Document:

Form of Indemnification Agreement

 Exhibit 10-S 
 INDEMNIFICATION AGREEMENT 
 This Agreement is made as of
                    , between A.P. Pharma, Inc., a Delaware corporation (the “Company”), and
                         (the “Indemnitee”). 
 RECITALS 
 Both the Company and Indemnitee recognize that highly
competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of the Company. 
 In recognition of Indemnitee’s need
for substantial protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s reliance on the provisions of the Company’s Certificate of Incorporation,
as amended (“Certificate of Incorporation”) and the Company’s Bylaws (the “Bylaws”) requiring indemnification of the Indemnitee to the fullest extent permitted by law, and in part to provide Indemnitee with specific
contractual assurance that the protection promised by such Certificate of Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of such Certificate of Incorporation or Bylaws or
any change in the composition of the Company’s Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the
fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement. 
 The Certificate of Incorporation, the
Bylaws and the General Corporation Law of the State of Delaware (“DGCL”) expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the
Company and members of the board of directors, officers and other persons with respect to indemnification. 
 It is reasonable, prudent and
necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified. 
 This Agreement is a supplement to and in furtherance of the Certificate of Incorporation and
Bylaws and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

 AGREEMENT 
 In consideration of the premises and of Indemnitee agreeing to serve or continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the parties
hereto agree as follows: 
 1. Indemnification. (a) Subject to Section 3 of this Agreement, the Company shall
indemnify, to the full extent that it shall have power under applicable law to do so and in a manner permitted by such law, any person who is made or threatened to be made a party to or is otherwise involved (as a witness or otherwise) in any
threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (hereinafter, a “Proceeding”), by reason of the fact that such person is or was a director or officer of the Company,
or while serving as a director or officer of the Company, is or was serving at the request of Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, including service with
respect to an employee benefit plan (collectively, “Another Enterprise”) (such person hereinafter, a “Mandatory Indemnitee”), against expenses (including attorneys’ fees), judgments, fines (including ERISA excise taxes or
penalties) and amounts paid in settlement actually and reasonably incurred by him or her in connection with such Proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. 
 (b) The Company may indemnify, to the full extent that it shall have power under applicable law to do so and in a manner permitted by such law, any person who is made or threatened to be made a party to or is
otherwise involved (as a witness or otherwise) in any threatened, pending, or completed Proceeding, by reason of the fact that such person is or was an employee or agent of the Company, or while not serving as a director or officer of the Company,
is or was serving at the request of the Company as a director, officer, employee, or agent of Another Enterprise (such person hereinafter, a “Permissive Indemnitee”), against expenses (including attorneys’ fees), judgments, fines
(including ERISA excise taxes or penalties) and amounts paid in settlement actually and reasonably incurred by him or her in connection with such Proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. 
 (c) Anything in this Section 1 to the contrary notwithstanding, if a person was or is a party or was or is threatened to be made a
party to any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee, or agent of the Company, or is or was serving at the request of the Company
as a director, officer, employee, or agent of Another Enterprise, then the Company shall not indemnify such person for any judgment, fines, or amounts paid in settlement to the Company in connection with such Proceeding. The Company shall indemnify
any such person who is a Mandatory Indemnitee, and may indemnify any such person who is a Permissive Indemnitee, in each case to the full extent that it shall have power under applicable law to do so and in a manner permitted by such law, and
subject to Section 3 of this Agreement, against 

  

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expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such Proceeding if
he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that no indemnification for such expenses shall be made in respect of any claim, issue, or
matter in such Proceeding as to which the person shall have been adjudged liable to the Company unless (and only to the extent that) the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses that the Court of Chancery or such other court shall deem
proper. 
 (d) To the extent that a present or former director or officer of the Company has been successful on the merits or
otherwise in defense of any threatened, pending, or completed Proceeding referred to in Section 145(a) or (b) of the General Corporation Law of the State of Delaware, or in defense of any claim, issue, or matter therein, he or she shall be
indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him or her in connection therewith. 
 (e) The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendre or its equivalent, shall not, of itself, create a presumption that the person seeking indemnification
did not act in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was
unlawful. 
 2. Advancement of Expenses. (a) Subject to Section 3 of this Agreement, with respect to any person who
is made or threatened to be made a party to or is otherwise involved (as a witness or otherwise) in any threatened, pending, or completed Proceeding, by reason of the fact that such person is or was a director or officer of the Company or while
serving as a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, or agent of Another Enterprise, the Company shall pay the expenses (including attorneys’ fees) incurred by such
person in defending any such Proceeding in advance of its final disposition (hereinafter an “advancement of expenses”); provided, however, that, if required by law, any advancement of expenses shall be made only upon receipt of an
undertaking (hereinafter an “undertaking”) by such person to repay all amounts advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be
indemnified for such expenses under this Agreement or otherwise. 
 (b) With respect to any person who is made or threatened
to be made a party to or is otherwise involved (as a witness or otherwise) in any threatened, pending, or completed Proceeding, by reason of the fact that such person is or was an employee or agent of the Company, or while not serving as a director
or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, or agent of Another Enterprise, the Company may, in its discretion and upon such terms and conditions, if any, as the Company deems
appropriate, pay the expenses (including attorneys’ fees) incurred by such person in defending any such Proceeding in advance of its final disposition. 
  

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 3. Actions Initiated Against The Company. Anything in Section 1(a) or
Section 2(a) of this Agreement to the contrary notwithstanding, except as provided in Section 5(b) of this Agreement, with respect to a Proceeding initiated against the Company by a director or officer of the Company (whether initiated by
such person in such capacity or in any other capacity, including as a director, officer, employee, or agent of Another Enterprise), the Company shall not be required to indemnify or to advance expenses (including attorneys’ fees) to such person
in connection with prosecuting such Proceeding (or part thereof) or in defending any counterclaim, cross-claim, affirmative defense, or like claim of the Company in such Proceeding (or part thereof) unless such Proceeding was authorized by the Board
of Directors of the Company. 
 4. Contract Rights. With respect to any person who is made or threatened to be made a party to
or is otherwise involved (as a witness or otherwise) in any threatened, pending, or completed Proceeding, by reason of the fact that such person is or was a director or officer of the Company, or while serving as a director or officer of the
Company, is or was serving at the request of the Company as a director, officer, employee, or agent of Another Enterprise, the rights to indemnification and to the advancement of expenses conferred in Sections 1(a) and 2(a) of this Agreement shall
be contract rights. Any amendment, repeal, or modification of, or adoption of any provision inconsistent with, this Agreement (or any provision hereof) shall not adversely affect any right to indemnification or advancement of expenses granted to any
person pursuant hereto with respect to any act or omission of such person occurring prior to the time of such amendment, repeal, modification, or adoption (regardless of whether the Proceeding relating to such acts or omissions is commenced before
or after the time of such amendment, repeal, modification, or adoption). 
 5. Claims. (a) If (X) a claim under
Section 1(a) of this Agreement with respect to any right to indemnification is not paid in full by the Company within sixty days after a written demand has been received by the Company or (Y) a claim under Section 2(a) of this
Agreement with respect to any right to the advancement of expenses is not paid in full by the Company within twenty days after a written demand has been received by the Company, then the person seeking to enforce a right to indemnification or to an
advancement of expenses, as the case may be, may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim. 
 (b) If successful in whole or in part in any suit brought pursuant to Section 5(a) of this Agreement, or in a suit brought by the Company to recover an advancement of expenses (whether pursuant to the terms of an
undertaking or otherwise), the person seeking to enforce a right to indemnification or an advancement of expenses hereunder or the person from whom the Company sought to recover an advancement of expenses, as the case may be, shall be entitled to be
paid by the Company the reasonable expenses (including attorneys’ fees) of prosecuting or defending such suit. 
 (c) In
any suit brought by a person seeking to enforce a right to indemnification hereunder (but not a suit brought by a person seeking to enforce a right to an advancement of expenses hereunder), it shall be a defense that the person seeking to enforce a
right to indemnification has not met any applicable standard for indemnification under applicable law. With respect to any suit brought by a person seeking to enforce a right to indemnification or 

  

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right to advancement of expenses hereunder or any suit brought by the Company to recover an advancement of expenses (whether pursuant to the terms of an
undertaking or otherwise), neither (i) the failure of the Company to have made a determination prior to commencement of such suit that indemnification of such person is proper in the circumstances because such person has met the applicable
standards of conduct under applicable law, nor (ii) an actual determination by the Company that such person has not met such applicable standards of conduct, shall create a presumption that such person has not met the applicable standards of
conduct or, in a case brought by such person seeking to enforce a right to indemnification, be a defense to such suit. 
 (d)
In any suit brought by a person seeking to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Company to recover an advancement of expenses (whether pursuant to the terms of an undertaking or otherwise), the
burden shall be on the Company to prove that the person seeking to enforce a right to indemnification or to an advancement of expenses or the person from whom the Company seeks to recover an advancement of expenses is not entitled to be indemnified,
or to such an advancement of expenses, under this Agreement or otherwise. 
 6. Determination of Entitlement to
Indemnification. Any indemnification required or permitted under this Agreement (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the present or
former director, officer, employee or agent is proper in the circumstances because he or she has met all applicable standards of conduct set forth in this Agreement and Section 145 of the General Corporation Law of the State of Delaware. Such
determination shall be made, with respect to a person who is a director or officer of the Company at the time of such determination, (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though
less than a quorum; (ii) by a committee of such directors designated by majority vote of such directors, even though less than a quorum; (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in
a written opinion; or (iv) by the stockholders. Such determination shall be made, with respect to any person who is not a director or officer of the Company at the time of such determination, in the manner determined by the Board of Directors
(including in such manner as may be set forth in any general or specific action of the Board of Directors applicable to indemnification claims by such person) or in the manner set forth in any agreement to which such person and the Company are
parties. 
 7. Non-Exclusive Rights. The indemnification and advancement of expenses provided herein shall not be deemed
exclusive of any other rights to which any person may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise, both as to action in such person’s official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has ceased to be such director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such person. 
 8. Insurance. The Company may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent
of the Company, or is or was serving at the request of the Company as a director, officer, employee, or agent of Another Enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out
of such person’s status as such, whether or not the Company would have the power to indemnify such person against such liability under the provisions of this Agreement or otherwise. 
  

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 9. Severability. If any provision or provisions of this Agreement shall be held to be
invalid, illegal, or unenforceable for any reason whatsoever: (1) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph or clause containing any
such provision held to be invalid, illegal, or unenforceable, that is not itself held to be invalid, illegal, or unenforceable) shall not in any way be affected or impaired thereby; and (2) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each such portion of any paragraph or clause containing any such provision held to be invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal, or unenforceable. 
 10. Miscellaneous. For purposes of this Agreement: (a) references to serving
at the request of the Company as a director or officer of Another Enterprise shall include any service as a director or officer of the Company that imposes duties on, or involves services by, such director or officer with respect to an employee
benefit plan; (b) references to serving at the request of the Company as a employee or agent of Another Enterprise shall include any service as an employee or agent of the Company that imposes duties on, or involves services by, such employee
or agent with respect to an employee benefit plan; (c) a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to
have acted in a manner not opposed to the best interests of the Company; and (d) references to a director of Another Enterprise shall include, in the case of any entity that is not managed by a board of directors, such other position, such as
manager or trustee or member of the governing body of such entity, that entails responsibility for the management and direction of such entity’s affairs, including, without limitation, general partner of any partnership (general or limited) and
manager or managing member of any limited liability company. 
 11. Amendments, Termination; Waiver; Integration. No
supplement, modification, amendment or termination of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. This Agreement supersedes and replaces any prior or contemporaneous understanding between the parties, whether written or oral, related to the
subject matter hereof, including but not limited to any indemnification agreement previously entered into between the parties hereto. 
 12.
Contribution. If the indemnification provided in Sections 1 and 3 is unavailable, then, in respect of any Claim in which the Company is jointly liable with Indemnitee (or would be if joined in the Claim), the Company shall contribute
to the amount of Expenses, judgments, fines, penalties and amounts paid in settlement as appropriate to reflect: (i) the relative benefits received by the Company, on the one hand, and Indemnitee, on the other hand, from the transaction from
which the Claim arose, and (ii) the relative fault of the Company, on the one hand, and of Indemnitee, on the other, in connection with the events which resulted in such 

  

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Expenses, judgments, fines, penalties and amounts paid in settlement, as well as any other relevant equitable considerations. The relative fault of the
Company, on the one hand, and of Indemnitee, on the other, shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting
in such Expenses and Liabilities. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 12 were determined by pro rata allocation or any other method of allocation which does not take account of the
equitable considerations described in this Section 12. 
 13. Subrogation. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 14. No Duplication of Payments.
The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under insurance policy, Certificate of Incorporation or
otherwise) of the amounts otherwise identifiable hereunder. 
 15. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or
assets of the Company, spouse, heirs, and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director or officer (or in one of the capacities enumerated in
Section 10(d) hereof) of the Company or of any other enterprise at the Board of Director’s request. 
 16.
Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to
be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. 
 17. Applicable Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

  

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 18. Identical Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to
evidence the existence of this Agreement. 
  
  

			
	A.P. PHARMA, INC.
		
	By:	 	 
		 	President and Chief Executive Officer

			
	
	
	 
	Indemnitee

  

 -8-Exhibit 10(e)

 Exhibit 10(e) 
 EMPLOYMENT CONTINUITY AGREEMENT 
 This Employment Continuity Agreement (the “Agreement”) is
made as of August 28, 2000, between BOE Financial Services of Virginia, Inc. (“BOE Financial”), and (the “Executive”). The purpose of the Agreement is to encourage the Executive to continue in employment with the Company
following a Change of Control by providing reasonable employment security to the Executive, and to recognize the prior service of the Executive in the event that the Executive’s employment with the Company terminates under defined circumstances
following a Change of Control. 
 Section 1. Definitions. For purposes of this Agreement: 
 (a) “Affiliated Company” means any corporation which is a member of a controlled group of corporations that includes BOE
Financial, as determined pursuant to Section 1563(a) of the Internal Revenue Code of 1986, without regard to Sections 1563(a)(4) or 1563(e)(3)(c). 
 (b) “Base Salary” shall mean the Executive’s annual base salary in effect as of the Effective Date. 
 (c) “Beneficiary” shall mean the person or entity designated by the Executive, by written instrument delivered to the Company, to receive any benefits payable under this Agreement in the event of the
Executive’s death. If the Executive fails to designate a Beneficiary, or if no Beneficiary survives the Executive, such death benefits shall be paid to the Executive’s estate. 
 (d) “Board” shall mean the Board of Directors of BOE Financial. 
 (e) “Change of Control” shall mean the occurrence of any of the following events: 
 (i) any person, including the “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934 becomes the
owner or beneficial owner of BOE Financial securities having 20% or more of the combined voting power of the then outstanding BOE Financial securities that may be cast for the election of initiated by BOE Financial, or open market purchases approved
by the Board, as long as the majority of the Board approving the purchases is also the majority at the time the purchases are made); or 
 (ii) as the direct or indirect result of, or in connection with, a cash tender or exchange offer, a merger or other business combination, a sale of assets, a contested election, or any combination of these
transactions, the persons who were directors of BOE Financial before such transactions cease to constitute a majority of the Board, or any successor’s board, within two years of the last of such transactions. 

 (f) “Company” means BOE Financial and each Affiliated Company. 
 (g) “Effective Date” shall mean the date on which a Change of Control occurs. 
 (h) “Good Cause” shall mean the Executive’s (i) material misappropriation with respect to the business assets of the
Company, (ii) persistent refusal or willful failure materially to perform his duties and responsibilities to the Company, which continues after the Executive receives notice of such refusal or failure, (iii) conviction of a felony, or
(iv) use of drugs or alcohol that interferes materially with the Executive’s performance of his duties. 
 (i)
“Maximum Bonus Opportunity” shall mean the maximum cash bonus payable to the Executive by the Company. 
 (j)
“Salary Continuance Benefit” shall mean benefit described in Section 2(b), (c) and (d) of this agreement. 
 (k) “Severance Benefit” shall mean the Salary Continuance Benefit and the Welfare Continuance Benefit described in Section 2 of this agreement. 
 (l) “Severance Period” shall mean the period beginning on the date the Executive’s employment with the Company terminates
and ending on the date that is one (1) year thereafter. 
 (m) “Termination with Good Reason” means, unless and
to the extent otherwise waived in writing by the Executive, the termination of the Executive’s employment with the Company which is initiated by the Executive and that occurs within 90 days of any of the following events (excluding for this
purpose, isolated, insubstantial and inadvertent actions not in bad faith and which are remedied by the Company within 15 days after receipt of notice thereof given by the Executive): 
 (i) a decrease in the Executive’s aggregate Base Salary and incentive bonus opportunity or a significant reduction in the amount of
additional benefits or perquisites provided to the Executive as of the Effective Date; 
 (ii) any action by the Company which
decreases the Executive’s authority, duties or responsibilities of the Executive as of the Effective Date. 
 (iii) the
assignment of duties to the Executive that are inconsistent with the duties and responsibilities of the Executive as of the Effective Date. 
  

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 (n) “Welfare Continuance Benefit” shall mean the benefit described in
Section 2(e). 
 (o) “Welfare Plan” shall mean any health and dental plan, disability plan, survivor income
plan, life insurance plan or any other welfare benefit plan, as defined in Section 3(1) or ERISA, currently or hereafter made available by the Company in which the Executive is eligible to participate. 
 Section 2. Benefits Upon Termination of Employment 
 (a) Subject of the provisions of Section 6, the Executive shall be entitled to a Salary Continuance Benefit and a Welfare Continuance
Benefit if (i) the employment of the Executive with the Company is terminated by the Company for any reason other than Good Cause within two (2) years following the Effective Date, or (ii) the Executive has a Termination for Good
Reason within two (2) years following the Effective Date. 
 (b) The Salary Continuance Benefit shall be an amount equal
to ___________ times the sum of (i) the Executive’s Base Salary, and (ii) the Executive’s Maximum Bonus Opportunity. 
 (c) The Salary Continuance Benefit shall be paid, at the election of the Executive, in one of the following methods: 
 (i) equal monthly payments during the one-year period following the date of the Executive’s termination of employment, or 
 (ii) a single lump sum payment within 30 days of the date of the Executive’s termination of employment. 
 The election must be made by the Executive on a form provided by the Company and may not be subsequently changed, except as provided in Section 4
below. 
 (d) Payment of the Salary Continuance Benefit shall be subject to the following terms and conditions: 
 (i) Salary Continuance Benefits shall be made net of all required federal and state payroll taxes and similar required withholdings.

 (ii) Payment of the Salary Continuance Benefit shall not affect the entitlement of the Executive or the Executive’s
Beneficiary, or any other person entitled to receive benefits with respect to the Executive under any retirement plan, Welfare Plan, or other plan or program maintained by the Company in which the Executive participates at the date of termination of
employment. 
  

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 (ii) Except as specifically provided in subsection (f) below, the Salary Continuance
Benefit shall not be affected by any employment which the Executive may obtain after termination with the Company nor otherwise shall be subject to mitigation in any respect. 
 (e) During the Severance Period, the Executive and the Executive’s dependents will continue to be covered by all Welfare Plans in
which the Executive and the Executive’s dependents were participating immediately prior to the date of termination of the Executive’s employment (the “Welfare Continuance Benefit”). Any changes to any Welfare Plan during the
Severance Period shall be applicable to the Executive and the Executive’s dependents as if the Executive continued to be an employee of the Company. The Company will pay all or a portion of the costs of the Welfare Continuance Benefit for the
Executive and the Executive’s dependents under the Welfare Plans on the same basis if applicable, from time to time, to active employees covered under the Welfare Plans. If such participation in any one or more of the Welfare Plans included in
the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Executive of the Company due to such participation, the Company will provide substantially
identical benefits directly or through another insurance arrangement. The Welfare Continuance Benefits as to any Welfare Plan will cease if and when the Executive has obtained coverage under one of more welfare benefit plans of a subsequent employer
that provide for equal or greater benefits to the Executive and the Executive’s dependents with respect to the specific type of benefit. 
 (f) If the Executive applies for and/or accepts employment with the Company within five years of the Executive’s termination of employment with the Company, the Executive shall repay to the Company the entire
amount of the Salary Continuance Benefit (less applicable payroll taxes and other amounts that were withheld). The Company may offer to establish a reasonable repayment schedule which will take into consideration the mount of repayment required. If
the Executive is receiving the Salary Continuance Benefit in monthly payments and applies for and/or accepts the employment described above, the balance of the monthly payments otherwise owing will not be paid or be payable to the Executive, and the
Executive will be obligated to repay only those monthly payments that have already been paid to the Executive. 
 Section 3.
Outplacement Services. 
 If (a) the employment of the Executive with the Company is terminated by the Company for any reason
other that Good Cause within two (2) years following the Effective Date, or (b) the Executive has a Termination for Good Reason within two (2) years following the Effective Date, the Executive shall be entitled to received complete
outplacement services, including job search and interview skill services. The services shall be provided by a regionally recognized outplacement organization selected by the Executive with the approval of the Company (which approval shall not be
unreasonably withheld). The services shall be provided for up to one (1) year after the Executive’s termination of employment. 
  

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 Section 4. Death. 
 (a) If the Executive dies before receiving the entire amount of the Salary Continuance Benefit payable under this Agreement, the entire
amount of the Salary Continuance Benefit shall be paid to the Executive’s Beneficiary in a single lump sum payment as soon as practicable following the Executive’s death. 
 (b) If the Executive dies while receiving a Welfare Continuation Benefit, the Executive’s spouse and other dependents shall continue
to be covered under all applicable Welfare Plans during the remainder of the Severance Period. 
 Section 5. Claims Procedure;
Indemnification. 
 (a) If for any reason a payment or benefit due under this Plan is not paid or provided when due, the
Executive or the Executive’s Beneficiary may file a written claim with the Board. If the claim is denied or no response is received within forty-five (45) days after the date on which the claim was filed with the Board (in case the claim
will be deemed to have been denied), the Executive or the Executive’s Beneficiary may appeal the denial to the Board within sixty (60) days of receipt of written notification of the denial or the end of the forty-five day period, whichever
comes first. In pursuing an appeal, the Executive or the Executive’s Beneficiary may request that the Board review the denial, may review pertinent documents, and may submit issues and documents in writing to the Board. A decision on appeal
will be made within sixty (60) days after the appeal is made. 
 (b) The Company shall indemnify the Executive against
any and all expenses (including attorney’s fees) which are incurred by the Executive in connection with any claim made for a payment or benefit due under this Agreement that is denied by the Board on appeal, and that is ultimately paid by the
Company. 
 Section 6. Release of Claims. 
 (a) In consideration for and as a condition to receiving any payment or benefits under this Agreement, the Executive must execute a
written release in a form provided by the Company. In addition to any other provisions determined by the Company, the release may provide that the Executive agrees, for the Executive and the Executive’s heirs, representatives, successors and
assigns, that the Executive has finally and permanently separated from employment with the Company, and that the Executive waives, releases and forever discharges that Company for any and all claims, known or unknown, that the Executive has or may
have, including but not limited to those relating to or arising out of the 

  

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Executive’s employment with the Company and the termination thereof, including but not limited to any claims of wrongful discharge, breach of express or
implied contract, fraud, misrepresentation, defamation, liability in tort, any claims under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Fair Labor
Standards Act, or any other federal, state or local law relating to employment, employee benefits or the termination of employment, excepting only any claims to vested retirement benefits. 
 Section 7. No Setoff. 
 Payment
of a Severance Benefit shall be in addition to any other amounts otherwise payable to the Executive, including any accrued but unpaid vacation pay. Except as otherwise specifically provided in Sections 2(e) and (f) of this Agreement, no
payments or benefits payable to or with respect to the Executive pursuant to this Agreement shall be reduced by any amount the Executive may owe to the Company (except for amounts owed to the Company on account of loans, travel or standing advances,
personal charges on Company credit cards or accounts, or the value of Company property not returned to the Company), or by any amount the Executive may earn or receive from employment with another employer or from any other source. 
 Section 8. No Assignment of Benefit. 
 No interest of the Executive or any Beneficiary under this Agreement, or any right to receive any payment or distribution hereunder, shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other
alienation or encumbrance of any kind, nor may such interest or right to receive a payment or distribution be taken, voluntarily or involuntarily, for the satisfaction of the obligations or debts of, or other claims against, the Executive or
Beneficiary, including claims for alimony, support, separate maintenance, and claims in bankruptcy proceedings. 
 Section 9.
Benefits Unfunded. 
 All rights under this Agreement of the Executive and Beneficiaries shall at all times be entirely unfunded, and
no prevision shall at any time be made with respect to segregating any assets of the Company for payment of any amounts due hereunder. The Executive and Beneficiaries shall have only the rights of general unsecured creditors of the Company.

 Section 10. Applicable Law. 
 This Agreement shall be construed and interpreted pursuant to the laws of the Commonwealth of Virginia, without reference to its conflict of laws rules. 
  

 6 

 Section 11. No Employment Contract. 
 Nothing contained in this Agreement shall be construed to be an employment contract between the Executive and the Company. 
 Section 12. Severability. 
 In
the event any provision of this Agreement is held illegal or invalid, the remaining provisions of this Agreement shall not be affected thereby. 
 Section 13. Successors. 
 The Agreement shall be binding upon and inure to the benefit of the Company, the Executive and
their respective heirs, representatives and successors. The Company, its successors and assigns shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) and any other purchaser or transferee of any
assets of the Company expressly to assume this Agreement if such purchaser employs the Executive in connection with such a purchase. 
 Section 14. Litigation Expenses. 
 The Company shall pay the litigation expenses, including reasonable attorney’s
fees, incurred by the Executive or Beneficiary in a suit against the Company in which the Executive or Beneficiary successfully sues to enforce the Executive’s rights under the Agreement. 
 Section 15. Notices. 
 All
notices and other communications required or permitted under this Agreement shall be in writing, unless otherwise provided in this Agreement, and shall be deemed effective and given upon actual delivery if presented personally, one business day
after the date sent if sent by prepaid telegram, overnight courier service, telex, or by facsimile transmission or five business days after the date sent if sent by certified or registered mail, postage prepaid, return receipt requested, which shall
be addressed: 
  

	 	(a)	In the case of the Company to: 

 Bank of Essex 

P.O. Box 965 
 Tappahannock, VA 22560

 Attention: George M. Longest, Jr. 
 Fax Number: 804-443-9472 
  

	 	(b)	In the case of Executive to: 

 __________________________________ 
 __________________________________ 
 __________________________________ 
  

 7 

 Attention: ______________________ 
 Fax Number: ___________________ 
 or, in each case, to such
other address as may be designated in writing by any such party. 
 Section 16. Amendment and Termination. 
 Prior to the Effective Date, the Company may amend, modify or terminate this Agreement for any reason or no reason. On and after the Effective Date, the
Agreement may not be amended, modified, or terminated in any way that adversely affects the Executive’s right to a benefit under the Agreement or the circumstances of eligibility therefore without the written consent of the Executive.

 Section 17. Captions and Section Headings. 
 Captions and section headings herein are for convenience only, are not a part hereof and shall not be used in construing this Agreement. 
 Section 18. Entire Agreement. 
 This Agreement constitutes the entire understanding and agreement
of the parties hereto regarding the subject matter hereof. 
 Section 19. Counterparts. 
 This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the
same instrument. 
  

			
	BOE FINANCIAL SERVICES OF VIRGNIA, INC.
		
	By:	 	 
	Title:	 	 
	Date:	 	 
	
	EXECUTIVE
	
	 
	Date:	 	 

  

 8

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