Document:

Exhibit 10.10

			
	Information Analysis Incorporated	 	2004 Report on Form 10-KSB

  

 Exhibit 10.10 
 Termination and/or Change in Control Arrangement 
  
 June 18, 1997 
  
 Richard S. DeRose 
 1411 Trap Road 
 Vienna, VA 22182-1642 
  
 Dear Rich: 
  
 Information Analysis, Inc. (the Company) considers it essential to the best interests of it stockholders to foster the continuous employment
of key management personnel. In order to induce you to remain in the employ of the Company, it is agreed that you shall receive severance benefits set forth in this letter. 
  
 If at any time the Company terminates your employment other than for cause, you will be entitled to receive twelve (12) months severance pay
of your base salary payable in normal payroll increments. If a change of control occurs or the Company is acquired, or transfers all or substantially all of its assets, then upon such event, if you are either terminated or your duties are
substantially reduced, or if the Company requires you to be based at a location outside a 30 mile radius from Fairfax, VA, you will be entitled to terminate your employment with a twelve (12) month severance payment of base salary. Lump sum or
monthly payment of this obligation will be at the Company’s discretion. 
  
 Sincerely, 
  

	
	 /S/ Sandor Rosenberg

	 Sandor Rosenberg

	 President

  
  

 16Form of Incentive Stock Option Agreement

 Exhibit 10.2 
  
 1998ISO: 
  
 OLD POINT FINANCIAL CORPORATION 
 FORM
OF 
 INCENTIVE STOCK OPTION AGREEMENT 
  
 In accordance with the 1998 Stock Option Plan (the “Plan”) of OLD POINT FINANCIAL CORPORATION, a Virginia Corporation (the “Corporation”), the
Corporation hereby grants on [GRANT DATE], to [EMPLOYEE NAME] (the “Employee”) the right and option to purchase, upon the terms and conditions hereinafter set forth, [#] shares of the Corporation’s Common Stock at the purchase price
of $[EXERCISE PRICE] per share. 
  

	 	1.	Time and Volume Limitations on Exercise of Option. Except as provided in paragraph 5 below, this option shall not be exercisable: (a) during the period of one year from
the date hereof: or (b) after the expiration date of [EXPIRATION DATE]. This option shall be exercisable on or after [VESTING DATE]. 

  

	 	2.	Conditions of Exercise of Option During Employee’s Lifetime. During the Employee’s lifetime, this option may be exercised only by him, and then only if he has
been an employee of the Corporation or one or more of its Subsidiaries (as defined in the Plan) continuously from the date of grant of this option to the date of exercise; provided, however, that if the Employee or the Corporation terminates his
employment for any reason (including termination because of retirement, permanent and total disability, or cause), the Employee shall only be entitled to exercise this option to the extent it was exercisable by the Employee at the date of such
termination of employment and further provided that this option shall not be exercisable more than three (3) months after such termination of employment. 

  

	 	3.	Option Nontransferable During Employee’s Lifetime; Conditions of Exercise After Employee’s Death. This option shall not be transferable by the Employee other
than by his will or by the laws of descent and distribution. If the employment of the Employee terminates by death while in the employ of the Corporation or a Subsidiary, then this option may be exercised at any time during its term, to the extent
that the Employee was entitled to exercise this option on the date of his termination from employment by reason of death, by the person or persons to whom the Employee’s rights under this option shall pass by will or by applicable law. In no
event may the option be exercised after the expiration date specified in paragraph 1.  

  

	 	4.	Method of and Effective Date of Exercising Option. This option may be exercised from time to time on any business day upon delivery to the Corporation of (a) a Notice of
Exercise in the form attached to this Agreement, and (b) payment in full of the option purchase price 

 (which purchase price may be paid by the Employee in cash or in shares of common stock of the
Corporation, or in any combination thereof, as may be permitted in the sole discretion of the Board of Directors or a committee thereof). No person shall acquire any rights or privileges of a stockholder of the Corporation with respect to any shares
issuable upon such exercise until the effective date of such exercise.  
  

	 	5.	Acceleration of Exercise Period. Notwithstanding the limitation set forth in paragraph 1 (a) above on the exercise of this option within one year after the date hereof,
the Employee may exercise all or any portion of this option, provided it shall have been granted not less than six months previously, on or after the date on which an offeror (other than the Corporation) shall first publicly offer to acquire shares
of common stock of the Corporation pursuant to a tender offer or exchange offer or the date of mailing of proxy material to the stockholders of the Corporation with respect to a merger or other reorganization which shall result in the common stock
of the Corporation being converted into cash or securities of another corporation. 

  

	 	6.	Prohibition Against Pledge, Attachment, etc. Except as other wise herein provided, this option and the rights and privileges conferred hereby shall not be transferred,
assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. 

  

	 	7.	Provisions of the Plan Control. This option is subject to the terms and conditions of the Plan under which it is granted, a copy of which may be examined by the Employee
at the office of the Corporation. The Plan empowers the Board of Directors of the Corporation, or a committee thereof, to make interpretations, rules and regulations thereunder, and in general provides that determinations of the Board or such
committee with respect to the Plan shall be binding upon all optionees. 

  

	 	8.	Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Corporation and the legal representative of the
Employee. 

  

	 	9.	Incentive Stock Option Rules. It is intended that this option may qualify for treatment for federal income tax as an “incentive stock option” as that term is
defined by Section 422a of the Internal Revenue Code, provided that the Employee observes the following rules concerning the exercise of the option: 

  

	 	(a)	None of the shares acquired upon exercise of this option may be sold or otherwise disposed of by the Employee within 1 year of the date this option is granted.

  

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	 	(b)	None of the shares acquired upon exercise of this option may be sold or otherwise disposed of within 1 year of the date on which such shares are transferred to the employee.

  

	 	(c)	At all times beginning on the date this option is granted and ending 3 months prior to the date on which the option is exercised, the Employee must remain employed by the
Corporation or one of its Subsidiaries. 

  
 NOTE: Failure to follow these rules does not affect the Employee’s right to purchase shares under this option, but failure to follow these rules will disqualify the Employee from treating the acquisition of shares pursuant to an
“incentive stock option” under the Internal Revenue Code. The Employee shall consult his own tax advisor concerning the tax treatment of this option. 
  
 IN WITNESS WHEREOF, the Corporation has caused this option to be executed on its behalf by its duly authorized officers
whose names appear below, all as of the date and year first above written, which is the date of the granting of the option evidenced thereby. 
  

			
	OLD POINT FINANCIAL CORPORATION
		
	By	 	  

		
	Its	 	  

  

			
	Attest:
		
	By	 	  

	Its	 	  

  
 The
undersigned Employee hereby accepts the foregoing option and agrees to the terms and conditions thereof this              day of
                    , 200  . 
  

	
	

	Employee

  

 3Form of Non-Qualified Stock Option Agreement

 Exhibit 10.3 
  
 1998NQSO: 
  
 OLD POINT FINANCIAL CORPORATION 
 FORM
OF 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
  

In Accordance with the 1998 Stock Option Plan (the “Plan”) of OLD POINT FINANCIAL CORPORATION, a Virginia corporation (the
“Company”), the Company hereby grants to [OPTIONEE NAME] (the “Participant”) the right and option to purchase, upon the terms and conditions hereinafter set forth, all or any part of a total of [#] shares of the Company’s
Common Stock at the purchase price of $[EXERCISE PRICE] per share. This option is granted as of [GRANT DATE]. 
  

	 	1.	Time and Volume Limitations on Exercise of Option. Except as provided in paragraph 6 below, this option shall not be exercisable: (a) during the period of [VESTING PERIOD]
from the date hereof; or (b) after the expiration date of [EXPIRATION DATE]. 

  

	 	2.	Conditions of Exercise of Option During Participant’s Lifetime. During the Participant’s lifetime, this option may be exercised only by him, and then only if the
Participant has been a non-employee Director of the Company or one or more of its Subsidiaries (as defined in the Plan) continuously from the date of grant of this option to the date of exercise; provided, however, that if the Participant or the
Company terminates his service for any reason (including termination because of retirement or permanent and total disability), the Participant shall be entitled to exercise this option only to the extent it was exercisable by the Participant at the
date of such termination of service, and further provided that this option shall not be exercisable more than twelve (12) months after such termination of service. The Board of Directors of the Company, or a committee thereof, reserves the right,
however, to extend this twelve month period up to two years after the date of termination of service. Notwithstanding the foregoing, the Company reserves the right to terminate and declare forfeited any unexercised options held by the Participant in
the event (i) his service is terminated as a result of any illegal act or intentional act evidencing bad faith by the Participant toward the Company or one of its Subsidiaries or (ii) during the period the option remains exercisable following
termination of his service for any reason, whether such termination was voluntary or involuntary, the Participant accepts employment with or provides services to a company or organization that, in the sole discretion of the Company, competes with
the Company or any Subsidiary or affiliate of the Company. 

	 	3.	Option Nontransferable During Participant’s Lifetime; Conditions of Exercise After Participant’s Death. This option shall not be transferable by the Participant
other than by his will or by the laws of descent and distribution. If the service of the Participant to the Company or a Subsidiary terminates by death, then this option may be exercised at any time during the three (3) year period following the
Participant’s date of death, to the extent that the Participant was entitled to exercise this option on the date of his termination from service by reason of death, by the person or persons to whom the Participant’s rights under this
option shall pass by will or by applicable law. In no event may the option be exercised after the expiration date specified in paragraph 1. 

  

	 	4.	Method of and Effective Date of Exercising Option. This option may be exercised from time to time on any business day upon delivery to the Company of (a) a Notice of
exercise in the form attached to this agreement, and (b) payment in full of the option purchase price (which purchase price may be paid by the Participant in cash or in shares of common stock of the Company, or in any combination thereof, as may be
permitted in the sole discretion of the Board of Directors or a committee thereof, provided payment of the option purchase price, in whole or in part, in shares of common stock of the Company is permitted under applicable state and federal law). No
person shall acquire any rights or privileges of a stockholder of the Company with respect to any shares issuable upon such exercise until the effective date of such exercise. 

  

	 	5.	Capital Adjustments. The number of shares of Common Stock covered by this option, and the option price thereof, will be subject to an appropriate and equitable adjustment,
as determined by the Board of Directors or a committee thereof, to reflect any stock dividend, stock split or share combination, and will be subject to such adjustment as the Board of Directors or a committee thereof may deem appropriate to reflect
any exchange of shares, recapitalization, merger, consolidation, separation, reorganization, liquidation or the like, of or by the Company. 

  

	 	6.	Acceleration of Exercise Period. Notwithstanding the limitations set forth in paragraph 1 above on the exercise of this option, the Participant may exercise all or any
portion of this option on or after a Transaction Date as defined below, provided this option shall have been granted not less than six (6) months previously. For purposes of this paragraph, a “Transaction Date” shall mean the date on which
an offeror 

  

 2 

 other than the Company shall first publicly offer to acquire shares of common stock of the Company
pursuant to a tender offer or exchange offer or the date of mailing of proxy material to the stockholders of the Company with respect to a merger or other reorganization that will result in the Common Stock of the Company being converted into cash
or securities of another entity. 
  

	 	7.	Prohibition Against Pledge, Attachment, etc. Except as otherwise herein provided, this option and the rights and privileges conferred hereby shall not be transferred,
assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. 

  

	 	8.	Provisions of the Plan Control. This option is subject to the terms and conditions of the Plan under which it is granted, a copy of which may be examined by the
Participant at the office of the Company. The Plan empowers the Board of Directors of the Company, or a committee thereof, to make interpretations, rules and regulations thereunder, and in general provides that determinations of the Board or such
committee with respect to the Plan shall be binding upon all optionees. 

  

	 	9.	Withholding Taxes. The Company shall have the right to withhold any federal, state or local taxes required to be withheld by law with respect to the exercise of the
option. 

  

	 	10.	Non-Qualified Stock Option. It is intended that this option shall be treated as a non-qualified stock option. 

  

	 	11.	Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and the legal representative of the
Participant. 

  
 IN WITNESS WHEREOF, the Company has caused
this option to be executed on its behalf by its duly authorized officer whose name appears below. 
  

			
	OLD POINT FINANCIAL CORPORATION
		
	By	 	  

		
	Its	 	  

  
 The
undersigned director hereby accepts the foregoing option and agrees to the terms and conditions thereof this              day of
                    , 200  . 
  

	
	

	Director

  

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