust Company
		
	Insured:	  	 
		
	Relationship of Insured to Bank:	  	Executive

  
 The respective rights and duties of
the Bank and the Insured in the above-referenced policy shall be pursuant to the terms set forth below: 
  

	I.	DEFINITIONS 

  
 Refer to the policy contract for the definition of all terms in this Agreement. 
  

	II.	POLICY TITLE AND OWNERSHIP 

  
 Title and ownership shall reside in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the
extent of its interest, exercise the right to borrow or withdraw on the policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject
Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement. 
  

	III.	BENEFICIARY DESIGNATION RIGHTS 

  
 The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds
payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. 

	IV.	PREMIUM PAYMENT METHOD 

  
 The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force.

  

	V.	TAXABLE BENEFIT 

  
 Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its
administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. 
  

	VI.	DIVISION OF DEATH PROCEEDS 

  
 Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: 
  

	 	A.	Should the Insured be employed by the Bank at the time of his or her death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an
amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the policy. 

  

	 	B.	Should the Insured not be employed by the Bank at the time of his or her death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled
to the following percentage of the proceeds described in Subparagraph VI (A) hereinabove that corresponds to the number of full years the Insured has been employed with the Bank since the date of first employment. 

  

			
	 Total Years
 of Employment
 with the Bank

	 	 Vested

	 <1
	 	0%
	 1 or more
	 	6.67% per year to a maximum of 100%

  

	 	C.	The Bank shall be entitled to the remainder of such proceeds. 

  

	 	D.	The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds,
excluding any such interest. 

  

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	VII.	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY 

  
 The Bank shall at all times be entitled to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any
policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be. 
  

	VIII.	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS 

  
 In the event the policy involves an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on
expiration of the deferment period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the policy’s cash value. Such endowment proceeds or annuity
benefits shall be considered to be like death proceeds for the purposes of division under this Agreement. 
  

	IX.	TERMINATION OF AGREEMENT 

  
 This Agreement shall terminate if the Insured shall be discharged from employment with the Bank for cause. The term “for cause” shall mean gross
negligence or gross neglect or the commission of a felony or gross misdemeanor involving moral turpitude, fraud, dishonesty or willful violation of any law that results in any adverse effect on the Bank. 
  
 Upon such termination, the Insured (or assignee) shall have a forty-five
(45) day option to receive from the Bank an absolute assignment of the policy in consideration of a cash payment to the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be the greater of: 
  

	 	1.	The Bank’s share of the cash value of the policy on the date of such assignment, as defined in this Agreement; or 

  

	 	2.	The amount of the premiums which have been paid by the Bank prior to the date of such assignment. 

  
 If, within said forty-five (45) day period, the Insured fails to exercise said option, fails to procure the entire
aforestated cash payment, or dies, then the option shall terminate, and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the policy shall terminate as of the date of the termination of this Agreement.

  
 Except as provided above, this Agreement shall terminate upon
distribution of the death benefit proceeds in accordance with Paragraph VI above. 
  

 3 

	X.	INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS 

  
 The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the
subject policy nor any rights, options, privileges or duties created under this Agreement. 
  

	XI.	AGREEMENT BINDING UPON THE PARTIES 

  
 This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns. 
  

	XII.	NAMED FIDUCIARY AND PLAN ADMINISTRATOR 

  
 Crescent Bank and Trust Company is hereby designated the “Named Fiduciary” until resignation or removal by the Board of Directors. As Named
Fiduciary, the Bank shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein. The Named Fiduciary may allocate to others certain aspects of the management and operation responsibilities of
the Plan, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. 
  

	XIII.	FUNDING POLICY 

  
 The funding policy for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required. 
  

	XIV.	CLAIM PROCEDURES FOR LIFE INSURANCE POLICY AND SPLIT DOLLAR PLAN 

  
 Claim forms or claim information as to the subject policy can be obtained by contacting Benmark, Inc. (800-544-6079). If the Named Fiduciary has a claim
which may be covered under the provisions described in the insurance policy, they should contact the office named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise the named
Fiduciary what further requirements are necessary. The Insurer will evaluate and make a decision as to payment. If the claim is payable, a benefit check will be issued to the Named Fiduciary. 
  
 In the event that a claim is not eligible under the policy, the Insurer will
notify the Named Fiduciary of the denial pursuant to the requirements under the terms of the policy. If the Named Fiduciary is dissatisfied with the denial of the claim and wishes to contest such claim denial, they should contact the office named
above and they will assist in making inquiry to the Insurer. All objections to the Insurer’s actions should be in writing and submitted to the office named above for transmittal to the Insurer. 
  

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	XV.	GENDER 

  
 Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter
gender, whenever they should so apply. 
  

	XVI.	INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT 

  
 The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed copy
of this Agreement. Payment or other performance in accordance with the policy provisions shall fully discharge the Insurer for any and all liability. 
  
 Executed at Jasper, Georgia this      day of
                    , 200_. 
  

					
	 	 	CRESCENT BANK AND TRUST COMPANY
	 	 	Jasper, Georgia
			
	  

	 	By:	 	  

	Witness	 	Title	 	 
		
	  

	 	  

	Witness	 	[Executive]

  

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 BENEFICIARY DESIGNATION FORM 
 FOR THE LIFE INSURANCE ENDORSEMENT METHOD SPLIT 
 DOLLAR PLAN AGREEMENT

  

	I.	PRIMARY DESIGNATION 

                         (You may refer to the beneficiary designation information prior to completion.)

  

	 	A.	Person(s) as a Primary Designation: 

          (Please indicate the percentage for each beneficiary.) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  

	 	B.	Estate as a Primary Designation: 

  
 My Primary Beneficiary is The Estate of
                                        
as set forth in the last will and testament dated the      day of                     ,
                 and any codicils thereto. 
  

	 	C.	Trust as a Primary Designation: 

  
 Name of the Trust:
                                        
                                        
                                        
                             
  
 Execution Date of the Trust:              /
             /                  
  
 Name of the Trustee:
                                        
                                        
                                        
                         
  

	
	 Beneficiary(ies) of the Trust (please indicate the percentage for each beneficiary):

	 _________________________________________________________________________________________

	
	 _________________________________________________________________________________________

  
 Is this an Irrevocable
Life Insurance Trust?                  Yes                  No 

(If yes and this designation is for a Split Dollar agreement, an Assignment of Rights form should be completed.) 
  

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	II.	SECONDARY (CONTINGENT) DESIGNATION 

  

	 	A.	Person(s) as a Secondary (Contingent) Designation: 

          (Please indicate the percentage for each beneficiary.) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /          % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  
 Name
                                        
                                        
       Relationship
                                        
                      /             % 
  
 Address:                                     
                                        
                                        
                                        
                            
                                 (Street)
                                        
                (City)
                                    (State)
                        (Zip) 
  

	 	B.	Estate as a Secondary (Contingent) Designation: 

  
 My Secondary Beneficiary is The Estate of
                                        
as set forth in my last will and testament dated the      day of                         ,
                 and any codicils thereto. 
  

	 	C.	Trust as a Secondary (Contingent) Designation: 

  
 Name of the Trust:
                                        
                                        
                                        
                             
  
 Execution Date of the Trust:              /
             /                  
  
 Name of the Trustee:
                                        
                                        
                                        
                         
  

	
	 Beneficiary(ies) of the Trust (please indicate the percentage for each beneficiary):

	 _________________________________________________________________________________________

	
	 _________________________________________________________________________________________

  
 All sums payable under
the Life Insurance Endorsement Method Split Dollar Plan Agreement by reason of my death shall be paid to the Primary Beneficiary(ies), if he or she survives me, and if no Primary Beneficiary(ies) shall survive me, then to the Secondary (Contingent)
Beneficiary(ies). This beneficiary designation is valid until the participant notifies the bank in writing. 
  

					
	 	  	
	  	

	 	  	[Executive]	  	Date

  

 7Incentive Stock Option Agreemnet

 Exhibit 10.40 
  

					
	 	 	 	 	 Optionee:

			
	 	 	 	 	 Shares:

			
	 	 	 	 	 Date:

  
  
  
 INCENTIVE STOCK OPTION AGREEMENT 
  
 Under the Jameson 
 2003 Stock Incentive Plan 
  
 THIS AGREEMENT, made and entered into as of             , by and between Jameson Inns, Inc., a Georgia corporation (“Company”), and the
below named key full-time officer or employee (“Optionee”) of the Company; 
  
 WHEREAS, in consideration of the presently existing employment relationship between the Company and the Optionee, and as an additional inducement to Optionee to remain in the employ of the Company and in order to
provide a means for Optionee to acquire a proprietary interest in the Company, it is agreed between the Company and Optionee as follows: 
  
 1. The following are definitions of certain terms as used in this Option Agreement: 
  
 (a) “Plan” shall mean the Jameson 2003 Stock Incentive Plan, including any amendments thereto.

  
 (b) “Optionee” shall mean .

  
 (c) “Option Shares” shall mean
shares of the $.10 par value Common Stock of the Company. 
  
 (d) “Expiration Date” shall mean             . 
  
 (e) “Committee” shall mean the Committee provided for in the Plan. 
  
 2. The Company hereby grants to Optionee, subject to the provisions hereinafter contained, and in particular the provisions
of Paragraph 6 hereof, the right and option to purchase all or any part of the Option Shares on or before the Expiration Date; provided, however, that said option shall mature and become exercisable in five cumulative annual installments of shares
each on the first five anniversaries of the date of this Agreement and that no additional installments shall mature after Optionee’s death or after any date on which Optionee ceases to be an employee of the Company for any reasons whatsoever,
whichever first occurs. No exercise as to a portion of the Option Shares shall preclude a later exercise or exercises as to additional portions of the matured installments. The unexercised portion of each installment may be accumulated from year to
year. The option shall be exercisable only (i) as provided in paragraph 3(b) hereof, (ii) during such time as the Optionee remains in the employ of the Company, (iii) during the 30 day period following the date Optionee’s employment with the
Company is terminated, (iv) in the event of disability (for purposes of this Agreement, Optionee shall be considered disabled if he/she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to 

  

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result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months) during employment, until the earlier of
the Expiration Date or one year after the Optionee’s death, or (v) in the event of death during employment, until the later of the Expiration Date or one year after the Optionee’s death; provided, however, that in the event of disability
or death, such option shall be exercisable only with respect to the portion thereof accrued to the date of such disability or death, whichever is earliest. 
  
 3. The foregoing option shall be subject to the following terms and conditions: 
  
 (a) Exercise Price. The price to be paid for each of the Option Shares with respect to which the
option is exercised, shall be $            . 
  
 (b) Exercise of Option. The option to purchase the Option Shares shall be exercisable as specified herein and in the Plan. Payment
of the exercise price for the number of shares as to which the option is being exercised shall be by cash or check and in full on the date of exercise or through the delivery of Shares previously held by Optionee for at least six months and having a
Fair Market Value (as defined in the Plan) equal to the full amount of the exercise price or by a combination of such methods; provided, however, that in lieu of paying the exercise price (or portions thereof) in cash or through the delivery of
previously held Shares, Optionee may elect to have Shares withheld from the Shares deliverable upon such exercise if such election is delivered to the Company in writing either (i) at least six months prior to the date of exercise (the
“Exercise Date”) or (ii) prior to the Exercise Date and in any ten day period beginning on the third business day following the release of the Company’s quarterly or annual summary statement of sales and earnings. The number of shares
so withheld shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the exercise price obligation not satisfied by the payment of cash or delivery of previously held Shares. The option shall not be exercisable with
respect to fractions of a share. 
  
 (c)
Notice of Exercise. Each exercise of the option herein granted shall be by written notice to Jameson. Each such notice shall state the number of Option Shares with respect to which the Option is being exercised and shall specify a date, not
less than five nor more than ten days after the date of such notice, as the date on which the shares will be delivered and payment made therefor at the principal offices of the Company. If any law or regulation requires the Company to take any
action with respect to the shares specified in such notice, then the date for delivery of such shares against payment therefor shall be extended for the period necessary to take such action. In the event of any failure to pay for the number of
shares specified in such notice on the date set forth therein, subject to such date being extended as provided above, the Option shall terminate with respect to such number of shares, but shall continue with respect to the remaining shares covered
by this Agreement and not yet acquired by exercise of the Option or any portion thereof. 
  
 (d) Investment Representation. If stock issued pursuant to exercise of this option has not been registered under the Securities Act
of 1933, as amended, and in the opinion of counsel for the Company such stock can be issued without such registration only in a so-called “private placement” (i.e., “transactions by an issuer not involving any public
offering” exempted by Section 4(a) of said Act, so that such stock constitutes so-called “investment stock”), Optionee agrees to represent and warrant in writing at the time of any exercise that the shares are being purchased only for
investment and without any present intention to sell or distribute such shares, and further agrees that shares so acquired may be appropriately legended and will be sold or transferred only in accordance with the rules and regulations of the
Securities and Exchange Commission or any applicable law, regulation, or rule of any governmental agency. 
  

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 (e) Taxes. Optionee shall pay all original issue or transfer taxes and all other
fees and expenses incident to the issue, transfer, or delivery of stock pursuant to this option. 
  
 (f) Nonassignability. The Option shall be exercisable during Optionee’s lifetime only by Optionee, and shall not be assigned,
transferred, pledged, hypothecated, sold or otherwise disposed of, in whole or in part, voluntarily or involuntarily, any such assignment, transfer, pledge, hypothecation, sale or other disposition being void and of no effect; provided, however,
that the Option shall be transferable by will or the laws of descent and distribution or pursuant to a qualified domestic relations order (as defined in Section 414(p)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”),
and which satisfies Section 414(p)(1)(A) of the Code. 
  
 (g) No Rights Until Issue. No right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Option Shares, notwithstanding the exercise of the Option, until the issuance to the Optionee of
the stock certificate or certificates representing such shares. 
  
 (h) Anti-dilution. In the event of a merger, consolidation, reorganization, recapitalization, stock dividend, stock split or other change in the corporate structure or capitalization of the Company, the number
of Option Shares and the exercise price shall be subject to appropriate adjustments as described in the Plan. 
  
 The Option is also subject to, and by accepting and executing this Agreement Optionee agrees to be bound by, all of the terms, provisions, limitations and conditions of the Plan. 
  
 4. Cancellation. The Committee may elect to cancel the Option at any
time prior to the exercise of the Option, as described in Section 14 of the Plan. 
  
 5. The Plan. Optionee acknowledges receipt of a copy of the Plan and the Plan Amendments and represents that he/she is familiar with the terms and provisions thereof and hereby accepts the Option represented
hereby subject to all such terms and provisions. 
  
 6.
Withholding. Optionee will be required to pay to the Company for remittance to the appropriate taxing authorities an amount necessary to satisfy Optionee’s portion of federal, state and local income taxes, if any, incurred by reason of
the exercise of an Option and agrees that payment of such portion of taxes shall be a condition precedent to the exercise of any Option hereunder. Upon the exercise of an Option requiring tax withholding, Optionee may elect to have shares of Common
Stock withheld from the shares deliverable upon such exercise if such election is delivered to the Committee in writing either (a) at least six months prior to the date the amount of the tax to be withheld is determined (the “Tax Date”) or
(b) prior to the Tax Date and in any ten business day period beginning on the third business day following the release of the Company’s quarterly or annual summary statement of sales and earning. The number of shares so withheld shall have an
aggregate Fair Market Value (as defined in the Plan) on the date of exercise sufficient to satisfy the applicable tax withholding requirements. 
  
 7. Employment. Nothing in the Plan or in this Agreement shall confer upon Optionee any right to continued employment as an employee of the Company
or interfere in any way with the right of the Company to terminate Optionee’s employment at any time. 
  

 -3- 

 8. Transferability of Shares of Common Stock. In the event a registration statement with respect
to the issuance of Option Shares to Optionee upon the exercise of the Option or any portion thereof is not in effect at the time of such issuance of Option Shares by the Company, then at the time of the proposed transfer of Option Shares, Optionee
shall not offer, sell, hypothecate, transfer or otherwise dispose of any of the Option Shares issued pursuant to the exercise of the Option or any portion thereof unless either (a) a registration statement with respect to such Option Shares is then
in effect under the Securities Act, and any applicable state securities laws, and such offer, sale, transfer or other disposition is accompanied by a prospectus relating to such registration statement and meeting the requirements of the Securities
Act; or (b) counsel satisfactory to the Company renders an opinion in writing, addressed to the Company and acceptable to the Company and its counsel, to the effect that, in the opinion of such counsel, such proposed offer, sale, transfer or other
disposition of such Option Shares is exempt from the provisions of Section 5 of the Securities Act and the applicable state securities laws in view of the circumstances of such proposed offer, sale, transfer or other disposition. 
  
 9. Binding Effect. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs, executors, administrators, trustees, successors and assigns. 
  
 EXECUTED as of the day and year first above written. 
  
  

			
	“Jameson”
	
	JAMESON INNS, INC.
		
	 By
	 	  

	 	 	Thomas W. Kitchin, Chief Executive Officer
	
	 “Optionee”

	  

  

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