Document:

Employment Agreement

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement
(“Agreement”) is effective as of this 4th day of
May, 2007, between Monarch Mortgage, a division of Monarch Bank (“Monarch Mortgage”), and William T. Morrison (“Employee”). 
 WHEREAS, Monarch Mortgage desires to employ Employee to serve as its Executive Vice President and Chief Operating Officer of the mortgage lending division of Monarch Bank, and Employee is willing to accept such continued employment
in accordance with the terms of this Agreement; and 
 WHEREAS, Employee and Monarch Mortgage desire to enter into this Agreement; and

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

 
shall not, directly or indirectly, engage in any business that could detract from Employee’s ability to apply his best efforts to the performance of his duties hereunder. Employee further
agrees to comply with all rules, regulations and policies established or issued by Monarch Mortgage or Monarch Bank. Subject to, and without limiting, the first sentence of this paragraph 2, the foregoing duties and obligations of Employee shall not
prohibit Employee from serving as a director of entities not affiliated with Monarch Mortgage, or from devoting time to charitable organizations, personal investing or personal leisure activities. 
 3. COMPENSATION: Monarch Mortgage will pay Employee a regular base salary commensurate with his position and performance, such salary to be determined from
time to time by the Board of Directors, but to be not less than $165,000 per year during the term of this Agreement. Such salary will be payable in periodic installments on the same basis as that of other employees of Monarch Bank who hold executive
positions. In addition to salary, Employee shall be entitled to receive the following compensation while employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement: 
 3.1 For each quarterly period that Employee is employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement, Employee will receive a
percentage of the quarterly pre-tax profit of Monarch Mortgage (the “Profit Bonus”) to distribute to employees, including himself, as appropriate. For purposes of this paragraph 3, (i) Profit Bonus pool shall equal twenty-five
(25%) Percent of the quarterly net book income before taxes of Monarch Mortgage based on its historical accounting practices and internal financial reports consistently and reasonably computed and (ii) Monarch Mortgage shall mean the
assets, business and activities of the residential mortgage lending division of Monarch Mortgage, together with the functionally related assets of Monarch Mortgage regardless of the specific entity that legally owns or conducts such assets, business
or activities; provided, however, that Monarch Mortgage shall not include any non-residential or non-retail mortgage lending activities that Monarch Mortgage, acting in good faith and upon prior notice to Employee, determines cannot be efficiently
conducted through Monarch Mortgage. The Profit Bonus shall be payable with respect to Monarch Mortgage’s pre-tax profit during the fiscal quarters ending March 31, June 30, September 30 and December 31, beginning with the quarter ending
September 30, 2007. Any Profit Bonus to which Employee is entitled shall be paid by the day that is 45 days following the end of the quarter for which the Profit Bonus was earned. In the event that, during any quarterly period, Monarch Mortgage
suffers a pre-tax loss, then the amount of such pre-tax loss shall be carried forward into one or more subsequent quarterly periods such that (i) the pre-tax losses shall be credited against (i.e. subtracted from) subsequent quarterly pre-tax
profits for purposes of determining whether a Profit Bonus is payable for any subsequent quarters and the amount of such Profit Bonus and (ii) no Profit Bonus shall be payable to Employee during any calendar year if, as of the end of any given
quarter during the year, Monarch Mortgage has suffered a net pre-tax loss on a year to date basis. Employee, subject to the approval of the Monarch Bank’s President, shall determine on a quarterly basis (i) which employees, including
himself, of Monarch Mortgage will be entitled to the Profit Bonus; and (ii) what portion, if any, of the pre-tax profit pool each eligible employee will receive. It is the intent of the parties that Employee shall not in any quarter award more
than half of the entire Profit Bonus Pool to himself. 
 3.2 Employee shall be entitled to receive a percentage of the quarterly spread income
bonus equal to five percent (5.0%) percent of the spread income of Monarch Mortgage, as the term is defined herein (“Spread Income Bonus”) to distribute to employees, including himself, as appropriate. The Spread Income Bonus shall be
payable with respect to Monarch Mortgage’s spread income for each of Monarch Mortgage’s fiscal quarters ending March 31, June 30, September 30, and December 31, beginning with the quarter ending
September 30, 2007. Employee, subject to the approval of the Monarch Bank’s President, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled to the Spread Income Bonus; and
(ii) what portion, if any, of the Spread Income pool each eligible employee will receive. Any Spread Income Bonus due shall be paid to Employee within 45 days following the end of the quarter for which the Spread Income Bonus is earned. For
purposes of this Agreement, “Spread Income” shall mean the income earned by Monarch Mortgage from the time Monarch Mortgage’s loans close until the time such loans are sold to third party investors, as determined by the excess of the
interest rate earned by Monarch Mortgage on such loans over Monarch Mortgage’s cost of funds. Monarch Mortgage’s cost of funds shall be determined by Monarch Bank in good faith based on its actual cost of funds designated to support
Monarch Mortgage’s funding activity with the addition of a reasonable overhead factor. 
  

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

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

  

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

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

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

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

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

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

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

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

 TO: 
 Monarch Bank 
 Attention: President 
 1101 Executive Boulevard

 Chesapeake, Virginia 23320 
 TO:

 William T. Morrison, at the address provided by him to Monarch Mortgage and appearing on Monarch Mortgage’s payroll and employee records
from time to time 
 19. COUNTERPARTS: This Agreement may be executed in counterparts, together which shall constitute one and the same
instrument. 
 IN WITNESS WHEREOF, Monarch Bank has caused this Agreement to be executed in its name and behalf by its proper officers,
thereunto duly authorized, and Employee has set his hand as of the date first above written. 
  

									
	EMPLOYEE NAME	 		 	MONARCH BANK
					
	By:	 	 /s/    William T. Morrison
	 		 	By:	 	 /s/    William F. Rountree

		 	William T. Morrison	 		 		 	William F. Rountree
					
	Date:	 	 May 4, 2007
	 		 	Date:	 	 May 4, 2007

  

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 ADDEMDUM TO EMPLOYMENT AGREEMENT 
 This addendum to the Employment Agreement between Monarch Mortgage and William T. Morrison modifies and supersedes sections 3.1 and 3.2 of that agreement
dated May 4, 2007. This addendum is designed to clarify compensation issues related to the Profit Bonus Pool and the Payment of the Spread Income Bonus. This addendum, once signed by both parties, will be effective as of January 1, 2008 and for all
periods thereafter. 
 New Section 3.1 
 3.1 For each quarterly period that Employee is employed by Monarch Mortgage pursuant to the terms and conditions of this Agreement, Employee will receive a percentage of the quarterly pre-tax profit of Monarch Mortgage (the “Profit
Bonus”) to distribute to employees, including himself, as appropriate. For purposes of this paragraph 3, (i) Profit Bonus pool shall equal twenty-five (25%) Percent of the quarterly net book income before taxes of Monarch Mortgage based on its
historical accounting practices and internal financial reports consistently and reasonably computed and (ii) Monarch Mortgage shall mean the assets, business and activities of the residential mortgage lending division of Monarch Mortgage, together
with the functionally related assets of Monarch Mortgage regardless of the specific entity that legally owns or conducts such assets, business or activities; provided, however, that Monarch Mortgage shall not include any non-residential or
non-retail mortgage lending activities that Monarch Mortgage, acting in good faith and upon prior notice to Employee, determines cannot be efficiently conducted through Monarch Mortgage. The Profit Bonus shall be payable with respect to Monarch
Mortgage’s pre-tax profit during the fiscal quarters ending March 31, June 30, September 30 and December 31, beginning with the quarter ending September 30, 2007. Any Profit Bonus to which Employee is entitled shall be paid by the day that is
45 days following the end of the quarter for which the Profit Bonus was earned. In the event that, during any quarterly period, Monarch Mortgage suffers a pre-tax loss, then the amount of such pre-tax loss shall be carried forward into one or more
subsequent quarterly periods such that (i) the pre-tax losses shall be credited against (i.e. subtracted from) subsequent quarterly pre-tax profits for purposes of determining whether a Profit Bonus is payable for any subsequent quarters and the
amount of such Profit Bonus and (ii) no Profit Bonus shall be payable to Employee during any calendar year if, as of the end of any given quarter during the year, Monarch Mortgage has suffered a net pre-tax loss on a year to date basis.
Notwithstanding the foregoing sentence, if Monarch Mortgage has suffered a net pre-tax loss for the year as of December 31 of any given year, beginning on December 31, 2008, during the term of this Agreement, the net pre-tax loss shall NOT be
carried forward to the subsequent year for purposes of determining the amount of Profit Sharing Bonuses in such subsequent year. Due to start-up losses in 2007, the Profit Sharing Bonus Pool will be available once net pre-tax profits exceed $500,000
in 2008, with each additional dollar in profits exceeding $500,000 then available at the proper percentage stated elsewhere in this Agreement to the Profit Sharing Pool participants. Employee, subject to the approval of the Monarch Bank’s
President or Chief Executive Officer, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled to the Profit Bonus; and (ii) what portion, if any, of the pre-tax profit pool each eligible
employee will receive. It is the intent of the parties that Employee shall not in any quarter award more than half of the entire Profit Bonus Pool to himself. 
 New Section 3.2 
 3.2 Employee shall be entitled to receive a percentage of the quarterly
spread income bonus equal to five percent (5.0 %) percent of the spread income of Monarch Mortgage, as the term is defined herein (“Spread Income Bonus”) to distribute to employees, including himself, as appropriate. The Spread Income
Bonus shall be payable with respect to Monarch Mortgage’s spread income for each of Monarch Mortgage’s fiscal quarters ending March 31, June 30, September 30, and December 31, beginning with the quarter ending September 30, 2007. Employee,
subject to the approval of the Monarch Bank’s President or Chief Executive Officer, shall determine on a quarterly basis (i) which employees, including himself, of Monarch Mortgage will be entitled to the Spread Income Bonus; and (ii) what
portion, if any, of the Spread Income pool each eligible employee will receive. Any Spread Income Bonus due shall be paid to Employee within 45 days following the end of the quarter for which the Spread Income Bonus is earned. For purposes of this
Agreement, “Spread Income” shall mean the income earned by Monarch Mortgage from the time Monarch Mortgage’s loans close until the time such loans are sold to third party investors and loans generated by Monarch Mortgage and booked on
the balance sheet of Monarch Bank as determined by the excess of the interest rate earned by Monarch Mortgage on such loans over Monarch Mortgage’s cost of funds. Monarch Mortgage’s cost of funds shall be determined by Monarch Bank in good
faith based on its actual cost of funds designated to support Monarch Mortgage’s funding activity with the addition of a reasonable overhead factor. Due to start-up losses in 2007, the Spread Income Bonus will be available once net pre-tax
profits exceed $500,000 in 2008. The Spread Income Bonus will NOT be paid if there are pre-tax losses in any calendar quarter. 
  

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

									
	EMPLOYEE NAME	 	MONARCH MORTGAGE/MONARCH BANK
					
	By:	 	 /s/    William T. Morrison
	 		 	By:	 	 /s/    Brad E. Schwartz

		 	William T. Morrison	 		 		 	Brad E. Schwartz
			
	Date: March 5, 2008	 		 	Date: March 5, 2008

  

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

  

	 	1.	Section 3.3 is restated as follows: 

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

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

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

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

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

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

			
	MONARCH BANK
	
	  

	By:	 	
	
	EMPLOYEE
	
	 /s/    William T. Morrison

	 William T. Morrison

  

 2Form of Voting Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 FORM OF VOTING AGREEMENT 
 This VOTING AGREEMENT (this “Agreement”) is entered into as of October 12, 2009, by and between Cisco Systems, Inc., a California corporation (“Parent”), and the
undersigned stockholder (“Stockholder”) of Starent Networks, Corp., a Delaware corporation (the “Company”). Terms not otherwise defined herein shall have the respective meanings ascribed to them in the Merger
Agreement (as defined below). 
 RECITALS 
 A. The execution and delivery of this Agreement by Stockholder is a material inducement to the willingness of Parent to enter into that
certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and among Parent, Barcelona Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of Parent (“Sub”) and
the Company, pursuant to which Sub will merge with and into the Company (the “Merger”), and the Company will survive the Merger and become a wholly-owned subsidiary of Parent. 
 B. Stockholder understands and acknowledges that the Company and Parent are entitled to rely on (i) the truth and accuracy of
Stockholder’s representations contained herein and (ii) Stockholder’s performance of the obligations set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements set forth in the Merger Agreement and in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Restrictions on Shares. 
 (a) Except for sales of Shares during the period beginning on the date hereof and ending on the 5th Business Day after the date hereof
pursuant to the terms of any trading plan adopted pursuant to Rule 10b5-1 under the Exchange Act prior to the date of this Agreement, Stockholder shall not, directly or indirectly, (i) transfer (except as may be specifically required by court
order or by operation of law), grant an option with respect to, sell, exchange, pledge or otherwise dispose of, or encumber, the Shares (as such term is defined in Section 4 below) or any New Shares (as such term is defined in Section 1(d)
below), (ii) enter into a swap or similar transaction that transfers the economic consequences of ownership of the Shares or any New Shares, or (iii) make any offer or enter into any agreement providing for any of the foregoing, at any
time prior to the Expiration Date; provided, however, that nothing contained herein will be deemed to restrict the ability of Stockholder to exercise, prior to the Expiration Date, any Company Options held by Stockholder;
provided, further, that Stockholder may transfer Shares and New Shares (w) to any member of Stockholder’s immediate family, (x) to a trust for the benefit of Stockholder or any member of Stockholder’s immediate
family for estate planning purposes, (y) to a charitable entity qualified as a 501(c)(3) organization under the Code or (z) in connection with or for the purpose of personal tax-planning; provided, further, that any such
transfer shall be permitted only if, as a precondition to such transfer, the transferee agrees in writing to be bound by all of the terms of this Agreement. As used herein, the term “Expiration Date” shall mean the earlier of
(i) the first Business Day following the date on which the Company Stockholder Approval shall have been obtained, and (ii) the date and time of the termination of the Merger Agreement in compliance with its terms. 
 (b) Except pursuant to the terms of this Agreement, Stockholder shall not, directly or indirectly, grant any proxies or powers of attorney
with respect to any of the Shares, deposit any of the Shares into a voting trust, or enter into a voting agreement or similar arrangement or commitment with respect to any of the Shares. 
 (c) Stockholder shall not, directly or indirectly, take any action that would make any representation or warranty contained herein untrue or
incorrect or impair the ability of Stockholder to perform its obligations under this Agreement or, in its capacity as a stockholder of the Company, preventing or delaying the consummation of

 
any of the transactions contemplated hereby, provided that (i) to the extent Stockholder is a director or officer of the Company, such Stockholder may, in his or her capacity as a director
or officer of the Company, take such actions as may be permitted under Section 5.2 and Section 5.3 of the Merger Agreement and (ii) as a stockholder the Stockholder may negotiate a voting agreement on substantially similar terms with
a third party that has made an Acquisition Proposal but solely in circumstances where the Company is permitted to enter into discussions with such third party pursuant to Section 5.3 of the Merger Agreement and may agree to enter into such a
voting agreement but solely upon a termination of the Merger Agreement in compliance with its terms. 
 (d) Any shares of Company
Common Stock or other securities of the Company that Stockholder purchases or with respect to which Stockholder otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) after the date of this Agreement and prior to
the Expiration Date, including pursuant to the exercise of options or warrants to purchase Shares (collectively, the “New Shares”) shall be subject to the terms and conditions of this Agreement to the same extent as if they
constituted Shares. 
 2. Agreement to Vote Shares. Prior to the Expiration Date, at every meeting of the stockholders of
the Company called with respect to any of the following, and at every adjournment or postponement thereof, and on every action or approval by written consent or resolution of the stockholders of the Company with respect to any of the following,
Stockholder shall vote, to the extent not voted by the person(s) appointed under the Proxy (as defined in Section 3 below) the Shares and any New Shares in favor of adoption of the Merger Agreement and any matter that could reasonably be
expected to facilitate the Merger (including any adjournment of any meeting of stockholders in order to solicit additional proxies in favor of adoption of the Merger Agreement) and against any Acquisition Proposal and any other matter that could
reasonably be expected to impede, interfere with, delay, postpone or adversely affect the Merger or any of the transactions contemplated by the Merger Agreement. Parent acknowledges that the voting covenant, set forth, herein and in the Proxy shall
not be effective for any other purpose and Stockholder retains the right to vote in any manner on all other matters. 
 3.
Irrevocable Proxy. Concurrently with the execution and delivery of this Agreement, Stockholder shall deliver to Parent a duly executed proxy in the form attached hereto as Exhibit A (the “Proxy”), which proxy is
coupled with an interest, and, until the Expiration Date, shall be irrevocable to the fullest extent permitted by law, with respect to each and every meeting of stockholders of the Company or action or approval by written resolution or consent of
stockholders of the Company with respect to the matters contemplated by Section 2 covering the total number of Shares and New Shares in respect of which Stockholder is entitled to vote at any such meeting or in connection with any such written
consent. Upon the execution of this Agreement by Stockholder, (i) Stockholder hereby revokes any and all prior proxies (other than the Proxy) given by Stockholder with respect to the subject matter contemplated by Section 2, and
(ii) Stockholder shall not grant any subsequent proxies with respect to such subject matter, or enter into any agreement or understanding with any Person to vote or give instructions with respect to the Shares and New Shares in any manner
inconsistent with the terms of Section 2, until after the Expiration Date. 
 4. Representations, Warranties and
Covenants of Stockholder. Stockholder hereby represents, warrants and covenants to Parent as follows: 
 (a) Stockholder is
the beneficial or record owner of, or exercises voting power over, that number of shares of Company Common Stock set forth on the signature page hereto (all such shares owned beneficially or of record by Stockholder, or over which Stockholder
exercises voting power, on the date hereof, collectively, the “Shares”). The Shares constitute Stockholder’s entire interest in the outstanding shares of Company Common Stock and Stockholder does not hold any other outstanding
shares of capital stock of the Company. No person not a signatory to this Agreement has a beneficial interest in or a right to acquire or vote any of the Shares (other than, (i) if Stockholder is a partnership, the rights and interest of
persons and entities that own partnership interests in Stockholder under the partnership agreement governing Stockholder and applicable partnership law or (ii) if Stockholder is a married individual and resides in a State with community
property laws, the community property interest of his or her spouse to the extent applicable under such community property law, in which case such spouse has executed a spousal consent hereto). The Shares are and will be at all times up until the

  

 2 

 
Expiration Date free and clear of any security interests, liens, claims, pledges, options, rights of first refusal, co-sale rights, agreements, limitations on Stockholder’s voting rights,
charges and other encumbrances of any nature that would materially and adversely affect the ability of Stockholder to perform his, her or its obligations under this Agreement. Stockholder’s principal residence or place of business is set forth
on the signature page hereto. 
 (b) Stockholder has all requisite power, capacity and authority to enter into this Agreement and
to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Stockholder and the consummation by Stockholder of the transactions contemplated hereby have been duly authorized by all necessary action, if any, on
the part of Stockholder. This Agreement has been duly executed and delivered by Stockholder and, assuming the due authorization, execution and delivery of this Agreement by Parent, constitutes a valid and binding obligation of Stockholder,
enforceable against Stockholder in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and to general
principles of equity. 
 (c) The execution and delivery of this Agreement does not, and the consummation of the transactions
contemplated hereby and compliance with the provisions hereof will not, conflict with, result in a breach or violation of or default (with or without notice or lapse of time or both) under, or require notice to or the consent of any person under,
any agreement, law, rule, regulation, judgment, order or decree by which Stockholder is bound, except for such conflicts, breaches, violations or defaults that would not, individually or in the aggregate, prevent or delay Stockholder from performing
his, her or its obligations under this Agreement. 
 5. Consent and Waiver. Stockholder hereby waives any and all rights
to contest or object to the execution and delivery of the Merger Agreement, the Company Board of Directors’ actions in approving and recommending the Merger, the consummation of the Merger and the other transactions provided for in the Merger
Agreement, or to seek damages or other legal or equitable relief in connection therewith (but for the avoidance of doubt this waiver does not extend to any claims relating to any breach of the Merger Agreement). From and after the Effective Time,
Stockholder’s right to receive cash on the terms and subject to the conditions set forth in the Merger Agreement shall constitute Stockholder’s sole and exclusive right against the Company and/or Parent in respect of Stockholder’s
ownership of the Shares or status as a Stockholder of the Company or any agreement or instrument with the Company pertaining to the Shares or Stockholder’s status as a Stockholder of the Company. 
 6. Confidentiality. Stockholder shall hold any information regarding this Agreement and the Merger in strict confidence and shall not
divulge any such information to any third person until the Parent has publicly disclosed the Merger and this Agreement. Neither the Stockholder, nor any of its affiliates shall issue or cause the publication of any press release or other public
announcement with respect to this Agreement, the Merger, the Merger Agreement or the other transactions contemplated thereby without the prior written consent of the Parent, except as may be required by law or by any listing agreement with, or the
policies of, the NASDAQ Global Select Market in which circumstance such announcing party shall make reasonable efforts to consult with the Parent to the extent practicable. 
 7. Appraisal Rights. Stockholder agrees not to exercise any rights of appraisal or any dissenters’ rights that Stockholder may
have (whether under applicable law or otherwise) or could potentially have or acquire in connection with the Merger. 
 8.
Miscellaneous. 
 (a) Notices. All notices and other communications hereunder shall be in writing and shall be
deemed given on (i) the date of delivery, if delivered personally or by commercial delivery service, or (ii) on the date of confirmation of receipt (or the next Business Day, if the date of confirmation of receipt is not a Business Day),
if sent via facsimile (with confirmation of receipt), to the parties hereto at the following address (or at such other address for a party as shall be specified by like notice): 
  

 3 

	 	(i)	if to Parent, to: 

 Cisco Systems, Inc. 
 170 West Tasman Drive 
 San Jose, CA 95134 
 Attention: General Counsel 
 Facsimile No.: (408) 525-4757

 Telephone No.: (408) 526-4000 
 with a copy (which shall not constitute notice) to: 
 Fenwick & West LLP 
 Silicon Valley Center 
 801 California Street 
 Mountain View, CA 94041 
 Attention: Douglas N. Cogen 
                  Andrew Luh 
 Facsimile No.: (650) 938-5200 
 Telephone No.:
(650) 537-0827 
  

	 	(ii)	if to Stockholder, to the address set forth for the Stockholder on the signature page hereof. 

 (b) Interpretation. When a reference is made in this Agreement to Sections or Exhibits, such reference shall be to a Section of or an
Exhibit to this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The words “include,”
“includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The phrases “the date of this Agreement”, “the date hereof”, and terms of
similar import, unless the context otherwise requires, shall be deemed to refer to the date first above written. 
 (c)
Specific Performance; Injunctive Relief. The parties hereto acknowledge that Parent will be irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of Stockholder set forth
herein or in the Proxy. Therefore, it is agreed that, in addition to any other remedies that may be available to Parent upon any such violation of this Agreement or the Proxy, Parent shall have the right to seek to enforce such covenants and
agreements and the Proxy by specific performance, injunctive relief or by any other means available to Parent at law or in equity and Stockholder hereby waives any requirement for the security or posting of any bond in connection with such
enforcement. 
 (d) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties hereto; it being understood that all parties need not sign the same
counterpart. 
 (e) Entire Agreement; Nonassignability; Parties in Interest. This Agreement and the documents and
instruments and other agreements specifically referred to herein or delivered pursuant hereto (including, without limitation, the Proxy) (i) constitute the entire agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and (ii) are not intended to confer, and shall not be construed as conferring, upon any person other than the
parties hereto any rights or remedies hereunder. Except as provided in Section 1(a), neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of
law or otherwise, by Stockholder without the prior written consent of Parent, and any such assignment or delegation that is not consented to shall be null and void. This Agreement, together with any rights, interests or obligations of Parent
hereunder, may be assigned or delegated in whole or in part by Parent to any affiliate of Parent to which Parent assigns its rights under the

  

 4 

 
Merger Agreement without the consent of or any action by Stockholder upon notice by Parent to Stockholder as herein provided. Subject to the preceding sentence, this Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective permitted successors and assigns (including, without limitation, any person to whom any Shares are sold, transferred or assigned). 
 (f) Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement shall continue in full force and effect and the application of such provision to other persons or circumstances shall be interpreted so as reasonably to
effect the intent of the parties hereto. The parties hereto further agree to use their commercially reasonable efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that shall achieve, to
the extent possible, the economic, business and other purposes of such void or unenforceable provision. 
 (g) Remedies
Cumulative. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party shall be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the
exercise by a party of any one remedy shall not preclude the exercise of any other remedy. 
 (h) Governing Law. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that
would cause the application of laws of any jurisdictions other than those of the State of Delaware. The parties hereto hereby irrevocably submit to the exclusive jurisdiction the Court of Chancery of the State of Delaware, New Castle County, or, if
that court does not have jurisdiction, a federal court sitting in Wilmington, Delaware, solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of
the transactions contemplated hereby and thereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action,
suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably
agree that all claims with respect to such action or proceeding shall be heard and determined in such a Delaware State or Federal court. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the
subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 8(a) or in such other manner as may be permitted by applicable law, shall be
valid and sufficient service thereof. 
 (i) Rules of Construction. The parties hereto agree that they have been
represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document
shall be construed against the party drafting such agreement or document. 
 (j) Additional Documents, Etc. Stockholder
shall execute and deliver any additional documents necessary or desirable, in the reasonable opinion of Parent, to carry out the purpose and intent of this Agreement. Without limiting the generality or effect of the foregoing or any other obligation
of Stockholder hereunder, Stockholder hereby authorizes Parent to deliver a copy of this Agreement to the Company and hereby agrees that each of the Company and Parent may rely upon such delivery as conclusively evidencing the consents, waivers and
terminations of Stockholder referred to in Section 5, in each case for purposes of all agreements and instruments to which such elections, consents, waivers and/or terminations are applicable or relevant. 
 (k) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO

  

 5 

 
THIS AGREEMENT OR THE ACTIONS OF ANY PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 (l) Fiduciary Duties. Notwithstanding anything in this Agreement to the contrary: (i) Stockholder makes no agreement or understanding herein in any capacity other than in Stockholder’s
capacity as a record holder and beneficial owner of the Shares and the New Shares, and not in such Stockholder’s capacity as a director, officer or employee of the Company or any of the Company’s Subsidiaries or in such Stockholder’s
capacity as a trustee or fiduciary of any Company Employee Plan, and (b) nothing herein will be construed to limit or affect any action or inaction by Stockholder or any representative of Stockholder, as applicable, serving on the Company Board
or on the board of directors of any Subsidiary of the Company or as an officer or fiduciary of the Company or any Subsidiary of the Company, acting in such person’s capacity as a director, officer, employee or fiduciary of the Company or any
Subsidiary of the Company. 
 (m) Term. This Agreement and all obligations hereunder shall terminate upon the Expiration
Date. Upon termination of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided, however, that (i) nothing set forth in this Section 8(m) shall relieve any party from liability for any
intentional breach of this Agreement prior to termination hereof, and (ii) the provisions of this Section 8(m) shall survive any termination of this Agreement. 
 [Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Voting Agreement to be executed as
of the date first above written. 
  

			
	CISCO SYSTEMS, INC.
		
	By:	 	 
	 Name:
 Title:
	 	

  

	
	STOCKHOLDER:
	
	  
	(Print Name of Stockholder)
	
	  
	(Signature)
	
	  
	(Print name and title if signing on behalf of an entity)
	
	  
	(Print Address)
	
	  
	(Print Address)
	
	  
	(Print Telephone Number)

 Shares beneficially owned on the date hereof: 
                              shares of Company Common Stock 

 EXHIBIT A 
 IRREVOCABLE PROXY 
 TO VOTE STOCK OF 
 STARENT NETWORKS, CORP. 
 The undersigned stockholder of Starent Networks, Corp., a Delaware corporation (the “Company”), hereby irrevocably (to the fullest extent permitted by applicable law) appoints Mark
Chandler, Senior Vice President, General Counsel, and Secretary, and Ned Hooper, Chief Strategy Officer, of Cisco Systems, Inc., a California corporation (“Parent”), and each of them, or any other designee of Parent, as the sole and
exclusive attorneys and proxies of the undersigned, with full power of substitution and resubstitution, to vote and exercise all voting and related rights (to the fullest extent that the undersigned is entitled to do so) with respect to all of the
shares of capital stock of the Company that now are or hereafter may be beneficially owned by the undersigned, and any and all other shares or securities of the Company issued or issuable in respect thereof on or after the date hereof (collectively,
the “Shares”) in accordance with the terms of this Irrevocable Proxy. The Shares beneficially owned by the undersigned stockholder of the Company as of the date of this Irrevocable Proxy are listed on the final page of this
Irrevocable Proxy. Upon the undersigned’s execution of this Irrevocable Proxy, any and all prior proxies given by the undersigned with respect to any Shares are hereby revoked and the undersigned agrees not to grant any subsequent proxies or
enter into any agreement or understanding with any Person (as defined in the Merger Agreement (as defined below)) to vote or give instructions with respect to the Shares and New Shares in any manner inconsistent with the terms of this Irrevocable
Proxy until after the Expiration Date (as defined below). 
 Until the Expiration Date, this Irrevocable Proxy is irrevocable
(to the fullest extent permitted by applicable law), is coupled with an interest, is granted pursuant to that certain Voting Agreement dated as of even date herewith by and between Parent and the undersigned, and is granted in consideration of
Parent entering into that certain Agreement and Plan of Merger, dated as of even date, by and among Parent, Barcelona Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of Parent (“Sub”) and the Company (the
“Merger Agreement”), pursuant to which Sub will merge with and into the Company (the “Merger”), and the Company will survive the Merger and become a wholly-owned subsidiary of Parent. As used herein, the term
“Expiration Date” shall mean the earlier to occur of (i) such date and time as the Merger shall become effective in accordance with the terms and provisions of the Merger Agreement, and (ii) the date and time of the
termination of the Merger Agreement in compliance with its terms. 
 The attorneys and proxies named above, and each of them,
are hereby authorized and empowered by the undersigned, at any time prior to the Expiration Date, to act as the undersigned’s attorney and proxy to vote the Shares, and to exercise all voting and other rights of the undersigned with respect to
the Shares (including, without limitation, the power to execute and deliver written consents pursuant to the Delaware General Corporation Law), at every annual, special or adjourned meeting of the stockholders of the Company and in every written
consent in lieu of such meeting as follows: (i) in favor of adoption of the Merger Agreement and any matter that could reasonably be expected to facilitate the Merger (including adjournment of any meeting of Stockholders in order to solicit
additional proxies in favor of adoption of the Merger Agreement) and (ii) against any Acquisition Proposal (as defined in the Merger Agreement) and any other matter that might reasonably be expected to impede, interfere with, delay, postpone or
adversely affect the Merger or any of the transactions contemplated by the Merger Agreement. 
 The attorneys and proxies named
above may not exercise this Irrevocable Proxy on any other matter except as provided above. The undersigned stockholder may vote the Shares on all other matters. 
 All authority herein conferred shall survive the death or incapacity of the undersigned and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives,
successors and assigns of the undersigned. 
 [Signature Page Follows] 

 This Irrevocable Proxy is coupled with an interest as aforesaid and is irrevocable. This
Irrevocable Proxy may not be amended or otherwise modified without the prior written consent of Parent. This Irrevocable Proxy shall terminate, and be of no further force and effect, automatically upon the Expiration Date. 
 Dated: October 12, 2009 
  

	
	
	
	  
	(Print Name of Stockholder)
	
	  
	(Signature of Stockholder)
	
	  
	(Print name and title if signing on behalf of an entity)

 Shares beneficially owned on the date hereof: 
                              shares of Company Common Stock 
  
  
 [SIGNATURE PAGE TO IRREVOCABLE PROXY] 

  

 10

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