Document:

Uranium Energy Corp. - Exhibit 4.1 - Filed by newsfilecorp.com

COMMON STOCK PURCHASE WARRANT 

URANIUM ENERGY CORP. 

	Warrant No. 2018-<> 	Issue Date October 3, 2018 
	 	 
	Warrant Shares: <> 	Initial Exercise Date: October 3, 2018
  

            THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
received, _____________ or its assigns (the “Holder”) is entitled, upon the
terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after October 3, 2018 (the “Initial Exercise
Date”) and on or prior to the close of business on the day which is 30
months from the Issue Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Uranium Energy Corp., a Nevada corporation
(the “Company”), up to <> shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of
one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

            Section
1.     Definitions. In addition to the terms
defined elsewhere in this Agreement, the following terms have the meanings
indicated in this Section 1: 

            “Affiliate”
means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 under the
Securities Act. 

            “Board
of Directors” means the board of directors of the Company. 

            “Business
Day” means any day except any Saturday, any Sunday, any day which is a
federal legal holiday in the United States, or any day on which banking
institutions in the State of New York are authorized or required by law or other
governmental action to close. 

            “Commission”
means the United States Securities and Exchange Commission. 

            “Common
Stock Equivalents” means any securities of the Company or the Subsidiaries
which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. 

            “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 

            “Person”
means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity
of any kind. 

1 

            “Proceeding”
means an action, claim, suit, investigation or proceeding (including, without
limitation, an informal investigation or partial proceeding, such as a
deposition), whether commenced or threatened. 

            “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 

            “Standard
Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Company’s primary Trading Market with respect to
the Common Stock as in effect on the date of delivery of the Notice of Exercise.

            “Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

            “Trading
Market” means any of the following markets or exchanges on which the Common
Stock is listed or quoted for trading on the date in question: the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any
successors to any of the foregoing. 

            “Transfer
Agent” means Transfer Online, Inc., the current transfer agent of the
Company, with a mailing address of 512 SE Salmon Street, Portland, Oregon 97214,
and any successor transfer agent of the Company. 

            “VWAP”
means, for any date, the price determined by the first of the following clauses
that applies: (a) if the Common Stock is then listed or quoted on a Trading
Market, the daily volume weighted average price of the Common Stock for such
date (or the nearest preceding date) on the Trading Market on which the Common
Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)
if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of
the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading
on OTCQB or OTCQX and if prices for the Common Stock are then reported in the
“Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid
price per share of the Common Stock so reported, or (d) in all other cases, the
fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the
Company’s common stock purchase warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the
Company. 

Section
2.     Exercise. 

            a)       
Exercise of the purchase rights represented by this Warrant may be made, in
whole or in part, at any time or times on or after the Initial Exercise Date and
on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered Holder at the address of the Holder appearing on the
books of the Company) of a duly executed facsimile copy (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto. Within the earlier of (i)
three (3) Trading Days and (ii) the number of Trading Days comprising the
Standard Settlement Period (as defined in Section 2(d)(i) herein) following the
date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire
transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 2(c) below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or
notarization) of any Notice of Exercise form be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for
cancellation within three (3) Trading Days of the date the final Notice of
Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of
Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise within one (1)
Business Day of receipt of such notice. The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.
 

2 

            b)       
Exercise Price. The exercise price per share of the Common Stock under
this Warrant shall be $2.05, subject to adjustment hereunder (the
“Exercise Price”). 

            c)       
Cashless Exercise. If at the time of exercise hereof there is no
effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder,
then this Warrant may also be exercised, in whole or in part, at such time by
means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where: 

	 	(A) 	
      = as applicable: (i) the VWAP on the Trading Day
      immediately preceding the date of the applicable Notice of Exercise if
      such Notice of Exercise is (1) both executed and delivered pursuant to
      Section 2(a) hereof on a day that is not a Trading Day or (2) both
      executed and delivered pursuant to Section 2(a) hereof on a Trading Day
      prior to the opening of “regular trading hours” (as defined in Rule
      600(b)(64) of Regulation NMS promulgated under the federal securities
      laws) on such Trading Day, (ii) at the option of the Holder, either (y)
      the VWAP on the Trading Day immediately preceding the date of the
      applicable Notice of Exercise or (z) the Bid Price of the Common Stock on
      the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution
      of the applicable Notice of Exercise if such Notice of Exercise is
      executed during “regular trading hours” on a Trading Day and is delivered
      within two (2) hours thereafter (including until two (2) hours after the
      close of “regular trading hours” on a Trading Day) pursuant to Section
      2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
      Exercise if the date of such Notice of Exercise is a Trading Day and such
      Notice of Exercise is both executed and delivered pursuant to Section 2(a)
      hereof after the close of “regular trading hours” on such Trading
    Day;

3 

	 	(B) 	
      = the Exercise Price of this Warrant, as adjusted
      hereunder; and

	 	 	 
	 	(X) 	
      = the number of Warrant Shares that would be issuable
      upon exercise of this Warrant in accordance with the terms of this Warrant
      if such exercise were by means of a cash exercise rather than a cashless
      exercise.

            If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge
and agree that in accordance with Section 3(a)(9) of the Securities Act, the
Warrant Shares shall take on the registered characteristics of the Warrants
being exercised. The Company agrees not to take any position contrary to this
Section 2(c). 

            d)       
Mechanics of Exercise. 

      
i.        Delivery of Warrant Shares Upon
Exercise. The Company shall use best efforts to cause the Warrant Shares
purchased hereunder to be transmitted by the Transfer Agent to the Holder by
crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant
is being exercised via cashless exercise, and otherwise by physical delivery of
a certificate, registered in the Company’s share register in the name of the
Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (i) one (1) Trading Day
and (ii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company of the Notice of Exercise (such date, the
“Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise
the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the Warrant Shares, provided
that payment of the aggregate Exercise Price (other than in the case of a
cashless exercise) is received within the earlier of (i) three Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to
deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Stock on the date of
the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to
accrue) for each Trading Day after such Warrant Share Delivery Date until such
Warrant Shares are delivered or Holder rescinds such exercise. 

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ii.        Delivery of New Warrants Upon
Exercise. If this Warrant shall have been exercised in part, the Company
shall, at the request of a Holder and upon surrender of this Warrant
certificate, at the time of delivery of the Warrant Shares, deliver to the
Holder a new Warrant evidencing the rights of the Holder to purchase the
unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant. 

      
iii.        Rescission Rights. If the
Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the
Holder will have the right to rescind such exercise. 

      
iv.        Compensation for Buy-In on
Failure to Timely Deliver Warrant Shares Upon Exercise. In addition
to any other rights available to the Holder, if the Company fails to cause the
Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the
Warrant Share Delivery Date, and if after such date the Holder is required by
its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was
not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued
had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to
cover a Buy-In with respect to an attempted exercise of shares of Common Stock
with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof. 

5 

      
v.        No Fractional Shares or
Scrip. No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. As to any fraction of a share which
the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such
final fraction in an amount equal to such fraction multiplied by the Exercise
Price or round up to the next whole share. 

      
vi.        Charges, Taxes and
Expenses. Issuance of Warrant Shares shall be made without charge to the
Holder for any issue or transfer tax or other incidental expense in respect of
the issuance of such Warrant Shares, all of which taxes and expenses shall be
paid by the Company, and such Warrant Shares shall be issued in the name of the
Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event Warrant Shares are to be
issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached
hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all Transfer Agent fees required for
same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares. 

      
vii.        Closing of Books. The
Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

 

6 

            e)       
Holder’s Exercise Limitations. The Company shall not effect any exercise
of this Warrant, and a Holder shall not have the right to exercise any portion
of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
giving effect to such issuance after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any
other Persons acting as a group together with the Holder or any of the Holder’s
Affiliates (such Persons, “Attribution Parties”)), would beneficially own in
excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates and Attribution Parties shall include the
number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents)
subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or
Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of
this Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case
subject to the Beneficial Ownership Limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination. In addition,
a determination as to any group status as contemplated above shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 2(e), in
determining the number of outstanding shares of Common Stock, a Holder may rely
on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as
the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written or oral
request of a Holder, the Company shall within two Trading Days confirm orally
and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of
the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the
Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common
Stock upon exercise of this Warrant held by the Holder and the provisions of
this Section 2(e) shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61st day after
such notice is delivered to the Company. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial
Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The
limitations contained in this paragraph shall apply to a successor holder of
this Warrant. 

7 

Section
3.      Certain Adjustments. 

            a)       
Stock Dividends and Splits. If the Company, at any time while this
Warrant is outstanding: (i) pays a stock dividend or otherwise makes a
distribution or distributions on shares of its Common Stock or any other equity
or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the
Company upon exercise of this Warrant), (ii) subdivides outstanding shares of
Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of
shares, or (iv) issues by reclassification of shares of the Common Stock any
shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision,
combination or re-classification. 

 

8 

            b)       
Fundamental Transaction. If, at any time while this Warrant is
outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into
another Person, (ii) the Company, directly or indirectly, effects any sale,
lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of
50% or more of the outstanding Common Stock, (iv) the Company, directly or
indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or
other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or
group of Persons whereby such other Person or group acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of
shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of
this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect
of one share of Common Stock in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of
the Alternate Consideration. If holders of Common Stock are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to
assume in writing all of the obligations of the Company under this Warrant and
the other Transaction Documents in accordance with the provisions of this
Section 3(e) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the
Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of
shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock (but taking
into account the relative value of the shares of Common Stock pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the
consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any
such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of
this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company
under this Warrant and the other Transaction Documents with the same effect as
if such Successor Entity had been named as the Company herein. 

9 

            c)       
Calculations. All calculations under this Section 3 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of shares of Common Stock deemed to be issued and
outstanding as of a given date shall be the sum of the number of shares of
Common Stock (excluding treasury shares, if any) issued and outstanding. 

           
d)        Notice to Holder. 

            i.       
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted
pursuant to any provision of this Section 3, the Company shall promptly deliver
to the Holder by facsimile or email a notice setting forth the Exercise Price
after such adjustment and any resulting adjustment to the number of Warrant
Shares and setting forth a brief statement of the facts requiring such
adjustment. 

            ii.       
Notice to Allow Exercise by Holder. If (A) the Company shall declare a
dividend (or any other distribution in whatever form) on the Common Stock, (B)
the Company shall declare a special nonrecurring cash dividend on or a
redemption of the Common Stock, (C) the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of
any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially all of the
assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, then, in each case, the Company shall cause to be
delivered by facsimile or email to the Holder at its last facsimile number or
email address as it shall appear upon the Warrant Register of the Company, at
least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record
shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver
such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To
the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the
Commission pursuant to a Current Report on Form 8-K. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as
may otherwise be expressly set forth herein. 

10 

Section
4.      Transfer of Warrant.

            a)       
Transferability. This Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or
its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of
the assignee or assignees, as applicable, and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Notwithstanding anything herein to
the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company unless the Holder has assigned this Warrant in full, in
which case, the Holder shall surrender this Warrant to the Company within three
(3) Trading Days of the date the Holder delivers an assignment form to the
Company assigning this Warrant full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of
Warrant Shares without having a new Warrant issued. 

            b)       
New Warrants. This Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a
written notice specifying the names and denominations in which new Warrants are
to be issued, signed by the Holder or its agent or attorney. Subject to
compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or exchanges shall
be dated the initial issuance date of this Warrant and shall be identical with
this Warrant except as to the number of Warrant Shares issuable pursuant
thereto. 

            c)       
Warrant Register. The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to
the contrary. 

11 

Section
5.      Miscellaneous. 

            a)       
No Rights as Stockholder Until Exercise. This Warrant does not entitle
the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. 

            b)       
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
that upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate. 

            c)       
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall not be a Business Day, then, such action may be taken or such right may be
exercised on the next succeeding Business Day. 

            d)       
Authorized Shares.

                  
The Company covenants that, during the period the Warrant is outstanding, it
will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to
assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the
Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

12 

            Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will
(i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value,
(ii) take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to
enable the Company to perform its obligations under this Warrant. 

            Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 

            e)       
Jurisdiction. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement. 

            f)       
Restrictions. The Holder acknowledges that the Warrant Shares acquired
upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state
and federal securities laws. 

            g)       
Nonwaiver and Expenses. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies.
Without limiting any other provision of this Warrant or the Purchase Agreement,
if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company
shall pay to the Holder such amounts as shall be sufficient to cover any costs
and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder. 

            h)        Notices. Any notice, request or other
document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the
Purchase Agreement. 

13 

            i)       
Limitation of Liability. No provision hereof, in the absence of any
affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder for the purchase price of any
Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 

            j)       
Remedies. The Holder, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive and not to assert the defense in any action for specific performance that
a remedy at law would be adequate. 

            k)       
Successors and Assigns. Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the
Company and the successors and permitted assigns of Holder. The provisions of
this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant
Shares. 

            l)       
Amendment. This Warrant may be modified or amended or the provisions
hereof waived with the written consent of the Company and the Holder.

             m)       
Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant. 

            n)       
Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

******************** 

(Signature Page Follows)

14 

                          IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized as of the date first above indicated. 

	 	URANIUM ENERGY CORP. 
	 	  
	 	  
	 	By: __________________________________________
    
	 	       Name: 
	 	       Title:

15 

NOTICE OF EXERCISE 

	TO: 	URANIUM ENERGY CORP. 
	CC: 	___________________

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 

[   ] in lawful money of the
United States; or 

[   ] if permitted, the
cancellation of such number of Warrant Shares as is necessary, in accordance
with the formula set forth in subsection 2(c), to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in subsection 2(c). 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other
name as is specified below: 

_______________________________

The Warrant Shares shall be delivered to the following DWAC
Account Number: 

_______________________________

_______________________________

_______________________________

 

[SIGNATURE OF HOLDER] 

Name of Investing Entity:________________________________________________________________________
Signature
of Authorized Signatory of Investing Entity:
_________________________________________________
Name of Authorized
Signatory:
___________________________________________________________________
Title of
Authorized Signatory:
____________________________________________________________________
Date:_______________________________________________________________________________________

EXHIBIT B 

ASSIGNMENT FORM 

      (To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form
to purchase shares.) 

     FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to 

	Name: 	 
		(Please Print) 
	  	 
	Address: 	 
		(Please Print)

Dated:  _______________ __, ______

Holder’s Signature: ______________________________

Holder’s Address:  ______________________________EX-4.5

 Exhibit 4.5 

ATHENS BANCSHARES CORPORATION 

2010 EQUITY INCENTIVE PLAN 

ARTICLE 1 
 PURPOSE

 The purpose of the Athens Bancshares Corporation 2010 Equity Incentive Plan (the “Plan”) is to promote the success, and
enhance the value, of Athens Bancshares Corporation (the “Company”) by linking the personal financial and economic interests of employees, officers and directors of the Company or any Affiliate (as defined below) to those of Company
shareholders and by providing such persons with an incentive for performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract and retain the services of employees, officers and directors upon
whose judgment, interest and effort the successful conduct of the Company’s operation largely depends. Accordingly, the Plan permits the grant of equity incentive awards from time to time to selected employees, officers and directors of the
Company and its Affiliates. 
 ARTICLE 2 

DEFINITIONS 
 When a word
or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Article 2 unless the context clearly
requires a different meaning. The following words and phrases shall have the following meanings: 
 “Affiliate” means an
entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 

“Award” means any Option or Restricted Stock Award granted to a Participant under the Plan. 

“Award Agreement” means a written document, in such form as the Committee prescribes from time to time, setting forth the
terms and conditions of an Award. 
 “Board of Directors” means the Board of Directors of the Company. 

“Change in Control” means the occurrence of any one of the following events: 

 

	(1)	 Merger: The Company merges into or consolidates with another corporation, or merges
another corporation into the Company, and, as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately
before the merger or consolidation; 

  

	(2)	 Acquisition of Significant Share Ownership: A report on Schedule 13D or another form
or schedule (other than Schedule 13G) is filed or is required to be filed under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the
beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or
indirectly beneficially owns fifty percent (50%) or more of its outstanding voting securities; or 

  
 1 

	(3)	 Change in Board Composition: During any period of two consecutive years, individuals who
constitute the Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that for purposes of this clause
(3), each director who is first elected by the Board (or first nominated by the Board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the
beginning of the two-year period shall be deemed to have also been a director at the beginning of such period. 

“Change in Control Price” means the highest price per share of Shares offered in conjunction with any transaction resulting
in a Change in Control (as determined in good faith by the Committee if any part of the offered price is payable other than in cash) or, in the case of a Change in Control occurring solely by reason of a change in the composition of the Board of
Directors, the highest Fair Market Value of the Shares on any of the thirty (30) trading days immediately preceding the date on which a Change in Control occurs. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the committee of the Board of Directors described in Article 4 of the Plan. 

“Company” means Athens Bancshares Corporation, or any successor corporation. 

“Continuous Status as a Participant” means the absence of any interruption or termination of service as an employee, officer
or director of the Company or any Affiliate, as applicable. Continuous service shall not be considered interrupted in the case of sick leave, military leave or any other absence approved by the Company or an Affiliate, in the case of transfers
between payroll locations or between the Company, an Affiliate or a successor, or performance of services in an emeritus, advisory or consulting capacity; provided, however, that for purposes of an Incentive Stock Option. 

“Covered Employee” means a covered employee as defined in Section 162(m)(3) of the Code. 

“Disability” shall mean any illness or other physical or mental condition of a Participant that renders the Participant
incapable of performing his or her customary and usual duties for the Company or an Affiliate, or any medically determinable illness or other physical or mental condition resulting from a bodily injury, disease or mental disorder which, in the
judgment of the Committee, is permanent and continuous in nature. The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of the Participant’s condition. Notwithstanding the above, with
respect to an Incentive Stock Option, “Disability” shall mean “Permanent and Total Disability” as defined in Section 22(e)(3) of the Code. 

“Effective Date” has the meaning assigned to such term in Section 3.1 of the Plan. 

“Eligible Participant” means an employee, officer or director of the Company or any Affiliate. 

“Exchange” means any national securities exchange on which the Stock may from time to time be listed or traded. 

“Fair Market Value” on any date, means (i) if the Stock is listed on an Exchange, the closing sales price on such
exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange,
“Fair Market Value” shall mean a price determined by the Committee in good faith on the basis of objective criteria. 

  
 2 

 “Grant Date” means the date an Award is made by the Committee. 

“Incentive Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements of
Section 422 of the Code or any successor provision thereto. 
 “Non-Employee
Director” means a director of the Company or an Affiliate who is not a common law employee of the Company or an Affiliate. 
 “Non-Statutory Stock Option” means an Option that is not an Incentive Stock Option. 

“Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price
during specified time periods. An Option may be either an Incentive Stock Option or a Non-Statutory Stock Option. 

“Parent or Subsidiary” means a “parent corporation” or “subsidiary corporation” as such terms are defined
in Sections 424(e) and (f) of the Code. 
 “Participant” means a person who, as an employee, officer or director of
the Company or any Affiliate, has been granted an Award under the Plan; provided, however, that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 9.4 of the Plan
or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 

“Plan” means the Athens Bancshares Corporation 2010 Equity Incentive Plan, as amended from time to time. 

“Restricted Stock Award” means Stock granted to a Participant under Article 8 of the Plan that is subject to certain
restrictions and to risk of forfeiture. 
 “Shares” means shares of the Company’s Stock. If there has been an
adjustment or substitution pursuant to Article 10 of the Plan, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Article 10
of the Plan. 
 “Stock” means the common stock of the Company, par value $0.01, and such other securities of
the Company as may be substituted for Stock pursuant to Article 10 of the Plan. 
 “1933 Act” means the Securities Act
of 1933, as amended from time to time. 
 “1934 Act” means the Securities Exchange Act of 1934, as amended from time to
time. 
 ARTICLE 3 

EFFECTIVE TERM OF PLAN 

3.1 EFFECTIVE DATE. The Plan shall be effective as of the date it is approved by the shareholders of the Company (the “Effective
Date”). 
 3.2 TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the Effective Date. The termination of
the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 

  
 3 

 ARTICLE 4 

ADMINISTRATION 
 4.1
COMMITTEE. The Plan shall be administered by a Committee appointed by the Board of Directors (which Committee shall consist of at least two disinterested directors) or, at the discretion of the Board of Directors from time to time, the Plan may
be administered by the full Board of Directors. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of
Rule 16b-3 promulgated under the 1934 Act) and “outside directors” (within the meaning of Code Section 162(m) and the regulations thereunder) and that any such members of the Committee who do not so qualify shall abstain from
participating in any decision to make or administer Awards that are made to Eligible Participants who, at the time of consideration for such Award, (i) are persons subject to the short-swing profit rules of Section 16 of the 1934 Act, or
(ii) are reasonably anticipated to become Covered Employees during the term of the Award. However, the mere fact that a Committee member shall fail to qualify under either of the foregoing requirements or shall fail to abstain from such action
shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board of
Directors. The Board of Directors may reserve for itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board of Directors has
reserved any authority and responsibility or during any time that the Board of Directors is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this
Section 4.1) shall include the Board of Directors. To the extent any action of the Board of Directors under the Plan conflicts with actions taken by the Committee, the actions of the Board of Directors shall control. 

4.2 ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt
rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, consistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation of the
Plan, any Awards granted under the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled, in good faith,
to rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, by the Company’s or an Affiliate’s independent certified public accountants, by Company counsel
or by any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

4.3 AUTHORITY OF COMMITTEE. Except as provided below, the Committee has the exclusive power, authority and discretion to: 

 

	 	(a)	 Grant Awards; 

  

	 	(b)	 Designate Participants; 

 

	 	(c)	 Determine the type or types of Awards to be granted to each Participant; 

  
 4 

	 	(d)	 Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

  

	 	(e)	 Determine the terms and conditions of any Award granted under the Plan, including, but not limited to, the
exercise price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the
Committee in its sole discretion determines; 

  

	 	(f)	 Accelerate the vesting, exercisability or lapse of restrictions of any outstanding Award in accordance with
Articles 9 and 10 of the Plan, based in each case on such considerations as the Committee in its sole discretion determines; 

  

	 	(g)	 Prescribe the form of each Award Agreement, which need not be identical for each Participant;

  

	 	(h)	 Decide all other matters that must be determined in connection with an Award; 

 

	 	(i)	 Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or
advisable to administer the Plan; 

  

	 	(j)	 Make all other decisions and determinations that may be required under the Plan or as the Committee deems
necessary or advisable to administer the Plan; and 

  

	 	(k)	 Amend the Plan or any Award Agreement as provided herein. 

Notwithstanding the above, the Board of Directors or the Committee may also delegate, to the extent permitted by applicable law, to one or more
officers of the Company, the Committee’s authority under subsections (a) through (h) above, pursuant to a resolution that specifies the total number of Options or Restricted Stock Awards that may be granted under the delegation;
provided that no officer may be delegated the power to designate himself or herself as a recipient of such Awards; and provided further, that no delegation of its duties and responsibilities may be made to officers of the Company with respect to
Awards to Eligible Participants who as of the Grant Date are persons subject to the short-swing profit rules of Section 16 of the 1934 Act, or who as of the Grant Date are reasonably anticipated to become Covered Employees during the term of
the Award. The acts of such delegates shall be treated hereunder as acts of the Committee and such delegates shall report to the Committee regarding the delegated duties and responsibilities. 

4.4 AWARD AGREEMENTS. Each Award shall be evidenced by an Award Agreement. Each Award Agreement shall include such provisions,
consistent with the Plan, as may be specified by the Committee. 

  
 5 

 ARTICLE 5 

SHARES SUBJECT TO THE PLAN 

5.1 NUMBER OF SHARES. Subject to adjustment as provided in Article 10 of the Plan, the aggregate number of Shares reserved and
available for issuance pursuant to Awards granted under the Plan shall be 388,815. 
 5.2 SHARE COUNTING. To the extent that an Award
is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued Shares subject to the Award will again be available for issuance pursuant to Awards granted under the Plan. 

5.3 STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock,
treasury Stock or Stock purchased on the open market. 
 5.4 LIMITATION ON AWARDS. Notwithstanding any provision in the Plan to the
contrary (but subject to adjustment as provided in Article 10), the maximum number of Shares that may be delivered pursuant to Awards under the Plan is 355,815, of which the maximum number of Shares that may be delivered pursuant to Award of
Restricted Stock under the Plan is 111,090 and the maximum number that may be delivered pursuant to Option exercises is 277,725. 

ARTICLE 6 
 ELIGIBILITY

 Awards may be granted only to Eligible Participants; except that Incentive Stock Options may be granted only to Eligible Participants
who are employees of the Company or a Parent or Subsidiary of the Company. 
 ARTICLE 7 

STOCK OPTIONS 
 7.1
GENERAL. The Committee is authorized to grant Options to Participants on the following terms and conditions: 
  

	 	(a)	 Exercise Price. The exercise price of an Option shall not be less than the Fair Market Value per Share
as of the Grant Date. 

  

	 	(b)	 Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may
be exercised in whole or in part, subject to Section 7.1(d) of the Plan. The Committee shall also determine the conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. The Committee may waive any
exercise or vesting provisions at any time in whole or in part based upon factors as the Committee may determine in its sole discretion so that the Option becomes exercisable or vested at an earlier date. 

 

	 	(c)	 Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid,
the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants.

  

	 	(d)	 Exercise Term. In no event may any Option be exercisable for more than ten (10) years from the
Grant Date. 

  
 6 

 7.2 INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under
the Plan must comply with the following additional rules: 
  

	 	(a)	 Lapse of Option. Subject to any earlier termination provision contained in the Award Agreement, an
Incentive Stock Option shall lapse upon the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the Incentive Stock Option under the circumstances described in subsections (3), (4) or
(5) below, provide in writing that the Option will extend until a later date, but if an Option is so extended and is exercised after the dates specified in subsections (3) and (4) below, it will automatically become a Non-Statutory Stock Option: 

  

	 	(1)	 The expiration date set forth in the Award Agreement. 

 

	 	(2)	 The tenth anniversary of the Grant Date. 

 

	 	(3)	 Three (3) months after termination of the Participant’s Continuous Status as a Participant for any
reason other than the Participant’s Disability or death. 

  

	 	(4)	 One (1) year after the Participant’s Continuous Status as a Participant by reason of the
Participant’s Disability. 

  

	 	(5)	 One (1) year after the Participant’s death if the Participant dies while employed or during the
three-month period described in paragraph (3), or during the one-year period described in paragraph (4), but before the Option otherwise lapses. 

Unless the exercisability of the Incentive Stock Option is accelerated as provided in Articles 9 or 10 of the Plan, if a Participant exercises
an Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the Participant’s death, any exercisable Incentive Stock
Options may be exercised by the Participant’s Beneficiary, determined in accordance with Section 9.4 of the Plan. 
  

	 	(b)	 Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the Grant Date) of all
Shares with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000 (or any higher value as may be permitted under Section 422 of the Code). 

 

	 	(c)	 Ten Percent Owners. No Incentive Stock Option shall be granted to any individual who, at the Grant Date,
owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per share of such Option is at least one hundred and ten percent (110%)
of the Fair Market Value per Share at the Grant Date and the Option expires no later than five (5) years after the Grant Date. 

  

	 	(d)	 Expiration of Authority to Grant Incentive Stock Options. No Incentive Stock Option may be granted
pursuant to the Plan after the day immediately prior to the tenth anniversary of the date the Plan was approved by shareholders, or the termination of the Plan, if earlier. 

 

	 	(e)	 Right to Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only
by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 

  

	 	(f)	 Eligible Grantees. The Committee may not grant an Incentive Stock Option to a person who is not at the
Grant Date an employee of the Company or of an Affiliate. 

  

	 	(g)	 Limitations of Option Grants for Section 162(m) of the Code. The
Committee may not grant more than 69,431 Options to any individual in any single calendar year. 

  
 7 

 ARTICLE 8 

RESTRICTED STOCK 
 8.1
GRANT OF RESTRICTED STOCK. The Committee is authorized to make Awards of Restricted Stock to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. 

8.2 ISSUANCE AND RESTRICTIONS. Restricted Stock shall be subject to such restrictions on transferability and other restrictions as the
Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such
circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Agreement, the Participant shall
have all of the rights of a shareholder with respect to the Restricted Stock. 
 8.3 FORFEITURE. Except as otherwise determined by the
Committee at the time of the grant of the Award or thereafter, upon termination of Continuous Status as a Participant during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited;
provided, however, that the Committee may provide in any Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in connection with a Change in Control or in the event of
terminations resulting from death or disability, and the Committee may in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock. 

8.4 DELIVERY OF RESTRICTED STOCK. Unless otherwise held in a trust and registered in the name of the trustee, reasonably promptly after
the Grant Date with respect to shares of Restricted Stock, the Company shall cause to be issued a stock certificate, registered in the name of the Participant to whom the Restricted Stock was granted, evidencing such shares. Each such stock
certificate shall bear the following legend: 
 “The transferability of this certificate and the shares of stock represented hereby are
subject to the restrictions, terms and conditions (including forfeiture provisions and restrictions against transfer) contained in the Athens Bancshares Corporation 2010 Equity Incentive Plan and in the Award Agreement entered into between the
registered owner of such shares and Athens Bancshares Corporation or its Affiliates. A copy of the Plan and the Award Agreement is on file in the office of the Corporate Secretary of Athens Bancshares Corporation” 

Such legend shall not be removed until the Participant vests in such shares pursuant to the terms of the Plan and the Award Agreement. Each
certificate issued pursuant to this Section 8.4, in connection with a Restricted Stock Award, shall be held by the Company or its Affiliates, unless the Committee determines otherwise. 

8.5 VOTING RIGHTS. Unless otherwise determined by the Committee at the time of grant, a Participant holding Restricted Stock shall be
entitled to exercise full voting rights with respect to those Shares during the restriction period. 

  
 8 

 8.6 DIVIDENDS AND OTHER DISTRIBUTIONS. During the restriction period, a Participant
holding Restricted Stock may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares. Such dividends shall be paid to the Participant at times determined by the Committee in its sole discretion. The
Committee may apply any restrictions to the dividends that the Committee deems appropriate. 
 8.7 PERFORMANCE AWARDS. Subject to the
limitations of this Plan, the Committee may, in its discretion, grant performance awards to eligible individuals upon such terms and conditions and at such times as the Committee shall determine. Performance awards may be in the form of performance
shares. An award of a performance share is a grant of a right to receive shares of Stock which is contingent upon the achievement of performance or other objectives during a specified period and which has a value on the date of grant equal to the
Fair Market Value of a share of Stock. 
 Subject to the terms of this Plan and the requirements of Section 409A of the Code, the
Committee has the authority to determine the nature, length and starting date of the period during which a Participant may earn a performance award and will determine the conditions that must be met in order for a performance award to be granted or
to vest or be earned. These conditions may include specific performance objectives, continued service or employment for a certain period of time, or a combination of such conditions. Performance awards granted under the Plan may be based on one or
more of the following business criteria: basic earnings per common share, basic cash earnings per common share, diluted earnings per common share, diluted cash earnings per common share, net income, cash earnings, net interest income, non-interest income, general and administrative expense to average assets ratio, cash general and administrative expense to average assets ratio, efficiency ratio, cash efficiency ratio, return on average assets,
cash return on average assets, return on average stockholders’ equity, cash return on average stockholders’ equity, return on average tangible stockholders’ equity, cash return on average tangible stockholders’ equity, core
earnings, operating income, operating efficiency ratio, net interest rate spread, loan production volume, nonperforming loans, cash flow, strategic business objectives, consisting of one or more objectives based upon meeting specified cost targets,
business expansion goals, and goals relating to acquisitions or divestitures, or goals relating to capital raising and capital management, or any combination of the foregoing. Each goal may be expressed on an absolute and/or relative basis, may be
based on or otherwise employ comparisons based on internal targets, past performance of the Company or any subsidiary, operating unit or division of the Company and/or the past or current performance of other companies, and in the case of
earnings-based measures, may use or employ comparisons relating to capital, stockholders’ equity and/or shares of common stock outstanding, or to assets or net assets. 

No later than ninety (90) days following the commencement of a performance period (or such other time as may be required by
Section 162(m) of the Code), the Committee shall, in writing (i) select the performance goal or goals applicable to the performance period, (ii) establish the various targets and bonus amounts which may be earned for such performance
period, and (iii) specify the relationship between the performance goals and targets and the amounts to be earned by each Participant for the performance period. 

  
 9 

 ARTICLE 9 

GENERAL PROVISIONS APPLICABLE TO AWARDS 

9.1 STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may, in the sole discretion of the Committee, be granted either alone
or in addition to or, in tandem with, any other Award granted under the Plan. 
 9.2 TERM OF AWARD. The term of each Award shall be
for the period as determined by the Committee, provided that in no event shall the term of any Incentive Stock Option exceed a period of ten (10) years from its Grant Date (or, if Section 7.2(c) applies, five (5) years from its Grant
Date). 
 9.3 LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised
or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order that would satisfy
Section 414(p)(1)(A) of the Code if that Code section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers where the Committee concludes that such transferability (i) does not
result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be an option described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account
any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

9.4 BENEFICIARIES. Notwithstanding Section 9.3 of the Plan, a Participant may, in the manner determined by the Committee, designate
a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and the Award Agreement otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Committee. 
 9.5 STOCK CERTIFICATES. All Stock issuable under the
Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 

9.6 ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award Agreement, upon the Participant’s death or
Disability during his or her Continuous Status as a Participant, all of such Participant’s outstanding Options and other Awards in the nature of rights that may be exercised shall become fully exercisable and all time-based vesting restrictions
on the Participant’s outstanding Awards shall lapse. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Agreement. To the extent that this provision causes Incentive Stock Options to
exceed the dollar limitation set forth in Section 7.2(b) of the Plan, the excess Options shall be deemed to be Non-Statutory Stock Options. 

9.7 TERMINATION OF EMPLOYMENT. Whether military, government or other service or other leave of absence shall constitute a termination of
employment shall be determined in each case by the Committee at its discretion and in accordance with the terms of the Plan, and any determination by the Committee shall be final and conclusive. A Participant’s Continuous Status as a
Participant shall not be deemed to terminate in a circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to the Company, or transfers from one Affiliate to another Affiliate. To the extent that
this provision causes Incentive Stock Options to extend beyond three (3) months from the date a Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections 424(e) and 424(f) of the Code, the Options
held by such Participant shall be deemed to be Non-Statutory Stock Options. 

  
 10 

 ARTICLE 10 

CHANGE IN CAPITAL STRUCTURE; CHANGE IN CONTROL 

10.1 CHANGES IN CAPITAL STRUCTURE. In the event of a corporate event or transaction involving the Company (including, without
limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, merger, consolidation, split-up, spin-off, combination or exchange of
shares), the authorization limits under Article 5 shall be adjusted proportionately, and the Committee shall adjust the Plan and Awards to preserve the benefits or potential benefits of the Awards. Action by the Committee may include:
(i) adjustment of the number and kind of Shares which may be delivered under the Plan; (ii) adjustment of the number and kind of Shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the
measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock
(stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock unto a lesser number of Shares, the authorization limits under Article 5 shall automatically be adjusted proportionately,
and the Shares then subject to each Award shall automatically be adjusted proportionately without any change in the aggregate purchase price therefor. 

10.2 ACCELERATED VESTING AND PAYMENT. Subject to the provisions of Section 10.3 of the Plan or as otherwise provided in the Award
Agreement, in the event of a Change in Control, unless otherwise specifically prohibited under law or by the rules and regulations of an Exchange: 
  

	 	(a)	 Any and all Options granted hereunder shall become immediately exercisable; additionally, if a
Participant’s employment or service is involuntarily terminated or constructively terminated for any reason except cause (as determined by the Committee) within twelve (12) months of the Change in Control, the Participant shall have until
the expiration of the term of the Option to exercise such Options; 

  

	 	(b)	 Any time-based and other restrictions imposed on Restricted Stock shall lapse; and 

 

	 	(c)	 The Committee shall have the ability to unilaterally determine that all outstanding Awards are cancelled upon a
Change in Control, and the value of such Awards, as determined by the Committee in accordance with the terms of the Plan and the Award Agreement, be paid out in cash in an amount based on the Change in Control Price within a reasonable time
subsequent to the Change in Control. 

 10.3 ALTERNATIVE AWARDS. Notwithstanding Section 10.2 of the Plan, no
cash settlement or other payment shall occur with respect to any Award if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that such Award shall be honored or assumed, or new rights substituted
therefor (such honored, assumed or substituted Award hereinafter called an “Alternative Award”) by any successor as described in Section 12.16 of the Plan; provided, however, that any such Alternative Award must: 

 

	 	(a)	 Be based on stock which is traded on an established U.S. securities market, or that the Committee reasonably
believes will be so traded within sixty (60) days after the Change in Control; 

  
 11 

	 	(b)	 Provide the Participant with rights and entitlements substantially equivalent to or better than the rights,
terms and conditions applicable under such Award; 

  

	 	(c)	 Have substantially equivalent economic value to such Award (determined at the time of the Change in Control);
and 

  

	 	(d)	 Have terms and conditions which provide that, in the event the Participant’s employment is involuntarily
terminated or constructively terminated, any conditions on a Participant’s rights under, or any restrictions on transfer or exercisability applicable to, each Alternative Award shall be waived or shall lapse, as the case may be.

 ARTICLE 11 

AMENDMENT, MODIFICATION AND TERMINATION 

11.1 AMENDMENT, MODIFICATION AND TERMINATION. The Board of Directors or the Committee may, at any time and from time to time, amend,
modify or terminate the Plan without shareholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board of Directors or the Committee, either (i) materially increase the number of Shares
available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of Eligible Participants, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change
requiring shareholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to shareholder approval; and provided, further, that the Board of
Directors or Committee may condition any other amendment or modification on the approval of shareholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to (i) permit Awards made hereunder
to be exempt from liability under Section 16(b) of the 1934 Act, (ii) comply with the listing or other requirements of an Exchange, or (iii) satisfy any other tax, securities or other applicable laws, policies or regulations. 

11.2 AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding Award
without approval of the Participant; provided, however: 
  

	 	(a)	 Subject to the terms of the applicable Award Agreement, such amendment, modification or termination shall not,
without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, or otherwise settled on the date of such amendment or termination (with the
per-share value of an Option for this purpose being calculated as the excess, if any, of the Fair Market Value per Share as of the date of such amendment or termination over the exercise price of such Award);

  

	 	(b)	 The original term of an Option may not be extended without the prior approval of the shareholders of the
Company; 

  

	 	(c)	 Except as otherwise provided in Article 10 of the Plan, the exercise price of an Option may not be
reduced, directly or indirectly, without the prior approval of the shareholders of the Company; and 

  

	 	(d)	 No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted
under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award
determined as if the Award had been exercised, vested, or otherwise settled on the date of such amendment (with the per-share value of an Option for this purpose being calculated as the excess, if any, of the
Fair Market Value per Share as of the date of such amendment over the exercise or base price of such Award). 

  
 12 

 ARTICLE 12 

GENERAL PROVISIONS 

12.1 NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS. No Participant or any Eligible
Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made
by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not Eligible Participants are similarly situated). 

12.2 NO SHAREHOLDER RIGHTS. Except as otherwise provided in this Plan or in an Award Agreement, no Award gives a Participant any of the
rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 
 12.3
WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the
Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations
in excess of the minimum withholding obligation, such Shares must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid variable accounting for the Option. With respect to withholding
required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares such
number of Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. 

12.4 NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan, in any Award Agreement or in any other document or statement made with respect
to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, director or consultant at any time, nor confer upon any Participant any right to
continue as an employee, officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 

12.5 UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or in any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Affiliate. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 
 12.6 RELATIONSHIP
TO OTHER BENEFITS. No payment under the plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the company or any affiliate unless
expressly provided otherwise in such other plan. 

  
 13 

 12.7 EXPENSES. The expenses of administering the plan shall be borne by the company
and its affiliates. 
 12.8 TITLES AND HEADINGS. The titles and headings of the sections in the Plan are for convenience of reference
only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 12.9 GENDER AND
NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

12.10 FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall
be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 12.11 GOVERNMENT
AND OTHER REGULATIONS. 
  

	 	(a)	 Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may,
during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made
(i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set
forth in Rule 144 promulgated under the 1933 Act. 

  

	 	(b)	 Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the
registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition
of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or
approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as
the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the
Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state law or to take any other action in order to cause
the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

  

	 	(c)	 Notwithstanding any other provision contained in the Plan, this Plan will comply with the requirements of 12
C.F.R. Section 575.8 and 12 C.F.R. Section 563b.500, including: 

  

	 	(i)	 No Options or Restricted Stock Awards granted to any Eligible Participant who is a common law employee may
exceed twenty-five percent (25%) of the total amount of Options or Restricted Stock Awards, as applicable, available under the Plan; 

  
 14 

	 	(ii)	 No Options or Restricted Stock Awards granted to any individual
Non-Employee Director may exceed five percent (5%) of the total amount of Options or Restricted Stock Awards, as applicable, available under the Plan; 

 

	 	(iii)	 The aggregate amount of Options or Restricted Stock Awards granted to all
Non-Employee Directors may not exceed thirty percent (30%) of the total amount of Options or Restricted Stock Awards, as applicable, under the Plan; and 

 

	 	(iv)	 No single grant of Options or Restricted Stock Awards under the Plan may become exercisable or vest at a rate
more quickly than twenty percent (20%) per year commencing one (1) year from the Grant Date. 

 12.12 GOVERNING
LAW. To the extent not governed by federal law, the Plan and all Award Agreements shall be construed in accordance with and governed by the laws of Tennessee. 

12.13 ADDITIONAL PROVISIONS. Each Award Agreement may contain such other terms and conditions as the Committee may determine; provided,
however, that such other terms and conditions are not inconsistent with the provisions of the Plan. 
 12.14 INDEMNIFICATION. To the
extent allowable under applicable law, each member of the Committee shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or
resulting from any claim, action, suit, or proceeding to which such member may be a party or in which he or she may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by such member in
satisfaction of judgment in such action, suit, or proceeding against him or her provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her
own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or
any power that the Company may have to indemnify or hold them harmless. 
 12.15 NO LIMITATIONS ON RIGHTS OF COMPANY. Subject to
Section 12.16 of the Plan, the grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate,
sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume Awards, other than under the Plan, to or with respect to any person. If the
Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in
accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan. 

12.16 SUCCESSORS. Any obligations of the Company or an Affiliate under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company or Affiliate, respectively, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or
assets of the Company or Affiliate, as applicable. 

  
 15 

 FORM OF 

RESTRICTED STOCK AWARD AGREEMENT 

FOR THE ATHENS BANCSHARES CORPORATION 2010 EQUITY INCENTIVE PLAN 

This Award Agreement is provided to
[                ] (the “Participant”) by Athens Bancshares Corporation (the “Company”) as of
                 , 2010 (the “Grant Date”), the date the Compensation Committee of the Board of Directors (the “Committee”) awarded the
Participant a restricted stock award pursuant to the Athens Bancshares Corporation 2010 Equity Incentive Plan (the “2010 Plan”), subject to the terms and conditions of the 2010 Plan and this Award Agreement: 

 

							
		 	1.	  	 Number of Shares Subject to
 Your
Restricted Stock Award :
	  	[                    
] shares of Common Stock (“Shares”), subject to adjustment as may be necessary pursuant to Article 10 of the 2010
Plan.
				
		 	2.	  	Grant Date:	  	                    , 2010

 Unless sooner vested in accordance with Section 3 of the Terms and Conditions (attached hereto) or
otherwise in the discretion of the Committee, the restrictions imposed under Section 2 of the Terms and Conditions will expire on the following dates and the Shares will be distributed; provided that the Participant is still employed by or in
service with the Company or any of its subsidiaries: 
  

									
	 Percentage of

Shares Vesting
	  	Number of
Shares Vesting	 	  	Vesting Date	 
	 20%
	  				  	 	                    , 2011	 
	 20%
	  				  	 	                    , 2012	 
	 20%
	  				  	 	                    , 2013	 
	 20%
	  				  	 	                    , 2014	 
	 20%
	  				  	 	                    , 2015	 

 IN WITNESS WHEREOF, Athens Bancshares Corporation, acting by and through the Committee, has caused this Award
Agreement to be executed as of the Grant Date set forth above. 
  

			
	ATHENS BANCSHARES CORPORATION
		
	By:	 	  

		 	On behalf of the Compensation Committee

  

	
	Accepted by Participant:
	  

	
	[                    ]
	  

	
	Date

 TERMS AND CONDITIONS 
  

	 	1.	 Grant of Shares. The Grant Date and number of Shares underlying your Restricted Stock Award are stated
on page 1 of this Award Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2010 Plan. 

  

	 	2.	 Restrictions. The unvested Shares underlying your Restricted Stock Award (the “Restricted
Shares”) are subject to the following restrictions until they expire or terminate. 

  

	 	(a)	 Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise
encumbered. 

  

	 	(b)	 If your employment or service with the Company or any Affiliate terminates for any reason other than as set
forth in paragraph (b) of Section 3 hereof, then you will forfeit all of your rights, title and interest in and to the Restricted Shares as of the date of termination, and the Restricted Shares shall revert to the Company under the terms
of the 2010 Plan. 

  

	 	(c)	 Restricted Shares are subject to the vesting schedule set forth on page 1 of this Award Agreement.

  

	 	3.	 Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on
the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”): 

  

	 	(a)	 If applicable, as to the percentages of the Shares specified in the vesting schedule on page 1 of this Award
Agreement, on the respective dates specified in the vesting schedule on page 1; provided you are then still employed by or in the service of the Company or an Affiliate; or 

 

	 	(b)	 Upon termination of your employment or service by reason of death or Disability; or 

 

	 	(c)	 Upon a Change in Control (as defined in the 2010 Plan). 

 

	 	4.	 Delivery of Shares. Once the Shares are vested (see vesting schedule on page 1), the Shares (and
accumulated dividends and earnings (if any), unless the Compensation Committee elects to pay out the accumulated dividends and earnings prior to vesting), will be distributed in accordance with your instructions. 

 

	 	5.	 Voting and Dividend Rights. As beneficial owner of the Shares, you have full voting and dividend rights
with respect to the Shares during and after the Restricted Period. If you forfeit your rights under this Award Agreement in accordance with Section 2, you will no longer have any rights as a shareholder with respect to the Restricted Shares and
you will no longer be entitled to receive dividends on the Shares. 

  

	 	6.	 Changes in Capital Structure. Upon the occurrence of a corporate event (including, without limitation,
any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of
shares), your award will be adjusted as necessary to preserve the benefits or potential benefits of the award. Without limiting the above, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in
Stock, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the Shares subject to this Award Agreement will automatically be adjusted proportionately. 

 

	 	7.	 No Right of Continued Employment or Service. Nothing in this Award Agreement will interfere with or
limit in any way the right of the Company or any Affiliate to terminate your employment or service at any time, nor confer upon you any right to continue in the employ or service of the Company or any Affiliate. 

 

	 	8.	 Payment of Taxes. You may make an election to be taxed upon your Restricted Stock Award under
Section 83(b) of the Code within 30 days of the Grant Date. If you do not make an 83(b) Election , upon vesting of the Restricted Stock Award the Committee is entitled to require as a condition of delivery: (i) that you remit
an amount sufficient to satisfy any and all federal, state and local (if any) tax withholding requirements and employment taxes ( i.e. , FICA and FUTA), (ii) that the withholding of such sums come from compensation otherwise due to you
or from Shares due to you under the 2010 Plan, or (iii) any combination of the foregoing. Any withholding shall comply with Rule 16b-3 or any amendments or successive rules. Outside Directors of
the Company are self-employed and not subject to tax withholding. 

  
 2 

	 	9.	 Plan Controls. The terms contained in the 2010 Plan are incorporated into and made a part of this Award
Agreement and this Award Agreement shall be governed by and construed in accordance with the 2010 Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the
Plan will control. 

  

	 	10.	 Severability. If any one or more of the provisions contained in this Agreement is deemed to be invalid,
illegal or unenforceable, the other provisions of this Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Agreement. 

 

	 	11.	 Notice. Notices and communications under this Agreement must be in writing and either personally
delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: 

Athens Bancshares Corporation 

106 Washington Avenue 
 Athens,
Tennessee 37303 
 Attn: Compensation Committee 

          c/o Chairman 

or any other address designated by the Company in a written notice to you. Notices to you will be directed to your address as then currently on
file with the Company, or at any other address that you provide in a written notice to the Company. 
  

	 	12.	 Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with
the terms of this Award Agreement and the 2010 Plan. 

  

	 	13.	 Forfeiture. The altering, inflating, and/or inappropriate manipulation of performance/financial results
or any other infraction of recognized ethical business standards, will subject you to disciplinary action up to and including termination of employment. In addition, any equity-based compensation, as provided by the 2010 Plan to which you would
otherwise be entitled will be revoked. 

  
 3 

 FORM OF 

NON-STATUTORY STOCK OPTION AWARD AGREEMENT 

FOR THE ATHENS BANCSHARES CORPORATION 2010 EQUITY INCENTIVE PLAN 

This Award Agreement is provided to
[                ] (the “Participant”) by Athens Bancshares Corporation (the “Company”) as of
                 , 2010 (the “Grant Date”), the date the Compensation Committee of the Board of Directors (the “Committee”) granted the
Participant the right and option to purchase Shares pursuant to the Athens Bancshares Corporation 2010 Equity Incentive Plan (the “2010 Plan”), subject to the terms and conditions of the 2010 Plan and this Award Agreement: 

 

							
		 	1.	  	Option Grant:	  	You have been granted a Non-Statutory Stock Option (referred to in this Agreement as your “Option”). Your Option is not intended to qualify as an “incentive stock option”
under Section 422 of the Internal Revenue Code of 1986, as amended.
				
		 	2.	  	 Number of Shares
 Subject to Your
Option:
	  	[                    ] shares of Common Stock (“Shares”), subject to adjustment as may be necessary pursuant to
Article 10 of the 2010 Plan.
				
		 	3.	  	Grant Date:	  	                    , 2010
				
		 	4.	  	Exercise Price:	  	You may purchase Shares covered by your Option at a price of $             per share.

 Unless sooner vested in accordance with Section 2 of the Terms and Conditions (attached hereto) or
otherwise in the discretion of the Committee, the Options shall vest (become exercisable) in accordance with the following schedule: 
  

													
	 Continuous Status

as a Participant
 after Grant Date
	  	Percentage of
Option Vested	 	 	Number of
Cumulative
Shares
Available for
Exercise	 	  	Vesting Date	 
	
                   
 , 2011
	  	 	20	% 	 				  	 	                    , 2011	 
	
                   
 , 2012
	  	 	40	% 	 				  	 	                    , 2012	 
	
                   
 , 2013
	  	 	60	% 	 				  	 	                    , 2013	 
	
                   
 , 2014
	  	 	80	% 	 				  	 	                    , 2014	 
	
                   
 , 2015
	  	 	100	% 	 				  	 	                    , 2015	 

 IN WITNESS WHEREOF, Athens Bancshares Corporation, acting by and through the Committee, has caused this Award
Agreement to be executed as of the Grant Date set forth above. 
  

							
		 		 	ATHENS BANCSHARES CORPORATION
				
	Accepted by Participant:	 		 	By:	 	  

		 		 		 	On behalf of the Compensation Committee

  

	
	  

	
	[                    ]
	
	  

	Date

 TERMS AND CONDITIONS 
  

	1.	 Grant of Option. The Grant Date, Exercise Price and number of Shares subject to your Option are stated
on page 1 of this Award Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2010 Plan. 

  

	2.	 Vesting of Options. The Option shall vest (become exercisable) in accordance with the vesting schedule
shown on page 1 of this Award Agreement. Notwithstanding the vesting schedule on page 1, the Option will also vest and become exercisable: 

  

	 	(a)	 Upon your death or Disability during your Continuous Status as a Participant; or 

 

	 	(b)	 Upon a Change in Control (as defined in the 2010 Plan). 

 

	3.	 Term of Options and Limitations on Right to Exercise. The term of the Option will be for a period of ten
(10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”). To the extent not previously exercised, the vested portion of your Option will lapse prior to the Expiration Date
upon the earliest to occur of the following circumstances: 

  

	 	(a)	 Three (3) months after the termination of your Continuous Status as a Participant for any reason other
than your death or Disability. 

  

	 	(b)	 Twelve (12) months after termination of your Continuous Status as a Participant by reason of Disability.

  

	 	(c)	 Twelve (12) months after the date of your death, if you die while employed, or during the three-month
period described in subsection (a) above or during the twelve-month period described in subsection (b) above and before the Option would otherwise lapse. Upon your death, your beneficiary (designated pursuant to the terms of the 2010 Plan)
may exercise your Option. 

  

	 	(d)	 At the end of the remaining original term of the Option if your employment is involuntarily or constructively
terminated within twelve (12) months of a Change in Control. 

 The Committee may, prior to the lapse of your Option
under the circumstances described in paragraphs (a), (b), (c) or (d) above, extend the time to exercise your Option as determined by the Committee in writing and subject to federal regulations. If you return to employment with the Company
during the designated post-termination exercise period, then you will be restored to the status as a Participant you held prior to such termination, but no vesting credit will be earned for any period you were not in Continuous Status as a
Participant. If you or your beneficiary exercises an Option after your termination of service, the Option may be exercised only with respect to the Shares that were otherwise vested on the date of your termination of service. 

 

	4.	 Exercise of Option. You may exercise your Option by providing: 

 

	 	(a)	 a written notice of intent to exercise to Michael R. Hutsell at the address and in the form specified by
the Committee from time to time; and 

  

	 	(b)	 payment to the Company in full for the Shares subject to the exercise (unless the exercise is a cashless
exercise). Payment for the Shares can be made in cash, Company common stock (“stock swap”), a combination of cash and Company common stock or by means of a cashless exercise (if permitted by the Committee). 

 

	5.	 Beneficiary Designation. You may, in a manner determined by the Committee, designate a beneficiary to
exercise your rights under the 2010 Plan and to receive any distribution with respect to this Option upon your death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the 2010 Plan is subject to all
terms and conditions of this Award Agreement and the 2010 Plan, and to any additional restrictions deemed necessary or appropriate by the Committee. If you have not designated a beneficiary or none survives you, the Option may be exercised by the
legal representative of your estate, and payment shall be made to your estate. You may change or revoke a beneficiary designation at any time provided the change or revocation is filed with the Company. 

 

	6.	 Withholding. The Company or any employer Affiliate has the authority and the right to deduct or
withhold, or require you to remit to the Company, an amount sufficient to satisfy federal, state, and local (if any) withholding taxes and employment taxes ( i.e. , FICA and FUTA). Outside Directors of the Company are self-employed and are
not subject to tax withholding. 

	7.	 Limitation of Rights. This Option does not confer on you or your beneficiary designated pursuant to
Paragraph 5 any rights as a shareholder of the Company unless and until the Shares are in fact issued in connection with the exercise of the Option. Nothing in this Award Agreement shall interfere with or limit in any way the right of the
Company or any Affiliate to terminate your employment at any time, nor confer upon you any right to continue in the service of the Company or any Affiliate. 

  

	8.	 Restrictions on Transfer and Pledge. You may not pledge, encumber, or hypothecate your right or interest
in this Option to or in favor of any party other than the Company or an Affiliate, and this Option shall not be subject to any lien, obligation, or liability of the Participant to any other party other than the Company or an Affiliate. You may not
assign or transfer this Option other than by will or the laws of descent and distribution or pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Option under the 2010 Plan;
provided, however, that the Committee may (but need not) permit other requested transfers. Only you or any permitted transferee may exercise this Option during your lifetime. 

 

	9.	 Plan Controls. The terms contained in the 2010 Plan are incorporated into and made a part of this Award
Agreement and this Award Agreement shall be governed by and construed in accordance with the 2010 Plan. In the event of any actual or alleged conflict between the provisions of the 2010 Plan and the provisions of this Award Agreement, the provisions
of the 2010 Plan will control. 

  

	10.	 Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with
the terms of this Award Agreement and the 2010 Plan. 

  

	11.	 Severability. If any one or more of the provisions contained in this Award Agreement is invalid, illegal
or unenforceable, the other provisions of this Award Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Award Agreement. 

 

	12.	 Notice. Notices and communications under this Award Agreement must be in writing and either personally
delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: 

Athens Bancshares Corporation 

106 Washington Avenue 
 Athens,
Tennessee 37303 
 Attn: Compensation Committee 

          c/o Chairman 

or any other address designated by the Company in a written notice to the Participant. Notices to you will be directed to your address, as then
currently on file with the Company, or to any other address that you provide in a written notice to the Company. 
  

	13.	 Stock Reserve. The Company shall at all times during the term of this Agreement reserve and keep
available a sufficient number of Shares to satisfy the requirements of this Agreement. 

  

	14.	 Forfeiture. The altering, inflating, and/or inappropriate manipulation of performance/financial results
or any other infraction of recognized ethical business standards, will subject you to disciplinary action up to and including termination of employment. In addition, any equity-based compensation, as provided by the 2010 Plan to which you would
otherwise be entitled will be revoked. 

 FORM OF 

INCENTIVE STOCK OPTION AWARD AGREEMENT 

FOR THE ATHENS BANCSHARES CORPORATION 2010 EQUITY INCENTIVE PLAN 

This Award Agreement is provided to                 
(the “Participant”) by Athens Bancshares Corporation (the “Company”) as of                  (the “Grant Date”), the date the
Compensation Committee of the Board of Directors (the “Committee”) granted the Participant the right and option to purchase Shares pursuant to the Athens Bancshares Corporation 2010 Equity Incentive Plan (the “2010 Plan”),
subject to the terms and conditions of the 2010 Plan and this Award Agreement: 
  

							
		 	1.	  	Option Grant:	  	You have been granted an Incentive Stock Option (referred to in this Agreement as your “Option”).
				
		 	2.	  	 Number of Shares
 Subject to
Your
 Option:
	  	                
     shares of Common Stock (“Shares”), subject to adjustment as may be necessary pursuant to Article 10 of the 2010 Plan.
				
		 	3.	  	Grant Date:	  	                    
				
		 	4.	  	Exercise Price:	  	You may purchase Shares covered by your Option at a price of $             per share.

 Unless sooner vested in accordance with Section 2 of the Terms and Conditions (attached hereto) or
otherwise in the discretion of the Committee, the Options shall vest (become exercisable) in accordance with the following schedule: 
  

													
	 Continuous Status

as a Participant
 after Grant Date
	  	Percentage of
Option
Vested/Number
of Shares	 	 	Number of
Cumulative
Shares
Available for
Exercise	 	  	Vesting Date	 
	
                   
 , 2011
	  	 	20	% 	 				  	 	                    , 2011	 
	
                   
 , 2012
	  	 	40	% 	 				  	 	                    , 2012	 
	
                   
 , 2013
	  	 	60	% 	 				  	 	                    , 2013	 
	
                   
 , 2014
	  	 	80	% 	 				  	 	                    , 2014	 
	
                   
 , 2015
	  	 	100	% 	 				  	 	                    , 2015	 

 IN WITNESS WHEREOF, Athens Bancshares Corporation, acting by and through the Committee, has
caused this Award Agreement to be executed as of the Grant Date set forth above. 
  

			
	ATHENS BANCSHARES CORPORATION

		
	By:	 	  

		 	On behalf of the Compensation Committee

  

	
	Accepted by Participant :
	  

	
	[Name]
	
	  

	
	Date

 TERMS AND CONDITIONS 
  

	 	1.	 Grant of Option. The Grant Date, Exercise Price and number of Shares subject to your Option are stated
on page 1 of this Award Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2010 Plan. The Company intends this grant to qualify as an Incentive Stock Option under Section 422
of the Internal Revenue Code of 1986, as amended. 

  

	 	2.	 Vesting of Options. The Option shall vest (become exercisable) in accordance with the vesting schedule
shown on page 1 of this Award Agreement. Notwithstanding the vesting schedule on page 1, the Option will also vest and become exercisable: 

  

	 	(a)	 Upon your death or Disability during your Continuous Status as a Participant; or 

 

	 	(b)	 Upon a Change in Control (as defined in the 2010 Plan). 

 

	 	3.	 Term of Options and Limitations on Right to Exercise. The term of the Option will be for a period of ten
(10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”). To the extent not previously exercised, the vested portion of your Option will lapse prior to the Expiration Date
upon the earliest to occur of the following circumstances: 

  

	 	(a)	 Three (3) months after the termination of your Continuous Status as a Participant for any reason other
than your death or Disability. 

  

	 	(b)	 Twelve (12) months after termination of your Continuous Status as a Participant by reason of Disability.

  

	 	(c)	 Twelve (12) months after the date of your death, if you die while employed, or during the three-month
period described in subsection (a) above or during the twelve-month period described in subsection (b) above and before the Option would otherwise lapse. Upon your death, your beneficiary (designated pursuant to the terms of the 2010 Plan)
may exercise your Option. 

  

	 	(d)	 At the end of the remaining original term of the Option, if your employment is involuntarily or constructively
terminated within twelve (12) months of a Change in Control. Options exercised more than three (3) months after your termination date will be treated as Non-Statutory Stock Options for tax purposes.

 The Committee may, prior to the lapse of your Option under the circumstances described in paragraphs (a), (b),
(c) or (d) above, extend the time to exercise your Option as determined by the Committee in writing and subject to federal regulations. If you return to employment with the Company during the designated post-termination exercise period,
then you will be restored to the status as a Participant that you held prior to termination, but no vesting credit will be earned for any period you were not in Continuous Status as a Participant. If you or your beneficiary exercises an Option after
your termination of service, the Option may be exercised only with respect to the Shares that were otherwise vested on the date of your termination of service. 
  

	 	4.	 Exercise of Option. You may exercise your Option by providing: 

 

	 	(a)	 a written notice of intent to exercise to Michael R. Hutsell at the address and in the form specified by
the Committee from time to time; and 

  

	 	(b)	 payment to the Company in full for the Shares subject to the exercise (unless the exercise is a cashless
exercise). Payment for such Shares can be made in cash, Company common stock (“stock swap”), a combination of cash and Company common stock or by means of “cashless exercise” (if permitted by the Committee).

  

	 	5.	 Beneficiary Designation. You may, in the manner determined by the Committee, designate a beneficiary to
exercise your rights under the 2010 Plan and to receive any distribution with respect to this Option upon your death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the 2010 Plan is subject to all
terms and conditions of this Award Agreement and the 2010 Plan, and to any additional restrictions deemed necessary or appropriate by the Committee. If you have not designated a beneficiary or none survives you, the Option may be exercised by the
legal representative of your estate, and payment will be made to your estate. You may change or revoke a beneficiary designation at any time, provided the change or revocation is filed with the Company. 

  
 2 

	 	6.	 Withholding. 

									
					
		  		  	(a)	  	Exercise of Incentive Stock Option:	  	
		  		  		  		  	There are no regular federal or state income or employment tax liabilities upon the exercise of an Incentive Stock Option (see Incentive Stock Option Holding Period) , although the excess, if any, of the Fair Market Value of
the shares of Common Stock on the date of exercise over the Exercise Price will be treated as income for alternative minimum tax (“AMT”) purposes and may subject you to AMT in the year of exercise. Please check with your tax advisor.

					
		  		  	(b)	  	Disqualifying Disposition:	  	
					
		  		  		  		  	In the event of a disqualifying disposition (described below), you may be required to pay Athens Bancshares Corporation or its Affiliates (based on the federal and state regulations in place at the time of exercise) an amount
sufficient to satisfy all federal, state and local tax withholding.
					
		  		  	(c)	  	Incentive Stock Option Holding Period :	  	
					
		  		  		  		  	In order to receive Incentive Stock Option tax treatment under Section 422 of the Code, you may not dispose of Shares acquired under an Incentive Stock Option Award (i) for two (2) years from the Date of Grant and
(ii) for one (1) year after the date you exercise your Incentive Stock Option. You must notify the Company within ten (10) days of an early disposition of Common Stock ( i.e ., a
“disqualifying disposition”). 

  

	 	7.	 Limitation of Rights. This Option does not confer on you or your beneficiary any rights as a shareholder
of the Company unless and until Shares are in fact issued in connection with the Option exercise. Nothing in this Award Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate your service at any
time, nor confer upon you any right to continue in the service of the Company or any Affiliate. 

  

	 	8.	 Restrictions on Transfer and Pledge. You may not pledge, encumber, or hypothecate your rights or
interests in this Option to or in favor of any party other than the Company or an Affiliate, and the Option shall not be subject to any lien, obligation, or liability of the Participant to any other party other than the Company or an Affiliate. You
may not assign or transfer the Option, other than by will or the laws of descent and distribution or pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code, if such Section applied to an Option under the 2010
Plan. Only you or a permitted transferee may exercise the Option during your lifetime. 

  

	 	9.	 Plan Controls. The terms contained in the 2010 Plan are incorporated into and made a part of this Award
Agreement and this Award Agreement shall be governed by and construed in accordance with the 2010 Plan. In the event of any actual or alleged conflict between the provisions of the 2010 Plan and the provisions of this Award Agreement, the provisions
of the 2010 Plan will control. 

  
 3 

	 	10.	 Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with
the terms of this Award Agreement and the 2010 Plan. 

  

	 	11.	 Severability. If any one or more of the provisions contained in this Award Agreement is invalid, illegal
or unenforceable, the other provisions of this Award Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in the Award Agreement. 

 

	 	12.	 Notice. Notices and communications under this Award Agreement must be in writing and either personally
delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: 

Athens Bancshares Corporation 

106 Washington Avenue 
 Athens,
Tennessee 37303 
 Attn: Compensation Committee 

          c/o Chairman 

or any other address designated by the Company in a written notice to the Participant. Notices to you will be directed to your address, then
currently on file with the Company, or to any other address that you provide in a written notice to the Company. 
  

	 	13.	 Stock Reserve. The Company shall at all times during the term of this Award Agreement reserve and keep
available a sufficient number of Shares to satisfy the requirements of this Award Agreement. 

  

	 	14.	 Forfeiture. The altering, inflating, and/or inappropriate manipulation of performance/financial results
or any other infraction of recognized ethical business standards, will subject you to disciplinary action up to and including termination of employment. In addition, any equity-based compensation, as provided by the 2010 Plan to which you would
otherwise be entitled will be revoked. 

  
 4

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