Document:

Bank of Oak Ridge 2007 Annual Incentive Plan

 Exhibit 10(xviii) 
 BANK OF OAK RIDGE 
 2007 ANNUAL INCENTIVE PLAN 
 1. Purpose 
 The purpose of the
Bank of Oak Ridge Annual Incentive Plan (the “Plan”) is to provide key employees of Bank of Oak Ridge (the “Bank”) with the opportunity to receive payments of additional compensation distributed based upon the earnings of the
Bank, and on the achievement of a broad set of corporate and/or individual objectives (the “Objectives”). The Plan provides an incentive to employees to enhance the size and earnings of the Bank, within the constraints of safe, sound
banking practices. 
 At the same time it must be emphasized that the Plan in no way contravenes the importance of either long-term goal
achievement or the proper exercise of appropriate management accountability. These goals and areas of accountability include, but are not limited to, the following items: 
  

	 	1.	Collection, recovery, charge-off, and bankruptcy activity. 

	 	2.	Maintenance and increase in market share through salesmanship and customer service. 

	 	3.	Continued salesmanship (call programs) and improved customer service. 

	 	4.	Employee management and development (staff supervision, tracking and cross-training, employee turnover, etc.) 

	 	5.	Development of new and better ways of doing business. 

	 	6.	Appropriate audit and documentation procedures. 

	 	7.	Responsible management of fixed assets/resources. 

	 	8.	Adherence to all Bank policy and philosophy. 

	 	9.	Maintenance of the highest ethical standards. 

 It is
anticipated that the limited amount of incentive potential available through the Plan, as compared to the size of salaries and incentives paid for performance of these long term management accountabilities, in conjunction with the controls built
into the performance measures in the Plan, will create the appropriate focus. The Board of Directors, through the Compensation Committee (the “Committee”), and the Chief Executive Officer administers the plan. 
 At the Committee’s discretion funds may be used to pay discretionary bonuses. As an example an employee with outstanding overall performance could
receive a discretionary bonus in recognition of performance unaccounted for through the plan. It is understood that discretionary bonuses will be an exception as opposed to the rule. 
 2. Effective Date and Plan Year 
 The Effective Date of the Plan shall be
January 1, 2008. The Plan Year shall be the calendar year. 
 3. Eligibility 
 An individual shall be eligible to become a Participant in the Plan who satisfied the following requirements: 
  

	 	a.	The individual is an employee of the Bank. For this purpose, an individual shall be considered to be an “employee” if there exists between the individual and the Bank the
legal and bona fide relationship of employer and employee. An individual shall be considered an employee if he/she is regularly scheduled to work at least 20 hours per week. 

  

	 	b.	The individual employees’ position is considered by the Committee to be “key” and to have a direct impact on the size and earnings of the Bank.

  

	 	c.	The individual is approved by the Compensation Committee as a Participant in the Plan. 

  

 4. Participation 
 Prior to the beginning of each Plan Year, the Chief Executive Officer shall recommend to the Compensation Committee each individual or position eligible
to become a Participant in the Plan (a “Participant”) with respect to such Plan Year. Participants shall be approved by the Compensation Committee in its discretion. In the event of the promotion of an employee or the hiring of a new
employee during the Plan Year, the Compensation Committee, upon the recommendation of the Chief Executive Officer, may approve the entry of a Participant into the Plan Year. However, if the position has been previously approved, no such approval
shall be required. In such case, the Incentive Award determined under Section 5 with respect to such Participant shall be the percentage as determined by the Compensation Committee for the position multiplied by the individual’s job salary
grade range mid-point during the period of time he or she was eligible to participate. However, in no event shall an employee be a Participant for less than the full final three months of the Plan Year. Participation in the Plan shall be subject to
the provisions of the Plan and such other terms and conditions, as the Compensation Committee shall provide. 
 5. Incentive
Award 
 5.1 Subject to Section 5.2, each Participant for a Plan Year shall receive an Incentive Award determined by multiplying
the percentage achieved of each of the individual’s objectives (“key drivers”) by a weighting factor (positive or negative). A Potential Award is then multiplied by the sum of the weights derived. When no individual objectives related
to a Plan Year have been determined for a Participant, then the Participant’s objectives for the purpose of this Plan shall be the Corporate Objectives approved by the Committee at the beginning of such Plan Year. 
 For purposes of this section 5, the following definitions shall apply: 
 “Potential Award” means with respect to each Participant for the Plan Year a dollar amount determined by multiplying the individual’s salary by a percentage designed by the Compensation Committee. The
Potential Award represents the Incentive Award payable to the Participant in the event that Corporate and Participant’s personal objectives are achieved for the Plan Year. In the event that no personal objectives are established for a Plan
Year, the Potential Award represents the Incentive Award payable to the Participant in the event that all of the Corporate Objectives established at the beginning of the Plan Year are fully achieved for the Plan Year. 
 “Adjusted Potential Award” is the pro-rata share of a pool established by the sum of all participants’ Potential awards in the Plan year.
The pool is accrued based upon the achievements of net income (pre-incentive, pretax) objectives established by the CEO and approved by the Compensation Committee. 
 “Incentive Award” means by multiplying the actual cash value paid to the participant at the end of the Plan period, determined by multiplying the percentage of each of the individual’s objectives
(established by the Chief Executive Officer), by weighting factor (positive or negative) established by the Chief Executive Officer, and multiplying that by the adjusted potential Award pro-rata as to salary. 
 5.2 Notwithstanding any other provision of this Plan, the Compensation Committee shall review and approve the payment of the Incentive Award as
determined under Section 5.1 and, in its discretion, may adjust the amount of the payment as it deems necessary to meet the purpose of this Plan and the best interest of the Bank. In no event shall an Incentive Award be paid to a Participant
who in the sole determination of the Compensation Committee has violated established policies and practices of the Bank as reflected in the minutes of the Board. Where interpretations of achievement of objectives are inconsistent, the judgment of
the Compensation Committee will prevail. 
  

 Individual objectives are not to be achieved at the expense of the overall Bank objectives or long-term
objectives of any individual. For example, if an employee achieves individual objectives, but in so doing clearly creates unnecessary strife among peers or subordinates, violates policy, avoids behaviors that develop business in the long term, or in
any way ignores the best interest of the Bank, then no Incentive Award will be paid. 
 6. Termination of Employment during Plan
Year 
 The Participant shall not receive an Incentive Award with respect to a Plan Year if, for reasons other than a Termination
Event as defined in this Section 6, the employment of the Participant by the Bank, or a Subsidiary, is terminated during the Plan Year or the duties of the position of the Participant are changed during the Plan Year so that he/she is no longer
in a position as described in Section 3. The following shall each constitute a “Termination Event”: 
  

	 	a.	Death of the Participant while employed by the Bank. 

  

	 	b.	Retirement of the Participant from the Bank with the approval of the Board. 

  

	 	c.	Disability of the Participant while employed by the Bank. For this purpose, the term “disability” shall mean the inability of a Participant, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or to be of long continued or of indefinite duration, to perform his duties for the Bank. The determination of disability shall be made by the Compensation Committee
based on medical evidence from an independent physician selected by the Participant with the approval of the Compensation Committee; and, shall date from the original cessation of work. 

 In the event of a Termination Event, the Participant or his Beneficiary shall receive an Incentive Award with respect to such Plan Year equal to the
amount determined under Section 5 multiplied by a fraction, the numerator of which is the number of full calendar months during the Plan Year in which he was a Participant prior to the Termination Event and the denominator of which is twelve.
Participants in multiple selected positions, each determined to be a participant position should receive an amount reflecting the time-weighted service in each position. Participants departing a Participant position for a non-Participant position,
provided that such departure is not pursuant to poor performance, shall receive an award reflecting the period of the year in which they served. 
 7. Leaves of Absence 
 In general, the determination of award for an individual who has taken a leave of absence
during the Plan Year shall mirror the pro-rata payout provisions of termination. However, the Compensation Committee, acting on behalf of the Board of Directors, shall in its sole discretion determine the amount of award in each case so as to
preserve the intent of the Plan. 
 8. Payment of Incentive Awards 
 Unless otherwise determined by the Compensation Committee, the Incentive Award for a Plan Year shall be paid by the Bank in cash to the Participant or his
Beneficiary by the later of (i) March 15 following the end of the Plan Year, or (ii) thirty days following the determination of the actual financial results for the Plan Year and the final achievement of the Participant’s
individual objectives (if applicable). A Participant must be an employee on the day of payment in order to be eligible. 
 9.
Nonassignability of Incentive Awards 
 The right to receive payment of the Incentive Award shall not be assignable or transferable
(including by pledge or hypothecation) other than by will or the laws of intestate succession. 
  

 10. No Trust Fund: Unsecured Interest 
 A Participant shall have no interest in any fund or specified asset of the Bank. No trust fund shall be created in connection with the Plan or any
Incentive Award, and there shall be no required funding of amounts, which may become payable under this Plan. Any amounts which are or may be set aside under the provisions of this Plan shall continue for all purposes to be a part of the general
assets of the Bank, and no person other than the Bank shall, by virtue of the provisions of this Plan, have any interest in such assets. No right to receive payment from the Bank pursuant to the Plan shall be greater than the right of any unsecured
creditor of the Bank. 
 11. No Right or Obligation of Continued Employment 
 Nothing contained in the Plan shall require the Bank to continue to employ the Participant, nor shall the Participant be required to remain in the
employment of the Bank. 
 12. Withholding 
 There shall be deducted from the payment of the Incentive Award the amount of any tax or other amount required by any governmental authority to be withheld and paid over by the Bank to such authority for the account
of the person entitled to such payment. 
 13. Retirement Plans 
 In no event shall any amounts accrued or payable under this Plan be treated as compensation for the purpose of determining the amount of contributions or
benefits to which a Participant shall be entitled under any retirement plan to which the Bank may be a party. Actual payments (as opposed to accruals) will be treated as compensation for accruing benefits under all retirement/pension plans, if such
plans include bonuses or incentives in their definition of compensation. 
 14. Dilution or Other Adjustments 
 If there is any change in the Bank because of a merger, consolidation or reorganization involving the Bank, the Compensation Committee shall make such
adjustments to any provisions of this Plan, as the Compensation Committee deems desirable to prevent the dilution or enlargement of rights granted hereunder. 
 15. Administration of the Plan 
 The Plan shall be administered by the Chief Executive Officer
of the Bank with the consent and approval of the Board; provided, that all matters pertaining to the Incentive Award of the Chief Executive Officer shall be determined by the Compensation Committee. Subject to the provisions of the Plan, the
Compensation Committee shall have plenary authority in its discretion, among other things, to designate the Participants to receive Incentive Awards, to determine the Potential Award of each Participant, to interpret the Plan and to prescribe, amend
and rescind rules and regulations relating to the Plan, provided that no member of the Board shall take part in any action with respect to the decisions to pay an Incentive Award to such member, or with respect to the terms or conditions of any
Incentive Award awarded to such member. 
 16. Amendment and Termination of the Plans 
 The Plan may be amended or terminated at any time by the Board. 
 17. Binding on Successors 
 The obligations of the Bank under the Plan shall be binding upon
any organization, which shall succeed, to all or substantially all of the assets of the Bank, and the term “Bank,” whenever used in the Plan, shall mean and include any such organization after the succession. 
 18. Applicable Law 
 The Plan
shall be governed by and construed in accordance with the laws of the State of North Carolina.First Amended and Restated Employment and Non-Competition Agreement - Archbold

 Exhibit 10.31 
 AMENDMENT TO EMPLOYMENT AND NON-COMPETITION AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AND
NON-COMPETITION AGREEMENT, (this “Agreement”) is made as of December 28, 2007, by and among Michael G. Archbold (“Executive”), VS Parent, Inc., a Delaware Corporation, (“Parent”), Vitamin
Shoppe Industries, Inc., a Delaware corporation (the “Company”), and VS Holdings, Inc., a Delaware corporation (“Holdings”). 
 Reference is made to that certain Employment and Non-Competition Agreement by and between Executive, Parent, Company, and Holdings dated April 16, 2007 (the “Employment Agreement”). 

WHEREAS, the parties to this Agreement desire to amend the Employment Agreement as provided herein; 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. The Employment Agreement is hereby amended as follows: 
  

	 	(a)	Section 2(A)(B) is hereby amended and restated as follows: 

 Bonus. Each calendar year during the term of this Agreement, the Executive shall be eligible for a cash bonus award (the “Annual Cash Bonus”) in an amount not to exceed fifty percent (50%) of his then current base
salary pursuant to the Company’s then current Management Incentive Program (“MIP”). As currently constituted the MIP is based upon (i) the Company’s satisfaction of operating objectives specified by the Company’s Board
of Directors each year in its sole discretion, and (ii) individual members of management’s satisfaction of certain individual operating objectives based upon their area of responsibility as specified by the Company’s Board of
Directors and Chief Executive Officer in their sole discretion. Executive acknowledges that Company reserves the right to change the structure of the MIP from time to time, provided that any change will not affect Executive’s ability to receive
an Annual Cash Bonus of up to fifty percent (50%) of Executive base salary. Executive shall be paid his Annual Cash Bonus on or about March 1st of the calendar year following the year to which such bonus relates, but in any event before
the end of such calendar year. The parties acknowledge that the determination of the Annual Cash Bonus for the year in which Executive’s employment terminates (and possibly for the prior year) shall not be known on the date Executive’s
employment terminates, and, if any, shall be paid by Company to Executive not more than thirty (30) days after the determination thereof, but in all events on or after March 1st of the calendar year following the calendar year of
termination, but in any event before the end of such calendar year. 
  

	 	(b)	The first paragraph of Section 5(C)(iii) is hereby amended and restated as follows: 

 (iii) Until the earlier to occur of (x) twelve (12) months from the date of termination of Executive’s employment, and (y) the time when the Executive becomes eligible for insurance coverage
offered by any subsequent employer (the “Insurance Continuation Period”), allow the Executive to continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such
continued participation is possible under the general terms and provisions of such plans and programs, with the Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s
termination. In the event that the Executive’s continued participation in any group plans and programs is not permitted, then in lieu thereof, Executive shall acquire individual insurance policies providing comparable coverage for the Executive
for the Insurance Continuation Period and Company shall reimburse Executive for the portion of the costs that Executive shall pay, such that Executive shall pay a net amount equal to the amount that he would have paid had he remained an employee of
the Company; provided, that the Company shall not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage; provided further that such reimbursement shall be
paid on or before the last day of the calendar year following the calendar year in which such expense was incurred. 
  

	 	(c)	The first paragraph of Section 5(D)(iii) is hereby amended and restated as follows: 

 (iii) during the Insurance Continuation Period, allow the Executive to continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued
participation is possible under the general terms and provisions of such plans and programs, with the Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s
termination. In the event that the Executive’s continued participation in any group plans and programs is not permitted, then in lieu thereof, Executive shall acquire individual insurance policies providing comparable coverage for the Executive
for the Insurance Continuation Period and Company shall reimburse Executive for a portion of the costs that Executive shall pay, such that Executive shall pay a net amount equal to the amount that he would have paid had he 

  

 2 

 
remained an employee of the Company; provided, that the Company shall not be obligated to pay for any such individual coverage more than three
(3) times the Company’s cost of such group coverage; provided further that such reimbursement must be paid on or before the last day of the calendar year following the calendar year in which such expense was incurred. 
  

	 	(d)	New Section 5(M) is hereby added: 

 (M) Timing of
Certain Payments to Specified Employees. Notwithstanding anything herein to the contrary, if, at the time any payment is payable to Executive pursuant to the provisions of this Section 5 as a result of Executive’s “separation from
service” within the meaning of Section 409A of the Internal revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder and Executive is a “specified employee,” as such term is defined in
Code § 409A(a)(2)(B)(i) and the regulations promulgated thereunder, then, to the extent required by Code § 409A(a)(2)(B)(i), such payment shall not be made before the date which is six months after the date of Executive’s
“separation from service.” Payments to which the Executive would otherwise be entitled during the first six months following the date of termination and which are not paid pursuant to the previous sentence will be accumulated and paid on
the first day of the seventh month following the date of termination. 
 2. Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Employment Agreement. 
 3. This Agreement is an amendment to the Employment Agreement, and to the
extent there is a discrepancy between this Agreement and the Employment Agreement, this Agreement shall control and supersede the Employment Agreement to the extent of such discrepancy. The Employment Agreement otherwise remains in full force and
effect. 
 4. This Agreement, the Employment Agreement (as amended by this Agreement), and those documents expressly referred to herein
embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any
way. 
 *    *    *    * 
  

 3 

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

  

			
	 /s/ Michael Archbold

	Executive
	
	VS HOLDINGS, INC.
		
	By:	 	 /s/ Thomas Tolworthy

	Name:	 	 Thomas Tolworthy

	Its:	 	 Chief Executive Officer

	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	By:	 	 /s/ Thomas Tolworthy

	Name:	 	 Thomas Tolworthy

	Its:	 	 Chief Executive Officer

	
	VS PARENT, INC.
		
	By:	 	 /s/ Thomas Tolworthy

	Name:	 	 Thomas Tolworthy

	Its:	 	 Chief Executive Officer

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