Document:

EXHIBIT 10.1

 

FIRST AMENDMENT OF

LEASE AGREEMENT

 

THIS AGREEMENT is executed in duplicate this 17th day of May,
2013, by and between PURDUE RESEARCH FOUNDATION, an Indiana corporation, of Tippecanoe County, Indiana, (“Lessor”),
and ENDOCYTE (“Tenant”). In consideration of their mutual promises contained in this Amendment, the parties agree as
follows:

 

WHEREAS, the parties have heretofore entered into a Lease Agreement
dated January 30, 2013 between Lessor and Lessee for certain premises at the Purdue Technology Center, 3000 Kent Avenue, West Lafayette,
Indiana 47906, and

 

WHEREAS, the parties wish to amend provisions of the lease at
the request of the Lessee:

 

NOW, THEREFORE, IN CONSIDERATION OF the mutual promises and
covenants therein, it is agreed between the parties hereto as follows:

 

		1.	Remove Section 1. DESCRIPTION OF LEASED PROPERTY.
Replace as follows:

23,907 square feet in Suites A1-100, A1-200, B1-200,
B1-201, B1-203, B1-300, B1-400, B1-500, A2-100, A2-300, B2-300, B2-400, B2-500, B2-603, B2-700, B2-900, C1-201 and C1-202 (the
“Leased Property”) located in the PURDUE TECHNOLOGY CENTER at 3000 Kent Avenue, West Lafayette, Indiana (the “Building”)
in the Purdue Research Park (the “Park”). This Leased Property is further designated on Exhibit “A”.

		2.	Remove Section 4. RENT. Replace as follows:

 

		a.	Base Rent.

 

		i.	Lessee agrees to pay Lessor as rent (the “Guaranteed Rent”) for the balance of the Initial Term, as defined herein,
the annualized amount of Four Hundred Seventy-Two Thousand Nine Hundred Fifty-Seven and 00/100 Dollars ($472,957.00) (the “Rent”).
Tenant agrees to pay the Rent in consecutive monthly installments ("Monthly Rent Installment") of Forty-Seven Thousand
Four Hundred Forty-Seven and 69/100 Dollars ($47,447.69) per month, in advance of the first day of each month, effective May 1,
2013. The Rent is equal to $17.71 per square foot for the portion of the Leased Property devoted to office uses; and $33.29 per
square foot for the portion of the Leased Property used as a laboratory, per year during the Initial Term.

 

During the Initial Term and any subsequent Extension
Periods, the Rent shall be adjusted annually and effective January 1st. Each year during the Lease Term, the Rent shall
be equal to the rental rate established for the Building (“Building Rate”) for the subsequent calendar year multiplied
by the square feet occupied by Tenant and shall remain in effect until the Building Rate changes. The Building Rate shall be determined
by Landlord and provided, by written notice, to Tenant not later than November 1st of each calendar year. The Building
Rate increase shall not exceed five percent (5%) during any given year. In no event shall the Rent be adjusted more frequently
than annually. The new Rent as so adjusted shall begin each calendar year on January 1st and continue at the adjusted
rate until the next annual adjustment of the Building Rate. The corresponding Monthly Rent Installment shall also be adjusted to
be consistent with the change in the Rent.

 

		ii.	The Monthly Rent Installment shall be prorated for periods at the beginning and end of the Lease Term, as defined herein, which
do not constitute full calendar months.

 

		b.	Workstations. Landlord agrees to provide workstations for use as shown on Exhibit D. Tenant agrees to pay for the workstations
on a monthly basis in the amount of Eight Hundred Eight-Six and 31/100 Dollars ($886.31) per month, which is included in the rental
amount above and inclusive of the same terms and conditions of Section 4. Cabinetry, conference room table and chairs are included
with this amendment for spaced C1-201 and C1-202. Workstations as described herein are considered a fixture of the space and shall
not be removed by Tenant. The rent amount for the workstations/cabinetry/conference room furniture shall remain fixed for the initial
term and options described herein.

 

    	 

    	 

    

 

		c.	Late Fee. If Lessor does not receive any payment of the Monthly Rent Installment or any other amounts to be paid to Lessor
when due, a fee of Fifty Dollars ($50) will be charged on the fifth day after such payment is due and owing plus Five Dollars ($5)
for each day thereafter (collectively the “Late Charges”) until payment is received. The accrued Late Charges are in
addition to the Monthly Rent Installment, and are due with the payment of the outstanding Monthly Rent Installment. Lessor’s
receipt of Late Charges does not waive the right of Lessor to evict Lessee for nonpayment of Rent if Lessor so elects.

 

		d.	Returned Check Fee. If a check is returned from the bank for any reason, a Twenty-Five Dollar ($25.00) fee will be assessed,
plus the applicable Late Charges until the outstanding Monthly Rent Installment is paid in full.

 

		e.	Rent Payments. The Monthly Rent Installment payments and any other sums due Landlord hereunder shall be payable at Landlord’s
principal office at 1281 Win Hentschel Boulevard, West Lafayette, IN 47906. All Rent and any other sums owed by Tenant under this
Lease shall be payable without notice or demand and without deduction, diminution, abatement, counterclaim, or set off of any amount
or for any reason whatsoever, and without relief from valuation or appraisement laws and with attorney’s fees.

 

		3.	This First Amendment of Lease Agreement shall commence
upon signing.

 

		4.	It is further agreed that all of the terms and conditions
of said aforementioned lease Agreement dated January 30, 2013, except as hereby amended, are hereby affirmed and shall remain
in full force and effect during the remainder of the term thereof.

 

WITNESS the signatures and seal of the above parties the day
and year first above written.

 

	LANDLORD:	 	PURDUE RESEARCH FOUNDATION
	 	 	an Indiana corporation (formed and existing under the Indiana Foundation or Holding Companies Act, Acts of 1921, ch. 246)
	 	 	 	 
	 	 	By:	/s/ Gregory W. Deason
	 	 	 	Gregory W. Deason
	 	 	 	Vice President
	 	 	 	Executive Director – Purdue Research Park

 

	ATTEST:	 	 
	 	 	 
	By:	/s/ Timothy R. Peoples	 
	 	Timothy R. Peoples	 
	 	Director, Purdue Technology Centers	 

 

	TENANT:	 	ENDOCYTE
	 	 	 	 
	 	 	By:	/s/ Mike Sherman
	 	 	 	Mike Sherman
	 	 	 	 
	 	 	By:	/s/ P. Ron
    Ellis
	 	 	 	P. Ron Ellis
	 	 	 	President/CEO

 

    	 

    	 

    

 

EXHIBIT A

LEASED PREMISES 

 

	Unit A1-200	 	Office Space	 	9,131 square feet	 
	Unit B1-200	 	Office Space	 	168 square feet	 
	Unit B1-201	 	Office Space	 	230 square feet	 
	Unit B1-203	 	Office Space	 	363 square feet	 
	Unit B1-300	 	Office Space	 	906 square feet	 
	Unit B1-400	 	Office Space	 	(included in A1-200)	 
	Unit A2-101	 	Office Space	 	253 square feet	 
	Unit A2-104	 	Office Space	 	216 square feet	 
	Unit A2-105	 	Office Space	 	161 square feet	 
	Unit A2-108	 	Office Space	 	215 square feet	 
	Unit A2-301	 	Office Space	 	325 square feet	 
	Unit A2-304	 	Office Space	 	216 square feet	 
	Unit A2-305	 	Office Space	 	161 square feet	 
	Unit B2-300	 	Office Space	 	149 square feet	 
	Unit B2-400	 	Office Space	 	1,513 square feet	 
	Unit B2-500	 	Office Space	 	148 square feet	 
	Unit B2-603	 	Office Space	 	253 square feet	 
	Unit B2-700	 	Office Space	 	148 square feet	 
	Unit B2-900	 	Office Space	 	149 square feet	 
	Unit C1-201	 	Office Space	 	324 square feet	 
	Unit C1-202	 	Office Space	 	191 square feet	 
	 	 	 	 	 	 
	 	 	Total Office Space	 	15,220 square feet	 
	 	 	 	 	 	 
	Unit A1-100	 	Lab Space	 	4,069 square feet	 
	Unit B1-500	 	Lab Space	 	690 square feet	 
	Unit A2-102	 	Lab Space	 	367 square feet	 
	Unit A2-103	 	Lab Space	 	325 square feet	 
	Unit A2-106	 	Lab Space	 	495 square feet	 
	Unit A2-107	 	Lab Space	 	477 square feet	 
	Unit A2-302	 	Lab Space	 	339 square feet	 
	Unit A2-303	 	Lab Space	 	409 square feet	 
	Unit B2-300	 	Lab Space	 	379 square feet	 
	Unit B2-500	 	Lab Space	 	380 square feet	 
	Unit B2-700	 	Lab Space	 	378 square feet	 
	Unit B2-900	 	Lab Space	 	379 square feet	 
	 	 	 	 	 	 
	 	 	Total Lab Space	 	8,687 square feet	 

 

(See attached map.)Exhibit 10.3

 

RESTRICTED STOCK GRANT AGREEMENT

 

THIS RESTRICTED STOCK GRANT AGREEMENT
(the “Agreement”) is effective as of April 30, 2013 (the “Effective Date”), by and between
BNC Bancorp, a North Carolina corporation (the “Corporation”), and Richard D. Callicutt II (the “Participant”).

 

WHEREAS, the Corporation is the holding
company of the Bank of North Carolina (the “Bank”), a state chartered commercial bank, and the BNC Bancorp Omnibus
Stock Ownership and Long Term Incentive Plan was approved by the Corporation’s board of directors and by its shareholders
on May 18, 2004, as amended on June 15, 2010 and as it may be amended from time to time (the “Plan”);

 

WHEREAS, Participant is an employee of the
Bank, and the Compensation Committee of the Board of Directors of the Corporation (the “Committee”), as administrator
of the Plan, has determined that it is desirable and in the best interest of the Bank to make an award (the “Award”)
of certain shares of the common stock of the Corporation, under the Plan, to the Participant, subject to certain restrictions as
specified below; and

 

WHEREAS, capitalized terms not otherwise
defined herein shall have the same meaning given to such terms in the Plan.

 

NOW, THEREFORE, the Parties agree as follows:

 

1.           Date
of Award. The date of grant of the Award under this Agreement is April 30, 2013. The Bank has made this Award in
consideration of the continued employment of the Participant. The Participant is an executive officer of the Bank and the Corporation.

 

2.           Award
of Plan Shares. The Participant is awarded, no purchase price per share, in the aggregate, the right to receive 100,000 shares
of common stock (the “Plan Shares”), which shares become vested and nonforfeitable pursuant to paragraph 5 of
this Agreement.

 

3.           Representations,
Warranties and Transfer Restrictions.

 

(a)          Representations
and Warranties. Participant makes and agrees to the representations and warranties, if any, attached hereto as Annex A. The
Committee may cause a legend to be placed on any certificate representing any of the Plan Shares to make appropriate reference
to restrictions on transfer, as necessary.

 

(b)          Securities
Law and Regulations. The Participant agrees that the Plan Shares shall be subject to such stop-transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission,
any stock exchange or interdealer quotation system upon which the common stock is then listed and any other applicable federal
or state securities laws, rules or regulations, and the Committee may cause a legend or legends to be placed on any certificate
representing any of the Plan Shares to make appropriate reference to such restrictions.

 

    	1

    	 

    

 

(c)          Other
Transfer Restrictions. No portion of the Plan Shares or rights granted hereunder may be sold transferred, assigned, pledged
or otherwise encumbered or disposed of by Participant until the occurrence of both (c)(i) and (ii) below:

 

		(i)	such portion of the Plan Shares become fully vested in accordance with paragraph 5 of this Agreement and

 

		(ii)	the earliest of the following to occur: (A) the Participant’s employment with the Corporation terminates for any reason,
(B) the Participant has material diminution of duties and responsibilities in his role with the Corporation or the Bank or (C)
the occurrence of the Participant’s Death or Disability (in each case, as determined by the Committee in its discretion).

 

Notwithstanding the above, Plan Shares may
be transferred to satisfy tax obligations pursuant to Section 10 hereof.

 

4.           Shares
Held in Trust. The Plan Shares shall be held in trust by the Bank and distributed or transferred in accordance with the Plan,
as determined by the Committee and as set forth herein.

 

5.           Vesting
and Delivery of Plan Shares by the Bank.

 

(a)          Vesting
Schedule. Plan Shares shall vest and become nonforfeitable as set forth herein:

 

		(i)	Provided that the Participant has been continuously employed by either the Corporation or the Bank from the Effective Date
through the following vesting dates, 100,000 Plan Shares shall vest and be earned as follows: 25,000 Plan Shares on April 29, 2014;
25,000 Plan Shares on April 29, 2015; 25,000 Plan Shares on April 29, 2016; and 25,000 Plan Shares on April 29, 2017.

 

		(ii)	Notwithstanding the foregoing, the Plan Shares shall not vest and shall be forfeited in their entirety if the Participant does
not enter into a new employment agreement with either the Corporation or the Bank on or before July 1, 2013.

 

		(iii)	Upon a Change in Control Transaction, Plan Shares shall vest in accordance with Section 4.4 of the Plan.

 

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(b)          Delivery
of Vested Plan Shares to the Participant. Except as provided above, after the date on which all or a portion of the Plan Shares
have become vested as provided in this Agreement and in the Plan, the Committee shall instruct the Bank to deliver to the Participant,
the Participant’s designee, such other person as shall have been designated as Participant’s beneficiary in accordance
with this Agreement or any other permitted recipient pursuant to the Plan, as applicable, certificates representing the Plan Shares
which have become vested and nonforfeitable, as the Committee shall determine, free from any restrictions imposed by this Agreement
other than such restrictions and conditions as may be deemed necessary by the Committee pursuant to Section 3 above. The parties
agree to execute any further instrument and to take such action as may be reasonably necessary to carry out the intent of this
Agreement.

 

(c)          Delivery
of Forfeited Plan Shares. If the Plan Shares, or any of them, are forfeited pursuant to Section 5(a)(ii) above or the Plan,
the Committee shall instruct the Bank concerning the disposition of such forfeited shares. Thereafter such forfeited shares shall
cease to be subject to this Agreement.

 

6.           Payment
of Dividends. The Bank shall pay to the Participant, the Participant’s designee, such other person as shall have been
designated as the Participant’s beneficiary in accordance with this Agreement or any other permitted recipient pursuant to
the Plan, the amount of any cash or stock dividend, or other cash or noncash distributions, including any interest earned thereon,
declared in respect of any of the Plan Shares, whether or not vested and delivered and whether or not currently held in trust by
the Bank for the benefit of the above-named person(s), as soon as practicable after such dividends or other distributions have
been paid.

 

7.           Designation
of Beneficiary. The Participant hereby designates the person(s) described on Annex B as the beneficiary or beneficiaries who
shall be entitled to receive the vested Plan Shares and other assets, if any, distributable to the Participant upon his Death.
The Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary,
if any, by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior
to the Participant’s Death, and in no event shall it be effective as of a date prior to such receipt.

 

If no such beneficiary designation is in effect
at the time of the Participant’s Death, or if no designated beneficiary survives the Participant, or if such designation
conflicts with law, the Participant’s estate shall be deemed to have been designated his beneficiary and shall receive the
vested Plan Shares and other assets, if any, distributable to the Participant upon his Death. If the Committee is in doubt as to
the right of any person to receive such distribution, the Committee may direct the Bank to retain the vested Plan Shares and other
assets, without liability for any interest in respect thereof, until the rights thereto are determined, or the Committee may direct
the transfer of such Plan Shares into any court of appropriate jurisdiction and such transfer shall be deemed a complete discharge
of the obligations of the Bank, the Corporation and the Committee hereunder.

 

    	3

    	 

    

 

8.           Effect
of Award on Status of Participant. The fact that an Award has been made to the Participant under this Plan shall not confer
on the Participant any right to continued service on the boards of directors of the Bank, the Corporation or of any subsidiary
thereof, nor to continued employment with the Bank, the Corporation or any subsidiary; nor shall it limit the right of the Bank,
the Corporation or any subsidiary to remove the Participant from any such boards or to terminate his employment at any time without
prior notice.

 

9.           Impact
of Award on Other Benefits of Participant. The value of the Plan Shares on the date of the Award or at the time the Plan Shares
become vested shall not be includable as compensation or earnings for purposes of any other benefit plan offered by the Bank, the
Corporation or any subsidiary thereof, other than any qualified employee benefit plan which provides that such value shall be included
as compensation or earnings for purposes of such plans.

 

10.         Tax
and Tax Withholding. Participant has reviewed with Participant’s own tax and financial advisors the federal, state and
local tax consequences of this Agreement and receipt of the Plan Shares. The Participant acknowledges that the Corporation shall
require the Participant to pay the Corporation the amount of any tax or other amount required by any governmental authority to
be withheld and paid over by the Corporation to such authority for the account of the Participant, and the Participant agrees,
as a condition to the grant of the Award and delivery of the Plan Shares or any other benefit, to satisfy such obligations. In
satisfaction of such taxes, all vested Plan Shares distributed pursuant to this Agreement shall be subject to withholding by the
Corporation to cover any applicable taxes. The Participant expressly acknowledges and agrees to such withholding without regard
to whether the Plan Shares may then be sold or otherwise transferred by the Participant. The number of Plan Shares to be withheld
shall have a fair market value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to
(but not exceeding) the amount of such obligations being satisfied. Further, the Participant may sell such number of vested Plan
Shares necessary to cover any tax obligation in addition to that described above due by the Participant in respect of the Plan
Shares to any governmental authority, notwithstanding the transfer limitations set forth in Section 3, to the extent that transfer
is then permitted by applicable federal, state or local law and the Corporation’s insider trading policy; provided, that,
if such sale or withholding is not so permitted the Participant shall nonetheless remain obligated to satisfy such taxes.

  

11.         Notices.
Any notices or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been sufficiently given if delivered personally or three business days after deposit in the United States mail by Certified
Mail, return receipt requested, properly addressed and postage prepaid, if to the Corporation, the Bank or the Committee, at the
Bank’s principal office address at 3980 Premier Drive, High Point, North Carolina 27265; and, if to the Participant, at his
last address appearing on the books of the Bank. The Bank and the Participant may change their address or addresses by giving written
notice of such change as provided herein. Any notice or other communication hereunder shall be deemed to have been given on the
date actually delivered or as of the third (3rd) business day following the date mailed as set forth above, as the case may be.

 

12.         Construction
Controlled by Plan. The Plan, a copy of which is attached hereto as Annex C, is incorporated herein by reference. The Award
of Plan Shares shall be subject to the terms and conditions of the Plan, and the Participant hereby assumes and agrees to comply
with all of the obligations imposed upon the Participant in the Plan. This Agreement shall be construed so as to be consistent
with the Plan; and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should appear
to be inconsistent therewith.

 

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13.         Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be valid and enforceable under
applicable law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any
other provision or part thereof shall not be affected thereby and this Agreement shall continue to be binding on the parties hereto
as if such unenforceable, invalid or illegal provision or part thereof had not been included herein.

 

14.         Governing
Law. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control
the validity, interpretation, performance and enforcement of this Agreement.

 

15.         Modification
of Agreement; Waiver. This Agreement may be modified, amended, suspended or terminated, and any terms, representations or conditions
may be waived, but only by a written instrument signed by each of the parties hereto or their successors in interest. No waiver
hereunder shall constitute a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision
hereof.

 

16.         Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective heirs,
legatees, personal representatives, executors, and administrators, successors and assigns.

 

17.         Entire
Agreement. This Agreement and the Plan constitute and embody the entire understanding and agreement of the parties hereto and,
except as otherwise provided hereunder, there are no other agreements or understandings, written or oral, in effect between the
parties hereto relating to the matters addressed herein.

 

18.         Counterparts.
This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original,
but all of which taken together shall constitute one and the same instrument.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the Corporation has
caused this instrument to be executed in its corporate name by its President, or one of its Vice Presidents, and attested by its
Secretary or one of its Assistant Secretaries, and its corporate seal to be hereto affixed; and each individual party hereto has
hereunto set his hand and adopted as his seal the typewritten word “SEAL” appearing beside his name, effective as of
the day and year first above written.

 

	 	BNC BANCORP
	 	 	 
	 	By:	/s/ David B. Spencer	 
	 	 	David B. Spencer

Executive Vice President and 

Chief Financial Officer

 

ATTEST:

 

	By:	/s/Drema Michael	 
	 	Assistant Secretary

 

[Corporate Seal]

 

	 	PARTICIPANT
	 	 
	 	/s/Richard D. Callicutt II	 
	 	Richard D. Callicutt II (SEAL)

 

    	 

    	 

    

 

ANNEX A

 

Representations and Warranties

 

Participant represents to the Corporation
that:

 

(a)          The
Plan Shares were not offered or transferred to Participant by means of any form of general solicitation or general advertising,
and in connection therewith, Participant did not: (i) receive or review any advertisement, article, notice or other communication
published in a newspaper or magazine or similar media or broadcast over television or radio whether closed circuit or generally
available or (ii) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation
or general advertising.

 

(b)          Participant
has received a copy of the Plan and represents that he is familiar with the terms and provisions thereof, and hereby accepts the
Plan Shares subject to all of the terms and provisions of the Plan except as otherwise specifically stated in this Agreement. Participant
hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising
under the Plan. Participant acknowledges that the Plan Shares may only be transferred or otherwise disposed of pursuant to (i)
a registration statement on Form S-8 upon delivery of a resale prospectus to the recipient of the Plan Shares, as long as Participant
is an affiliate of the Corporation, (ii) an effective registration statement under the Securities Act of 1933, as amended (the
“Act”), or (iii) pursuant to an exemption from registration under the Act.

 

(c)          Participant
acknowledges that he must therefore hold the Plan Shares indefinitely unless a subsequent disposition of the Plan Shares is permitted
under the terms of this Agreement.

 

(d)          Participant
acknowledges that, given the restrictions on transfer acknowledged above, he is able to bear the economic risk of holding the Plan
Shares for an indefinite period of time and can afford a complete loss of the value of the Plan Shares.

 

(e)          Participant
agrees and acknowledges that the Corporation may, if it so desires and subject to Section 3 of this Agreement, permit the transfer
of the Plan Shares out of Participant’s name only when Participant’s request for transfer is accompanied by an opinion
of counsel reasonably satisfactory to the Corporation and its counsel that neither the sale nor the proposed transfer results in
violation of the Act or any state securities or “blue sky” laws (collectively, “Securities Laws”).
Participant agrees to hold the Corporation and its directors, officers, agents and controlling persons and their respective heirs,
representatives, successors and assigns harmless and to indemnify them from and against all liabilities, costs and expenses incurred
by them as a result of any misrepresentation made by Participant contained herein or any sale or distribution by Participant in
violation of the Securities Laws.

 

    	 

    	 

    

 

(f)          Participant
represents that the receipt of the Plan Shares by Participant will not result in the violation by Participant of any law, statute,
rule, regulation, order, writ, injunction, judgment or decree of any court or governmental authority to or by which Participant
is bound, including, without limitation, United States laws and other laws that may be applicable to Participant and will not conflict
with, or result in a material breach or violation of, any of the terms or provisions of, or constitute (with due notice or lapse
of time or both) a material default under, any material lease, loan agreement, mortgage, security agreement, trust indenture or
other agreement or instrument to which Participant is a party or by which Participant is bound or to which Participant’s
material properties or assets is subject, nor result in the creation or imposition of any lien upon any of the material properties
or assets of Participant.

 

(g)          Participant
acknowledges and agrees that this Agreement is not a contract of employment and that nothing in this Agreement shall confer upon
Participant any right with respect to continuation of service to or employment by the Corporation or the Bank, nor shall it interfere
in any way with his right or the Corporation’s or the Bank’s right to terminate his service to or employment by the
Corporation or the Bank at any time, with or without cause.

  

(h)          Participant
hereby accepts this Agreement subject to all of the terms and provisions hereof. Participant has reviewed this Agreement in its
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions
of the Agreement.

 

(i)          Participant
acknowledges that the Corporation and its counsel are entitled to rely on the representations made above.

 

    	 

    	 

    

 

ANNEX B

 

BNC Omnibus Stock Option and

Long Term Incentive Plan

Beneficiary Designation Form

 

As beneficiary to receive any shares of
stock distributable on my behalf pursuant to the BNC Bancorp Omnibus Stock Option and Long Term Incentive Plan, I hereby designate
the following:

 

	 	 	Name	Address	Relationship	 
	 	 	 	 	 	 
	Primary Beneficiary:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Contingent Beneficiary:	 	 	 	 	 
	(if any)	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

If more than one primary beneficiary is named, shares will be
paid in equal shares to surviving primary beneficiaries. Should the contingent beneficiaries be eligible to receive the benefits
(i.e., all primary beneficiaries are deceased), such benefits will be paid in equal shares to such surviving contingent beneficiaries.

 

	Name of Spouse if not given above: 	 

 

	 	 	 
	Witness	 	Participant

 

	 	 	 
	 	Date	 

 

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ANNEX C

 

BNC Bancorp Omnibus Stock Option and

Long Term Incentive Plan

 

See Attached.

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