Document:

EX-10.9

 Exhibit 10.9 

WILSON BANK HOLDING COMPANY 

CASH-SETTLED STOCK APPRECIATION RIGHT AGREEMENT 

THIS CASH-SETTLED STOCK APPRECIATION RIGHT AGREEMENT (this “Agreement”) is made and entered into as of this
     day of             , 20     (the “Grant Date”), by and between Wilson Bank Holding Company, a Tennessee
corporation (together with its Subsidiaries and Affiliates, the “Company”), and the individual identified on the signature page hereto (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning
ascribed to such terms in the Wilson Bank Holding Company Amended and Restated 2016 Equity Incentive Plan (the “Plan”). 

WHEREAS, the Company has adopted the Plan, which permits the issuance of Stock Appreciation Rights; and 

WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has granted an award of Stock Appreciation Rights
to the Grantee in his or her capacity as an employee of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. Grant of Stock Appreciation Rights. The Company grants to the Grantee as of date of this Agreement an award (the “Award”)
of Stock Appreciation Rights (the “SARs”) with respect to                  shares (the “Shares”) of the Company’s common stock, $2.00 par
value per share (the “Common Stock”), on the terms and conditions set forth in this Agreement and subject to all provisions of the Plan. Each SAR represents the right to receive pursuant to this Agreement, upon exercise of the SAR, a
payment in cash in an amount equal to the excess of the Fair Market Value of one Share of Common Stock on the exercise date over $         (the “Grant Price”). 

2. Exercise of SAR. 
 (a)
Except as otherwise provided herein, this SAR shall become vested and exercisable as set forth below, if and only if the Grantee shall have been either continuously employed by the Company or continuously providing services as a director of the
Company from the date of this Agreement through and including such dates: 
  

			
	 Percentage Vested
	  	Date
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    

 (b) Notwithstanding the above, this SAR shall vest and become exercisable with respect to 100% of the Shares
in the event of the Grantee’s death, Disability or Retirement, 

 
provided the Grantee has remained either continuously employed by the Company or continuously providing services as a director of the Company from the date of this Agreement to such event.
Notwithstanding anything in the Plan to the contrary, “Retirement” for purposes of this Agreement means the later to occur of the Grantee’s resignation as an employee or retirement as a director, in either case, after completing
thirty (30) years of service with the Company or after attaining sixty-five (65) years of age and completing twenty (20) years of service with the Company. 

(c) Notwithstanding the foregoing, in the event of a Change in Control, this Award shall become vested and exercisable (but only to the extent
such SAR has not otherwise terminated) with respect to 100% of the Shares immediately prior to the Change in Control. 
 3. Manner of
Exercise; Payment by the Company. 
 (a) This Award may be exercised in whole or in part at any time within the period permitted
hereunder for the exercise of the Award, by serving notice of intent to exercise the Award delivered to the Company at its principal office (or to the Company’s designated agent), stating the number of SARs subject to the Award in respect of
which the Award is thereby being exercised (the “Notice of Exercise”), such notice complying with all applicable rules established by the Committee. The date the Company or its designated agent receives the Notice of Exercise shall be the
exercise date (the “Exercise Date”) with respect to the SARs set forth in such notice. 
 (b) On a date determined by the Company
as soon as practicable after receipt by the Company of the Notice of Exercise, and subject to the tax withholding described in Section 9 of this Agreement, the Company shall deliver to the Grantee an amount, in cash, equal to the product
of (i) the number of Shares with respect to which the SAR was exercised and (ii) the difference between (A) the Fair Market Value per Share of Common Stock on the Exercise Date and (B) the Grant Price. Notwithstanding anything in
the Plan to the contrary, “Fair Market Value” for purposes of this Agremeent means the weighted average trading price (the “Weighted Average Trading Price”) for the Common Stock for the thirty (30) day period ending on the
Exercise Date, or such other value as the Board may determine pursuant to the reasonable application of a reasonable valuation method if the Board determines that the Weighted Average Trading Price is not a reasonable indication of the fair market
value of the Common Stock. 
 (c) The SARs covered by this Award shall under no circumstances be settled in Shares of the Company’s
Common Stock. The Grantee shall not become a shareholder of the Company or otherwise obtain the rights of a shareholder due to the grant or exercise of any SARs subject to this Agreement. 

4. Termination of SAR. The SAR will expire ten (10) years from the date of grant of the SAR (the “Term”) with respect to
any then unexercised portion thereof, unless terminated earlier as set forth below: 
 (a) Termination by Death. If the
Grantee’s employment by the Company or service as a director of the Company terminates by reason of death, this SAR may thereafter be exercised, to the extent the SAR was exercisable at the time of such termination (after giving

  
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effect to any acceleration of vesting provided for in Section 2 above), by the legal representative of the estate or by the legatee of the Grantee under the will of the Grantee, for a
period of one hundred and eighty (180) days from the date of death or until the expiration of the Term of the SAR, whichever period is the shorter. 

(b) Termination by Reason of Disability. If the Grantee’s employment by the Company or service as a director of the Company
terminates by reason of Disability, this SAR may thereafter be exercised, to the extent the SAR was exercisable at the time of such termination (after giving effect to any acceleration of vesting provided for in Section 2 above), by the
Grantee or personal representative or guardian of the Grantee, as applicable, for a period of three (3) years from the date of such termination or until the expiration of the Term of the SAR, whichever period is the shorter. 

(c) Termination by Retirement. If the Grantee’s employment by the Company or service as a director of the Company (whichever
occurs later) terminates by reason of Retirement, this SAR may thereafter be exercised by the Grantee, to the extent the SAR was exercisable at the time of such termination (after giving effect to any acceleration of vesting provided for in
Section 2 above) for a period of three (3) years from the date of such termination or until the expiration of the Term of the SAR, whichever period is the shorter. 

(d) Termination for Cause. If the Grantee’s employment by the Company or service as a director of the Company is terminated for
Cause, this SAR shall terminate immediately following the later to occur of the termination of the Grantee’s employment or service as a director of the Company and become void and of no effect, and any vested SAR that was vested but not
exercised prior to the later to occur of the termination of the Grantee’s employment and service as a director of the Company shall be forfeitered as of such later occurring event. 

(e) Other Termination. If the Grantee’s employment by the Company or service as a director of the Company terminates (whichever
occurs later) for any reason other than for Cause, death, Disability or Retirement, this SAR may be exercised, to the extent the SAR was exercisable at the time of such termination by the Grantee for a period of ninety (90) days from the date
of such termination or the expiration of the Term of the SAR, whichever period is the shorter. 
 5. No Right to Continued Employment or
Continued Service. The grant of the SAR shall not be construed as giving the Grantee the right to be retained in the employ of the Company or on the Board of Directors of the Company, and the Company may at any time dismiss the Grantee from
employment or service as a director of the Company, free from any liability or any claim under the Plan or this Agreement. 
 6.
Adjustment to SAR. The Committee may make equitable and proportionate adjustments in the terms and conditions of, and the criteria included in, this Award in recognition of unusual or nonrecurring events (and shall make the adjustments for
the events described in Section 4.2 of the Plan) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles in accordance with the Plan, whenever the Committee
determines that such event(s) affect the Shares. Any such adjustments shall be effected in a manner that precludes the material enlargement of rights and benefits under this Award. 

  
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 7. Amendments to SAR. Subject to the restrictions contained in the Plan, the Committee may
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, this Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation
or termination that would materially and adversely affect the rights of the Grantee or any holder or beneficiary of the SAR shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected. 

8. Limited Transferability. Except as otherwise provided by the Committee, during the Grantee’s lifetime, this Award can be
exercised only by the Grantee, and this Award may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee other than by will or the laws of descent and distribution. Any attempt to otherwise transfer
this Award shall be void. No transfer of this Award by the Grantee by will or by laws of descent and distribution shall be effective to bind the Company unless the Company shall have been furnished with written notice thereof and an authenticated
copy of the will and/or such other evidence as the Committee may deem necessary or appropriate to establish the validity of the transfer. 

9. Withholding Obligations. Regardless of any action the Company takes with respect to any or all applicable income tax (including
federal, state and local taxes and any applicable withholding tax or amounts under the laws of any other jurisdiction), payroll tax or other tax-related withholding in connection with the grant, vesting or payment in settlement of the Award
(“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items legally due by the Grantee is and remains the Grantee’s responsibility. Further, notwithstanding any contrary provision of this
Agreement, no cash payment shall be made to the Grantee unless and until satisfactory arrangements (as determined by the Committee) have been made by the Grantee to satisfy all withholding tax obligations of the Company with respect to the cash
payment. In this regard, the Grantee authorizes the Company to withhold all applicable Tax-Related Items legally payable by the Grantee from the Grantee’s wages or other cash compensation payable to the Grantee by the Company or from the cash
payment received upon settlement of the Award. The Grantee agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold as a result of the grant or settlement of the Award that cannot be satisfied by the
means previously described. The Grantee acknowledges and agrees that the Company may refuse to deliver any cash payment otherwise due hereunder if the Grantee fails to comply with his or her obligations in connection with the Tax-Related Items as
described in this Section 9. 
 10. Plan Governs. The Grantee hereby acknowledges receipt of a copy of (or electronic
link to) the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan,
the terms of the Plan shall govern. 

  
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 11. Severability. If any provision of this Agreement is, or becomes, or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and
the remainder of the Plan and Award shall remain in full force and effect. 
 12. Notices. All notices required to be given under
this Award shall be deemed to be received if delivered or mailed as provided for herein to the parties at the following addresses, or to such other address as either party may provide in writing from time to time. 

 

			
	To the Company:	  	Wilson Bank Holding Company
		  	623 W. Main Street
		  	Lebanon, Tennessee 37087
		  	Attn: Chief Financial Officer
		
	To the Grantee:	  	The address then maintained with respect to the Grantee in the Company’s records.

 13. Governing Law. The validity, construction and effect of this Agreement shall be determined in
accordance with the laws of the State of Tennessee without giving effect to conflicts of laws principles. 
 14. Resolution of
Disputes. Except in such instances where the Company is seeking to enforce its rights pursuant to Section 16 of this Agreement, any dispute or disagreement which may arise under, or as a result of, or in any way related to, the
interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes. 

15. Successors in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This
Agreement shall inure to the benefit of the Grantee’s legal representative and assignees. All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs,
executors, administrators, successors and assignees. 
 16. Restrictive Covenants. 

(a) Non-Competition. The Grantee agrees that during the Grantee’s employment by the Company and service as a director of the
Company and for a period of twelve (12) months following the later to occur of the termination of the Grantee’s employment with the Company or service as a director of the Company for any reason, the Grantee will not (except on behalf of
or with the prior written consent of the Company), within the Area, either directly or indirectly, on the Grantee’s own behalf or in the service or on behalf of others, perform for any Competing Business any services which are the same as or
essentially the same as the services the Grantee provided for the Company. “Area” for purposes of this Agreement 

  
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shall mean any county where the Company has an office as of the later to occur of the date that the Grantee’s employment with the Company or service as a director of the Company terminates
and Williamson County, if the Company does not at such time have an office in Williamson County. “Competing Business” for purposes of this Agreement shall mean any entity (other than the Company) that is conducting business that is the
same or substantially the same as the business of the Company, which the parties hereto agree is the business of commercial and consumer banking. 

(b) Non-Solicitation of Customers. The Grantee agrees that during the Grantee’s employment by the Company and service as a
director of the Company and for a period of twelve (12) months following the later to occur of the termination of the Grantee’s employment with the Company or service as a director of the Company for any reason, the Grantee will not
(except on behalf of or with the prior written consent of the Company) on the Grantee’s own behalf or in the service or on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate, any business from any of
the Company’s customers, including prospective customers actively sought by the Company, with whom the Grantee has or had material contact during the last one (1) year of the Grantee’s employment with the Company and service as a
director of the Company, for purposes of providing products or services that are competitive with those provided by the Company. 
 (c)
Non-Solicitation of Employees. The Grantee agrees that during the Grantee’s employment by the Company and service as a director of the Company and for a period of twelve (12) months following the later to occur of the termination of
the Grantee’s employment with the Company or service as a director of the Company for any reason, the Grantee will not (except on behalf of or with the prior written consent of the Company) on the Grantee’s own behalf or in the service or
on behalf of others, solicit, recruit or hire or attempt to solicit, recruit or hire any employee of the Company that was an employee of the Company within the one (1) year period prior to the termination of the Executive’s employment and
service as a director of the Company, whether or not such employee is a full-time employee or a temporary employee of the Company, such employment is pursuant to written agreement, for a determined period, or at will. 

(d) Impact of Change in Control. In the event that a Change in Control occurs prior to the termination of the Grantee’s employment
with the Company or service as a director of the Company, this Section 16 shall be void and of no further force and effect from and after the Change in Control. 

(e) Recovery of Attorneys’ Fees. In the event the Grantee breaches any provision of this Section 16, the Company shall
be entitled to recover from the Grantee the reasonable costs incurred in preventing or remedying such breach, including but not limited to attorneys’ fees. 

(f) Reduced Scope. If any court or other decision-maker of competent jurisdiction determines that any of the Grantee’s covenants
contained in Section 16 of this Agreement is unenforceable because of the duration or scope of such provision, then, after such determination has become final and nonappealable, the duration or scope of such provision, as the case may
be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

  
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 (g) Breach of Restrictive Covenants. The Grantee acknowledges and agrees that any breach
by him of any of the provisions of this Section 16 (the “Restrictive Covenants”) would result in irreparable injury and damage to the Company for which money damages would not provide an adequate remedy. Therefore, if the
Grantee breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all
of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity (including, without limitation, the recovery of damages): 

(i) the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to
prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Grantee of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened
or actual, and whether or not then continuing, of such covenants; and 
 (ii) the right and remedy to have the period of time
of any such Restrictive Covenant extended by the amount of time equivalent to the time that accrues from the earlier of: (A) the Grantee’s first breach of the Restrictive Covenants or (B) the date of the Grantee’s termination of
employment or termination of service as a director with the Company, until the later of: (I) the date the Grantee ceases breaching the Restrictive Covenants; or (II) the date a court of proper jurisdiction issues a judgment finding that the
Grantee has breached the Restrictive Covenants. 
 (h) Venue; Right to Jury Trial. The Grantee and the Company shall submit to the
jurisdiction of, and waive any venue objections against, the United States District Court for the Middle District of Tennessee or the Chancery Court for Wilson County, Tennessee in any litigation arising out of Section 16 of this
Agreement. The Grantee hereby expressly waives the Grantee’s right to a jury trial in any court proceeding arising out of or relating to this Agreement. 

(i) Disclosure of Restrictive Covenants. Should the Grantee’s employment with Company terminate, and should the Grantee thereafter
seek new employment, the Grantee agrees to disclose the existence of this Section 16 to any prospective employer engaged in a Competing Business. The Grantee further agrees that if the Grantee obtains new employment, the Company may
notify the Grantee’s new employer(s) of the Grantee’s obligations under Section 16 of this Agreement. The Grantee further agrees to notify the Company if the Grantee engages in any conduct that would constitute a potential
breach of the terms of Section 16 of this Agreement. 
 [The next page is the signature page] 

  
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 IN WITNESS WHEREOF, the parties have caused this Cash-Settled Stock Appreciation Rights
Agreement to be duly executed effective as of the day and year first above written. 
  

			
	WILSON BANK HOLDING COMPANY
		
	By:	 	  

	
	GRANTEE:
	
	  

	Signature

 Please check this box  ☐ to acknowledge that you have read this Agreement, including without limitation
Section 16 hereof, agree to be bound by the terms of this Agreement, including without limitation Section 16 hereof and accept the SARs granted hereunder. 

  
 8EX-10.10

 Exhibit 10.10 

WILSON BANK HOLDING COMPANY 

NON-QUALIFIED STOCK OPTION AGREEMENT 

THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into as of this
     day of             , 20     (the “Grant Date”), by and between Wilson Bank Holding Company a Tennessee
corporation (together with its Subsidiaries and Affiliates, the “Company”), and the individual identified on the signature page hereto (the “Optionee”). Capitalized terms not otherwise defined herein shall have the meaning
ascribed to such terms in the Wilson Bank Holding Company Amended and Restated 2016 Equity Incentive Plan (the “Plan”). 

WHEREAS, the Company has adopted the Plan, which permits the issuance of stock options for the purchase of shares of the common stock,
par value $2.00 per share, (the “Common Stock”) of the Company (the “Shares”); and 
 WHEREAS, the Company
desires to afford the Optionee an opportunity to purchase Shares as hereinafter provided in accordance with the provisions of the Plan. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1.
Grant of Option. 
 (a) The Company grants as of the date of this Agreement the right and option (the “Option”) to purchase
                 Shares, in whole or in part (the “Option Stock”), at an exercise price of
                     and No/100 Dollars ($        ) per Share, on the terms and conditions
set forth in this Agreement and subject to all provisions of the Plan. The Optionee, holder or beneficiary of the Option shall not have any of the rights of a shareholder with respect to the Option Stock until such person has become a holder of such
Shares by the due exercise of the Option and payment of the Option Payment (as defined in Section 3 below) in accordance with this Agreement. 

(b) The Option shall be a non-qualified stock option. In order comply with all applicable federal, state or local tax laws or regulations, the
Company may take such action as it deems appropriate to ensure that all applicable federal, state or other taxes are withheld or collected from the Optionee. 

 2. Exercise of Option. 

(a) Except as otherwise provided herein, this Option shall become vested and exercisable as set forth below, if and only if the Optionee shall
have been either continuously employed by the Company or continuously providing services as a director of the Company from the date of this Agreement through and including such dates: 

 

			
	 Percentage Vested
	  	Date
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    
	
                
    
	  	                    

 (b) Notwithstanding the above, this Option shall vest and become exercisable with respect to 100% of the
Option Stock in the event of the Optionee’s death, Disability or Retirement, provided the Optionee has remained either continuously employed by the Company or continuously providing services as a director of the Company from the date of this
Agreement to such event. Notwithstanding anything in the Plan to the contrary, “Retirement” for purposes of this Agreement means the later to occur of the Optionee’s resignation as an employee or retirement as a director, in either
case, after completing thirty (30) years of service with the Company or after attaining sixty-five (65) years of age and completing twenty (20) years of service with the Company. 

(c) Notwithstanding the foregoing, in the event of a Change in Control, this Option shall become vested and exercisable (but only to the
extent such Option has not otherwise terminated) with respect to 100% of the Option Stock immediately prior to the Change in Control. 
 3.
Manner of Exercise. The Option may be exercised in whole or in part at any time within the period permitted hereunder for the exercise of the Option, with respect to whole Shares only, by serving written notice of intent to exercise the
Option delivered to the Company at its principal office (or to the Company’s designated agent), stating the number of Shares to be purchased, the person or persons in whose name the Shares are to be registered and each such person’s
address and social security number. Such notice shall not be effective unless accompanied by payment in full of the Option Price for the number of Shares with respect to which the Option is then being exercised (the “Option Payment”) and,
if the Optionee is then an employee of the Company, except as otherwise provided herein, cash equal to the required withholding taxes as set forth by Internal Revenue Service and applicable state and local tax guidelines for the employer’s
minimum statutory withholding (the “Witholding Taxes”). The Option Payment shall be made (a) in cash or cash equivalents, (b) by transfer, either actually or by attestation, to the Company of whole Shares previously acquired by
the Optionee and valued at the Shares’ Fair Market Value on the date of exercise (or next succeeding trading date if the date of exercise is not a trading date), or by a combination of such cash (or cash equivalents) and Shares, (c) by
directing the Company to withhold that number of whole Shares otherwise deliverable to the Optionee pursuant to the Option having an aggregate Fair Market Value at the time of exercise equal to the Option Payment, or (d) by a combination of
(a), (b) and/or (c). Notwithstanding anything in the Plan to the contrary, for purposes of this Agreement, “Fair Market Value” means the weighted average trading price (the “Weighted Average Trading Price”) for the Common
Stock for the thirty (30) day period ending on the date of exercise, or such other value as the Board may determine pursuant to the reasonable application of a reasonable valuation method if the Board determines that the Weighted Average
Trading Price is not a reasonable indication of the fair market value of the Common Stock. 

  
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 4. Termination of Option. The Option will expire ten (10) years from the date of
grant of the Option (the “Term”) with respect to any then unexercised portion thereof, unless terminated earlier as set forth below: 

(a) Termination by Death. If the Optionee’s employment by the Company or service as a director of the Company terminates by reason
of death, this Option may thereafter be exercised, to the extent the Option was exercisable at the time of such termination (after giving effect to any acceleration of vesting provided for in Section 2 above), by the legal representative
of the estate or by the legatee of the Optionee under the will of the Optionee, for a period of three (3) years from the date of death or until the expiration of the Term of the Option, whichever period is the shorter. 

(b) Termination by Reason of Disability. If the Optionee’s employment by the Company or service as a director of the Company
(whichever occurs later) terminates by reason of Disability, this Option may thereafter be exercised, to the extent the Option was exercisable at the time of such termination (after giving effect to any acceleration of vesting provided for in
Section 2 above), by the Optionee or personal representative or guardian of the Optionee, as applicable, for a period of three (3) years from the date of such termination or until the expiration of the Term of the Option, whichever
period is the shorter. 
 (c) Termination by Retirement. If the Optionee’s employment by the Company or service as a director of
the Company (whichever occurs later) terminates by reason of Retirement, this Option may thereafter be exercised by the Optionee, to the extent the Option was exercisable at the time of such termination (after giving effect to any acceleration of
vesting provided for in Section 2 above) for a period of three (3) years from the date of such termination or until the expiration of the Term of the Option, whichever period is the shorter. 

(d) Termination for Cause. If the Optionee’s employment by the Company or service as a director of the Company is terminated for
Cause, this Option shall terminate immediately following the later to occur of the termination of the Optionee’s employment or service as a director of the Company and become void and of no effect, and any Option that was vested but not
exercised prior to the later to occur of the termination of the Optionee’s employment or service as a director of the Company shall be forfeited as of such later occurring event. 

(e) Other Termination. If the Optionee’s employment by the Company or service as a director of the Company (whichever occurs
later) terminates for any reason other than for Cause, death, Disability or Retirement, this Option may be exercised, to the extent the Option was exercisable at the time of such termination by the Optionee for a period of ninety (90) days from
the date of such termination or the expiration of the Term of the Option, whichever period is the shorter. 
 5. No Right to Continued
Employment or Continued Service. The grant of the Option shall not be construed as giving the Optionee the right to be retained in the employ of the Company or on the Board of Directors of the Company, and the Company may at any time dismiss the
Optionee from employment or service as a director of the Company, free from any liability or any claim under the Plan or this Agreement. 

  
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 6. Adjustment to Option Stock. The Committee may make equitable and proportionate
adjustments in the terms and conditions of, and the criteria included in, this Option in recognition of unusual or nonrecurring events (and shall make the adjustments for the events described in Section 4.2 of the Plan) affecting the
Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles in accordance with the Plan, whenever the Committee determines that such event(s) affect the Shares. Any such adjustments
shall be effected in a manner that precludes the material enlargement of rights and benefits under this Award. 
 7. Amendments to
Option. Subject to the restrictions contained in the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Option, prospectively or retroactively; provided that
any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of the Optionee or any holder or beneficiary of the Option shall not to that extent be effective
without the consent of the Optionee, holder or beneficiary affected. 
 8. Limited Transferability. Except as otherwise provided by
the Committee, during the Optionee’s lifetime, this Option can be exercised only by the Optionee, and this Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Optionee other than by will
or the laws of descent and distribution. Any attempt to otherwise transfer this Option shall be void. No transfer of this Option by the Optionee by will or by laws of descent and distribution shall be effective to bind the Company unless the Company
shall have been furnished with written notice thereof and an authenticated copy of the will and/or such other evidence as the Committee may deem necessary or appropriate to establish the validity of the transfer. 

9. Reservation of Shares. At all times during the term of this Option, the Company shall use its best efforts to reserve and keep
available such number of Shares as shall be sufficient to satisfy the requirements of this Agreement. 
 10. Plan Governs. The
Optionee hereby acknowledges receipt of a copy of (or electronic link to) the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in the case of any
inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 
 11. Severability.
If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full force and effect. 

  
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 12. Notices. All notices required to be given under this Award shall be deemed to be
received if delivered or mailed as provided for herein to the parties at the following addresses, or to such other address as either party may provide in writing from time to time. 

 

			
	To the Company:	  	Wilson Bank Holding Company
		  	623 W. Main Street
		  	Lebanon, Tennessee 37087
		  	Attn: Chief Financial Officer
		
	To the Optionee:	  	The address then maintained with respect to the Optionee in the Company’s records.

 13. Governing Law. The validity, construction and effect of this Agreement shall be determined in
accordance with the laws of the State of Tennessee without giving effect to conflicts of laws principles. 
 14. Resolution of
Disputes. Except in such instances where the Company is seeking to enforce its rights pursuant to Section 16, any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation,
construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Optionee and the Company for all purposes. 

15. Successors in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This
Agreement shall inure to the benefit of the Optionee’s legal representative and assignees. All obligations imposed upon the Optionee and all rights granted to the Company under this Agreement shall be binding upon the Optionee’s heirs,
executors, administrators, successors and assignees. 
 16. Restrictive Covenants. 

(a) Non-Competition. The Optionee agrees that during the Optionee’s employment by the Company and service as a director of the
Company and for a period of twelve (12) months following the later to occur of the termination of the Optionee’s employment with the Company or service as a director of the Company for any reason, the Optionee will not (except on behalf of
or with the prior written consent of the Company), within the Area, either directly or indirectly, on the Optionee’s own behalf or in the service or on behalf of others, perform for any Competing Business any services which are the same as or
essentially the same as the services the Optionee provided for the Company. “Area” for purposes of this Agreement shall mean any county where the Company has an office as of the later to occur of the date that the Optionee’s
employment with the Company or service as a director of the Company terminates and Williamson County, if the Company does not at such time have an office in Williamson County. “Competing Business” for purposes of this Agreement shall mean
any entity (other than the Company) that is conducting business that is the same or substantially the same as the business of the Company, which the parties hereto agree is the business of commercial and consumer banking. 

(b) Non-Solicitation of Customers. The Optionee agrees that during the Optionee’s employment by the Company and service as a
director of the Company and for a 

  
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period of twelve (12) months following the later to occur of the termination of the Optionee’s employment with the Company or service as a director of the Company for any reason, the
Optionee will not (except on behalf of or with the prior written consent of the Company) on the Optionee’s own behalf or in the service or on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate, any
business from any of the Company’s customers, including prospective customers actively sought by the Company and service as a director of the Company, with whom the Optionee has or had material contact during the last one (1) year of the
Optionee’s employment with the Company and service as a director of the Company, for purposes of providing products or services that are competitive with those provided by the Company. 

(c) Non-Solicitation of Employees. The Optionee agrees that during the Optionee’s employment by the Company and service as a
director of the Company and for a period of twelve (12) months following the later to occur of the termination of the Optionee’s employment with the Company or service as a director of the Company for any reason, the Optionee will not
(except on behalf of or with the prior written consent of the Company) on the Optionee’s own behalf or in the service or on behalf of others, solicit, recruit or hire or attempt to solicit, recruit or hire any employee of the Company that was
an employee of the Company within the one (1) year period prior to the termination of the Executive’s employment and service as a director of the Company, whether or not such employee is a full-time employee or a temporary employee of the
Company, such employment is pursuant to written agreement, for a determined period, or at will. 
 (d) Impact of Change in Control.
In the event that a Change in Control occurs prior to the termination of the Optionee’s employment with the Company or service as a director of the Company, this Section 16 shall be void and of no further force and effect from and
after the Change in Control. 
 (e) Recovery of Attorneys’ Fees. In the event the Optionee breaches any provision of this
Section 16, the Company shall be entitled to recover from the Optionee the reasonable costs incurred in preventing or remedying such breach, including but not limited to attorneys’ fees. 

(f) Reduced Scope. If any court or other decision-maker of competent jurisdiction determines that any of the Optionee’s covenants
contained in Section 16 of this Agreement is unenforceable because of the duration or scope of such provision, then, after such determination has become final and nonappealable, the duration or scope of such provision, as the case may
be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

  
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 (g) Breach of Restrictive Covenants. The Optionee acknowledges and agrees that any breach
by him of any of the provisions of this Section 16 (the “Restrictive Covenants”) would result in irreparable injury and damage to the Company for which money damages would not provide an adequate remedy. Therefore, if the
Optionee breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all
of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity (including, without limitation, the recovery of damages): 

(i) the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to
prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Optionee of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened
or actual, and whether or not then continuing, of such covenants; and 
 (ii) the right and remedy to have the period of time
of any such Restrictive Covenant extended by the amount of time equivalent to the time that accrues from the earlier of: (A) the Optionee’s first breach of the Restrictive Covenants or (B) the date of the Optionee’s termination
of employment with the Company or termination of service as a director, until the later of: (I) the date the Optionee ceases breaching the Restrictive Covenants; or (II) the date a court of proper jurisdiction issues a judgment finding that the
Optionee has breached the Restrictive Covenants. 
 (h) Venue; Right to Jury Trial. The Optionee and the Company shall submit to the
jurisdiction of, and waive any venue objections against, the United States District Court for the Middle District of Tennessee or the Chancery Court for Wilson County, Tennessee in any litigation arising out of Section 16 of this
Agreement. The Optionee hereby expressly waives the Optionee’s right to a jury trial in any court proceeding arising out of or relating to this Agreement. 

(i) Disclosure of Restrictive Covenants. Should the Optionee’s employment with Company terminate, and should the Optionee
thereafter seek new employment, the Optionee agrees to disclose the existence of this Section 16 to any prospective employer engaged in a Competing Business. The Optionee further agrees that if the Optionee obtains new employment, the
Company may notify the Optionee’s new employer(s) of the Optionee’s obligations under Section 16 of this Agreement. The Optionee further agrees to notify the Company if the Optionee engages in any conduct that would constitute
a potential breach of the terms of Section 16 of this Agreement. 
 [The next page is the signature page] 

  
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 IN WITNESS WHEREOF, the parties have caused this Non-Qualified Stock Option Agreement to
be duly executed effective as of the day and year first above written. 
  

			
	WILSON BANK HOLDING COMPANY
		
	By:	 	  

	
	OPTIONEE:
	
	  

	Signature

 Please check this box  ☐ to acknowledge that you have read this Agreement, including, without
limitation, Section 16 hereof, agree to be bound by the terms of this Agreement, including, without limitation, Section 16 hereof, and accept the Options granted hereunder. 

  
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