Document:

Amended and Restated Executive Stock Incentive Plan.

 EXHIBIT 10.2 
 CHOICEONE FINANCIAL SERVICES, INC. 
 AMENDED AND RESTATED EXECUTIVE STOCK
INCENTIVE PLAN 
 SECTION 1 
 Establishment of Plan; Purpose of Plan 

1.1 Establishment of Plan. The Company hereby establishes the AMENDED AND RESTATED EXECUTIVE STOCK
INCENTIVE PLAN (the “Plan”) for its corporate and Subsidiary officers and other key employees. The Plan permits the grant and award of Stock Options, Stock Appreciation Rights and Stock Awards. 

1.2 Purpose of Plan. The purpose of the Plan is to provide officers and key management employees of the
Company and its Subsidiaries with an increased incentive to make significant and extraordinary contributions to the long-term performance and growth of the Company and its Subsidiaries, to join the interests of officers and key employees with the
interests of the Company’s shareholders through the opportunity for increased stock ownership and to attract and retain officers and key employees of exceptional abilities. The Plan is further intended to provide flexibility to the Company in
structuring long-term incentive compensation to best promote the foregoing objectives. 
 SECTION 2

 Definitions 
 The following words have the following meanings unless a different meaning is plainly required by the context: 
 2.1 “Act” means the Securities Exchange Act of 1934, as amended. 

2.2 “Board” means the Board of Directors of the Company. 

2.3 “Change in Control,” unless otherwise defined in an Incentive Award agreement, means an occurrence of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A issued under the Act. Without limiting the inclusiveness of the definition in the preceding sentence, a Change in Control of the Company shall be deemed
to have occurred as of the first day that any one or more of the following conditions is satisfied: (a) any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of
the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities; (b) the failure at any time of the Continuing Directors to constitute at least a majority of the Board; or (c) any of the
following occur: (i) any merger or consolidation of the Company, other than a merger or consolidation in which the voting securities of the Company immediately prior to the merger or consolidation continue to represent (either by remaining
outstanding or being converted into securities of the surviving entity) 60% or more of the combined voting power of the Company or surviving entity 

  
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immediately after the merger or consolidation with another entity; (ii) any sale, exchange, lease, mortgage, pledge, transfer or other disposition (in a single transaction or a series of
related transactions) of assets or earning power aggregating more than 50% of the assets or earning power of the Company on a consolidated basis; (iii) any complete liquidation or dissolution of the Company; (iv) any reorganization,
reverse stock split or recapitalization of the Company which would result in a Change in Control as otherwise defined in this Plan; or (v) any transaction or series of related transactions having, directly or indirectly, the same effect as any
of the foregoing. 
 2.4 “Code” means the Internal Revenue Code of 1986, as amended. 

2.5 “Committee” means the Personnel and Benefits Committee of the Board or such other committee as the Board shall
designate to administer the Plan. The Committee shall consist of at least two members of the Board and all of its members shall be “non-employee directors” as defined in Rule 16b-3 issued under the Act. 

2.6 “Common Stock” means the Common Stock of the Company. 

2.7 “Company” means ChoiceOne Financial Services, Inc., a Michigan corporation, and its successors and assigns.

 2.8 “Consensual Severance” means the voluntary termination of all employment by the Participant with the
Company or any of its Subsidiaries that the Committee determines to be in the best interests of the Company. 

2.9 “Continuing Directors” means the individuals constituting the Board as of the date this Plan was adopted and any
subsequent directors, if appointed or nominated by at least a majority of the Continuing Directors in office at the time of the nomination or appointment, but specifically excluding any individual whose initial assumption of office occurs as a
result of either an actual or threatened solicitation in opposition to any Continuing Director subject to Rule 14a-12(c) of Regulation 14A issued under the Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board. 
 2.10 “Employee Benefit Plan” means any plan or program established by the Company
or a Subsidiary for the compensation or benefit of employees of the Company or any of its Subsidiaries. 

2.11 “Incentive Award” means the award or grant of a Stock Option, Stock Appreciation Right or Stock Award to a
Participant pursuant to the Plan. 
 2.12 “Market Value” of any security on any given date means: (a) if the
security is listed for trading on The Nasdaq Stock Market or one or more national securities exchanges, the last reported sales price on the date in question, or if the security shall not have been traded on the principal exchange on the applicable
date, the last reported sales price on the first day before that date on which such security was so traded; (b) if the security is not so listed for trading but is traded in the over-the-counter market, the mean of highest bid and lowest asked
prices for the 

  
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security on the date in question, or if there are no bid and asked prices for the security on that date, the mean of the highest bid and lowest asked prices on the first day before that date on
which such prices existed; or (c) if neither (a) nor (b) is applicable, the value as determined by any means considered fair and reasonable by the Committee, which determination shall be final and binding on all parties. 

2.13 “Participant” means a corporate officer or any key employee of the Company or its Subsidiaries who is granted an
Incentive Award under the Plan. 
 2.14 “Person” has the same meaning as set forth in Sections 13(d) and 14(d)(2)
of the Act. 
 2.15 “Plan Year” means the 12-month period beginning January 1 of each year, except that the
Plan Year for purposes of the year in which the Plan becomes effective shall be that period between the effective date of the Plan and December 31 of such year. 
 2.16 “Retirement” means the voluntary termination of all employment by the Participant after the Participant has attained 55 years of age and completed six years of service with the
Company or any of its Subsidiaries or as otherwise may be set forth in the Incentive Award agreement or other grant document with respect to a Participant and a particular Incentive Award. 

2.17 “Stock Appreciation Right” means any right granted to a Participant pursuant to Section 6 of the Plan.

 2.18 “Stock Award” means an award of Common Stock awarded to a Participant pursuant to Section 7 of the
Plan. 
 2.19 “Stock Option” means the right to purchase Common Stock at a stated price for a specified period of
time. For purposes of the Plan, a Stock Option may be either an incentive stock option within the meaning of Section 422(b) of the Code or a nonqualified stock option. 
 2.20 “Subsidiary” means any corporation or other entity of which 50% or more of the outstanding voting stock or voting ownership interest is directly or indirectly owned or controlled by
the Company or by one or more Subsidiaries of the Company. 

  
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 SECTION 3 

Administration 
 3.1 Power and Authority. The Committee shall administer the Plan. The Committee may delegate record keeping, calculation, payment and other ministerial administrative
functions to individuals designated by the Committee, who may be employees of the Company and its Subsidiaries. Except as limited in this Plan, the Committee shall have all of the express and implied powers and duties set forth in this Plan, shall
have full power and authority to interpret the provisions of the Plan and Incentive Awards granted under the Plan and shall have full power and authority to supervise the administration of the Plan and Incentive Awards granted under the Plan and to
make all other determinations considered necessary or advisable for the administration of the Plan. All determinations, interpretations and selections made by the Committee regarding the Plan shall be final and conclusive. The Committee shall hold
its meetings at such times and places as it deems advisable. Action may be taken by a written instrument signed by a majority of the members of the Committee and any action so taken shall be fully as effective as if it had been taken at a meeting
duly called and held. The Committee shall make such rules and regulations for the conduct of its business as it deems advisable. 
 3.2 Grants or Awards to Participants. In accordance with and subject to the provisions of the Plan, the Committee shall have the authority to determine all
provisions of Incentive Awards as the Committee may deem necessary or desirable and as are consistent with the terms of the Plan, including, without limitation, the following: (a) the persons who shall be selected as Participants; (b) the
nature and extent of the Incentive Awards to be made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any exercise price, the manner in which an Incentive Award will vest or become
exercisable and the form of payment for the Incentive Award); (c) the time or times when Incentive Awards will be granted; (d) the duration of each Incentive Award; and (e) the restrictions and other conditions to which payment or
vesting of Incentive Awards may be subject. 
 3.3 Amendments or Modifications of
Awards. The Committee shall have the authority to amend or modify the terms of any outstanding Incentive Award in any manner, provided that the amended or modified terms are not prohibited by the Plan as then in effect, including,
without limitation, the authority to: (a) modify the number of shares or other terms and conditions of an Incentive Award; (b) extend the term of an Incentive Award; (c) accelerate the exercisability or vesting or otherwise terminate
any restrictions relating to an Incentive Award; (d) accept the surrender of any outstanding Incentive Award; and (e) to the extent not previously exercised or vested, authorize the grant of new Incentive Awards in substitution for
surrendered Incentive Awards. 
 3.4 Indemnification of Committee Members. Neither any
member or former member of the Committee nor any individual to whom authority is or has been delegated shall be personally responsible or liable for any act or omission in connection with the performance of powers or duties or the exercise of
discretion or judgment in the administration and implementation of the Plan. Each person who is or shall have been a member of the Committee 

  
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shall be indemnified and held harmless by the Company from and against any cost, liability or expense imposed or incurred in connection with such person’s or the Committee’s taking or
failing to take any action under the Plan. Each such person shall be justified in relying on information furnished in connection with the Plan’s administration by any appropriate person or persons. 

SECTION 4 
 Shares Subject to the Plan 

4.1 Number of Shares. Subject to adjustment as provided in Section 4.2 of the Plan, the total number
of shares of Common Stock available for Incentive Awards under the Plan shall be (a) for the initial Plan Year, 5% of the total number of shares of Common Stock outstanding at the time the Plan becomes effective; plus (b) in each
subsequent Plan Year, an additional number of shares of Common Stock not to exceed 2% of the number of shares of Common Stock outstanding as reported in the Company’s Annual Report on Form 10-K for the fiscal year ending immediately before such
Plan Year such that at the beginning of each Plan Year after the initial Plan Year there shall be available, in addition to any amount of shares remaining from the 5% authorization for the initial Plan Year, a minimum number of shares equal to 2% of
the number of shares of Common Stock outstanding; plus (c) there shall be carried forward and available for Incentive Awards under the Plan all of the following (subject to adjustment as provided in Section 4.2): (i) shares subject to
Incentive Awards that are canceled, surrendered, modified, exchanged for substitute Incentive Awards or expire or terminate prior to the exercise or vesting of the Incentive Award in full; (ii) with respect to any succeeding Plan Year, any
unused portion of the amount set forth in subsection (a) above; and (iii) shares that are surrendered to the Company in connection with the exercise or vesting of an Incentive Award, whether previously owned or otherwise subject to such
Incentive Award. Such shares shall be authorized and may be either unissued or treasury shares. 
 4.2 Adjustments.

 (a) Stock Dividends and Distributions. If the number of shares of
Common Stock outstanding changes by reason of a stock dividend, stock split, recapitalization or other general distribution of Common Stock or other securities to holders of Common Stock, the number and kind of securities subject to Incentive Awards
and reserved for issuance under the Plan, together with applicable exercise prices, as well as the number of shares available for issuance under the Plan, shall be adjusted appropriately. No fractional shares shall be issued pursuant to the Plan and
any fractional shares resulting from such adjustments shall be eliminated from the respective Incentive Awards. 

(b) Other Actions Affecting Common Stock. If there occurs, other than as
described in the preceding subsection, any merger, business combination, recapitalization, reclassification, subdivision or combination approved by the Board that would result in the Persons who were shareholders of the Company immediately prior to
the effective time of any such transaction owning or holding, in lieu of or in addition to 

  
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shares of Common Stock, other securities, money and/or property (or the right to receive other securities, money and/or property) immediately after the effective time of such transaction, then
the outstanding Incentive Awards and reserves for Incentive Awards under this Plan shall be adjusted in such manner and at such time as shall be equitable under the circumstances. It is intended that in the event of any such transaction, Incentive
Awards under this Plan shall entitle the holder of each Incentive Award to receive (upon exercise in the case of Stock Options), in lieu of or in addition to shares of Common Stock, any other securities, money and/or property receivable upon
consummation of any such transaction by holders of Common Stock with respect to each share of Common Stock outstanding immediately prior to the effective time of such transaction; upon any such adjustment, holders of Incentive Awards under this Plan
shall have only the right to receive in lieu of or in addition to shares of Common Stock such other securities, money and/or other property as provided by the adjustment. If the agreement, resolution or other document approved by the Board to effect
any such transaction provides for the adjustment of Incentive Awards under the Plan in connection with such transaction, then the adjustment provisions contained in such agreement, resolution or other document shall be final and conclusive.

 SECTION 5 
 Stock Options 
 5.1 Grant. A Participant may be
granted one or more Stock Options under the Plan. The Committee, in its discretion, may provide in the initial grant of a Stock Option for the subsequent automatic grant of additional Stock Options for the number of shares that are subject to the
initial Stock Option and surrendered to the Company in connection with the exercise of the initial or any subsequently granted Stock Option. Stock Options shall be subject to such terms and conditions, consistent with the other provisions of the
Plan, as may be determined by the Committee in its sole discretion. The Committee may vary, among Participants and among Stock Options granted to the same Participant, any and all of the terms and conditions of the Stock Options granted under the
Plan. The Committee shall have complete discretion in determining the number of Stock Options granted to each Participant. The Committee may designate whether or not a Stock Option is to be considered an incentive stock option as defined in
Section 422(b) of the Code; provided, that the number of shares of Common Stock that may be designated as subject to incentive stock options for any given Participant shall be limited to that number of shares that become exercisable for
the first time by the Participant during any Plan Year (under all plans of the Company and its Subsidiaries) and have an aggregate Market Value less than or equal to $100,000 (or such other amount as may be set forth in the Code) and all shares
subject to an Incentive Award that have a Market Value in excess of such aggregate amount shall automatically be subject to Stock Options that are not incentive stock options. 

  
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 5.2 Stock Option Agreements. Stock Options shall be evidenced
by stock option agreements containing such terms and conditions, consistent with the provisions of the Plan, as the Committee shall from time to time determine. To the extent not covered by the stock option agreement, the terms and conditions of
this Section 5 shall govern. 
 5.3 Stock Option Price. The per share Stock Option price
shall be determined by the Committee, but shall be a price that is equal to or higher than the par value of the Company’s Common Stock; provided that the per share Stock Option price for any shares designated as incentive stock options
shall be equal to or greater than 100% of the Market Value on the date of grant. 
 5.4 Medium and
Time of Payment. The exercise price for each share purchased pursuant to a Stock Option granted under the Plan shall be payable in cash or, if the Committee consents, in shares of Common Stock (including Common Stock to be
received upon a simultaneous exercise) or other consideration substantially equivalent to cash. The time and terms of payment may be amended with the consent of a Participant before or after exercise of a Stock Option. The Committee may from time to
time authorize payment of all or a portion of the Stock Option price in the form of a promissory note or other deferred payment installments according to such terms as the Committee may approve. The Board may restrict or suspend the power of the
Committee to permit such loans and may require that adequate security be provided. 
 5.5 Stock Options
Granted to Ten Percent Shareholders. No Stock Option granted to any Participant who at the time of such grant owns, together with stock attributed to such Participant under Section 424(d) of the Code,
more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries may be designated as an incentive stock option, unless such Stock Option provides an exercise price equal to at least 110% of the
Market Value of the Common Stock and the exercise of the Stock Option after the expiration of five years from the date of grant of the Stock Option is prohibited by its terms. 
 5.6 Limits on Exercisability. Except as provided in Section 5.5, Stock Options shall be exercisable for such periods, not to exceed 10 years from the date of grant, as
may be fixed by the Committee. At the time of the exercise of a Stock Option, the holder of the Stock Option, if requested by the Committee, must represent to the Company that the shares are being acquired for investment and not with a view to the
distribution thereof. The Committee may in its discretion require a Participant to continue the Participant’s service with the Company and its Subsidiaries for a certain length of time prior to a Stock Option becoming exercisable and may
eliminate such delayed vesting provisions. 

  
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 5.7 Restrictions on Transferability. 

(a) General. Unless the Committee otherwise consents (before or after the option grant) or unless the
stock option agreement or grant provides otherwise; (i) no incentive stock options granted under the Plan may be sold, exchanged, transferred, pledged, assigned or otherwise alienated or hypothecated except by will or the laws of descent and
distribution; and (ii) all Stock Options that are not incentive stock options may be transferred, provided, that as a condition to any such transfer the transferee must execute a written agreement permitting the Company to withhold from
the shares subject to the Stock Option a number of shares having a Market Value at least equal to the amount of any federal, state or local withholding or other taxes associated with or resulting from the exercise of the Stock Option. All provisions
of a Stock Option that are determined with reference to the Participant, including without limitation those that refer to the Participant’s employment with the Company or its Subsidiaries, shall continue to be determined with reference to the
Participant after any transfer of a Stock Option. 
 (b) Other Restrictions. The
Committee may impose other restrictions on any shares of Common Stock acquired pursuant to the exercise of a Stock Option under the Plan as the Committee deems advisable, including, without limitation, restrictions under applicable federal or state
securities laws. 
 5.8 Termination of Employment. 

(a) General. If a Participant is no longer employed by the Company or its Subsidiary for any reason
other than the Participant’s Consensual Severance, Retirement, death, disability or termination for cause, the Participant may exercise his or her Stock Options in accordance with their terms for a period of three months after such termination
of employment unless the terms of the applicable stock option agreement or grant provide otherwise, but only to the extent the Participant was entitled to exercise the Stock Options on the date of termination. For purposes of the Plan: (i) a
transfer of an employee from the Company to any Subsidiary; (ii) a leave of absence, duly authorized in writing by the Company, for military service or for any other purpose approved by the Company if the period of such leave does not exceed 90
days; and (iii) a leave of absence in excess of 90 days, duly authorized in writing by the Company, provided the employee’s right to reemployment is guaranteed either by statute, contract or written policy of the Company shall not be
deemed a termination of employment. For purposes of the Plan, termination of employment shall be considered to occur on the date on which the employee is no longer obligated to perform services for the Company or any of its Subsidiaries and the
employee’s right to reemployment is not guaranteed either by statute, contract or written policy of the Company, regardless of whether the employee continues to receive compensation from the Company or any of its Subsidiaries after such date.

 (b) Consensual Severance. If a Participant ceases to be employed by the Company or
one of its Subsidiaries due to Consensual Severance, the Committee may, in its sole discretion, permit the Participant to exercise his or her Stock Options in accordance with their terms and to the extent that the Participant was entitled to
exercise 

  
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the Stock Options on the date of termination for a period of time after such termination of employment as may be determined by the Committee, provided, that such period may not extend beyond the
earlier of three years after the date of termination or the dates on which such Stock Options expire by their terms. 
 (c) Retirement. If a Participant ceases to be employed by the Company or one of its Subsidiaries due to Retirement, the Participant may exercise his or her Stock Options in accordance
with their terms for a period of three years after such termination of employment unless such Stock Options earlier expire by their terms, but only to the extent that the Participant was entitled to exercise the Stock Options on the date of
termination. 
 (d) Disability. If a Participant ceases to be employed by the Company or one of
its Subsidiaries due to the Participant’s disability, he or she may exercise his or her Stock Options in accordance with their terms for one year after he or she ceases to be employed unless such Stock Options earlier expire by their terms, but
only to the extent that the Participant was entitled to exercise the Stock Options on the date of such termination. 
 (e) Death. If a Participant dies either while an employee or otherwise during a time when the Participant could have exercised a Stock Option, the Stock Options issued to such
Participant shall be exercisable in accordance with their terms by the personal representative of such Participant or other successor to the interest of the Participant for a period of one year after such Participant’s death to the extent that
the Participant was entitled to exercise the Stock Options on the date of death but not beyond the original term of the Stock Options. 
 (f) Termination for Cause. If a Participant’s employment is terminated for cause, the Participant shall have no further right to exercise any Stock Options previously
granted him or her. 
 SECTION 6 
 Stock Appreciation Rights 
 6.1 Grant. A
Participant may be granted one or more Stock Appreciation Rights under the Plan and such Stock Appreciation Rights shall be subject to such terms and conditions, consistent with the other provisions of the Plan, as shall be determined by the
Committee in its sole discretion. A Stock Appreciation Right may relate to a particular Stock Option and may be granted simultaneously with or subsequent to the Stock Option to which it relates. Stock Appreciation Rights shall be subject to the same
restrictions and conditions as Stock Options under subsections 5.6, 5.7 and 5.8 of the Plan. To the extent granted in tandem with a Stock Option, the exercise of a Stock Appreciation Right shall, in exchange for the right to exercise a related Stock
Option, entitle a Participant to an amount equal to the appreciation in value of the shares covered by the related Stock Option surrendered. Such appreciation in value shall be equal to the excess of the Market Value of such shares at the time of
the exercise of the Stock Appreciation Right over the option price of such shares. 

  
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 6.2 Exercise; Payment. To the extent granted in tandem with a Stock
Option, Stock Appreciation Rights may be exercised only when a related Stock Option could be exercised and only when the Market Value of the stock subject to the Stock Option exceeds the exercise price of the Stock Option. The Committee shall have
discretion to determine the form of payment made upon the exercise of a Stock Appreciation Right, which may take the form of shares of Common Stock. 
 SECTION 7 
 Stock Awards 

7.1 Grant. A Participant may be granted one or more Stock Awards under the Plan. Stock Awards shall be subject to such
terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. 
 7.2 Rights as a Shareholder. A Participant shall have all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the
Participant as a Stock Award under this Section 7 upon the Participant becoming the holder of record of the Common Stock granted pursuant to such Stock Awards; provided, that the Committee may impose such restrictions on the assignment
or transfer of Common Stock awarded pursuant to a Stock Award as it deems appropriate and may require the Participant to continue in the employ of the Company or a Subsidiary for a specified period of time after the award. 

SECTION 8 
 Change in Control 
 Without in any way limiting the
Committee’s discretion, the Committee may include in any Incentive Award provisions for acceleration of any vesting or other similar requirements or for the elimination of any restrictions upon Incentive Awards upon a Change in Control of the
Company. The Committee also may include provisions for Participants to receive cash in lieu of outstanding Stock Options upon a Change in Control of the Company. 
 SECTION 9 
 General Provisions 

9.1 No Rights to Awards. No Participant or other person shall have any claim to be granted any
Incentive Award under the Plan and there is no obligation of uniformity of treatment of Participants or holders or beneficiaries of Incentive Awards under the Plan. The terms and 

  
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conditions of Incentive Awards of the same type and the determination of the Committee to grant a waiver or modification of any Incentive Award and the terms and conditions thereof need not be
the same with respect to each Participant or among awards to the same Participant. 
 9.2 Withholding. The
Company or a Subsidiary shall be entitled to (a) withhold and deduct from future wages of a Participant (or from other amounts that may be due and owing to a Participant from the Company or a Subsidiary), or make other arrangements for the
collection of, all amounts necessary to satisfy any and all federal, state and local withholding and employment-related tax requirements attributable to an Incentive Award or any action related to an Incentive Award, including, without limitation,
the grant, exercise or vesting of, or payment of dividends with respect to, an Incentive Award or a disqualifying disposition of Common Stock received upon exercise of an incentive stock option; or (b) require a Participant promptly to remit
the amount of such withholding to the Company before taking any action with respect to an Incentive Award. Unless the Committee determines otherwise, withholding may be satisfied by withholding Common Stock to be received upon exercise or by
delivery to the Company of previously owned Common Stock. The Company may establish such rules and procedures concerning timing of any withholding election as it deems appropriate. 

9.3 Compliance With Laws; Listing and Registration of Shares. All
Incentive Awards granted under the Plan (and all issuances of Common Stock or other securities under the Plan) shall be subject to all applicable laws, rules and regulations and 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 grant of such Incentive Award or the issue or purchase of shares thereunder, such Incentive Award may not be exercised in whole or in part, or the restrictions on such Incentive Award shall not
lapse, 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. 

9.4 No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall
prevent the Company or any Subsidiary from adopting or continuing in effect other or additional compensation arrangements, including the grant of stock options and other stock-based awards and such arrangements may be either generally applicable or
applicable only in specific cases. 
 9.5 No Right to Employment. The grant of an
Incentive Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Subsidiary. The Company or any Subsidiary may at any time dismiss a Participant from employment, free from any liability or
any claim under the Plan, unless otherwise expressly provided in the Plan or in any written agreement with a Participant. 

9.6 Suspension of Rights under Incentive Awards. The Company, by written notice to a
Participant, may suspend a Participant’s and any transferee’s rights under any Incentive Award for a period not to exceed 30 days while the termination for cause of that Participant’s employment with the Company and its Subsidiaries
is under consideration. 

  
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 9.7 Governing Law. The validity, construction and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Michigan and applicable federal law. 
 9.8 Severability. If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the Plan and the
Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 9.9 Change
of Name. The Plan shall be automatically amended to reflect any change in the name of the Company. 

SECTION 10 
 Termination and Amendment 
 The Board may terminate the Plan
at any time, or may from time to time amend the Plan as it deems proper and in the best interests of the Company, provided that no such amendment may impair any outstanding Incentive Award without the consent of the Participant, except according to
the terms of the Plan or the Incentive Award. No termination, amendment or modification of the Plan shall become effective with respect to any Incentive Award previously granted under the Plan without the prior written consent of the Participant
holding such Incentive Award unless such amendment or modification operates solely to the benefit of the Participant. 

SECTION 11 
 Effective Date and Duration of the Plan 
 This Plan shall take effect April 27, 2000, subject to approval by the shareholders. No Incentive Award shall be granted under the Plan after April 26, 2010. 

  
 12Western Liberty Bancorp Stock Option Plan

 Exhibit 10.1 
 WESTERN LIBERTY BANCORP 

STOCK OPTION PLAN 

(amended and restated as of October 28, 2010) 
 ARTICLE 1 
 PURPOSE, EFFECT
OF MERGER AND EFFECTIVE DATE 

1.1 Purpose. The purpose of this Western Liberty Bancorp Stock Option Plan (amended and restated as of October 28, 2010)
(this “Plan”) is to promote the long-term financial success of Western Liberty Bancorp (“WLB”), increasing stockholder value by providing employees and directors the opportunity to acquire an ownership interest in
WLB and enabling WLB and its related entities to attract and retain the services of the employees and directors upon whom the successful conduct of WLB’s business depends. 

1.2 Effect of Merger. This Plan is an amendment and restatement of the Stock Option Plan of Service1st Bank of Nevada. Effective
October 28, 2010 (the “Merger Date”), WLB acquired Service1st Bank of Nevada (“Service1st Bank”) through a merger of Service1st Bank with and into WL-S1 Interim Bank, a wholly owned subsidiary of WLB (the
“Merger”). In connection with the Merger, WLB assumed this Plan and Service1st Bank’s rights and obligations under this Plan. Further, in connection with the Merger all outstanding Options granted under this Plan prior to the
Merger to purchase common stock of Service1st Bank (“Service1st Common Stock”), whether vested or unvested, were converted into Options (each a “Converted Option”) to acquire WLB common stock, par value $0.0001 per
share (“WLB Common Stock”), based on exchange ratio of 47.5975 shares of WLB Common Stock for each share of Service1st Common Stock (the “Exchange Ratio”). The number of shares of the WLB Common Stock issuable upon
exercise of a Converted Option was determined by multiplying the number of shares of Service1st Common Stock issuable upon exercise of the Option by the Exchange Ratio (rounding the result down to the nearest whole number of shares of WLB Common
Stock) and the exercise price per share of the WLB Common Stock issuable upon exercise of a Converted Option was determined by dividing the exercise price per share of Service1st Common Stock issuable upon exercise of the Option by the Exchange
Ratio (rounding the result up to the nearest whole cent). 
 1.3 Effective Date. This amendment and restatement of this
Plan is effective as of the Merger Date. This Plan was originally effective upon its adoption by Service1st Bank’s board of directors on December 6, 2006 (the “Effective Date”) and was thereafter approved by the
affirmative vote of Service1st Bank stockholders. Subject to Article 9, this Plan shall continue until December 6, 2016, the tenth anniversary of the Effective Date, but Options granted prior to such date may extend beyond that date.

 ARTICLE 2 
 DEFINITIONS 
 When used in this Plan, the following words,
terms, and phrases have the meanings given in this Article 2 unless another meaning is expressly provided elsewhere in this document or is clearly required by the context. When applying these definitions and any other word, term, or phrase used in
this Plan, the form of any word, term, or phrase shall include any and all of its other forms. 
 2.1 Director means a
person who, on the date an Option is granted to him or to her, is not an Employee but who is a member of WLB’s board of directors, a member of the board of directors of a Related Entity, or a member of the governing body of any unincorporated
Related Entity. For purposes of applying this definition, a Director’s status will be determined as of the date the Option is granted to him or to her. 
 2.3 Employee means any person who, on any applicable date, is a common law employee of WLB or a Related Entity. A worker who is not classified as a common law employee but who is subsequently
reclassified as a common law employee of WLB or a Related Entity for any reason and on any basis shall be treated as a common law employee solely from the date reclassification occurs. Reclassification shall not be applied retroactively for any
purpose of this Plan. 

 2.4 Exercise Price means the amount a Participant must pay to exercise an Option.

 2.5 Fair Market Value means the value of one share of WLB Common Stock, determined according to the following rules:
(x) if WLB Common Stock is traded on an exchange or on an automated quotation system giving closing prices, the reported closing price on the relevant date if it is a trading day and otherwise on the next trading day, (y) if
WLB Common Stock is traded over-the-counter with no reported closing price, the mean between the highest bid and the lowest asked prices on that quotation system on the relevant date if it is a trading day and otherwise on the next trading day, or
(z) if neither clause (x) nor clause (y) applies, the fair market value as determined by the Plan Committee in good faith and, for Incentive Stock Options, consistent with the rules prescribed under Internal
Revenue Code section 422. 
 2.6 Internal Revenue Code means the Internal Revenue Code of 1986, as amended or superseded,
and any applicable rulings or regulations issued under the Internal Revenue Code of 1986. 
 2.7 Option means the right
granted under Article 6 to purchase WLB Common Stock, at a stated price for a specified period of time, which may be (x) an Incentive Stock Option that on the date of the award is identified as an Incentive Stock Option, satisfies the
conditions imposed under Internal Revenue Code section 422, and is not later modified in a manner inconsistent with Internal Revenue Code section 422 or (y) a Nonqualified Stock Option, meaning any Option that is not an Incentive Stock
Option. 
 2.8 Option Agreement means, (x) with respect to Options granted prior to the Merger, collectively,
the written or electronic agreement between Service1st Bank and a Participant containing the terms and conditions of the Participant’s Option and the notice provided to the Participant by WLB in connection with the Merger containing the terms
of the Participant’s Converted Option and (y) with respect to Options granted after the Merger, the written or electronic agreement between WLB and a Participant containing the terms and conditions of the Participant’s Option.
If there is a conflict between the terms of this Plan and the terms of the Option Agreement, the terms of this Plan shall govern. 
 2.9 Participant means an Employee or Director to whom an Option is granted, for as long as the Option remains outstanding. 
 2.10 Plan means this Western Liberty Bancorp Stock Option Plan, as amended from time to time. 
 2.11 Plan Committee means a committee of WLB’s board of directors consisting entirely of individuals (x) who are non-employee directors within the meaning of Rule 16b-3 under the
Securities Exchange Act of 1934, (y) who do not receive remuneration from WLB or any Related Entity in any capacity other than as a director, and (z) who are independent directors within the meaning of rules of the Nasdaq
Global Market. The Plan Committee shall consist of at least three individuals. 
 2.12 Related Entity means an entity
that is or becomes related to WLB through common ownership, as determined under Internal Revenue Code section 414(b) or (c) but modified as permitted under Treasury Regulation section 1.409A-1(b)(5)(iii)(E), including without limitation
Service1st Bank. 
 2.13 Service1st Bank means Service1st Bank of Nevada, a Nevada-chartered non-member bank and any
corporation or entity that is a successor to Service1st Bank or substantially all of its assets. 
 2.14 WLB means
Western Liberty Bancorp, a Delaware corporation. Except for purposes of determining whether a Change in Control has occurred (according to Article 8), the term “WLB” also means any corporation or entity that is a successor to
Western Liberty Bancorp or substantially all of its assets and that assumes the obligations of Western Liberty Bancorp under this Plan by operation of law or otherwise. 

  
 2 

 ARTICLE 3 

PARTICIPATION 
 3.1 Employees. Consistent with the terms of the Plan and subject to section 3.3, the Plan Committee alone shall decide which Employees will be granted Options, shall specify the types of Options
granted to Employees, and shall determine the terms upon which Options are granted. The Plan Committee may establish different terms and conditions for each type of Option granted to an Employee, for each Employee receiving the same type of Option,
and for the same Employee for each Option the Employee receives, regardless of whether the Options are granted at the same or different times. 
 3.2 Directors. Consistent with the terms of the Plan and subject to section 3.3, WLB’s board of directors alone may grant to Directors Nonqualified Stock Options under section 6.1. 

3.3 Conditions of Participation. By accepting an Option, each Employee and Director agrees (x) to be bound by the
terms of the Option Agreement and the Plan and to comply with other conditions imposed by the Plan Committee, and (y) that the Plan Committee (or WLB’s board of directors, as appropriate) may amend the Plan and the Option Agreements
without any additional consideration if necessary to comply with Internal Revenue Code section 409A, even if the amendment reduces, restricts, or eliminates rights that were granted under the Plan, the Option Agreement, or both before the amendment.

 ARTICLE 4 
 ADMINISTRATION 
 4.1 Duties. The Plan
Committee is responsible for administering this Plan and shall have all powers appropriate and necessary for that purpose. Consistent with this Plan’s objectives, WLB’s board of directors and the Plan Committee may adopt, amend, and
rescind rules and regulations relating to this Plan to protect WLB’s and Related Entities’ interests. Consistent with this Plan’s objectives, WLB’s board of directors and the Plan Committee shall have complete discretion to make
all other decisions necessary or advisable for the administration and interpretation of this Plan. Actions of WLB’s board of directors and the Plan Committee shall be final, binding, and conclusive for all purposes and upon all persons.

 4.2 Delegation of Duties. In its sole discretion, WLB’s board of directors and the Plan Committee may delegate
ministerial duties associated with this Plan to any person that it deems appropriate, including an Employee. 
 4.3 Option
Agreement. As soon as administratively practical after the date an Option is granted, the Plan Committee or WLB’s board of directors shall prepare and deliver an Option Agreement to each affected Participant. The Option Agreement shall
– 
 (a) describe the terms of the Option, including the type of Option and when and how it may be exercised or earned,

 (b) state the Exercise Price associated with the Option, 

(c) if different from the terms of the Plan, describe (x) any conditions that must be satisfied before the Option may be
exercised or earned, (y) any objective restrictions placed on the Option and any performance-related conditions and performance criteria that must be satisfied before those restrictions will be released, and (z) any other
applicable terms and conditions affecting the Option. 
 4.4 Restriction on Repricing. Regardless of any other provision
of this Plan or an Option Agreement, neither WLB’s board of directors nor the Plan Committee may reprice any Option unless the repricing is approved in advance by WLB’s stockholders acting at a meeting. For this purpose repricing shall be
defined by the rules of the New York Stock Exchange or the Nasdaq Global Market. 

  
 3 

 ARTICLE 5 

LIMITS ON STOCK SUBJECT TO OPTIONS

 5.1 Number of Authorized Shares of Stock. With any adjustments required by section 5.4, the number of shares of
WLB Common Stock subject to Options under this Plan is 475,975, which reflects the 10,000 shares of Service1st Common Stock subject to Options under this Plan immediately prior to the Merger as converted by the Exchange Ratio. The shares of WLB
Common Stock to be delivered under this Plan may consist in whole or in part of treasury stock or authorized but unissued shares not reserved for any other purpose. 

5.2 Option Limits and Annual Participant Limits. (a) Option Limits. Of the 10,000 shares of
Service1st Common Stock originally authorized for Option
grants under this Plan, up to 7,000 shares of Service1st
Common Stock (333,182 shares of WLB Stock after giving effect to the Exchange Ratio) were reserved for issuance under Incentive Stock Options. Notwithstanding anything herein to the contrary, no Incentive Stock Options may be granted under this Plan
after the Merger. 
 (b) Annual Participant Limits. The aggregate number of shares of WLB Common Stock underlying Options
granted under this Plan to any Participant in any Plan Year, regardless of whether the Options are thereafter canceled, forfeited, or terminated, shall not exceed 47,597 shares of WLB Common Stock. This annual limitation is intended to include the
grant of all Options. As used in this Plan, the term “Plan Year” means WLB’s fiscal year. 
 5.3 Share
Accounting. (a) As appropriate, the number of shares of WLB Common Stock available for Option grants under this Plan shall be conditionally reduced by the number of shares of WLB Common Stock subject to any outstanding Options and
absolutely reduced by the number of shares of WLB Common Stock issued through Option exercises. 
 (b) Any shares of WLB Common
Stock subject to an Option that for any reason is cancelled or terminated without having been exercised shall again be available for Option grants under this Plan. 
 5.4 Adjustment in Capitalization. If there is a stock dividend or stock split, recapitalization (including payment of an extraordinary dividend), merger, consolidation, combination, spin-off,
distribution of assets to stockholders, exchange of shares or other similar corporate change affecting WLB Common Stock, then consistent with the applicable provisions of Internal Revenue Code sections 409A, 422, and 424 and associated regulations
and to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, the Plan Committee shall, in a manner the Plan Committee considers equitable, adjust (w) the number of Options
that may or will be granted to Participants during a Plan Year, (x) the aggregate number of shares of WLB Common Stock available for Options under section 5.1 or subject to outstanding Options, as well as any share-based limits imposed
under this Plan, (y) the respective Exercise Price, number of shares, and other limitations applicable to outstanding or subsequently granted Options, and (z) any other factors, limits, or terms affecting any outstanding or
subsequently granted Options. 
 ARTICLE 6 

OPTIONS 
 6.1 Grant of Options. Subject to Article 7 and the terms of the Plan and the associated Option Agreement, at any time during the term of this Plan the Plan Committee may grant Options to Employees
and WLB’s board of directors may grant Nonqualified Stock Options to Directors. Notwithstanding anything herein to the contrary, no Incentive Stock Options may be granted under this Plan following the Merger. Unless an Option Agreement provides
otherwise, Options awarded under this Plan are intended to satisfy the requirements for exclusion from coverage under Internal Revenue Code section 409A, and all Option Agreements shall be construed and administered consistent with that intention.

 6.2 Exercise Price. Except as necessary to implement section 6.6, each Option granted on and after the Merger Date
shall have an Exercise Price per share at least equal to the Fair Market Value of a share of WLB Common Stock on the date of grant. 

  
 4 

 6.3 Exercise of Options. Subject to Article 7 and any terms, restrictions, and
conditions specified in the Plan and unless specified otherwise in the Option Agreement, Options shall be exercisable at the time or times specified in the Option Agreement, but (x) no Incentive Stock Option granted prior to the Merger
may be exercised more than ten years after it was granted, or more than five years after it was granted in the case of an Incentive Stock Option granted to an Employee who on the date of grant owned (as defined in Internal Revenue Code section
424(d)) Service1st Bank common stock possessing more than 10% of the total combined voting power of all classes of Service1st Bank stock or the combined voting power of any Related Entity of Service1st Bank determined on the grant date, determined
under rules issued under Internal Revenue Code section 422, (y) no Nonqualified Stock Option granted to a Director shall be exercisable more than ten years after it is granted, and (z) Nonqualified Stock Options not granted
to Directors shall be exercisable for the period specified in the Option Agreement, but not more than ten years after the grant date if no period is specified in the Option Agreement. 

6.4 Incentive Stock Options. Despite any provision in this Plan to the contrary, the following shall apply to any Incentive Stock
Options granted prior to the Merger – 
 (a) no provision of this Plan relating to Incentive Stock Options shall be
interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be exercised, in a manner that is inconsistent with Internal Revenue Code section 422 or, without the consent of the affected Participant, to cause any
Incentive Stock Option to fail to qualify for the federal income tax treatment provided by Internal Revenue Code section 421, and 
 (b) the aggregate Fair Market Value of the common stock (determined as of the date of grant) for which Incentive Stock Options are exercisable for the first time by a Participant in any calendar year
under all stock option plans of all Related Entities shall not exceed $100,000 (or other amount specified in Internal Revenue Code section 422(d)), determined under rules issued under Internal Revenue Code section 422. 

6.5 Exercise Procedures and Payment for Options. The Exercise Price associated with each Option must be paid according to
procedures described in the Option Agreement. These procedures may allow either of the following payment methods: (x) payment in cash or a cash equivalent or (y) surrender by the Participant of unrestricted shares of WLB
Common Stock as partial or full payment of the Exercise Price, either by actual delivery of the shares or by attestation, with each share valued at the Fair Market Value of a share of WLB Common Stock on the exercise date. In its sole discretion the
Plan Committee may withhold its approval for any method of payment for any reason, including but not limited to concerns that the proposed method of payment will result in adverse financial accounting treatment, adverse tax treatment for WLB or the
Participant, or a violation of the Sarbanes-Oxley Act of 2002, as amended from time to time, and related regulations and guidance. A Participant may exercise an Option solely by sending to the Plan Committee or its designee a completed exercise
notice in the form prescribed by the Plan Committee along with payment, or designation of an approved payment procedure, of the Exercise Price. 
 6.6 Substitution of Options. In WLB’s discretion, persons who become Employees as a result of a transaction described in Internal Revenue Code section 424(a) may receive Options in exchange
for options granted by their former employer or the former Related Entity, subject to the rules and procedures prescribed under section 424. 
 6.7 Rights Associated With Options. A Participant holding an unexercised Option shall have no voting or dividend rights associated with shares underlying the unexercised Option, and the Option
shall be transferable solely as provided in section 11.1. Unless otherwise specified in the Option Agreement or as otherwise specifically provided in this Plan, WLB Common Stock acquired by Option exercise shall have all dividend and voting rights
associated with WLB Common Stock and shall be transferable, subject to applicable federal securities laws, applicable requirements of any national securities exchange or system on which shares of WLB Common Stock are then listed or traded, and
applicable blue sky or state securities laws. 

  
 5 

 ARTICLE 7 

TERMINATION 
 7.1 Retirement. For purposes of this Plan, the term “Retirement” shall mean termination of the Employee’s employment with WLB and all Related Entities on or after the date the
Employee attains age 65 and qualifies to receive benefits under any defined-benefit deferred compensation arrangement – as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended, but without regard to
subsections (A) and (B) of that definition, and regardless of whether intended to comply with Internal Revenue Code section 401(a) – then maintained by WLB or any Related Entity that is applicable to the Employee, unless a different
retirement date is specified in or determined under the Employee’s Option Agreement. In the case of a Director, “Retirement” means termination of the Director’s service with WLB and all Related Entities on or after the date the
Director attains age 70, unless a different retirement date is specified in or determined under the Director’s Option Agreement. Unless specified otherwise in the Option Agreement or in this Plan, when a Participant’s Retirement becomes
effective – 
 (a) all Nonqualified Options held by the retiring Participant, regardless of whether they are exercisable,
shall be fully exercisable and may be exercised at any time before the earlier of (x) the expiration date specified in the Option Agreement and (y) five years after the date Retirement becomes effective (or any shorter period
specified in the Option Agreement), 
 (b) all Incentive Stock Options held by the retiring Participant, regardless of whether
they are exercisable, shall be fully exercisable and may be exercised at any time before the earlier of (x) the expiration date specified in the Option Agreement and (y) three months after the date Retirement becomes
effective (or any shorter period specified in the Option Agreement). However, an Incentive Stock Option that is not exercised within three months after the Retirement date shall be treated as a Nonqualified Stock Option and may be exercised within
the period described in section 7.1(a), 
 7.2 Death or Disability. For purposes of this Plan, the term
“Disability” (x) shall have the meaning given in Internal Revenue Code section 22(e)(3) in the case of an Incentive Stock Option, (y) shall have the meaning given in Internal Revenue Code section 409A in the case of
any Option that is subject to Code section 409A, and (z) shall have the meaning given in any long-term disability policy or benefit contract that, for Options granted prior to the Merger Date was maintained by Service1st Bank and for
Options granted on and following the Merger Date is maintained by WLB or a Related Entity, that is applicable to the Participant and in effect on the date the Option is granted in the case of any Option not described in clause (x) or
clause (y). Unless specified otherwise in the Option Agreement or in this Plan, if a Participant dies or becomes Disabled while employed by WLB or a Related Entity – 

(a) regardless of whether the Nonqualified Stock Options are exercisable, all Nonqualified Stock Options held by the Participant shall
become fully exercisable when the Participant dies or becomes Disabled and may be exercised at any time before the earlier of (x) the expiration date specified in the Option Agreement and (y) five years after the date of
death or Disability (or any shorter period specified in the Option Agreement), 
 (b) regardless of whether the Incentive Stock
Options are exercisable, all Incentive Stock Options held by the Participant shall become fully exercisable when the Participant dies or becomes Disabled and may be exercised at any time before the earlier of (x) the expiration date
specified in the Option Agreement and (y) one year after the date of death or separation from service, as the term separation from service is defined under Internal Revenue Code section 409A (or any shorter period specified in the Option
Agreement). However, an Incentive Stock Option that is not exercised within one year after the date of death or separation from service shall be treated as a Nonqualified Stock Option and may be exercised within the period described in section
7.2(a), 
 7.3 Termination for Cause. (a) If a Participant’s employment or director service terminates for
Cause or if in WLB’s judgment a basis for termination for Cause exists, unless specified otherwise in the applicable Option Agreement or this Plan all Options held by the Participant that are outstanding shall be forfeited, regardless of
whether the Options are exercisable and regardless of whether Participant’s employment or director service with WLB or a Related Entity actually terminates. 

  
 6 

 (b) The term “Cause” shall mean the Participant shall have committed one or more
of the acts described in this section 7.3. However, Cause shall not be deemed to exist merely because the Participant is absent from active employment during periods of paid time off, consistent with the applicable paid time-off policy of WLB or the
Related Entity with which the Participant is employed, as the case may be, sickness or illness or while suffering from an incapacity due to physical or mental illness, including a condition that does or may constitute a Disability, or other period
of absence approved by WLB or the Related Entity, as the case may be: 
 1) an act of fraud, intentional
misrepresentation, embezzlement, misappropriation, or conversion by the Participant of the assets or business opportunities of WLB or a Related Entity, 
 2) conviction of the Participant of or plea by the Participant of guilty or no contest to a felony or a misdemeanor, 

3) violation by the Participant of the written policies or procedures of Service1st Bank or the Related Entity with which
the Participant is employed, including but not limited to violation of WLB’s or the Related Entity’s code of conduct or code of ethics, 
 4) unless disclosure is inadvertent, disclosure to unauthorized persons of any confidential information not in the public domain relating to WLB’s or a Related Entity’s business, including all
processes, inventions, trade secrets, computer programs, technical data, drawings or designs, information concerning pricing and pricing policies, marketing techniques, plans and forecasts, new product information, information concerning methods and
manner of operations, and information relating to the identity and location of all past, present, and prospective customers and suppliers, 
 5) intentional breach of any contract with or violation of any legal obligation owed to WLB or a Related Entity, 
 6) dishonesty relating to the duties owed by the Participant to WLB or a Related Entity, 
 7) the Participant’s willful and continued refusal to substantially perform assigned duties, other than refusal resulting from sickness or illness or while suffering from an incapacity due to
physical or mental illness, including a condition that does or may constitute a Disability, 
 8) the
Participant’s willful engagement in gross misconduct materially and demonstrably injurious to WLB or a Related Entity, 
 9) the Participant’s breach of any term of this Plan or an Option Agreement, 
 10) intentional cooperation with a party attempting a Change in Control of WLB, unless WLB’s board of directors approves or ratifies the Participant’s action before the Change in Control or
unless the Participant’s cooperation is required by law, or 
 11) any action that constitutes cause as
defined in any written agreement between the Participant and WLB or a Related Entity. 
 7.4 Termination for any Other
Reason. Unless specified otherwise in the Option Agreement or this Plan, any Options of a Participant that are outstanding when the Participant terminates for any reason not described in sections 7.1 through 7.3 shall be forfeited. However,
Options that are outstanding and exercisable when a Participant’s employment is involuntarily terminated without Cause may be exercised at any time before the earlier of (x) the expiration date specified in the Option Agreement or
(y) 30 days after the termination date (or any shorter period specified in the Option Agreement), but all Options that are not exercisable shall terminate on the termination date. 

  
 7 

 ARTICLE 8 

EFFECT OF A CHANGE IN CONTROL 

8.1 Definition of Change in Control. Despite any contrary provision in this Plan or in an Option Agreement, a transaction in which
a company becomes the holding company for WLB shall not be considered a Change in Control, provided the offer, sale, and issuance of shares of the holding company to WLB stockholders as part of the holding company reorganization are exempt from
registration under the Securities Act of 1933 by section 3(a)(12) of that Act. If a holding company reorganization occurs, references in this section 8.1 to WLB shall mean the holding company instead, and after a holding company reorganization a
sale of all or substantially all the holding company’s assets includes sale of WLB alone. The term “Change in Control” shall have the meaning given in any written agreement between the Employee and Service1st Bank or any
Related Entity in effect on the date of the grant of an Option. However, if an Option is subject to Internal Revenue Code section 409A, the term Change in Control shall have the meaning given in section 409A. If an Option is not subject to Internal
Revenue Code section 409A and if the term Change in Control is not defined in a written agreement between the Employee and Service1st Bank or a Related Entity, any of the following events occurring on or after the Merger Date shall constitute a
Change in Control – 
 (a) Change in Board Composition. If individuals who constitute WLB’s board of directors
on the Merger Date (the “Incumbent Directors”) cease for any reason to constitute at least a majority of WLB’s board of directors. A person who becomes a director after the Merger Date and whose election or nomination for
election is approved by a vote of at least two-thirds (2/3) of the Incumbent Directors on WLB’s board of directors shall be deemed to be an Incumbent Director. The necessary two-thirds approval may take the form of a specific vote on that
person’s election or nomination or approval of WLB’s proxy statement in which the person is named as a nominee for director, without written objection by Incumbent Directors to the nomination. A person elected or nominated as a director of
WLB initially as the result of an actual or threatened director-election contest or any other actual or threatened solicitation of proxies by or on behalf of any person other than WLB’s board of directors shall never be considered an Incumbent
Director, unless at least two-thirds (2/3) of the Incumbent Directors specifically approve treatment of that person as an Incumbent Director. 
 (b) Significant Ownership Change. If any person directly or indirectly is or becomes the beneficial owner of securities whose combined voting power in the election of WLB’s directors is –

 1) 50% or more of the combined voting power of all of WLB’s outstanding securities eligible to vote for
the election of WLB directors, or 
 2) 25% or more, but less than 50%, of the combined voting power of all of
WLB’s outstanding securities eligible to vote in the election of WLB’s directors, except that an event described in this paragraph (b)(2) shall not constitute a Change in Control if it is the result of any of the following acquisitions of
WLB’s securities – 
 (a) by WLB or a Related Entity, reducing the number of WLB securities outstanding
(unless the person thereafter becomes the beneficial owner of additional securities that are eligible to vote in the election of WLB directors, increasing the person’s beneficial ownership by more than one percent), 

(b) by or through an employee benefit plan sponsored or maintained by WLB or a Related Entity and described (or intended
to be described) in Internal Revenue Code section 401(a), 
 (c) by or through an equity compensation plan
maintained by WLB or a Related Entity, including this Plan and any program described in Internal Revenue Code section 423, 
 (d) by an underwriter temporarily holding securities in an offering of securities, 
 (e) in a Non-Control Transaction, as defined in section 8.1(c), or 

(f) in a transaction (other than one described in section 8.1(c)) in which securities eligible to vote in the election of
WLB directors are acquired from WLB, if a majority of the Incumbent Directors approves a resolution providing expressly that the acquisition shall not constitute a Change in Control. 

  
 8 

 (c) Merger. Consummation of a merger, consolidation, share exchange, or similar form
of corporate transaction involving WLB or a Related Entity requiring approval of WLB’s stockholders, whether for the transaction or for the issuance of securities in the transaction (a “Business Combination”), unless
immediately after the Business Combination – 
 1) more than 50% of the total voting power of either
(x) the corporation resulting from consummation of the Business Combination (the “Surviving Corporation”) or, if applicable, (y) the ultimate parent corporation that directly or indirectly beneficially owns
100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”) is represented by securities that were eligible to vote in the election of WLB directors and that were outstanding
immediately before the Business Combination (or, if applicable, represented by securities into which the WLB securities were converted in the Business Combination), and that voting power among the holders thereof is in substantially the same
proportion as the voting power of securities eligible to vote in the election of WLB directors among the holders thereof immediately before the Business Combination, 

2) no person (other than any employee benefit plan sponsored or maintained by the Surviving Corporation or the Parent
Corporation or any employee stock benefit trust created by the Surviving Corporation or the Parent Corporation) directly or indirectly is or becomes the beneficial owner of 25% or more of the total voting power of the outstanding voting securities
eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and 
 3) a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were Incumbent Directors when the initial agreement
providing for the Business Combination was approved by Service1st Bank’s board of directors. 
 A Business Combination
satisfying all of the criteria specified in clauses (1), (2), and (3) of this section 8.1(c) shall constitute a “Non-Control Transaction,” or 
 (d) Sale of Assets. If WLB’s stockholders approve a plan of complete liquidation or dissolution of WLB or a sale of all or substantially all of its assets, but in any case only if WLB’s
assets are transferred to an entity not owned directly or indirectly by WLB or its stockholders. 
 8.2 Effect of Change in
Control. If a Change in Control occurs, the Plan Committee shall have the right in its sole discretion to – 
 (a)
accelerate the exercisability of any or all Options despite any limitations contained in this Plan or Option Agreement, 
 (b)
cancel any or all outstanding Options in exchange for the kind and amount of shares of the surviving or new corporation, cash, securities, evidences of indebtedness, other property, or any combination thereof that the holder of the Option would have
received upon consummation of the Change-in-Control transaction (the “Acquisition Consideration”) had the Option been exercised or converted into shares of WLB Common Stock before the transaction, less the applicable exercise or
purchase price, 
 (c) cause the holders of any or all Options to have the right during the term of the Option to receive upon
exercise the Acquisition Consideration receivable upon consummation of the transaction by a holder of the number of shares of WLB Common Stock that might have been obtained upon exercise or conversion of all or any portion thereof, less the
applicable exercise or purchase price therefor, or to convert the Stock Option into a stock option, appreciation right, or performance share relating to the surviving or new corporation in the transaction, or 

  
 9 

 (d) take such other action as it deems appropriate to preserve the value of the Option to
the Participant. 
 The Plan Committee may provide for any of the foregoing actions in an Option Agreement in advance, may
provide for any of the foregoing actions in connection with the Change in Control, or both. Alternatively, the Plan Committee shall also have the right to require any purchaser of WLB’s assets or stock, as the case may be, to take any of the
actions set forth in the preceding sentence as such purchaser may determine to be appropriate or desirable. The manner of application and interpretation of the provisions of this section 8.2 shall be determined by the Plan Committee in its sole and
absolute discretion. Despite any provision of this Plan or an Option Agreement to the contrary, a Participant shall not be entitled to any amount under this Plan if he or she acted in concert with any person to effect a Change in Control, unless the
Participant acted at the specific direction of WLB’s board of directors and in his or her capacity as an employee of WLB or any Related Entity. For purposes of this Plan the term “person” shall be as defined in section 3(a)(9)
and as used in sections 13(d)(3) and 14(d) (2) of the Securities Exchange Act of 1934, and the terms “beneficial owner” and “beneficial ownership” shall have the meaning given in the Securities and Exchange
Commission’s Rule 13d-3 under the Securities Exchange Act of 1934. 
 ARTICLE 9 

AMENDMENT, MODIFICATION, AND TERMINATION OF
THIS PLAN 
 WLB may terminate, suspend, or amend this Plan at any time without stockholder
approval, unless stockholder approval is required to satisfy applicable requirements imposed by (x) Rule 16b-3 under the Securities Exchange Act of 1934, or any successor rule or regulation, (y) the Internal Revenue Code, or
(z) any securities exchange, market, or other quotation system on or through which WLB’s securities are listed or traded. However, no Plan amendment shall (xx) result in the loss of a Plan Committee members’ status
as a “non-employee director,” as that term is defined in Rule 16b-3 under the Securities Exchange Act of 1934 or any successor rule or regulation, (yy) cause this Plan to fail to satisfy the requirements imposed by Rule 16b-3, or
(zz) without the affected Participant’s consent (and except as specifically provided otherwise in this Plan or the Option Agreement), adversely affect any Option granted before the amendment, modification, or termination. Despite any
contrary provision in this Plan, including this Article 9, WLB shall have the right to amend this Plan and any Option Agreements without additional consideration to affected Participants if amendment is necessary to avoid penalties arising under
Internal Revenue Code section 409A, even if the amendment reduces, restricts, or eliminates rights granted under this Plan, the Option Agreement, or both before the amendment. 
 ARTICLE 10 
 ISSUANCE OF
SHARES AND SHARE CERTIFICATES 
 10.1 Issuance of Shares.
WLB shall issue or cause to be issued shares of its common stock as soon as practicable upon exercise of an Option. But no shares shall be issued until full payment is made. Until a stock certificate evidencing the shares is issued, no right to vote
or receive dividends or any other rights as a stockholder shall exist for the shares of WLB Common Stock to be issued, despite the exercise of the Option. Issuance of a stock certificate shall be evidenced by the appropriate entry on the books of
WLB or of a duly authorized transfer agent of WLB. 
 10.2 Delivery of Share Certificates. WLB shall not be required to
issue or deliver any certificates until all of the following conditions are fulfilled – 
 (a) payment in full for the
shares and for any tax withholding, 
 (b) completion of any registration or other qualification of the shares the Plan
Committee in its discretion deems necessary or advisable under any Federal or state laws or under the rulings or regulations of the Securities and Exchange Commission or any other regulating body, 

(c) if WLB Common Stock is listed on a stock exchange or the Nasdaq Global Market, admission of the shares to listing on the stock
exchange or the Nasdaq Global Market, 

  
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 (d) if the offer and sale of shares of WLB Common Stock is not registered under the
Securities Act of 1933, qualification of the offer and sale as a private placement under the Securities Act of 1933 or qualification under another registration exemption under the Securities Act of 1933, 

(e) obtaining any approval or other clearance from any Federal or state governmental agency the Plan Committee in its discretion
determines to be necessary or advisable, and 
 (f) the Plan Committee is satisfied that the issuance and delivery of shares of
WLB Common Stock under this Plan complies with applicable Federal, state, or local law, rule, regulation, or ordinance or any rule or regulation of any other regulating body, for which the Plan Committee may seek approval of WLB’s counsel.

 10.3 Applicable Restrictions on Shares. Shares of WLB Common Stock issued may be subject to such stock transfer orders
and other restrictions as the Plan Committee may determine are necessary or advisable under any applicable Federal or state securities law rules, regulations and other requirements, the rules, regulations and other requirements of the Nasdaq Global
Market or any stock exchange upon which WLB Common Stock is listed, and any other applicable Federal or state law. Certificates for the common stock may bear any restrictive legends the Plan Committee considers appropriate. 

10.4 Book Entry. Instead of issuing stock certificates evidencing shares, WLB may use a book entry system in which a computerized
or manual entry is made in the records of Service1st Bank to evidence the issuance of shares of WLB Common Stock. WLB’s records are binding on all parties, unless manifest error exists. 

ARTICLE 11 
 MISCELLANEOUS 
 11.1 Assignability. Except as
provided in section 11.2, an Option may not be transferred except by will or the laws of descent and distribution, and an Option may be exercised during the Participant’s lifetime solely by the Participant or the Participant’s guardian or
legal representative. 
 11.2 Beneficiary Designation. Each Participant may name a beneficiary or beneficiaries to
receive or to exercise any vested Option that is unpaid or unexercised at the Participant’s death. Beneficiaries may be named contingently or successively. Unless otherwise provided in the beneficiary designation, each designation made shall
revoke all prior designations made by the same Participant. A beneficiary designation must be made on a form prescribed by the Plan Committee and shall not be effective until filed in writing with the Plan Committee. If a Participant has not made an
effective beneficiary designation, the deceased Participant’s beneficiary shall be his or her surviving spouse or, if none, the deceased Participant’s estate. None of WLB, its board of directors, or the Plan Committee is required to infer
a beneficiary from any other source. The identity of a Participant’s designated beneficiary shall be based solely on the information included in the latest beneficiary designation form completed by the Participant and shall not be inferred from
any other evidence. 
 11.3 No Implied Rights to Options or Continued Services. No potential participant has any claim or
right to be granted an Option under this Plan, and there is no obligation of uniformity of treatment of participants under this Plan. Nothing in this Plan shall be construed to guarantee that any Participant will receive an Option in the future.
Neither this Plan nor any Option shall be construed as giving any individual any right to continue as an Employee or director of Service1st Bank or a Related Entity. Neither this Plan nor any Option shall constitute a contract of employment, and
Service1st Bank expressly reserves to itself and all Related Entities the right at any time to terminate employees free from liability or any claim under this Plan, except as may be specifically provided in this Plan or in an Option Agreement.

  
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 11.4 Tax Withholding. (a) WLB shall withhold or shall cause a Related Entity to
withhold from other amounts owed to the Participant or require a Participant to remit to WLB or a Related Entity an amount sufficient to satisfy federal, state, and local withholding tax requirements on any Option, exercise, or cancellation of an
Option. If these amounts are not to be withheld from other payments due to the Participant or if there are no other payments due to the Participant, WLB shall defer issuance of shares of Stock until the earlier of (x) 30 days after the
settlement date, or (y) the date the Participant remits the required amount. 
 (b) If the Participant does not
remit the required amount within 30 days after the settlement date, WLB shall permanently withhold from the value to be distributed the minimum amount required to be withheld to comply with applicable federal, state, and local income, wage, and
employment taxes, distributing the balance to the Participant. 
 (c) In its sole discretion, which may be withheld for any
reason or for no reason, the Plan Committee may permit a Participant to reimburse WLB for this tax withholding obligation through one or more of the following methods, subject to conditions the Plan Committee establishes – 

1) having shares of Stock otherwise issuable under this Plan withheld by WLB, but only to the extent of the minimum amount
that must be withheld to comply with applicable state, federal, and local income, employment, and wage tax laws, 

2) delivering to WLB previously acquired shares of WLB Common Stock owned by the Participant, 

3) remitting cash to WLB, or 
 4) remitting a personal check immediately payable to WLB. 
 11.5
Indemnification. Each individual who (a) during the period from the Effective Date through the Merger Date was a member of Service1st Bank’s board of directors, (b) at any time on or following the Merger Date is a member of
WLB’s board of directors, or (c) at any time is or was a member of the Plan Committee, shall be indemnified and held harmless by WLB against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by
him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be made a party or in which he or she may be involved by reason of any action taken or not taken under this Plan as a director of
Service1st Bank, a director of WLB or as a Plan Committee member and against and from any and all amounts paid, with WLB’s approval, by him or her in settlement of any matter related to or arising from this Plan as a Service1st Bank director,
WLB director or as a Plan Committee member or paid by him or her in satisfaction of any judgment in any action, suit or proceeding relating to or arising from this Plan against him or her as a Service1st Bank director, WLB director or as a Plan
Committee member, but only if he or she gives WLB an opportunity at its expense to handle and defend the matter before he or she undertakes to handle and defend it in his or her own behalf. The right of indemnification described in this section is
not exclusive and is independent of any other rights of indemnification to which the individual may be entitled under WLB’s or Service1st Bank’s organizational documents, by contract, as a matter of law, or otherwise. 

11.6 No Limitation on Compensation. Nothing in this Plan shall be construed to limit the right of WLB to establish other plans or
to pay compensation to its employees or directors in cash or property in a manner not expressly authorized under this Plan. 

11.7 Governing Law. This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws, other
than laws governing conflict of laws, of the State of Nevada. This Plan is not intended to be governed by the Employee Retirement Income Security Act of 1974, and this Plan shall be construed and administered in a manner that is consistent with that
intention. 
 11.8 No Impact on Benefits. Plan awards are not compensation for purposes of calculating a
Participant’s rights under any employee benefit plan that does not specifically require the inclusion of Options in benefit calculations. 

  
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 11.9 Securities and Exchange Commission Rule 16b-3. This Plan is intended to comply
with all applicable conditions of Securities and Exchange Commission Rule 16b-3 under the Securities Exchange Act of 1934, as that rule may be amended from time to time. All transactions involving a Participant who is subject to beneficial ownership
reporting under section 16(a) of the Securities Exchange Act of 1934 shall be subject to the conditions set forth in Rule 16b-3, regardless of whether the conditions are expressly set forth in this Plan, and any provision of this Plan that is
contrary to Rule 16b-3 shall not apply to that Participant. 
 11.10 Successors. All obligations of WLB under Options
granted under this Plan are binding on any successor to WLB, whether as a result of a direct or indirect purchase, merger, consolidation, or otherwise of all or substantially all of the business or assets of WLB. 

11.11 Severability. If any provision of this Plan or the application thereof to any person or circumstances is held to be illegal
or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan or other applications, and this Plan is to be construed and enforced as if the illegal or invalid provision had not been included. 

11.12 No Golden Parachute Payments. Despite any provision in this Plan or in an Option Agreement to the contrary, WLB shall not be
required to make any payment under this Plan or an Option Agreement that would be a prohibited golden parachute payment within the meaning of section 18(k) of the Federal Deposit Insurance Act. 

  
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