Document:

Amended and Restated Employment Agreement

 Exhibit 10.1 
 CONFIDENTIAL 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is made as of January 25, 2010, by and between Monarch Financial Holdings, Inc., a
Virginia corporation (the “Company”), and William F. Rountree, Jr. (the “Officer”). 
 The parties,
intending to be legally bound, agree as follows: 
 1. Employment and Acceptance. The Officer shall be employed and have
the title “President of Monarch Financial Holdings, Inc.” The Officer shall have duties, title, and responsibilities as may be reasonably assigned to him or modified from time to time by the Company, reporting directly to the Chief
Executive Officer of the Company. The Officer hereby accepts and agrees to such employment and agrees to carry out his duties and responsibilities to the best of his ability in a competent, efficient and businesslike manner. During the term of this
Agreement, the Officer: (i) shall devote his, attention, skill, and efforts full-time to the faithful performance of his duties hereunder; provided, however, that from time to time with the prior approval of the Company, the Officer may serve
on the boards of directors of, and hold any other offices or positions in, non-profit organizations which will not present any conflict of interest with the Company, unfavorably affect the performance of Officer’s duties pursuant to this
Agreement or violate any applicable statute or regulation; and (ii) shall not engage in any business or activity competitive with to the business interests of the Company. 
 2. Term of Employment. This Agreement is effective May 1, 2010 (the “Commencement Date”) and will expire on
April 30, 2013, unless sooner terminated as provided herein (the “Employment Period”). The last day of the Employment Period is sometimes referred to as the “Expiration Date.” Prior to the expiration of the initial term of
this agreement, the Company agrees that it may extend this Employment Agreement, at terms to be determined at that time, for one additional year if agreed to by both the Executive and the Company. The parties expressly agree that the provisions of
Section 5 hereof will continue in effect following the expiration of the Agreement, or any extensions thereof. 
 3.
Compensation and Benefits. 
 (a) Base Salary. The Company shall pay the Officer an annual base salary (the
“Base Salary”), which will be payable in accordance with the payroll practices of the Company applicable to all officers. The Base Salary will be $255,000 annually from the Commencement Date and continue at that amount for the term of this
employment agreement. 
 (b) Benefits. The Officer will be entitled to participate in and receive the benefits of any
retirement benefit plan, life insurance, profit sharing, employee stock ownership, and other plans, benefits and privileges of the Company that may be in effect from time to time, to the extent the Officer is eligible under the terms of those plans
and programs. The Company will pay the premiums on an existing $100,000 life insurance policy, as it has done under the officer’s

 
previous employment agreement dated April 14, 1999. The Company will also continue to pay the monthly premium for Officer’s current supplemental medical plan known to him and the
Company as the “Special Medical Plan.” 
 (c) Business Expenses. The Company will reimburse Officer or
otherwise provide for or pay for all reasonable expenses incurred by Officer in entertaining clients and or potential clients at breakfast or lunch meeting without prior approval. Payment or reimbursement for any other business expenses, including
but not limited to, dinners, travel, local outings, and membership in professional organizations shall be subject to pre-approval by the Chief Executive Officer of the Company or his designee and to such reasonable documentation and other
limitations as may be established from time to time by the Company and the Board of Directors of the Company. 
 (d)
Automobile. The Company will also provide the Officer with either an appropriate monthly automobile allowance or an appropriate automobile, and will cover all costs associated with the operation of the automobile, including insurance,
maintenance, and fuel. 
 (e) Paid Time Off. The Officer will be entitled to 35 days of paid time off per year to be
taken at such times and intervals as shall be determined by the Officer with the approval of the Chief Executive Officer of the Company, which approval shall not be unreasonably withheld. Due to the demands of the position up to ten days of paid
time off may be carried over from one calendar year into the next year. Unused vacation shall not be paid upon Officer’s termination regardless of cause or reason or upon the expiration hereof. 
 4. Termination and Termination Benefits. Notwithstanding the provisions of Section 2, the Officer’s employment hereunder
shall terminate, but not his restrictions on competition and solicitation, which shall survive any termination, except a termination based on death or disability, under the following circumstances and shall be subject to the following provisions:

 (a) Death. If the Officer dies while employed by the Company during the terms of this contract, the Company will
continue to pay an amount equal to the Officer’s then current Base Salary to the Officer’s spouse, Virginia Buchanan Rountree, for twelve calendar months after the Officer’s death, with such payments to be made on the same periodic
dates as salary payments would have been made to the Officer had he not died. 
 (b) Disability. The Officer’s
employment hereunder may be terminated at any time because of the Officer’s inability to perform his duties with the Company on a full time basis for 90 consecutive days or a total of at least 180 days in any twelve month period as a result of
the Officer’s incapacity due to physical or mental illness (as determined by an independent physician selected by the Company’s Board of Directors). Notwithstanding termination under this subsection, Officer shall be eligible for
participation in the Company’s long-term disability policy subject to its terms. The Company shall provide continued medical insurance in the Company’s health plan for the benefit of the Officer for a period of twelve months after the date
of such termination subject to his eligibility under the provisions of the then-current plan. 
  

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 (c) Termination by the Company for Cause. The Officer’s employment may be
terminated at any time without further liability on the part of the Company effective immediately by a two-thirds vote of the Board of Directors of the Company for Cause by written notice to the Officer setting forth in reasonable detail the nature
of such Cause: 
 (i) Continued failure by the Officer for reasons other than disability to follow reasonable
instructions of the Chief Executive Officer of the Company or policies of the Board of Directors of the Company after being advised in writing of such failure, including specific actions or inaction on the part of the Officer and the particular
instruction or policy involved, and if both reasonable and feasible, being given a reasonable opportunity and period (as determined by the Board of Directors of the Company) to remedy such failure; 
 (ii) Breach of a material fiduciary duty; 
 (iii) Conviction of a felony or any crime of moral turpitude; 
 (iv) Commission of an act of embezzlement or fraud against the Company or any subsidiary or Affiliate thereof; 
 (v) Any act of omission constituting dishonesty of the Officer with respect to the Company or any subsidiary or Affiliate
thereof; and/or 
 (vi) Any other willful or reckless conduct which substantially harms the reputation and/or
interest of the Company, any subsidiary or Affiliate, and/or its/or their directors, officers or employees. 
 (d)
Termination by the Company without Cause. The Officer’s employment may be terminated without Cause by a two-thirds vote of the Board of Directors of the Company effective immediately by written notice to the Officer. In the event of
termination without Cause, the Officer shall be entitled to twelve months of continuation of his salary and twelve months of the Company’s then-current contribution to its group health plan plus any vested benefits. No other compensation or
benefits will be provided. Any payment to be made pursuant to this subsection 4(d) shall not be made and any prior payment shall be subject to repayment in full should Officer violate any of his obligations under Section 5 hereof. 

(e) Resignation or Retirement. Should Officer resign his employment hereunder or retire from the service of the Company, his
compensation and benefits payable hereunder shall cease on his last date of employment and this Agreement shall terminate, provided however that his obligations under Section 5 hereof shall continue after his resignation or retirement.

 5. Covenants of the Officer. 
 (a) Non-competition. The Officer agrees that during the Employment Period and for a one-year period following the expiration or termination of his employment for any reason,

  

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including resignation or retirement, the Officer will not as a principal, agent, employee, employer, investor, partner, joint venture participant or in any other individual or representative
capacity whatsoever, engage in a Competitive Business anywhere in the Market Area (as such terms are defined below) in a competitive capacity that requires him to hold a similar office or to engage in similar duties to those which he held on behalf
of the Company and any of its Affiliates prior to or during the Employment Period. Notwithstanding the foregoing, the Officer may purchase or otherwise acquire up to (but not more than) 1% of any class of securities of any business enterprise (but
without otherwise participating in the activities of such enterprise) that engages in a Competitive Business in the Market Area and whose securities are listed on any national or regional securities exchange or have been registered under
Section 12 of the Securities Exchange Act of 1934. 
 (b) Non-solicitation. The Officer further agrees that during
the Employment Period and for a one-year period following the expiration or termination of his employment for any reason, including resignation or retirement, he will not directly or indirectly: (i) solicit, induce, attempt to solicit or
induce, or accept the competitive business of any customer or client of the Company or its Affiliates with whom the Officer had contact or about whom or which Officer learned of or received proprietary information as a result of his employment with
the Company, to terminate, diminish, or materially alter in a manner harmful to the Company the relationship of such customer or client with the Company or its Affiliates; (ii) solicit, induce, encourage, or participate in soliciting, inducing,
or encouraging any employee to terminate his or her employment with the Company or any of its Affiliates; or (iii) hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by the
Company or any of its Affiliates or who has left the employment of the Company or any of its Affiliates within the preceding three months. 
 (c) Survival of Restrictive Covenants. Excepting only a termination by the Company for the Officer’s Death or Disability, the provisions of subsections 5(a) and (b) shall survive
any expiration or termination hereof, regardless of which party initiated the termination or the cause or reason, if any, thereof. 
 (d) Definitions. As used in this Agreement, the term “Competitive Business” means a financial services business which includes one or more of the following activities: consumer and commercial banking, residential and
commercial mortgage lending, securities brokerage and asset management; the term “Market Area” means the area within a thirty-five mile radius of the Bank’s headquarters or within ten miles of any banking office (excluding for
purposes of this Agreement an office providing residential mortgage loans or a loan production office) that the Company has established and from which Officer has conducted Company business and which the Company is continuing to operate at the time
of termination or expiration of the Officer’s employment; the term “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company;
and the term “Person” means any person, partnership, corporation, company, group or other entity. 
 (e)
Confidentiality. During the Employment Period and thereafter, and except as required by any court, supervisory authority or administrative agency or as may be otherwise required by applicable law, the Officer shall not, without the written
consent of a person duly

  

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authorized by the Company, disclose to any person (other than his personal attorney, or an officer of the Company or an Affiliate, or a person to whom disclosure is reasonably necessary or
appropriate in connection with the performance by the Officer of his duties as an employee of the Company) or utilize in conducting a business any confidential information obtained by him while in the employ of the Company, unless such information
has become a matter of public knowledge at the time of such disclosure. For purposes of this Agreement, “Confidential Information” shall include, but not be limited to, compensation details, trade secrets, methods of operation, names and
lists of customers, prospective customers and their agents, advertising and promotional materials and methods, cost and pricing information, the special requirements of any Company customer or prospective customer, price quotations to customers and
prospective customers, sales records, profit and loss information, computer programs, management information systems and data, training materials, selling and pricing procedures, financing methods, personnel records and data and related information,
business plans, internal financial statements and projections, legal documents, including but not limited to contracts, sample legal forms, standard operating procedures and policies, and any other information which would or reasonably could
be used by an enterprise competing with the Company to gain a competitive advantage over the Company. Officer agrees that the Confidential Information has independent economic value and that the Company takes steps to maintain and protect the
Confidential Information. Officer agrees that all of the Company’s Confidential Business Information shall be deemed as Trade Secrets as defined under the Virginia Uniform Trade Secrets Act as set forth in Va. Code Ann. §§ 59.1-336

 (f) Reasonableness of Restrictions. Officer and the Company have examined in detail these restrictive covenants and
agree that the restraints imposed on Officer are reasonable in light of the legitimate interests of Officer and the Company, and it will not have an unduly adverse impact on Officer’s ability to earn a livelihood. Officer expressly agrees that
the definition of Competitive Business included herein is an accurate description of the Company’s business activities. Officer agrees that if suit is brought to enforce the restrictive covenants contained in this Agreement, a previous breach
by the Company of the Agreement shall not serve as a defense to the suit or any requested relief. 
 6. Assignability.
The Company may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation, company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may
transfer all or substantially all of its assets, if in any such case said corporation, company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally
made a party hereto. The Officer may not assign or transfer this Agreement or any rights or obligations hereunder. 
 7.
Notices. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by certified or registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 
  

			
	 To the Company:
	  	Chief Executive Officer
		  	1101 Executive Boulevard
		  	Chesapeake, Virginia 23320

  

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	 To the Officer:
	  	William F. Rountree
		  	421 Discovery Road
		  	Virginia Beach, Virginia 23451

 8. Indemnification. The Company agrees to indemnify the Officer (and his
heirs, executors, and administrators) to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit, or proceeding
in which he may be involved by reason of his having been a director or officer of the Company or any subsidiary of it (whether or not he continues to be a director or officer at the time of incurring any such expenses or liabilities) such expenses
and liabilities to include, but not be limited to, judgments, court costs, and attorney’s fees and the cost of reasonable settlements, such settlements to be approved by the Board, if such action is brought against the Officer in his capacity
as an officer or director of the Company or any of its subsidiaries. Indemnification for expense shall not extend to matters for which the Officer has been terminated for cause. Nothing contained herein shall be deemed to provide indemnification
prohibited by applicable law or regulation. Notwithstanding anything herein to the contrary, the obligations of this Section 8 shall survive the term of this Agreement by a period of seven years. 
 9. Costs of Enforcement. Should either party find it necessary to seek enforcement of any provision hereof, the prevailing party in
such action shall be entitled to his or its costs and expenses including reasonable attorneys’ fees. 
 10. Restrictive
Covenants of the Essence. The restrictive covenants on the Employee set forth herein are of the essence of this Agreement; they shall be construed as independent of any other provision in this Agreement. The existence of any claim or cause of
action of the Employee against the Employer, whether predicated on this Agreement or not, shall not constitute a defense to the enforcement by the Employer of the restrictive covenants contained herein. 
 11. Injunctive Relief. 
 (a) Irreparable Injury. The Company and Officer agree that due to the Officer’s lengthy and extensive knowledge of the financial industry in Hampton Roads and of the Company in particular, he
would be an especially effective competitor and that irreparable injury will result to the Company in the event Officer violates any obligation contained in Section 5 of this Agreement. Officer acknowledges that the remedies at law for any
breach by Officer of such provisions will be inadequate and that the Company shall be entitled to injunctive relief against Officer, in addition to any other remedy that is available. 
 (b) No Injunction Bond. Officer agrees that should injunctive relief be sought to restrain such violation(s) by Employee and/or
others acting in concert or participating with Officer, such relief will not require the posting of an injunction bond. 
  

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 (c) Injunction Measured from Date of Entry. Officer agrees that the confidentiality,
non-competition, and non-solicitation obligations contained herein shall be extended by the length of time which Officer shall have been in breach of any of said provisions. Accordingly, Officer recognizes that the time periods included in the
restrictive covenants contained herein shall begin on the date a court of competent jurisdiction enters an order enjoining Officer from violating such provisions. 
 12. Amendment Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Officer and such
officer or officers as may be specifically designated by the Board of Directors of the Company to sign on their behalf. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 13. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof
and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. This Agreement supersedes and replaces all
prior employment agreements between the Company and the Officer. For purposes of this Agreement, the term “Company” includes any parent or subsidiaries of the Company, including Affiliates, any of which shall be awarded to the protections
of Section 5 hereof to the same extent as the Company. 
 14. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Virginia. 
 15. Nature of Obligations. Nothing contained
herein shall create or require the Company to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Officer acquires a right to receive benefits from the Company hereunder, such right shall be no
greater than the right of any unsecured general creditor of the Company. 
 16. Headings. The Section headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 17. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. It is the
intention of the parties that the provisions of the restrictive covenants herein shall be enforceable to the fullest extent permissible under the applicable law. If any clause or provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term hereof, then the remainder of this Agreement shall not be affected thereby, and in lieu of each clause or provision of this Agreement which is illegal, invalid or unenforceable,
there shall be added, as part of this Agreement, a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and as may be legal, valid and enforceable. 
  

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 18. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 IN WITNESS
WHEREOF, this Agreement has been executed as of the date first above written. 
  

							
	 COMPANY:
	  		 	
		
	MONARCH FINANCIALHOLDINGS, INC.	  	OFFICER:
			
	By	 	 /s/ Jeffrey F. Benson
	  	 /s/ William F. Rountree, Jr.

							
			
	Title	 	 Chairman of the Board
	  	 President and CEO

									
					
	Date signed:	 	 January 25, 2010
	 		 	  Date signed:	 	 January 25, 2010

  

 8Form of Deferred Share Agreement

 Exhibit 10.22 
 [Recipient’s Name] 
 DEFERRED STOCK AGREEMENT 

OMNOVA SOLUTIONS INC. 
 [Date] 
 AGREEMENT, made in Fairlawn, Ohio as of
                     , 20         (the “Date of Grant”) between OMNOVA
Solutions Inc., an Ohio corporation (“Company”) and the undersigned nonemployee director of the Company (“Director”). 
 WHEREAS, the Company desires to increase Director’s identification with the interests of its shareholders and compensate Director for service on the Board of Directors of the Company
(“Board”) by awarding to Director the right to receive                         
(            ) shares of OMNOVA Solutions Inc. Common Stock, $0.10 par value per share (the “Deferred Shares”), subject to the conditions and restrictions set forth in this
Deferred Stock Agreement (“Agreement”). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
set forth in this Agreement and for other good and valuable consideration, the parties hereto agree as follows: 
 1. Award
of Shares. As consideration for services to be rendered as a member of the Board, the Company will issue in the name of the Director the Deferred Shares, which shall be issued to the Director upon the later of (x) one year following the
Date of Grant and (y) the Director’s Separation from Service with the Board (as determined under paragraph 5 of this Agreement), subject to the terms of this Agreement. The time period between the Date of Grant and the later of
(x) one year following the Date of Grant and (y) the Director’s Separation from Service with the Board shall be referred to as the “Deferral Period.” Notwithstanding the foregoing, (a) in the event the nonemployee
Director has become an employee of the Company after the date of this Agreement (but is not a “key employee” as defined below), the Deferred Shares shall not be issued until the later of the date of the Director’s Separation from
Service with the Board or the date of the Director’s Separation from Service as an employee of the Company; and (b) in the event that the Director is a key employee, as defined under Internal Revenue Code (“Code”) § 416(i),
as of the date of the Director’s Separation from Service with the Board, the Deferred Shares shall be issued to the Director on the date that is 6 months following the later of (i) the Director’s Separation from Service with the
Board, or (ii) the Director’s Separation from Service with the Company as an employee (as determined under paragraph 5 of this Agreement); provided that in no event shall the Deferred Shares be issued sooner than one year following the
Date of Grant. 
 2. Shareholder Rights. During the Deferral Period, the Director shall have no rights of ownership in
the Deferred Shares and shall have no right to vote them. 

 3. Automatic Dividend Reinvestment. As to the Deferred Shares awarded hereunder, the
Director shall be enrolled automatically in OMNOVA’s dividend reinvestment program, pursuant to the standard terms and conditions of participation. Additional shares of OMNOVA common stock accumulated pursuant to the dividend reinvestment
feature shall be subject to the Deferral Period and shall vest, and the Deferral Period shall terminate, upon the later of (x) one year following the Date of Grant and (y) the Director’s Separation of Service with the Board in
accordance with paragraph 5 hereof. Any OMNOVA common stock accumulated pursuant to this paragraph 3 shall be issued to the Director at the same time as occurs the issuance of the Deferred Shares pursuant to paragraph 1 of this Agreement.

 4. Adjustments. Deferred Shares issued pursuant to this Agreement and held by the Company during the Deferral Period
will be subject to the same adjustment, if any, accorded to all other outstanding shares in the event of (i) any change in the total number of shares of common stock of the Company outstanding or the number or kind of securities into which
shares have been changed, (ii) any reorganization or change in the Company’s capital structure, or (iii) any other transaction or event having an effect similar to the foregoing. 
 5. Vesting. 
 (a) Unless vesting is accelerated pursuant to paragraphs 6 or 9 hereof, the Director’s rights to receive the Deferred Shares, as well as any OMNOVA common stock accumulated pursuant to the dividend
reinvestment feature under paragraph 3 of this Agreement, shall vest irrevocably, and the Deferral Period shall terminate, upon the later of (x) one year following the Date of Grant and (y) the Director’s Separation from Service with
the Board; provided, however, that if the Director’s Separation from Service with the Board occurs on or before June 30th in the same calendar year as the Date of Grant, then one-half of the Deferred Shares will be forfeited and Director
shall only be entitled to receive the remaining one-half of the Deferred Shares upon vesting. Notwithstanding the foregoing, (i) in the event the nonemployee Director has become an employee of the Company after the date of this Agreement (but
is not a “key employee” as defined below), the Deferred Shares shall not be issued until the later of (x) one year following the Date of Grant, (y) the date of the Director’s Separation from Service with the Board, or
(z) the date of the Director’s Separation from Service as an employee of the Company; and (ii) in the event that the Director is a key employee, as defined under Code § 416(i), as of the date of the Director’s Separation
from Service with the Board, the Director’s rights to receive the Deferred Shares, as well as any OMNOVA common stock accumulated pursuant to the dividend reinvestment feature under paragraph 3 of this Agreement, shall vest irrevocably upon the
date that is 6 months following the later of (A) the Director’s Separation from Service with the Board, or (B) the Director’s Separation from Service with the Company as an employee (as determined under paragraph 5 of this
Agreement); provided that in no event shall the Director’s rights to receive the Deferred Shares vest sooner than one year following the Date of Grant. 
 (b) For purposes of this Agreement, and in accordance with Code § 409A, the Director’s “Separation from Service with the Board” shall occur upon the effective date of the
Director’s termination of membership on the Board. For purposes of this Agreement, and in accordance with Code § 409A, the Director’s “Separation from Service with the Company as

  

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an employee” shall have the same meaning as “separation from service” as defined in Treas. Reg. § 1.409A-1(h)(1). 
 6. Change in Control. 
 (a) Notwithstanding paragraph 5 above, the ownership of the Shares awarded hereby shall automatically vest, the Deferral Period shall terminate, all restrictions shall lapse and delivery to Director of
certificate(s) representing such Shares shall occur immediately, if at any time during the Deferral Period a Change in Control (as defined herein) shall occur. 
 (b) For purposes of this Agreement, “Change in Control” shall mean the occurrence during the term of this Agreement of any of the following events: 
 (i) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(v), any one person, or more than one person acting as a
group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company; or 
 (ii) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vi), any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the
Company; or 
 (iii) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vi), a majority of members
of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 
 (iv) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vii), any one person, or more than one person acting as
a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50 percent of the
total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 
 7.
Restrictions on Transfer. During the Deferral Period, the Deferred Shares may not be sold, transferred, pledged, assigned, alienated or hypothecated, or otherwise transferred to another person whether by operation of law or otherwise, except
by will, the laws of descent and distribution, or a qualified domestic relations order. 
 8. Beneficiary Designation.
Director may designate any beneficiary or beneficiaries (contingently or successively) to whom Deferred Shares are to be transferred if Director dies during the Deferral Period, and may at any time revoke or change any such designation. Absent such
designation, any Deferred Shares which are due to Director under this Agreement upon Director’s death will be payable to Director’s estate. The designation of a Beneficiary will be effective only when Director has delivered a completed
Designation of Beneficiary form to

  

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the Company’s Secretary. A successive designation of Beneficiary will revoke a prior designation. 
 9. Termination Due to Death or Disability. If Director separates from service with the Board by reason of his or her death, or if Director experiences a disability, Deferred Shares not already
vested, if any, shall automatically vest, the Deferral Period shall terminate, and all restrictions shall lapse. For purposes of this Agreement, “disability” shall mean that the Director is either (a) unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (b) by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 6 months
under an accident and health plan covering Company’s employees. For purposes of this Agreement, the Director shall be deemed to be disabled if determined to be totally disabled by the Social Security Administration or a disability insurance
program sponsored by the Company (assuming that such disability insurance program’s definition of disability meets the requirements of either subparagraph (a) or (b) of this paragraph 9). 
 10. Disputes. The Compensation and Corporate Governance Committee shall have full and exclusive authority to determine all disputes
and controversies concerning the interpretation of this Agreement by a majority vote of the Committee (with any disputing Director abstaining). 
 11. Notices. All written notices and communications directed to the Company pursuant to this Agreement must be addressed to OMNOVA Solutions Inc., 175 Ghent Road, Fairlawn, Ohio 44333-3300;
Attention: Secretary. All communications directed to Director pursuant to this Agreement will be mailed to the Director’s current address as recorded on the payroll records of the Company. 
 12. Governing Law. To the extent not preempted by federal law, this Agreement will be governed by and interpreted in accordance with
the laws of the State of Ohio. 
 IN WITNESS WHEREOF, this Agreement has been executed by a duly authorized officer of the
Company and by the Director as of the 18th day of March 2009. 
  

			
	OMNOVA Solutions Inc.
		
	By:	 	 
		 	 Kevin M. McMullen
 Chairman
and Chief Executive Officer

 Agreed to and accepted: 
  
  
  
 Director Signature* 
  

 4 

 Sign and return one copy by
                             , 20         to OMNOVA
Solutions Inc., 175 Ghent Road, Fairlawn, Ohio 44333-3300; Attention: Secretary. 
  

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