Document:

Form of  Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 This Warrant Agreement is made as
of October 17, 2007, between Global BPO Services Corp., a Delaware corporation, with offices at 177 Beacon Street, Unit 4 Boston, MA 02116 (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). 
 WHEREAS, the
Company is engaged in a public offering (the “Public Offering”) of units (the “Units”) and, in connection therewith, has determined to issue and deliver up to (i) 31,250,000 warrants (the “Public
Warrants”) to the public investors, (ii) 7,500,000 warrants (the “Private Warrants”) in a private placement on or prior to the date of the prospectus filed pursuant to the Company’s Public Offering (the
“Prospectus”) and (iii) 3,125,000 warrants to Deutsche Bank Securities Inc. (the “Representative”) and Robert W. Baird & Co. Incorporated or their designees (the “Representative’s
Warrants” and, together with the Public Warrants and the Private Warrants, the “Warrant(s)”), each of such Warrants evidencing the right of the holder thereof to purchase one share of common stock, par value $0.001 per
share, of the Company (the “Common Stock”) for $6.00 per share for the Public Warrants and the Private Warrants, and $7.20 per share for the Representative’s Warrants, in each case subject to adjustments as described herein;

 WHEREAS, the Company has filed, with the Securities and Exchange Commission, a registration statement, No. 333-144447,
on Form S-1 (the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Public Warrants and the Representative’s Warrants and
the Common Stock issuable upon exercise of the Public Warrants and the Representative’s Warrants; 
 WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as
provided herein, the legally valid and binding obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to
perform the same in accordance with the terms and conditions set forth in this Agreement. 

 2. Warrants. 
 2.1. Form of Warrant. Each Warrant shall be issued in registered form only, and the Public Warrant shall be in
substantially the form of Exhibit A hereto, the provisions of which are incorporated herein, and each Warrant shall be signed by, or bear the facsimile signature of, the Chairman of the Board, the Chief Executive Officer or the President, and
the Treasurer, Secretary or Assistant Secretary of the Company, and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 
 2.2. Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a
Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3.
Registration. 
 2.3.1. Warrant Register. The Warrant Agent shall maintain books (“Warrant
Register”), for the registration of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in
such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2. Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register
(“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the warrant certificate made by anyone other than the Company or the
Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4. Detachability of Warrants. The securities comprising the Units will not be separately transferable until five
business days (or as soon as practicable thereafter) following the earlier to occur of (1) the expiration or termination of the Representatives’ over-allotment option and (2) its exercise in full, subject in either case to the Company
having filed a Current Report on Form 8-K with the Securities and Exchange Commission, containing an audited balance sheet reflecting its receipt of the gross proceeds of the Public Offering and issuing a press release announcing when such separate
trading will begin, but in no event will the Representative allow separate trading of the securities comprising the Units until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the
Company of the gross proceeds of the Public Offering, including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option, if the over-allotment option is exercised prior to the filing of the Form 8-K.

  

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 3. Terms and Exercise of Warrants. 
 3.1. Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder
thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $6.00 per whole share in the case of the Public Warrants and the
Private Warrants, and $7.20 per whole share in the case of the Representative’s Warrant, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as
defined below) for a period of not less than ten business days, provided that any such reduction shall be identical among all of the Warrants. 
 3.2. Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of (i) the consummation by the Company through a
merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar business combination of at least majority ownership of one or more domestic or international operating businesses in the
business process outsourcing industry, having a fair market value of at least 80% of the Company’s net assets held in trust (net of taxes and amounts permitted to be disbursed for working capital purposes and excluding the amount held in the
trust account representing the Representative’s deferred discount) at the time of such acquisition, as described more fully in the Company’s Registration Statement (“Business Combination”) or (ii) October 17,
2008, and terminating at 5:00 p.m., New York City time, on the earlier to occur of (i) October 17, 2011 or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement (“Expiration
Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will
provide notice to registered holders of the Warrants of such extension of not less than 20 days and, further provided that any such extension shall be identical in duration among all of the Warrants. Notwithstanding the foregoing, a Warrant can
expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
  

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 3.3. Exercise of Warrants. 
 3.3.1. Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by
the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the
subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the Company, or by a net-exercise in the case of the
Private Warrants, the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and
the issuance of the Common Stock. 
 3.3.2. Issuance of Certificates. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates representing the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not
have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Public Warrant or Representative’s Warrant unless (i) a registration statement under the Act
with respect to the Common Stock issuable upon exercise is effective, or (ii) in the opinion of counsel to the Company, the exercise of a Public Warrant or Representative’s Warrant is exempt from the registration requirements of the Act
and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holder resides. Warrants may not be exercised by, or securities issued to, any
registered holder in any state in which such exercise or issuance would be unlawful. In no event shall the registered holder of a Warrant be entitled to receive a net-cash settlement or other consideration in lieu of physical settlement in shares of
Common Stock of the Company. The Public Warrants and Representative’s Warrant may expire unexercised and worthless if a current registration statement covering the Common Stock is not effective. 
 3.3.3. Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this
Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4. Date of Issuance. Each person
or entity in whose name any such certificate for shares of Common Stock is issued shall, for all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price
was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the stock transfer books are open. 
  

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 4. Adjustments. 
 4.1. Stock Dividends—Split-Ups. If, after the date hereof, and subject to the provisions of Section 4.6
below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend,
split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 
 4.2. Extraordinary Dividend. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a
dividend or make a distribution in cash, securities or other assets to the holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in Sections 4.1, 4.3
or 4.5, (b) regular quarterly or other periodic dividends, (c) in connection with the conversion rights of the holders of Common Stock upon consummation of the Company’s initial Business Combination, or (d) in connection with the
Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price (other
than with respect to the Representative’s Warrants) shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s Board
of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. 
 4.3. Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.7, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of
Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 4.4. Adjustments in Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.3 above, the Warrant
Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price, immediately prior to such adjustment, by a fraction, (i) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the
Warrants immediately prior to such adjustment, and (ii) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
  

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 4.5. Replacement of Securities upon Reorganization, etc. In case of
any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Sections 4.1 or 4.3 hereof or one that solely affects the par value of such shares of Common Stock), or, in the case of any merger or
consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of
Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the Warrant
holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of
Common Stock covered by Sections 4.1 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. 
 4.6. Notices of Changes in
Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5 the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.7. No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason
of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole
number the number of the shares of Common Stock to be issued to the Warrant holder. 
 4.8. Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants

  

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initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that
does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into the Warrant Register, upon surrender of such Warrant for transfer,
properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon the Company’s request. 
 5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written
request for exchange or transfer, and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants;
provided, however, that, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of
counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3. Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a
Warrant. 
 5.4. Service Charges. No service charge shall be made for any exchange or registration of
transfer of Warrants. 
 5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Redemption. 
 6.1. Redemption. Subject to Section 6.4 hereof and the penultimate sentence of this Section 6.1, in whole
and not in part, the outstanding Public Warrants and Representative’s Warrants may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant

  

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Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock is equal to
or greater than $11.50 per share for any twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding the foregoing, the
Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. No Private Warrants shall be redeemable so long as such Private Warrant is held in the name of the original person or
entity to which the Company issued such Private Warrant or, (i) in the case of holders who are natural persons, in the name of any person related to such natural person by blood, marriage or adoption or in the name of a trust established for
the benefit of such natural person or permitted transferee or (ii) in the case of a holder that is an entity, in the name of any subsidiary, parent or other affiliate thereof. For the avoidance of doubt, the Company may redeem the Public
Warrants and Representative’s Warrants only if there is an effective registration statement with respect to the Common Stock to enable the exercise of the Public Warrants and Representative’s Warrants during the period specified in
Section 6.3 hereof. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representative. 
 6.2. Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Public
Warrants and Representative’s Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to
the registered holders of the Public Warrants and Representative’s Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given, whether or not the registered holder received such notice. 
 6.3. Exercise After Notice
of Redemption. The Public Warrants and Representative’s Warrants may be exercised in accordance with Section 3 of this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to
Section 6.2 hereof and prior to the time and date fixed for redemption. On and after the redemption date, the record holder of the Public Warrants and Representative’s Warrants shall have no further rights except to receive, upon surrender
of the Public Warrants and Representative’s Warrants, the Redemption Price. 
 6.4. Outstanding Public
Warrants and Representative’s Warrants Only. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Public Warrants and Representative’s Warrants. To the extent a person holds
rights to purchase Public Warrants or Representative’s Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Public Warrants or Representative’s
Warrants issued upon such exercise, provided that the criterion for redemption is met. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the Representative. 
  

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 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1. No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders
or the election of directors of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 7.3.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Warrant Agreement. 
 7.4. Registration of Common Stock. The Company agrees that, prior
to the commencement of the Exercise Period, it shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration under the Act of, and it shall take
such action as is necessary to qualify for sale in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the
same to become effective on or prior to the commencement of the Exercise Period and to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement. In
addition, the Company agrees to use its reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available. The provisions of this
Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representative. Notwithstanding the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the Act
with respect to the Common Stock issuable upon exercise of the Warrants. 
 8. Concerning the Warrant Agent and Other
Matters. 
 8.1. Payment of Taxes. The Company will, from time to time, promptly pay all taxes and
charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the
Warrants or such shares. 
  

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 8.2. Resignation, Consolidation, or Merger of Warrant Agent.

 8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter
appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or
incapacity to act or otherwise, the Company shall appoint, in writing, a successor warrant agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of
such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the
State of New York for the County of New York for the appointment of a successor warrant agent. Any successor warrant agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and have its principal office in the Borough of Manhattan, City and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authorities. After appointment, any successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor warrant agent with like effect as if originally named as warrant agent
hereunder, without any further act or deed; but, if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor warrant
agent all the authority, powers, and rights of such predecessor warrant agent hereunder; and, upon request of any successor warrant agent, the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully
and effectually vesting in and confirming to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations. 
 8.2.2. Notice of Successor Warrant Agent. In the event a successor warrant agent shall be appointed, the Company shall give notice thereof to the predecessor warrant agent and the transfer agent
for the Common Stock not later than the effective date of any such appointment. 
 8.2.3. Merger or
Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be
the successor warrant agent under this Warrant Agreement without any further act on the part of the Company or the Warrant Agent. 
  

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 8.3. Fees and Expenses of Warrant Agent. 
 8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant
Agent hereunder as set forth on Exhibit B hereto and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge and deliver, or cause to be performed,
executed, acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 
 8.4. Liability of Warrant Agent. 
 8.4.1. Reliance on Company Statement. Whenever, in the performance of its duties under this Warrant Agreement, the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chairman of the Board or President of the Company and delivered to the Warrant Agent. The Warrant Agent may rely
upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2. Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless
against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement, except as a result of the Warrant Agent’s negligence, willful
misconduct or bad faith. 
 8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect
to the validity of this Warrant Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this
Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable. 
  

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 8.5. Acceptance of Agency. The Warrant Agent hereby accepts the
agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6. Waiver. The Warrant Agent hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder), and
hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 
 9. Miscellaneous Provisions. 
 9.1. Successors. All
the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2. Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant
Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent)
as follows: 
 Global BPO Services Corp. 
 177 Beacon Street, Unit 4 
 Boston, Massachusetts 02116 
 Attn: R. Scott Murray, Chief Executive Officer 
 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or sent by
registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 

New York, New York 10004 
 Attn: Compliance Department 
  

 - 12 - 

 With a copy in each case to: 
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Attn: Mark Borden, Esq. 
 and 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South
Grand Avenue. 42nd Floor 
 Los Angeles, California 90071 
 Attn: Gregg A. Noel, Esq. 
 and 
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Attn: Syndicate Manager 
 Fax: (212) 797-9344 
 Any notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt
thereof by the party to whom it is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification thereof.

 9.3. Applicable Law. The validity, interpretation, and performance of this Warrant Agreement and of the
Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this
Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. 
 9.4. Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement
expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation, other than the parties hereto and the registered holders of the Warrants and, for
the purposes of Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof, the Representative,

  

 - 13 - 

 
any right, remedy or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof. The Representative shall be deemed to be a
third-party beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant Agreement shall be for the sole and
exclusive benefit of the parties hereto (and the Representative, with respect to Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 9.5. Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times
at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection.

 9.6. Counterparts; Facsimile Signatures. This Warrant Agreement may be executed in any number of
counterparts, and each of such counterparts shall, for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Facsimile signatures shall constitute original signatures for all
purposes of this Warrant Agreement. 
 9.7. Effect of Headings. The section headings herein are for
convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8. Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision
contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of
the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of each of the Representative and the registered holders of a
majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 

9.9. Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any
term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 (Remainder of page intentionally left blank. Signature page immediately follows.) 
  

 - 14 - 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as
of the day and year first above written. 
  

			
	 CONTINENTAL STOCK TRANSFER &
 TRUST COMPANY, as Trustee

		
	By:	 	 /s/ Gregory P. Denman

	Name:	 	 Gregory P. Denman

	Title:	 	 Vice President

	
	GLOBAL BPO SERVICES CORP.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Chief Executive Officer

  

 - 15 - 

 EXHIBIT A 
 Form of Public Warrant 
  

 - 16 - 

 

 
 (SEE REVERSE SIDE FOR LEGEND) 
 THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. EASTERN TIME, OCTOBER 17, 2011 OR UPON EARLIER REDEMPTION

 W A R R A N T S 
 CUSIP 378981 11 2 
 GLOBAL BPO SERVICES CORP.

 WARRANT 
 THIS CERTIFIES THAT, for value received 
 is the
registered holder of a Warrant or Warrants expiring at 5:00 p.m., Eastern Time, October 17, 2011, or upon earlier redemption (the “Warrant”), to purchase one fully paid and non-assessable share of Common Stock, par value $0.001 per share
(“Shares”), of Global BPO Services Corp., a Delaware corporation (the “Company”), for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing on the
later of (i) October 17, 2008 and (ii) the completion by the Company of an initial acquisition through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar business combination
of one or more domestic or international operating businesses, which meets the size, timing and other criteria outlined in the Company’s registration statement on Form S-1 initially filed with the Securities and Exchange Commission on July 10,
2007 (File No. 333-144447), as amended, such number of Shares of the Company at the price of $6.00 per share, upon surrender of this Warrant Certificate accompanied by the annexed duly executed subscription form and payment of the Warrant Price (as
hereinafter defined), in cash, at the office or agency of the Warrant Agent, 17 Battery Place, New York, New York 10004 (such payment to be made by check made payable to the Warrant Agent), but only subject to the conditions set forth herein and in
the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company (the “Warrant Agreement”); in no event shall the registered holder of this Warrant be entitled to receive a net cash settlement, shares of common
stock or other consideration in lieu of physical settlement in Shares of the Company. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Warrant Shares purchasable hereunder, may, subject to
certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant is exercised. 
 No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive
a fraction of a Share upon any exercise of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number of Shares to be issued to such holder. Upon any exercise of the Warrant for less than the total number of
full Shares provided for herein, there shall be issued to the registered holder hereof or his assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the registered holder hereof in person
or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants. 
 Upon due presentment for registration of
transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge. 
 The Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 This Warrant does not entitle the registered holder to any of the rights of a stockholder of the Company. 
 The Company reserves the right to redeem, in whole and not in part, the then outstanding Warrants, with a notice of
redemption in writing to the holders of record of the Warrants then outstanding, giving 30 days’ notice of such redemption at any time after such Warrants become exercisable if the last sale price of the Shares equals or exceeds $11.50 per
share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of such redemption is given. The Company may not redeem the Warrants unless the Warrants comprising the units sold in the
Company’s initial public offering and the shares of common stock underlying those Warrants are covered by an effective registration statement from the beginning of the measurement period through the date fixed for the redemption. The redemption
price of the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of redemption shall be cancelled on the books of the Company and have no further value
except for the $.01 redemption price. 
 Dated: 
 COUNTERSIGNED 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
 (Jersey City, N.J.) AS WARRANT AGENT BY: 
 AUTHORIZED OFFICER 
 PRESIDENT AND CHIEF EXECUTIVE OFFICER 
 EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL AND CORPORATE SECRETARY 
 AMERICAN BANK NOTE COMPANY 711 ARMSTRONG LANE 
 COLUMBIA, TENNESSEE 38401 (931) 388-3003 SALES:
RICHARD JOHNS 516-731-2885 
 7 / LIVE JOBS / G / GLOBAL 27911 FC Lot 2 
 PRODUCTION COORDINATOR: MIKE PETERS 931-490-1714 PROOF OF: OCTOBER 18, 2007 
 GLOBAL BPO SERVICES CORP. 
 TSB 27911 FC LOT 2 
 OPERATOR: AP/RM/AP/RM/AP/R

 REV. 10 
 PLEASE INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF: OK AS IS OK WITH CHANGES MAKE CHANGES AND SEND ANOTHER PROOF 
 Colors Selected for Printing: Intaglio prints in SC-3 dark green. 
 COLOR: This proof was printed from a digital file or artwork on a graphics quality, color laser printer. It is a good
representation of the color as it will appear on the final product. However, it is not an exact color rendition, and the final printed product may appear slightly different from the proof due to the difference between the dyes and printing ink.

 NOTE: Text that is sent in by disk or e-mail is not proofread word for word. 

 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder in Order to Exercise Warrants 
 The
undersigned Registered Holder irrevocably elects to exercise                      Warrants represented by this Warrant Certificate, and to
purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of 
  

			
	 
	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	
	 
	
	 
	
	 
	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
		
	and be delivered to	  	 
		  	 (PLEASE PRINT OR TYPE NAME AND ADDRESS)

	
	 

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate,
that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below: 
  

									
	Dated:	 	 	 		 		 	 
		 		 		 		 	(SIGNATURE)
					
		 		 		 		 	 
		 		 		 		 	(ADDRESS)
					
		 		 		 		 	 
					
		 		 		 		 	 
		 		 		 		 	(TAX IDENTIFICATION NUMBER)

 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For
Value Received,
                                         
        hereby sells, assigns, and transfers unto 
  

			
	 
	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	
	 
	
	 
	
	 
	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

                                        
  of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitutes and appoints
                                         
        Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
  

									
	Dated:	 	 	 		 		 	 
		 		 		 		 	(SIGNATURE)

 THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE
FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE OR THE NEW YORK STOCK
EXCHANGE. 

 EXHIBIT B 
 Warrant Agent Fees 
  

 - 19 - 

 Continental’s fees for the first year will total approximately $17,100.00. 
 The total breaks down as follows: 
  

				
	 Transfer agent services
	  	$	400/month
	 administration fee
	  		
	 Warrant agent services
	  	$	200/month
	 administration fee
	  		
	 Escrow agent services
	  	$	200/month
	 administration fee
	  		
		
	Initial Public Offering:	  		
	 Administration fee
	  	$	3,500
		
	Investment Management Trustee services:	  		
	 Set-up fee
	  	$	1,000
	 Annual admin
	  	$	3,000
	 Income distribution fee
	  	$	250/distributionEmployment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement
(“Agreement”) is effective as of this 4th day of
May, 2007, between Monarch Mortgage, a division of Monarch Bank (“Monarch Mortgage”), and Edward O. Yoder (“Employee”). 
 WHEREAS, Monarch Mortgage desires to employ Employee to serve as its President and Chief Executive Officer of the mortgage lending division of Monarch Bank, and Employee is willing to accept such continued employment in accordance
with the terms of this Agreement; and 
 WHEREAS, Employee and Monarch Mortgage desire to enter into this Agreement; and 
 WHEREAS, Employee recognizes the importance to Monarch Mortgage and to the public of maintaining the high standards and quality associated with
Monarch Bank and Monarch Mortgage’s name and reputation, and is willing to maintain such high standards and quality; 
 NOW,
THEREFORE, it is agreed as follows: 
 1. TERM OF EMPLOYMENT: Subject to the provisions of this Agreement, Monarch Mortgage will employ
Employee for an initial term of two (2) years, beginning on the Effective Date of May 1, 2007 (“Initial Term”). Not less than three (3) months prior to the expiration of the Initial Term, Monarch Bank’s President and
Chief Executive Officer, or a to be designated party should these titles be held by more than one party, (the “President”) shall conduct and complete a review of Employee’s performance. 
 1.1 If the President determines upon such review that Employee has performed in accordance with Monarch Mortgage’s performance criteria, no further
action will be necessary, and Monarch Mortgage shall employ Employee for an additional two-year period under the terms herein (“Successor Term”). Thereafter, this Agreement shall automatically renew for successive two-year periods unless
either party gives three (3) months written notice prior to the expiration of any two-year term that it desires to terminate this Agreement. If Monarch Mortgage terminates this Agreement at the expiration of one of the Successor Terms, Employee
will not be entitled to any additional wages, compensation or benefits other than those due through the end of the Successor Term. 
 1.2 If the
President determines upon such review that Employee has not performed in accordance with Monarch Mortgage’s performance criteria, it shall so notify Employee in writing at least three (3) months prior to the expiration of the Initial Term
hereof that this Agreement will not be renewed (“Notice of Non-Renewal”), and this Agreement shall expire and the employment created herein shall end at the conclusion of the Initial Term. If Monarch Mortgage terminates this Agreement at
the end of the Initial Term, Employee shall also receive three additional month’s regular base salary following expiration pursuant to Monarch Mortgage’s regular pay schedule. 
 1.3 The regular base salary payable both prior to and following expiration as provided in subparagraph 1.2 shall not be paid if Employee competes with Monarch Mortgage in violation of subparagraphs 6.2
and 10.4 hereof. 
 1.4 Monarch Mortgage, in its sole discretion, shall have the option but not the obligation of relieving Employee of actually
performing any services following the giving of a Notice of Non-Renewal. Employee shall nonetheless be paid as provided in subparagraph 1.2 provided he neither seeks or accepts employment in competition with Monarch Mortgage as provided in
subparagraph 1.3 nor breaches any other provision hereof. 
 2. DUTIES: During his employment, Employee will devote his best efforts and
substantially his full professional time to the business and affairs of Monarch Mortgage, perform such services not inconsistent with his position as are designated by the President, and use his best efforts to promote the interest of Monarch
Mortgage and Monarch Bank. Employee pledges that during the term of this Agreement, Employee

 
shall not, directly or indirectly, engage in any business that could detract from Employee’s ability to apply his best efforts to the performance of his duties hereunder. Employee further
agrees to comply with all rules, regulations and policies established or issued by Monarch Mortgage or Monarch Bank. Subject to, and without limiting, the first sentence of this paragraph 2, the foregoing duties and obligations of Employee shall not
prohibit Employee from serving as a director of entities not affiliated with Monarch Mortgage, or from devoting time to charitable organizations, personal investing or personal leisure activities. 
 3. COMPENSATION: Monarch Mortgage will pay Employee a regular base salary commensurate with his position and performance, such salary to be determined from
time to time by the Board of Directors, but to be not less than $165,000 per year during the term of this Agreement. Such salary will be payable in periodic installments on the same basis as that of other employees of Monarch Bank who hold executive
positions. In addition to salary, Employee shall be entitled to receive the following compensation while employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement: 
 3.1 For each quarterly period that Employee is employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement, Employee will receive a
percentage of the quarterly pre-tax profit of Monarch Mortgage (the “Profit Bonus”) to distribute to employees, including himself, as appropriate. For purposes of this paragraph 3, (i) Profit Bonus pool shall equal twenty-five
(25%) Percent of the quarterly net book income before taxes of Monarch Mortgage based on its historical accounting practices and internal financial reports consistently and reasonably computed and (ii) Monarch Mortgage shall mean the
assets, business and activities of the residential mortgage lending division of Monarch Mortgage, together with the functionally related assets of Monarch Mortgage regardless of the specific entity that legally owns or conducts such assets, business
or activities; provided, however, that Monarch Mortgage shall not include any non-residential or non-retail mortgage lending activities that Monarch Mortgage, acting in good faith and upon prior notice to Employee, determines cannot be efficiently
conducted through Monarch Mortgage. The Profit Bonus shall be payable with respect to Monarch Mortgage’s pre-tax profit during the fiscal quarters ending March 31, June 30, September 30 and December 31, beginning
with the quarter ending September 30, 2007. Any Profit Bonus to which Employee is entitled shall be paid by the day that is 45 days following the end of the quarter for which the Profit Bonus was earned. In the event that, during any quarterly
period, Monarch Mortgage suffers a pre-tax loss, then the amount of such pre-tax loss shall be carried forward into one or more subsequent quarterly periods such that (i) the pre-tax losses shall be credited against (i.e. subtracted from)
subsequent quarterly pre-tax profits for purposes of determining whether a Profit Bonus is payable for any subsequent quarters and the amount of such Profit Bonus and (ii) no Profit Bonus shall be payable to Employee during any calendar year
if, as of the end of any given quarter during the year, Monarch Mortgage has suffered a net pre-tax loss on a year to date basis. Employee, subject to the approval of the Monarch Bank’s President, shall determine on a quarterly basis
(i) which employees, including himself, of Monarch Mortgage will be entitled to the Profit Bonus; and (ii) what portion, if any, of the pre-tax profit pool each eligible employee will receive. It is the intent of the parties that Employee
shall not in any quarter award more than half of the entire Profit Bonus Pool to himself. 
 3.2 Employee shall be entitled to receive a
percentage of the quarterly spread income bonus equal to ten percent (10.0 %) percent of the spread income of Monarch Mortgage, as the term is defined herein (“Spread Income Bonus”) to distribute to employees, including himself, as
appropriate. The Spread Income Bonus shall be payable with respect to Monarch Mortgage’s spread income for each of Monarch Mortgage’s fiscal quarters ending March 31, June 30, September 30, and December 31,
beginning with the quarter ending September 30, 2007. Employee, subject to the approval of the Monarch Bank’s President, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled
to the Spread Income Bonus; and (ii) what portion, if any, of the Spread Income pool each eligible employee will receive. Any Spread Income Bonus due shall be paid to Employee within 45 days following the end of the quarter for which the Spread
Income Bonus is earned. For purposes of this Agreement, “Spread Income” shall mean the income earned by Monarch Mortgage from the time Monarch Mortgage’s loans close until the time such loans are sold to third party investors, as
determined by the excess of the interest rate earned by Monarch Mortgage on such loans over Monarch Mortgage’s cost of funds. Monarch Mortgage’s cost of funds shall be determined by Monarch Bank in good faith based on its actual cost of
funds designated to support Monarch Mortgage’s funding activity with the addition of a reasonable overhead factor. 
  

 2 

 3.3 Employee shall be entitled to commissions up to 65 basis points of his personal production as determined
by Monarch Bank’s President. 
 3.4 The provisions of paragraph 3 related to the Profit Bonus, Spread Income Bonus and personal production
commissions shall not prohibit in any respect Monarch Mortgage’s right to discontinue its residential mortgage lending operations if Monarch Mortgages determines in good faith that such operations are not profitable on a sustained basis, are no
longer allowed under applicable law as in effect from time to time or otherwise are not in the best interests of Monarch Mortgage. 
 3.5 In the
event that, during the Initial Term or Successor Term, Employee’s employment under this Agreement is terminated without cause (as the term cause is defined in paragraph 6), then a partial quarter Profit Bonus and Spread Income Bonus shall be
payable based on Monarch Mortgage Mortgage’s pre-tax profit and Spread Income for the period beginning on the first day of the quarter in which employment is terminated and ending on the date of such termination. Any partial quarter Profit
Bonus or Spread Income Bonus shall be payable by the day that is forty-five (45) days after the end of the quarter in which termination occurs and shall be calculated in accordance with the provisions of this paragraph 3 above. Except as
otherwise set forth in this subparagraph 3.2, in the event Employee’s employment with Monarch Mortgage is terminated during the Initial Term or any Successor Term, Employee shall not be entitled to receive a partial quarter or pro-rated Profit
Bonus or Spread Income Bonus for the period beginning on the first day of the quarter in which termination occurs and ending on the date of termination. 
 BENEFITS 
 4.1. During each full year of employment, Employee shall have 26 days of paid time off.

 4.2. During Employee’s employment with Monarch Mortgage, Employee will be provided with a reasonable leased automobile and fuel expense
reimbursement, or automobile allowance, as determined by Employee and Monarch Bank’s President. 
 4.3. Employee will be eligible to
participate in Monarch Mortgage’s 401 (k) Plan, under the terms and conditions of such Plan as modified from time to time. As of the date of this Agreement, (i) Monarch Mortgage employees have the option of deferring up to 6% of their
base compensation on a pre-tax basis in various investment options and (ii) matching contributions are made at the sole discretion of Monarch Bank’s Board of Directors. 
 4.4. Employee will participate in the various employee benefits, disability and retirement plans provided for similarly situated employees according to the terms and conditions of those plans, as
determined by the Monarch Bank’s Board of Directors. Employee is eligible for health, dental, life, and disability insurance through Monarch Mortgage’s plans, under the specific terms and conditions of such plan as in effect from time to
time. 
 4.5. Employee will participate in Monarch Bank’s Supplemental Executive Retirement Plan (“SERP”), pursuant to which
Employee will be eligible to receive a retirement benefit of $30,000 per year for ten (10) years following Employee’s retirement from Monarch Mortgage. The SERP benefit (i) is contingent upon Employee being employed by Monarch
Mortgage for not less than ten (10) years, and (ii) will first be paid upon the Employee’s retirement from Monarch Mortgage or Employee reaching 65 years of age. Terms and conditions of this plan are in the plan document which
includes, among other provisions, that in the event of change of control of Monarch Bank Financial Holdings, Inc., the SERP benefits shall vest and be funded. 
 5. DISABILITY: In the event that Employee, by reason of physical or mental incapacity or disability (“Disability”), is unable, with or without reasonable accommodation, to perform his duties and
responsibilities under this Agreement, then Monarch Mortgage will pay to Employee his regular base salary for a three (3)

  

 3 

 
month period following the date on which the Disability first begins, after which time it is intended that the payments under the disability insurance maintained by Monarch Mortgage for Employee
will be in effect. Thereafter, Monarch Mortgage will have no obligation to pay Employee any compensation under this Agreement; provided, however, that for a period of one (1) year following the date the Disability first begins, Employee shall
have the right to return to employment under this Agreement if Employee, with or without reasonable accommodation, is again able to fully perform his duties. Upon such a return to employment, Employee shall work as mutually agreed upon by Monarch
Mortgage and Employee, and Employee shall receive the same compensation and benefits as set forth in this Agreement, subject to appropriate pro-ration of compensation if Employee works less than the same schedule he had previously worked.

 6. TERMINATION WITHOUT CAUSE; SEVERANCE PAY: 
 6.1 During the Initial or any Successor Terms Monarch Mortgage may terminate Employee’s employment without cause upon 30 days prior written notice. However, if Monarch Mortgage terminates
employee’s employment pursuant to this subparagraph 6.1 , Monarch Mortgage shall pay to Employee, on its regular payroll dates, an amount equal to the greater of: (i) the unpaid salary (at the rate in effect at the time the notice of
termination was given) that would otherwise have been paid to the Employee pursuant to this Agreement for the period from the effective date of termination to the end of the Term or (ii) one (1) year’s annual salary of the Employee in
effect at the time the notice of termination was given (the “Severance Pay”). The Severance Pay provisions of this paragraph shall not apply if Monarch Mortgage provides notice of termination as set forth in paragraphs 1.1 or 1.2 of this
Agreement. Notwithstanding the foregoing, in the event Employee elects to compete with Monarch Mortgage as described below in paragraphs 6.2 and 10.4, Monarch Mortgage shall have the right to immediately terminate Employee’s Severance Pay.

 6.2 It is the specific intent of the parties that as long as Employee is receiving Severance Pay, Employee shall comply with non-competition
covenant contained in paragraph 10.4 of this Agreement. 
 6.3. Monarch Mortgage and Employee have examined in detail paragraphs 6 and 10 and
agree that the restraints imposed upon Employee are reasonable in light of the legitimate interests of Employer, and are not unduly harsh upon Employee’s ability to earn a livelihood. The parties further agree that any breach of this agreement
by Monarch, whether or not it pre-dates a breach by Employee shall not serve as defense to the enforcement of the restrictive covenants contained in this agreement. 
 6.4 Notwithstanding any provision of this Agreement to the contrary, any payments made to Employee pursuant to this Agreement, or otherwise, are subject to and conditional upon their compliance with 12
U.S.C. § 1828(k) and any regulations promulgated hereunder. 
 7. TERMINATION FOR CAUSE: The Employee’s employment may be terminated
at any time by Monarch Mortgage for “cause.” As used in this Agreement, the term “cause” means (i) personal dishonesty; (ii) gross neglect related to employment; (iii) incompetence; (iv) willful misconduct;
(v) breach of loyalty or fiduciary duty to Monarch Mortgage; (vi) intentional failure to perform assigned or agreed upon duties; (vii) willful violation of any law, rule, or regulation (other than traffic violations or similar
offenses); or (viii) material breach of any provision of this Agreement. Termination by Monarch Mortgage for cause shall be determined by the vote of at least 51% of all of the members of the Monarch Bank Board of Directors. If the employment
is so terminated, Employee will be entitled to receive any regular salary earned and employee benefits accrued as of the date of such termination, but Monarch Mortgage will have no further obligation to Employee hereunder from and after such date.

 8. TERMINATION BY EMPLOYEE: Employee may resign from the employment of Monarch Mortgage at any time upon 90 days’ prior written notice.
Upon such resignation, Employee shall have no rights to any further compensation or benefits after the 90-day notice period has expired. Monarch Mortgage reserves the option but not the obligation to relieve Employee from performance of work during
this period, but absent subsequent breach hereof, Monarch Mortgage shall be obligated to pay Employee the Employee’s regular base salary for the entire 90-day notice period. 
  

 4 

 REQUIRED PROVISIONS: 
 9.1 If Employee is suspended and/or temporarily prohibited from participating in the conduct of Monarch Mortgage’s affairs by a notice served under the Federal Deposit Insurance Act or any Virginia
State or Federal Regulatory Order, Monarch Mortgage’s obligations under this Agreement shall be suspended as of the date of service. If the charges in the notice are dismissed, Monarch Mortgage shall (i) pay Employee all or part of the
compensation withheld while its obligations under the Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 9.2 If Employee is removed and/or permanently prohibited from participating in the conduct of Monarch Mortgage’s affairs by an order issued under the Federal Deposit Insurance Act or any Virginia
State or Federal Regulatory Order, all obligations of Monarch Mortgage under this Agreement shall terminate as of the effective date of the order, but the Employee’s vested rights shall not be affected. 
 9.3 If Monarch Mortgage is in default as defined in the Federal Deposit Insurance Act or any Virginia State or Federal Regulatory Order, all obligations
under this Agreement shall terminate as of the date of default, but the operation of this subparagraph 9.3 shall not affect any of Employee’s vested rights. 
 9.4 Monarch Mortgage will use its commercially reasonable efforts to mitigate any adverse impact of subparagraphs 9.1, 9.2 and 9.3 on the Employee. 
 NONDISCLOSURE/NON COMPETITION: 
 10.1 Employee
agrees to hold and safeguard any information about Monarch Mortgage gained by Employee during the course of Employee’s employment. Employee shall not, without the prior written consent of Monarch Mortgage, disclose or make available to anyone
for use outside Monarch Mortgage’s organization at any time, either during his employment or subsequent to any termination of his employment, however such termination is effected, whether by Employee or Monarch Mortgage, with or without cause,
or expiration or non renewal of this Agreement, any information about Monarch Mortgage or its customers or suppliers, whether or not such information was developed by Employee, except as required in the performance of Employee’s duties for
Monarch Mortgage. 
 10.2 Employee understands and agrees that any information about Monarch Mortgage or Monarch Mortgage’s customers is
the property of Monarch Mortgage and is essential to the protection of Monarch Mortgage’s goodwill and to the maintenance of Monarch Mortgage’s competitive position and accordingly should be kept secret. Such information shall include, but
not be limited to, information containing Monarch Mortgage’s and any affiliated companies promotional plans and strategies, pricing strategies, customers and prospective customers, customer lists, identity of key personnel in the employ of
customers and prospective customers, computer programs, system documentation, manuals, ideas, or any other records or information belonging to Monarch Mortgage or relating to Monarch Mortgage’s Business (“Confidential Information”).
As used in this paragraph 10, the terms Business and Monarch Mortgage shall have the same meanings given to such terms elsewhere in this Agreement. Employee agrees that Monarch Mortgage’s Confidential Information is a trade secret as defined in
the Virginia Trade Secrets Act. 
 10.3 Employee understands and agrees that any information about Monarch Bank or Monarch Bank’s customers
is the property of Monarch Bank and is essential to the protection of Monarch Bank’s goodwill and to the maintenance of Monarch Bank’s competitive position and accordingly should be kept secret. Such information shall include, but not be
limited to, information containing Monarch Bank’s and any affiliated companies promotional plans and strategies, pricing strategies, customers and prospective customers, customer lists, identity of key personnel in the employ of customers and
prospective customers, computer programs, system documentation, manuals, ideas, or any other records or information belonging to Monarch Bank or relating to Monarch Bank’s Business (“Confidential Information”). As used in this
paragraph 10, the terms Business and Monarch Bank shall have the same meanings given to such terms elsewhere in this Agreement. Employee agrees that Monarch Bank’s Confidential Information is a trade secret as defined in the Virginia Trade
Secrets Act. 
  

 5 

 10.4 Not withstanding anything in subparagraph 10.1, 10.2 or 10.3 or subparagraph 10.4 to the contrary,
Monarch Mortgage agrees that the obligations of Employee set forth in subparagraphs 10.1, 10.2 or 10.3 shall not apply to any information which (i) becomes known generally to the public through no fault of the Employee; (ii) is required by
applicable law, legal process or any order or mandate of a court or other governmental authority to be disclosed; or (iii) is reasonably believed by Employee, based upon the advice of legal counsel, to be required to be disclosed in defense of
a lawsuit or other legal or administrative action brought against Employee; provided, that in the case of clauses (ii) or (iii) Employee shall give Monarch Mortgage reasonable advance written notice of the information intended to be
disclosed and the reasons and circumstances surrounding such disclosure in order to permit Monarch Mortgage to seek a protective order or other appropriate request for confidential treatment of the applicable information. 
 10.5 If Employee is terminated from employment pursuant to paragraphs 1.1, 1.2, 7 or 8 Employee agrees that for a period of 2 years from his termination he
will not “Compete” against Monarch Mortgage within a 30-mile radius of any office of Monarch Mortgage in existence on the date of his termination. For purposes of this paragraph “Compete” means that Employee shall be restricted
from acting in an executive level capacity, either as an employee, officer, board of directors member, or a contractor in the “Business” in which Employee engaged prior to the termination of employment and from the “Business”
about which Employee acquired proprietary or confidential information during the course of his employment. For purposes of this paragraph (i) the “Business” shall mean the business of mortgage lending and (ii) Monarch Mortgage
shall mean collectively Monarch Mortgage, Monarch Mortgage’s parent corporation Monarch Financial Holdings, Inc., and any of their direct or indirect subsidiaries or any other entity that is an affiliate of Monarch Mortgage as the term
affiliate is defined under Rule 12b-2 (or any successor rule thereto) under the Securities Exchange Act of 1934. 
 11. NON-SOLICITATION OF
EMPLOYEES: Employee agrees that during his employment hereunder and for a period of one year following termination of Employee’s employment, whether such termination is voluntary or involuntary, effected by Monarch Mortgage or by Employee,
regardless of cause, Employee shall not, directly or indirectly, hire, solicit or induce or attempt to hire, solicit or induce, any employee of Monarch Mortgage to become employed by Employee or any other person or entity or to perform services for
remuneration for Employee or any other person or entity regardless of the structure or nature of any such remunerative relationship. For purposes of this paragraph 11, an employee of Monarch Mortgage shall mean any individual who was employed by
Monarch Mortgage or any of its subsidiaries at the time of Employee’s termination or at any time during the six-month period immediately preceding such termination. As used in this paragraph 11, the term Monarch Mortgage shall have the same
meaning given to such term in paragraph 6. 
 12. ENTIRE AGREEMENT: This Agreement supersede any and all other agreements, either oral or in
writing, between the parties hereto with respect to the employment of Employee by Monarch Mortgage or any affiliate of Monarch Mortgage and contains all the covenants and agreements between the parties with respect to such employment. Each party to
this Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of either party, which is not embodied herein, and that no other agreement,
statement or promise not contained in this Agreement t will be valid or binding. Any modification of these Agreements will be effective only if it is in writing signed by the party to be charged. 
 13. BINDING EFFECT: This Agreement will be binding upon and inure to the benefit of each of the parties and their successors. 
 14. LAW GOVERNING AGREEMENT: This Agreement will be governed and construed in accordance with the laws of the Commonwealth of Virginia. 
  

 6 

 15. CONFLICT WITH REGULATIONS: The requirements of 12 C.F.R. § 563.39(b) (the “Employment
Agreement Regulations”) shall be made part of this Agreement and are incorporated by reference. If any provision of this Agreement conflicts with the Employment Agreement Regulations, the Employment Agreement Regulations shall govern.

 16. PARTIAL INVALIDITY: If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remaining provisions will nevertheless continue in full force and effect. 
 17. SEVERABILITY: If any clause or provision of this Agreement
is held to be illegal, invalid, or unenforceable under present or future laws effective during the term hereof, then the remainder of this Agreement shall not be affected thereby, and in lieu of each clause or provision of this Agreement which is
illegal, invalid or unenforceable, and specifically including the restrictions on competition in paragraph 6, there shall be added, as a part of this Agreement, a clause or provision as similar in terms to such illegal, invalid or unenforceable
clause or provision as may be possible and as may be legal, valid, and enforceable. 
 18. NOTICES: Any notices to be given hereunder by either
party to the other may be effected either by personal delivery in writing or by mail, registered or certified, postage prepaid, with return receipt requested. Mailed notices will be addressed to the parties at the addresses appearing herein, but
each party may change his address by written notice in accordance with this paragraph. Notices delivered personally will be deemed communicated as of actual receipt; mailed notices will be deemed communicated as of five (5) days after mailing.

 TO: 
 Monarch Bank 
 Attention: President 
 1101 Executive Boulevard

 Chesapeake, Virginia 23320 
 TO:

 Edward O. Yoder, at the address provided by him to Monarch Mortgage and appearing on Monarch Mortgage’s payroll and employee records from
time to time 
 19. COUNTERPARTS: This Agreement may be executed in counterparts, together which shall constitute one and the same instrument.

 IN WITNESS WHEREOF, Monarch Bank has caused this Agreement to be executed in its name and behalf by its proper officers, thereunto duly
authorized, and Employee has set his hand as of the date first above written. 
  

									
	EMPLOYEE NAME	 		 	MONARCH BANK
					
	By:	 	 /s/    Edward O. Yoder
	 		 	By:	 	 /s/    William F. Rountree

		 	Edward O. Yoder	 		 		 	William F. Rountree
					
	Date:	 	 May 4, 2007
	 		 	Date:	 	 May 4, 2007

  

 7 

 ADDEMDUM TO EMPLOYMENT AGREEMENT 
 This addendum to the Employment Agreement between Monarch Mortgage and Edward O. Yoder modifies and supersedes sections 3.1 and 3.2 of that agreement dated
May 4, 2007. This addendum is designed to clarify compensation issues related to the Profit Bonus Pool and the Payment of the Spread Income Bonus. This addendum, once signed by both parties, will be effective as of January 1, 2008 and for all
periods thereafter. 
 New Section 3.1 
 3.1 For each quarterly period that Employee is employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement, Employee will receive a percentage of the quarterly pre-tax profit of Monarch Mortgage (the “Profit
Bonus”) to distribute to employees, including himself, as appropriate. For purposes of this paragraph 3, (i) Profit Bonus pool shall equal twenty-five (25%) Percent of the quarterly net book income before taxes of Monarch Mortgage based on its
historical accounting practices and internal financial reports consistently and reasonably computed and (ii) Monarch Mortgage shall mean the assets, business and activities of the residential mortgage lending division of Monarch Mortgage, together
with the functionally related assets of Monarch Mortgage regardless of the specific entity that legally owns or conducts such assets, business or activities; provided, however, that Monarch Mortgage shall not include any non-residential or
non-retail mortgage lending activities that Monarch Mortgage, acting in good faith and upon prior notice to Employee, determines cannot be efficiently conducted through Monarch Mortgage. The Profit Bonus shall be payable with respect to Monarch
Mortgage’s pre-tax profit during the fiscal quarters ending March 31, June 30, September 30 and December 31, beginning with the quarter ending September 30, 2007. Any Profit Bonus to which Employee is entitled shall be paid by the day that is
45 days following the end of the quarter for which the Profit Bonus was earned. In the event that, during any quarterly period, Monarch Mortgage suffers a pre-tax loss, then the amount of such pre-tax loss shall be carried forward into one or more
subsequent quarterly periods such that (i) the pre-tax losses shall be credited against (i.e. subtracted from) subsequent quarterly pre-tax profits for purposes of determining whether a Profit Bonus is payable for any subsequent quarters and the
amount of such Profit Bonus and (ii) no Profit Bonus shall be payable to Employee during any calendar year if, as of the end of any given quarter during the year, Monarch Mortgage has suffered a net pre-tax loss on a year to date basis.
Notwithstanding the foregoing sentence, if Monarch Mortgage has suffered a net pre-tax loss for the year as of December 31 of any given year, beginning on December 31, 2008, during the term of this Agreement, the net pre-tax loss shall NOT be
carried forward to the subsequent year for purposes of determining the amount of Profit Sharing Bonuses in such subsequent year. Due to start-up losses in 2007, the Profit Sharing Bonus Pool will be available once net pre-tax profits exceed $500,000
in 2008, with each additional dollar in profits exceeding $500,000 then available at the proper percentage stated elsewhere in this Agreement to the Profit Sharing Pool participants. Employee, subject to the approval of the Monarch Bank’s
President or Chief Executive Officer, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled to the Profit Bonus; and (ii) what portion, if any, of the pre-tax profit pool each eligible
employee will receive. It is the intent of the parties that Employee shall not in any quarter award more than half of the entire Profit Bonus Pool to himself. 
 New Section 3.2 
 3.2 Employee shall be entitled to receive a percentage of the quarterly
spread income bonus equal to ten percent (10.0 %) percent of the spread income of Monarch Mortgage, as the term is defined herein (“Spread Income Bonus”) to distribute to employees, including himself, as appropriate. The Spread Income
Bonus shall be payable with respect to Monarch Mortgage’s spread income for each of Monarch Mortgage’s fiscal quarters ending March 31, June 30, September 30, and December 31, beginning with the quarter ending September 30, 2007. Employee,
subject to the approval of the Monarch Bank’s President or Chief Executive Officer, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled to the Spread Income Bonus; and (ii) what
portion, if any, of the Spread Income pool each eligible employee will receive. Any Spread Income Bonus due shall be paid to Employee within 45 days following the end of the quarter for which the Spread Income Bonus is earned. For purposes of this
Agreement, “Spread Income” shall mean the income earned by Monarch Mortgage from the time Monarch Mortgage’s loans close until the time such loans are sold to third party investors and loans generated by Monarch Mortgage and booked on
the balance sheet of Monarch Bank as determined by the excess of the interest rate earned by Monarch Mortgage on such loans over Monarch Mortgage’s cost of funds. Monarch Mortgage’s cost of funds shall be determined by Monarch Bank in good
faith based on its actual cost of funds designated to support Monarch Mortgage’s funding activity with the addition of a reasonable overhead factor. Due to start-up losses in 2007, the Spread Income Bonus will be available once net pre-tax
profits exceed $500,000 in 2008. The Spread Income Bonus will NOT be paid if there are pre-tax losses in any calendar quarter. 
  

 8 

 IN WITNESS WHEREOF, Monarch Bank has caused this Agreement to be executed in its name and behalf by its
proper officers, thereunto duly authorized, and Employee has set his hand as of the date first above written. 
  

									
	EMPLOYEE NAME	 		 	MONARCH MORTGAGE/MONARCH BANK
					
	By:	 	 /s/    Edward O. Yoder
	 		 	By:	 	 /s/    Brad E. Schwartz

		 	Edward O. Yoder	 		 		 	Brad E. Schwartz
					
	Date:	 	 March 5, 2008
	 		 	Date:	 	 March 5, 2008

  

 9 

 FIRST AMENDMENT 
 TO THE 
 EMPLOYMENT AGREEMENT 
 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made as of the 19th day of December, 2008, by and between Monarch Mortgage, a division
of Monarch Bank, a Virginia corporation (“Monarch Mortgage”) and Edward O. Yoder (the “Employee”). 
 WHEREAS, Monarch Mortgage and the Employee entered into an Employment Agreement dated May 4, 2007 and an Addendum dated March 5, 2008, (the “Agreement”); 
 WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), imposes certain requirements on
agreements such as this Employment Agreement; and 
 WHEREAS, the Monarch Mortgage and the Employee now desire to amend the
Agreement to reflect the provisions required by Section 409A of the Code; 
 NOW, THEREFORE, the parties agree as follows:

  

	 	1.	Section 3.3 is restated as follows: 

 3.3 Employee shall be entitled to commissions up to 65 basis points of his personal production as determined by Monarch Bank’s President and such amount shall be paid in one lump sum no later the end of the calendar year during which
such determination is made. 
  

	 	2.	Section 4.6, Reimbursements and In-Kind Benefits, is added as follows: 

 4.6 Reimbursements and In-Kind Benefits. Monarch Mortgage shall pay all reimbursements required by this Agreement on or before the
last day of the Employee’s calendar year following the calendar year in which the expense is incurred. Employee may not exchange the right to reimbursement or to an in-kind benefit for another reimbursement or benefit and may not receive cash
in lieu of an in-kind benefit or right to reimbursement. 
  

	 	2.	Section 20, Section 409A of the Internal Revenue Code, is added as follows: 

 20. Section 409A of the Internal Revenue Code. 
 (i) Six Month Delay in Payments. If the Employee is a specified employee of a publicly traded corporation as defined
in Section 409A(a)(2)(B)(i) of the Code, and any payment or provision of any benefit in this Agreement is subject to Section 409A, then such payment or provision of benefits in connection with a separation from service payment event (as
determined by Section 409A of the Code), as opposed to another payment event permitted under Section 409A, or an amount payable that is not subject to 409A, shall not be made until the first day of the month following the six month
anniversary of the Employee’s separation from service. In the case or installment or periodic payments, the first payment shall include a “catch-up” amount equal to the sum of payments that would have been made to the Employee during
the period preceding the first payment date if not 6-month delay had applied. 

 (ii) Compliance with Section 409A of the Code. Any benefit,
payment or other right provided by the Agreement shall be provided or made in a manner, and at such time, in such form and subject to such election procedures (if any), as complies with the applicable requirements of Code section 409A to avoid a
failure described in Code section 409A(a)(1), including without limitation, deferring payment until the occurrence of a specified payment event described in Code section 409A(a)(2). Notwithstanding any other provision hereof or document pertaining
hereto, the Agreement shall be so construed and interpreted to meet the applicable requirements of Code section 409A to avoid a failure described in Code section 409A(a)(1). 
 IN WITNESS WHEREOF, this Amendment has been executed as of the date first above written. 
  

			
	MONARCH BANK
	
	  

	By:	 	
	
	EMPLOYEE
	
	 /s/    Edward O. Yoder

	Edward O. Yoder

  

 2

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