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Exhibit 10.1
TRANSCOMMUNITY FINANCIAL
COPRPORATION
Restricted Stock Award
Agreement
THIS
AGREEMENT dated as of the ____ day of ___________ 2007, between
TRANSCOMMUNITY FINANCIAL CORPORATION , a Virginia
corporation (the “Corporation”), and ________________
(“Participant”), is made pursuant and subject to the
provisions of the TransCommunity Financial Corporation 2007 Equity
Compensation Plan (the “Plan”). All terms used
herein that are defined in the Plan have the same meaning given
them in the Plan.
1.
Award
of Stock . Pursuant to the Plan, the Corporation, on
_________ __, 2007 (the “Award Date”), granted
Participant [number of shares] shares of Common Stock
(“Restricted Stock”), subject to the terms and
conditions of the Plan and subject further to the terms and
conditions set forth herein.
2.
Restrictions . Except as provided in this
Agreement, the Restricted Stock is nontransferable and is subject
to a substantial risk of forfeiture.
3.
Vesting . Participant’s interest in the
shares of Restricted Stock shall be transferable and nonforfeitable
(“Vested”) as shown in the following schedules:
(a)
With
respect to fifty percent (50%) of the Restricted Stock (_____
shares):
Date
Percentage
March 1, 2008
20%
March 1, 2009
20%
March 1, 2010
60%
(b)
With
respect to the remaining fifty percent (50%) of the Restricted
Stock (__________ shares), on March 1, 2010 if Net Income (on a
pre-tax basis) for the Corporation’s 2009 fiscal year equals
or exceeds $3.0 million.
(c)
Any
shares that have not been previously become Vested or forfeited,
shall become Vested as of the date of a Change in Control.
4.
Forfeiture . All shares of Restricted Stock
that are not then Vested shall be forfeited if Participant’s
employment with the Corporation or a Subsidiary terminates prior to
the date such shares have become Vested pursuant to Section 3.
5.
Shareholder Rights . Participant will have all
the rights of a shareholder of the Corporation with respect to the
Restricted Stock, including the right to receive dividends on and
to vote the Restricted Stock; provided, however, that (i)
Participant may not sell, transfer, pledge, exchange, hypothecate
or otherwise dispose o
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