Document:

SALARY CINTINUATION AGREEMENT WITH THOMAS W. WAYNE

 EXHIBIT 10(xi) 
 BANK OF OAK RIDGE 
 SALARY CONTINUATION AGREEMENT 
 This SALARY CONTINUATION AGREEMENT (this “Agreement”) is made and entered into as of this 1st day of January, 2006, by and between Bank of Oak Ridge, a bank chartered under North Carolina law (the “Bank”), and Thomas W. Wayne, its Senior Vice President and Chief Financial Officer (the
“Executive”). 
 WHEREAS, the Executive has contributed substantially to the success of the
Bank, and the Bank desires that the Executive continue in its employ, 
 WHEREAS, to encourage the
Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. The Bank will pay the benefits from its general assets, 
 WHEREAS, none of the conditions or events included in the definition of the term “golden parachute
payment” that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit Insurance Corporation Rule 359.1(f)(1)(ii) [12 CFR 359.1(f)(1)(ii)] exists or, to the best knowledge
of the Bank, is contemplated insofar as the Bank is concerned, and 
 WHEREAS, the parties hereto intend
that this Agreement shall be considered an unfunded arrangement maintained primarily to provide supplemental retirement benefits for the Executive, and to be considered a non-qualified benefit plan for purposes of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). The Executive is fully advised of the Bank’s financial status. 
 NOW THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and the Bank hereby
agree as follows. 
 Article 1 
 Definitions 
 The following words and phrases used in this Agreement have the meanings specified. 
 1.1 “Accrual Balance” means the liability that should be accrued by the Bank under generally accepted accounting principles
(“GAAP”) for the Bank’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion No. 12, as amended by Statement of Financial Accounting Standards No. 106, and the calculation method
and discount rate specified hereinafter. The Accrual Balance shall be calculated assuming a level principal amount and interest as the discount rate is accrued each period. The principal accrual is determined such that when it is credited with
interest each month, the Accrual Balance at Normal Retirement Age equals the present value of the normal retirement benefits. The discount rate means the rate used by the Plan 

 
Administrator for determining the Accrual Balance. The rate is based on the yield on a 20-year corporate bond rated Aa by Moody’s, rounded to the
nearest  1/4%. The initial discount rate is 6.00%. In its sole discretion, the Plan Administrator may adjust the discount rate to
maintain the rate within reasonable standards according to GAAP. 
 1.2 “Beneficiary” means each designated person,
or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4. 
 1.3 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

 1.4 “Change in Control” shall mean any one of the following events occurs, provided the event constitutes a change in
control within the meaning of Internal Revenue Code section 409A and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury, and provided the occurrence of the event is objectively determinable
and does not require the exercise of judgment or discretion on the part of the Plan Administrator or any other person – 
 (a) Change in Ownership of Bank of Oak Ridge: a change in ownership of the Bank occurs on the date any one person or group accumulates ownership of the Bank’s stock constituting more than 50% of the total fair market value or
total voting power of the Bank’s stock, 
 (b) Change in Effective Control of Bank of Oak Ridge: (1) any one
person, or more than one person acting as a group, acquires within a 12-month period ownership of stock of the Bank possessing 35% or more of the total voting power of the Bank’s stock, or (2) a majority of the Bank’s board of
directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of the Bank’s board of directors, or 
 (c) Change in Ownership of a Substantial Portion of Bank of Oak Ridge’s Assets: a change in the ownership of a substantial
portion of the Bank’s assets occurs on the date any one person, or more than one person acting as a group, acquires assets from the Bank having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of
all of the assets of the Bank immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Bank’s assets, or the value of the assets being disposed of, determined without regard to any
liabilities associated with the assets. 
 For purposes of paragraphs (a) through (c) of this Section 1.4,
persons shall be considered to be acting as a group if they would be considered to be acting as a group under Internal Revenue Code section 409A and rules, regulations, and guidance of general application issued thereunder by the Department of the
Treasury. 
  

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 Anything in this Agreement to the contrary notwithstanding, a transaction in which a
company becomes the holding company for the Bank shall not be considered a Change in Control for purposes of this Agreement, provided the offer, sale, and issuance of shares of the holding company to Bank stockholders as part of the holding company
reorganization are exempt from registration under the Securities Act of 1933 by section 3(a)(12) of that Act. If a holding company reorganization occurs, references in this Section 1.4 to the Bank shall mean the holding company instead, and
after a holding company reorganization a sale of all or substantially all the holding company’s assets includes sale of the Bank alone. 
 1.5 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.6 “Disability” means, because
of a medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of at least 12 months, (a) the Executive is unable to engage in any substantial gainful
activity, or (b) the Executive is receiving income replacement benefits for a period of at least three months under an accident and health plan of the employer. Medical determination of disability may be made either by the Social Security
Administration or by the provider of an accident or health plan covering employees of the Bank. Upon request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or
provider’s determination. 
 1.7 “Early Termination” means Separation from Service before Normal Retirement Age for
reasons other than death, Disability, Termination for Cause or following a Change in Control. 
 1.8 “Effective Date” means
January 1, 2006. 
 1.9 “Intentional,” for purposes of this Agreement, no act or failure to act on the part of the
Executive shall be deemed to have been intentional if it was due primarily to an error in judgment or negligence. An act or failure to act on the Executive’s part shall be considered intentional if it is not in good faith and if it is without a
reasonable belief that the action or failure to act is in the best interests of the Bank. 
 1.10 “Normal Retirement Age”
means the Executive’s 65th birthday. 
 1.11 “Plan Administrator” means the plan administrator described in Article 8.

 1.12 “Plan Year” means a twelve-month period commencing on January 1 and ending on December 31 of each year.
The initial Plan Year shall commence on the effective date of this Agreement. 
 1.13 “Separation from Service” means the
Executive’s service as an executive and independent contractor to the Bank and any member of a controlled group, as defined in Code section 414, terminates for any reason, other than because of a leave of absence approved by the Bank or the
Executive’s death. For purposes of this Agreement, if there is a dispute about the employment status of 

  

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the Executive or the date of the Executive’s Separation from Service, the Bank shall have the sole and absolute right to decide the dispute unless a
Change in Control shall have occurred. 
 1.14 “Termination for Cause” and “Cause” shall have the same
meaning specified in any employment or severance agreement existing on the date hereof or entered into after the date of this Agreement by the Executive and the Bank. If the Executive is not a party to a severance or employment agreement containing
a definition of termination for cause, Termination for Cause means the Bank terminates the Executive’s employment as a result of – 
 (a) the Executive’s gross negligence or gross neglect of duties or intentional and material failure to perform stated duties after written notice thereof, causing material harm to the Bank or affiliates, or

 (b) disloyalty or dishonesty by the Executive in the performance of his duties, or a breach of the Executive’s
fiduciary duties for personal profit, in any case whether in his capacity as a director or officer, or 
 (c) intentional
wrongful damage by the Executive to the business or property of the Bank or its affiliates, including without limitation the reputation of the Bank, causing material harm to the Bank or affiliates, or 
 (d) a willful violation by the Executive of any applicable law or significant policy of the Bank or an affiliate causing material harm to
the Bank or affiliates, regardless of whether the violation leads to criminal prosecution or conviction. For purposes of this Agreement, applicable laws include any statute, rule, regulatory order, statement of policy, or final cease-and-desist
order of any governmental agency or body having regulatory authority over the Bank, or 
 (e) the occurrence of any event that
results in the Executive being excluded from coverage, or having coverage limited for the Executive as compared to other executives of the Bank, under the Bank’s blanket bond or other fidelity or insurance policy covering its directors,
officers, or employees, or 
 (f) the Executive is removed from office or permanently prohibited from participating in the
Bank’s affairs by an order issued under section 8(e)(4) or section 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or (g)(1), or 
 (g) conviction of the Executive for or plea of nolo contendere to a felony or conviction of or plea of nolo contendere to a misdemeanor involving moral turpitude, or the actual incarceration of the
Executive for 45 consecutive days or more. 
  

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 Article 2 
 Lifetime Benefits 
 2.1 Normal Retirement Benefit. Unless Separation from Service occurs
before Normal Retirement Age, when the Executive attains the Normal Retirement Age the Bank shall pay to the Executive the benefit described in this Section 2.1 instead of any other benefit under this Agreement. If the Executive’s
Separation from Service thereafter is a Termination for Cause or if this Agreement terminates under Article 5, no further benefits shall be paid. 
 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is $78,400. 
 2.1.2 Payment of Benefit. The
Bank shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Age. The Normal
Retirement annual benefit shall be paid to the Executive for his lifetime. 
 2.2 Early Termination Benefit. Upon Early Termination,
the Bank shall pay to the Executive the benefit described in this Section 2.2 instead of any other benefit under this Agreement. 
 2.2.1
Amount of Benefit. Subject to the vesting schedule noted in this Section 2.2.1, the benefit under this Section 2.2 is calculated as the fixed annual amount that fully amortizes the vested Accrual Balance existing at the end of the
month immediately before the month in which Separation from Service occurs, amortizing that vested Accrual Balance over the period beginning with the Executive’s Normal Retirement Age and ending when the Executive attains age 82 and taking into
account interest at the discount rate or rates established by the Plan Administrator. The Early Termination annual benefit amount for the first Plan Year is the amount set forth for Plan Year 1 on Schedule A. The Executive shall be entitled to an
Early Termination annual benefit according to a vesting schedule, as follows. As of the Effective Date, the Executive is 0% vested in the Early Termination annual benefit. Provided the Executive remains employed by the Bank, the Executive shall
become vested in the Early Termination annual benefit in equal annual 10% increments beginning on January 1, 2007 and continuing on January 1 of each Plan Year thereafter until the Executive is 100% vested. 
 2.2.2 Payment of Benefit. The Bank shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each
month, beginning with the later of (a) the seventh month after the Executive’s Separation from Service, or (b) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be
paid to the Executive for his lifetime. 
  

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 2.3 Disability Benefit. Upon Separation from Service because of Disability before Normal
Retirement Age, the Bank shall pay to the Executive the benefit described in this Section 2.3 instead of any other benefit under this Agreement. 
 2.3.1 Amount of Benefit. The benefit under this Section 2.3 is calculated as the fixed annual amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month
in which Separation from Service occurs, amortizing that Accrual Balance over the period beginning with the Executive’s Normal Retirement Age and ending when the Executive attains age 82 and taking into account interest at the discount rate or
rates established by the Plan Administrator. The Disability annual benefit amount for the first Plan Year is the amount set forth for Plan Year 1 on Schedule A. 
 2.3.2 Payment of Benefit. Beginning with the later of (a) the seventh month after the Executive’s Separation from Service, or (b) the month immediately after the month in which the Executive
attains the Normal Retirement Age, the Bank shall pay the Disability benefit to the Executive in 12 equal monthly installments on the first day of each month. The annual benefit shall be paid to the Executive for his lifetime. 
 2.4 Change-in-Control Benefit. If a Change in Control occurs after the date of this Agreement but before Normal Retirement Age and before
Separation from Service, the Bank shall pay to the Executive the benefit described in this Section 2.4 instead of any other benefit under this Agreement and the Bank shall exercise its discretion to terminate this Agreement. 
 2.4.1 Amount of Benefit: The benefit under this Section 2.4 is the Accrual Balance maintained by the Bank when the Change in Control occurs.

 2.4.2 Payment of Benefit: The Bank shall pay the Change-in-Control benefit under Section 2.4 of this Agreement to the Executive
in one lump sum within three days after the Change in Control. Payment of the Change-in-Control benefit shall fully discharge the Bank from all obligations under this Agreement, except the legal fee reimbursement obligation under Section 7.13.

 2.5 Contradiction in Terms of Agreement and Schedule A. If there is a contradiction in the terms of this Agreement and Schedule A
attached hereto concerning the actual amount of a particular benefit amount due the Executive under Section 2.2, 2.3, or 2.4 hereof, then the actual amount of the benefit set forth in the Agreement shall control. If the Plan Administrator
changes the discount rate employed for purposes of calculating the Accrual Balance, the Plan Administrator shall prepare or cause to be prepared a revised Schedule A, which shall supersede and replace any and all Schedules A previously prepared
under or attached to this Agreement. 
 2.6 Savings Clause Relating to Compliance with Code Section 409A. Notwithstanding any
other provision of this Agreement, if when the Executive’s employment terminates the Executive is a specified employee, as defined in Code section 409A, and if any payments under Article 2 of this Agreement will result in additional tax or
interest to the Executive because of section 409A, the 

  

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Executive will not be entitled to the payments under Article 2 until the earliest of (a) the date that is at least six months after termination of the
Executive’s employment for reasons other than the Executive’s death, (b) the date of the Executive’s death, or (c) any earlier date that does not result in additional tax or interest to the Executive under section 409A. If
any provision of this Agreement would subject the Executive to additional tax or interest under section 409A, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the
applicable provision without subjecting the Executive to additional tax or interest, and the Bank shall not be required to incur any additional compensation expense as a result of the reformed provision. References in this Agreement to Code section
409A include rules, regulations, and guidance of general application issued by the Department of the Treasury under Code section 409A. 
 Article 3 
 Death Benefits 
 3.1 Death During Active Service. If the Executive dies in active service to the Bank before the Normal Retirement Age, the Executive’s Beneficiary shall be entitled to (a) an amount in cash equal to
the Accrual Balance at the time of the Executive’s death (unless the Change-in-Control benefit under Section 2.4 shall have previously been paid), and (b) the benefit described in the Split Dollar Agreement attached to this Agreement
as Addendum A. 
 3.2 Death after Normal Retirement Age or After Separation from Service. If the Executive dies after Normal
Retirement Age or after Separation from Service and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by
Section 2.3, the Executive’s Beneficiary shall be entitled to (a) an amount in cash equal to the Accrual Balance (or vested percentage of the Accrual Balance in the case of benefits under Section 2.2) remaining at the time of the
Executive’s death (unless the Change-in-Control benefit under Section 2.4 shall have previously been paid), and (b) the benefit described in the Split Dollar Agreement. However, no benefits under this Agreement or under the Split
Dollar Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5. 
 Article 4 
 Beneficiaries 
 4.1 Beneficiary Designations. The Executive shall have the right to designate at any time a Beneficiary to receive any benefits payable under this Agreement upon the death of the Executive. The Beneficiary
designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Bank in which the Executive participates. 
 4.2 Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and
delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and

  

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the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the
terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations
previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator before the Executive’s death. 
 4.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted, and acknowledged in
writing by the Plan Administrator or its designated agent. 
 4.4 No Beneficiary Designation. If the Executive dies without a valid
beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal
representative of the Executive’s estate. 
 4.5 Facility of Payment. If a benefit is payable to a minor, to a person declared
incapacitated, or to a person incapable of handling the disposition of his or her property, the Bank may pay such benefit to the guardian, legal representative, or person having the care or custody of the minor, incapacitated person, or incapable
person. The Bank may require proof of incapacity, minority, or guardianship as it may deem appropriate before distribution of the benefit. Distribution shall completely discharge the Bank from all liability for the benefit. 
 Article 5 
 General Limitations 

 5.1 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit
under this Agreement and this Agreement shall terminate if Separation from Service is a result of Termination for Cause. Likewise, no benefits shall be paid under the Split Dollar Agreement attached to this Agreement as Addendum A, and the Split
Dollar Agreement also shall terminate, if Separation from Service is a result of Termination for Cause. 
 5.2 Misstatement. No
benefits shall be paid under this Agreement or under the Split Dollar Agreement, if the Executive makes any material misstatement of fact on any application or resume provided to the Bank or on any application for benefits provided by the Bank.

 5.3 Removal. If the Executive is removed from office or permanently prohibited from participating in the Bank’s affairs by an
order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. 
  

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 5.4 Default. Notwithstanding any provision of this Agreement to the contrary, if the Bank is in
“default” or “in danger of default,” as those terms are defined in section 3(x) of the Federal Deposit Insurance Act, 12 U.S.C. 1813(x), all obligations under this Agreement shall terminate. 
 5.5 FDIC Open-Bank Assistance. All obligations under this Agreement shall terminate, except to the extent determined that continuation of the
contract is necessary for the continued operation of the Bank, when the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Federal Deposit Insurance Act
section 13(c). 12 U.S.C. 1823(c). Rights of the parties that have already vested shall not be affected by such action, however. 
 Article
6 
 Claims and Review Procedures 
 6.1 Claims Procedure. A person or beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows
– 
 6.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Bank a written claim for the
benefits. 
 6.1.2 Timing of Bank Response. The Bank shall respond to the claimant within 90 days after receiving the claim. If the
Bank determines that special circumstances require additional time for processing the claim, the Bank may extend the response period by an additional 90 days by notifying the claimant in writing before the end of the initial 90-day period that an
additional period is required. The notice of extension must state the special circumstances and the date by which the Bank expects to render its decision. 
 6.1.3 Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of the denial. The Bank shall write the notification in a manner calculated to be understood
by the claimant. The notification shall set forth – 
  

	 	6.1.3.1	the specific reasons for the denial, 

  

	 	6.1.3.2	a reference to the specific provisions of the Agreement on which the denial is based, 

  

	 	6.1.3.3	a description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed, 

  

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	 	6.1.3.4	an explanation of the Agreement’s review procedures and the time limits applicable to such procedures, and 

  

	 	6.1.3.5	a statement of the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review. 

 6.2 Review Procedure. If the Bank denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Bank
of the denial, as follows – 
 6.2.1 Initiation – Written Request. To initiate the review, within 60 days after receiving the
Bank’s notice of denial the claimant must file with the Bank a written request for review. 
 6.2.2 Additional Submissions –
Information Access. The claimant shall then have the opportunity to submit written comments, documents, records, and other information relating to the claim. Upon request and free of charge, the Bank shall also provide the claimant reasonable
access to and copies of all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 6.2.3 Considerations on Review. In considering the review, the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether the information
was submitted or considered in the initial benefit determination. 
 6.2.4 Timing of Bank Response. The Bank shall respond in writing
to the claimant within 60 days after receiving the request for review. If the Bank determines that special circumstances require additional time for processing the claim, the Bank may extend the response period by an additional 60 days by notifying
the claimant in writing before the end of the initial 60-day period that an additional period is required. The notice of extension must state the special circumstances and the date by which the Bank expects to render its decision. 
 6.2.5 Notice of Decision. The Bank shall notify the claimant in writing of its decision on review. The Bank shall write the notification in a
manner calculated to be understood by the claimant. The notification shall set forth – 
  

	 	6.2.5.1	the specific reason for the denial, 

  

	 	6.2.5.2	a reference to the specific provisions of the Agreement on which the denial is based, 

  

	 	6.2.5.3	a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 

  

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	 	6.2.5.4	a statement of the claimant’s right to bring a civil action under ERISA section 502(a). 

 Article 7 
 Miscellaneous 
 7.1 Amendments and Termination. Subject to Section 7.14 of this Agreement, this Agreement may be amended solely by a written agreement signed
by the Bank and by the Executive, and except for termination occurring under Article 5 this Agreement may be terminated solely by a written agreement signed by the Bank and by the Executive. 
 7.2 Binding Effect. This Agreement shall bind the Executive, the Bank, and their beneficiaries, survivors, executors, successors, administrators,
and transferees. 
 7.3 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the
Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee or interfere with the Executive’s right to
terminate employment at any time. 
 7.4 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached, or encumbered in any manner. 
 7.5 Successors; Binding Agreement. The Bank will require any successor (whether
direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Bank, by an assumption agreement in form and substance satisfactory to the Executive, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the Bank would be required to perform this Agreement if no such succession had occurred. 
 7.6 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 7.7 Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of the State of North Carolina, except to the extent
preempted by the laws of the United States of America. 
 7.8 Unfunded Arrangement. The Executive and Beneficiary are general
unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay benefits. Rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim. 
  

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 7.9 Entire Agreement. This Agreement and the Split Dollar Agreement attached to this Agreement as
Addendum A constitute the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive under this Agreement other than those specifically set forth herein. 
 7.10 Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this
Agreement not held invalid, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of
the provision not held invalid, and the remainder of such provision together with all other provisions of this Agreement shall continue in full force and effect to the full extent consistent with law. 
 7.11 Headings. Caption headings and subheadings herein are included solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Agreement. 
 7.12 Notices. All notices, requests, demands, and other communications hereunder
shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may
designate by like notice. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive on the books and records of the Bank at the time of the delivery of such notice, and
properly addressed to the Bank if addressed to the Board of Directors, Bank of Oak Ridge, P.O. Box 2, 2211 Oak Ridge Road, Oak Ridge, North Carolina 27310. 
 7.13 Payment of Legal Fees. The Bank is aware that after a Change in Control management of the Bank could cause or attempt to cause the Bank to refuse to comply with its obligations under this Agreement, or
could institute or cause or attempt to cause the Bank to institute litigation seeking to have this Agreement declared unenforceable, or could take or attempt to take other action to deny Executive the benefits intended under this Agreement. In these
circumstances, the purpose of this Agreement would be frustrated. It is the intention of the Bank that the Executive not be required to incur the expenses associated with the enforcement of his rights under this Agreement, whether by litigation or
other legal action, because the cost and expense thereof would substantially detract from the benefits intended to be granted to the Executive hereunder. It is the intention of the Bank that the Executive not be forced to negotiate settlement of his
rights under this Agreement under threat of incurring expenses. Accordingly, if after a Change in Control occurs it appears to the Executive that (a) the Bank has failed to comply with any of its obligations under this Agreement, or
(b) the Bank or any other person has taken any action to declare this Agreement void or unenforceable, or instituted any litigation or other legal action designed to deny, diminish, or to recover from the Executive the benefits intended to be
provided to the Executive hereunder, the Bank irrevocably authorizes the Executive from time to time to retain counsel of his choice, at the expense of the Bank 

  

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as provided in this Section 7.13, to represent the Executive in connection with the initiation or defense of any litigation or other legal action,
whether by or against the Bank or any director, officer, stockholder, or other person affiliated with the Bank, in any jurisdiction. Notwithstanding any existing or previous attorney-client relationship between the Bank and any counsel chosen by the
Executive under this Section 7.13, the Bank irrevocably consents to the Executive entering into an attorney-client relationship with that counsel, and the Bank and the Executive agree that a confidential relationship shall exist between the
Executive and that counsel. The fees and expenses of counsel selected from time to time by the Executive as provided in this section shall be paid or reimbursed to the Executive by the Bank on a regular, periodic basis upon presentation by the
Executive of a statement or statements prepared by such counsel in accordance with such counsel’s customary practices, up to a maximum aggregate amount of $250,000, whether suit be brought or not, and whether or not incurred in trial,
bankruptcy, or appellate proceedings. The Bank’s obligation to pay the Executive’s legal fees provided by this Section 7.13 operates separately from and in addition to any legal fee reimbursement obligation the Bank may have with the
Executive under any separate employment, severance, or other agreement between the Executive and the Bank. 
 7.14 Termination or
Modification of Agreement Because of Changes in Law, Rules or Regulations. The Bank is entering into this Agreement on the assumption that certain existing tax laws, rules, and regulations will continue in effect in their current form. If that
assumption materially changes and the change has a material detrimental effect on this Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly, subject to the written consent of the Executive, which shall not be
unreasonably withheld. This Section 7.14 shall become null and void effective immediately upon a Change in Control. 
 Article 8 

 Administration of Agreement 
 8.1 Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator consisting of the board or such committee or person(s) as the board shall appoint. The Executive may be a member of the Plan Administrator.
The Plan Administrator shall also have the discretion and authority to (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Agreement and (b) decide or resolve any and all questions,
including interpretations of this Agreement, as may arise in connection with the Agreement. 
 8.2 Agents. In the administration of
this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to
the Bank. 
 8.3 Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising
out of or in connection with the administration, interpretation, and application of the Agreement and the rules and regulations promulgated 

  

 13 

 
hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Executive or Beneficiary shall be deemed to
have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions, including but not limited to the discount rate and calculation method described in Section 1.1. 
 8.4 Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims,
losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 
 8.5 Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan
Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Separation from Service of the Executive and such other pertinent information as the Plan Administrator may reasonably require. 

IN WITNESS WHEREOF, the Executive and a duly authorized officer of the Bank have
executed this Salary Continuation Agreement as of the date first written above. 
  

							
	EXECUTIVE:	 		 	BANK:
		 		 	Bank of Oak Ridge
			
	 /s/ Thomas W. Wayne
	 		 	
	Thomas W. Wayne	 		 	By:	 	 /s/ Ronald O. Black

		 		 		 	Ronald O. Black
		 		 	Its:	 	President and Chief Executive Officer

  

 14 

 BENEFICIARY DESIGNATION 
 BANK OF OAK RIDGE 
 SALARY CONTINUATION AGREEMENT 
 I,
Thomas W. Wayne, designate the following as beneficiary of any death benefits under this Salary Continuation Agreement – 
  

									
		 	Primary:	  	  
	 	
		
	  
	 	.
				
		 	Contingent:	  	  
	 	
		
	  
	 	.

 Note: To name a trust as beneficiary, please provide the name of the trustee(s) and the exact
name and date of the trust agreement. 
 I understand that I may change these beneficiary designations by filing a new written
designation with the Bank. I further understand that the designations will be automatically revoked if the beneficiary predeceases me, or if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

					
	 Signature:
	 	  
	 	
		 	        Thomas W. Wayne	 	
			
	 Date:
	 	  
	 	, 2006

 Accepted by the Bank this          day of
                    , 2006. 
  

			
	 By:
	 	  

			
		
	 Print Name:
	 	  

			
		
	 Title:
	 	  

  

 15 

 SCHEDULE A 
 BANK OF OAK RIDGE 
 SALARY CONTINUATION AGREEMENT 
 Thomas W. Wayne 
  

																		
	 Plan
Year
	  	Plan Year
ending
December 31,	  	Age at
Plan Year
end	  	Accrual Balance
@ 6.00% (1)	 	 	Percent
vested	 	 	Early
Termination
annual benefit
payable at
Normal
Retirement Age
(2)	  	Disability annual
benefit payable at
Normal Retirement
Age (2)
	1	  	2006	  	44	  	$	19,866	 	 	0	%	 	$	0	  	$	6,273
	2	  	2007	  	45	  	$	40,958	 	 	10	%	 	$	1,218	  	$	12,181
	3	  	2008	  	46	  	$	63,351	 	 	20	%	 	$	3,549	  	$	17,747
	4	  	2009	  	47	  	$	87,124	 	 	30	%	 	$	6,897	  	$	22,989
	5	  	2010	  	48	  	$	112,365	 	 	40	%	 	$	11,170	  	$	27,926
	6	  	2011	  	49	  	$	139,161	 	 	50	%	 	$	16,288	  	$	32,577
	7	  	2012	  	50	  	$	167,611	 	 	60	%	 	$	22,174	  	$	36,957
	8	  	2013	  	51	  	$	197,815	 	 	70	%	 	$	28,758	  	$	41,083
	9	  	2014	  	52	  	$	229,882	 	 	80	%	 	$	35,975	  	$	44,969
	10	  	2015	  	53	  	$	263,927	 	 	90	%	 	$	43,767	  	$	48,630
	11	  	2016	  	54	  	$	300,072	 	 	100	%	 	$	52,078	  	$	52,078
	12	  	2017	  	55	  	$	338,446	 	 	100	%	 	$	55,325	  	$	55,325
	13	  	2018	  	56	  	$	379,187	 	 	100	%	 	$	58,384	  	$	58,384
	14	  	2019	  	57	  	$	422,441	 	 	100	%	 	$	61,265	  	$	61,265
	15	  	2020	  	58	  	$	468,363	 	 	100	%	 	$	63,979	  	$	63,979
	16	  	2021	  	59	  	$	517,117	 	 	100	%	 	$	66,535	  	$	66,535
	17	  	2022	  	60	  	$	568,878	 	 	100	%	 	$	68,943	  	$	68,943
	18	  	2023	  	61	  	$	623,832	 	 	100	%	 	$	71,210	  	$	71,210
	19	  	2024	  	62	  	$	682,175	 	 	100	%	 	$	73,346	  	$	73,346
	20	  	2025	  	63	  	$	744,116	 	 	100	%	 	$	75,358	  	$	75,358
	21	  	2026	  	64	  	$	809,878	 	 	100	%	 	$	77,253	  	$	77,253
		  	May 2027	  	65	  	$	838,462 	(3)	 	100	%	 	$	78,400	  	$	78,400

  

	(1)	Calculations are approximations. Benefit calculations are based on prior year-end accrual balances. The accrual balance reflects payment at the beginning of each month.

	(2)	 The Early Termination benefit and the Disability benefit continue for the Executive’s lifetime. Subject to vesting, the Early Termination and Disability
benefits are calculated as the fixed annual amount that fully amortizes the Accrual Balance existing 

  

 16 

	 	 
at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over the period beginning with
the Executive’s Normal Retirement Age and ending when the Executive attains age 82 and taking into account interest at the discount rate or rates established by the Plan Administrator. Using a standard discount rate (6.00%), Early Termination
and Disability benefits are shown for illustrative purposes only. The Early Termination and Disability benefits shown assume the Executive’s Separation from Service occurs more than six months before the Executive’s Normal Retirement Age,
and that the Early Termination benefit or the Disability benefit therefore becomes payable beginning in the month after the Executive attains the Normal Retirement Age. 

	(3)	The Executive attains Normal Retirement Age on May 3, 2027. The first monthly normal retirement benefit payment will be made on June 1, 2027. 

 If there is a contradiction between the terms of the Agreement and Schedule A concerning the actual amount of a particular benefit amount due the
Executive under Section 2.2, 2.3, or 2.4 of the Agreement, then the actual amount of the benefit set forth in the Agreement shall control. If the Plan Administrator changes the discount rate employed for purposes of calculating the Accrual
Balance, the Plan Administrator shall prepare or cause to be prepared a revised Schedule A, which shall supersede and replace any and all Schedules A previously prepared under or attached to the Agreement. 
  

 17Executive Employment Agreement with Derick D. Shupe

 Exhibit 10.10 
 EMPLOYEE AGREEMENT 
 THIS AGREEMENT, entered
into this 10th day of July, 2007, by and between Derick D. Shupe, an individual, (hereinafter “Employee”) and ICOP Digital, Inc., a
Colorado Corporation, (hereinafter “ICOP”). 
 WITNESSETH: 
 WHEREAS, Employee desires to accept employment as Chief Financial Officer for ICOP; and 
 WHEREAS, Employee and ICOP have agreed that the duties of Employee shall include as detailed in Appendix “A”, and such other and further duties
as ICOP may deem appropriate, from time to time; and 
 WHEREAS, ICOP and Employee have determined what reasonable compensation will be for
Employee and has offered Employee a position for such compensation and the other benefits hereinafter set forth and Employee is willing to accept employment on such terms; and 
 WHEREAS, the parties have agreed to the terms and other important matters in connection with such position as is more fully set out hereinafter.

 NOW, THEREFORE, in consideration of the mutual promises hereinafter contained, it is agreed: 
 1. Employment. ICOP hereby employs Employee and Employee hereby accepts the position of Chief Financial Officer upon the terms and conditions
herein set forth and such other terms of employment generally applicable to all regular employees of ICOP. In the event of any conflict or ambiguity between the terms of this Agreement and terms of employment applicable to regular employees, the
terms of this Agreement shall control. Employee understands and agrees that employment is subject to a background check to be performed by and at the expense of ICOP. 
 2. Term. The term of this Agreement shall begin on the 1st day of employment, which began on or about the 10th day of July, 2007 and shall
continue thereafter until terminated as hereinafter provided (following required 30 calendar days contract through outside staffing company, as defined by Company). 
 3. Compensation. Employee shall receive as compensation a base salary of $140,000 per annum, payable in installments according to the ICOP’s regular payroll schedule. 
 4. Fringe Benefits. Employee shall participate in all existing health and other fringe benefit plans of ICOP according to the provisions and
eligibility requirements of such plan, but ICOP reserves the right to modify, amend and terminate such plans including pension and profit sharing plans in the event of a change of the laws, rules and /or regulations governing such plans. Subject to
the foregoing, Employee shall be provided the following benefits: 
  

 Employee’s Initials:            

	 	a.	Medical Insurance. ICOP agrees to provide Employee, with a medical, hospital and dental plan for Employee and his/her family in the amount equal to 100% of total premium, as
approved by ICOP, during this Agreement. 

  

	 	b.	Retirement Plans. Employee will be entitled to participate in any pension, profit sharing, or 401(k) established by ICOP for ICOP’s employees according to the provisions
and eligibility requirements of such plans. The ICOP 401(k) plan has a one-year waiting period to begin participation. 

  

	 	c.	Expense Reimbursement. ICOP will reimburse all pre-approved expenses incurred by Employee, in the normal course of performing his/her duties. These expenses shall be paid
directly by the ICOP, or upon presentation by Employee of an itemized account of such expenditures, reimbursed to Employee. The expenses paid pursuant to this Section shall be charged as expenses of the ICOP. ICOP will repay only such normal and
necessary expenses as are approved by ICOP prior to incurring such expenses. Employee shall include in any expense request for reimbursement the time, place, date, business purpose, and name of persons involved. 

  

	 	d.	Vacation. Employee shall be entitled to five days of vacation during the first year of employment, beginning after 120 days of employment, which must be used during the first
year and cannot be carried over. Thereafter, two (2) weeks of paid vacation on a per annum basis after the first twelve (12) months of employment. 

 5. Duties. Employee agrees to devote all necessary time and use his/her best efforts in the performance of his/her duties for ICOP and to perform such other duties assigned to him/her from time to time by ICOP.
Employee agrees not to be employed except on behalf of ICOP, unless otherwise authorized by ICOP. Employee shall devote all of his/her attention, skill and efforts to the faithful performance of Employee’s duties on behalf of ICOP. Employee
shall devote his/her entire productive time, ability and attention to the business of ICOP and shall perform all duties in a professional, ethical and businesslike manner. Employee will not, during the term of this Agreement, directly or indirectly
engage in any other business, either as an employee, employer, consultant, principal, officer, director, advisor, or in any other capacity, either with or without compensation, without the prior written consent of the Chief Executive Officer.
Employee shall report to the Chief Executive Officer unless otherwise directed. 
 6. Termination. This Agreement shall begin on the
date as set forth in Section 2, and shall continue in full force and effect until terminated. The Initial Term of this Agreement shall continue in effect for a period of three (3) years. Thereafter, the Agreement shall be renewed upon the
mutual agreement of Employee and ICOP. 
  

	 	(a)	 Probation Period. The first six months of employment are considered a probationary period, as stated in the ICOP Employee Handbook. This time is set
aside to determine whether this is the right position for an employee. It gives the employee time to adjust to new responsibilities and gives a supervisor time to assess the employee’s work. Successful completion of the probationary period does
not create a contractual commitment to continued 

  

 Employee’s Initials:            

	 	 
employment. Furthermore, employment is contingent upon acceptable completion of a background check, to be completed at the expense of ICOP Digital.

  

	 	(b)	Termination By Employee. This Agreement may be terminated by Employee at Employee’s discretion. In the event of termination by Employee pursuant to this subsection, ICOP
may immediately relieve Employee of all duties and immediately terminate this Agreement, provided that ICOP shall pay Employee at the then applicable base salary rate to the termination date. 

  

	 	(c)	Termination By Company. This Agreement may be terminated by ICOP at Company’s discretion. In the event of termination by ICOP pursuant to this subsection, ICOP may
immediately relieve Employee of all duties and immediately terminate this Agreement, provided that ICOP shall pay Employee at the then applicable base salary rate to the termination date. 

  

	 	(d)	ICOP Acquisition. In the event ICOP is acquired, or is the non-surviving party in a merger, or sells all or substantially all of its assets, this Agreement shall not be
terminated and ICOP agrees to use its best efforts to ensure that the transferee or surviving ICOP is bound by the provisions of this Agreement. 

  

	 	(e)	Termination for Cause. This Agreement is also subject to immediate termination by ICOP for cause. There shall be no severance package if Employee if terminated with cause.
Cause is hereby defined as: 

  

	 	a.	Death of Employee. 

  

	 	b.	Retirement of Employee (voluntary or involuntary). 

  

	 	c.	Employee’s felony conviction. 

  

	 	d.	Employee’s drunkenness and/or habitual drug use. 

  

	 	e.	Employee’s material breach or repeated failure to carry out all terms and conditions of this Agreement. 

  

	 	f.	Employee’s theft, embezzlement or willful destruction involving corporate property or corporate funds. 

  

	 	g.	Employee’s willful acts or omissions that are materially inconsistent with Employee’s duties as an employee or agent of ICOP. 

  

	 	h.	Employee’s competition with ICOP or personal utilization of opportunities which could be for the benefit of the ICOP. 

  

	 	i.	Commission by Employee of an offense involving moral turpitude under federal, state or local laws or ordinances, or conducts him/herself publicly or privately in any manner which
offends against decency or morality. 

  

 Employee’s Initials:            

	 	j.	Employee’s violation of ICOP’s sexual harassment policies. The termination of this Agreement shall be without prejudice to any rights and remedies which ICOP or Employee
may have for breach or non-performance of any of the provisions of this Agreement and the provisions regarding the Covenant not to Compete contained herein shall apply, except in cases of death or disability. 

  

	 	k.	Employee’s failure to perform job functions successfully. 

 7. Sexual Harassment. ICOP is committed to providing professional work environment that maintains all employees’ equality, respect and dignity. In keeping with this commitment, ICOP maintains a strict policy prohibiting
discriminatory practices, including sexual harassment. Sexual harassment, whether verbal, physical or environmental, and whether in the work place or outside work sponsored settings, is unacceptable and will not be tolerated. 
 Sexual harassment is illegal under federal, state and local laws as defined in the EEOC Guidelines promulgated in 1980 as any unwelcome sexual advance,
request for special favor, and other verbal or physical conduct of a sexual nature when (1) submission to such conduct is made either explicitly or implicitly a term or condition of an individual’s employment; (2) submission to or
rejection of such conduct by an individual is used as the basis for the employment decisions affecting such individual; or (3) such conduct has the purpose or effect of unreasonably interfering with the individual’s work performance
creating an intimidating, hostile or offensive work environment. 
 8. Confidential Information. Employee acknowledges that his
position with ICOP is special, unique, and intellectual in character and such position will place him/her in a position of confidence and trust with employees and clients of ICOP. 
 Confidentiality. Employee acknowledges that he will have access to certain proprietary and confidential information of ICOP and its customers,
including but not limited to contemplated new products and services, marketing and advertising campaigns, sales projections, customer and prospect lists, creative campaigns and themes, and financial information of ICOP. Employee agrees not to use or
disclose any confidential information during the Term of this Agreement or thereafter other than in connection with performing Employee’s services for ICOP in accordance with this Agreement. 
 Enforcement. 
 (a) Employee agrees
that the restrictions set forth in this paragraph are reasonable and necessary to protect the goodwill of ICOP. If any of the covenants set forth herein are deemed to be invalid or unenforceable based upon the duration or otherwise, the parties
contemplate that such provisions shall be modified to make them enforceable to the fullest extent permitted by law. 
  

 Employee’s Initials:            

 (b) In the event of a breach or threatened breach by Employee of the provisions set forth in this
paragraph, Employee acknowledges that ICOP will be irreparably harmed and that monetary damages, alone, shall be an insufficient remedy to ICOP. Therefore, Employee consents to enforcement of this paragraph by means of temporary or permanent
injunction and other appropriate equitable relief in any competent court, in addition to any other remedies ICOP may have under this Agreement or otherwise. 
 9. Notice of Employment and Place of Business. Employee will notify ICOP in writing, within five (5) days after accepting employment with any other person, firm or organization at any time within
one (1) years after the termination of this Agreement. Such notice shall include the name and address of the employer and his employment capacity with such employer, or if Employee shall be self-employed or act in any capacity other than as an
employee, the name and address of the entity for which he renders services and his capacity with such entity. 
 10. Intellectual
Property. 
 (a) The Employer has hired Employee to work full time so anything Employee produces during his employment is the property of
ICOP. Any writing, invention, design, system, process, development or discovery conceived, developed, created, or made by Employee, alone or with others, during the period of his employment hereunder and applicable to the business of ICOP, whether
or not patentable, registrable, or copy-rightable shall become the sole and exclusive property of ICOP. 
 (b) Employee shall disclose the
same promptly and completely to ICOP and shall, during the period of his employment hereunder and at any time and from time to time hereafter, (i) execute all documents requested by ICOP for vesting in ICOP the entire right, title and interest
in and to the same, (ii) execute all documents requested by ICOP for filing such applications for and procuring patents, trademarks, service marks or copyrights as ICOP, in its sole discretion, may desire to prosecute, and (iii) give ICOP
all assistance it may reasonably require, including the giving of testimony in any suit, action, investigation or other proceeding, in order to obtain, maintain, and protect ICOP’s right therein and thereto. 
 11. Representations and Warranties of Employee. Employee hereby represents and warrants to ICOP as follows: (i) Employee has the legal
capacity and unrestricted right to execute and deliver this Agreement and to perform all of his obligations hereunder; (ii) the execution and delivery of this Agreement by Employee and the performance of his obligations hereunder will not
violate or be in conflict with any fiduciary or other duty, instrument, agreement, document, arrangement, or other understanding to which Employee is a party or by which he is or may be bound or subject; and (iii) Employee is not a party to any
instrument, agreement, document, arrangement, or other understanding with any person (other than ICOP) requiring or restricting the use of disclosure of any confidential information or the provision of any employment, consulting or other services.

 12. Post Employment Obligations. Upon termination of Employee’s employment with the ICOP for any reason, Employee will
deliver to ICOP all memoranda, notes, records, drawings, brochures, work product, market studies, reports, or other documentation, 

  

 Employee’s Initials:            

 
whether made or compiled by him/her alone or with others or made available to him/her while employed by the ICOP, including but not limited to, memoranda,
notes, records, drawings, brochures, work product, market studies, reports, or other documentation pertaining to ICOP. Employee will also return all supplies, tools, devices and other equipment provided to him/her by the ICOP during his employment
with the ICOP. 
 13. Conflicting Employment and Non-Competition: Employee agrees that, while employed by ICOP, Employee will not
engage in any other employment, occupation, consulting, or other business activity directly related to the Business of ICOP. Employee will not engage in any activities that conflict with Employee’s obligations to ICOP. Employee further agrees
that for a period of five (5) years following the voluntary or involuntary termination of employment under this Agreement, Employee shall not anywhere in the United States, directly or indirectly, own, manage, work in, be employed by, provide
services to, operate, or control any business in competition with the Business of ICOP at the time of termination. Employee still further agrees that for the five (5) years period following termination of this Agreement, Employee shall not
either directly or indirectly solicit, induce, recruit, or encourage any of ICOP’s employees to leave their employment to work with Employee or with any other entity. Employee agrees and consents to the reasonableness of the above-detailed
restrictions on competition and every aspect thereof. Employee further agrees that any breach or threatened breach of this Agreement will cause immediate and irreparable damage to ICOP and that ICOP shall be entitled to, and Employee consents to,
preliminary, temporary, and permanent injunctive relief against any breach of this Agreement. Employee expressly waives any requirement that a bond be posted in connection with any grant of injunctive relief. Any such injunctive relief shall be in
addition to any other right or remedy available to ICOP in equity or at law. 
 14. Notices. All notices, requests, demands,
and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by hand or mailed within the continental United States by first class, registered mail, return receipt requested, postage land registry
fees prepaid, to the applicable party and addressed as follows: 
  

	 	(a)	If to ICOP: 

 ICOP Digital, Inc.

 16801 West 116th Street 
 Lenexa, KS 66219 
  

	 	(b)	If to Employee: 

 Derick D. Shupe

 14215 NW 68th Street 
 Parkville, MO 64152 
 Addresses may be changed by notice in writing signed by the addressee. 
 15. Legal Fees or Costs to Enforce Agreement. In the event ICOP or Employee incurs legal fees or costs or both in enforcing this Agreement (whether or not a suit or action is filed), the non-prevailing party
shall be liable for and shall pay those fees and costs incurred by the prevailing party. 
  

 Employee’s Initials:            

 16. Modification and Waiver. 
  

	 	(a)	Amendment. This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

  

	 	(b)	Waiver. 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 of estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to 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 specifically waived. 

 17. Severability. If for any reason, any provision of this contract is held invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall to the full extent
consistent with law continue in full force and effect. If any provision of this Agreement shall be held to be invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision,
together with all the provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect. 
 18.
Force Majeure. Neither party shall incur any liability to the other party hereunder nor shall either party be entitled to terminate this Agreement if the performance by either party of its obligations hereunder is prevented by acts of God,
the public enemy, earthquakes, hurricanes, fires, flood, civil insurrections, curtailment of or failure to obtain sufficient electrical power. 
 19. Interpretation and Definitions. Unless otherwise provided in this Agreement, or unless the context otherwise requires, the following definitions and rules of construction shall apply herein: 
  

	 	(a)	The masculine gender includes both the feminine and the masculine. 

  

	 	(b)	The singular number includes the plural. 

  

	 	(c)	The word “person” includes a corporation, partnership, firm, or association whenever the context so requires. 

  

	 	(d)	“shall”, “will”, “must”, and “agrees” are mandatory and not optional or discretionary. 

  

	 	(e)	All references to the term or duration of this Agreement shall include any extensions in time of such term or duration. 

 20. Governing Law. This Agreement is made in the State of Kansas and shall be controlled by the laws of the State of Kansas in all matters or
interpretations of the Agreement. 
  

 Employee’s Initials:            

 21. Binding Upon Heirs. This Agreement shall inure to the benefit of and be binding upon the
parties hereto, their successors, heirs, personal representatives and assigns, except as provided herein. 
 22. Entire Agreement.
This Agreement cancels and supersedes all previous agreements relating to the subject matter to this Agreement, written or oral, between the parties hereto and contains the entire understanding of the parties hereto and shall not be amended or
modified except as otherwise provided herein or in writing signed by each of the parties hereto. 
 23. Survival. The representation,
agreements and covenant of Employee contained herein shall in all manner be deemed to survive the termination of his employment, whether voluntary or involuntary. 
 IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first above written. 
  

			
	Employee:	 	
		
		 	 /s/ Derick D. Shupe

		 	Derick D. Shupe
		
	ICOP:	 	ICOP DIGITAL, INC.,
		 	a Colorado Corporation
		
		 	 /s/ David C. Owen

		 	David C. Owen, Chairman and CEO

  

 Employee’s Initials:

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