Document:

Unassociated Document

    Exhibit
      10
      (ii)

     

    INVESTORS
      TITLE COMPANY

    

    2001
      STOCK OPTION AND RESTRICTED STOCK PLAN

    

    NONQUALIFIED
      STOCK OPTION AGREEMENT

    

    

    THIS
      NONQUALIFIED STOCK OPTION AGREEMENT (the “Option Agreement”) is made and entered
      into as of DATE, by and between Investors Title Company, a North Carolina
      corporation (the “Company”), and NAME OF DIRECTOR, a
      director
      of the Company (the “Optionee”):

    

    W I T N E S S E T H:

    

    WHEREAS,
      the Company recognizes the value to it of the services of the Optionee and
      desires to provide the Optionee with an incentive to remain as a director of
      the
      Company and an opportunity to purchase common stock of the Company, so that
      the
      Optionee may acquire or increase a proprietary interest in the Company’s
      success, and

    

    WHEREAS,
      the Company desires to grant the Optionee a nonqualified stock option under
      Article II of the Company's 2001 Stock Option and Restricted Stock Plan (the
      “Plan”), and the Optionee desires to accept such option in accordance with the
      terms and conditions set forth herein;

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants contained
      herein, and intending to be legally bound hereby, the parties agree as
      follows:

    

    1.
      Grant
      of Option.
      Subject
      to the terms and conditions of this Agreement and the Plan, the Company hereby
      grants to the Optionee an option (the “Option”) to purchase all or any portion
      NUBMER (XX) shares of the Company's common stock, no par value (the “Shares”),
      at an exercise price of X X X X ($XXXX) per Share (the “Exercise Price”). The
      Optionee shall be entitled to exercise the Option in full from and after the
      date hereof and, unless sooner terminated as provided in the Plan or in Section
      4 hereof, shall terminate, and all rights of the Optionee hereunder shall
      expire, ten (10) years from the date hereof. This Option is intended to be
      a
“Nonqualified Stock Option” within the meaning specified in the Plan and is
      hereby designated as such pursuant to Article II, Section 1(a) of the Plan.
      The
      grant of this Option has been duly authorized by the Committee that administers
      the Plan, as established by the Board of Directors of the Company pursuant
      to
      Article I, Section 3 of the Plan (the “Committee”).

    

    2.
      Transfer
      of Option.
      The
      Option may not be sold, pledged, assigned or transferred in any manner other
      than by will or by the laws of descent or distribution, unless otherwise agreed
      by the Committee.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.
      Adjustments.
      If the
      shares of common stock of the Company are increased, decreased, changed into
      or
      exchanged for a different number or kind of shares or securities through merger,
      consolidation, combination, exchange of shares, other reorganization,
      recapitalization, reclassification, stock dividend, stock split or reverse
      stock
      split in which the Company is the surviving entity, the aggregate number of
      Shares subject to the Option and the Option Exercise Price shall be
      appropriately and proportionately adjusted in the manner provided in the Plan,
      provided, however, that the aggregate purchase price applicable to the
      unexercised portion of the Option shall not be affected by such
      adjustments.

    

    4.
      Termination
      of Option.
      The
      Option hereby granted shall terminate and be of no force or effect upon the
      happening of the first to occur of the following events:

    

    (a)
      expiration
      of three months after the date of termination of the Optionee's service as
      a
      director of the Company for any reason other than the death of the
      Optionee;

    

    (b)
      expiration
      of twelve months after the death of the Optionee while serving as a director
      of
      the Company;

    

    (c)
      occurrence
      of any event described in paragraph 9 hereof that causes a termination of the
      Option; or

     

    (d)
      expiration
      of ten years from the date of this Agreement.

    

    Any
      Option
      that may be exercised for a period following termination of the Optionee's
      service as a director may be exercised only to the extent it was exercisable
      immediately before such termination and in no event after the Option would
      expire by its terms without regard to such termination. 

    

    5.
      Method
      of Exercise.
      The
      Option shall be exercised by tender of payment of the Exercise Price and
      delivery to the Company at its principal place of business of a written notice,
      at least three business days prior to the proposed date of exercise, which
      notice shall:

    

    (a)
      state
      the election to exercise the Option, the number of Shares with respect to which
      the Option is being exercised, and the name, address, and social security number
      of the person in whose name the stock certificate or certificates for such
      Shares is to be registered;

    

    (b)
      contain any such representations and agreements as to Optionee's investment
      intent with respect to such Shares as shall be reasonably required by the
      Committee pursuant to paragraph 7 hereof; and

    

    (c)
      be
      signed by the person entitled to exercise the Option, and if the Option is
      being
      exercised by any person or persons other than the Optionee, be accompanied
      by
      proof, satisfactory to the Committee, of the right of such person or persons
      to
      exercise the Option.

    

    
      
         

      

      
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    Payment
      of
      the Exercise Price may be made in cash or by certified or official bank check
      payable to the order of the Company. Payment may also be made by surrendering
      shares of the Company's common stock (including any Shares received upon a
      prior
      or simultaneous exercise of the Option) at the then fair market value of such
      Shares, as determined pursuant to Section 1(b) of Article II of the Plan as
      of
      the date of surrender. Payment may also be made by combining cash or check
      and
      shares of such stock. 

    

    After
      receipt of such notice in a form satisfactory to the Committee and the
      acceptance of payment, the Company shall deliver to the Optionee a certificate
      or certificates representing the Shares purchased hereunder, provided, that
      if
      any law or regulation requires the Company to take any action with respect
      to
      the Shares specified in such notice before the issuance thereof, the date of
      delivery of such Shares shall be extended for the period necessary to take
      such
      action.

    

    6.
      Rights
      of a Shareholder.
      The
      Optionee shall not be deemed for any purpose to be a shareholder of the Company
      with respect to any Shares covered by this Option unless this Option shall
      have
      been exercised and the Exercise Price paid in the manner provided herein. No
      adjustment will be made for dividends or other rights where the record date
      is
      prior to the date of exercise and payment. Upon the exercise of the Option
      as
      provided herein and the issuance of the certificate or certificates evidencing
      the Shares covered thereby, the Optionee shall have all the rights of a
      shareholder of the Company, including the right to receive all dividends or
      other distributions paid or made with respect to such Shares. 

     

    7.
      Compliance
      with Securities Laws.
      The
      Optionee recognizes that any registration of the shares of Common Stock issuable
      pursuant to this Option under applicable federal and state securities laws,
      or
      actions to qualify for applicable exemptions from such registrations, shall
      be
      at the option of the Company. The Optionee acknowledges that, in the event
      that
      no such registrations are undertaken and the Company relies on exemptions from
      such registrations, the shares shall be issued only if the Optionee qualifies
      to
      receive such shares in accordance with the exemptions from registration on
      which
      the Company relies and that, in connection with any issuance of certificates
      evidencing such shares, the Board of Directors may require appropriate
      representations from the Optionee and take such other action as the Board of
      Directors may deem necessary, including but not limited to placing restrictive
      legends on such certificates and placing stop transfer instructions in the
      Company’s stock transfer records, or delivering such instructions to the
      Company’s transfer agent, in order to assure compliance with any such
      exemptions. Notwithstanding any other provision of the Plan or this Agreement
      (i) no shares will be issued upon any exercise of the Option unless and until
      such shares have been registered under all applicable federal and state
      securities laws or unless, in the opinion of counsel satisfactory to the
      Company, all actions necessary to qualify for exemptions from such registrations
      shall have been taken and (ii) the Company shall have no obligation to undertake
      such registrations or such actions necessary to qualify for exemptions from
      registrations and shall have no liability whatsoever for not doing so except
      to
      refund any Exercise Price tendered to the Company.

    

    
      
         

      

      
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    8.
      Rule
      144.
      The
      Optionee acknowledges that, notwithstanding any registration of the Option
      and
      the Shares issuable upon its exercise under the Securities Act of 1933 or under
      the securities laws of any state, if, at the time of exercise of the Option,
      he
      is deemed to be an “affiliate” of the Company as defined in Rule 144 of the
      Securities and Exchange Commission, any shares purchased thereunder will
      nevertheless be subject to sale only in compliance with Rule 144 (but without
      any holding period), and that the Company shall take such action as it deems
      necessary or appropriate to assure such compliance, including placing
      restrictive legends on certificates evidencing such shares and delivering stop
      transfer instructions to the Company's transfer agent.

    

    9.
      Reorganizations.
      If the
      Company shall be a party to any merger or consolidation in which it is not
      the
      surviving entity or pursuant to which the shareholders of the Company exchange
      their common stock, or if the Company shall dissolve or liquidate or sell all
      or
      substantially all of its assets, the Option granted hereunder shall terminate
      on
      the effective date of such merger, consolidation, dissolution, liquidation
      or
      sale; provided, however, that prior to such effective date, the Committee may,
      in its discretion, cause the Option to become immediately exercisable, and
      may,
      to the extent the Option is terminated as provided in this paragraph 9,
      authorize a payment to the Optionee that approximates the economic benefit
      that
      he would realize if the Option were exercised immediately before such effective
      date, or authorize a payment in such other amount as it deems appropriate to
      compensate the Optionee for the termination of the unexercised portion of the
      Option, or arrange for the granting of a substitute option to the
      Optionee.

    

    This
      Agreement shall not affect in any way the right or power of the Company to
      make
      adjustments, reclassifications, reorganizations or changes of its capital or
      business structure, or to merge or consolidate, or to dissolve, liquidate,
      sell
      or transfer all or any part of its business or assets.

    10.
      Tax
      Matters.
      The
      Optionee acknowledges that, upon exercise of the Option, the Optionee will
      recognize taxable income generally in an amount equal to the excess of the
      fair
      market value of the purchased Shares over the Exercise Price paid therefor,
      and
      the Company will have certain withholding obligations for income and other
      taxes. It shall be a condition to the Optionee’s receipt of a stock certificate
      covering Shares purchased pursuant to the Option that the Optionee pay to the
      Company such amounts as it is required to withhold or, with the consent of
      the
      Company, that the Optionee otherwise provide for the discharge of the Company’s
      withholding obligation. If any such payment is not made by the Optionee, the
      Company may deduct the amounts required to be withheld from payments of any
      kind
      to which the Optionee would otherwise be entitled from the Company.

    

    11.
      Construction.
      This
      Agreement shall be construed so as to be consistent with the Plan and the
      provisions of the Plan shall be deemed to be controlling in the event that
      any
      provision hereof should be inconsistent therewith. The Optionee hereby
      acknowledges receipt of a copy of the Plan from the Company and agrees to be
      bound by all of the terms and provisions of the Plan. 

    

    Whenever
      the word “Optionee” is used in any provision of this Agreement under
      circumstances where the provision should logically be construed to apply to
      (i)
      the estate, personal representative, or 

     

    
      
         

      

      
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      beneficiary
        to whom this Option may be transferred by will or by the laws of descent
        and
        distribution or (ii) the guardian or legal representative of the Optionee
        acting
        pursuant to a valid power of attorney or the decree of a court of competent
        jurisdiction, then the term “Optionee” shall be construed to include such
        estate, personal representative, beneficiary, guardian or legal
        representative.

       

    

    12.
      Severability.
      The
      provisions of this Agreement shall be severable and the invalidity or
      unenforceability of any provision shall not affect the validity or
      enforceability of the other provisions hereto.

    

    13.
      Successor
      and Assigns.
      The
      terms of this Agreement shall be binding upon and shall enure to the benefit
      of
      any successors or assigns of the Company and of the Optionee.

    

    14.
      Notices.
      Notices
      under this Agreement shall be in writing and shall be deemed to have been duly
      given (i) when personally delivered, (ii) when forwarded by Federal Express,
      Airborne, or another private carrier which maintains records showing delivery
      information, (iii) when sent via facsimile but only if a written facsimile
      acknowledgment of receipt is received by the sending party, or (iv) when placed
      in the United States Mail and forwarded by registered or certified mail, return
      receipt requested, postage prepaid, addressed to the party to whom such notice
      is being given or such other address as furnished to the Company from time
      to
      time for this purpose.

    

    15.
      Entire
      Agreement; Modification.
      This
      Agreement is the entire agreement and understanding of the parties hereto with
      respect to the Option granted herein and supersedes any and all prior and
      contemporaneous negotiations, understandings and agreements with regard to
      the
      Option and the matters set forth herein, whether oral or written. No
      representation, inducement, agreement, promise or understanding altering,
      modifying, taking from or adding to the terms and conditions hereof shall have
      any force or effect unless the same is in writing and validly executed by the
      parties hereto.

    

    
      
         

      

      
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    16.
      Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of North Carolina.

     

    
      IN
        WITNESS
        WHEREOF, the Optionee has executed this Agreement and the Company has caused
        this Agreement to be executed by its duly authorized officer, effective as
        of
        the day and year first above written.

       

    

    
      	INVESTORS
              TITLE COMPANY	 
	 	 
	By:	
            	 
	 	
              [Optionee]

            
	Title:	 
	 	 

    

     

    
      
         

      

      
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          6
          -Unassociated Document

    Exhibit
      10
      (iii)

     

    INVESTORS
      TITLE COMPANY

    

    2001
      STOCK OPTION AND RESTRICTED STOCK PLAN

    

    INCENTIVE
      STOCK OPTION AGREEMENT

    

    

    THIS
      INCENTIVE STOCK OPTION AGREEMENT (the “Agreement”) is made and entered into as
      of May 20, 2002, by and between Investors Title Company, a North Carolina
      corporation (the “Company”) and ________, a key employee of the Company (the
“Optionee”).

    

    W I T N E S S E T H:

    

    WHEREAS,
      the Company recognizes the value to it of the services of the Optionee and
      desires to provide the Optionee with an incentive to remain in the employment
      of
      the Company and an opportunity to purchase common stock of the Company, so
      that
      the Optionee may acquire or increase a proprietary interest in the Company’s
      success, and

    

    WHEREAS,
      the Company desires to grant the Optionee an incentive stock option under
      Article II of the Company's 2001 Stock Option and Restricted Stock Plan (the
      “Plan”), and the Optionee desires to accept such options in accordance with the
      terms and conditions set forth herein;

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants contained
      herein, and intending to be legally bound hereby, the parties agree as
      follows:

    

    1.
      Grant of Option. Subject to the terms and conditions of this Agreement
      and the Plan, the Company hereby grants to the Optionee an option (the “Option”)
      to purchase all or any portion of _____________ (_________) shares (the
      "Shares") of the Company's common stock, no par value (“Common Stock”), at an
      exercise price of Twenty Dollars and Twenty Cents ($20.20) per Share (the
      "Exercise Price"). This Option is intended to be an “Incentive Stock Option”
within the meaning specified in the Plan and as defined in Section 422 of the
      Internal Revenue Code of 1986, as amended (the “Code”) and is hereby designated
      as such pursuant to Article II, Section 1(a) of the Plan. The grant of the
      Option has been duly authorized by the Committee that administers the Plan,
      as
      established by the Board of Directors of the Company pursuant to Article I,
      Section 3 of the Plan (the “Committee”).

    

    2.
      Term
      of
      Option.
      Subject
      to the further restrictions and provisions of the Plan and this Agreement,
      the
      Option shall become exercisable in installments, with the Optionee having the
      right to purchase from the Company the following number of Shares subject to
      this Option, on and after the following dates, in cumulative
      fashion:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (b)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (d)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (e)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (f)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (g)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (h)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (i)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (j)
      At
      any
      time after DATE and prior to DATE, up to XXX of the Shares subject to this
      Option;

    

    (j)
      At
      any
      time after DATE and prior to its expiration, this Option shall be exercisable
      in
      full, to the extent it has not previously been exercised.

    

    No
      fractional shares of Common Stock shall be issued upon any exercise of this
      Option. Notwithstanding the provisions of paragraph 5 hereof, this Option,
      or
      any unexercised portion thereof, shall expire and no longer be exercisable
      on
      the date that is ten (10) years from the date hereof.

    

    3.
      Transfer
      of Option.
      The
      Option may not be sold, pledged, assigned or transferred in any manner other
      than by will or by the laws of descent or distribution.

    

    4.
      Adjustments.
      If the
      shares of Common Stock are increased, decreased, changed into or exchanged
      for a
      different number or kind of shares or securities through merger, consolidation,
      combination, exchange of shares, other reorganization, recapitalization,
      reclassification, stock dividend, stock split or reverse stock split in which
      the Company is the 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    surviving
      entity, the aggregate number of Shares subject to the Option and the Exercise
      Price per Share subject to the Option shall be appropriately and proportionately
      adjusted in the manner provided in the Plan, provided, however, that the
      aggregate purchase price applicable to the unexercised portion of the Option
      shall not be affected by such adjustment. 

    

    5.
      Termination
      of Option.
      The
      Option hereby granted shall terminate and be of no force or effect upon the
      happening of the first to occur of the following events:

    

    (a)
      except
      as
      provided in subparagraphs 5(b) and 5(c) hereof, the date of termination of
      the
      Optionee's employment with the Company for any reason;

    

    (b)
      expiration
      of three months after the date of termination of the Optionee’s employment with
      the Company because Optionee becomes disabled within the meaning of Section
      22(e)(3) of the Code;

    

    (c)
      expiration
      of one year after the death of the Optionee while employed by the
      Company;

    

    (d)
      occurrence
      of any event described in paragraph 10 hereof that causes a termination of
      the
      Option; or

    

    (e)
      expiration
      of the term of this Option as provided in paragraph 2 above.

    

    Any
      Option
      that may be exercised for a period following termination of the Optionee's
      employment may be exercised only to the extent it was exercisable immediately
      before such termination and in no event after the Option would expire by its
      terms without regard to such termination. 

    

    6.
      Method
      of Exercise.
      The
      Option shall be exercised by tender of payment of the Exercise Price and
      delivery to the Company at least three business days prior to the proposed
      date
      of exercise at its principal office of a written notice, which notice
      shall:

    

    (a)
      state
      the
      election to exercise the Option, the number of Shares with respect to which
      the
      Option is being exercised, and the name, address, and social security number
      of
      the person in whose name the stock certificate or certificates for such Shares
      is to be registered;

    

    (b)
      contain
      any such representations and agreements as to Optionee's investment intent
      with
      respect to such Shares as shall be reasonably required by the Committee pursuant
      to paragraph 8; and

     

    (c)
      be
      signed
      by the person entitled to exercise the Option, and if the Option is being
      exercised by any person or persons other than the Optionee, be accompanied
      by

     

    
      
         

      

      
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    proof,
      satisfactory to the Committee, of the right of such person or persons to
      exercise the Option.

    

    Payment
      of
      the Exercise Price may be made in cash or by certified or official bank check
      payable to the order of the Company. Payment may also be made by surrendering
      shares of Common Stock (including any Shares received upon a prior or
      simultaneous exercise of the Option) at the fair market value of such Common
      Stock, as determined pursuant to Section 1(b) of Article II of the Plan, as
      of
      the date of surrender. Payment may also be made by combining cash, check or
      Common Stock.

    

    After
      receipt of such notice in a form satisfactory to the Committee and the
      acceptance of payment, the Company shall deliver to the Optionee a certificate
      or certificates representing the Shares purchased hereunder, provided, that
      if
      any law or regulation requires the Company to take any action with respect
      to
      the Shares specified in such notice before the issuance thereof, the date of
      delivery of such Shares shall be extended for the period necessary to take
      such
      action.

    

    7.
      Rights
      of a Shareholder.
      The
      Optionee shall not be deemed for any purpose to be a shareholder of the Company
      with respect to any shares covered by this Option unless this Option shall
      have
      been exercised and the Exercise Price paid in the manner provided herein. No
      adjustment will be made for dividends or other rights where the record date
      is
      prior to the date of exercise and payment. Upon the exercise of the Option
      and
      the issuance of the certificate or certificates evidencing the shares of Common
      Stock received, except as otherwise provided herein, the Optionee shall have
      all
      the rights of a shareholder of the Company including the rights to receive
      all
      dividends or other distributions paid or made with respect to such shares.
      

    

    8.
      Compliance
      with Securities Laws.
      The
      Optionee recognizes that any registration of the shares of Common Stock issuable
      pursuant to this Option under applicable federal and state securities laws,
      or
      actions to qualify for applicable exemptions from such registrations, shall
      be
      at the option of the Company. The Optionee acknowledges that, in the event
      that
      no such registrations are undertaken and the Company relies on exemptions from
      such registrations, the shares shall be issued only if the Optionee qualifies
      to
      receive such shares in accordance with the exemptions from registration on
      which
      the Company relies and that, in connection with any issuance of certificates
      evidencing such shares, the Board of Directors may require appropriate
      representations from the Optionee and take such other action as the Board of
      Directors may deem necessary, including but not limited to placing restrictive
      legends on such certificates and placing stop transfer instructions in the
      Company’s stock transfer records, or delivering such instructions to the
      Company’s transfer agent, in order to assure compliance with any such
      exemptions. Notwithstanding any other provision of the Plan or this Agreement
      (i) no shares will be issued upon any exercise of the Option unless and until
      such shares have been registered under all applicable federal and state
      securities laws or unless, in the opinion of counsel satisfactory to the
      Company, all actions necessary to qualify for exemptions from such registrations
      shall have been taken and (ii) the Company shall have no obligation to undertake
      such 

     

    
      
         

      

      
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    registrations
      or such actions necessary to qualify for exemptions from registrations and
      shall
      have no liability whatsoever for not doing so except to refund any option price
      tendered to the Company.

    

    9.
      Rule
      144.
      The
      Optionee acknowledges that, notwithstanding the registration of the Option
      and
      the shares of Common Stock issuable upon its exercise under the Securities
      Act
      of 1933 or under the securities laws of any state, if, at the time of exercise
      of the Option, he is deemed to be an “affiliate” of the Company as defined in
      Rule 144 of the Securities and Exchange Commission, any shares purchased
      thereunder will nevertheless be subject to sale only in compliance with Rule
      144
      (but without any holding period), and that the Company shall take such action
      as
      it deems necessary or appropriate to assure such compliance, including placing
      restrictive legends on certificates evidencing such shares and delivering stop
      transfer instructions to the Company's transfer agent.

    

    10.
      Reorganizations.
      If the
      Company shall be a party to any merger or consolidation in which it is not
      the
      surviving entity or pursuant to which the shareholders of the Company exchange
      their Common Stock, or if the Company shall dissolve or liquidate or sell all
      or
      substantially all of its assets, the Option granted hereunder shall terminate
      on
      the effective date of such merger, consolidation, dissolution, liquidation
      or
      sale; provided, however, that prior to such effective date, the Committee may,
      in its discretion, cause the Option to become immediately exercisable, and
      may,
      to the extent the Option is terminated as provided in this paragraph 10,
      authorize a payment to the Optionee that approximates the economic benefit
      that
      he would realize if the Option were exercised immediately before such effective
      date, or authorize a payment in such other amount as it deems appropriate to
      compensate the Optionee for the termination of the unexercised portion of the
      Option, or arrange for the granting of a substitute option to the
      Optionee.

    

    This
      Agreement shall not affect in any way the right or power of the Company to
      make
      adjustments, reclassifications, reorganizations or changes of its capital or
      business structure, or to merge or consolidate, or to dissolve, liquidate,
      sell
      or transfer all or any part of its business or assets.

    

    11.
      No
      Right to Continued Employment.
      This
      Agreement does not confer upon the Optionee any right to continued employment
      by
      the Company, nor shall it interfere in any way with the right of the Company
      to
      terminate or alter the terms of that employment.

    

    12.
      Construction.
      This
      Agreement shall be construed so as to be consistent with the Plan and the
      provisions of the Plan shall be deemed to be controlling in the event that
      any
      provision hereof should be inconsistent therewith. The Optionee hereby
      acknowledges receipt of a copy of the Plan from the Company and agrees to be
      bound by all of the terms and provisions of the Plan. 

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    Whenever
      the word “Optionee” is used in any provision of this Agreement under
      circumstances where the provision should logically be construed to apply to
      (i)
      the estate, personal representative, or beneficiary to whom this Option may
      be
      transferred by will or by the laws of descent and distribution or (ii) the
      guardian or legal representative of the Optionee acting pursuant to a valid
      power of attorney or the decree of a court of competent jurisdiction, then
      the
      term “Optionee” shall be construed to include such estate, personal
      representative, beneficiary, guardian or legal representative.

    

    13.
      Severability.
      The
      provisions of this Agreement shall be severable and the invalidity or
      unenforceability of any provision shall not affect the validity or
      enforceability of the other provisions hereto.

    

    14.
      Successor
      and Assigns.
      The
      terms of this Agreement shall be binding upon and shall enure to the benefit
      of
      any successors or assigns of the Company and of the Optionee.

    

    15.
      Notices.
      Notices
      under this Agreement shall be in writing and shall be deemed to have been duly
      given (i) when personally delivered, (ii) when forwarded by Federal Express,
      Airborne, or another private carrier which maintains records showing delivery
      information, (iii) when sent via facsimile but only if a written facsimile
      acknowledgment of receipt is received by the sending party, or (iv) when placed
      in the United States Mail and forwarded by registered or certified mail, return
      receipt requested, postage prepaid, addressed to the party to whom such notice
      is being given or such other address as furnished to the Company from time
      to
      time for this purpose.

    

    16.
      Entire
      Agreement; Modification.
      This
      Agreement is the entire agreement and understanding of the parties hereto with
      respect to the Option granted herein and supersedes any and all prior and
      contemporaneous negotiations, understandings and agreements with regard to
      the
      Option and the matters set forth herein, whether oral or written. No
      representation, inducement, agreement, promise or understanding altering,
      modifying, taking from or adding to the terms and conditions hereof shall have
      any force or effect unless the same is in writing and validly executed by the
      parties hereto.

    

    17.
      Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of North Carolina.

    

    IN
      WITNESS
      WHEREOF, the Optionee has executed this Agreement and the Company has caused
      this Agreement to be executed by its duly authorized officer, effective as
      of
      the day and year first written above.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	 	
              INVESTORS
                TITLE COMPANY

            
	 	 
	 	 
	 	 
	 	 
	 	
              By: 

            
	
              ATTEST:

            	 
	 	 
	 	 
	
               

            	 
	
              Assistant
                Secretary

            	 
	 	 
	 	 
	
              (Corporate
                Seal)

            	 
	 	 
	
                

            	 	
            
	 	
              Optionee

            

    

    

    
      
         

      

      
        7

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