Document:

Form of Director Stock Option Agreement

 EXHIBIT 10.06 
 STATE OF NORTH CAROLINA 
 COUNTY OF DAVIE 
 DIRECTOR STOCK OPTION AGREEMENT 
 THIS DIRECTOR STOCK OPTION AGREEMENT (the
“Agreement”) is made as of this          day of
                            , 19     (the “Date of
Grant”), by and between BANK OF DAVIE, a North Carolina banking corporation (the “Bank”), and
                                       
 , a resident of                      County, North Carolina (the “Optionee”). 
 WHEREAS, on December 14, 1998, the Bank’s Board of Directors adopted the DIRECTOR STOCK OPTION PLAN (the “Plan”),
subject to the approval of the Bank’s shareholders and the North Carolina Commissioner of Banks; and 
 WHEREAS, the Plan
provides that the Stock Option Committee (the “Committee”) of the Bank’s Board of Directors from time to time may grant to directors of the Bank and its subsidiaries the right or option to purchase shares of the Bank’s $5.00 par
value common stock (“Common Stock”) on the terms and conditions set forth in the Plan; and 
 WHEREAS, the Optionee
currently is a director of the Bank; 
 NOW, THEREFORE, in consideration of the premises and the agreements of the parties set forth
herein, the Bank and the Optionee hereby agree as follow: 
 1. Grant of Option. Pursuant to and subject to the terms and
conditions contained in the Plan and this Agreement, the Bank hereby grants to the Optionee the right and option (the “Option”) to purchase from the Bank all or any number of an aggregate of
                     (            ) shares of Common Stock
(the “Option Stock”) which may be authorized but unissued shares or shares acquired by the Bank on the open market or in private transactions. 
 The Option is granted under and pursuant to the Plan, a copy of which is attached hereto and the terms and conditions of which are incorporated herein by reference. Capitalized terms used in this Agreement which are
defined in the Plan shall have the same meanings herein as are assigned to them in the Plan. In the event any provision of this Agreement conflicts or is inconsistent with a term or condition of the Plan, then the Plan provision shall be controlling
and shall supersede the provision of this Agreement. 
 2. Approval by Shareholders and Commissioner. This Agreement and the Option
described herein are expressly made subject to approval of the Plan by the Bank’s shareholders at the Bank’s next annual meeting of shareholders following the date hereof, and to approval of the Plan by the North Carolina Commissioner of
Banks upon application by the Bank. Notwithstanding anything contained herein to the contrary, the Option may not be exercised prior to receipt of both such approvals. In the event either such approval is not obtained, then this Agreement and the
Option shall, without any action by the Bank or the Optionee, become void and unenforceable and of no further force or effect. 
 3. Date
of Grant of Option. For purposes of the Plan and this Agreement, the Date of Grant of the Option shall be the date of this Agreement. 
 4. Exercise Price. The Exercise Price to be paid by the Optionee for the purchase for the Option Stock upon exercise of the Option shall be
                     Dollars
($                     ) per share. 

 5. Exercise Schedule. Subject to any further restrictions contained in the Plan or this Agreement,
the Option will become exercisable on the following dates as to the indicated numbers of the shares of the Option Stock: 
  

			
	Date	 	 Option Stock Available
 For Exercise

  
 Notwithstanding anything
contained herein to the contrary, the Option may not be exercised at any time as to a fractional share. 
 6. Method of
Exercise. To exercise the Option in whole or in part, the Optionee must deliver written notice of such exercise (a “Notice of Exercise”) to the President or Secretary of the Bank. Such written notice shall be substantially in the
form attached hereto as Exhibit A and shall specify the number of shares of Option Stock to be purchased. A Notice of Exercise shall not be effective (and the Bank shall have no obligation to sell any Option Stock to the Optionee pursuant to such
Notice) unless it satisfies the terms and conditions contained in the Plan and this Agreement and actually is received by the Bank prior to the Expiration Date or any earlier termination of the Option. 
 Notwithstanding anything contained herein to the contrary, the Optionee may not exercise the Option to purchase less than one hundred (100) shares,
unless the Committee otherwise approves or unless the partial exercise is for all remaining shares of Option Stock available under the Option. Following receipt from the Optionee of a valid and effective Notice of Exercise and full payment of the
Exercise Price relating to a number the shares of Option Stock being purchased, a stock certificate representing that number of shares shall be issued and delivered by the Bank to the Optionee as soon as practicable. 
 7. Payment. The Exercise Price of Option Stock being purchased upon an exercise of the Option (in part or in whole) shall be paid by the Optionee
in full at the time of such exercise. Such payment shall be made in the manner described in the Plan and shall accompany the Notice of Exercise. The Option shall not be considered to have been properly exercised as to any Option Stock, and no Option
Stock shall be issued or delivered, until full payment of the Exercise Price therefor has been made. 
 8. Expiration or Termination.

 (a) Expiration Date. Notwithstanding anything contained herein to the contrary, to the extent the Option shall not previously have
been exercised in the manner required by or otherwise terminated as provided in the Plan or this Agreement, it shall expire and terminate at 5:00 P.M. on the “Expiration Date” which, for purposes of this Agreement, shall be
                    , 20        . 
 (b) Other Termination. The Option otherwise shall terminate prior to the Expiration Date in the events and upon the occurrences described in the
Plan. 
 (c) Effect of Termination or Expiration of Option. Upon the expiration or termination of all or any portion of the Option,
it shall, without any further act by the Bank or the Optionee, no longer be exercisable or of any force or effect and shall no longer confer any rights to any person to purchase shares of Common Stock under the Plan or this Agreement. 
 9. Effect of Agreement on Service as a Director. Neither the Plan, this Agreement nor the grant of the Option is intended or shall be deemed or
interpreted to confer upon the 
  

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 Optionee any right to continued service as a director of the Bank or to interfere with, restrict or otherwise limit in
any way the right of the Bank or its shareholders to decline to nominate any such person for reelection as a director, to reelect such person as a director, or to remove such person from office in accordance with applicable law. 
 10. Rights as a Shareholder. Neither the Optionee nor any other person shall have any rights as a stockholder with respect to any shares of Option
Stock until the Option has been validly exercised in the manner described in the Plan and this Agreement, full payment of the Exercise Price has been made for such shares, and a stock certificate representing the Option Stock purchased upon such
exercise has been registered on the Bank’s stock records in the name of and delivered to the Optionee or other person entitled thereto. Except to the extent of adjustments made as described in the Plan, no adjustment on behalf of the Optionee
shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date for determining the shareholders entitled to receive the same is prior to the date of
registration and delivery of the stock certificate(s) representing the Option Stock. 
 11. Listing and Registration of Option Shares.
If in the opinion of legal counsel for the Bank the issuance or sale of any shares of Option Stock upon the exercise of the Option would not be lawful without registration under the Securities Act of 1933 (the “1933 Act”) or without some
other action being taken or for any other reason, or would require the Bank to obtain approval from any governmental authority or regulatory body having jurisdiction deemed by such counsel to be necessary to such issuance or sale, then the Bank
shall not be obligated to issue or sell any Option Stock to the Optionee or any other authorized person unless a registration statement that complies with the provisions of the 1933 Act in respect of such shares is in effect at the time thereof, or
all other required or appropriate action has been taken under and pursuant to the terms and provisions of the 1933 Act or other applicable law, or the Bank receives evidence satisfactory to such counsel that the issuance and sale of such shares, in
the absence of an effective registration statement or other action, would not constitute a violation of the 1933 Act or other applicable law, or unless any such required approval shall have been obtained. The Bank is in no event obligated to
register any such shares, to comply with any exemption from registration requirements or to take any other action which may be required in order to permit, or to remedy or remove any prohibition or limitation on, the issuance or sale of such shares
to the Optionee or other authorized person. 
 As a condition of the exercise of the Option, the Bank may require that the Optionee execute
one or more undertakings in such form as it shall prescribe to the effect that such shares are being acquired for investment purposes only and not with a view to the distribution or resale thereof. 
 Notwithstanding anything contained herein to the contrary, it is understood and agreed that the Bank (or any successor in interest to the Bank) shall
not be required to take any action under the Plan or this Agreement if: 
 (a) the Bank is declared by any Regulatory Authority to be
insolvent; or, 
 (b) in the opinion of counsel to the Bank, such payment or action: (i) would be prohibited by or would
violate any provision of state or federal law applicable to the Bank or any of its subsidiaries, including without limitation the Federal Deposit Insurance Act as now in effect or hereafter amended; (ii) would be prohibited by or would
violate any applicable rules, regulations, orders or statements of policy, whether now existing or hereafter promulgated, of any regulatory authority; or, (iii) otherwise would be prohibited by any regulatory authority. 
 12. Payment of Taxes. The Optionee shall be responsible for all federal, state, local or other taxes of any nature as shall be imposed pursuant to
any law or governmental regulation or ruling 
  

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 on the Option or the exercise thereof or on any income which the Optionee is deemed to recognize in connection with the
Option. If the Bank shall determine to its reasonable satisfaction that the Bank is required to pay or withhold the whole or any part of any estate, inheritance, income, or other tax with respect to or in connection with the Option or the exercise
thereof, then the Bank shall have the full power and authority to withhold and pay such tax out of any shares of Option Stock being purchased by the Optionee or from the Optionee’s salary or any other funds otherwise payable to the Optionee,
or, prior to and as a condition of exercising such Option, the Bank may require that the Optionee pay to it in cash the amount of any such tax which it, in good faith, deems itself required to withhold. 
 13. Nontransferability. The Option shall not be assignable or transferable except by will or by the laws of descent and distribution, and,
during the lifetime of the Optionee, may be exercised only by him or her. More particularly, but without limiting the generality of the foregoing, the Option may not be sold, assigned, transferred (except as noted herein), pledged or hypothecated in
any way and shall not be subject to execution, attachment or similar process. 
 14. Notices. Except as otherwise provided
herein, any notice which the Bank or the Optionee may be required or permitted to give to the other under the Plan or this Agreement shall be in writing and shall be deemed duly given when delivered personally or deposited in the United States mail,
first class postage prepaid, and properly addressed. Notice, if to the Bank, shall be sent to its President at the address of the Bank’s then current corporate office. Any notice sent by mail by the Bank to the Optionee shall be sent to the
most current address of the Optionee as reflected on the records of the Bank or its Subsidiaries as of the time said notice is required. If the Optionee has died, any such notice shall be given to the Optionee’s personal representative if such
representative has delivered to the Bank evidence satisfactory to the Bank of such representative’s status as such and has informed the Bank of the address of such representative by notice pursuant to this Paragraph 14. 
 Notwithstanding anything contained herein to the contrary, a Notice of Exercise shall be effective only upon actual receipt thereof by the Bank as
provided in Paragraph 6 above. 
 15. Severability. Whenever possible, each provision of this Agreement shall be interpreted in
such a manner as to be valid and enforceable under applicable law, but, in the event that any provision hereof shall be held to be invalid or unenforceable, the remaining provisions shall continue to be in full force and effect and this Agreement
shall continue to be binding on the parties hereto as if such invalid or unenforceable provision or part hereof had not been included herein. 
 16. Modification of Agreement; Waiver. Except as otherwise provided herein, this Agreement may be modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by written instrument signed by
each of the parties hereto. No waiver hereunder shall constitute a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof. 
 17. Captions and Headings; Gender and Number. Captions and paragraph headings used herein are for convenience only, do not modify or affect
the meaning of any provision herein, are not a part hereof, and shall not serve as a basis for interpretation or in construction of this Agreement. As used herein, the masculine gender shall include the feminine and neuter, the singular number the
plural, and vice versa, whenever such meanings are appropriate. 
 18. Governing Law; Venue and Jurisdiction. The validity,
interpretation and administration of this Agreement, and the rights of any and all persons having or claiming to have any interest hereunder, shall be determined exclusively in accordance with the laws of the State of North 
  

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 Carolina. Without limiting the generality of the foregoing, the period within which any action in connection with this
Agreement must be commenced shall be governed by the laws of the State of North Carolina, without regard to the place where the act or omission complained of took place, the residence of any party to such action, or the place where the action may be
brought or maintained. The parties hereto agree that any suit or action relating to this Agreement shall be instituted and prosecuted in the courts of Davie County, North Carolina, and each party hereby does waive any right or defense relating to
such jurisdiction and venue. 
 19. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
Bank, its successors and assigns, and shall be binding upon and inure to the benefit of the Optionee, his heirs, legatees, personal representatives, executors, and administrators. 
 20. Entire Agreement. This Agreement (which incorporates the terms and conditions of the Plan) constitutes and embodies the entire
understanding and agreement of the parties hereto and, except as otherwise provided hereunder, there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein.

 21. Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered
shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the
Bank has caused this instrument to be executed in its corporate name by its President, or one of its Vice Presidents, and attested by its Secretary or one of its Assistant Secretaries, and its corporate seal to be hereto affixed, all by authority of
its Board of Directors first duly given, and the Optionee has hereunto set his or her hand and adopted as his or her seal the typewritten word “SEAL” appearing beside his or her name, all done this the day and year first above written.

  

							
		 	BANK OF DAVIE	 	
			
	             [CORPORATE SEAL]
	 	By:	 	  

		 	Title:	 	  

	 ATTEST:
	 		 		 	
				
	  
	 		 		 	
	                                    
Secretary	 		 		 	
		 	OPTIONEE:	 	
			
		 	  
	 	(SEAL)
		 		 	_________________________________________	 	

  

 5BOC Financial Corp 1999 Incentive Stock Option Plan

 EXHIBIT 10.08 
 BOC FINANCIAL CORP. 
 1999 INCENTIVE STOCK OPTION PLAN 
 BOC Financial Corp., a North Carolina corporation (hereinafter referred to as the “Corporation”), does herein set forth the terms of the BOC
Financial Corp., 1999 Incentive Stock Option Plan (hereinafter referred to as this “Plan”) which was adopted by the Corporation’s Board of Directors (hereinafter referred to as the “Board”) subject to approval by the
Corporation’s shareholders as provided in Paragraph 22 hereof. 
 1. Purpose of the Plan. The purpose of this Plan is to
provide for the grant of Incentive Stock Options (hereinafter referred to as “Option” or “Options”) qualifying for the tax treatment afforded by Section 422 of the Internal Revenue Code of 1986, as amended, to eligible
officers and employees of the Corporation and its subsidiaries (hereinafter referred to as “Eligible Employees”) who wish to invest in the Corporation’s common stock (hereinafter referred to as “Common Stock”). The
Corporation believes that participation in the ownership of the Corporation by Eligible Employees will be to the mutual benefit of the Corporation and Eligible Employees. The existence of this Plan will enhance the Corporation’s ability to
attract capable individuals to employment in key employee positions. 
 2. Administration of the Plan. 
 (a) This Plan shall be administered by the Compensation Committee of the Board (hereinafter referred to as the “Committee”). The Committee
shall consist of three (3) members of the Board all of whom shall qualify as disinterested persons as provided in Section 16(b) and the rules and regulations thereunder of the Securities Exchange Act of 1934, as amended. The members of the
Committee shall be appointed by the Board and shall serve at the pleasure of the Board, which may remove members from, add members to, or fill vacancies in the Committee. 
 (b) The Committee shall decide to whom Options shall be granted under this Plan, the number of shares as to which Options shall be granted subject to
the limitations set forth in Paragraph 11 of this Plan, the Option Price (as hereinafter defined) for such shares and such additional terms and conditions for such Options as the Committee deems appropriate. 
 (c) A majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present,
or acts approved unanimously in writing by the Committee, shall be considered as valid actions by the Committee. 
 (d) The Board may
designate any officers or employees of the Corporation to assist in the administration of this Plan. The Board may authorize such individuals to execute documents on its behalf and may delegate to them such other ministerial and limited
discretionary duties as the Board may deem fit. 
 3. Shares of Common Stock Subject to the Plan. The number of shares of Common Stock
that shall be available initially for Options under this Plan is                     
(            ) shares, subject to adjustment as provided in Paragraph 15 hereof. Shares subject to Options which expire or terminate prior to the issuance of the shares of
Common Stock shall again be available for future grants of Options under this Plan. 

 4. Eligibility. Options under this Plan may be granted to any Eligible Employee as determined
by the Committee. An individual may hold more than one Option under this or other plans adopted by the Corporation. 
 5. Grant of
Options. 
 (a) The Committee shall authorize that Options for shares of common stock shall be granted to certain Eligible Employees of
the Bank which Options shall be granted based upon the past service and the continued participation of these individuals in the management and/or operations of the Bank. The allocation of said Options shall be as determined by a majority vote of the
Committee at one or more meetings called for such purpose. 
 (b) Upon the forfeiture of an Option for whatever reason prior to the
expiration of the Option Period (as defined in Paragraph 10 hereof) the shares of Common Stock covered by a forfeited Option shall be available for the granting of additional Options to Eligible Employees during the remaining term of this Plan upon
such terms and conditions as may be determined by the Committee. The number of additional Options to be granted to specific Eligible Employees during the term of this Plan shall be determined by the Committee as provided in Subparagraph 2(b) hereof.

 6. Vesting of Options. 
 (a) Options granted under this Plan shall vest and the right of an Optionee to exercise an Option shall be nonforfeitable in accordance with the following schedules: 
 (i) With respect to the Options which are granted as of the Effective Date (as hereinafter defined): 
  

			
	 Date When Such Options
 Become Vested
	  	Percentage of Such
Options Vested
	 Effective Date of Plan
	  	0%
	 First Anniversary of Effective Date
	  	20%
	 Second Anniversary of Effective Date
	  	20%
	 Third Anniversary of Effective Date
	  	20%
	 Fourth Anniversary of Effective Date
	  	20%
	 Fifth Anniversary of Effective Date
	  	20%

 (ii) With respect to any Options which may be granted after the Effective Date: 
  

			
	 Date When Such Options
 Become Vested
	  	Percentage of Such
Options Vested
	 Date of grant
	  	0%
	 First Anniversary of the date of grant
	  	20%
	 Second Anniversary of the date of grant
	  	20%
	 Third Anniversary of the date of grant
	  	20%
	 Fourth Anniversary of the date of grant
	  	20%
	 Fifth Anniversary of the date of grant
	  	20%

 (b) In determining the number of shares of Common Stock under each Option vested under the above
vesting schedules, an Optionee shall not be entitled to exercise an Option to purchase a fractional number of shares of the Common Stock. If the product resulting from multiplying the vested percentage times the Option results in a fractional number
of shares of Common Stock, then an Optionee’s vested right shall be to the whole number of shares of Common Stock disregarding any fractional shares of Common Stock. 
  

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 (c) In the event any Optionee to whom Options are granted under this Plan terminates employment with the
Corporation for any reason, other than the Optionee’s disability, death, retirement, or following a “change in control” (as defined in Paragraph 6(d)), and such Optionee does not have a 100% vested interest in the Optionee’s
Options under this Plan, then any Options which are not vested, based upon the applicable schedule in subparagraph (a) above, shall be forfeited and shall be available again for grant to Eligible Employees as may be determined by the Committee.

 (d) In the event that the employment of an Optionee with the Corporation should terminate because of such Optionee’s disability,
death, retirement, or a “change in control” of the Corporation prior to the date when all Options allocated to the Optionee would be 100% vested in accordance with the applicable schedule in subparagraph 6(a) above, then,
notwithstanding the foregoing schedules in subparagraph 6(a) above, all Options allocated to such Optionee shall immediately become fully vested and nonforfeitable. For purposes of this Plan, the term disability shall be defined in the same
manner as such term is defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. When used in this Plan, the phrase “change in control” refers to (i) the acquisition by any person, group of persons or entity
of the beneficial ownership or power to vote more than twenty-five (25%) percent of the Corporation’s outstanding stock, (ii) during any period of two (2) consecutive years, a change in the majority of the Board unless the
election of each new Director was approved by at least two-thirds of the Directors then still in office who were Directors at the beginning of such two (2) year period, or (iii) a reorganization, merger, or consolidation of the Corporation
with one or more other corporations in which the Corporation is not the surviving corporation, or the transfer of all or substantially all of the assets or shares of the Corporation to another person or entity. 
 7. Option Price. 
 (a) The price per
share of each Option granted under this Plan (hereinafter called the “Option Price”) shall be determined by the Committee as of the effective date of grant of such Option, but in no event shall the Option Price be less than 100% of the
fair market value of Common Stock on the date of grant. If an Optionee (as hereinafter defined) at the time that an Option is granted owns stock possessing more than ten (10%) percent of the total combined voting power of all classes of stock
of the Corporation, then the Option Price per share of each Option granted under this Plan shall be no less than 110% of the fair market value of Common Stock on the date of grant and such Option shall not be exercisable more than five (5)
years from the date of grant. An Option shall be considered as granted on the date that the Committee acts to grant such Option or such later date as the Committee shall specify in an Option Agreement (as hereinafter defined). 
 (b) The fair market value of a share of Common Stock shall be determined as follows: (i) if on the date as of which such determination is being
made, Common Stock being valued is admitted to trading on a securities exchange or exchanges for which actual sale prices are regularly reported, or actual sale prices are otherwise regularly published, the fair market value of a share of Common
Stock shall be deemed to be equal to the mean of the closing sale price as reported on each of the five (5) trading days immediately preceding the date as of which such determination is made; provided, however, that, if a closing
sale price is not reported for each of the five (5) trading days immediately preceding the date as of which such determination is made, then the fair market value shall be equal to the mean of the closing sale prices on those trading days for
which such price is available, or (ii) if on the date as of which such determination is made, no such closing sale prices are reported, but quotations for Common Stock being valued are regularly listed on the National Association of Securities
Dealers Automated Quotation System or another comparable system, the fair market value of a share of Common Stock shall be deemed to be equal to the mean of the average of the closing bid and asked prices 
  

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 for such Common Stock quoted on such system on each of the five (5) trading days preceding the date as of which such
determination is made, but if a closing bid and asked price is not available for each of the five (5) trading days, then the fair market value shall be equal to the mean of the average of the closing bid and asked prices on those trading days
during the five-day period for which such prices are available, or (iii) if no such quotations are available, the fair market value of a share of Common Stock shall be deemed to be the average of the closing bid and asked prices furnished by a
professional securities dealer making a market in such shares, as selected by the Committee, for the trading date first preceding the date as of which such determination is made. If the Committee determines that the price as determined above does
not represent the fair market value of a share of Common Stock, the Committee may then consider such other factors as it deems appropriate and then fix the fair market value for the purposes of this Plan. 
 8. Payment of Option Price. Payment for shares subject to an Option may be made either in cash or, with the approval of the Committee, in
other stock of the Corporation owned by the person to whom such Option was granted or such other person as may be entitled to exercise such Option. Any shares of the Corporation’s stock that are delivered in payment of the aggregate Option
Price shall be valued at their fair market value, as determined by the Committee, on the date of the exercise of such Option. 
 9. Terms
and Conditions of Grant of Options. Each Option granted pursuant to this Plan shall be evidenced by a written Incentive Stock Option Agreement (hereinafter referred to as “Option Agreement”) with each Eligible Employee
(hereinafter referred to as “Optionee”) to whom an Option is granted; such agreement shall be substantially in the form attached hereto as “Exhibit A,” unless the Committee shall adopt a different form and, in each case, may
contain such other, different, or additional terms and conditions as the Committee may determine. 
 10. Option Period. Each
Option Agreement shall set forth a period during which such Option may be exercised (hereinafter referred to as the “Option Period”); provided, however, that the Option Period shall not exceed ten (10) years after the date of grant of
such Option as specified in an Option Agreement. 
 11. Limitation on Grant of Incentive Stock Options. No one Optionee shall be
granted more than 40% of the shares reserved for issuance under this Plan pursuant to the provisions of Paragraph 3 hereof. Moreover, notwithstanding any other provision of this Plan, no person shall be granted an Option under this Plan which would
cause such person’s “annual vesting amount” to exceed $100,000.00. With respect to any calendar year, a person’s “annual vesting amount” is the aggregate fair market value of stock subject to incentive stock options
with respect to which such options are first exercisable during such calendar year. For purposes of the foregoing, the aggregate fair market value of stock with respect to which incentive stock options are first exercisable during any calendar year
shall be determined by taking into account all such options granted to such person under all incentive stock option plans of the Corporation or of any of its parent or subsidiary corporations. 
 12. Exercise of Incentive Stock Options. An Option shall be exercised by written notice to the Committee signed by an Optionee or by such
other person as may be entitled to exercise such Option. In the exercise of an Option, the aggregate Option Price for the shares being purchased may be paid either in cash or, with the approval of the Committee, in shares of the Corporation’s
stock (valued as determined by the Committee as of the date of exercise) or any combination thereof and the notice of exercise shall specify how payment will be made. The written notice shall state the number of shares with respect to which an
Option is being exercised and, shall either be accompanied by the payment of the aggregate Option Price for such shares or shall fix a date (not more than ten (10) business days from the date of such notice) by which the payment of the
aggregate Option Price will be made. An Optionee shall not exercise an Option to purchase less than 100 shares, unless the Committee otherwise approves or unless the partial exercise is for the remaining shares available under such Option. A
certificate or 
  

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 certificates for the shares of Common Stock purchased by the exercise of an Option shall be issued in the regular course
of business subsequent to the exercise of such Option and the payment therefor. During the Option Period, no person entitled to exercise any Option granted under this Plan shall have any of the rights or privileges of a shareholder with respect to
any shares of Common Stock issuable upon exercise of such Option, until certificates representing such shares shall have been issued and delivered and the individual’s name entered as a shareholder of record on the books of the Corporation for
such shares. 
 13. Effect of Termination of Employment, Retirement, Disability or Death. 
 (a) In the event of the termination of employment of an Optionee either by reason of (i) being discharged for cause or (ii) voluntary
separation on the part of such Optionee for a reason other than the Optionee’s death, disability, or retirement, or following a “change in control” of the Corporation (as defined in Paragraph 6(d)), any Option or Options granted to
the Optionee under this Plan, to the extent not previously exercised or expired, shall immediately terminate. The phrase “discharged for cause” shall include termination at the sole discretion of the Board because of such Optionee’s
personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar
offenses), a final cease and desist order, or material breach of any provision of any employment agreement that such Optionee may have with the Corporation. 
 (b) In the event of the termination of employment of an Optionee as a result of such Optionee’s retirement, such Optionee shall have the right to exercise any Option or Options granted to the Optionee under this
Plan, to the extent that they have not previously been exercised or expired, for a period of three (3) months after the date of retirement, but in no event may any Option be exercised later than the end of the Option Period provided in such
Option Agreement in accordance with Paragraph 10 hereof. For purposes of this Plan, the term “retirement” shall mean (i) termination of an Optionee’s employment under conditions which would constitute retirement under any
tax qualified retirement plan maintained by the Corporation or any of its subsidiaries or (ii) attaining age 65. 
 (c) In the
event of the termination of employment of an Optionee by reason of such Optionee’s disability, such Optionee shall have the right to exercise any Option or Options held by the Optionee, to the extent that they previously have not been exercised
or expired, notwithstanding any limitations placed on the exercise of such Options by this Plan or an Option Agreement, immediately in full and at any time within twelve (12) months after the last date on which such Optionee provides services
as an officer or an employee of the Corporation before being disabled, but in no event may any Option be exercised later than the end of the Option Period provided in such Option Agreement in accordance with Paragraph 10 hereof. For purposes of
this Plan, the term “disability” shall be defined in the same manner as such term is defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 
 (d) Notwithstanding anything else herein, in the event that an Optionee should die (i) while employed by the Corporation or any of its
subsidiaries, (ii) within three (3) months after retirement, (iii) within three (3) months after Optionee’s termination following a change in control, or (iv) within twelve (12) months after Optionee’s
termination by reason of Optionee’s disability, any Option or Options granted to the Optionee under this Plan and not previously exercised or expired shall vest and shall be exercisable, according to their respective terms, by the personal
representative of such Optionee or by any person or persons who acquired such Options by bequest or inheritance from such Optionee, notwithstanding any limitations placed on the exercise of such Options by this Plan or an Option Agreement,
immediately in full and at any time within twelve (12) months after the date of death of such Optionee, but in no event may any Option be exercised later than the end of the Option Period provided in such Option Agreement in accordance with
Paragraph 10 hereof. Any references herein to an Optionee shall be deemed to include any person entitled to exercise an Option under the terms of this Plan after the death of such Optionee under the terms of this Plan. 
  

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 (e) In the event of the termination of employment of an Optionee following a “change in
control” of the Corporation, such Optionee shall have the right to exercise any Option or Options granted to the Optionee under this Plan, to the extent they have not previously been exercised or expired, for a period of three (3) months
after the date of termination, but in no event may any Option be exercised later than the end of the Option period provided in such Option Agreement in accordance with Paragraph 10 hereof. 
 14. Effect of Plan on Employment Status. The fact that the Committee has granted an Option to an Optionee under this Plan shall not confer on
such Optionee any right to employment with the Corporation or to a position as an officer or an employee of the Corporation, nor shall it limit the right of the Corporation to remove such Optionee from any position held by the Optionee or to
terminate the Optionee’s employment at any time. 
 15. Adjustment Upon Changes in Capitalization; Dissolution or Liquidation.

 (a) In the event of a change in the number of shares of Common Stock outstanding by reason of a stock dividend, stock split,
recapitalization, reorganization, merger, exchange of shares, or other similar capital adjustment, prior to the termination of an Optionee’s rights under this Plan, equitable proportionate adjustments shall be made by the Committee in
(i) the number and kind of shares which remain available under this Plan and (ii) the number, kind, and the Option Price of shares subject to unexercised Options under this Plan. The adjustments to be made shall be determined by the
Committee and shall be consistent with such change or changes in the Corporation’s total number of outstanding shares; provided, however, that no adjustment shall change the aggregate Option Price for the exercise of Options granted under this
Plan. 
 (b) The grant of Options under this Plan shall not affect in any way the right or power of the Corporation or its shareholders to
make or authorize any adjustment, recapitalization, reorganization, or other change in the Corporation’s capital structure or its business, or any merger or consolidation of the Corporation, or to issue bonds, debentures, preferred or other
preference stock ahead of or affecting Common Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any sale or transfer of all or any part of the Corporation’s assets or business. 
 (c) Except upon a “change in control” as defined in Paragraph 6(d) hereof, upon the effective date of the dissolution or liquidation of the
Corporation, this Plan and any Options granted hereunder, shall terminate. 
 16. Non-Transferability. Any Option granted under
this Plan shall not be assignable or transferable except, in the case of the death of an Optionee, by will or by the laws of descent and distribution. In the event of the death of an Optionee, the personal representative, the executor or the
administrator of such Optionee’s estate, or the person or persons who acquired by bequest or inheritance the rights to exercise such Option, may exercise any Option or portion thereof to the extent not previously exercised by an Optionee or
expired, in accordance with its terms and Paragraph 13(d) hereof. 
 17. Tax Withholding. The employer of a person granted
an Option under this Plan shall have the right to deduct or otherwise effect a withholding of any amount required by federal or state laws to be withheld with respect to the grant, exercise or the sale of stock acquired upon the exercise of an
Option in order for the employer to obtain a tax deduction otherwise available as a consequence of such grant, exercise or sale, as the case may be. 
  

 6 

 18. Listing and Registration of Option Shares. Any Option granted under the Plan shall be
subject to the requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration, or qualification of the shares covered thereby upon any securities exchange or under any state or federal law or the
consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the granting of such Option or the issuance or purchase of shares thereunder, such Option may not be exercised in whole or in
part unless and until such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 
 19. Exculpation and Indemnification. In connection with this Plan, no member of the Committee shall be personally liable for any act or
omission to act in such person’s capacity as a member of the Committee, nor for any mistake in judgment made in good faith, unless arising out of, or resulting from, such person’s own bad faith, gross negligence, willful misconduct, or
criminal acts. To the extent permitted by applicable law and regulation, the Corporation shall indemnify and hold harmless the members of the Committee, and each other officer or employee of the Corporation or of any subsidiary thereof to whom any
duty or power relating to the administration or interpretation of this Plan may be assigned or delegated, from and against any and all liabilities (including any amount paid in settlement of a claim with the approval of the Board) and any costs or
expenses (including counsel fees) incurred by such persons arising out of, or as a result of, any act or omission to act in connection with the performance of such person’s duties, responsibilities, and obligations under this Plan, other than
such liabilities, costs, and expenses as may arise out of, or result from, the bad faith, gross negligence, willful misconduct, or criminal acts of such persons. 
 20. Amendment and Modification of the Plan. The Board may at any time and from time to time amend or modify this Plan (including the form of Option Agreement) in any respect consistent with applicable
regulations; provided, however, that no amendment or modification shall be made that increases the total number of shares of Common Stock covered by this Plan or effects any change in the categories of persons who may receive Options under this Plan
or materially increases the benefits accruing to Optionees under this Plan unless such change is approved by the holders of a majority of shares of Common Stock present or represented at a shareholders’ meeting at which a quorum is present. Any
amendment or modification of this Plan shall not materially reduce the benefits under any Option theretofore granted to an Optionee under this Plan without the consent of such Optionee or the transferee thereof in the event of the death of such
Optionee. 
 21. Termination and Expiration of the Plan. This Plan may be abandoned, suspended, or terminated at any time by the
Board; provided, however, that abandonment, suspension, or termination of this Plan shall not affect any Options then outstanding under this Plan. No Option shall be granted pursuant to this Plan after ten (10) years from the effective date of
this Plan as provided in Paragraph 22 hereof. 
 22. Effective Date; Shareholder Approval. This Plan shall not be effective until
approved by the holders of a majority of shares of Common Stock present or represented at an annual or special shareholders’ meeting at which a quorum is present (the “Effective Date”). 
 23. Captions and Headings; Gender and Number. Captions and paragraph headings used herein are for convenience only, do not modify or affect the
meaning of any provision herein, are not a part hereof, and shall not serve as a basis for interpretation or in construction of this Plan. As used herein, the masculine gender shall include the feminine and neuter, the singular number the plural,
and vice versa, whenever such meanings are appropriate. 
  

 7 

 24. Expenses of Administration of Plan. All costs and expenses incurred in the operation and
administration of this Plan shall be borne by the Corporation or one or more of its subsidiaries. 
 25. Governing Law. Without regard
to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity, interpretation, performance, and enforcement of this Plan. 
 26. Inspection of Plan. A copy of this Plan, and any amendments thereto or modification thereof, shall be maintained by the Secretary of the
Corporation and shall be shown to any proper person making inquiry about it. 
  

 8 

 EXHIBIT A 
 STATE OF NORTH CAROLINA 
 COUNTY OF ROWAN 
 INCENTIVE STOCK OPTION AGREEMENT 
 THIS INCENTIVE STOCK OPTION AGREEMENT (hereinafter referred
to as this “Agreement”) is made and entered into as of this              day of
                            ,
            , between BOC FINANCIAL CORP., a North Carolina corporation (hereinafter referred to as the “Corporation”), and
                     a resident of                 
County, North Carolina (hereinafter referred to as the “Optionee”). 
 WHEREAS, the Board of Directors of the Corporation
(hereinafter referred to as the “Board”) has adopted the BOC Financial Corp. 1999 Incentive Stock Option Plan (hereinafter referred to as the “Plan”); and 
 WHEREAS, the shareholders of the Corporation at an annual meeting duly called and held on
            , 1999, approved the Plan (the “Effective Date”); and 
 WHEREAS, the Plan provides that the Compensation Committee (hereinafter referred to as the “Committee”) of the Board will make available to certain officers and employees of the Corporation and its subsidiaries (the
“Employer”) the right to purchase shares of the Corporation’s common stock (hereinafter referred to as “Common Stock”); and 
 WHEREAS, the Committee has determined that the Optionee should be granted an option to purchase shares of Common Stock under the Plan; 
 NOW, THEREFORE, the Corporation and the Optionee agree as follows: 
 1. Date of Grant of Option. The date of grant of the option granted under this Agreement is the              day of
                ,             . 
 2. Grant of Option. Pursuant to the Plan, the Corporation grants to the Optionee the right (hereinafter referred to as the
“Option”) to purchase from the Corporation all or any part of an aggregate of
                                        
     (            ) shares of Common Stock (hereinafter referred to as the “Option Shares”) which shall be authorized but unissued shares.

 3. Vesting of Options. 
 (a) Periodic Vesting. Subject to subparagraphs 3(b) and 3(c) below, the Option shall vest and become exercisable in accordance with the following schedules as applicable: 

 (i) With respect to any Options which are granted under the Plan as of Effective Date: 
  

			
	Effective Date of the Plan:	  	0% vested
	First anniversary of the Effective Date of the Plan:	  	20% vested
	Second anniversary of the Effective Date of the Plan:	  	40% vested
	Third anniversary of the Effective Date of the Plan:	  	60% vested
	Fourth anniversary of the Effective Date of the Plan:	  	80% vested
	Fifth anniversary of the Effective Date of the Plan:	  	100% vested

 (ii) With respect to any Options which may be granted after the Effective Date: 
  

			
	Date of grant:	  	0% vested
	First anniversary of the date of grant:	  	20% vested
	Second anniversary of the date of grant:	  	40% vested
	Third anniversary of the date of grant:	  	60% vested
	Fourth anniversary of the date of the grant:	  	80% vested
	Fifth anniversary of the date of grant:	  	100% vested

 (b) Fractional Option Shares. In determining the number of Option Shares vested under the above
vesting schedule, an Optionee shall not be entitled to exercise an Option for a fractional number of Option Shares. If the product resulting from multiplying the vested percentage times the allocated Option results in a fractional number of Option
Shares, then the Optionee’s vested right shall be to the whole number of Option Shares, disregarding any fractional number. 
 (c)
Accelerated Vesting. Notwithstanding paragraph 3(a) above, all Options previously not vested and subject to forfeiture shall become 100% vested and the right of the Optionee to exercise such Options shall become nonforfeitable upon the death,
disability or retirement of the Optionee, or upon a “change in control” of the Corporation. For purposes of this Agreement, the term “disability” shall be defined in the same manner as such term is defined in
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (d) Other Terminations of Employment. In
the event any Optionee’s employment with the Corporation terminates for any reason, other than the Optionee’s death, disability, retirement, or following a change in control of the Corporation, and such Optionee does not have 100% vested
interest in the Option, then any Options that are not vested, based upon the applicable schedule in subparagraph 3(a) above, shall be forfeited and shall be available again for grant to other officers and employees as may be determined by the
Committee. 
 4. Option Price. The price to be paid for the Option Shares shall be
             and     /100 Dollars ($            ) per share (hereinafter referred
to as the “Option Price”) which is the fair market value of the Option Shares as determined by the Committee as of the date of grant of this Option. 
 5. When and Extent to which Options may be Exercised. Subject to any further restrictions in this Agreement, the right of the Optionee to exercise the Option to purchase the Option Shares, either in whole or in
part, shall be conditioned upon the completion by the Optionee of one (1) full year of service in the employment of the Employer following the date of grant of the Option set forth in paragraph 1 hereof. At such time as the Option shall become
exercisable in accordance with this Agreement, the Optionee, in his discretion, may exercise all or any portion of the Option, subject to paragraphs 3 and 7 hereof. The Option shall terminate as provided in paragraph 8 hereof. 
  

 2 

 6. Change in Control. When used herein, the phrase “change in control” refers to
(i) the acquisition by any person, group of persons or entity of the beneficial ownership or power to vote more than twenty-five (25%) percent of the Corporation’s outstanding stock, (ii) during any period of two
(2) consecutive years, a change in the majority of the Board unless the election of each new Director was approved by at least two-thirds of the Directors then still in office who were Directors at the beginning of such two (2) year period
or (iii) a reorganization, merger, or consolidation of the Corporation with one or more other corporations in which the Corporation is not the surviving corporation, or the transfer of all or substantially all of the assets or shares of the
Corporation to another person or entity. 
 7. Method of Exercise. The Option shall be exercised by written notice to the
Committee signed by the Optionee or by such other person as may be entitled to exercise the Option. In the exercise of the Option, the aggregate Option Price for the shares being purchased may be paid either in cash or, with the approval of the
Committee, in shares of the Corporation’s stock (valued as determined by the Committee as of the date of exercise) or any combination thereof and the notice of exercise shall specify how payment will be made. The written notice shall state the
number of shares with respect to which the Option is being exercised and, shall either be accompanied by the payment of the aggregate Option Price for such shares or shall fix a date (not more than ten (10) business days from the date of such
notice) by which the payment of the aggregate Option Price will be made. The Optionee shall not exercise the Option to purchase less than one hundred (100) shares, unless the Committee otherwise approves or unless the partial exercise is for
the remaining shares available under the Option. A certificate or certificates for the shares of Common Stock purchased by the exercise of the Option shall be issued in the regular course of business subsequent to the exercise of the Option and the
payment therefor. During the Option Period, no person entitled to exercise the Option granted under this Agreement shall have any of the rights or privileges of a shareholder with respect to any shares of Common Stock issuable upon exercise of the
Option, until certificates representing such shares shall have been issued and delivered and the individual’s name entered as a shareholder of record on the books of the Corporation for such shares. 
 8. Termination of Option. The Option shall terminate as follows: 
 (a) Except as provided in subparagraphs (b), (c), (d) and (e) below, the Option granted under this Agreement, to the extent that it has
not been exercised or expired, shall terminate on the earlier of (i) the date that the Optionee is discharged for cause, (ii) the date the Optionee gives notice that the Optionee terminates his or her employment with the Employer for a
reason other than retirement or disability or following a “change in control” of the Corporation or (iii) the date which is ten (10) years from the date of grant of the Option set forth in paragraph 1 hereof. The phrase
“discharged for cause” shall include termination at the sole discretion of the Board of Directors of the Employer of the Optionee because of the Optionee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary
duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or a final cease and desist order, or material breach of any provision
of any employment agreement that the Optionee may have with the Employer. 
 (b) In the event the Optionee retires prior to the date which
is ten (10) years after the date of grant of the Option, the Optionee shall have the right to exercise the Option, to the extent that it is vested and has not been exercised by the Optionee or expired, at any time within three (3) months
after the date of retirement, but in no event may the Option be exercised later than ten (10) years after the date of grant of the Option set forth in paragraph 1 hereof. For purposes of this Agreement, the term “retirement”
shall mean (i) termination of the Optionee’s employment under conditions which would constitute retirement under any tax qualified retirement plan maintained by the Employer or (ii) attaining age 65. 
  

 3 

 (c) In the event the Optionee becomes disabled prior to the date which is ten (10) years after the
date of grant of the Option, the Optionee shall have the right to exercise the Option, to the extent that it has not been exercised by the Optionee or expired, notwithstanding any limitation placed on the exercise of the Option by the Plan or by
this Agreement, immediately in full and at any time within twelve (12) months after the last date on which the Optionee provided services as an officer or an employee of the Employer before being disabled, but in no event may the Option be
exercised later than ten (10) years after the date of grant of the Option set forth in paragraph 1 hereof. For purposes of this Agreement, the term “disability” shall be defined in the same manner as such term is defined in
Section 22(e)(3) of the Code. 
 (d) Notwithstanding anything else herein, in the event that an Optionee should die (i) while
employed by the Bank or any of its subsidiaries, (ii) within three (3) months after retirement, (iii) within three (3) months after Optionee’s termination following a change in control, or (iv) within twelve
(12) months after Optionee’s termination by reason of Optionee’s disability, the Option, to the extent it has not been exercised by the Optionee or expired, shall be exercisable, according to its terms, by the personal representative,
the executor or administrator of the Optionee’s estate, or any person or persons who acquired the Option by bequest or inheritance from the Optionee, notwithstanding any limitation placed on the exercise of the Option by the Plan or by this
Agreement, immediately in full and at any time within twelve (12) months after the date of death of the Optionee, but in no event may the Option be exercised later than ten (10) years from the date of grant of the Option as set forth in
paragraph 1 hereof. 
 (e) In the event the Optionee’s employment with the Employer is terminated following a “change in
control” of the Corporation, the Optionee shall have the right to exercise the Option to the extent that it is vested and has not been exercised by the Optionee or expired, any time within three (3) months after the date of termination,
but in no event may the Option be exercised later than ten (10) years after the date of grant of the Options set forth in paragraph 1 hereof. 
 9. Effect of Agreement on Employment Status of Optionee. The fact that the Committee has granted the Option to the Optionee under this Agreement shall not confer on the Optionee any right to employment with the Employer or to a
position as an officer or an employee of the Employer, nor shall it limit the right of the Employer to remove the Optionee from any position held by the Optionee or to terminate his or her employment at any time. 
 10. Listing and Registration of Option Shares. 
 (a) The Corporation’s obligation to issue shares of Common Stock upon exercise of the Option is expressly conditioned upon (i) the completion by the Corporation of any registration or other qualification of
such shares under any state or federal law or regulations or rulings of any government regulatory body or (ii) the making of such investment representations or other representations and agreements by the Optionee or any person entitled to
exercise the Option in order to comply with the requirements of any exemption from any such registration or other qualification of the Option Shares which the Committee shall, in its sole discretion, deem necessary or advisable. Notwithstanding the
foregoing, the Corporation shall be under no obligation to register or qualify the Option Shares under any state or federal law. The required representations and agreements referenced above may include representations and agreements that the
Optionee, or any other person entitled to exercise the Option, (i) is purchasing such shares on his or her own behalf as an investment and not with a present intention of distribution or re-sale and (ii) agrees to have placed upon any
certificates representing the Option Shares a legend setting forth any representations and agreements which have been given to the Committee or a reference thereto and stating that such shares may not be transferred except in accordance with all
applicable state and federal securities laws and regulations, and further representing that, prior to making any sale or other disposition of the Option Shares, the Optionee, or any other person entitled to exercise the Option, will give the
Corporation notice of the intention to sell or dispose of such shares not less than five (5) days prior to such sale or disposition. 
  

 4 

 11. Adjustment Upon Change in Capitalization; Dissolution or Liquidation. 
 (a) In the event of a change in the number of shares of Common Stock outstanding by reason of a stock dividend, stock split, recapitalization,
reorganization, merger, exchange of shares, or other similar capital adjustment, prior to the termination of the Optionee’s rights under this Agreement, equitable proportionate adjustments shall be made by the Committee in the number, kind, and
the Option Price of shares subject to the unexercised portion of the Option granted under this Agreement. The adjustments to be made shall be determined by the Committee and shall be consistent with such change or changes in the Corporation’s
total number of outstanding shares; provided, however, that no adjustment shall change the aggregate Option Price for the exercise of the Option granted under this Agreement. 
 (b) The grant of the Option under this Agreement shall not affect in any way the right or power of the Corporation or its shareholders to make or
authorize any adjustment, recapitalization, reorganization, or other change in the Corporation’s capital structure or its business, or any merger or consolidation of the Corporation, or to issue bonds, debentures, preferred or other preference
stock ahead of or affecting Common Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any sale or transfer of all or any part of the Corporation’s assets or business. 
 (c) Except upon a change in control as set forth in paragraph 6 hereof, upon the effective date of the dissolution or liquidation of the Corporation,
the Option granted under this Agreement shall terminate. 
 12. Nontransferability. The Option granted under this Agreement shall
not be assignable or transferable except, in the event of the death of the Optionee, by will or by the laws of descent and distribution. In the event of the death of the Optionee, the personal representative, the executor or the administrator of the
Optionee’s estate, or the person or persons who acquired by bequest or inheritance the right to exercise the Option may exercise the unexercised Option or a portion thereof, in accordance with the terms hereof, prior to the date which is ten
(10) years after the date of grant of Option as set forth in paragraph 1 hereof. 
 13. Notices. Any notice or other
communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given when delivered personally or when deposited in the United States mail as Certified Mail, return receipt
requested, properly addressed with postage prepaid, if to the Corporation at its principal office at 107 South Central Avenue, Landis, North Carolina 28088; and, if to the Optionee to his or her last address appearing on the books of the
Employer. The Employer and the Optionee may change their address or addresses by giving written notice of such change as provided herein. Any notice or other communication hereunder shall be deemed to have been given on the date actually delivered
or as of the third (3rd) business day following the date mailed, as the case may be. 
 14. Construction Controlled by
Plan. This Agreement shall be construed so as to be consistent with the Plan; and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should appear to be inconsistent therewith. The Optionee
hereby acknowledges receipt of a copy of the Plan from the Corporation. 
 15. Severability. Whenever possible, each provision of
this Agreement shall be interpreted in such a manner as to be valid and enforceable under applicable law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any other provisions 

 

 5 

 or part thereof, shall not be affected thereby and this Agreement shall continue to be binding on the parties hereto as
if such unenforceable, invalid or illegal provision or part thereof had not been included herein. 
 16. Modification of Agreement;
Waiver. This Agreement may be modified, amended, suspended, or terminated, and any terms, representations or conditions may be waived, but only by written instrument signed by each of the parties hereto. No waiver hereunder shall constitute
a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof. 
 17. Captions and
Headings; Gender and Number. Captions and paragraph headings used herein are for convenience only, do not modify or affect the meaning of any provision herein, are not a part hereof, and shall not serve as a basis for interpretation or in
construction of this Agreement. As used herein, the masculine gender shall include the feminine and neuter, the singular number the plural, and vice versa, whenever such meanings are appropriate. 
 18. Governing Law; Venue and Jurisdiction. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall
govern and control the validity, interpretation, performance, and enforcement of this Agreement. The parties hereto agree that any suit or action relating to this Agreement shall be instituted and prosecuted in the courts of the County of Rowan,
State of North Carolina, and each party hereby does waive any right or defense relating to such jurisdiction and venue. 
 19. Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the Corporation, its successors and assigns, and shall be binding upon and inure to the benefit of the Optionee, his heirs, legatees, personal representatives,
executors, and administrators. 
 20. Entire Agreement. This Agreement constitutes and embodies the entire understanding and
agreement of the parties hereto and, except as otherwise provided hereunder, there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein. 
 21. Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an
original, but all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Corporation has
caused this instrument to be executed in its corporate name by its Chairman and attested by its Secretary or one of its Assistant Secretaries, and its corporate seal to be hereunto affixed, all by authority of its Board of Directors first duly
given, and the Optionee has hereunto set his or her hand and adopted as his or her seal the typewritten word “SEAL” appearing beside his or her name, all done this the day and year first above written. 
  

							
		 	BOC FINANCIAL CORP.	 	
			
		 	By:	 	  

		 		 	                            ,
Chairman
	 ATTEST:
	 		 		 	
				
	  
	 		 		 	
	                                     Corporate
Secretary	 		 		 	
		 	OPTIONEE	 	
				
		 		 	  
	 	(SEAL)
		 		 	  
	 	

  

 6 

 EXHIBIT A 
 NOTICE OF EXERCISE OF 
 INCENTIVE STOCK OPTION 
  

	 	To:	The Compensation Committee of the Board of Directors of 

 BOC Financial Corp. 
 The undersigned hereby elects to purchase
             whole shares of Common Stock of BOC Financial Corp. (the “Corporation”) pursuant to the Incentive Stock Option granted to the undersigned in that certain
Incentive Stock Option Agreement between the Corporation and the undersigned dated the              day of
                ,             . The aggregate purchase price for such Shares is
$                    , which amount is (i) being tendered herewith, (ii) will be tendered on or before
                    ,              (cross out provision which does not
apply) in cash and/or stock of the Corporation owned by me, and I request that a value as of the date of exercise of this Option be placed on any stock being tendered in payment of the purchase price. The effective date of this election shall be
                            ,
            , or the date of receipt of this Notice by the Corporation if later. 
 Executed this              day of                     ,
            , at                     . 
  

	
	  

	  

	
	  

	 (Social Security Number)

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