Deferred Compensation Agreement of Tracy L. Keegan



 Exhibit 10.20 
 DEFERRED COMPENSATION AGREEMENT 
 THIS
DEFERRED COMPENSATION AGREEMENT (“Agreement”) has been entered into on this 21st day of December, 2008, by and between Bank of Florida
Corporation (“Company”) and Tracy L. Keegan (“Executive”). 
 WHEREAS, the Company considers the undersigned
Executive to be important to meeting its short and long-term objectives; and 
 WHEREAS, Executive desires to be eligible to receive
retirement benefits under the Company’s Deferred Compensation Plan dated November 19, 2008 (the “Plan”); 
 NOW,
THEREFORE, in consideration of the obligations set forth herein and the Plan (which is incorporated and made part of this Agreement by reference) and valuable consideration (the receipt and sufficiency of which are acknowledged), the Company and
Executive covenant and agree to the following. 
 ARTICLE 1 – DEFINITIONS 
 Section 1.1 Capitalized Terms. The capitalized terms used herein have the same meaning as defined in the Plan, and such
definitions are hereby adopted and made part of this Agreement. 
 Section 1.2 Party. For purposes of this
Agreement, “Party” or “Parties” are references to the Company and Executive first named above, and their successors or beneficiaries. 
 Section 1.3 Litigation Costs. In the event that any claim or controversy hereunder is the subject of any litigation or mediation between the Parties, the prevailing Party shall be entitled to
an award of all reasonable costs, including attorneys’ fees. 
 ARTICLE 2 – CONDITIONS FOR LIFETIME BENEFIT 
 Section 2.1 General. The payment of benefits to Executive is conditioned upon the continuous employment of Executive with the
Company until the Normal Retirement Date, Early Retirement Date, or Executive’s Disability, and upon the Executive’s compliance with the terms of this Agreement. If the Executive develops a Disability, and a cessation of such Disability
shall subsequently occur, then the payment of Annual Benefits hereunder shall be conditioned upon the Executive’s return to the employ of the Company and continuous employ thereafter until the Normal Retirement Date, Early Retirement Date, or a
subsequent Disability of the Executive, and upon the Executive’s compliance with the terms of this Agreement. 
 Section 2.2
Executive Cooperation. Executive agrees to cooperate with the Company in implementing this Agreement and agrees to answer any questions submitted by the Company (or any person designated by the Company for such purposes) regarding
his (her) finances, health, background or any matter related thereto, in a truthful and accurate manner. In the event that any material misrepresentation is made by the Executive in connection therewith, no benefit under this Agreement shall be
payable. 
  

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 ARTICLE 3 – LIFETIME BENEFITS 
 Section 3.1 Retirement Benefit. Executive has been granted a retirement benefit of fifty percent (50%) of his (her)
annual base salary as defined under Subsection 2.1.1 of the Plan. 
 ARTICLE 4 – VESTING 
 Section 4.1 Vesting. In conjunction with the Initial Vesting Period provisions of the Plan, the remainder of
Executive’s retirement benefit will vest five percent (5%) per year until it is fully vested as set forth in Exhibit B attached hereto and incorporated by reference. 
 Section 4.2 Acceleration of Vesting. In the event of a Change in Control, as defined under Section 1.1.3 of the Plan,
Executive’s retirement benefit will become 100% vested. 
 ARTICLE 5 – REMEDIES FOR BREACH 
 Section 5.1 Arbitration. The parties agree that any controversy or claim arising out of or relating to this Agreement, or any
breach thereof, including, without limitation, any claim that this Agreement or any portion thereof is invalid, illegal or otherwise voidable, shall be submitted to binding arbitration before and in accordance with the Rules of the American
Arbitration Association. Judgment upon the determination and/or award of such arbitrator may be entered in any court having jurisdiction thereof; provided, however, that this clause shall not be construed to permit the award of punitive damages to
either Party. The prevailing Party to said arbitration shall be entitled to an award of reasonable attorneys’ fees. The venue for arbitration shall be in Collier County, Florida. 
 ARTICLE 6 – MISCELLANEOUS 
 Section 6.1 Amendment of
Agreement. This Agreement may not be modified or amended except in writing singed by the Company and Executive. 
 Section 6.2 Notices. Any notices under this Agreement shall be written and shall be deemed delivered when actually received, or three (3) days after they have been deposited with a certified national delivery
carrier with delivery confirmation. A copy of any notice of breach or termination of this Agreement shall be delivered to the attention of the Company’s Senior Executive Vice President/Chief Administrative Officer (“CAO”) at the same
address. For convenience, the Parties may correspond via email at addresses mutually designated from time to time by the Parties. 
 All
required notices hereunder, shall be in writing and sent as follows: 
 Notices to the Company shall be addressed to: 
 John B. James, Chief Administrative Officer 
 1185 Immokalee Road 
 Suite 300 
 Naples, Florida 34110 
  

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 Notices to Executive shall be addressed to: 
 Tracy L. Keegan 
 28610 Altessa Way

 Unit 102 
 Bonita Springs,
Florida 34135 
 Section 6.3 Headings for Reference Only. The headings of the Articles and the Sections
herein are included solely for convenient reference and shall not control the meaning of the interpretation of any of the provisions of this Agreement. 
 Section 6.4 Disputes. Any disputes regarding the interpretation of this Agreement and the Plan shall be resolved as provided under Article 6 of the Plan. 

 Section 6.5 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of
the State of Florida and any federal laws that are applicable to a non-qualified plan as defined by the Internal Revenue Code of 1986, as amended. 
 Section 6.6 Severability. If any of the provisions of this Agreement shall be held invalid for any reason, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect in
accordance with the remainder of its terms. 
 Section 6.7 Entire Agreement. This Agreement, the Plan, and all
other documents incorporated or referred to herein, contain the entire agreement of the Parties and there are no representations, inducements or other provisions other than those expressed in writing herein. 
 Section 6.8 Waiver. A Party’s waiver of the other Party’s breach of any provision of this Agreement, shall not
operate, or be construed, as a waiver of any subsequent breach of that provision or of any other provision of this Agreement. No course of conduct by the Company or Executive, nor any delay or omission of the Company or Executive to exercise any
right or power given under this Agreement shall: (i) impair the subsequent exercise of any right or power; or (ii) be construed to be a waiver of any default or any acquiescence in, or consent to, the curing of any default while any other
default shall continue to exist, or be construed to be a waiver of such continuing default or of any other right or power that shall theretofore have arisen. Any power and/or remedy granted by law or by this Agreement to any Party hereto may be
exercised from time to time, and as often as may be deemed expedient. All such rights and powers shall be cumulative to the fullest extent permitted by law. 
 Section 6.9 Recitals. The recitals set forth at the beginning of this Agreement shall be deemed to be incorporated into this Agreement by this reference as if fully set forth herein, and this
Agreement shall be interpreted with reference to and in light of such recitals. 
  

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 IN WITNESS WHEREOF, the Company, through its duly authorized officer, and Executive have executed
this Agreement on the date first written above. 
  

									
	EXECUTIVE	 		 	BANK OF FLORIDA CORPORATION
					
	By:	 	 /s/ Tracy L. Keegan
	 		 	By:	 	 /s/ Michael T. Putziger

					
	Name:	 	 Tracy L. Keegan
	 		 	Name:	 	 Michael T. Putziger

					
	Title:	 	 Chief Financial Officer
	 		 	Title:	 	 Chairman of the Board


  

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 EXHIBIT “B” 
 ANNUAL BENEFIT 
  

				
	 Year of Retirement
	  	Vested Percentage	 
	2008	  	0	%
		
	2009	  	0	%
		
	2010	  	0	%
		
	2011	  	0	%
		
	2012	  	0	%
		
	2013	  	50	%
		
	2014	  	55	%
		
	2015	  	60	%
		
	2016	  	65	%
		
	2017	  	70	%
		
	2018	  	75	%
		
	2019	  	80	%
		
	2020	  	85	%
		
	2021	  	90	%
		
	2022	  	95	%
		
	2023	  	100	%