Document:

EX-10.1

 Exhibit 10.1 

RIVER BANK & TRUST 

2006 INCENTIVE STOCK COMPENSATION PLAN 

 RIVER BANK & TRUST 

2006 INCENTIVE STOCK COMPENSATION PLAN 

This 2006 Incentive Stock Compensation Plan is adopted of the     day of
                    , 2006, by River Bank & Trust, an Alabama state bank. 

ARTICLE I. 
 PURPOSE,
SCOPE AND ADMINISTRATION OF THE PLAN 
 Section 1.01. Purpose. The purpose of the Plan is to promote the long-term
success of the Company by providing financial incentives to eligible persons who are in positions to make significant contributions toward such success. The Plan is designed to attract individuals of outstanding ability to employment with the
Company, to encourage such persons to acquire a proprietary interest in the Company, and to render superior performance for the Company. 

Section 1.02. Definitions. Unless the context clearly indicates otherwise, for purposes of the Plan the following terms
have the respective meanings set forth below: 
 (a) “Board of Directors” means the Board of Directors of the Company. 

(b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Committee” means the Compensation Committee of the Board of Directors of the Company (or any successor committee thereto),
which committee shall be composed of not less than two members of the Board of Directors, or in the absence of such Committee, the full Board of Directors. 

(d) “Common Stock” means the common stock of the Company, par value $         per share, or
such other class of shares or other securities to which the provisions of the Plan may be applicable by reason of the operation of Section 4.01. 

(e) “Company” means River Bank & Trust, an Alabama state bank, and its majority owned subsidiaries including subsidiaries
which become such after the date of adoption of the Plan. 
 (f) “Disability,” as applied to a Grantee, means that the Grantee
(1) has established to the satisfaction of the Committee that the Grantee is disabled as defined by any applicable policy of the Company or standard determined by the Committee, and (2) has satisfied any requirement imposed by the
Committee in regard to evidence of such disability. 

  
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 (g) “Fair Market Value” of a share of Common Stock on any particular date means the
average between the bid and ask prices quoted on such date by the National Daily Quotation Service, or on the National Association of Securities Dealers Automated Quotation (the “NASDAQ”) System, or a registered securities exchange, if
listed thereon. In the event that both bid and ask prices are not so quoted, then the Fair Market Value shall be the bid price determined by the National Association of Securities Dealers, Inc. (the “NASD”) local quotations committee as
most recently published in a daily newspaper of general circulation in Autauga County, Alabama. In the event that no such bid price is published, then Fair Market Value shall be the fair market value as determined by the Board of Directors. In order
to satisfy the exemption from Code Section 409A as set forth in IRS Notice 2005-1, Q&A 4(d)(ii) then, notwithstanding any provision in this Plan to the contrary, in the event the Fair Market Value of a share of Common Stock is not
established by an established securities market, any such determinations of Fair Market Value with respect to a Non-Qualified Stock Option shall be based on a reasonable valuation method so as to ensure that the Option price per share of Common
Stock is not less than 100% of the Fair Market Value on the Grant Date. 
 (h) “Grant Date,” as used with respect to a particular
Option means the date as of which such Option is granted by the Committee pursuant to the Plan. 
 (i) “Grantee” means the person
to whom an Option is granted by the Committee pursuant to the Plan. 
 (j) “Incentive Stock Option” means an Option that qualifies
as an incentive stock option as described in Section 422(b) of the Code. 
 (k) “Non-Qualified Stock Option” or
“NQSO” means any Option granted under this Plan, other than an Incentive Stock Option. 
 (l) “Option” means an option
granted by the Committee pursuant to Article II of the Plan to purchase shares of Common Stock, which shall be designated at the time of grant as either an Incentive Stock Option or a Non-Qualified Stock Option, as provided in Section 2.01.

 (m) “Option Agreement” means the agreement between the Company and a Grantee under which the Grantee is granted an Option
pursuant to the Plan. 
 (n) “Option Period” means the period fixed by the Committee during which an Option may be exercised,
provided that no Option shall, under any circumstances, be exercisable more than ten years after the Grant Date. 

  
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 (o) “Plan” means the River Bank & Trust 2006 Incentive Stock Compensation Plan
as set forth herein and as amended from time to time. 
 (p) “Retirement,” as applied to a Grantee, means the Grantee’s
termination of employment in a manner which qualifies the Grantee to receive immediately payable retirement benefits under any retirement plan hereafter adopted by the Company, or which in the absence of any such retirement plan, is determined by
the Committee to constitute retirement. 
 Section 1.03. Shares Available Under the Plan. 

(a) The number of shares of Common Stock with respect to which Options may be granted shall be 375,000 shares of Common Stock, subject to
adjustment in accordance with the remaining provisions of this Section and the provisions of Section 4.01. 
 (b) In the event that any
Option expires or otherwise terminates prior to being fully exercised, the Committee may, without decreasing the number of shares authorized in this Section 1.03, grant new Options hereunder to any eligible Grantee for the shares with respect
to such terminated Options. 
 (c) Any shares of Common Stock to be delivered by the Company upon the exercise of Options may, at the
discretion of the Board of Directors, be issued from the Company’s authorized but unissued shares of Common Stock or be transferred from any available treasury stock. 

Section 1.04. Administration of the Plan. 

(a) Except as provided in Section 1.04(c), the Plan shall be administered by the Committee which shall have the authority to: 

(i) Determine those persons to whom, and the times at which, Options shall be granted and the number of shares of Common Stock
to be subject to each such Option, taking into consideration (A) the nature of the services rendered by the particular person; (B) the person’s potential contribution to the long term success of the Company; and (C) such other
factors as the Committee in its discretion shall deem relevant; 
 (ii) Interpret and construe the provisions of the Plan and
to establish rules and regulations relating to it; 

  
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 (iii) Prescribe the terms and conditions of the Option Agreements for the grant
of Options (which need not be identical) in accordance and consistent with the requirements of the Plan, including allowing adjustments to the duration of the Option Period related to such agreements; and 

(iv) Make all other determinations necessary or advisable to administer the Plan in a proper and effective manner. 

(b) All decisions and determinations of the Committee in the administration of the Plan and in response to questions or in connection with
other matters concerning the Plan or any Option shall (whether or not so stated in the particular instance in the Plan) be final, conclusive, and binding on all persons, including, without limitation, the Company, the shareholders and directors of
the Company, and any persons having any interest in any Options which may be granted under the Plan. 
 (c) In all cases in which the
Committee is authorized or directed pursuant to the Plan to take action, such action may be taken by the Board of Directors as a whole. It is the intention of the Plan that the Committee may be appointed by the Board of Directors for convenience and
efficiency of administration. 
 Section 1.05. Eligibility for Awards. The Committee shall designate, from time to time,
the employees of the Company who are to be granted Options. All salaried employees of the Company are eligible to participate. 

Section 1.06. Effective Date of Plan. Subject to the receipt of all required regulatory approvals, the Plan shall become
effective upon its adoption by the Board of Directors, provided that any grant of Options under the Plan prior to approval of the Plan by the shareholders of the Company is subject to such shareholder approval within twelve months of adoption of the
Plan by the Board of Directors. 
 ARTICLE II. 

STOCK OPTIONS 

Section 2.01. Grant of Options. 

(a) The Committee may, from time to time and subject to the provisions of the Plan, grant Options to employees under appropriate Option
Agreements to purchase shares of Common Stock. 

  
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 (b) The Committee may designate any Option which satisfies the requirements of Section 2.03
of the Plan as an Incentive Stock Option and may designate any Option granted hereunder as a Non-Qualified Stock Option, or the Committee may designate a portion of an Option as an Incentive Stock Option (so long as that portion satisfies the
requirements of Section 2.03) and the remaining portion as a Non-Qualified Stock Option. Any portion of an Option that is not designated as an Incentive Stock Option shall be a Non-Qualified Stock Option. A Non-Qualified Stock Option must
satisfy the requirements of Section 2.02 of the Plan, but shall not be subject to the requirements of Section 2.03. 

Section 2.02. Option Requirements. 

(a) An Option shall be evidenced by an Option Agreement specifying the number of shares of Common Stock that may be purchased upon its
exercise and containing such terms and conditions not inconsistent with the Plan and based on such factors as the Committee shall determine, in its sole discretion, to be applicable to that particular Option. 

(b) An Option shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee and
stated in the Option Agreement; provided, however, that an Option shall become immediately exercisable upon the death of Grantee, upon employment with the Company ceasing because of Disability or upon a Change of Control. If the
Committee provides that any Option is exercisable only in installments or provides other vesting requirements, the Committee may waive such provisions at any time, in whole or in part, based on such factors as the Committee shall, in its sole
discretion, determine. Unless otherwise explicitly set forth in the Option Agreement, any Option which is not exercisable as of the date of the Grantee’s termination of employment with the Company shall terminate as of such date and be of no
further force and effect. 
 (c) An Option shall expire by its terms at the expiration of the Option Period and shall not be exercisable
thereafter. 
 (d) The Committee may specify in the Option Agreement the basis for the expiration or termination of the Option prior to the
expiration of the Option Period. 
 (e) The Option price per share of Common Stock shall not be less than 100% of the Fair Market Value of a
share of Common Stock on the Grant Date. 
 (f) An Option shall not be transferable other than by testamentary disposition or the laws of
descent and distribution. During the Grantee’s lifetime except for limited estate planning or pursuant to a domestic order as permitted by Rule 701 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as
amended, or a successor provision, an Option shall be exercisable only by the Grantee, or in the event of the Grantee’s Disability and the Option remains exercisable, by his or her duly appointed guardian or other legal representative. 

  
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 (g) An Option, to the extent that it has not previously been exercised, shall terminate upon the
earliest to occur of (i) the expiration of the applicable Option Period as set forth in the Option Agreement granting such Option; (ii) the expiration of 90 days after the Grantee’s Retirement; (iii) the expiration of one year
after the Grantee ceases to be an employee of the Company due to Disability; (iv) the expiration of one year after the Grantee ceases to be an employee of the Company due to the death of the Grantee; or (v) three months after the date on
which a Grantee ceases to be an employee of the Company for any reason other than Retirement, Disability, or death, unless the Option Agreement provides for earlier termination. 

(h) A person electing to exercise an Option shall give written notice of such election to the Company in such form as the Committee may
require, accompanied by payment in cash or in such other manner as may be approved by the Committee in an amount equal to the full purchase price of the shares of Common Stock for which the election is made. As determined by the Committee, in its
sole discretion, whether before or after the Grant Date, payment in full or in part may be made in the form of unrestricted Common Stock already owned by the Grantee or, except in the case of Incentive Stock Options, in the form of a withholding of
sufficient shares of Common Stock otherwise issuable upon the exercise of the Option to constitute payment of the purchase price based, in each case, on the Fair Market Value of the Common Stock on the date the Option is exercised; provided
that an election to make such payment in Common Stock or to have shares so withheld, in addition to being subject to the approval of the Committee, shall be irrevocable. 

Further, upon written request and authorization of the Grantee and to the extent permitted by applicable law, the Committee may allow
arrangements whereby an Option may be exercised and the exercise price (together with any tax withholding obligations of the Grantee) paid pursuant to arrangements with brokerage firms permitted under Regulation T of the Board of Governors of the
Federal Reserve System (or successor regulations or statutes). In no event, however, may such transaction or arrangement occur if a violation by the Grantee of applicable state or federal securities laws would result therefrom. 

(i) All NQSOs granted pursuant to this Plan shall satisfy the exemption from Code Section 409A set forth in IRS Notice 2005-1, Q&A
4(d)(ii) or (iii). 
 Section 2.03. Incentive Stock Option Requirements. 

(a) An Option designated by the Committee as an Incentive Stock Option is intended to qualify as an “incentive stock option” within
the meaning of Section 422(b) of the Code and shall satisfy, in addition to the conditions of Section 2.02 of the Plan, the conditions set forth in this Section. 

  
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 (b) An Incentive Stock Option shall not be granted to an individual who, on the Grant Date, owns
stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company, unless the Committee provides in the Option Agreement with any such individual that the option price per share of Common Stock will not
be less than 110% of the Fair Market Value of a share of Common Stock on the Grant Date and that the Option Period will not extend beyond five years from the Grant Date. 

(c) The aggregate Fair Market Value, determined on the Grant Date, of the shares of Common Stock as to which Incentive Stock Options are
exercisable for the first time by any Grantee with respect to the Plan and incentive stock options (within the meaning of Section 422(b) of the Code) under any other plan of the Company or any parent or subsidiary thereof, in any calendar year
shall not exceed $100,000. To the extent that the aggregate Fair Market Value of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all incentive stock option
plans of the Company exceeds $100,000 (within the meaning of Section 422 of the Code), such excess Incentive Stock Options shall be treated as Options which do not constitute Incentive Stock Options. The Board of Directors shall determine, in
accordance with applicable provisions of the Code, United States Treasury Department regulations, and other administrative pronouncements, which of an Optionee’s Incentive Stock Options will not constitute Incentive Stock Options because of
such limitation and shall notify the Optionee of such determination as soon as practicable after such determination. 
 ARTICLE III.

 CHANGE OF CONTROL PROVISIONS 

Section 3.01. Change of Control. The following provisions shall apply in the event of a “Change of Control,” as
defined in this Article III: 
 (a) In the event of a “Change of Control,” as defined in Section 3.01(b) below, unless
otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agency or as otherwise determined by the Committee in writing at or after the grant of awards hereunder, but prior to the
occurrence of such Change of Control: 
 (i) any Options awarded under the Plan not previously exercisable and vested shall become fully
exercisable and vested; and 
 (ii) the value of all outstanding Options shall, to the extent determined by the Committee, be cashed out on
the basis of the “Change of Control Price” (as defined in Section 3.01(d) below) as of the date the Change of Control occurs or such other date as the Committee may determine prior to the Change of Control. 

  
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 (b) For purposes of this Article III, a “Change of Control” means the happening of any
of the following: 
 (i) when any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934
(the “Exchange Act”) (other than the Company, any subsidiary of the Company, or any Company employee benefit plan, including its trustee), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding securities; 

(ii) the occurrence of any transaction or event relating to the Company required to be described pursuant to the requirements of
Item 6(e) of Schedule 14A of Regulation 14A of the Securities and Exchange Commission under the Exchange Act; 
 (iii) when, during any
period of two (2) consecutive years during the existence of the Plan, the individuals who, at the beginning of such period, constitute the Board of Directors cease, for any reason other than death, to constitute at least a majority thereof,
unless each director who was not a director at the beginning of such period was elected by, or on the recommendation of, at least two-thirds (2/3) of the directors at the beginning of such period; or 

(iv) the occurrence of a transaction requiring stockholder approval for the acquisition of the Company by an entity other than the Company or
a subsidiary of the Company through purchase of assets, or by merger, or otherwise. 
 (d) For purposes of this Article III, “Change of
Control Price” means the highest price per share paid or offered in any transaction reported on the New York Stock Exchange, or the National Association of Securities Dealers Automated Quotation Systems, Inc. or paid or offered in any
transaction related to a Change of Control of the Company at any time during the preceding sixty (60) day period as determined by the Committee, except that, in the case of Options, such price shall be based only on transactions reported for
the date on which the Committee decides to cash out such Options. 

  
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 ARTICLE IV. 

GENERAL PROVISIONS 

Section 4.01. Adjustment Provisions. 

(a) In the event of (i) any dividend payable in shares of Common Stock; (ii) any recapitalization, reclassification, split-up, or
consolidation of, or other change in, the Common Stock; or (iii) an exchange of the outstanding shares of Common Stock, in connection with a merger, consolidation, or other reorganization of or involving the Company or a sale by the Company of
all or a portion of its assets, for a different number or class of shares of stock or other securities of the Company or for shares of the stock or other securities of any other corporation (whether issued to the Company or to its shareholders); the
number of shares of Common Stock available under the Plan pursuant to Section 1.03 shall be adjusted to appropriately reflect the occurrence of the event specified in clauses (i), (ii) or (iii) above and the Committee shall, in such
manner as it shall determine in its sole discretion, appropriately adjust the number and class of shares or other securities which shall be subject to Options and/or the purchase price per share which must be paid thereafter upon exercise of any
Option. Any such adjustments made by the Committee shall be final, conclusive, and binding upon all persons, including, without limitation, the Company, the shareholders, and directors of the Company and any persons having any interest in any
Options which may be granted under the Plan. 
 (b) Except as provided in paragraph (a) immediately above, issuance by the Company of
shares of stock of any class or securities convertible into shares of stock of any class shall not affect the Options. 

Section 4.02. Additional Conditions. 

(a) Any shares of Common Stock issued or transferred under any provision of the Plan may be issued or transferred subject to such conditions,
in addition to those specifically provided in the Plan, as the Committee or the Company may impose. 
 (b) If, prior to the time a Grantee
has exercised all Options, the Committee or the Corporate Secretary of the Company receives from the Company notice of suspected dishonesty of the Grantee, or of suspected conduct by the Grantee which causes or reasonably may be expected to cause
substantial damage to the Company or one or more of its subsidiaries, each Option, to the extent not previously exercised, shall terminate immediately and neither the Grantee nor any one claiming under him shall have any rights thereto. 

Section 4.03. No Rights as Shareholder or to Employment. No Grantee or any other person authorized to purchase Common Stock
upon exercise of an Option shall have any interest in or shareholder rights with respect to any shares of Common Stock which are subject to any 

  
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Option until such shares have been issued and delivered to the Grantee or any such person pursuant to the exercise of such Option. Furthermore, the Plan shall not confer upon any Grantee any
rights of employment with the Company, including without limitation, any right to continue in the employ of the Company, or affect the right of the Company to terminate the employment of a Grantee at any time, with or without cause. 

Section 4.04. General Restrictions. Each award under the Plan shall be subject to the requirement that, if at any time the
Committee shall determine that (i) the listing, registration or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or federal law; (ii) the consent or approval of any
government regulatory body; or (iii) an agreement by the recipient of an award with respect to the disposition of shares of Common Stock, is necessary or desirable as a condition of, or in connection with, the granting of such award or the
issue or purchase of shares of Common Stock thereunder, such award may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval, or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee. A Grantee shall agree, as a condition of receiving any award under the Plan, to execute any documents, make any representations, agree to restrictions on stock transferability, and take any actions which
in the opinion of legal counsel to the Company are required by any applicable law, ruling, or regulation. The Company is in no event obligated to register any such shares, to comply with any exemption from registration requirements, or to take any
other action which may be required in order to permit, or to remedy or remove any prohibition or limitation on, the issuance or sale of such shares to any Grantee or other authorized person. 

Section 4.05. Rights Unaffected. 

(a) The existence of the Options shall not affect: 

(i) the right or power of the Company or its shareholders to make adjustments, recapitalizations, reorganizations, or other
changes in the Company’s capital structure or its business; 
 (ii) any issue of bonds, debentures, preferred or prior
preference stocks affecting the Common Stock or the rights thereof; 
 (iii) the dissolution or liquidation of the Company,
or sale or transfer of any part of its assets or business; or 
 (iv) any other corporate act, whether of a similar character
or otherwise. 
 (b) As a condition of grant, exercise, or lapse of restrictions on any Option the Company may, in its sole discretion,
withhold or require the Grantee to pay or reimburse the Company for any taxes which the Company determines are required to be withheld (including, 

  
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without limitation, any required FICA or AMT payments), in connection with the grant of or lapse of restrictions on the grant of or any exercise of an Option. Whenever payment or withholding of
such taxes is required, the Grantee may satisfy the obligation, in whole or in part, by electing to deliver to the Company shares of Common Stock already owned by the Grantee or electing to have the Company withhold shares of Common Stock which
would otherwise be delivered to the Grantee, in each case having a value equal to the amount required to be withheld, and provided that such shares may be surrendered only at the minimum statutory rate. For these purposes, the value of the shares to
be withheld is the Fair Market Value on the date that the amount of tax to be withheld is to be determined (the “Tax Date”). 

(c) An election by a Grantee to deliver shares of Common Stock already owned by the Grantee or to have shares withheld for purposes of
Section 2.02(h) of the Plan (an “Election”) must meet the following requirements in order to be effective: 

(i) the Election must be made prior to the Tax Date; 

(ii) the Election is irrevocable; and 

(iii) the Election may be disapproved by the Committee in its sole discretion. 

Section 4.06. Choice of Law. The validity, interpretation, and administration of the Plan, the Option Agreement, and of any
rules, regulations, determinations, or decisions made thereunder, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with the laws of the State of
Alabama. Without limiting the generality of the foregoing, the period within which any action in connection with the Plan must be commenced shall be governed by the laws of the State of Alabama, without regard to the place where the act or omission
complained of took place, the residence of any party to such action or the place where the action may be brought or maintained. 

Section 4.07. Amendment, Suspension, and Termination of Plan. 

(a) The Plan may be terminated, suspended, or amended, from time to time, by the Board of Directors in such respects as it shall deem
advisable; provided, however, that (i) any such amendment that would require shareholder approval in order to ensure compliance with Rule 16b-3, if applicable, under the Securities Exchange Act of 1934, or any successor rule
thereto, or any other applicable rules or regulations, shall be subject to approval by the shareholders of the Company; and (ii) any amendment that would change the maximum aggregate number of shares for which Options may be granted under the
Plan (except as required under any adjustments pursuant to Sections 1.03 and 4.01 of the Plan) shall be subject to approval of the shareholders of the Company. 

  
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 (b) Notwithstanding any other provision herein contained, no Incentive Stock Options shall be
granted on or after the tenth anniversary of the approval of the Plan by the Board of Directors and the Plan shall terminate and all Options previously granted shall terminate, in the event and on the date of liquidation or dissolution of the
Company. 
 (c) Whether before or after termination of the Plan, the Board of Directors has full authority in accordance with
Section 4.07(a) to amend the Plan, effective for Options which remain outstanding under the Plan. 
 Section 4.08. Loans.
The Company may at any time, consistent with applicable regulations, including Regulation 0 and any Company policy restricting or prohibiting loans to executive officers, lend to a Grantee any funds required in connection with any aspect of the
Plan, including without limitation the exercise price and any taxes that must be paid or withheld. 
 Section 4.09. Regulatory
Capital Requirements. All Options granted under this Plan are subject to the requirement that, notwithstanding any other provision of the Plan or the Option Agreement, the Company’s primary bank regulator shall at any time have the right to
require the Grantee to exercise the Option or to forfeit the Option if not exercised if the Company’s capital falls below minimum capital required as determined by the Company’s primary bank regulator. 

Section 4.10. Disclosures. A copy of this Plan shall be given to any Grantee. Any security issued pursuant to this Plan that is
not registered under the Securities Act of 1933 or the Alabama Securities Act shall be deemed restricted within the meaning of Securities and Exchange Commission Rule 144, and certificates respecting such shares shall be marked with an appropriate
legend indicating applicable restrictions on resale. 

  
 13EX-10.2

 Exhibit 10.2 

RIVER BANK & TRUST 

CHANGE IN CONTROL AGREEMENT 

THIS CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into as of the 11th day of May, 2011 (the “Effective
Date”), by and between RIVER BANK & TRUST, a state chartered commercial bank with its principal place of business in Prattville, Alabama (the “Bank”) and JIMMY STUBBS (the “Executive”). 

WHEREAS, the Executive is the President and Chief Executive Officer of the Bank; and 

WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect his position with the Bank
in the event of a change in control of the Bank for the period provided for in this Agreement; and 
 WHEREAS, Executive and the
Boards of Directors of the Bank desire to enter into an agreement setting forth the terms and conditions of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 

 

	1.	Term of Agreement. 

 (a) The term of this Agreement will begin as of the Effective Date
and will continue for thirty-six (36) full calendar months thereafter. On each anniversary of the Effective Date, the Board may extend the term of this Agreement for an additional year such that the remaining term shall be thirty-six
(36) months. If a determination is made by the Board that the Executive’s Agreement shall not be extended, then the Board shall provide a notice of nonrenewal to Executive that the term of this Agreement will terminate twenty-four
(24) months following such Anniversary Date. Notwithstanding the foregoing, in the event of a “Change in Control” as defined herein during the term of this Agreement, this Agreement shall automatically renew for a term of thirty-six
(36) months following the effective date of such Change in Control. 
 (b) Notwithstanding anything in this Agreement to the contrary,
this Agreement shall terminate if Executive or the Bank terminates Executive’s employment prior to a Change in Control. 
  

	2.	Change in Control. 

 For purposes of this Agreement, a “Change in Control”
shall be deemed to occur on the earliest of the date that: 
 (i) There occurs a “Change in Control” of the Bank, as defined or
determined by either the Bank’s primary federal regulator or under regulations promulgated by such regulator; 

  
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 (ii) As a result of, or in connection with, any merger or other business combination, sale of
assets or contested election, wherein the persons who were non-employee directors of the Bank before such transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank; 

(iii) The Bank transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Bank; 

(iv) The Bank is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than sixty
percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank; or 

(v) The Bank sells or transfers more than a fifty percent (50%) equity interest in the Bank to another person or entity which is not an
affiliate of the Bank, excluding a sale or transfer to a person or persons who are employed by the Bank. 
  

	3.	Change in Control Benefits. 

 (a) Upon the occurrence of a Change in Control,
Executive shall receive: 
 (i) a lump sum cash payment equal to 2.99 times the Executive’s “Base Amount” as defined in
Section 280G of the Internal Revenue Code, subject to applicable withholding taxes, payable in a single lump sum payment on the effective date of or within ten (10) calendar days following the Change in Control and 

(ii) (it in the event the Executive’s employment is also terminated at the effective date of or within three years following the Change
in Control, the Bank will continue to provide Executive and the Executive’s dependents with life insurance, non-taxable medical, vision, and dental coverage substantially comparable (and on substantially the same terms and conditions) to the
coverage maintained by the Bank for Executive prior to Executive’s termination of employment. Such coverage shall cease upon the expiration of thirty-six (36) full calendar months after Executive’s termination. Notwithstanding
anything herein to the contrary, if as the result of any change in, or interpretation of, the laws applicable to the payments or provisions of benefits hereunder, such payments or provisions are deemed illegal or subject to excise taxes or
penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive a cash lump sum payment reasonably estimated to be equal to the amount of benefits (or the remainder of such amount) that Executive is no longer permitted
to receive in kind. Such lump sum payment shall be required to be made within ten (10) days following Executive’s termination of employment or, if later, the determination that the payment or provision of such benefits would subject the
Bank to excise taxes or penalties, whichever is later. 
 (b) Executive shall not have the right to receive termination benefits pursuant to
Section 3 hereof upon termination for Cause. The term “Cause” shall mean: (i) a material act of dishonesty in performing Executive’s duties on behalf of the Bank or incompetence in the performance of such duties;
(ii) willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank; (iii) a 

  
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breach of fiduciary duty involving personal profit; (iv) the willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on
the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or (vi) material breach by Executive of any provision of this Agreement. 

 

	4.	Notice of Termination. 

 (a) Any purported termination by the Bank or by Executive shall
be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

(b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause,
shall not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

 All payments provided in this Agreement shall be timely paid in
cash or check from the general funds of the Bank. 
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the
entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere
provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the
right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
  

	7.	No Attachment. 

 (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary
or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive, the Bank and their respective successors and assigns. 

  
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	8.	Modification and Waiver. 

 (a) This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor
shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically
stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 

 

	10.	Severability. 

 If, for any reason, any provision of this Agreement, or any part
of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law
continue in full force and effect. 
  

	11.	Headings for Reference Only. 

 The headings of sections and paragraphs herein are
included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine. 

 

	12.	Governing Law. 

 Except to the extent preempted by federal law, the validity,
interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Alabama, without regard to principles of conflicts of law of the State of Alabama. 

 

	13.	Arbitration. 

 Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank’ principal office, in accordance with
the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right
to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
  

	14.	Payment of Legal Fees. 

 All reasonable legal fees paid or incurred by Executive pursuant
to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement, and such

  
 4 

 
payment shall occur no later than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor, and such reimbursement shall occur no later
than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor. 
  

	15.	Successors to the Bank. 

 The Bank shall require any successor or assignee, whether
direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in
the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 
  

	16.	Miscellaneous. 

 (a) The Bank may terminate Executive’s employment at any time, but
any termination by the Bank, other than termination for Cause, shall not prejudice Executive’s right to receive compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits
for any period after termination for Cause as defined in Section 7 of this Agreement. 
 (b) Any payments made to Executive pursuant to
this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and 12 C.F.R. §545.121 and any rules and regulations promulgated thereunder. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written
above. 
  

			
	RIVER BANK & TRUST
		
	BY:	 	     /s/ Lynn M. Carter

	
	EXECUTIVE
		
	BY:	 	     /s/ Jimmy Stubbs

		 	     Jimmy Stubbs

  
 6

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