Document:

Form of Subscription Agent Agreement

 Exhibit 4.5 
 FORM OF 
 SUBSCRIPTION AGENT AGREEMENT

 This Subscription Agent Agreement (the “Agreement”) is made as of [—
], 2010 between PremierWest Bancorp (the “Company”), Computershare Inc., a Delaware corporation and its fully owned subsidiary Computershare Trust Company, N.A., a national banking association (collectively, the “Agent” or
individually “Computershare” and the “Trust Company”, respectively). All terms not defined herein shall have the meaning given in the prospectus (the “Prospectus”) included in the (Registration Statement on Form S-1,
File No. 333-163201 filed by the Company with the Securities and Exchange Commission on November 18, 2009, as amended by any amendment filed with respect thereto (the “Registration Statement”). 
 WHEREAS, the Company proposes to make subscription offers by issuing certificates or other evidences of subscription rights, in the form
designated by the Company (the “Subscription Certificates”) to shareholders of record (the “Shareholders”) of its Common Stock, no par value per share (“Common Stock”), as of a record date specified by the Company (the
“Record Date”), pursuant to which each Shareholder will have certain rights (the “Rights”) to subscribe for shares of Common Stock, as described in and upon such terms as are set forth in the Prospectus, a final copy of which has
been or, upon availability will promptly be, delivered to the Agent; and 
 WHEREAS, the Company wishes the Agent to perform
certain acts on behalf of the Company, and the Agent is willing to so act, in connection with the distribution of the Subscription Certificates and the issuance and exercise of the Rights to subscribe therein set forth, all upon the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements set forth herein,
the parties agree as follows: 
  

	1.	Appointment. 

 The
Company hereby appoints the Agent to act as subscription agent in connection with the distribution of Subscription Certificates and the issuance and exercise of the Rights in accordance with the terms set forth in this Agreement and the Agent hereby
accepts such appointment. 
  

	2.	Form and Execution of Subscription Certificates. 

 A. Each Subscription Certificate shall be irrevocable and non-transferable. The Agent shall, in its capacity as Transfer Agent of the Company, maintain a register of Subscription Certificates and the
holders of record thereof (each of whom shall be deemed a “Shareholder” hereunder for purposes of determining the rights of holders of Subscription Certificates). Each Subscription Certificate shall, subject to the provisions thereof,
entitle the Shareholder in whose name it is recorded to the following: 
 (1) With respect to Record Date Shareholders only,
the right to acquire during the Subscription Period, as defined in the Prospectus, at the Subscription Price, as defined in the Prospectus, a number of shares of Common Stock equal to [—] shares of
Common Stock for every one Right (the “Primary Subscription Right”); and 
 (2) With respect to Record Date
Shareholders only, the right to subscribe for additional shares of Common Stock, subject to the availability of such shares and to the allotment of such shares as may be available among Record Date Shareholders who exercise Over-Subscription Rights
on the basis specified in the Prospectus; provided, however, that such Record Date Shareholder has exercised all Primary Subscription Rights issued to him or her (the “Over-Subscription Privilege”). 
  

	3.	Rights and Issuance of Subscription Certificates. 

 A. Each Subscription Certificate shall evidence the Rights of the Shareholder therein named to purchase Common Stock upon the terms and conditions therein and herein set forth. 

 B. Upon the written advice of the Company, signed by any of its duly authorized officers, as
to the Record Date, the Agent shall, from a list of the Company Shareholders as of the Record Date to be prepared by the Agent in its capacity as Transfer Agent of the Company, prepare and record Subscription Certificates in the names of the
Shareholders, setting forth the number of Rights to subscribe for the Company’s Common Stock calculated on the basis of one Right for [—] shares of Common Stock recorded on the books in the name
of each such Shareholder as of the Record Date. Each Subscription Certificate shall be dated as of the Record Date and shall be executed manually or by facsimile signature of a duly authorized officer of the Subscription Agent. Upon the written
advice, signed as aforesaid, as to the effective date of the Registration Statement, the Agent shall promptly countersign and deliver the Subscription Certificates, together with a copy of the Prospectus, instruction letter and any other document as
the Company deems necessary or appropriate, to all Shareholders with record addresses in the United States (including its territories and possessions and the District of Columbia). Delivery shall be by first class mail (without registration or
insurance). No Subscription Certificate shall be valid for any purpose unless so executed. 
 C. The Agent will not mail a copy
of the Subscription Certificates, Prospectus, instruction letter, a special notice and other documents to Record Date Shareholders whose record addresses are outside the United States (including its territories and possessions and the District of
Columbia) (“Foreign Record Date Shareholders”). The Rights to which such Subscription Certificates and other documents relate will be held by the Agent for such Foreign Record Date Shareholders’ accounts until instructions are
received to exercise the Rights. 
  

	4.	Exercise. 

 A.
Record Date Shareholders may acquire shares of Common Stock on Primary Subscription and pursuant to the Over-Subscription Privilege by delivery to the Agent as specified in the Prospectus of (i) the Subscription Certificate with respect
thereto, duly executed by such Shareholder in accordance with and as provided by the terms and conditions of the Subscription Certificate, together with (ii) the estimated purchase price, as disclosed in the Prospectus, for each share of Common
Stock subscribed for by exercise of such Rights, in U.S. dollars by money order or check drawn on a bank in the United States, in each case payable to the order of the Company or Computershare. 
 B. Rights may be exercised at any time after the date of issuance of the Subscription Certificates with respect thereto but no later than
5:00 P.M. New York time on such date as the Company shall designate to the Agent in writing (the “Expiration Date”). For the purpose of determining the time of the exercise of any Rights, delivery of any material to the Agent shall be
deemed to occur when such materials are received at the Shareholder Services Division of the Agent specified in the Prospectus. 
 C. Notwithstanding the provisions of Section 4 (a) and 4 (b) regarding delivery of an executed Subscription Certificate to the Agent prior to 5:00 P.M. New York time on the Expiration Date, if prior to such time the Agent
receives a Notice of Guaranteed Delivery by facsimile (telecopy) or otherwise from a bank, a trust company or a New York Stock Exchange member guaranteeing delivery of (i) payment of the full Subscription Price for the shares of Common Stock
subscribed for on Primary Subscription and any additional shares of Common Stock subscribed for pursuant to the Over-Subscription Privilege, and (ii) a properly completed and executed Subscription Certificate, then such exercise of Primary
Subscription Rights and Over-Subscription Rights shall be regarded as timely, subject, however, to receipt of the duly executed Subscription Certificate and full payment for the Common Stock by the Agent within three Business Days (as defined below)
after the Expiration Date (the “Protect Period”) and full payment for their Common Stock within ten Business Days after the Confirmation Date (as defined in Section 4(d)). For the purposes of the Prospectus and this Agreement,
“Business Day” shall mean any day on which trading is conducted on the New York Stock Exchange. 
 D. As soon as
practicable after the Expiration Date (the “Confirmation Date”), Computershare shall send to each exercising shareholder (or, if shares of Common Stock on the Record Date are held by Cede & Co. or any other depository or nominee,
to Cede & Co. or such other depository or nominee) a confirmation showing the number of shares of Common Stock acquired pursuant to the Primary Subscription, and, if applicable, the Over-Subscription Privilege, the per share and total
purchase price for such shares, and any additional amount payable to the Company by such shareholder or any excess to be refunded by the Company to such shareholder in the form of a check and stub, along with a letter explaining the allocation of
shares of Common Stock pursuant to the Over-Subscription Privilege. 
 E. Any additional payment required from a shareholder
must be received by Computershare within ten Business Days after the Confirmation Date and any excess payment to be refunded by the Company to a shareholder will be mailed by 

 Computershare within ten Business Days after the Confirmation Date. If a shareholder does not make timely
payment of any additional amounts due in accordance with Section 4(D), Computershare will consult with the Company in accordance with Section 5 as to the appropriate action to be taken. Computershare will not issue or deliver certificates
or Statements of Holding for shares subscribed for until payment in full therefore has been received, including collection of checks and payment pursuant to notices of guaranteed delivery. 
  

	5.	Validity of Subscriptions. 

 Irregular subscriptions not otherwise covered by specific instructions herein shall be submitted to an appropriate officer of the Company and handled in accordance with his or her instructions. Such instructions will be documented by the
Agent indicating the instructing officer and the date thereof. 
  

	6.	Over-Subscription. 

 If, after allocation of shares of Common Stock to Record Date Shareholders, there remain unexercised Rights, then the Agent shall allot the shares issuable upon exercise of such unexercised Rights (the “Remaining Shares”) to
shareholders who have exercised all the Rights initially issued to them and who wish to acquire more than the number of shares for which the Rights issued to them are exercisable. Shares subscribed for pursuant to the Over-Subscription Privilege
will be allocated in the amounts of such over-subscriptions. If the number of shares for which the Over-Subscription Privilege has been exercised is greater than the Remaining Shares, the Agent shall allocate the Remaining Shares to Record Date
Shareholders exercising Over-Subscription Privilege as described in the Prospectus. The percentage of Remaining Shares each over-subscribing Record Date Shareholder may acquire will be rounded down to result in delivery of whole shares of Common
Stock. The Agent shall advise the Company immediately upon the completion of the allocation set forth above as to the total number of shares subscribed and distributable. 
  

	7.	Delivery of Shares. 

 The Agent will deliver (i) certificates or Statement of Holding reflecting new shares of Company Common Stock in the Direct Registration System, representing those shares of Common Stock purchased pursuant to exercise of Primary
Subscription Rights as soon as practicable after the corresponding Rights have been validly exercised and full payment for such shares has been received and cleared and (ii) certificates or Statements of Holding representing those shares
purchased pursuant to the exercise of the Over-Subscription Privilege as soon as practicable after the Expiration Date and after all allocations have been effected. 
  

	8.	Holding Proceeds of Rights Offering. 

 A. All proceeds received by Computershare from Shareholders in respect of the exercise of Rights shall be held by Computershare, on behalf of the Company, in a segregated account (the
“Account”). No interest shall accrue to the Company or shareholders on funds held in the Account pending disbursement in the manner described in Section 4(E) above. 
 B. Computershare shall deliver all proceeds received in respect of the exercise of Rights to the Company as promptly as practicable, but in
no event later than ten business days after the Confirmation Date. 
 C. The Company acknowledges that the bank accounts
maintained by Computershare in connection with the services provided under this Agreement will be in its name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit
of funds held in those accounts from time to time. 
  

	9.	Reports. 

 Daily,
during the period commencing [—] business days after the mailing of the Subscription Certificates, until termination of the Subscription Period, the Agent will report by telephone or telecopier,
confirmed by letter, to an Officer of the Company, data regarding Rights exercised, the total number of shares of Common Stock subscribed for, and payments received therefor, bringing forward the figures from the previous day’s report in each
case so as to show the cumulative totals and any such other information as may be mutually determined by the Company and the Agent. 

	10.	Loss or Mutilation. 

 If any Subscription Certificate is lost, stolen, mutilated or destroyed, the Agent may, on such terms which will indemnify and protect the Company and the Agent as the Agent may in its discretion impose (which shall, in the case of a
mutilated Subscription Certificate include the surrender and cancellation thereof), issue a new Subscription Certificate of like denomination in substitution for the Subscription Certificate so lost, stolen, mutilated or destroyed. 
  

	11.	Compensation for Services. 

 The Company agrees to pay to the Agent compensation for its services hereunder in accordance with its Fee Schedule to act as Agent attached hereto as Exhibit A. The Company further agrees that it will reimburse the Agent for its reasonable
out-of-pocket expenses incurred in the performance of its duties as such. 
  

	12.	Instructions, Indemnification and Limitation of Liability. 

 The Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions: 
 A. The Agent shall be entitled to rely upon any instructions or directions furnished to it by an appropriate officer of the Company, whether in conformity with the provisions of this Agreement or
constituting a modification hereof or a supplement hereto. Without limiting the generality of the foregoing or any other provision of this Agreement, the Agent, in connection with its duties hereunder, shall not be under any duty or obligation to
inquire into the validity or invalidity or authority or lack thereof of any instruction or direction from an officer of the Company which conforms to the applicable requirements of this Agreement and which the Agent reasonably believes to be genuine
and shall not be liable for any delays, errors or loss of data occurring by reason of circumstances beyond the Agent’s control. 
 B. The Company will indemnify the Agent and its nominees against, and hold it harmless from, all liability and expense which may arise out of or in connection with the services described in this Agreement or the instructions or directions
furnished to the Agent relating to this Agreement by an appropriate officer of the Company, except for any liability or expense which shall arise out of the gross negligence, bad faith or willful misconduct of the Agent or such nominees. 

Promptly after the receipt by the Agent of notice of any demand or claim or the commencement of any action, suit, proceeding or
investigation, the Agent shall, if a claim in respect thereof is to be made against the Company, notify the Company thereof in writing. The Company shall be entitled to participate as its own expense in the defense of any such claim or proceeding,
and, if it so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or of any other legal action or proceeding. For the purposes of this Section 12, the term “expense or
loss” means any amount paid or payable to satisfy any claim, demand, action, suit or proceeding settled with the express written consent of the Agent, and all reasonable costs and expenses, including, but not limited to, reasonable counsel fees
and disbursements, paid or incurred in investigating or defending against any such claim, demand, action, suit, proceeding or investigation. 
 C. The Agent shall be responsible for and shall indemnify and hold the Company harmless from and against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising
out of or attributable to Agent’s refusal or failure to comply with the terms of this Agreement, or which arise out of Agent’s gross negligence or willful misconduct or which arise out of the breach of any representation or warranty of
Agent hereunder, for which Agent is not entitled to indemnification under this Agreement; provided, however, that Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this
Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Agent as fees and charges, but
not including reimbursable expenses, during the twelve (12) calendar months immediately preceding the event for which recovery from the Agent is being sought. 
  

	13.	Changes in Subscription Certificate. 

 The Agent may, without the consent or concurrence of the Shareholders in whose names Subscription Certificates are registered, by supplemental agreement or otherwise, concur with the Company in making any
changes or corrections in a 

 Subscription Certificate that it shall have been advised by counsel (who may be counsel for the Company) is
appropriate to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or mistake or manifest error therein or herein contained, and which shall not be inconsistent with the provision of the Subscription
Certificate except insofar as any such change may confer additional rights upon the Shareholders. 
  

	14.	Assignment/Delegation. 

 A. Except as provided in Section 14(B) below, neither this Agreement nor any rights or obligations hereunder may be assigned or delegated by either party without the written consent of the other party. 
 B. The Agent may, without further consent on the part of the Company, subcontract with other subcontractors for systems, processing,
telephone and mailing services, and post-exchange activities, as may be required from time to time; provided, however, that the Agent shall be as fully responsible to the Company for the acts and omissions of any subcontractor as it is for its own
acts and omissions. 
 C. Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be
construed to give any rights or benefits in this Agreement to anyone other than the Agent and the Company and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Agent and the
Company. 
  

	15.	Governing Law. 

 The validity, interpretation and performance of this Agreement shall be governed by the law of the Commonwealth of Massachusetts and shall inure to the benefit of and the obligations created hereby shall be binding upon the successors and
permitted assigns of the parties hereto. 
  

	16.	Third Party Beneficiaries. 

 This Agreement does not constitute an agreement for a partnership or joint venture between the Agent and the Company. Neither party shall make any commitments with third parties that are binding on the other party without the other
party’s prior written consent. 
  

	17.	Force Majeure. 

 In
the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, terrorist acts, equipment or transmission failure or damage reasonably beyond its control, or other cause reasonably
beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes. Performance under this Agreement shall resume when the affected party or parties are
able to perform substantially that party’s duties. 
  

	18.	Consequential Damages. 

 Neither party to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, penal, special or incidental
damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 
  

	19.	Severability. 

 If
any provision of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired. 

	20.	Counterparts. 

 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
  

	21.	Captions. 

 The
captions and descriptive headings herein are for the convenience of the parties only. They do not in any way modify, amplify, alter or give full notice of the provisions hereof. 
  

	22.	Confidentiality. 

 The Agent and the Company agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees
for services set forth in the attached schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law. 
  

	23.	Term and Termination. 

 This Agreement shall remain in effect until the earlier of (a) thirty (30) days after the Expiration Date; (b) it is terminated by either party upon a material breach of this Agreement which remains uncured for 30 days after
written notice of such breach has been provided; or (c) 30 days’ written notice has been provided by either party to the other. Upon termination of the Agreement, the Agent shall retain all canceled Certificates and related documentation
as required by applicable law.] 
  

	24.	Notices. 

 Until
further notice in writing by either party hereto to the other party, all written reports, notices and other communications between the Agent and the Company required or permitted hereunder shall be delivered or mailed by first class mail, postage
prepaid, telecopier or overnight courier guaranteeing next day delivery, addressed as follows: 
 If to the Company, to:

 PremierWest Bancorp 
 503 Airport Road 
 Medford, OR 97504 
 Copies to: 
 Roberts Kaplan LLP 
 601 SW 2nd Avenue, Suite 1800 
 Portland, OR 97204 
 If to the Agent, to: 
 Computershare Trust Company, N.A. 
 c/o Computershare Shareholder Services, Inc. 
 250 Royall Street 
 Canton, MA 02021 
 Attn: Reorganization Department 
  

	25.	Survival. 

 The
provisions of Paragraphs 12, 15, 17-19, 22, and 24-26 shall survive any termination, for any reason, of this Agreement. 

	26.	Merger of Agreement. 

 This Agreement constitutes the entire agreement between the parties hereto and supercedes any prior agreement with respect to the subject matter hereof whether oral or written. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers, hereunto duly authorized, as
of the day and year first above written. 
 COMPUTERSHARE TRUST COMPANY, N.A. 
  

			
	 By:
	 	  

		
	 Date:
	 	  

		
	 Title:
	 	  

 COMPUTERSHARE INC. 
  

			
	 By:
	 	  

		
	 Date:
	 	  

		
	 Title:
	 	  

 PREMIERWEST BANCORP 
  

			
	 By:
	 	  

		
	 Date:
	 	  

		
	 Title:2010 Annual Incentive Plan

 Exhibit 10.1 
 Arena Pharmaceuticals, Inc. 
 — 2010 Annual
Incentive Plan — 

 2010 Annual Incentive Plan – Overview 
 Overview 
  

	 	•	 	 Each participant is assigned an incentive target, expressed as a percentage of annual salary. 

  

	 	•	 	 Arena Pharmaceuticals, Inc. (“Arena”) sets corporate and individual goals (which may include subparts), each individually weighted.

  

	 	•	 	 Goals will be specific and measurable. 

  

	 	•	 	 At the end of the year, individual incentive awards are determined based upon the level of goal achievement, the quality of achievement, and the
weighting of each goal. 

  

	 	•	 	 No award is earned/paid if weighted average combined corporate and individual goal completion is less than 50%. 

  

	 	•	 	 Certain combinations of goal-achievement may create “multipliers” of up to 125% of the target award. 

  

	 	•	 	 The Compensation Committee has the discretion to modify awards up to a 125%-of-target maximum funding level. 

 Individual Incentive Targets 
  

	 	•	 	 Targets are based on role, level, and the market. 

 Target Award as a % Salary 
  

				
	 CEO
	  	55	% 
	 CFO, CMO, CSO, General Counsel
	  	40	% 
	 VP, Quality Systems
	  	30	% 

  

 1 

 Annual Incentive Plan – Mix of Goals 
 Corporate vs. Individual Goals 
  

	 	•	 	 Each participant’s goals are divided into corporate and individual components, weighted based on role. 

  

							
	 	  	Corporate	 	 	Individual (MBOs)	 
	 CEO
	  	75	% 	 	25	% 
	 CFO, CSO, General Counsel
	  	60	% 	 	40	% 
	 CMO, VP, Quality Systems
	  	50	% 	 	50	% 

  

	 	•	 	 All participants have the same corporate goals, which aligns their interests with one another and stockholders. 

  

	 	•	 	 Corporate goals are proposed by the CEO and approved by the Compensation Committee and/or the Board. 

  

	 	•	 	 Individual (other than CEO) goals are set by the CEO in partnership with each participant and reviewed by the Compensation Committee. The CEO’s
individual goals are proposed by the CEO and approved by the Compensation Committee and/or the Board. 

  

	 	•	 	 The categories of corporate goals are set forth on Annex I. 

  

 2 

 Annual Incentive Plan – Funding 
 Threshold 
  

	 	•	 	 The minimum total weighted average completion percentage is 50% for any award to be earned. 

 Cap 
  

	 	•	 	 Total award funding is capped at 125% of target. 

 Funding Relationship 
  

	 	•	 	 When total weighted average completion is above 50%, the funded award will equal weighted average completion percentage. 

 

	 	•	 	 For example, if weighted average completion is 95% of the total, then the award would fund at 95% of target (subject to the review and approval of the
Compensation Committee). 

 Discretionary Adjustment 
  

	 	•	 	 The Compensation Committee may use its judgment and discretion to modify or adjust the annual incentive awards. 

  

 3 

 Rules Governing the Plan 
  

	•	 	 Eligible plan participants must be actively employed at Arena on the last day of the fiscal year to receive an award. Plan participants who leave Arena
prior to the end of the fiscal year are not eligible to receive an award. 

  

	•	 	 Eligible plan participants whose first date of employment is between January 1, 2010 and September 30, 2010 will participate on a prorated
basis based on their date of hire. 

  

	•	 	 Plan participants who are promoted to incentive-eligible positions (or positions with a higher incentive target) before December 31, 2010 will
participate in the plan on a prorated basis, based on the effective date of the promotion. 

  

	•	 	 Payment of an incentive to eligible plan participants who take a leave of absence for any reason during the year will be prorated based on the time
worked during the year. 

  

	•	 	 The Compensation Committee and the Board each has the right to exclude participants and exercise discretion, including canceling the plan or any earned
awards. 

  

	•	 	 Awards earned under this plan will be paid prior to the 15th day of March 2011. 

  

	•	 	 Participation in the Annual Incentive Plan is not a guarantee of continued employment. Arena reserves the right to terminate employment and/or
participation in the Annual Incentive Plan at any time and for any reason. 

  

	•	 	 The Compensation Committee and the Board each reserve the right to change or waive any provision in the incentive plan at any time, including (but not
limited to) its award formula, performance measures and payout schedule. Although Arena intends to pay incentives at levels indicated by the plan, this plan shall not obligate Arena to grant the benefits contemplated under its provisions.

  

	•	 	 This plan is not a contract and in no way represents a contractual obligation to pay any amount under the plan, regardless of the performance achieved
during the plan period. 

  

 4 

 Annex I 
 The corporate goals relate to the following categories: 
 (i) progress and plans relating to
lorcaserin; 
 (ii) licensing and partnering efforts; 
 (iii) budget, finance, and financial controls and reporting; and 
 (iv) progress and plans
relating to research programs. 
  

 5

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