FIRST BANKSHARES, INC.
EMPLOYEE STOCK OPTION AGREEMENT
THIS AGREEMENT made and entered into as of the day of , 200 , between First Bankshares, Inc., a Virginia
corporation, (hereinafter called the “Company”) and , (hereinafter called the “Employee”);
WHEREAS, the Company has determined that it is in the best interests of the Company to provide an incentive to
Employee to acquire a proprietary interest in the Company and, as a stockholder, to share in its success, thus creating an added
incentive for each Employee to counsel and consult effectively for the Company and in the Company’s interest;
WHEREAS, the Company maintains the First Bankshares, Inc. Stock Option Plan, (hereinafter the “Plan”);
WHEREAS, participation in the Plan is effected by an award of the Board of Directors and the execution of this Stock
Option Agreement (the “Agreement”).
NOW, THEREFORE, in consideration of the mutual covenants hereafter set forth and for other good and valuable
consideration, the parties hereby agree as follows:
GRANT OF OPTION
The Company hereby grants to Employee, as of , 200 , as a matter of this separate Agreement and not in lieu
of any other compensation, the right and option (hereafter called the “Option”,) to purchase whole shares of authorized,
but unissued, common stock of the Company, on the terms and conditions herein set forth. The Option granted hereunder shall
be exercisable by Employee, subject to all terms and conditions set forth in the Plan and this Agreement. The Option is intended
by the parties hereto to be, and shall be treated as, an incentive stock option (as such term is defined under Section 422 of the
Internal Revenue Code of 1986).
PRICE OF OPTION SHARES
The purchase price of the shares of common stock subject to this Option shall be and Dollars (__DOCTEXT__nbsp; ) per