FORM OF
RESTRICTED STOCK AGREEMENT
PURSUANT TO THE
COMMUNITY FIRST BANK
2005 RESTRICTED STOCK PLAN
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FOR OFFICERS AND EMPLOYEES
This Agreement shall constitute an award of Restricted Stock ("Award") for
a total of _______ shares of Common Stock of Community First Bancorp, Inc. (the
"Corporation"), which is hereby granted to ____________________ (the
"Participant") at the price determined as provided herein, and in all respects
subject to the terms, definitions and provisions of the Community First Bank
2005 Restricted Stock Plan (the "Plan") adopted by Community First Bank
(the"Bank") which is incorporated by reference herein, receipt of which is
hereby acknowledged.
1. PURCHASE PRICE. The purchase price for each share of Common Stock
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awarded by this Agreement is $0.00.
2. VESTING OF PLAN AWARDS. The Award of such Common Stock shall be deemed
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earned and non-forfeitable in accordance with the provisions of the Plan,
provided the holder of such Award is an employee, director or director emeritus
of the Bank as of such date, as follows:
(a) SCHEDULE OF VESTING OF AWARDS.
Number Percentage of Total Shares
of Awarded Which Are
Date Shares Non-forfeitable
---- ------ ---------------
Upon Grant 0 0%
As of May 19, 2006............... 416 20%
As of May 19, 2007............... 416 40%
As of May 19, 2008............... 416 60%
As of May 19, 2009............... 417 80%
As of May 19, 2010............... 417 100%
(b) RESTRICTIONS ON AWARDS. This Award may not be delivered to the
recipient if the issuance of the Shares pursuant to the Award would constitute a
violation of any applicable federal or state securities or other law or valid
regulation. As a condition to the Participant's receipt of this Award, the Bank
may require the person receiving this Award to make any representation and
warranty to the Bank as may be required by any applicable law or regulation.
3. NON-TRANSFERABILITY OF AWARD. This Award may not be transferred in any
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manner prior to such Award, or portion thereof, being deemed earned and
non-forfeitable. Notwithstanding anything herein or in the Plan to the contrary,
all Shares subject to an Award held by a Participant whose employment or service
with the Bank or the Corporation terminates due to death shall be deemed 100%
earned and non-forfeitable as of the Participant's last date of employment or
service with the Corporation or the Bank and shall be distributed as soon as
practicable thereafter to the Beneficiary as set forth in accordance with the
Plan.
4. OTHER RESTRICTIONS ON AWARD. This Award shall be subject to such other
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restrictions and limitations as are contained in the Plan or as determined by
the Plan Committee administering such Plan. Such Award shall be immediately 100%
earned and non-forfeitable upon death or Disability (as determined by the Plan
Committee) of the Participant or upon a Change in Control of the Corporation or
the Bank.
Community First Bank
Date of Grant: May 19, 2005 By: ____________________________
Attest:
________________________________
[SEAL]
PARTICIPANT ACKNOWLEDGEMENT
________________________________ ______________________________
PARTICIPANT DATE
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