Document:

Form of Securities Purchase Agreement

 Exhibit 10.1 
 SECURITIES PURCHASE AGREEMENT 
 This Securities Purchase Agreement (this
“Agreement”) is dated as of February 16, 2012, between Superconductor Technologies Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its
successors and permitted assigns, a “Purchaser” and collectively the “Purchasers”). 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as
more fully described in this Agreement. 
 WHEREAS, to facilitate the transaction contemplated hereby, the parties hereto are
entering into an Escrow Agreement (as defined below). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in
this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1: 
 “Action” shall have the meaning
ascribed to such term in Section 3.1(j). 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in
the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 “Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1. 

“Closing Date” means the Trading Day on which all of the Transaction Documents have been executed and
delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in each case, have been
satisfied or waived, but in no event later than the third Trading Day following the date hereof. 

  
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 “Commission” means the United States Securities and
Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.001
per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 
 “Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

“Company Counsel” means Manatt, Phelps & Phillips, LLP, with offices located at 11355 W. Olympic
Blvd., Los Angeles, CA, 90064. 
 “Disclosure Schedules” means the Disclosure Schedules of the
Company delivered concurrently herewith. 
 “EGS” means Ellenoff Grossman & Schole LLP,
with offices located at 150 East 42nd Street, New York, New York 10017. 
 “Escrow Agent” means
Signature Bank, a New York State chartered bank, with offices at 261 Madison Avenue, New York, New York 10016. 

“Escrow Agreement” means the escrow agreement entered into prior to the date hereof, by and among the
Company, the Escrow Agent and Rodman & Renshaw LLC pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exempt Issuance” means the issuance of (a) shares of Common
Stock or options to consultants, employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by the Board of Directors, including a majority of the non-employee members of the Board of
Directors or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to
decrease the exercise price, exchange price or conversion price of such securities and (c) securities issued by the Company or any subsidiary thereof pursuant to acquisitions or strategic transactions, carve-outs or spin offs approved by the
Board of Directors, including a majority of the disinterested directors of the Company. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

  
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 “GAAP” shall have the meaning ascribed to such term in
Section 3.1(h). 
 “Intellectual Property Rights” shall have the meaning ascribed to such
term in Section 3.1(o). 
 “Liens” means a lien, charge, pledge, security interest,
encumbrance, right of first refusal, preemptive right or other restriction (other than restrictions on transfer under securities laws). 
 “Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b). 
 “Material Permits” shall have the meaning ascribed to such term in Section 3.1(m). 
 “Per Share Purchase Price” equals $1.05, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the
Common Stock that occur after the date of this Agreement. 
 “Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), that has been commenced or to the Company’s knowledge threatened. 
 “Prospectus” means the final prospectus filed for the Registration Statement. 
 “Prospectus Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each
Purchaser at the Closing. 
 “Purchaser Party” shall have the meaning ascribed to such term in
Section 4.7. 
 “Registration Statement” means the effective registration statement with
Commission file No. 333-172190 which registers the sale of the Shares, the Warrants and the Warrant Shares. 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

  
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 “Rule 424” means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

“Securities” means the Shares, the Warrants and the Warrant Shares. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shares” means the shares of Common Stock issued or issuable to each Purchaser
pursuant to this Agreement. 
 “Short Sales” means all “short sales” as defined in
Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).
 “Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser’s name on the
signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds. 
 “Subsidiary” means any significant subsidiary of the Company as defined under Regulation S-X of the Securities Act, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof but before the Closing Date. 

“Trading Day” means a day on which the principal Trading Market is open for trading. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or
quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 “Transaction Documents” means this Agreement, the Warrants and the Escrow Agreement.

 “Transfer Agent” means Registrar and Transfer Company, the current transfer agent of the
Company, with a mailing address of             and a facsimile number of             , and any successor transfer agent of the
Company. 
 “Warrants” means, collectively, the Common Stock purchase warrants delivered to the
Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable beginning on the 6 month anniversary of the Closing Date and have a term of exercise equal to five years from the date of issuance, in the
form of Exhibit A attached hereto. 
 “Warrant Shares” means the shares of Common Stock
issuable upon exercise of the Warrants. 

  
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 ARTICLE II. 
 PURCHASE AND SALE 
 2.1 Closing. On the Closing Date, upon the terms and
subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $            of Shares and
Warrants. Each Purchaser shall deliver to the Escrow Agent, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser
and the Company shall deliver to each Purchaser their respective Shares and Warrants, and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and
conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree. 
 2.2 Deliveries. 
 (a) On or prior to the Closing Date, the
Company shall deliver or cause to be delivered to each Purchaser the following: 
 (i) this Agreement duly
executed by the Company; 
 (ii) a copy of the irrevocable instructions to the Transfer Agent instructing the
Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price,
registered in the name of such Purchaser; 
 (iii) a Warrant registered in the name of such Purchaser to purchase
up to a number of shares of Common Stock equal to 75% of such Purchaser’s Shares, with an exercise price equal to $1.35, subject to adjustment therein (such Warrant certificate may be delivered within three Trading Days of the
Closing Date); and 
 (iv) the Prospectus and Prospectus Supplement (which may be delivered in accordance with
Rule 172 under the Securities Act). 
 (b) On or prior to the Closing Date, each Purchaser shall deliver or cause
to be delivered to the Company or the Escrow Agent, as applicable, the following: 
 (i) this Agreement duly
executed by such Purchaser; and 

  
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 (ii) such Purchaser’s Subscription Amount by wire transfer to the
account specified in the Escrow Agreement. 
 2.3 Closing Conditions. 

(a) The obligations of the Company hereunder in connection with the Closing are subject to only the following conditions
being met: 
 (i) the accuracy in all material respects when made and on the Closing Date of the representations
and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 
 (ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and 

(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement. 

(b) The respective obligations of each Purchaser hereunder in connection with the Closing are subject to only the
following conditions being met: 
 (i) the accuracy in all material respects when made and on the Closing Date of
the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 
 (ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; 

(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; and 

(iv) there shall have been no Material Adverse Effect with respect to the Company since the date hereof. 

ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 3.1 Representations and Warranties of the
Company. Except as set forth in the Disclosure Schedules or disclosed in the SEC Reports (other than Sections 3(b), (c), (d), (e) and (f)), both of which shall qualify any representation made herein to the extent of the disclosure contained
in the corresponding section of the Disclosure Schedules or as reasonably evident in the SEC Reports, the Company hereby makes the following representations and warranties to each Purchaser: 

  
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 (a) Subsidiaries. All of the direct and indirect Subsidiaries of the
Company are set forth on the SEC Reports. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of
each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in
the Transaction Documents shall be disregarded. 
 (b) Organization and Qualification. The Company and
each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite corporate power and authority to own
and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and the Subsidiaries (whether or not
“significant”), taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a
“Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other
Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the
Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will
have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

  
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 (d) No Conflicts. The execution, delivery and performance by the
Company of this Agreement and the other Transaction Documents to which is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or
violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) subject to obtaining the Required Approvals, conflict with, or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which
the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the
Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse Effect. 

(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the
Transaction Documents, other than: (i) the filings required pursuant to Section 4.3 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) application(s) to each applicable Trading Market for
the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby, (iv) such filings as are required to be made under applicable state securities laws and (v) in all other cases, where failure to
obtain such consent, waiver, authorization or order, or to give such notice or make such filing or registration would not have a Material Adverse Effect (collectively, the “Required Approvals”). 

(f) Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in
accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Warrant Shares, when issued in accordance with the terms of the Warrants,
will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this
Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on April 13, 2011 (the “Effective Date”), including the
Prospectus, and 

  
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such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or
suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are
threatened by the Commission. The Company, if required by the rules and regulations of the Commission, proposes to file the Prospectus, with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto
became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at time the
Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(g) Capitalization. The capitalization of the Company is as set forth in the Prospectus Supplement. The Company
has not issued any capital stock since its most recently filed periodic or current report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of
Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the
Exchange Act. No Person has any Company-granted right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase
and sale of the Securities or as set forth in the Prospectus Supplement, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may
become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers)
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly
issued, fully paid and nonassessable, have been issued in compliance in all material respects with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to
subscribe for or purchase securities granted by the Company. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements,
voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders. 

  
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 (h) SEC Reports; Financial Statements. The Company has filed all
reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, since January 1, 2010 (or such shorter
period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule
144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in
effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may
be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

(i) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited
financial statements included within the SEC Reports, except as disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to
result in a Material Adverse Effect, (ii) the Company has not altered its method of accounting except as required by GAAP, (iii) the Company has not declared or made any dividend or distribution of cash or other property to its
stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (iv) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. 

  
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 (j) Litigation. There is no action, suit, inquiry, notice of
violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the
Securities or (ii) is required to be disclosed and is not disclosed in the SEC Reports. Neither the Company nor any Subsidiary, nor, the Company’s knowledge any director or officer thereof, is or has been within the past three
(3) years the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. To the knowledge of the Company, there has not been and there is not pending or
contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 
 (k) Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the
Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of
any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each
such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters that would have a Material Adverse Effect. To the knowledge of the Company, the Company and its Subsidiaries
are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or
any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or
by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) to the
knowledge of the Company is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection,
occupational health and safety, product quality and safety and employment and labor matters, except in each case as would not have or reasonably be expected to result in a Material Adverse Effect. 

  
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 (m) Regulatory Permits. To the knowledge of the Company, the Company
and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except
where the failure to possess such permits would not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to
the revocation or modification of any Material Permit. 
 (n) Title to Assets. The Company and the
Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all tangible personal property owned by them that is material to the business of the Company and the Subsidiaries, in each
case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries,
(ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties, and (iii) except as would
not reasonably be expected to result in a Material Adverse Effect. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance except as would not reasonably be expected to result in a Material Adverse Effect. 
 (o) Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade
secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would
reasonably be expected to result in a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the
Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement that would reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property
Rights violate or infringe upon the rights of any Person, except as would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing
infringement by another Person of any of the Intellectual Property Rights that would reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (p) Insurance. The Company and the Subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor any Subsidiary has any
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in
cost. 
 (q) Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, there
are no transactions that are required by Item 404 to be set forth in the SEC Reports that are not set forth in such reports. 
 (r) Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are
effective as of the date hereof, and any and all rules and regulations applicable to smaller reporting companies promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. 

(s) Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or
commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction
Documents. To the Company’s knowledge, the Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in
connection with the transactions contemplated by the Transaction Documents. 
 (t) Investment Company.
The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 (u) Listing and Maintenance Requirements. The Common Stock is registered pursuant to
Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company
received any notification that the Commission is contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or
quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. 

  
 13 

 (v) Anti-Takeover Matters. The Company has not adopted any
shareholder rights agreement, rights plan, “poison pill” or other similar agreement or plan. 
 (w)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf (it being understood that the
Placement Agent is not acting on its behalf in this regard) has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might reasonably constitute material, non-public information which is not
otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. To the Company’s knowledge, none of the
representations made by the Company in this Agreement, as modified by the Disclosure Schedule and the SEC Reports, taken as a whole, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3.2 hereof. 
 (x) No Integrated
Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder
approval provisions of any Trading Market on which any of the securities of the Company are listed or designated. 
 (y) Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities
hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they
mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of
the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond
its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to
the receipt by the Company of the proceeds from the sale of the Securities hereunder, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or
reorganization laws of any jurisdiction within one year from the Closing Date. 

  
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 (z) Tax Status. Except for matters that would not, individually or in
the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax
returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. 

(aa) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any
Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic
political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. 

(bb) Accountants. The Company’s accounting firm is set forth on Schedule 3.1(cc) of the Disclosure
Schedules. To the knowledge and belief of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act. 
 (cc) Acknowledgement Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(e) and 4.12 hereof), it is
understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or
“derivative” securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation,
Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and
counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any
affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges (subject to Sections 3.2(e) and 4.12) that

  
 15 

 
(y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding and (z) such hedging activities (if any) could reduce the
value of the existing stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that, subject to compliance with Section 3.2(e) and 4.12, such
aforementioned hedging activities do not constitute a breach of any of the Transaction Documents. 
 (dd)
Regulation M Compliance. Within the past 30 days, the Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid
or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection
with the placement of the Securities. 
 (ee) Office of Foreign Assets Control. Neither the Company nor
any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”). 
 3.2 Representations and Warranties of the Purchasers. Each Purchaser,
for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein): 

(a) Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership limited liability company or similar power and authority to enter into and to consummate the
transactions contemplated by this Agreement and otherwise to carry out his, her or its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance by such Purchaser of the transactions contemplated by this
Agreement have been duly authorized by all necessary corporate, partnership, limited liability company or similar corporate or shareholder action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has
been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except:
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

  
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 (b) Understandings or Arrangements. Such Purchaser is acquiring the
Securities as principal for his, her or its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting
such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of
business. 
 (c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as
of the date hereof it is, and on each date on which it exercises any Warrants, it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act. Such Purchaser is not required to
be registered as a broker-dealer under Section 15 of the Exchange Act. 
 (d) Experience of Such
Purchaser. Such Purchaser, either alone or together with his, her or its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the
prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss
of such investment. Purchaser represents that it, he or she has had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the transactions contemplated hereby and the business, properties,
prospects and financial condition of the Company. Such Purchaser has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase the Securities, and in connection with his, her or its
decision to purchase the Securities, has reviewed the Prospectus and Prospectus Supplement and the documents incorporated therein by reference and is relying only upon the Prospectus and the Prospectus Supplement and the documents incorporated by
reference therein and the representations and warranties of the Company contained herein. 
 (e) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not and will not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or
indirectly executed or agreed to enter into, and will not enter into, any purchase, sale or other transaction in securities of the Company, including, without limitation Short Sales, during the period commencing as of the time that such
Purchaser first received information (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder, or was first contacted by the Placement Agent regarding
the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Purchaser’s assets and the portfolio managers have no material knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has
maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). 

  
 17 

 (f) Each Purchaser hereby acknowledges that it is acting independently from
any other Purchaser (and has engaged separate legal counsel) in connection with this Agreement, and that it is not acting as a member of a “group” (as such term is defined in Rule 13d of the Exchange Act) with any other investor in
connection with the transactions contemplated hereby. 
 (g) Such Purchaser represents that (i) it has had
no position, office or other material relationship within the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not, and as of the Closing will not be, a member of the Financial Industry
Regulatory Authority or an “associated person” (as such term is defined under the rules of the Financial Industry Regulatory Authority), and (iii) neither such Purchaser nor any group of Purchasers (as identified in a public filing
made with the SEC) of which such Purchaser is a part in connection with the transactions contemplated hereby, acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into or exercisable for Common
Stock) or the voting power of the Company on a post-transaction basis. 
 (h) Such Purchaser has no present
intent to effect a “change of control” of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the Exchange Act. 
 The Company acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and
warranties contained in this Agreement (except to the extent any breach of any representation or warranty by a Purchaser renders any representation or warranty of the Company untrue or incapable of being true). 

ARTICLE IV. 

OTHER AGREEMENTS OF THE PARTIES 
 4.1 Warrant Shares. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance or resale of the Warrant Shares or if the
Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any subsequent registration statement
registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing that such registration
statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the foregoing shall
not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws). The Company shall use best efforts to keep a registration statement (including the
Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants. 

  
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 4.2 Furnishing of Information. Until the earlier of (a) the time that no
Purchaser owns Securities or (b) the two year anniversary of the Closing Date, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act. 
 4.3 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that
would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval
is obtained before the closing of such subsequent transaction. 
 4.4 Securities Laws Disclosure; Publicity. The Company
shall (a) by 9:00 a.m. (New York City time) on the Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K,
including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly
disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the
Transaction Documents. The Company and the Placement Agent shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby. No Purchaser shall issue any such press release nor otherwise make any
such public statement without the prior consent of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with
prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency
or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b). 

4.5 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf (it being understood that the Placement Agent is not acting on the Company’s behalf in this respect) will provide any Purchaser
or his, her or its agents or counsel with any information for the express purpose of providing material non-public information to a Purchaser, unless prior thereto such Purchaser shall have consented to receipt of such information or the Company
promptly publicly discloses such information in compliance with Regulation FD. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. 

4.6 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder consistent with the Use of
Proceeds section in the Prospectus Supplement. 

  
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 4.7 Indemnification of Purchasers. Subject to the provisions of this
Section 4.6, the Company will indemnify and hold each Purchaser and his, her or its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such
titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a
“Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and
costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to
assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof at the expense of the Company has been specifically authorized by the Company in writing, (ii) the Company has
failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable written opinion of counsel, a material conflict on any material issue between the position of the Company
and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel but only to the extent necessary to comply with clauses (i), (ii) or
(iii) of this sentence. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably
withheld or delayed; or (z) to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this
Agreement or in the other Transaction Documents. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be
subject to pursuant to law. 
 4.8 Listing of Common Stock. The Company hereby agrees concurrently with the Closing, to
apply to list or quote all of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common
Stock traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such
other Trading Market as promptly as possible. For the one (1) year period following the Closing, the Company will take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market (except in the
event of any strategic transaction, company sale or other similar voluntary “de-listing” event) and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading
Market. 

  
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 4.9 Reservation of Common Stock. As of the date hereof, the Company has reserved and
the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares
pursuant to any exercise of the Warrants. 
 4.10 Subsequent Equity Sales. From the date hereof until 60 days after the
Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, this
Section 4.10 shall not apply in respect of an Exempt Issuance. 
 4.11 Equal Treatment of Purchasers. Subject to
Section 5.5, no consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same
consideration is also offered to all of the parties to this Agreement. Subject to Section 5.5, for clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each
Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 4.12 Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers,
covenants that neither he, she or it nor any Affiliate acting on his, her or its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period
commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3. Each Purchaser,
severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.3, such
Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the
contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3
and (iii) no Purchaser shall have any duty of confidentiality to the Company or its Subsidiaries that arises under this Agreement after the issuance of the initial press release as described in Section 4.3. Notwithstanding the
foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement. 

  
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 4.13 Capital Changes. Until the six-month anniversary of the Closing Date, the
Company shall not undertake a reverse or forward stock split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest of the Shares. 

ARTICLE V. 

MISCELLANEOUS 

5.1 Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before February 27, 2012; provided, however, that no such
termination will affect the right of any party to sue for any breach by any other party (or parties). 
 5.2 Fees and
Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of their advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter
delivered by the Company), stamp taxes and other similar taxes and duties levied in connection with the delivery of any Securities to the Purchasers. 
 5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 5.4 Notices. Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or
(d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. 

  
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 5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified,
supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least a majority in interest of the Shares then outstanding and held by the original Purchasers or, in the case
of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or
a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. 

5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and permitted assigns. The Company may assign this Agreement and any rights or obligations hereunder without the prior written consent of the Purchasers to any successor of the Company. Each
Purchaser may assign any or all of their respective rights under this Agreement without the prior written consent of the Company to an Affiliate of such Purchaser in connection with a transfer of Securities to such Affiliate, provided that such
Affiliate transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.” Any rights of a Purchaser under this Agreement shall terminate
upon a transfer by a Purchaser of their respective Securities to a person other than an Affiliate in accordance with this Section 5.7. 
 5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.7 or to the extent that the Placement Agent is permitted to rely on the representations and warranties of the Company and the Purchasers made pursuant
to Sections 3.1 and 3.2 hereunder. 
 5.9 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of

  
 23 

 
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action,
suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for
their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 
 5.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities; provided, that all “non-fundamental” representations shall
expire on the one year anniversary of the Closing Date. The non-fundamental representations are all representations made under this Agreement by the Company, except the following: .Section 3.1(a), (b), (c), (d), (f)—first sentence only and
(g)—first sentence only. 
 5.11 Execution. This Agreement may be executed in two or more counterparts, all of which
when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ
an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 5.13 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or
destruction and a customary indemnity. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Securities. 
 5.14 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason
of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

  
 24 

 5.15 Independent Nature of Purchasers’ Obligations and Rights. The obligations
of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser
under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be
entitled to independently protect and enforce his, her or its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and (unless deemed an indispensible party under applicable law)
it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by his, her or its own separate legal counsel in their review and negotiation of the
Transaction Documents. For reasons of administrative convenience only, each Purchaser and his, her or its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents
Rodman & Renshaw LLC. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is
expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and
among the Purchasers. 
 5.16 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

5.17 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any
amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other
similar transactions of the Common Stock that occur after the date of this Agreement. 
 5.18 WAIVER OF JURY TRIAL.
IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY UNDER THIS AGREEMENT, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

  
 25 

 (Signature Pages Follow) 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

							
	SUPERCONDUCTOR TECHNOLOGIES INC.	 		 	Address for Notice:
				
	By:	 	  
	 		 	Superconductor Technologies, Inc.
		 	 Name:
	 		 	460 Ward Drive
		 	 Title:
	 		 	Santa Barbara, CA 93111-2310
		 		 		 	Fax:
[                            ]
	With a copy to (which shall not constitute notice):	 		 	
		 		 	 Manatt, Phelps & Phillips, LLP
 11355 West Olympic Blvd.
 Los Angeles, CA 90064

Attention: Ben Orlanski, Esq,
 Matthew
O’Loughlin, Esq.
 Fax: 310-312-4224

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGE FOR PURCHASER FOLLOWS] 

  
 27 

 [PURCHASER SIGNATURE PAGES TO SCON SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
 Name of Purchaser:
                                         
                                         
                                         
                                      

Signature of Authorized Signatory of Purchaser:
                                         
                                         
                                 

Name of Authorized Signatory:
                                         
                                         
                                         
                    
 Title of Authorized
Signatory:
                                         
                                         
                                         
                      
 Email
Address of Authorized
Signatory:                                       
                                         
                                         
         
 Facsimile Number of Authorized Signatory:
                                         
                                         
                                        

 Address for Notice to Purchaser: 

Address for Delivery of Securities to Purchaser (if not same as address for notice): 
 Subscription Amount: $                            

 Shares:
                                 

Warrant Shares:
                                     

EIN Number:
                                         
                    
  ̈ Notwithstanding anything contained in this Agreement to the contrary, by checking this box the above-signed agrees that the obligations of the above-signed to purchase the securities set forth in this
Agreement to be purchased from the Company by the above-signed shall be unconditional and all conditions to Closing in favor of the above-signed shall be disregarded. Notwithstanding the foregoing, in the event the Company accepts the
above-signed’s subscription for the Company’s securities and any conditions to Closing contemplated by this Agreement that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or
purchase price (as applicable) are not satisfied as of the Closing, such deliverable shall be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase
price (as applicable) to such other party on the Closing Date. 
 [SIGNATURE PAGES CONTINUE] 

  
 28Employment Agreement, dated February 15, 2012

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made and entered into as of January 26, 2012, by MetroCorp Bancshares, Inc. a Texas corporation (the “Employer”), and George M. Lee, an individual resident in Houston, Harris County, Texas (the
“Executive”). 
 RECITALS 
 The Employer desires the Executive’s employment with the Employer, and the Executive wishes to accept such employment, upon the terms and conditions set forth in this Agreement. 

AGREEMENT 
 The
parties, intending to be legally bound, agree as follows: 
  

	1.	DEFINITIONS 

 For the purposes of this
Agreement, the following terms have the meanings specified or referred to in this section 1. 
 “Agreement” — this
Employment Agreement. 
 “Basic Compensation” — Salary and Benefits. 

“Benefits” — as defined in Section 3.1(b). 
 “Board of Directors” — the Board of Directors of the Employer. 

“Change of Control” — as defined in Section 6.4. 
 “Confidential Information” — any and all: 
 (a) trade
secrets concerning the business and affairs of the Employer and its subsidiaries, financial records, management systems, policies or procedures, including the content of related forms and manuals, salary, bonuses and other personnel information, and
any other information, however documented, that is a trade secret within the meaning of law of the State of Texas; and 
 (b)
information concerning the business and affairs of the Employer and its subsidiaries (which include historical financial statements, financial projections and budgets, historical and projected income, capital spending budgets and plans, the names
and backgrounds of key personnel, personnel training and techniques and materials however documented); and 

 (c) notes, analysis, compilations, studies, summaries, and other material prepared by or for
the Employer or its subsidiaries containing or based, in whole or in part, on any information included in the foregoing. 

“Disability” — as defined in Section 6.2. 
 “Effective Date” — shall be January 26, 2012. 

“Employment Period” — the term of the Executive’s employment under this Agreement. 

“Fiscal Year” — the Employer’s fiscal year, as it exists on the Effective Date or as changed from time to time.

 “For Cause” — as defined in Section 6.3. 
 “Incentive Compensation” — as defined in Section 3.2. 

“Person” — any individual, corporation (including any non-profit corporation), general or limited partnership, limited
liability company, join venture, estate, trust, association, organization, or governmental body. 
 “Proprietary Items”
— as defined in Section 7.2(d). 
 “Restricted Stock Agreement” — An agreement whereby the
Employer may issue shares of its common stock to Executive subject to restrictions under specified terms and conditions of said agreement. 

“Salary” — as defined in Section 3.1(a). 
 “Stock Option Agreement” — An agreement providing for the grant of options by the Employer to the Executive to purchase shares of common stock of Employer under specified
terms and conditions of said agreement. 
 2. EMPLOYMENT TERMS AND DUTIES 
 2.1 EMPLOYMENT 
 The Employer hereby employs the Executive, and the Executive hereby
accepts employment by the Employer, upon the terms and conditions set forth in this Agreement. 
 2.2 TERM 

Subject to the provisions of Section 6, the term of the Executive’s employment under this Agreement will be five (5) years, beginning on
the Effective Date and ending on the fifth anniversary of the Effective Date. 

 2.3 DUTIES 
 The Executive will serve and hold the titles of Chief Executive Officer and President of Employer and will have the duties and authority normally commensurate with those positions. The Executive will also
serve as Chief Executive Officer of MetroBank, N.A., a national banking association and wholly owned subsidiary of Employer (“MetroBank”) and Chairman of Metro United Bank, a California banking association and wholly owned subsidiary of
Employer (“Metro United”). The Executive will devote his entire business time, attention, skill, and energy exclusively to the business of the Employer, including the business of its subsidiaries, MetroBank and Metro United, and will use
his best efforts consistent with the industry standards to promote the success of the Employer’s business, and will cooperate fully with the Board of Directors in the advancement of the best interests of the Employer. If the Executive is
elected as a director or officer of any of its affiliates, the Executive will fulfill his duties as such director or officer without additional compensation. 
 3. COMPENSATION 
  

	3.1	BASIC COMPENSATION 

 (a) Salary.
The Executive will be paid an annual salary of $325,000.00, subject to adjustment as provided below (the “Salary”), which will be payable in equal periodic installments according to the Employer’s customary payroll practices, but no
less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and may be adjusted upward in the sole discretion of the Board of Directors, but in no event will the Salary be less than
$325,000.00 per year. A performance review is to be conducted by the Compensation Committee of the Board of Directors no later than January of each year. 
 (b) Benefits, the Executive will, during the Employment Period, be permitted to participate in such pension, profit sharing, bonus, life insurance, hospitalization, major medical and other employee
benefit plans of the Employer that may be in effect from time to time, to the extent the Executive is eligible under the terms of those plans (collectively, the “Benefits”). 
 3.2 INCENTIVE COMPENSATION 
 The Executive will be provided with a formal Incentive
Compensation Plan (“Incentive Compensation”) that allows Executive to earn up to 100% of Base Salary as Incentive Compensation based on certain predetermined performance measures set forth in such plan. Performance at expected or budgeted
performance consistent with opportunities in the market place will result in Incentive Compensation of 50% of Base Salary, while maximum Incentive Compensation will be earned for superior performance results. The performance criteria may include,
but not be limited to, EPS growth, asset growth, operating efficiency, return on equity, loan concentration, asset durability and overall performance evaluation by the Board of Directors. 

 3.3 EQUITY COMPENSATION 
 The Compensation Committee of the Board of Directors, pursuant to the Employer’s 2012 Stock Incentive Plan or any other equity incentive plan adopted by Employer’s shareholders, shall grant to
Executive annually, based on the performance of Executive and Employer, (i) options to purchase 15,000 to 30,000 shares of Employer common stock, or (ii) 10,000 to 20,000 shares of restricted stock, or (iii) a combination of the
amounts in clauses (i) and (ii), as determined by the Compensation Committee and the Board of Directors, pursuant to one or more Stock Option Agreements or Restricted Stock Agreements, as the case may be. In all events, Executive shall receive
not less than 15,000 stock options, or 10,000 shares of restricted stock, or a combination of stock options and restricted stock based on such minimum amounts, per year during the term of this Agreement. Performance at expected or budgeted
performance consistent with opportunities in the market place for a particular year will result in the award of 30,000 stock options, or 20,000 shares of restricted stock, or a combination of stock options and restricted stock based on such maximum
amounts. At the sole discretion of the Employer, additional Stock Options and/or restricted shares may be granted. The performance criteria may include, but not be limited to EPS growth, asset growth, operating efficiency, return on equity, loan
concentration, asset durability and overall performance evaluation by the Board of Directors. In the event of any conflict between the terms of this Agreement and any other oral or written representation regarding stock options or restricted stock,
on the one hand, and the terms of the applicable Stock Option Agreement or Restricted Stock Agreement on the other hand, the terms of the applicable Stock Option Agreement or Restricted Stock Agreement shall govern. Moreover, upon termination of
Executive’s employment, Employer has the option, but not the obligation, to repurchase any vested and unexercised options and/or restricted stocks granted pursuant to this Section 3.3. 

4. FACILITIES AND EXPENSES 
  

	4.1	GENERAL 

 The Employer will furnish the
Executive office space, equipment, supplies, and such other facilities and personnel, as the Employer deems necessary or appropriate for the performance of the Executive’s duties under this Agreement. The Employer will pay the Executive’s
dues in such professional societies and organizations, and will pay on behalf of the Executive (or reimburse the Executive for) reasonable expenses incurred by the Executive at the request of, or on behalf of, the Employer in the performance of the
Executive’s duties pursuant to this Agreement, and in accordance with the Employer’s employment policies, including reasonable expenses incurred by the Executive in attending conventions, seminars, and other business meetings, in
appropriate business entertainment activities, and for promotional expenses. The Executive must file expense reports with respect to such expenses in accordance with the Employer’s policies. Provided that the Executive submits timely expense
reports, Employer shall pay or reimburse such expenses no later than March 15 of the calendar year immediately following the calendar year in which the expenses are incurred. 

 4.2 AUTOMOBILE 
 The Employer will pay the Executive a $1,000.00 per month automobile allowance (to be paid bi-weekly in accordance with Employer’s normal payroll practices) during the term of the Executive’s
employment. The Executive will own his own automobile, and maintain and insure it at his own expense, for his business use in connection with his employment under this Agreement. The Executive will at his own expense maintain liability insurance on
any automobile used in connection with the Employer’s business. Executive will furnish proof of insurance to the Employer as requested by the Employer. Applicable federal income tax withholding on such automobile allowance will be deducted.

 4.3 REIMBURSEMENTS AND IN-KIND BENEFITS 
 To the extent required by Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), the amount of expenses eligible for reimbursement, or
in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year. The rights to reimbursement or in-kind benefits provided under this Agreement
are not subject to liquidation or exchange for another benefit. 
 5. VACATIONS AND HOLIDAYS 

The Executive will be entitled to four (4) weeks paid vacation each Fiscal Year in accordance with the vacation policies of the Employer in effect
for its executive officers from time to time. The Executive will also be entitled to the paid holidays set forth in the Employer’s policies. Vacation days and holidays during any Fiscal Year that are not used by the Executive during such Fiscal
Year may be carried forward in accordance with Employer’s policy. In addition to the four (4) weeks of paid vacation annually, the Executive will be granted a one month paid sabbatical as provided below. The first sabbatical period under
this Agreement will be earned at the end of the three-year period ending on January 25, 2015. The second sabbatical period under this Agreement will be earned at the end of the two-year period ending on January 25, 2017. Upon the
expiration of the term of this Agreement, Executive will be paid for any sabbatical days which have been earned but not yet taken. 
 6.
TERMINATION 
 6.1 EVENTS OF TERMINATION 
 The Employment Period, the Executive’s Basic Compensation, and any and all other rights of the Executive under this agreement or otherwise as an employee of the Employer will terminate (except as
otherwise provided in this Section 6): 
  

	(a)	upon the death of the Executive; 

  

	(b)	upon the disability of the Executive (as defined in Section 6.2) immediately upon notice from either party to the other; 

	(c)	for cause (as defined in Section 6.3), immediately upon notice from the Employer to the Executive, or at such later time as such notice may specify;

  

	(d)	upon the voluntary resignation by the Executive; or 

  

	(e)	on Change of Control (as defined in Section 6.4). 

 6.2 DEFINITION OF DISABILITY 
 For purpose of Section 6.1, the Executive will be
deemed to have a “disability” if, for physical or mental reasons, the Executive is unable to perform the essential functions of the Executive’s duties under this Agreement for 120 consecutive days, or 180 days during any twelve month
period, as determined in accordance with this Section 6.2. A medical doctor selected by written agreement of the Employer and the Executive upon the request of either party by notice to the other will determine the disability of the Executive.
If the Employer and the Executive cannot agree on the selection of a medical doctor, each of them will select a medical doctor and the two medical doctors will select a third medical doctor who will determine whether the Executive has a disability.
The determination of the medical doctor selected under this Section 6.2 will be binding on both parties. The Executive must submit to a reasonable number of examinations by the medical doctor making the determination of disability under this
Section 6.2, and the Executive hereby authorizes the disclosure and release to the Employer under proper confidentiality safeguard of such determination and all supporting medical records. If the Executive is not legally competent, the
Executive’s legal guardian or duly authorized attorney-in-fact will act in the Executive’s stead, under this Section 6.2, for the purposes of submitting the Executive to the examinations, and providing the authorization of disclosure,
required under this Section 6.2. 
 6.3 DEFINITION OF “FOR CAUSE” 

For purposes of Section 6.1, the phrase “for cause” means: (a) the Executive’s material breach of this Agreement or failure to
materially carry out the duties described in Section 2.3 and the Executive’s failure to cure such breach within a thirty days period after receipt of notification of such breach given by the board of directors; (b) the
Executive’s failure to adhere to any written policy of Employer, MetroBank or Metro United if the Executive has been given a reasonable opportunity to comply with such policy or cure his failure to comply (which reasonable opportunity must be
granted during the thirty-day period preceding termination of this Agreement); (c) the appropriation (or attempted appropriation) of a material business opportunity of the Employer, MetroBank or Metro United, including attempting to secure or
securing any personal profit in connection with any transaction entered into on behalf of the Employer, MetroBank or Metro United; (d) the Executive’s acting in a grossly negligent manner, or has engaged in reckless or willful misconduct
with respect to Employer, MetroBank or Metro United which results or could have resulted in material harm to the standing of Employer, MetroBank or Metro United among customers, suppliers, employees and other business relationships; (e) the
misappropriation (or attempted misappropriation) of any of the funds or property of Employer, MetroBank or Metro United; or (f) the conviction of, the indictment for (or its procedural equivalent), or the entering of a guilty plea or plea of no
contest with respect to a felony or the equivalent thereof. 

 6.4 DEFINITION OF “CHANGE OF CONTROL” 

For purposes of Section 6.1, the phrase “Change of Control” means the following: 

 

	(a)	the consummation of a transaction whereby MetroBank or the Employer shall not be the surviving entity in any merger or consolidation (or survives only as a subsidiary
of an entity other than a previously wholly-owned subsidiary of Employer); 

  

	(b)	MetroBank or the Employer sells, leases or exchanges or agrees to sell, lease or exchange all or substantially all of its assets to any other persons or entities (other
than to a wholly-owned subsidiary of Employer); or 

  

	(c)	the total sale or dissolution of the Employer or MetroBank. 

 6.5 TERMINATION PAY 
 Effective upon the termination of this Agreement for the reasons set
forth in this Agreement, the Employer will be obligated to pay the Executive (or, in the event of his death, his designated beneficiary as defined below) only such compensation as is provided in this Section 6.5, and in lieu of all other
amounts and in settlement and complete release of all claims the Executive may have against the Employer for termination pursuant to Section 6 hereof. For purposes of this Section 6.5, the Executive’s designated beneficiary will be
such individual beneficiary or trust, located at such address, as the Executive may designate by notice to the Employer from time to time or, if the Executive fails to give notice to the Employer of such a beneficiary, the Executive’s estate.
Notwithstanding the preceding sentence, the Employer will have no duty, in any circumstances, to attempt to open an estate on behalf of the Executive, to determine whether any beneficiary designated by the Executive is alive or to ascertain the
address of any such beneficiary, to determine the existence of any trust, to determine whether any person or entity purporting to act as the Executive’s personal representative (or the trustee of a trust established by the Executive) is duly
authorized to act in the capacity, or to locate or attempt to locate any beneficiary, personal representative or trustee. 
 (a) Termination
by Change of Control. Upon the happening of a “Change of Control,” after the date of signing this Agreement, the Employer will pay the Executive (i) the Executive’s Salary for the remainder, if any, of the calendar month in
which the Change of Control occurs, plus an additional payment in one lump sum equal to three years Salary, and (ii) an amount equal to the Executive’s Incentive Compensation for the previous Fiscal Year times three (3), payable in one
lump sum. The payments described in the preceding sentence shall be made no later than March 15 of the calendar year immediately following the calendar year in which the Change of Control occurs. Immediately upon the occurrence of a Change of
Control, all outstanding options to purchase common stock of Employer shall 

 
become fully vested and all restrictions on the full ownership of outstanding restricted stock shall be cancelled. In addition, if the Executive’s employment is terminated within twelve
(12) months of a Change of Control, the Employer shall pay the premiums for the Executive’s continued participation in the life insurance plan of the Employer in which the Executive was entitled to participate prior to the date of
termination for a period of two (2) years after such termination of employment, and the Employer shall pay the premiums for the Executive’s continued participation in the medical insurance plan of the Employer in which the Executive was
entitled to participate prior to the date of termination until the earlier of (i) the expiration of two (2) years after such termination of employment, or (ii) the expiration of the Employer’s obligation to offer continued
coverage under such plan under applicable law. The Employer’s payment of such premiums shall be taxable income to the Executive. Any reimbursements under this paragraph shall be made no later than the last day of the calendar year following the
calendar year in which the expense was incurred. To the extent required by Section 409A of the Code, the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year. The rights to reimbursement or in-kind benefits provided under this Agreement are not subject to liquidation or exchange for another benefit. 

(b) Termination by the Employer for Cause or Voluntary Resignation by Executive. If the Employer terminates this Agreement for cause or the
Executive voluntarily resigns, the Executive will be entitled to receive his Salary only through the date such termination is effective, and will not be entitled to any Incentive Compensation for the Fiscal Year during which such termination occurs
or any subsequent Fiscal Year. 
 (c) Termination upon Disability. If this Agreement is terminated by either party as a result of the
Executive’s disability, as determined under Section 6.2, the Employer will pay the Executive his Salary through the remainder of the calendar month during which such termination is effective and for the lesser of (i) three
(3) consecutive months thereafter, or (ii) the period until disability insurance benefits commence under the disability insurance coverage furnished by the Employer to the Executive, at the same time and in the same manner as the
Employer’s customary payroll practices. In addition, all outstanding options to purchase common stock of Employer shall fully vest and become exercisable within ninety (90) days following Executive’s termination due to disability and
all restrictions on the full ownership of outstanding restricted stock issued pursuant to Restricted Stock Agreements shall be cancelled. Notwithstanding the foregoing, the payments under this paragraph shall be accelerated as necessary so that all
such payments are completed no later than March 15 of the calendar year immediately following the calendar year in which Executive’s employment terminates. 
 (d) Termination upon Death. If this Agreement is terminated because of the Executive’s death, the Executive’s estate will be entitled to receive his Salary through the end of the calendar
month in which his death occurs, and that part of the Executive’s Incentive Compensation, if any, for the Fiscal Year during which his death occurs, prorated through the end of the calendar month during which his death occurs. In addition, all
outstanding options to purchase common stock of Employer shall fully vest and become exercisable by the 

 
Executive’s estate within ninety (90) days following Executive’s death and all restrictions on the full ownership of outstanding restricted stock issued pursuant to Restricted
Stock Agreements shall be cancelled. All payments under this paragraph shall be made no later than March 15 of the calendar year immediately following the calendar year in which Executive’s death occurs. 

(e) Benefits. The Executive’s accrual of, or participation in plans providing for, the Benefits will cease at the effective date of the
termination of this Agreement and the Executive will be entitled to accrued Benefits pursuant to such plans only as provided in such plans. The Executive will not receive, as part of his termination pay pursuant to this Section 6, any payment
or other compensation for any vacation, holiday, sick leave, or other leave unused on the date the notice of termination is given under this Agreement. 
 (f) Code Section 409A. Notwithstanding any provision of this Agreement to the contrary, if at the time of the Executive’s “separation from service” (as defined under
Section 409A) the Executive is a “specified employee” (as defined under Section 409A), then to the extent that any amount to which the Executive is entitled in connection with his separation from service is subject to
Section 409A, payments of such amounts to which the Executive would otherwise be entitled during the six (6) month period following the separation from service will be accumulated and paid in a lump sum on the earlier of (i) the first
day of the seventh month after the date of the separation from service, or (ii) the date of the Executive’s death. The first sentence of this paragraph shall apply only to the extent required to avoid the Executive’s incurrence of any
additional tax or interest under Section 409A or any regulations or Treasury guidance promulgated thereunder. Notwithstanding any provision of this Agreement to the contrary, to the extent that any payment under the terms of this Agreement
would constitute an impermissible acceleration of payments under Section 409A or any regulations or Treasury guidance promulgated thereunder, such payments shall be made no earlier than at such times allowed under Section 409A. If any
provision of this Agreement (or of any award of compensation) would cause the Executive to incur any additional tax or interest under Section 409A or any regulations or Treasury guidance promulgated thereunder, the Employer may reform such
provision; provided that the Employer shall (i) maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A and (ii) notify and consult with the
Executive regarding such amendments or modifications prior to the effective date of any such change. 
 7. NON-DISCLOSURE COVENANT

 7.1 ACKNOWLEDGMENTS BY THE EXECUTIVE 
 The Executive acknowledges that (a) during the Employment Period and as a part of his employment the Executive will be afforded access to Confidential Information; (b) public disclosure of such
confidential Information could have an adverse effect on the Employer and its business; and (c) the provisions of this Section 7 are reasonable and necessary to prevent the improper use or disclosure of confidential Information.

 7.2 AGREEMENT OF THE EXECUTIVE 
 In consideration of the compensation and benefits to be paid or provided to the Executive by the Employer under this Agreement the Executive covenants as follows: 

Confidentiality 
 (a) During and
following the Employment Period, the Executive will hold in confidence the Confidential Information and will not disclose it to any person except with the specific prior written consent of the Employer or except as otherwise expressly permitted by
the terms of this Agreement. 
 (b) Any trade secret of the Employer will be entitled to all of the protections and benefits under the trade
secret laws of the State of Texas and any other applicable law. If any information that the Employer deems to be a trade secret is found by a court of competent jurisdiction not to be a trade secret for purposes of this Agreement, such information
will, nevertheless, be considered Confidential Information for purposes of this Agreement. The Executive hereby waives any requirement that the Employer submits proof of the economic value of any trade secret or posts a bond or other security.

 (c) None of the foregoing obligations and restrictions applies to any part of the Confidential Information that the Executive demonstrates
was or became generally available to the public other than as a result of a disclosure by the Executive, any Confidential Information known to Executive prior to his employment hereunder or any Confidential Information required to be disclosed by
legal process. 
 (d) The Executive will not remove from the Employer’s premises (except to the extent such removal is for purposes of the
performance of the Executive’s duties at home or while traveling, or except as otherwise specifically authorized by the Employer) any document, record, notebook plan, model, component, device, or computer software or code, whether embodied in a
disk or in any other form (collectively, the “Proprietary Items”). The Executive recognizes that, as between the Employer and the Executive, all of the Proprietary Items, whether or not developed by the Executive, are the exclusive
property of the Employer. Upon termination of this Agreement by either party, or upon the request of the Employer during the Employment Period, the Executive will return to the Employer all of the Proprietary Items in the Executive’s possession
or subject to the Executive’s control, and the Executive shall not retain any copies, abstracts, sketches, or other physical embodiment of any of the Proprietary Items. 
 7.3 DISPUTES OR CONTROVERSIES 
 The Executive recognizes that should a dispute or
controversy arising from or relating to this Agreement be submitted for adjudication to any court, arbitration panel, or other third party, the preservation of the secrecy of Confidential Information maybe jeopardized. All pleading, documents,
testimony, and records relating to any such adjudication during the pendency of such proceeding will be maintained in secrecy and will be available for inspection by the Employer, the Executive, and their respective attorneys and experts, who will
agree, in advance and in writing, to receive and maintain all such information in secrecy, except as may be limited by them in writing. 

 8. GENERAL PROVISIONS 
 8.1 INJUNCTIVE RELIEF AND ADDITIONAL REMEDY 
 The Executive acknowledges that the injury
that would be suffered by the Employer as a result of a breach of the provisions of this Agreement (including any provision of Section 7) would be irreparable and that an award of monetary damages to the Employer for such a breach would be an
inadequate remedy. Consequently, the Employer will have the right, in addition to any other rights it may have, to obtain injunctive relief to restrain any breach or threatened breach or otherwise to specifically enforce any provision of this
Agreement and the Employer will not be obligated to post bond or other security in seeking such relief. 
 8.2 COVENANTS OF SECTION 7 ARE
ESSENTIAL AND INDEPENDENT COVENANTS 
 The Covenants by the Executive in Section 7 are essential elements of this Agreement, and
without the Executive’s agreement to comply with such covenants, the Employer would not have entered into this Agreement. The Employer and the Executive have independently consulted their respective counsel and have been advised in all respects
concerning the reasonableness and propriety of such covenant, with specific regard to the nature of the business conducted by the Employer. 

The Executive’s covenants in Section 7 are independent covenants and the existence of any claim by the Executive against the Employer under
this Agreement or otherwise, will not excuse the Executive’s breach of any covenant in Section 7. 
 If the Executive’s
employment hereunder expires or is terminated, this Agreement will continue in full force and effect as is necessary or appropriate to enforce the covenants and agreements of the Executive in Section 7. 

8.3 REPRESENTATIONS AND WARRANTIES BY THE EXECUTIVE 
 The Executive represents and warrants to the Employer that the execution and delivery by the Executive of this Agreement do not and the performance by the Executive of the Executive’s obligations
hereunder will not, with or without the giving of notice or the passage of time, or both; (a) violate any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency applicable to the Executive; or (b) conflict
with, result in the breach of any provisions of or the termination of, or constitute a default under, any agreement to which the Executive is a party or by which the Executive is or nay be bound. 

 8.4 OBLIGATIONS CONTINGENT ON PERFORMANCE 
 The obligations of the Employer hereunder, including its obligation to pay the compensation provided for herein, are contingent upon the Executive’s performance of the Executive’s obligations
hereunder. 
 8.5 WAIVER 
 The
rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by either party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right
power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum
extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party;
(b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right
of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement. 
 8.6 BINDING
EFFECT, DELEGATION OF DUTIES PROHIBITED 
 This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and
their respective successors, assigns, heirs, and legal representatives, including any entity with which the Employer may merge or consolidate or to which all or substantially all of its assets may be transferred. The duties and covenants of the
Executive under this Agreement, being personal, may not be delegated. 
 8.7 NOTICES 

All notices, consents, waiver, and other communications under this Agreement must be in writing and will be deemed to have been duly given when
(a) delivered by hand (with written conformation of receipt), (b) sent by facsimile (with written confirmation of receipt), provided that a copy is mailed by registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and facsimile numbers set forth below. 
 If to Employer: 
  

	
	 MetroCorp Bancshares, Inc.

9600 Bellaire Blvd., Suite 252
 Houston, Texas
77036
 Attention: Mr. Don J. Wang

 If to Executive: 

 

	
	 Mr. George M. Lee

9600 Bellaire Blvd., Suite 252
 Houston, Texas
77036

 8.8 ENTIRE AGREEMENT: AMENDMENTS 
 This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between the parties
hereto with respect to the subject matter hereof. This Agreement may not be amended orally, but only by an agreement in writing signed by the parties hereto. 
 8.9 GOVERNING LAW 
 This Agreement will be governed by the laws of the State of Texas.

 8.10 JURISDICTION 
 Any
action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against either of the parties in the courts of the State of Texas, County of Harris, or, if it has or can acquire
jurisdiction, in the United States District court for the Southern District of Texas, and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any
objection to venue laid therein. Process in any action or proceeding referred to in the preceding sentence may be served on either party anywhere in the world. 
 8.11 SECTION HEADINGS, CONSTRUCTION 
 The headings of Sections in this Agreement are
provided for convenience only and will not affect its construction or interpretation. All references to “Section” or Sections” refer to the corresponding Section or Sections of this Agreement unless otherwise specified. All words used
in this Agreement will be construed to be of such gender or number, as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

8.12 SEVERABILITY 
 If any provision of
this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable. 

 8.13 COUNTERPARTS 
 This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one
and the same Agreement. 
 9. UNITED STATES TREASURY CAPITAL PURCHASE PROGRAM PAYMENT LIMITATIONS. 

Notwithstanding anything in this Agreement to the contrary, in the event Employer has debt or equity securities issued and outstanding to the United
States Department of Treasury (“Treasury”) pursuant to the Troubled Asset Relief Program Capital Purchase Program (“CPP”) of Treasury, any payments to the Executive shall be limited to the extent required under
Section 111(b) of the Emergency Economic Stabilization Act of 2008 (“EESA”), as implemented by guidance or regulation thereunder that has been issued and is in effect as of the closing date of the Company’s participation in the
CPP (the “CPP Guidance”). The Executive agrees and consents to such amendments or waivers to this Agreement that may be necessary to comply with Section 111(b) of EESA and the CPP Guidance. This Section 9 shall be in effect only
from the date of this Agreement until such time as Treasury no longer owns any debt or equity securities of the Company acquired pursuant to the CPP, except to the extent required by Section 111 of EESA. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
above first written above. 
  

							
		 		 	 EMPLOYER:
 METROCORP BANCSHARES, INC.

				
	 DATE: February 15, 2012 
	 		 	            BY:	 	/s/ Don J. Wang
		 		 		 	Don J. Wang
		 		 		 	Chairman of the Board

  

							
		 		 	EXECUTIVE:
				
	 DATE: February 15, 2012
	 		 	            BY:	 	/s/ George M. Lee
		 		 		 	George M. Lee

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