Document:

Exhibit 4.2

         

        FLORIDIAN FINANCIAL GROUP, INC.

         

        2008 Stock Option Plan

         

        
            	
                        SECTION 1.

                    	
                        BACKGROUND AND PURPOSE

                    

        

         

                  The name of this Plan is the Floridian Financial Group, Inc. 2008 Stock Option Plan. The purpose of this Plan is to promote the interests of Floridian and its Subsidiaries through grants to Employees, Directors, and Consultants of Options to purchase Stock, in order (1) to attract and retain Employees, Directors, and
        Consultants, (2) to provide an additional incentive to Option recipients to work to increase the value of Stock and (3) to provide Option recipients with a stake in the future of Floridian which corresponds to the stake of each of Floridian’s shareholders.

         

        
            	
                        SECTION 2.

                    	
                        DEFINITIONS

                    

        

         

                  Each term set forth in this Section 2 shall have the meaning set forth opposite such term for purposes of this Plan and, for purposes of such definitions, the singular shall include the plural and the plural shall include the singular.

         

                  2.1        Assumed Plans - collectively means all stock option plans assumed by Floridian after the effective date of this Plan in connection with any acquisition by Floridian of any entity after the effective date of this Plan.

         

                  2.2.       Board - means the Board of Directors of Floridian.

         

                  2.3.       Change in Control - means a change in control of Floridian of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act as in effect at the time of
        such “change in control,” provided that such a change in control shall be deemed to have occurred at such time as (i) any “person” (as that term is used in Sections 13(d) and 14(d) (2) of the Exchange Act), is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of securities representing 50% or more of the combined voting power for election of directors of the then outstanding securities of Floridian or any
        successor of Floridian; (ii) during any period of two consecutive years or less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute at least a majority of the Board, unless the election or nomination for election of each new director was approved by the directors then still in office who were directors at the beginning of the period; (iii) the shareholders of Floridian approve any reorganization, merger, consolidation or share
        exchange as a result of which the common stock of Floridian shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of Floridian) or any dissolution or liquidation of Floridian or any sale or the disposition of 50% or more of the assets or business of Floridian; or (iv) the shareholders of Floridian approve any reorganization, merger, consolidation or share exchange unless (A) the persons who were the
        beneficial owners of the outstanding shares of the common stock of Floridian immediately before the consummation of such transaction beneficially own more than 50% of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction and (B) the number of shares of the common stock of such successor or survivor corporation beneficially owned by the persons described in Section 2.3 (iv) (A)
        immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned

         

        

        

        

        shares of Floridian common stock immediately before the consummation of such transaction, provided (C) the percentage described in Section 2.3(iv) (A) of the beneficially owned shares of the successor or survivor corporation and the number described in 2.3(iv) (B) of the beneficially owned shares of the successor or survivor corporation shall be determined exclusively by reference to the shares of the
        successor or survivor corporation which result from the beneficial ownership of shares of common stock of Floridian by the persons described in Section 2.2(iv) (A) immediately before the consummation of such transaction.

         

                  2.4.       Code - means the Internal Revenue Code of 1986, as amended.

         

                  2.5.       Committee - means a Committee of the Board to which the responsibility to administer this Plan is delegated by the Board and which shall consist of at least two members of the Board, each of whom shall be a “non-employee
        director” within the meaning of Rule 16b-3 under the Exchange Act and each of whom shall be (or be treated as) an “outside director” for purposes of Section 162(m) of the Code.

         

                  2.6.       Consultant - means any person engaged by the Company or any Subsidiary to render services to such entity as an advisor or consultant.

         

                  2.7.       Director - means a member of the Board, or a director of any Subsidiary of Floridian.

         

                  2.8.       Employee - means a select employee of Floridian or any Subsidiary whose performance is, in the judgment of the Board acting in its absolute discretion, directly or indirectly material to the success of Floridian or such
        Subsidiary.

         

                  2.9.       Exchange Act - means the Securities Exchange Act of 1934, as amended.

         

                  2.10.     Fair Market Value - means (1) the closing price on any date for a share of Stock as reported by the Nasdaq National Market quotation system (or under any successor quotation system) or, if Stock is not quoted on the Nasdaq National Market,
        under the quotation system under which such closing price is reported or, if the Nasdaq National Market no longer reports such closing price, such closing price as reported by a newspaper or trade journal selected by the Committee or, if no such closing price is available on such date, (2) such closing price as so reported in accordance with Section 2.8(1) for the immediately preceding business day, or, if no newspaper or trade journal reports such closing price, (3) the price which the
        Committee acting in good faith determines that a share of Stock might change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. If the closing price for a share of Stock is misquoted or omitted by the applicable publication, the Committee shall directly solicit the information from officials of the stock exchange or from other informed independent market sources.

         

                  2.11      Floridian - means Floridian Financial Group, Inc., a Florida corporation, and any successor to such corporation.

         

                  2.12.     ISO - means an Option granted under Section 7 of this Plan to purchase Stock which is evidenced by an Option Agreement which provides that the Option is intended to satisfy the requirements for an incentive stock option under Section 422 of the
        Code.

         

                  2.13.     NQO - means an Option granted under Section 7 of this Plan to purchase Stock which is evidenced by an Option Agreement which provides that the Option shall not be treated as an incentive stock option under Section 422 of the Code.

         

        

        

        

                  2.14.     Option - means an ISO or a NQO.

         

                  2.15     Optionee - means the recipient of an Option under this Plan.

         

                  2.16.     Option Agreement - means the written agreement or instrument which sets forth the terms of an Option granted to an Employee, Director or Consultant under this Plan.

         

                  2.17.     Option Price - means the price which shall be paid to purchase one share of Stock upon the exercise of an Option granted under this Plan.

         

                  2.18      Plan - means this Floridian Financial Group, Inc. 2008 Stock Plan, as amended from time to time.

         

                  2.19.     Predecessor Plan - collectively means the Floridian Financial Group, Inc.’s Officers’ and Employees’ Stock Option Plan and Floridian Financial Group, Inc.’s Directors’ Stock Option Plan as in effect on the
        effective date of this Plan and as thereafter amended.

         

                  2.20.     Rule 16b-3 -means the exemption under Rule 16b-3 to Section 16 (b) of the Exchange Act or any successor to such rule.

         

                  2.21      Stock - means the Common Stock of Floridian.

         

                  2.22      Subsidiary - means any corporation which is a subsidiary corporation (within the meaning of Section 424(f) of the Code) of Floridian except a corporation which has subsidiary corporation status under Section 424(f) of the Code exclusively
        as a result of Floridian or a Floridian subsidiary holding stock in such corporation as a fiduciary with respect to any trust, estate, conservatorship, guardianship or agency.

         

        
            	
                        SECTION 3.

                    	
                        SHARES RESERVED UNDER PLAN

                    

        

         

                  3. 1.      Shares. There shall (subject to Section 10) be reserved for issuance under this Plan (a) an amount of shares of Stock equal to 20% of the number of shares of Stock outstanding from time to time, less (b) the number of shares of Stock
        which would remain available for issuance under the Predecessor Plan if shares were issued on the effective date of this Plan sufficient to satisfy all grants then outstanding under the Predecessor Plan, less (c) the number of shares of Stock which are issuable under all Assumed Plans to satisfy all grants outstanding under the Assumed Plans, plus (d) the number of shares of Stock subject to grants under the Predecessor Plan which are outstanding on the effective date of this Plan and
        which are forfeited or expire on or after such effective date in accordance with the terms of such grants, plus (e) the number of shares of Stock subject to grants under all Assumed Plans and which are forfeited or expire in accordance with the terms of such grants. Provided, however, only the shares of Stock described in the last sentence of this Section 3.1 (a) shall be issued in connection with the exercise of ISOs and nothing in
        this Plan shall affect any grants under the Predecessor Plan which are outstanding on the effective date of this Plan or any grants under Assumed Plans until such time, if any, that any shares of Stock subject to such grants are forfeited or grants respecting any shares of Stock expire on or after such effective date in accordance with the terms of such grants. Subject to adjustment pursuant Section 10, the maximum aggregate number of shares of Stock which may be issued under this Plan
        pursuant to ISOs shall be 1,250,000.

         

        

        

        

                  3.2        Source of Shares. The shares of Stock described in Section 3.1 shall be reserved to the extent that Floridian deems appropriate from authorized but unissued shares of Stock and from shares of Stock which have been reacquired by
        Floridian. The surrender right in an Option shall reduce the number of shares available for issuance under this Plan only to the extent of the shares of Stock, if any, actually issued upon such exercise. Finally, if the Option Price of an Option is paid in whole or in part in shares of Stock, such shares thereafter shall be treated the same as any other shares of Stock available for issuance under this Plan.

         

                   3.3.       Use of Proceeds. The proceeds which Floridian receives from the sale of any shares of Stock under this Plan shall be used for general corporate purposes and shall be added to the general funds of Floridian.

         

                  3.4.       Predecessor Plan. No grants shall be made under the Predecessor Plan on or after the date this Plan becomes effective.

         

        
            	
                        SECTION 4.

                    	
                        EFFECTIVE DATE

                    

        

         

                  This Plan shall be effective on the later of (a) the date the shareholders of Floridian (acting at a duly called meeting of such shareholders) approve the adoption of this Plan, and (b) the date of the closing by Floridian in 2008 of an offering by Floridian of shares of Stock for at least $25 million of offering
        proceeds.

         

        
            	
                        SECTION 5.

                    	
                        COMMITTEE

                    

        

         

                  This Plan shall be administered by the Committee. Subject to the provisions of this Plan (including Sections 10, 11, and 12), the Committee shall have the power, authority, and sole and exclusive discretion to construe, interpret and administer this Plan, including without limitation, the power and authority to make factual
        determinations relating to Plan grants and correct mistakes in Option, and to take such other action in the administration and operation of this Plan as the Committee deems equitable under the circumstances. Such actions of the Committee shall be binding on Floridian, on each affected Employee, Director, or Consultant and on each other person directly or indirectly affected by such action. The Committee may delegate such powers and duties, whether ministerial or discretionary, as the
        Committee may deem appropriate, including, but not limited to, authorizing the Committee’s delegate to execute agreements evidencing the grant of Options or other documents on the Committee’s behalf.

         

        
            	
                        SECTION 6.

                    	
                        ELIGIBILITY

                    

        

         

                  Employees, Directors and Consultants shall be eligible for the grant of Options under this Plan. However, only Employees shall be eligible for grants of ISOs.

         

        
            	
                        SECTION 7.

                    	
                        OPTIONS

                    

        

         

                  7.1.       Options. The Committee acting in its absolute discretion shall have the right to grant Options to Employees, Directors and Consultants under this Plan from time to time to purchase shares of Stock, and Options may be granted for any
        reason the Committee deems appropriate under the circumstances, including in lieu of compensation otherwise payable in cash. Each grant of an Option shall be evidenced by an Option Agreement, and each Option Agreement shall set forth whether the Option is an ISO or a NQO, whether such Option shall become fully vested upon a Change of Control,

         

        

        

        

        and shall set forth such other terms and conditions of such grant as the Committee acting in its absolute discretion deems consistent with the terms of this Plan.

         

                  7.2.       $100,000 Limit. The aggregate Fair Market Value of ISOs granted to an Employee under this Plan and incentive stock options granted to such Employee under any other stock option plan adopted by Floridian, or a Subsidiary which first
        become exercisable in any calendar year (which begins on or after January 1, 2008) shall not exceed $100,000. Such Fair Market Value figure shall be determined by the Committee on the date the ISO or other incentive stock option is granted, and the Committee shall interpret and administer the limitation set forth in this Section 7.2 in accordance with Section 422(d) of the Code. Notwithstanding the foregoing, the $100,000 limit in this Section 7.2 shall be adjusted to the extent such
        amount is amended under Section 422(d) of the Code.

         

                  7.3.       Share Limitations. An Employee may not be granted in any calendar year Options which in the aggregate relate to more than such amount of shares of Stock as the Board shall determine.

         

                  7.4.       Option Price and Exercise Period.

         

                  (a)         Option Price. The Option Price for each share of Stock subject to an Option shall be no less than the Fair Market Value of a share of Stock on the date the Option is granted. The Option Price shall be
        payable in full upon the exercise of any Option. Except in accordance with the provisions of Section 10 of this Plan, the Committee shall not take any action, whether through amendment, cancellation, replacement grants, or any other means, to reduce the Option Price of any outstanding Options, but may take such action with regard to NQOs with the approval of Floridian’s shareholders.

         

                  (b)        Exercise Period. Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set forth in the related Option Agreement, but no Option Agreement shall make an Option
        exercisable before the date such Option is granted or on or after the date which is the tenth anniversary of the date such Option is granted. In the discretion of the Committee, an Option Agreement may provide for the exercise of an Option after the employment of an Employee or the status of an individual as a Director has terminated for any reason whatsoever, including death or disability.

         

                  7.5.       Method of Exercise.

         

                  (a)         Committee Rules. An Option may be exercised as provided in this Section 7.5 pursuant to procedures (including, without limitation, procedures restricting the frequency or method of exercise) as shall be
        established by the Committee or its delegate from time to time for the exercise of Options.

         

                  (b)        Notice and Payment. An Option shall be exercised by delivering to Floridian’s President and Chief Executive Officer or his delegate during the period in which such Option is exercisable, (1) written
        notice of exercise in, a form acceptable to the Committee indicating the specific number of shares of Stock subject to the Option which are being exercised and (2) payment in full of the Option Price for such specific number of shares. An Option Agreement, at the discretion of the Committee, may provide for the payment of the Option Price by any of the following means:

         

                  (1)        in cash, electronic funds transfer or a check acceptable to the Committee;

         

        

        

        

         

                  (2)        in Stock which has been held by the Employee, Director or Consultant for a period acceptable to the Committee and which Stock is otherwise acceptable to the Committee, provided that the Committee may impose whatever restrictions it deems necessary or desirable
        with respect to such method of payment;

         

                  (3)        through a broker-facilitated cashless exercise procedure acceptable to the Committee; or

         

                  (4)        in any combination of the methods described in this Section 7.5 (b) which is acceptable to the Committee.

         

        Any payment made in Stock shall be treated as equal to the Fair Market Value of such Stock on the date the properly endorsed stock certificate for such Stock is delivered to the Committee or, if payment is effected through a certification of ownership of Stock in lieu of a stock certificate, on the date the Option is exercised.

         

                  (c)         Restrictions. The Committee may from time to time establish procedures for restricting the exercise of Options on any given date as the result of excessive volume of exercise requests or any other
        problem in the established system for processing Option exercise requests or for any other reason the Committee or its delegate deems appropriate or necessary.

         

                  7.6.       Nontransferability. Except to the extent the Committee deems permissible under Section 422(b) of the Code and Rule 16b-3 and consistent with the best interests of Floridian, an Option granted under this Plan shall not be transferable
        by an Employee, Director or Consultant, other than by will or by the laws of descent and distribution. Any such Option grant under this Plan shall be exercisable during an Employee’s, Director’s or Consultant’s lifetime, as the case may be, only by the Employee, the Director, or Consultant provided that in the event an Employee, Director or Consultant, is incapacitated and unable to exercise such Employee’s, Director’s or Consultant’s Option, such
        Employee’s, Director’s or Consultant‘s legal guardian or legal representative whom the Committee (or its delegate) deems appropriate based on all applicable facts and circumstances presented to the Committee (or its delegate) may exercise such Employee’s, Director’s or Consultant’s Option, in accordance with the provisions of the Plan and the applicable Option Agreement. The person or persons to whom an Option is transferred by will or by the laws of
        descent and distribution thereafter shall be treated as the Employee, Director or Consultant under this Plan.

         

        
            	
                        SECTION 8.

                    	
                        SECURITIES REGISTRATION

                    

        

         

                  Each Option Agreement shall provide that, upon the receipt of shares of Stock as a result of the exercise of an Option, the Option holder shall, if so requested by Floridian, hold such shares of Stock for investment and not with a view of resale or distribution to the public and, if so requested by Floridian, shall deliver to
        Floridian a written statement satisfactory to Floridian to that effect. As for Stock issued pursuant to this Plan, Floridian may at its expense take such action as it deems necessary or appropriate to register the original issuance of such Stock to an Option holder under the Securities Act of 1933, as amended, or under any other applicable securities laws or to qualify such Stock for an exemption under any such laws prior to the issuance of such Stock to an Option holder; however,
        Floridian shall have no obligation whatsoever to take any such action or to take any action in connection with the transfer, resale or other disposition of such Stock by an Employee.

         

        

        

        

        
            	
                        SECTION 9.

                    	
                        LIFE OF PLAN

                    

        

         

         No Option shall be granted under this Plan on or after the earlier of

     

                  (1)         the tenth anniversary of the effective date of this Plan, in which event this Plan otherwise thereafter, shall continue in effect until all outstanding Options have been exercised in full or no longer are exercisable, or

         

                  (2)        the date on which all of the Stock reserved under Section 3 of this Plan has as a result of the exercise of all Options been issued or no longer is available for use under this Plan, in which event this Plan also shall terminate on such date.

         

        
            	
                        SECTION 10.

                    	
                        ADJUSTMENT

                    

        

         

                  10.1.     Capital Structure. The number, kind or class (or any combination thereof) of shares of Stock reserved under Section 3 of this Plan, the grant limitations described in Section 3.1 of this Plan, the number, kind or class (or any combination
        thereof) of shares of Stock subject to Options granted under this Plan and the Option Price of such Options shall be adjusted by the Board in an equitable manner to reflect any change in the capitalization of Floridian, if the outstanding shares of Stock are increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of Floridian by reason of any recapitalization, reclassification, stock split up, combination of shares, stock
        dividend, or similar corporate transaction.

         

                  10.2.     Mergers. The Board as part of any corporate transaction described in Code Section 424(a) shall have the right to adjust (in any manner which the Board in its discretion deems consistent with Code Section 424(a)) the number, kind or class (or
        any combination thereof) of shares of Stock reserved under Section 3 of this Plan and the grant limitations described in Section 7.3 of this Plan. Furthermore, the Board as part of any corporate transaction described in Code Section 424(a) shall have the right to adjust (in any manner which the Board in its discretion deems consistent with Code Section 424(a)) the number, kind or class (or any combination thereof) of shares subject to Option grants previously made under this Plan and
        the related Option Price for each such Option, and, further, shall have the right (in any manner which the Board in its discretion deems consistent with Code Section 424(a) and without regard to the grant limitations described in Section 7.3 of this Plan) to make Option grants to effect the assumption of, or the substitution for option right grants previously made by any other corporation to the extent that such corporate transaction calls for such substitution or assumption of such
        option rights grants. If Floridian will not remain in existence or in the event of a Change in Control, the Committee may (i) declare that all Options shall terminate 30 days after the Committee gives written notice to all Optionees of their immediate right to exercise all Options then outstanding (without regard to limitations on exercise otherwise contained in the Options), or (ii) notify all Optionees that all Options granted under the Plan shall apply with appropriate adjustments as
        determined by the Committee to the securities of the successor corporation to which holders of the number of shares subject to such Options would have been entitled, or (iii) some combination of (i) and (ii). All determinations by the Committee as to the terms of the foregoing adjustments in this Section shall be conclusive and binding.

         

                  10.3.     Fractional Shares. If any adjustment under this Section 10 would create a fractional share of Stock or a right to acquire a fractional share of Stock, such fractional share shall be disregarded and the number of shares of Stock reserved under
        this Plan and the number subject to any Options shall be the next lower number of shares of Stock, rounding all fractions downward. Any adjustment made under this Section 10 by the Board shall be conclusive and binding on all affected persons.

         

        

        

        

        
            	
                        SECTION 11.

                    	
                        AMENDMENT OR TERMINATION

                    

        

         

                  This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided, however, no such amendment with regard to ISOs shall be inconsistent with Code Section 422 and no such amendment shall be made absent the approval of the shareholders of Floridian to the extent such
        approval is required under applicable law, Code Section 422, Rule 16b-3 or any applicable NASD rule. The Board also may suspend the granting of Options under this Plan at any time and may terminate this Plan at any time. The Board or the Committee shall have the right to modify, amend or cancel (retroactively or prospectively) any Option granted before such suspension or termination if (1) the Option holder consents in writing to such modification, amendment or cancellation (except that
        in no case can Options be repriced either by cancellation and regrant or by lowering the exercise price of a previously granted award) or (2) there is a dissolution or liquidation of Floridian or a transaction described in Section 10 of this Plan. Suspension or termination of the Plan shall not affect the Committee’s ability to exercise the powers granted to it with respect to Options granted under this Plan prior to the date of such suspension or termination.

         

        
            	
                        SECTION 12.

                    	
                        MISCELLANEOUS

                    

        

         

                  12.1.     Shareholder Rights. No Option holder shall have any rights as a shareholder of Floridian as a result of the grant of an Option under this Plan or his or her exercise of such Option pending the actual delivery of the Stock subject to such Option
        to such Option holder.

         

                  12.2.     No Contract of Employment or Director Status. The grant of an Option to an Option holder under this Plan shall not constitute a contract of employment or an agreement to continue his or her status as an Employee, Director or Consultant and
        shall not confer on an Option holder any rights in addition to those rights, if any, expressly set forth in the Option Agreement which evidences his or her Option.

         

                  12.3.     Share Retention Guidelines. Shares of Stock acquired by an Employee under this Plan upon the exercise of an Option may be subject to share retention guidelines established by Floridian.

         

                  12.4.     Withholding. The exercise of any Option granted under this Plan shall constitute an Option holder’s full and complete consent to whatever action the Committee deems necessary to satisfy the minimum federal and state tax withholding
        requirements, if any, which the Committee acting in its discretion deems applicable to such exercise. The Committee also shall have the right to provide in an Option Agreement that an Option holder may elect to satisfy minimum federal and state tax withholding requirements, if any, through a reduction in the number of shares of Stock actually transferred, or the cash payments to be made, to him or to her under this Plan, and any such election and any such reduction shall be effected so
        as to satisfy the conditions to the exemption under Rule 16b-3.

         

                  12.5      Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) do not apply to any
        Optionee. This Plan shall be administered in a manner consistent with this intent, and any provision that would cause the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by Floridian without the consent of the Optionee).

         

        

        

        

        12.6    Construction.

         

                  (a)         Governing Law. This Plan shall be construed under the laws of the State of Florida (excluding its choice-of-law rules) to the extent not superseded by federal law.

         

                  (b)        Invalid Provisions. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall
        be construed and enforced as if the illegal or invalid provision had not been included. Any provision of this Plan inconsistent with Code Section 422 shall not apply to an ISO.

         

                  (c)         Conflicts. In the event of a conflict between the terms of this Plan and any Option Agreement, the terms of the Plan shall prevail.Exhibit 4.3

         

        FLORIDIAN FINANCIAL GROUP, INC.

        

        EMPLOYEE STOCK PURCHASE PLAN

         

        

        

        

        TABLE OF CONTENTS

        
            	
                        ARTICLE 1

                    	
                        PURPOSE

                    	
                        1

                    
	
                        ARTICLE 2

                    	
                        DEFINED TERMS

                    	
                        1

                    
	
                        ARTICLE 3

                    	
                        STOCK RESERVED UNDER PLAN

                    	
                        1

                    
	
                        ARTICLE 4

                    	
                        ADMINISTRATION

                    	
                        2

                    

        

        
            	 	4.1
	Administration
	2

	 	
                        4.2
                    	
                        Employment of Agents
                    	
                        2
                    
	 	
                        4.3
                    	
                        Liability and Indemnification
                    	
                        2
                    

    

        
            	
                        ARTICLE 5

                    	
                        ELIGIBILITY AND PARTICIPATION IN PLAN

                    	
                        2

                    

        

        
            	 	5.1
	General
	2

	 	
                        5.2
                    	
                        Participation in the Plan
                    	
                        3
                    

    

        
            	
                        ARTICLE 6

                    	
                        PURCHASE OF STOCK UNDER THE PLAN

                    	
                        3

                    

        

        
            	 	6.1
	Method of Purchase and Purchase Price
	3

	 	
                        6.2
                    	
                        Reports
                    	
                        3
                    
	 	
                        6.3
                    	
                        Minimum Payroll Deduction Amount
                    	
                        3
                    
	 	
                        6.4
                    	
                        Limitation on Payroll Deduction Amount
                    	
                        4
                    
	 	
                        6.5
                    	
                        No Fractional Shares
                    	
                        4
                    

    

        
            	
                        ARTICLE 7

                    	
                        OWNERSHIP AND VOTING OF STOCK

                    	
                        4

                    
	
                        ARTICLE 8

                    	
                        LIABILITY OF THE COMPANY

                    	
                        4

                    

        

        
            	 	8.1
	No Employment Rights
	4

	 	
                        8.2
                    	
                        Limitation of Liability
                    	
                        4
                    

    

        
            	
                        ARTICLE 9

                    	
                        AMENDMENT AND TERMINATION OF PLAN

                    	
                        5

                    

        

        
            	 	9.1
	Amendment and Termination of the Plan
	5

	 	
                        9.2
                    	
                        Discretion of the Board
                    	
                        5
                    
	 	
                        9.3
                    	
                        Automatic Termination
                    	
                        5
                    

    

        
            	
                        ARTICLE 10

                    	
                        MISCELLANEOUS PROVISIONS

                    	
                        5

                    

        

        
            	 	10.1
	Exclusive Benefit of Employees
	5

	 	
                        10.2
                    	
                        Cooperation of all Parties
                    	
                        5
                    
	 	
                        10.3
                    	
                        Impossibility of Performance
                    	
                        5
                    
	 	
                        10.4
                    	
                        Misstatement of Fact
                    	
                        5
                    
	 	
                        10.5
                    	
                        Waiver; Partial Invalidity
                    	
                        5
                    
	 	
                        10.6
                    	
                        Applicable Law
                    	
                        6
                    

    

         

        
            

            i

             

            

        

         

        

        

        

        
            	 	10.7
	Notices
	6

	 	
                        10.8
                    	
                        Effective Date of the Plan
                    	
                        6
                    
	 	
                        10.9
                    	
                        Rules of Construction
                    	
                        6
                    
	 	
                        10.10
                    	
                        Headings
                    	
                        6
                    
	 	
                        10.11
                    	
                        Indemnification
                    	
                        6
                    

    

         

         

        
            

            ii

             

            

        

         

        

        

        

        EMPLOYEE STOCK PURCHASE PLAN

        FLORIDIAN FINANCIAL GROUP, INC., a Florida corporation, hereby adopts an employee stock purchase plan for the benefit of its employees and those of its subsidiaries, on the following terms and conditions:

        ARTICLE 1

        PURPOSE

        The purpose of the Plan is to advance the growth and development of the Company by affording an opportunity to employees to purchase shares of the Company’s common stock, thereby providing incentives for them to put forth maximum efforts for the success of the Company’s business.

        ARTICLE 2

        DEFINED TERMS

        The following terms shall have the meanings ascribed to them:

        “Annual Enrollment Period” means the period from January 1 to March 31 of each calendar year during which any Eligible Employee may elect to enroll and participate in the Plan.

        “Company” means Floridian Financial Group, Inc., a Florida corporation.

        “Board” means the board of directors of the Company.

        “Eligible Employee” means any employee of the Company or of any of its subsidiaries who has been employed for ninety (90) consecutive days, and who works (or is scheduled to work) a minimum of 1,000 hours each year.

        “Fair Market Value” means the fair market value of the Stock, which shall be determined annually by the Board within 90 days after the end of each fiscal year of the Company. Fair Market Value determined for an applicable fiscal year end shall apply for all purposes until the next determination of Fair Market Value, unless otherwise determined by the Board.

        “Participant” means an Eligible Employee who has elected to participate in the Plan. “Plan” means the Company’s Employee Stock Purchase Plan.

        “Stock” means the authorized and unissued common stock of the Company, par value $5.00 per share.

        ARTICLE 3

        STOCK RESERVED UNDER PLAN

        The total number of shares of Stock which may be purchased by all employees under this Plan is Three Hundred Thousand (300,000) shares. The total number of shares of Stock which may be so issued may be increased only by a resolution adopted by the Board.

         

        
            

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        ARTICLE 4

        ADMINISTRATION

        4.1       Administration. The Plan shall be administered by the Board, which shall have the complete and express authority, subject to the terms of this Plan, to: (i) amend, modify or discontinue the Plan; (ii) determine, establish, decrease or increase, in its sole and absolute discretion, the
        number of shares of Stock available for purchase under the Plan; (iii) determine and establish the acceptable methods of payment for shares of Stock purchased under the Plan, provided that shares of Stock may be purchased only for cash; (iv) interpret, implement and administer any and all terms and provisions of the Plan, with advice of counsel or other professionals as may be deemed appropriate, advisable or otherwise in the best interests of the Company; (v) adopt, amend and rescind
        general and special rules and regulations deemed appropriate, advisable or otherwise in the best interests of the Company for the administration of the Plan; and (vi) take any and all such other actions as may be deemed appropriate, advisable, or otherwise in the best interests of the Company in the creation, modification, amendment, administration, and/or discontinuance of the Plan.

        4.2       Employment of Agents. The Board may employ, upon such terms as it deems appropriate in its sole and absolute discretion, such employees, agents, clerical help, custodians, servants, contractors, professional and other persons as it may deem appropriate, advisable or otherwise in the best
        interests of the Company to render advice with regard to any responsibility or obligation it may have under the Plan or to perform other services for the effective operation and administration of the Plan, including, without limitation, legal counsel, accountants, trustees and/or certified financial planners.

        4.3       Liability and Indemnification. The Company may purchase insurance to cover potential liability of those persons who shall serve on the Board in administering the Plan, and the Company shall indemnify such persons to the maximum extent permitted by applicable law against any and all
        liabilities and expenses incurred in connection with any actions or proceedings to which such persons may be made a party by reason of their being or having been a member of the Board and having any responsibility or obligation for the administration of the Plan, provided, however, that no such person shall be entitled to indemnification from the Company for any act determined by a court of competent jurisdiction to be fraudulent or without good faith. Furthermore, no Board member shall
        be liable to any Participant or officer or employee of the Company for any action taken or determination made in good faith or at the advice of counsel.

        ARTICLE 5

        ELIGIBILITY AND PARTICIPATION IN PLAN

        5.1       General. All Eligible Employees may participate in the Plan. No Eligible Employee shall be required to participate in the Plan. Any Participant may terminate his or her participation in the Plan at any time.

        

        
            

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        5.2       Participation in the Plan.

        5.2.1    Initial Enrollment Period. The Company shall provide information concerning the Plan to each employee. Notwithstanding the prior service requirement otherwise applicable to Eligible Employees, each person who is an employee of the Company or any of its subsidiaries shall be entitled to enroll and participate
        in the Plan during the initial enrollment period, beginning on April 1, 2008 and extending through June 30, 2008 (the “Initial Enrollment Period”). An employee who wishes to participate in the Plan must provide the Board written Notice of Participation setting forth the payroll deduction requested for each pay period. After the Initial Enrollment Period, an Eligible Employee may enroll and participate in the Plan only during the Annual Enrollment Period pursuant to the
        provisions of Section 5.2.2.

        5.2.2    Annual Enrollment Period. After the Initial Enrollment Period, an Eligible Employee may enroll and participate in the Plan only during an Annual Enrollment Period. An employee who wishes to participate in the Plan must provide the Board written Notice of Participation setting forth the payroll deduction
        requested for each pay period. An employee who elects to participate in the Plan may terminate his or her participation at any time during a Plan Year by providing the Board written Notice of Termination of Participation; however, such an employee may not re-enroll and participate in the Plan again until the next Annual Enrollment Period.

        ARTICLE 6

        PURCHASE OF STOCK UNDER THE PLAN

        6.1       Method of Purchase and Purchase Price. Participants purchasing Stock under the Plan shall pay for such Stock by means of an automatic payroll deduction administered by the Board or agents of the Board. The purchase price for the Stock shall be no less than the Fair Market Value of the Stock
        at the time of purchase.

        6.2       Reports.

        6.2.1    Reports to Participants. Within sixty (60) days following the end of each calendar year, the Board will provide each Participant a statement setting forth the aggregate number of shares of Stock purchased during the preceding year and the purchase price paid for such shares of Stock.

        6.2.2    Annual Plan Reports. The Board shall prepare and maintain reports annually on the status and implementation of the Plan, including all purchases thereunder and current Fair Market Value determination. A copy of the Annual Plan Report shall be provided to each Participant in the Plan.

        6.2.3    Annual Report of Company. The Company shall provide each Participant a copy of the Company’s annual report or other communication issued to its stockholders.

        6.3       Minimum Payroll Deduction Amount. The minimum payroll deduction amount for any Participant shall be ten dollars ($10.00) per pay period.

         

        
            

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        6.4       Limitation on Payroll Deduction Amount. The payroll deduction amount for any Participant shall not exceed during any pay period the greater of (i) fifteen percent (15%) of the Participant’s gross wages, or (ii) $1,000.

        6.5       No Fractional Shares. No fractional shares of Stock may be purchased or will be issued. In the event that as of the end of any calendar year, there remains a balance in any Participant’s payroll deduction account which has not been applied to the purchase of Stock because such
        purchase, if applied, would result in the issuance of a fractional share, then such balance will be carried over and applied to purchases of Stock in the following year. If, at the time of any Participant’s termination of participation in the Plan, there remains a balance in a Participant’s payroll deduction account because application of such balance to the purchase of Stock would result in the issuance of a fractional share, then the balance in such account will be
        returned to such Participant promptly after the effective date of such termination.

        ARTICLE 7

        OWNERSHIP AND VOTING OF STOCK

                  Once a Participant purchases Stock under the Plan, the Participant shall be deemed the owner of the Stock for all purposes. The Participant shall be entitled to exercise all rights of a shareholder of the Stock issued to him/her, including voting and receipt of dividends, if any.

        ARTICLE 8

        LIABILITY OF THE COMPANY

        8.1       No Employment Rights. No provision in this Plan shall confer upon any Participant any right to continue in the employ of the Company or to interfere with the right of the Company to terminate such person’s employment at any time, nor shall this Plan be construed as evidence of any
        agreement or understanding, expressed or implied, that the Company will employ any Participant in any particular position or at any particular rate of remuneration or for any particular period of time. Furthermore, no provision of this Plan shall, be construed so as to limit the right of the Company to (i) terminate any employee at will without cause or reason, (ii) make changes, in its sole and absolute discretion, in its accounting principles or the methods of applying such
        principles, or (iii) enter into significant transactions with affiliates, or in the Board’s sole and absolute discretion, to modify the Plan.

        8.2       Limitation of Liability. This Plan shall not be construed as creating any right of any employee of the Company to receive any benefit hereunder, or as affecting the rights of the Company with respect to its employees, but instead, only as establishing the procedures governing participation
        in this Plan. No Participant shall have any rights or claim against the Company, the Board, or any member of the Board by virtue of such person’s participation in this Plan, except with respect to the enforcement of the terms of this Plan. No provision herein shall be deemed to create any trust or fiduciary relationship between the Company (or the Board or any member thereof) and any Participant or any other person whatsoever, including, without limitation, any employee, officer,
        or any eligible Participant hereunder other than the general fiduciary duty owed by officers of the Company and members of the Board to all shareholders of the Company. Furthermore, in the event that any court of competent jurisdiction determines that any person has any enforceable right, claim or remedy hereunder vis-a-vis the Company, the

         

        
            

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        status of such person shall be that of a general, unsecured creditor of the Company. As a condition precedent to participation in this Plan, the Board may require any Participant or his/her beneficiary to execute a release and/or an indemnity in such form as the Board shall deem appropriate.

        ARTICLE 9

        AMENDMENT AND TERMINATION OF PLAN

        9.1       Amendment and Termination of the Plan.

        9.2       Discretion of the Board. The Board may amend, suspend, or terminate this Plan at any time without prior notice.

        9.3       Automatic Termination. This Plan shall terminate automatically on the earlier of (i) five (5) years after its effective date, or (i) the date on which all shares of Stock reserved for purchase under this Plan have been purchased unless the Board shall, in its discretion, elect to terminate
        this Plan at an earlier date.

        ARTICLE 10

        MISCELLANEOUS PROVISIONS

        10.1     Exclusive Benefit of Employees. This Plan is created for the exclusive benefit of the Company and its employees, subject to the limitations herein contained.

        10.2     Cooperation of all Parties. All persons claiming any interest whatsoever under this Plan shall perform any and all acts and execute any and all documents or papers which may be necessary or desirable by the Board for the implementation and administration of this Plan or any of its
        provisions.

        10.3     Impossibility of Performance. In the event that it becomes impossible for the Company or the Board to perform any act under this Plan, or when the provisions of this Plan are deemed ambiguous or unclear, then that act shall be performed or action taken which, in the sole and absolute discretion of the
        Board, will most nearly carry out the intent and purposes of this Plan which intent and purposes shall be determined by the Board in good faith in the best interests of the Company. All persons in any way interested in this Plan, including, but not limited to, retired, disabled, terminated and deceased Participants (and their estates and beneficiaries), shall be bound by all acts performed by the Board or its delegates under such conditions.

        10.4     Misstatement of Fact. Notwithstanding anything to the contrary contained in this Plan, if a Participant shall at any time misstate any fact relevant to the operation of this Plan, the matter shall be referred to the Board. The Board shall, in its sole and absolute discretion, make such decision and
        give such instructions as it shall determine to be equitable under the circumstances. No member of the Board shall be liable for any action or non-action taken by it in good faith in such cases.

        10.5     Waiver; Partial Invalidity. No waiver or application of any provision or term of this Plan by any party hereto or by anyone concerned with the operation of this Plan, whether

         

        
            

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        such waiver or application be direct or indirect, express or implied, or written or oral, shall be deemed to constitute a waiver or application of any other provision or term of this Plan, or any assent to the application or non-application of any provision or term of this Plan in any other situation, whether such situation be of the same or of a different nature. Unless. otherwise provided herein,
        should any provision of this Plan be held to be unlawful, as to any person or instance, such fact shall not adversely affect the other provisions herein contained or the application of said provisions to any other person or instance.

        10.6     Applicable Law. This Plan shall be construed and enforced in accordance with the applicable laws of the State of Florida.

        10.7     Notices. All notices and elections by a Participant shall be in writing and delivered in person, by certified mail or nationally recognized courier service to the Chief Executive Officer or Secretary of the Company at the principal office of the Company. Notices by the Company shall be delivered to a
        Participant in writing either by personal delivery, U.S. Mail, or express courier service.

        10.8     Effective Date of the Plan. The effective date of this Plan shall be the date on which the Board adopts the Plan.

        10.9     Rules of Construction. Whenever the context so requires, the use of the masculine gender shall be deemed to include the feminine and vice versa, and either gender shall be deemed to include the neuter, and vice versa, and the use of the singular shall
        be deemed to include the plural and vice versa.

        10.10   Headings. The headings of Articles and Sections of this Plan are included only for convenience and shall not be construed as a part of this Plan or in any respect affecting or modifying its provisions.

        10.11   Indemnification. Each director of the Company (“Indemnified Party”) shall be indemnified by the Company against all costs and reasonable expenses, including reasonable attorneys’ fees, incurred by him in connection with any action, suit, or proceeding, or in connection with any appeal
        therefrom, to which he may be a party by reason of any action taken or failure to act under or in connection with this Plan or any Stock purchased hereunder, and against all amounts paid by such Indemnified Party in settlement thereof (provided such settlement is approved in advance by legal counsel selected by the Company) or paid by such Indemnified Party in satisfaction of a judgment in any such action, suit, or proceeding; provided, however, that, within sixty (60) days after
        institution of such action, suit, or proceeding, such Indemnified Party shall in writing offer the Company the opportunity, at its own expense, to defend the same; and provided, further, however, that anything contained in this Plan to the contrary notwithstanding, there shall be no indemnification of an Indemnified Party who is finally adjudged by a court of competent jurisdiction to be guilty of, or liable for, willful misconduct, gross neglect of duty, or criminal actions in
        connection with this Plan or the sale and issuance of Stock to any Participant hereunder. The foregoing rights of indemnification shall be in addition to any other rights of indemnification that an Indemnified Party may have as a Director or officer of the Company.

         

        
            

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        FLORIDIAN FINANCIAL GROUP, INC.

        EMPLOYEE STOCK PURCHASE PLAN

        NOTICE OF PARTICIPATION

        	Name of Participant:  	 

        

        	Amount of Payroll Deduction per pay period: $    	 

        

        	Social Security Number:     	 

        

        The undersigned (“Participant”) hereby notifies Floridian Financial Group, Inc. (the “Company’) of its election to enroll and participate in Company’s Employee Stock Purchase Plan (the “Plan”) by purchasing shares (the “Shares”) of Stock pursuant to an automatic payroll deduction from his or her wages or salary due him or her for each pay period in
        the amount set forth above.

        In connection with Participant’s enrollment and participation in the Plan, Participant acknowledges and agrees as follows:

        1.         Participation:

        (i)        Continuance of Participation. Participant’s enrollment in the Plan shall continue for so long as Participant is an Eligible Employee and until Participant provides the Company written notice of his or her election to terminate enrollment and participation in the Plan as set forth in Exhibit A to this Notice of
        Participation.

        (ii)       Termination of Participation and Re-enrollment. In the event that Participant’s enrollment and participation in the Plan terminates for any reason, Participant may not re-enroll and participate in the Plan until the next Annual Enrollment Period, provided that Participant qualifies as an Eligible Employee at that time.

        2.         Payment of Purchase Price.

        (i)        Payroll Deduction. For each pay period that Participant is enrolled in the Plan, the Shares purchased under the Plan will be paid for by automatic deduction from Participant’s salary or wages due him by the Company. Participant shall sign and deliver to the Company all forms the Company or its payroll servicing agent deems
        necessary to effect the payroll deductions.

        (ii)       Issuance of Shares. Certificates representing the Shares of Stock purchased by Participant under the Plan will be issued in Participant’s name and delivered by the Company on a quarterly basis as set forth in the Plan.

        (iii)      No fractional Shares. Participant may not purchase, and the Company will not issue, fractional shares.

         

        
            

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        3.         Securities Laws Issues.

        (a)       Representations of Purchaser. Participant represents and warrants to the Company that:

        (i)        Participant has received, read and understood the Plan and agrees to abide by and be bound by its terms and conditions;

        (ii)       Participant is purchasing the Shares for Participant’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933, as amended (the “Act”); portion of the Shares; Participant has no present intention of
        selling or otherwise disposing of all or any

        (iii)      Participant is fully aware of (i) the highly speculative nature of an investment in the Shares; (ii) the financial hazards involved; and (iii) the lack of liquidity of the Shares; and

        (iv)      Participant is capable of evaluating the merits and risks of this investment, has the ability to protect Participant’s own interests in this transaction, and is financially capable of bearing a total loss of his/her investment in the Shares.

        (b)       Compliance with Securities Laws. Participant understands and acknowledges that the Shares have not been registered under the Securities Act of 1933, as amended (the “Act”) and that, notwithstanding any other provision of the Plan to the contrary, the exercise of any rights to
        purchase any Shares is expressly conditioned upon Participant’s compliance with the Act and all applicable state securities laws. Participant agrees to cooperate with the Company to ensure compliance with such laws.

        (c)       Restrictions on Transfer. Participant understands that the Shares must be held indefinitely unless they are registered under the Act or unless an exemption from such registration is available and that the certificate(s) representing the Shares will bear a legend to that effect. Participant
        understands that the Company is under no obligation to register the Shares and that an exemption may not be available or may not permit. Participant to transfer Shares in the amounts or at the times proposed by Participant.

        (d)       Legends. Participant understands and agrees that the certificate(s) representing the Shares will bear legends in substantially the following form:

        These shares have not been registered under the Securities Act of 1933, as amended (the “Act”), the Florida Securities and Investor Protection Act, or any other state securities laws and, therefore, cannot be sold unless they are subsequently registered under the Act and any applicable state securities laws or an exemption from registration is available.

        The shares of Common Stock evidenced by this certificate have been issued under the Floridian Financial Group, Inc. Employee

         

        
            

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        Stock Purchase Plan (the “Plan”) and are subject to the terms and provisions of such Plan.

        These shares are subject to a repurchase agreement as set forth in the Plan, and any sale, transfer, gift, pledge, or encumbrance of these shares is subject to this repurchase agreement and right of first refusal.

        (e)       Stop Transfer Notices. Participant understands and agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may make appropriate notations to the same effect in its own records.

        4.         No Right of Employment. Nothing in the Plan or the purchase of Shares of Stock shall confer on Participant any right to continue in the employ of, or other relationship with, the Company or limit in any way the right of the Company to terminate Participant’s employment or
        other relationship at any time, with or without cause.

        5.         Right of Company to Repurchase Stock.

        (a)       Company’s Option. Participant acknowledges and agrees that in the event that Participant ceases to be an employee for any reason, whether voluntary or involuntary, and including the event of the Participant’s death or termination of employment due to disability (each a “Terminating Event”), the Shares of Stock
        purchased by Participant pursuant to the Plan within the twenty-four (24) months immediately preceding the effective date of the Terminating Event shall be subject to an option to repurchase by the Company. The Company must elect to exercise the option to repurchase for a period within ninety (90) days after the Terminating Event. The Company’s repurchase rights under this Section 5.1 shall apply to any Stock purchased by Participant under the Plan within the twenty-four (24)
        months immediately preceding the effective date of the Terminating Event, including any Stock or other securities acquired by the Participant pursuant to any capital adjustment affecting Shares of Stock acquired under this Plan. As used in this Article 5, “Participant” shall include the executor or administrator of the estate of the Participant or the person to whom the Stock shall pass by will or by the laws of descent and distribution. The purchase price for the Shares of
        Stock shall be equal the greater of the book value per share of Stock as computed by the Company as of the end of the calendar quarter immediately preceding the Terminating Event or the aggregate purchase price paid by the Participant for the Shares of Stock.

        (i)        Procedure for Exercise. In order to exercise the option set forth in Section 5.1, the Company must notify the Participant of its intent to exercise its option by mailing a notice to the Participant or the representative of the Participant’s estate at the last address contained
        in the Company’s records for such Participant. If the Company elects to exercise its option, then the purchase price will be paid in cash and the closing of such purchase shall be thirty (30) days after the Company’s exercise of its option.

        (ii)       Delivery of Stock Certificates. Upon receipt of any notice pursuant to Section 5.2 hereof from the Company, the Participant shall deliver the certificate(s) representing such Shares of Stock to the Company within ten (10) days from the date of such

         

        
            

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        notice, along with a properly executed stock power (with signature medallion guaranteed) authorizing transfer of these shares to the Company, its successor or assignee.

        6.         Incorporation of Plan. The Plan is incorporated herein by this reference. This Notice of Participation and the Plan constitute the entire agreement of the Participant and the Company hereto.

        7.         Binding Effect. This Notice of Participation shall inure to the benefit of and be binding upon the parties and their heirs, personal representatives, successors, and Company’s assigns. This Notice of Participation and the duties of Participant may not be assigned or
        delegated without the prior written permission of Company.

        	 	“PARTICIPANT”
	 	 
	 	 
	 	Name
	 	 
	 	Date Signed	 

        
            	 
	Accepted by Company:
	 

        

        	Date Accepted:	 

        	Start Date:	 

         

        
            	 
	
                        (Company Officer Signature)

                    
	 
	(Company Officer Name and Title)

        

         

         

        
            

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        EXHIBIT A.

        NOTICE OF TERMINATION OF PARTICIPATION

        	Name of Participant:   	 

        

        	Effective Date of Termination of Participation:  	 

        

        The undersigned Participant in the Floridian Financial Group, Inc. Employee Stock Purchase Plan hereby notifies the Company of his or her termination of participation and enrollment in the Plan effective as of the date set forth above, which date may not be earlier than thirty (30) days from the date of this Notice. Participant acknowledges that Participant may not re-enroll to participate in the Plan
        until the next Annual Enrollment Period, provided that Participant qualifies as an Eligible Employee at such time.

                   

        
            	 	PARTICIPANT”
	 	 
	 	 
	 	Name
	 	 
	
                         

                    	
                        Date Signed:

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