<SEC-DOCUMENT>0001564590-21-009461.txt : 20210226
<SEC-HEADER>0001564590-21-009461.hdr.sgml : 20210226
<ACCEPTANCE-DATETIME>20210226163126
ACCESSION NUMBER:		0001564590-21-009461
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210222
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210226
DATE AS OF CHANGE:		20210226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST US BANCSHARES INC
		CENTRAL INDEX KEY:			0000717806
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				630843362
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14549
		FILM NUMBER:		21689520

	BUSINESS ADDRESS:	
		STREET 1:		3291 U.S. HIGHWAY 280
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35243
		BUSINESS PHONE:		2055821084

	MAIL ADDRESS:	
		STREET 1:		3291 U.S. HIGHWAY 280
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35243

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SECURITY BANCSHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>fusb-8k_20210222.htm
<DESCRIPTION>8-K
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<p style="text-align:center;margin-bottom:0pt;border-top:Double 2.25pt;padding-top:1pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:4pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of report (Date of earliest event reported): February 22, 2021</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">First US Bancshares, Inc.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:24pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Exact Name of Registrant as Specified in Charter)</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Delaware</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">0-14549</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">63-0843362</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(State or Other Jurisdiction</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of Incorporation)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3291 U.S. Highway 280<font style="font-weight:normal;"> </font>&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Birmingham,<font style="font-weight:normal;"> </font>Alabama 35243</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Address of Principal Executive Offices, including Zip Code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code: <font style="font-weight:bold;">(205)</font> <font style="font-weight:bold;">582-1200</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Former Name or Former Address, if Changed Since Last Report)</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities registered pursuant to Section 12(b) of the Act:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.75pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Trading Symbol(s)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common Stock, $0.01 par value</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.75pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FUSB</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Nasdaq Stock Market LLC</p></td>
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;230.405 of this chapter).</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company <font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
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<p style="text-align:center;margin-bottom:0pt;border-bottom:Double 2.25pt;padding-bottom:1pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:4pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Establishment of 2021 Cash Incentive Program</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 22, 2021, the Compensation Committee of the Board of Directors (the &#8220;Compensation Committee&#8221;) of First US Bancshares, Inc. (the &#8220;Company&#8221;) established an annual cash incentive program for the Company&#8217;s fiscal year ending December 31, 2021 for certain executive officers and key employees of the Company and its subsidiaries, including the Company&#8217;s named executive officers &#8211; James F. House, President and Chief Executive Officer of the Company and First US Bank (the &#8220;Bank&#8221;); Thomas S. Elley, Chief Financial Officer of the Company and the Bank; and William C. Mitchell, Senior Executive Vice President, Consumer Banking, of the Bank (the &#8220;2021 Cash Incentive Program&#8221;).&nbsp;&nbsp;Under the 2021 Cash Incentive Program, certain executive officers and key employees of the Company have a short-term incentive cash bonus opportunity based on certain corporate and individual performance objectives established by the Compensation Committee.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With respect to the Company&#8217;s named executive officers, the cash bonus opportunity is based on the achievement of certain specified levels of financial performance, specifically the Company&#8217;s (i) consolidated pre-tax income for 2021 (25% of the total cash bonus opportunity); (ii) consolidated pre-tax return on average assets (&#8220;ROAA&#8221;) for 2021 (30% of the total cash bonus opportunity for Messrs. House and Elley; 25% of the total cash bonus opportunity for Mr. Mitchell); (iii) consolidated pre-tax return on average tangible equity (&#8220;ROATE&#8221;) for 2021 (25% of the total cash bonus opportunity for Messrs. House and Elley only); and (iv) net loan growth in indirect lending for 2021 (&#8220;Loan Growth&#8221;) (30% of the total cash bonus opportunity for Mr. Mitchell only).&nbsp;&nbsp;For each of the named executive officers, the cash bonus opportunity also contains a discretionary component (the &#8220;Discretionary Component&#8221;) (20% of the total cash bonus opportunity), to be determined by the Compensation Committee.&nbsp;&nbsp;Factors to be considered in determining the Discretionary Component may include, but are not limited to, contribution to the long-term profitability and growth of the Company, achievement of strategic projects or initiatives, commitment to integrity and the values of the Company, improvement in total shareholder return, successful expansion efforts, balance sheet management, gains on peer group comparisons, successful implementation of reorganization strategies and successful implementation of cost control strategies.&nbsp;&nbsp;The cash bonus opportunity is subject to reduction (up to 35% of the total cash bonus opportunity) based on deterioration of the Company&#8217;s regulatory ratings or other negative regulatory findings.&nbsp;&nbsp;The individual target bonus opportunity for the three named executive officers participating in the 2021 Cash Incentive Program is 45% of 2021 base salary for Mr. House; 35% of 2021 base salary for Mr. Elley; and 35% of 2021 base salary for Mr. Mitchell.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under the 2021 Cash Incentive Program, the Company&#8217;s named executive officers will receive 100% of their target bonus opportunity if the Company&#8217;s final consolidated pre-tax income, ROAA, ROATE (for Messrs. House and Elley) and Loan Growth (for Mr. Mitchell) for 2021 are 100% of the Company&#8217;s budgeted consolidated pre-tax income, ROAA, ROATE and Loan Growth for the year, and if the named executive officers receive 100% of the Discretionary Component.&nbsp;&nbsp;The named executive officers will receive 50% of their target bonus opportunity if the Company achieves a threshold level of performance (approximately 70% of the Company&#8217;s budgeted consolidated pre-tax income, 70% of the Company&#8217;s budgeted ROAA, 70% of the Company&#8217;s budgeted ROATE (for Messrs. House and Elley), and 70% of the Company&#8217;s budgeted Loan Growth (for Mr. Mitchell)), and if the named executive officers receive 80% of the Discretionary Component.&nbsp;&nbsp;The named executive officers will receive 150% of their target bonus opportunity if the Company achieves a maximum level of performance (approximately 120% of the Company&#8217;s budgeted consolidated pre-tax income, 120% of the Company&#8217;s budgeted ROAA, 120% of the Company&#8217;s budgeted ROATE (for Messrs. House and Elley) and 120% of the Company&#8217;s budgeted Loan Growth (for Mr. Mitchell)), and if the named executive officers receive 120% of the Discretionary Component.&nbsp;&nbsp;Payouts between the threshold and maximum amounts will be calculated by the Compensation Committee using straight-line interpolation, as described in the 2021 Cash Incentive Program.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Compensation Committee may make adjustments to the terms and conditions of, and the criteria included in, awards under the 2021 Cash Incentive Program in recognition of extraordinary, unusual or nonrecurring events affecting a participant or the Company or the financial statements of the Company, or in certain other instances specified in the 2021 Cash Incentive Program.&nbsp;&nbsp;The Compensation Committee, in its sole discretion, may take into account the impact of such extraordinary, unusual or nonrecurring events (positive or negative) in determining a Participant&#8217;s relative achievement of the performance objectives.&nbsp;&nbsp;The 2021 Cash Incentive Program provides for recoupment of cash bonus payments based on (i) achievement of financial results that are subsequently the subject of a restatement due to material noncompliance with any financial reporting requirement under either GAAP or the federal securities laws, other than as a result of changes to accounting rules and regulations, or (ii) a subsequent finding that the financial information or performance objectives used by the Compensation Committee to determine the amount of any cash bonus payments were materially inaccurate.&nbsp;&nbsp;Additionally, cash bonus payments are subject to recoupment based on a participant&#8217;s conduct that is not in good faith and that materially disrupts, damages, impairs or interferes with the business of the Company.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A copy of the 2021 Cash Incentive Program is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.&nbsp;&nbsp;The foregoing description of the 2021 Cash Incentive Program does not purport to be a complete description and is qualified in its entirety by reference to Exhibit 10.1.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Entry into Amended and Restated Change in Control Agreement with William C. Mitchell</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 22, 2021, the Company, the Bank and Acceptance Loan Company, Inc., a wholly owned subsidiary of the Company and the Bank (&#8220;ALC&#8221;), entered into an Amended and Restated Change in Control Agreement (the &#8220;A&amp;R CIC Agreement&#8221;) with William C. Mitchell, Senior Executive Vice President, Consumer Banking, of the Bank and a &#8220;named executive officer&#8221; of the Company, who was previously President and Chief Executive Officer of ALC and who had previously entered into a Change in Control Agreement with the Company and ALC dated May 20, 2014 (the &#8220;Original Agreement&#8221;).&nbsp;&nbsp;The parties entered into the A&amp;R CIC Agreement to amend and restate the Original Agreement in order to update Mr. Mitchell&#8217;s current status as an employee of the Bank, to clarify that any rights and obligations under the agreement now belong to Mr. Mitchell, the Company and the Bank and to clarify that ALC shall have no further rights or obligations as may have been set forth in the Original Agreement, and to make certain corresponding changes.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The primary terms of the A&amp;R CIC Agreement remain unchanged from the Original Agreement.&nbsp;&nbsp;The A&amp;R CIC Agreement provides for an eighteen-month period following a &#8220;change in control&#8221; (as defined in the A&amp;R CIC Agreement) during which Mr. Mitchell will be, upon experiencing a &#8220;qualifying termination of employment&#8221; (as defined in the A&amp;R CIC Agreement), entitled to a one-time lump sum payment by the Company in an amount equal to two hundred percent (200%) of his annual base salary in effect as of the date of termination, in addition to any rights and welfare benefits provided to him under any plans and programs of the Company upon termination of employment.&nbsp;&nbsp;The A&amp;R CIC Agreement also provides that, during the employment period and for a period of two years following termination of employment, Mr. Mitchell will be bound by covenants not to compete and not to solicit customers or employees; provided, however, that the non-competition provisions of the A&amp;R CIC Agreement will only apply in the event that Mr. Mitchell is entitled to the one-time lump sum payment described above.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A copy of the A&amp;R CIC Agreement is attached as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference herein.&nbsp;&nbsp;The foregoing description of the A&amp;R CIC Agreement does not purport to be a complete description and is qualified in its entirety by reference to Exhibit 10.2.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="fusb-ex101_7.htm"><font style="text-decoration:underline;">2021 Cash Incentive Program</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="fusb-ex102_8.htm"><font style="text-decoration:underline;">Amended and Restated Change in Control Agreement dated February 22, 2021, entered into by and among First US Bancshares, Inc., First US Bank, Acceptance Loan Company, Inc. and William C. Mitchell</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FIRST US BANCSHARES, INC. </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2021 CASH INCENTIVE PROGRAM</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">1.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Purpose and Administration of the&#160;2021 Cash&#160;Incentive Program</font>.  The First US Bancshares, Inc. <font style="color:#000000;">2021</font> Cash Incentive Program (the &#8220;<font style="color:#000000;">2021</font> Cash Incentive Program&#8221;) has been established by First US Bancshares, Inc. (together with its subsidiaries, the &#8220;Company&#8221;) to encourage and reward outstanding performance from its executive officers and certain other key employees by making a portion of their cash compensation dependent on the achievement of certain performance objectives.  Subject to applicable law, all designations, determinations, interpretations and other decisions under or with respect to the <font style="color:#000000;">2021 Cash</font> Incentive Program or any bonus award hereunder shall be within the sole and absolute discretion of the Compensation Committee (the &#8220;Compensation Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of the Company, may be made at any time and shall be final, conclusive and binding upon all persons.  Designations, determinations, interpretations and other decisions made by the Compensation Committee with respect to the <font style="color:#000000;">2021</font> Cash Incentive Program or any bonus award hereunder, including, but not limited to, the application of the recoupment policy described herein, need not be uniform and may be made selectively among Eligible Participants, whether or not such Eligible Participants are similarly situated.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">2.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Participation</font>.  All executive officers and certain other key employees of the Company are eligible to receive a bonus award pursuant to the <font style="color:#000000;">2021</font> Cash Incentive Program (each, an &#8220;Eligible Participant&#8221;).  Each Eligible Participant selected by the Compensation Committee to receive a bonus award under the <font style="color:#000000;">2021</font> Cash Incentive Program is referred to herein as a &#8220;Participant.&#8221;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">3.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Calculation and Payment of Awards</font>. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Target Awards<font style="font-style:normal;">.&nbsp;&nbsp;The target bonus award payable to each Participant under the 2021 Cash Incentive Program shall be determined by the Compensation Committee based on the performance objectives, or key performance indicators, set forth on&#160;</font><font style="text-decoration:underline;font-style:normal;">Schedule A</font><font style="font-style:normal;">&#160;hereto (the &#8220;Performance Goals&#8221;).&nbsp;&nbsp;The Performance Goals are designed to provide market competitive payout percentages for their achievement.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Award Calculation<font style="font-style:normal;">.&nbsp;&nbsp;The bonus awards to be paid pursuant to the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> Cash Incentive Program (each, an &#8220;Award&#8221;) shall be calculated based on the Performance Goals.  As soon as practicable following the end of the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> fiscal year, the Compensation Committee shall determine and certify whether and to what extent the Performance Goals have been met, as well as the amount of the Award that each Participant has earned under the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> Cash Incentive Program.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Payment of Awards<font style="font-style:normal;">.&nbsp;&nbsp;Awards pursuant to the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> Cash Incentive Program will be paid solely in cash.  All amounts due to Participants under the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> Cash Incentive Program shall be paid as soon as administratively feasible after the end of the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> fiscal year, and, in any event, no later than March 15, 2022.  Except as the Compensation Committee may otherwise determine in its sole and absolute discretion, termination of a Participant&#8217;s employment prior to the end of the </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> fiscal year will result in the forfeiture of the Award by the Participant, and no payments shall be made with respect thereto.  </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Withholding<font style="font-style:normal;">.&nbsp;&nbsp;The </font><font style="font-style:normal;color:#000000;">2021</font><font style="font-style:normal;"> Cash Incentive Program is not a &#8220;qualified&#8221; plan for federal income tax purposes, and any payments are subject to applicable tax withholding requirements.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">4.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Adjustments for Extraordinary, Unusual or Nonrecurring Events</font>.  The Compensation Committee, in its sole discretion, may make adjustments in the terms and conditions of, and the Performance Goals included in, bonus awards under the <font style="color:#000000;">2021</font> Cash Incentive Program in recognition of extraordinary, unusual or nonrecurring events affecting any Participant, the Company or the financial statements of the Company (including, but not limited to: corporate transactions; restructuring and/or other nonrecurring charges; unusual, nonrecurring gain or loss; branch activity; and other business conditions); in the event of changes in applicable laws, regulations or accounting principles; or in the event that the Compensation Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the <font style="color:#000000;">2021</font> Cash Incentive Program.  The Compensation Committee, in its sole discretion, may take into account the impact of such extraordinary, unusual or nonrecurring events (positive or negative) in determining a Participant&#8217;s relative achievement of the Performance Goals.&nbsp;&nbsp;The Compensation Committee may also adjust performance targets </p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or bonus awards downward to avoid unwarranted windfalls.</font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;The Compensation Committee shall endeavor, but shall not be required, to a</font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pply equally to all Participants any such adjustments or determinations.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">5.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Recoupment Policy</font>.  The Company may recover from any Participant any incentive compensation awarded or paid pursuant to the <font style="color:#000000;">2021</font> Cash Incentive Program based on (i) achievement of financial results that were subsequently the subject of a restatement due to material noncompliance with any financial reporting requirement under either GAAP or the federal securities laws, other than as a result of changes to accounting rules and regulations, or (ii) a subsequent finding that the financial information or the Performance Goals used by the Compensation Committee to determine the amount of the incentive compensation were materially inaccurate, in each case regardless of individual fault.  In addition, the Company may recover any incentive compensation awarded or paid pursuant to the <font style="color:#000000;">2021 Cash</font> Incentive Program based on a Participant&#8217;s conduct that is not in good faith and that materially disrupts, damages, impairs or interferes with the business of the Company.  This recoupment policy applies to any incentive compensation earned or paid to a Participant pursuant to the <font style="color:#000000;">2021</font> Cash Incentive Program.  Subsequent changes in status, including retirement or termination of employment, do not affect the Company&#8217;s rights to recover compensation under this recoupment policy.  The Compensation Committee will administer this recoupment policy and exercise its discretion and business judgment in the fair application of this recoupment policy based on the facts and circumstances as it deems relevant in its sole and absolute discretion.  More specifically, the Compensation Committee shall determine in its sole and absolute discretion any appropriate amounts to recoup, the Participants from whom such amounts shall be recouped (which need not be all Participants who received the incentive compensation at issue) and the timing and form of recoupment; <font style="text-decoration:underline;">provided</font>, <font style="text-decoration:underline;">however</font>, that only incentive compensation paid or settled within three years prior to the Compensation Committee taking action under this Section 5 shall be subject to recoupment; <font style="text-decoration:underline;">provided</font> <font style="text-decoration:underline;">further</font>, that any recoupment pursuant to clause (i) or clause (ii) of the first sentence of this paragraph shall not exceed the portion of any applicable incentive compensation paid hereunder that is in excess of the amount of performance-based or incentive compensation that would have been paid or granted based on the actual, restated financial statements or actual level of the applicable financial or performance objectives as determined by the Compensation Committee in its sole and absolute discretion.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For avoidance of doubt, the Company may set off the amounts of any such required recoupment against any amounts otherwise owed by the Company to a Participant as determined by the Compensation Committee in its sole and absolute discretion, solely to the extent that any such offset complies with the requirements of Section 409A of the Internal Revenue Code, as amended (the &#8220;Code&#8221;), and the guidance issued thereunder.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If any restatement of the Company&#8217;s financial results indicates that the Company should have made higher performance-based payments than those actually made under the <font style="color:#000000;">2021</font> Cash Incentive Program for the period affected by the restatement, then the Compensation Committee shall have the discretion, but not the obligation, to cause the Company to make appropriate incremental payments to affected Participants then-currently employed by the Company.  The Compensation Committee will determine, in its sole and absolute discretion, the amount, form and timing of any such incremental payments, which shall be no more than the difference between the amount of performance-based compensation that was paid or awarded and the amount that would have been paid or granted based on the actual, restated financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">6.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">No Right to Employment</font>.  The grant of an Award under the <font style="color:#000000;">2021 Cash</font> Incentive Program shall not be construed as giving a Participant the right to be retained in the employ of the Company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">7.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Non-transferability</font>.  A person&#8217;s rights and interests under the&#160;<font style="color:#000000;">2021</font> Cash Incentive Program, including any Award previously made to such person or any amounts payable under the&#160;<font style="color:#000000;">2021</font> Cash Incentive Program,&#160;may not be assigned, pledged or transferred, except in the event of the Participant&#8217;s death to a designated beneficiary or, in the absence of such designation, by will or the laws of descent or distribution.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">8.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">No Trust or Fund Created</font>.  Neither the <font style="color:#000000;">2021</font> Cash Incentive Program nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person.  To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-size:10pt;">2</font></a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="text-decoration:none;Background-color:#auto;">9.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">N</font><font style="text-decoration:underline;">o Rights to Awards</font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment among Participants. </font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The terms and conditions of Awards, if any, need not be the same with respect to each Participant. </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">10.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Compliance with Legal Requirements</font>.  The&#160;<font style="color:#000000;">2021</font> Cash Incentive Program&#160;and the granting of Awards shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">11.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Section 409A of the Internal Revenue Code</font>.  It is intended that payments under the&#160;<font style="color:#000000;">2021</font> Cash Incentive Program&#160;qualify as short-term deferrals exempt from the requirements of Section 409A of the Code.&#160; In the event that any Award does not qualify for treatment as an exempt short-term deferral, it is intended that such amount will be paid in a manner that satisfies the requirements of Section 409A of the Code.&#160; The&#160;<font style="color:#000000;">2021</font> Cash Incentive Program&#160;shall be interpreted and construed accordingly.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">12.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Amendment or Termination of the&#160;</font><font style="text-decoration:underline;color:#000000;">2021</font><font style="text-decoration:underline;"> Cash Incentive Program</font>.  The Compensation Committee may, at any time, amend, suspend or terminate the&#160;<font style="color:#000000;">2021</font> Cash Incentive Program,&#160;in whole or in part, and if suspended or terminated, may reinstate the 2021 Cash Incentive Program, in the Compensation Committee&#8217;s sole and absolute discretion.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">13.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;">Interpretation and Governing Law</font>.  The <font style="color:#000000;">2021</font> Cash Incentive Program shall be governed by and interpreted and construed in accordance with the internal laws of the State of Delaware, without reference to principles of conflicts or choices of laws.  In the event that the terms of the <font style="color:#000000;">2021</font> Cash Incentive Program are inconsistent with the terms of any written agreement between a Participant and the Company, the terms of such written agreement shall govern the Participant&#8217;s participation in the <font style="color:#000000;">2021 Cash</font> Incentive Program.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-size:10pt;">3</font></a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Schedule A</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Performance Objectives</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The cash bonus opportunity is based on the achievement of certain specified levels of financial performance of the Company, as well as an individual discretionary component.&nbsp;&nbsp;The performance objectives, as well as the weightings for each of the objectives, are set forth in the following table.  Each Participant&#8217;s cash incentive payment is subject to reduction (up to 35% of the total cash bonus opportunity) based on deterioration of the Company&#8217;s regulatory ratings or other negative regulatory findings</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:98.86%;">
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<td style="width:52.91%;"></td>
<td style="width:15.15%;"></td>
<td style="width:15.49%;"></td>
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</tr>
<tr>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Performance Objective</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighting for James F.  House</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighting for Thomas S. Elley</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighting for William C.  Mitchell</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consolidated pre-tax income</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consolidated pre-tax return on average assets (&#8220;ROAA&#8221;) </p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consolidated pre-tax return on average tangible equity (&#8220;ROATE&#8221;)</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loan growth in indirect lending (&#8220;Loan Growth&#8221;)</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discretionary Component<sup style="font-size:85%;line-height:120%;vertical-align:top">1</sup><sup style="font-size:85%;line-height:120%;vertical-align:top"></sup></p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; Total</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Potential reduction based on deterioration of the Company&#8217;s regulatory ratings or other regulatory findings</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(35.0%)</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(35.0%)</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(35.0%)</p></td>
</tr>
</table></div>
<div align="left"><table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:20%;"><tr><td style="width:20%;"></td></tr><tr><td valign="top"  style="border-bottom:Solid 1pt #000000;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;text-indent:0pt;font-size:8pt;">&nbsp;</p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0%;white-space:nowrap">
<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top">1</sup>&nbsp;</font></p></td>
<td valign="top" style="width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">Factors considered in determining the Discretionary Component may include, but are not limited to, contribution to the long-term profitability and growth of the Company, achievement of strategic projects or initiatives, commitment to integrity and the values of the Company, improvement in total shareholder return, successful expansion efforts, balance sheet management, gains on peer group comparisons, successful implementation of reorganization strategies and successful implementation of cost control strategies.</font></p></td></tr></table></div>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-size:10pt;">4</font></a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The individual threshold, target and maximum bonus opportunities for the Company&#8217;s executive officers participating in the 2021 Cash Incentive Program are as follows:</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:81.56%;">
<tr>
<td style="width:21.55%;"></td>
<td style="width:19.63%;"></td>
<td style="width:20.19%;"></td>
<td style="width:20.19%;"></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Threshold</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(% of Base Salary)</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Target</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(% of Base Salary)</p></td>
<td valign="top"  BGCOLOR="#244061" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Maximum</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#FFFFFF;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(% of Base Salary)</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">James F. House</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22.5%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67.5%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thomas S. Elley</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17.5%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52.5%</p></td>
</tr>
<tr>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">William C. Mitchell</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17.5%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35.0%</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52.5%</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under the 2021 Cash Incentive Program, the Company&#8217;s named executive officers will receive 100% of their target bonus opportunity if the Company&#8217;s final consolidated pre-tax income, ROAA, ROATE and Loan Growth for 2021 are 100% of the Company&#8217;s budgeted consolidated pre-tax income, ROAA, ROATE (for Messrs. House and Elley) and Loan Growth (for Mr. Mitchell) for the year, and if the named executive officers receive 100% of the Discretionary Component.&nbsp;&nbsp;The named executive officers will receive 50% of their target bonus opportunity if the Company achieves a threshold level of performance (approximately 70% of the Company&#8217;s budgeted consolidated pre-tax income, 70% of the Company&#8217;s budgeted ROAA, 70% of the Company&#8217;s budgeted ROATE (for Messrs. House and Elley), and 70% of the Company&#8217;s budgeted Loan Growth (for Mr. Mitchell)), and if the named executive officers receive 80% of the Discretionary Component.&nbsp;&nbsp;The named executive officers will receive 150% of their target bonus opportunity if the Company achieves a maximum level of performance (approximately 120% of the Company&#8217;s budgeted consolidated pre-tax income, 120% of the Company&#8217;s budgeted ROAA, 120% of the Company&#8217;s budgeted ROATE (for Messrs. House and Elley) and 120% of the Company&#8217;s budgeted Loan Growth (for Mr. Mitchell)), and if the named executive officers receive 120% of the Discretionary Component.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The performance objectives and relative weightings for the Company&#8217;s other executive officers &#8211; Eric H. Mabowitz, Executive Vice President, Chief Risk Officer, of the Bank, and Beverly J. Dozier, Vice President, Secretary and Assistant Treasurer of the Company and Senior Vice President, Corporate Secretary, Thomasville Market Executive, of the Bank &#8211; are identical to those for Mr. House and Mr. Elley.&nbsp;&nbsp;The individual threshold, target and maximum bonus opportunities for Mr. Mabowitz and Ms. Dozier are 15%, 30% and 45% of base salary, respectively.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Payouts between the threshold and maximum amounts will be calculated by the Compensation Committee using straight-line interpolation.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-size:10pt;">5</font></a></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>fusb-ex102_8.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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fusb-ex102_8.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AMENDED AND RESTATED</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CHANGE IN CONTROL AGREEMENT</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this &#8220;<font style="font-style:italic;">Agreement</font>&#8221;) is made as of the 22nd day of February, 2021 (the &#8220;<font style="font-style:italic;">Effective Date</font>&#8221;) by and among <font style="font-weight:bold;">William C. Mitchell</font> (the &#8220;<font style="font-style:italic;">Employee</font>&#8221;); <font style="font-weight:bold;">First US Bancshares, Inc.</font>, a Delaware corporation (&#8220;<font style="font-style:italic;">FUSB</font>&#8221;); <font style="font-weight:bold;">First US Bank</font>, an Alabama banking corporation (the &#8220;<font style="font-style:italic;">Bank</font>&#8221;); and <font style="font-weight:bold;">Acceptance Loan Company, Inc.</font>, an Alabama corporation (&#8220;<font style="font-style:italic;">ALC</font>&#8221;).  FUSB and the Bank are together referred to herein as the &#8220;<font style="font-style:italic;">Company</font>.&#8221; </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, the Employee previously served as the President and Chief Executive Officer of ALC; and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, while in the above-referenced position, the Employee entered into a Change in Control Agreement with FUSB and ALC, dated May 20, 2014 (the &#8220;</font><font style="font-style:italic;font-weight:normal;">Original Agreement</font><font style="font-weight:normal;">&#8221;); and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, effective January 1, 2020, the Employee was appointed Senior Executive Vice President, Consumer Lending, of the Bank (currently Senior Executive Vice President, Consumer Banking, of the Bank); and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, the parties hereto are entering into this Agreement to amend and restate the Original Agreement in order to update the Employee&#8217;s current status as an employee of the Bank, to clarify that any rights and obligations under this Agreement now belong to the Employee, FUSB and the Bank and to clarify that ALC shall have no further rights or obligations as may have been set forth in the Original Agreement, and to make certain corresponding changes; and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, following the execution of this Agreement by the parties hereto, the Original Agreement shall have no further force and effect; and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, capitalized terms used in this Agreement that are not otherwise defined herein have the meanings assigned in Section 19 below.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE,<font style="font-weight:normal;"> in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;">Severance </font>Benefits Upon Termination of Employment.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Payments</font>.&nbsp;&nbsp;If, during the Term (as defined in Section 12), the Employee either (1) experiences an involuntary Termination of Employment without Cause during the Post-Change in Control Period, or (2) voluntarily resigns effecting a Termination of Employment for Good Reason during the Post-Change in Control Period (each, a &#8220;<font style="font-style:italic;">Qualifying Termination of Employment</font>&#8221;), then the Employee will be entitled to:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(i)</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:11pt;color:#000000;">a one-time lump sum payment, within 60 days of the effective date of the Termination of Employment, in an amount equal to </font><font style="text-decoration:underline;font-size:11pt;color:#000000;">two hundred percent (200%)</font><font style="font-size:11pt;color:#000000;"> of Base Salary (the &#8220;</font><font style="font-style:italic;font-size:11pt;color:#000000;">Severance Benefit</font><font style="font-size:11pt;color:#000000;">&#8221;);</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:30.77%;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(ii)</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:11pt;color:#000000;">any Base Salary</font><font style="font-weight:bold;font-size:11pt;color:#000000;"> </font><font style="font-size:11pt;color:#000000;">that is accrued but unpaid, the value of any vacation that is accrued but unused (determined by dividing</font><font style="font-weight:bold;font-size:11pt;color:#000000;"> </font><font style="font-size:11pt;color:#000000;">Base Salary by 365 and multiplying such amount by the number of unused vacation days), and any business expenses that are unreimbursed, all as of the effective date of the Termination of </font></p></td></tr></table></div>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="font-size:11pt;color:#000000;">E</font><font style="font-size:11pt;color:#000000;">mployment</font><font style="font-size:11pt;color:#000000;"> and payable with the Company&#8217;s first regular payroll following the Termination of Emp</font><font style="font-size:11pt;color:#000000;">loyment</font><font style="font-size:11pt;color:#000000;">; and</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:30.77%;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(iii)</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:11pt;color:#000000;">any rights and benefits (if any) expressly provided to the Employee under plans and programs of the Company upon termination of employment, determined in accordance with the applicable terms and provisions of such plans and programs.&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Release Condition</font>.&nbsp;&nbsp;Notwithstanding any other provision of this Agreement to the contrary, as a condition of the Company&#8217;s payment of the Severance Benefit, the Employee must (i) execute a general release agreement in favor of the Company and its affiliates in such form as is acceptable to the Company within the 60-day period following the Termination of Employment (but prior to the payment of the Severance Benefit) and (ii) not timely revoke the general release agreement during any revocation period ending prior to the 60-day period pursuant to the terms of the general release agreement.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">No Section 280G Golden Parachute</font>.&nbsp;&nbsp;If, in the good faith determination of the Company or its independent certified public accountants (the &#8220;<font style="font-style:italic;">Accountants</font>&#8221;), the aggregate present value (determined as of the date of the Change in Control in accordance with the provisions of Section 280G of the Code) of both the Severance Benefit and any other payments to the Employee in the nature of compensation that are contingent on a change in ownership or effective control of FUSB or the Bank or in the ownership of a substantial portion of the assets of FUSB or the Bank (the &#8220;<font style="font-style:italic;">Aggregate Severance</font>&#8221;) would result in a &#8220;parachute payment,&#8221; as defined under Section 280G of the Code, then the Aggregate Severance shall be reduced (in accordance with Section 409A) to an amount no greater than an amount equal to 2.99 multiplied by Employee&#8217;s &#8220;base amount&#8221; for the &#8220;base period,&#8221; as those terms are defined under Section 280G of the Code.&nbsp;&nbsp;In the event that the Aggregate Severance is required to be reduced pursuant to this Section 1(c), the latest payments in time shall be reduced first, and if multiple portions of the Aggregate Severance to be reduced are paid at the same time, any non-cash payments will be reduced before any cash payments, and any remaining cash payments will be reduced pro rata.&nbsp;&nbsp;The amount and order of any reductions pursuant to this Section 1(c) will be determined in the reasonable discretion of the Company or, at the Company&#8217;s election, the Accountants.&nbsp;&nbsp;Neither the Company nor the Accountants will have any liability for actions taken in compliance with these provisions.&nbsp;&nbsp; </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:0pt;"></font>No Mitigation.&nbsp;&nbsp;<font style="font-weight:normal;">No amounts or benefits payable to the Employee hereunder shall be subject to mitigation or reduction by income or benefits that the Employee receives from other sources.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;">Taxes</font>.<font style="font-weight:normal;">&nbsp;&nbsp;All amounts payable and benefits provided hereunder shall be subject to any and all applicable taxes, as required by applicable federal, state, local and foreign laws and regulations. The Company may withhold such taxes in accordance with customary payroll practices.&nbsp;&nbsp;The Employee, and not the Company, shall be solely responsible for the payment when and as due of any and all taxes in connection with payments and benefits provided to the Employee by the Company, including, without limitation, all income taxes and any excise taxes that may be due, and no taxes shall be subject to payment or reimbursement by the Company.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4.<font style="margin-left:36pt;"></font>Restrictive Covenants.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Unauthorized Disclosure</font>.  During the period of the Employee&#8217;s employment with the Bank and for 3 years following any Termination of Employment, without the prior written consent of the Bank, except to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency, in which event the </p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> shall use the E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8217;s best efforts to consult with the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bank</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> prior to responding to </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such order or subpoena, and except as required in performance of the E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8217;s duties hereunder, the E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> shall not use for the benefit of, or disclose to, any Person other than the Company any documents or information, whether written or not, that co</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">me into his possession or knowledge during his course of employment with the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bank</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, including</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> without limitation</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> the identity, borrowing arrangements, financial and business conditions and goals and operations of customers of the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Company </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and the Company&#8217;s</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> business methods, business records, documentation, sales, services and techniques (collectively, &#8220;</font><font style="font-style:italic;">Confidential Information</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8221;), unless such Confidential Information has been previously disclosed to the public generally or is in the public domain, in each ca</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">se, other than by reason of the E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8217;s breach of this Section </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Competition</font>.&nbsp;&nbsp;During the period of the Employee&#8217;s employment with the Bank and for 2 years following a Qualifying Termination of Employment that results in the Employee being entitled to the Severance Benefit and other rights and benefits set forth in Section 1(a) of this Agreement, the Employee shall not (other than on behalf of the Bank), directly or indirectly, by or through any Person in any capacity (whether as a principal, employee, consultant, agent, lender, member, organizer or shareholder), (i) carry on or engage in the business of banking or any similar business (including, without limitation, any business that involves managing banks, accepting deposits and/or making, brokering, servicing or originating loans) in any County in the State of Alabama, Tennessee or Virginia in which the Bank or any of its subsidiaries has an office or branch at such time (the &#8220;<font style="font-style:italic;">Territory</font>&#8221;) or (ii) perform services for any bank, bank holding company, bank or bank holding company in organization, corporation or other Person that has a branch or office in, or conducts any banking or similar business in, the Territory.&nbsp;&nbsp;For the sake of clarity, following a Termination of Employment, the restrictive covenants in this Section 4(b) shall only apply under the circumstances described herein and shall not apply, for example, following any Termination of Employment before or after the Post-Change in Control Period or following a Termination of Employment at any time either (x) by the Bank with Cause or (y) by the Employee without Good Reason.<font style="margin-left:36pt;">&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Solicitation</font>.&nbsp;&nbsp;During the period of the Employee&#8217;s employment with the Bank and for 2 years following any Termination of Employment, the Employee shall not (other than on behalf of the Bank), directly or indirectly, for the Employee&#8217;s own account or for the account of any other Person (i) solicit, represent in any capacity (or otherwise be involved in any way), accept or transact any business with or from any Customers or prospective Customers that were Customers or prospective Customers at any time during the period within 3 years prior to the Termination of Employment, (ii) take any action reasonably likely to damage the business or prospects of the Bank, including, without limitation, inducing or attempting to induce or encourage any of such Customers or prospective Customers to withdraw or fail to renew any business with, or otherwise curtail, cancel or divert any business away from, the Bank, or (iii) solicit or hire (as an employee, independent contractor, consultant or otherwise) any person, or solicit or facilitate the employment (as an employee, independent contractor, consultant or otherwise) of any such person by another entity or person, who is employed or retained by the Bank or who was employed or retained by the Bank at any time during the period within 12 months prior to the Termination of Employment.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Return of Documents</font>. Upon the Termination of Employment, the Employee shall deliver to the Company (i) all property of the Company or any of its affiliates then in the Employee&#8217;s possession and (ii) all documents and data of any nature and in whatever medium of the Company or any of its affiliates, and the Employee shall not take with the Employee any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential Information.</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Disparagement</font>. The Employee will not, at any time during the period of the Employee&#8217;s employment with the Bank and for 2 years following any Termination of Employment, disparage the Bank or FUSB or any of their respective current, former or future directors, officers, management personnel or representatives.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(f)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Tolling</font>. If the Employee violates any of the provisions of Section 4(b) or (c) above, the period during which the covenants set forth therein shall apply shall be extended one day for each day in which a violation of such covenants occurs.&nbsp;&nbsp;The purpose of this provision is to prevent the Employee from profiting from his own wrong if he violates such covenants. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(g)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Acknowledgements</font>. The Employee acknowledges and agrees that he has and will have a prominent role in the development of the goodwill of the Bank and its affiliates, and has and will establish and develop relations and contacts with the principal business relationships of the Bank and its affiliates in the States in which the Bank operates and beyond, all of which constitute valuable goodwill of, and could be used by the Employee to compete unfairly with, the Bank and its affiliates.&nbsp;&nbsp;The Employee further acknowledges and agrees that (i) in the course of the Employee&#8217;s employment, the Employee will obtain confidential and proprietary information and trade secrets concerning the business and operations of the Bank and its affiliates that could be used to compete unfairly with the Bank and its affiliates; (ii) the covenants and restrictions contained in this Section 4 are intended to protect the legitimate interests of the Bank and its affiliates and their respective goodwill, trade secrets and other confidential and proprietary information; (iii) the Employee desires to be bound by such covenants and restrictions; and (iv) the covenants in this Section 4 are reasonable with respect to their duration, geographical area and scope.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(h)<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Remedies</font>. The Employee acknowledges and agrees that the covenants, obligations and agreements of the Employee contained in this Section 4 relate to special, unique and extraordinary matters and that a material violation of any of the terms of such covenants, obligations or agreements will cause the Bank and its affiliates irreparable injury for which adequate remedies are not available at law.  Therefore, the Employee agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) to restrain the Employee from committing any violation of such covenants, obligations or agreements.  These injunctive remedies are cumulative and in addition to any other rights and remedies that the Company and its affiliates may have.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">5.<font style="margin-left:36pt;">Terminable At Will Employment.&nbsp;&nbsp;</font><font style="font-weight:normal;">Nothing herein shall entitle the Employee to continued employment with the Bank, FUSB or any of their respective affiliates or to continued tenure in any specific office or position.&nbsp;&nbsp;The Employee&#8217;s employment with the Bank shall be terminable at the will of the Bank, with or without Cause, subject to the terms of any other written agreement as may be in effect between the parties.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">6.<font style="margin-left:36pt;">Assignment.</font><font style="font-weight:normal;">&nbsp;&nbsp;The rights and obligations of the Company under this Agreement shall inure to the benefit of, and be binding upon, the Company&#8217;s successors and assigns.&nbsp;&nbsp;This Agreement may be assigned by the Company to any legal successor or to an entity that purchases all or substantially all of the assets of the Company, provided that the assignee assumes the obligations of the Company under this Agreement.  In the event of any assignment of this Agreement permitted by this Section 6, the terms &#8220;FUSB,&#8221; &#8220;Bank,&#8221; and &#8220;Company&#8221; as defined herein will refer to the assignee(s), and the Employee will not be deemed to have terminated employment hereunder until the Employee terminates employment from the applicable assignee(s).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.9%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">7.<font style="margin-left:36pt;">Notice.</font><font style="font-weight:normal;">&nbsp;&nbsp;All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed given to a party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the to the Employee at the last address or facsimile number on file with the Company or, in the case of the Company, to the President and Chief Executive Officer of FUSB at FUSB&#8217;s principal offices.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">8.<font style="margin-left:36pt;">Headings. </font><font style="font-weight:normal;"> Sections or other headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">9.<font style="margin-left:36pt;">Entire Agreement.</font><font style="font-weight:normal;">&nbsp;&nbsp;This Agreement contains the entire understanding of the parties with respect to the subject matter hereof.&nbsp;&nbsp;All prior understandings and agreements relating to the subject matter of this Agreement are hereby expressly terminated; provided, however, that the restrictive covenants and other provisions in Section 4 of this Agreement are in addition to, and shall not supersede or terminate, any restrictive covenant contained in any other agreement between the Employee and FUSB and/or the Bank entered into on or prior to the Effective Date.&nbsp;&nbsp;In addition, any payments that otherwise may become due to the Employee under any generally applicable severance plan or similar policy pursuant to which the Employee is or may become eligible for benefits, which plan or policy does not provide for payments of nonqualified deferred compensation, as contemplated by Code Section 409A, shall be reduced by the amount of the Severance Benefit that becomes payable pursuant to this Agreement.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.95%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">10.<font style="margin-left:36pt;">Severability.</font><font style="font-weight:normal;">&nbsp;&nbsp;If any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.&nbsp;&nbsp;The Employee and the Company agree that the covenants contained in Section 4 hereof are reasonable covenants under the circumstances, and further agree that if, in the opinion of any court of competent jurisdiction, such covenants are not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of these covenants that the court deems not to be reasonable and to enforce the remainder of these covenants as so amended.&nbsp;&nbsp;The parties agree that the scope of this Agreement is intended to extend to the Company the maximum protection permitted by law.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.95%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.95%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">11.<font style="margin-left:36pt;"></font>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.<font style="font-weight:normal;">  This Agreement shall be governed in all respects, including as to interpretation, substantive effect and enforceability, by the internal laws of the State of Alabama, without regard to conflicts of laws provisions thereof that would require application of the laws of another jurisdiction, other than those that mandatorily apply.&nbsp;&nbsp;Each party hereby irrevocably submits to the jurisdiction of the state courts sitting in Jefferson County, Alabama, and the federal courts of the United States located in the Northern District of Alabama, solely in respect of the interpretation and enforcement of the provisions of this Agreement and in respect of the transactions contemplated hereby.&nbsp;&nbsp;Each party hereby waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, or in respect of any such transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts.&nbsp;&nbsp;Each party hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agrees that the mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 7, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.&nbsp;&nbsp;Each party acknowledges and agrees that any controversy that may arise under this Agreement is likely to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right that such party may have to a trial by jury in respect of any litigation directly or indirectly </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;">ari</font><font style="font-weight:normal;">sing out of or relating to this Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated by this Agreement. </font><font style="font-weight:normal;"> </font><font style="font-weight:normal;">Each party certifies and acknowledges that (</font><font style="font-weight:normal;">a</font><font style="font-weight:normal;">) no representative, agent or attorney of any other </font><font style="font-weight:normal;">party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver; (</font><font style="font-weight:normal;">b</font><font style="font-weight:normal;">) each such party understands and has considered the implications of this waiver; (</font><font style="font-weight:normal;">c</font><font style="font-weight:normal;">) each such party makes </font><font style="font-weight:normal;">this waiver voluntarily; and (</font><font style="font-weight:normal;">d</font><font style="font-weight:normal;">) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 1</font><font style="font-weight:normal;">1</font><font style="font-weight:normal;">.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.95%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">12.<font style="margin-left:36pt;">Term.</font><font style="font-weight:normal;">&nbsp;&nbsp;The term of this Agreement (the &#8220;</font><font style="font-style:italic;font-weight:normal;">Term</font><font style="font-weight:normal;">&#8221;) shall become effective as of the Effective Date and shall remain in effect until the earliest of:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;">the Employee&#8217;s Termination of Employment, regardless of the manner in which it was effected, prior to the effective date of a Change in Control; </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;">the conclusion of the </font>Post-Change in Control Period, provided there has been no Qualifying Termination of Employment prior thereto;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;">a termination pursuant to Section 13; </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;">the expiration date specified in a written notice (the &#8220;</font><font style="font-style:italic;">Expiration Notice</font>&#8221;) provided to the Employee by the Company; provided, however, that such expiration date must be at least 90 days following the date of the Expiration Notice; provided, further, that the Company may not provide an Expiration Notice following, or in anticipation of, a Change in Control; or </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.99%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:36pt;">the date on which all amounts that may be payable to the Employee pursuant to Section 1 have been paid in connection with a Qualifying Termination of Employment.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">13.<font style="margin-left:36pt;"></font>Amendment; Termination.&nbsp;&nbsp;<font style="font-weight:normal;">This Agreement may not be modified, amended, supplemented or terminated except by a written agreement between the Company and the Employee. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.9%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">14.<font style="margin-left:36pt;"></font>Survival.&nbsp;&nbsp;<font style="font-weight:normal;">Except as specifically provided in another Section of this Agreement, the provisions of Sections 2 through 19 of this Agreement shall survive the expiration of the Term or any other termination of this Agreement.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.9%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.91%;"><font style="font-weight:bold;">15.</font><font style="font-weight:bold;margin-left:37pt;"></font><font style="font-weight:bold;">Section 409A.</font>  The parties intend that any amounts payable hereunder comply with or are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (&#8220;<font style="font-style:italic;">Section 409A</font>&#8221;) (including under Treasury Regulation &#167;&#167; 1.409A-1(b)(4) (&#8220;short-term deferrals&#8221;) and (b)(9) (&#8220;separation pay plans,&#8221; including the exceptions under subparagraph (iii) and subparagraph (v)(D)) and other applicable provisions of Treasury Regulation &#167;&#167; 1.409A-1 through A-6).&nbsp;&nbsp;Notwithstanding any provision of this Agreement to the contrary, if the Employee is a &#8220;specified employee&#8221; within the meaning of Section 409A, any amounts under this Agreement that are &#8220;deferred compensation&#8221; within the meaning of Section 409A shall not be made before the date that is six (6) months after the date of the Termination of Employment, or if earlier, his date of death.&nbsp;&nbsp;For purposes of Section 409A, each of the payments that may be made under this Agreement shall be deemed to be a separate payment for purposes of Section 409A.  This Agreement shall be administered, interpreted and construed in a manner that does not result in the imposition of additional taxes, penalties or interest under Section 409A.  The Company and the Employee agree to negotiate in good faith to make amendments to this Agreement, as the parties mutually agree are necessary or desirable to avoid the imposition of taxes, penalties or interest under Section 409A.  Notwithstanding the foregoing, the Company does not guarantee any particular tax effect, and the Employee shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of the Employee in connection with this Agreement (including any </p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">taxes, penalties and interest under Section 409A), and neither the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Company </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">nor any of its affiliates shall have any obligation to indemnify or otherwise hold the E</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mployee</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (or any beneficiary) harmless from any or all of such taxes, penalties or inter</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">est.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">16.<font style="margin-left:36pt;"></font>Regulatory Matters.<font style="font-weight:normal;">&nbsp;&nbsp;The Company&#8217;s obligations under this Agreement are subject to the orders, rules and regulations of the federal and state banking regulators as may be in effect from time to time, including, without limitation, FDIC regulations governing &#8220;golden parachute payments&#8221; set forth at 12 CFR Part 359.&nbsp;&nbsp;If the Company is prevented from discharging its obligations hereunder as a result of any such orders, rules or regulations, the Company shall be released from its obligations and shall not be deemed to have breached this Agreement, to that extent.&nbsp;&nbsp;The Company shall have no obligation to petition the FDIC (and/or other regulatory agency having jurisdiction over the Company) for permission to treat any payments as &#8220;permissible golden parachute payments.&#8221;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">17.<font style="margin-left:36pt;">Clawbac</font>k.&nbsp;&nbsp;<font style="font-weight:normal;">Notwithstanding any other provisions in this Agreement to the contrary (but subject to compliance with Section 409A, as applicable), any compensation paid to the Employee pursuant to this Agreement or any other agreement or arrangement with the Company that is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such deduction and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company to the extent that it implements the requirements of any such law, government regulation or stock exchange listing requirement).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">18.<font style="margin-left:36pt;"></font>Counterparts.<font style="font-weight:normal;">  This Agreement may be executed by facsimile, electronically transmitted signature and/or by &#8220;PDF,&#8221; and in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">19.<font style="margin-left:36pt;">Definitions.&nbsp;&nbsp;</font><font style="font-weight:normal;">For purposes of this Agreement, the following terms and conditions shall have the meanings set forth in this Section 19:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.84%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(a)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Base Salary</font><font style="color:#000000;">&#8221; means the Employee&#8217;s annual base</font><font style="font-weight:bold;color:#000000;"> </font><font style="color:#000000;">salary with the Bank in effect as of the effective date of the Termination of Employment.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(b)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Beneficial Owner</font><font style="color:#000000;">&#8221; shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(c)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Board</font><font style="color:#000000;">&#8221; means the board of directors of FUSB. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(d)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Cause</font><font style="color:#000000;">&#8221; shall be determined by the Board in the exercise of good faith and reasonable judgment and shall mean (i) failure of the Employee to perform his duties or responsibilities or to follow the lawful and reasonable direction of the Board or the Company&#8217;s senior management, as the case may be; (ii) the Employee&#8217;s material violation of the written policies or procedures of the Company or its affiliates; (iii) the Employee&#8217;s engaging in fraud, willful misconduct, dishonesty or any other knowing or willful conduct that has caused or is reasonably expected to result in material injury or reputational harm to the Company or any of its affiliates; (iv) any breach by the Employee of any fiduciary duty owed to the Company any of its affiliates; (v) the Employee&#8217;s commission of, or entering a plea of guilty or nolo contendere to, (A) a crime that constitutes a felony in the jurisdiction involved or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (vi) any material breach by the Employee of any of his obligations under this Agreement or under any other written agreement or covenant with the Company or any of its affiliates; (vii) the Employee&#8217;s misappropriation, theft or embezzlement of funds or property; (viii) the Employee&#8217;s insubordination or gross negligence in connection with </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="color:#000000;">his employment or the performance of his duties; (ix) the E</font><font style="color:#000000;">mployee</font><font style="color:#000000;">&#8217;s knowing or intent</font><font style="color:#000000;">ional failure or unwillingness to cooperate with any internal investigation or investigation by regulatory or law enforcement authorities, or knowing or intentional destruction or failure to preserve documents or other materials relevant to such investigat</font><font style="color:#000000;">ion, or the knowing or intentional inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation; or (x) the E</font><font style="color:#000000;">mployee&#8217;</font><font style="color:#000000;">s violation of federal or state banking laws or suspension or removal by any </font><font style="color:#000000;">federal or state banking regulator.&nbsp;&nbsp;Except in the event of a failure, violation or breach </font><font style="color:#000000;">that</font><font style="color:#000000;">, by its nature, cannot reasonably be expected to be cured, if a termination for Cause is based on items (i), (ii) or (vi) above, the Board shall not make any su</font><font style="color:#000000;">ch determination without first providing the E</font><font style="color:#000000;">mployee</font><font style="color:#000000;"> with a written notice of the reason(s) that the Board believes Cause exists and giving the E</font><font style="color:#000000;">mployee a reasonable period </font><font style="color:#000000;">within which to cure or to take substantial steps to cure or remediate the results</font><font style="color:#000000;"> or actions underlying or constituting Cause. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(e)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">For purposes of this Agreement, a &#8220;</font><font style="font-style:italic;color:#000000;">Change in Control</font><font style="color:#000000;">&#8221; shall be deemed to have occurred as of the first day that any one or more of the following conditions has been satisfied after the Effective Date:</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)<font style="margin-left:36pt;"></font>any Person (other than (A) those Persons in control of FUSB as of the Effective Date, (B) a trustee or other fiduciary holding securities under an employee benefit plan of FUSB or (C) a corporation or holding company owned directly or indirectly by the shareholders of FUSB in substantially the same proportions as their ownership of stock of FUSB) becomes the Beneficial Owner of securities of the Company representing more than 50% of the combined voting power of FUSB&#8217;s then outstanding securities;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)<font style="margin-left:36pt;">cons</font>ummation of the sale or disposition of all or substantially all of the assets of FUSB; or</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(iii)<font style="margin-left:36pt;">consummation of a merger, consolidation or reorganization of </font>FUSB with or involving any other corporation, other than a merger, consolidation or reorganization that results in the voting securities of FUSB outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) greater than 50% of the combined voting power of the voting securities of FUSB (or the surviving entity, or an entity that as a result of such transaction owns FUSB or other surviving entity or all or substantially all of FUSB&#8217;s assets either directly or through one or more subsidiaries) outstanding immediately after such merger, consolidation or reorganization. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;letter-spacing:-0.1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notwithstanding the foregoing, no Change in Control shall be deemed to have occurred for purposes of this Agreement by reason of any actions or events in which the Employee participates in a capacity other than in the Employee&#8217;s capacity as an employee or director of FUSB, the Bank or any affiliate or as a shareholder of FUSB.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(f)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Code</font><font style="color:#000000;">&#8221; means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(g)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Customers</font><font style="color:#000000;">&#8221; shall include, without limitation, any and all customers, clients, depositors and borrowers of the Bank or any of its subsidiaries or&nbsp;&nbsp;affiliates.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(h)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Exchange Act</font><font style="color:#000000;">&#8221; means the Securities Exchange Act of 1934, as amended. </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(i)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Good Reason</font><font style="color:#000000;">&#8221; means, with respect to a resignation by the Employee, any one of the following events arising after the Effective Date, but only if (i) such event occurs without the Employee&#8217;s prior written consent; (ii) such event is not cured within 30 days after the Employee gives written notice to the Company describing such event in detail and demanding cure; (iii) such cure notice is given within 90 days after the Employee learns of the occurrence of such event; and (iv) the Termination of Employment occurs within 10 days after the expiration of any cure right: (A) an assignment of duties to the Employee that are materially inconsistent with and demonstrably inferior to the Employee&#8217;s position as it existed immediately prior to the Post-Change in Control Period, or (B) a material decrease in the Employee&#8217;s annual base salary rate, or (C) a material breach of this Agreement by the Company.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(j)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Person</font><font style="color:#000000;">&#8221; shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a &#8220;group&#8221; as defined in Section 13(d).</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(k)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Post-Change in Control Period</font><font style="color:#000000;">&#8221; means the last day of the eighteenth (18<sup style="font-size:85%;line-height:120%;vertical-align:top">th</sup>) calendar month immediately following the calendar month containing the effective date of a Change in Control.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(l)</font><font style="font-size:12pt;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">&#8220;</font><font style="font-style:italic;color:#000000;">Termination of Employment</font><font style="color:#000000;">&#8221; means a termination of the Employee&#8217;s employment with the Bank, FUSB, and all affiliated companies that, together with the Bank and FUSB, constitute the &#8220;service recipient&#8221; within the meaning of Code Section 409A and the regulations thereunder, which termination constitutes a &#8220;separation from service&#8221; within the meaning of Code Section 409A.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(signature page follows)</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date and year first above written.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FIRST US BANCSHARES, INC.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;"> /s/ Andrew C. Bearden, Jr.</font><font style="text-decoration:underline;margin-left:36pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name: Andrew C. Bearden, Jr.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title: Vice Chairman of the Board of Directors</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FIRST US BANK</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;"> /s/ Andrew C. Bearden, Jr.</font><font style="text-decoration:underline;margin-left:36pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name: Andrew C. Bearden, Jr.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title: Vice Chairman of the Board of Directors</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ACCEPTANCE LOAN COMPANY, INC.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;"> /s/ Helen Thrash</font><font style="text-decoration:underline;margin-left:36pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name: Helen Thrash</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title: President/CEO</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EMPLOYEE:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">/s/ William C. Mitchell</font><font style="text-decoration:underline;margin-left:36pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">William C. Mitchell</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p></body>
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