Document:

Change in Control Agreement of Charles K. Cross

 Exhibit 10.3 
 BANK OF FLORIDA CORPORATION 
 PLAN A 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL AGREEMENT
(“Agreement”) is entered into by and between Bank of Florida Corporation (“Employer”) and Charles K. Cross, Senior Lender, Bank of Florida – Southeast (“Employee”). 
 WHEREAS, in recognition of Employee’s prior and continuing contribution to Employer and its subsidiaries, Employer wishes to protect
Employee’s position therewith in the manner provided in the Agreement in the event of a Change in Control of the Employer. 
 NOW,
THEREFORE, in consideration of Employee’s management position, contribution, and responsibilities, Employer hereby agrees to provide Employee with certain severance benefits as specifically provided herein. 
 SECTION 1 – DEFINITIONS 
 (a)
“Change in Control” means an event where any Person (defined herein to mean any natural person, corporation, limited liability company, partnership, or any other similar business entity), other than any Person who on the date hereof is a
director or officer of Employer: (i) directly or indirectly, or acting in concert through one or more other persons, owns, controls, or has power to vote 50% or more of any class of the then outstanding voting securities of Employer; or
(ii) controls in any manner the election of a majority of the directors of Employer. For purposes of this Agreement, a “Change in Control” shall be deemed not to have occurred in connection with a reorganization, consolidation, or
merger of Employer whereby the stockholders of Employer, immediately before the consummation of the transaction, will own over 50% of the total combined voting power of all classes of stock entitled to vote of the surviving entity immediately after
the transaction. 
 (b) Termination for “just cause” means termination because of Employee’s personal dishonesty,
incompetence, insubordination, misconduct or conduct which negatively reflects upon the Employer, breach of fiduciary duty, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than minor traffic
violations or similar offenses), or final cease-and desist order. In determining “incompetence,” the acts or omissions shall be measured against standards generally prevailing in the financial institution industry. No act, or failure to
act on Employee’s part, shall be considered “willful” unless done, or omitted to be done, by Employee not in good faith and without reasonable belief that Employee’s action or omission was in the best interest of Employer;
provided that any act or omission to act on Employee’s behalf in reliance upon advice or written opinion of Employer’s counsel shall not be deemed to be willful. 
 (c) “Protected Period” means the term of this Agreement and six months following termination hereof if Employee is employed by Employer at the
time Employer is required under the Securities Exchange Act of 1934 to make a public announcement of a potential Change in Control, which is in fact later consummated. 
  

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 SECTION 2 – TERM OF AGREEMENT 
 This Agreement shall remain in effect for two years commencing on January 1, 2009, and terminating on December 31, 2010, unless extended or
terminated in accordance with the terms and conditions set forth in Section 9 herein. 
 SECTION 3 – PAYMENTS TO EMPLOYEE UPON A
CHANGE IN CONTROL 
 If Employer terminates Employee’s employment without “just cause,” Employee shall be entitled to
receive the termination benefits described in Section 4 herein, if a Change in Control also occurs or has occurred within the Protected Period. Employee shall also be entitled to receive such termination benefits described in Section 4
herein, if within six months of a Change in Control, Employee elects to terminate his or her employment; provided, however, if the surviving entity following a Change in Control offers Employee the same position or a comparable position that is
within Employee’s same job skills set, at the same salary (or greater) as Employee was receiving from Employer at the time of the Change in Control, Employee shall not be entitled to receive the termination benefits described in Section 4
herein. Notwithstanding the foregoing, in the event the Employee is offered a position as described in the preceding sentence, but such position is offered in a different location which is greater than 50 miles away from the Employee’s
residence at the time the Change in Control is announced, Employee may also elect to terminate employment and receive the Change in Control benefit. 
 SECTION 4 – TERMINATION BENEFITS 
 (a) Upon a termination described in Section 3, Employer or its successor(s)
shall pay Employee, or in the event of Employee’s subsequent death, Employee’s estate, as severance pay, a sum equal to one and one-half years of Employee’s current base salary at the time of Employee’s termination. Such payment
shall be made in one lump sum payment within ten business days of such a termination of employment. 
 (b) Upon a termination described in
Section 3, Employer or its successor(s) shall continue to provide life, health, and disability coverage (“Coverage”) comparable to the coverage maintained by Employer for Employee prior to Employee’s severance. Such Coverage
shall cease upon the earlier of Employee obtaining new employment at which the Employee is entitled to receive comparable Coverage, or six months from the date of Employee’s termination. 
 SECTION 5 – LIMITATIONS ON PAYMENTS 
 (a) Notwithstanding any provision of
this Agreement to the contrary, if payments to Employee under this Agreement and/or any other payment or benefit from the Employer or any of its subsidiaries of either in connection with a Change in Control are deemed an “excess parachute
payment” under Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), such payments or benefits shall be reduced to the extent necessary to avoid such characterization. The initial determination of whether a
reduction is required under this paragraph shall be made by Employer’s independent accountants, and, to the extent practicable, Employee shall be entitled to select the payments or property that remain payable to Employee after the application
of this paragraph. Employee shall be deemed to have forfeited any right to any payment or property that is subject to reduction hereunder, without requirement of further notice. In the event that a final administrative action of the Internal Revenue
Service (the “IRS”) 

  

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increases the amount deemed to be an “excess parachute payment” within the meaning of Code Section 280G, the amount of such increase shall be
deemed a conditional payment by Employer. Employee agrees that he shall promptly remit to Employer, but in no event later than 20 business days from receipt of notice, the amount of such conditional payment, including interest thereon, determined at
the applicable federal rate. 
 (b) The Employer and the Employee intend that their exercise of authority or discretion under this Agreement
shall comply with Section 409A of the Code. If and when the Employee’s employment terminates, the Employee is a specified employee, as defined in Section 409A of Code, and if any payments under this Agreement will result in additional
tax or interest to Employee because of Section 409A, then despite any provision of this Agreement to the contrary Employee shall not be entitled to the payments until the earliest of: (i) the date that is at least six months after
termination of the Employee’s employment for reasons other than the Employee’s death; (ii) the date of the Employee’s death; or (iii) any earlier date that does not result in additional tax or interest to the Employee under
Section 409A. As promptly as possible after the end of the period during which payments are delayed under this provision, the entire amount of the delayed payments shall be paid to the Employee in a single lump sum. If any provision of this
Agreement does not satisfy the requirements of Section 409A, such provision shall, nevertheless, be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Employee to additional tax or
interest under Section 409A, the Employer shall reform the provision. However, the Employer shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Employee to additional tax or
interest, and the Employer shall not be required to incur any additional compensation expense as a result of the reformed provision. 
 SECTION 6 – SUSPENSION OF OBLIGATIONS 
 (a) If Employee is suspended from office and/or temporarily prohibited from
participating in the conduct of Employer’s or any of its subsidiaries’ affairs pursuant to an action brought by the Florida Office of Financial Regulation, Board of Governors of the Federal Reserve, or the Federal Deposit Insurance
Corporation, or any other regulatory agency that has supervisory authority over the Employer or its subsidiaries (any and all referred to herein as “Regulatory Agency”), Employer’s obligations under this Agreement shall be suspended
as of the date of such action. The obligations of this Agreement shall be reinstated if the charges of the Regulatory Agency are subsequently dismissed, or if the Employee is otherwise determined to be not guilty of such charges. 
 (b) If Employee is removed from office and/or permanently prohibited from participating in the conduct or affairs of Employer or any of its subsidiaries
by a final order resulting from an action brought by a Regulatory Agency, all obligations of Employer under this Agreement shall terminate as of the effective date of such order. 
 SECTION 7 – NOTICE OF TERMINATION 
 Any purported termination by Employer
or by Employee shall be communicated by a Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in
this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated. 
  

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 SECTION 8 – AGREEMENT NOT TO COMPETE 
 (a) In consideration of the benefits and protections provided under this Agreement, Employee agrees that while currently employed by Employer, and for a
period of twelve months following the termination of Employee’s employment for any reason, other than a termination that would entitle Employee to receive the severance benefits described in Section 4, Employee shall not become employed,
directly or indirectly, whether as an employee, independent contractor, consultant, or otherwise, with any federally-insured financial institution, financial holding company, bank holding company, or other financial services provider located in any
of the Florida counties in which Employer or one of its subsidiaries has an office that offers similar products or services as those offered by the Employer, or with any person or entity whose intent it is to organize another such company or entity
located in any of the Florida counties in which Employer or one of its subsidiaries has an office. 
 (b) Employee further agrees that for a
period of twelve months following the termination of Employee’s employment hereunder for any reason, Employee shall not, directly or indirectly: (i) solicit the business of any then current customer (e.g., borrower or depositor) of the
Employer, its successor, or its subsidiaries, regardless of whether or not Employee was responsible for generating such customer’s business; or (ii) solicit any employees of Employer, its successor, or its subsidiaries. 
 (c) Employee hereby agrees that the durations of the anti-competitive covenants set forth herein are reasonable, and that the geographic scope is not
unduly restrictive. 
 (d) The parties acknowledge and agree that money damages cannot fully compensate Employer in the event of
Employee’s violation of the provisions of this Section 8. Thus, in the event of a breach of any of the provisions of this Section 8, Employee agrees that Employer, upon application to a court of competent jurisdiction, shall be
entitled to an injunction restraining Employee from any further breach of the terms and provisions of this Section 8. Employee’s sole remedy, in the event of the wrongful entry of such injunction, shall be the dissolution of such
injunction and any costs as provided for in Section 11 herein. Employee hereby waives any and all claims for damages by reason of the wrongful issuance of any such injunction. 
 SECTION 9 – MODIFICATION AND WAIVER 
 (a) This Agreement may not be
modified or amended except as agreed to in writing by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to
have been waived, nor shall there be any estoppels against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition in the future, or as to any act other than that specifically waived.

 SECTION 10 – ARBITRATION 
 The parties agree that, any controversy or claim arising out of or relating to this Agreement or any breach hereof, including, without limitation, any claim that this Agreement or any portion hereof is invalid, illegal, or otherwise
voidable, shall be submitted to binding 

  

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arbitration before and in accordance with the rules of the American Arbitration Association and judgment upon the determination and/or award of such
arbitrator(s) may be entered in any court having jurisdiction thereof. Provided, however, that this Section shall not be construed to permit the award of punitive damages to either party. The venue of any arbitration shall be in Collier County,
Florida. 
 SECTION 11 – ATTORNEYS’ FEES 
 In the event of any proceeding occurring out of or involving this Agreement, the prevailing party shall be entitled to the recovery of reasonable attorneys’ fees, expenses, and costs, including fees and costs to
enforce an award. 
 SECTION 12 – SEVERABILITY 
 The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and
effect. 
 SECTION 13 – HEADINGS FOR REFERENCE ONLY 
 The headings of the Sections herein are included solely for convenient reference and shall not control the meaning or the interpretation of any of the provisions of this Agreement. 
 SECTION 14 – APPLICABLE LAW AND VENUE 
 This Agreement shall be governed in all respects and shall be interpreted by and under the laws of the State of Florida. Any litigation regarding this Agreement shall be brought in the appropriate court in Collier County, Florida.

 SECTION 15 – SUCCESSORS 
 Employer shall require any successor to the business and/or assets of Employer in connection with a Change in Control to assume and agree to perform its obligations under this Agreement in writing. 
 SECTION 16 – NO CONTRACT OF EMPLOYMENT 
 This Agreement shall not, under any circumstances, be deemed to constitute an employment contract between Employer and Employee or to be in consideration of or an inducement for the continued employment of Employee. Nothing contained in
this Agreement shall be deemed to give Employee the right to be retained in the service of Employer, or to interfere with the right of Employer to discharge Employee at any time. 
 SECTION 17 – LIMITATION OF RIGHTS 
 Neither this Agreement, nor any
amendment hereof, nor the payment of any benefits hereunder shall be construed as giving Employee or any other person any legal or equitable right against Employer except as expressly provided herein. 
  

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 SECTION 18 – OTHER AGREEMENTS 
 This Agreement supersedes any other employment related agreements by and between Employee and Employer. By executing this Agreement, Employee completely
releases Employer and all of its subsidiaries from any obligations that may have existed under any such other agreements. 
 IN WITNESS WHEREOF, this Agreement was duly executed this 31st day of December, 2008. 
  

					
	EMPLOYEE	  	BANK OF FLORIDA CORPORATION
			
	 /s/ Charles K. Cross
	  	By:	 	 /s/ Michael L. McMullan

	Charles K. Cross	  		 	Michael L. McMullan
		  		 	Chief Executive Officer & President

  

 6Deferred Compensation Plan of Bank of Florida

 Exhibit 10.7 
 BANK OF FLORIDA CORPORATION 
 DEFERRED COMPENSATION PLAN 
 THIS DEFERRED COMPENSATION PLAN (“Plan”) has been approved on this 19th day of November, 2008, by the Board of Directors of Bank of Florida Corporation (“Company”) for the benefit of key company executives
(“Executives”) identified by the Chief Executive Officer and recommended by the Compensation Committee. 
 WHEREAS, the
Company considers the identified Executives to be important in meeting its short and long-term objectives; and 
 WHEREAS, Executives
desire to establish certain retirement benefits with the Company based in part on the performance of the Executives. 
 NOW,
THEREFORE, the Company, through its Board of Directors, hereby establishes the following Plan: 
 ARTICLE 1. PLAN DEFINITIONS

  

	Section 1.1	Definitions. Whenever used in this Plan, the following words and phrases shall have the meanings specified. 

  

	 	 1.1.1
	 “Anniversary Date” means the 31st day of December of each calendar year. 

  

	 	1.1.2	“Initial Vesting Period” means that for the first five (5) years after the Effective Date, Executive will not be vested, i.e., Executive will not be entitled to any
retirement benefits provided under the terms of this Plan until five Years of Service following the Effective Date of the Executive Agreement, at which time Executive shall be vested fifty percent (50%) in his or her retirement benefit. For
each year thereafter, Executive shall be vested an additional percentage (as determined by the Compensation Committee, and set forth in the Executive Agreement) until he or she is one hundred percent (100%) vested. Provided, however, in the
event of a Change in Control as defined in Section 1.1.3, Executive will become 100% vested. 

  

	 	1.1.3	“Change in Control” shall mean the first to occur of any one or more of the following: 

  

	 	(i)	 any Transaction as defined in this Subsection 1.1.3, whether by merger, consolidation, asset sale, recapitalization, reorganization, combination, stock purchase,
tender offer, reverse stock split, or otherwise, which results in the acquisition of, or beneficial ownership (as such term is 

  

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defined under rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) by any person or entity or any group of persons or
entities (other than the group consisting of a majority of the directors currently serving on the Board of Directors as of the date of this Agreement or other group, which has been specifically approved by the Company’s Board of Directors and
management, to make an equity investment in the Company) “acting in concert,” as contemplated by Section 225.41 of the Federal Reserve Board of Governors’ Regulation Y, of 50% or more of the outstanding shares of common stock of
the Company, or 

  

	 	(ii)	in a Transaction considered to be a merger of equals wherein a duplication of positions results and Executive is not retained in the same or similar position with the same or
greater compensation benefits following the consummation of the Transaction; 

  

	 	(iii)	the sale of all or substantially all of the assets of the Company; or 

  

	 	(iv)	the liquidation of the Company or a material amount of Company’s assets; 

  

	 	(v)	a change in the majority of the members of the Company’s Board of Directors, other than through new directors nominated or appointed by the Company’s Nominating and
Corporate Governance Committee or Board of Directors; or 

  

	 	(vi)	the takeover or control of all or substantially all of the operations of the Company, through any of the means specified above. 

  

	 	(vii)	“Resulting Company” is defined to be the entity that exists following the consummation of the Change in Control. 

  

	 	1.1.4	“Disability” means sickness, accident, or injury resulting in Executive becoming Totally or Permanently Disabled as defined in Section 2.3 herein.

  

	 	1.1.5	“Early Retirement Date” means the date on which Executive voluntarily terminates employment before the Normal Retirement Date. 

  

	 	 1.1.6
	 “Effective Date of the Plan” means the 1st day of January, 2008. 

  

	 	 1.1.7
	 “Effective Date” for purposes of the Agreement with Executive shall mean the 1st day of January of the year in which the Agreement is executed. 

  

	 	1.1.8	“Executive” or “Executives” means key executives identified by the Chief Executive Officer and the Board of Directors, or one of its designated committees to be
eligible to participate under this Plan. 

  

	 	1.1.9	“Executive Agreement” means the deferred compensation agreement to provide retirement benefits under this Plan to Executive entered into between the Company and Executive
(a sample of which is attached hereto as Exhibit “A”). 

  

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	 	1.1.10	“Month of Service” means each completed full month of a Year of Service following the Effective Date. 

  

	 	1.1.11	“Normal Retirement Date” means the Anniversary Date in the year Executive attains the age of 65. 

  

	 	1.1.12	“Termination of Employment” means when Executive ceases to be employed by the Company for any reason whatsoever, voluntary or involuntary, other than by reason of an
approved leave of absence. 

  

	 	1.1.13	“Years of Service” means the total number of consecutive twelve-month periods during which Executive is employed on a full-time or part-time basis by the Company,
inclusive of any approved leaves of absence, from the Effective Date of the Executive Agreement with the Company, until Termination of Employment. 

 ARTICLE 2. LIFETIME BENEFITS 
  

	Section 2.1	Normal Retirement Benefit. If Executive terminates employment on or after the Normal Retirement Date for reasons other than death, the Company shall pay
to Executive the benefit described in this Section 2.1. 

  

	 	2.1.1	Computation of Benefit. After the Initial Vesting Period, the annual benefit (“Annual Benefit”) under this Plan shall mean an amount equal to a certain starting
percentage as determined by the Company, but not to exceed fifty percent (50%) of Executive’s base salary as specified in the Executive Agreement, increased by not more than two percent (2%) each year following the Effective Date.

  

	 	2.1.2	Payment of Benefit. The Company shall pay the amount determined in Subsection 2.1.1 of this Article in equal quarterly installments to Executive on the first day of each
quarter commencing with the month following the Normal Retirement Date and continuing thereafter for the remainder of his or her life. 

  

	Section 2.2	Early Retirement Benefit. If Executive voluntarily terminates employment before the Normal Retirement Date for reasons other than death or
Disability, the Company shall pay to Executive the benefit described in this Section 2.2. 

  

	 	2.2.1	 Early Retirement. To be eligible for Early Retirement Benefits as provided under this Section 2.2, Executive shall not be employed, directly or
indirectly, with any financial institution (defined as a bank holding company, thrift holding company, bank, or savings bank) located in any of the 

  

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following Florida counties: Collier; Lee; Hillsborough; Broward; Palm Beach; or Miami-Dade, between the date of Termination of Employment and the Normal
Retirement Date. Notwithstanding the foregoing, Executive may continue to be eligible for Early Retirement Benefits and work for a financial institution located within one of the above named counties in the specified time period, if the Company
specifically consents to such employment in writing. 

  

	 	2.2.2	Computation of Benefit. The Early Retirement benefit under this Section 2.2 is the Annual Benefit multiplied by the Vested Percentage as set forth on Exhibit
“B” determined as of the date of Termination of Employment due to Executive’s voluntary early retirement. 

  

	 	2.2.3	Payment of Benefit. The Company shall pay the amount determined in Subsection 2.2.1 above in equal quarterly installments to Executive on the first day of each quarter
commencing with the month following the Normal Retirement Date and continuing thereafter for the remainder of his or her life. 

  

	 	2.2.4	Death. In the event of Executive’s death prior to the Normal Retirement Date, Executive’s estate shall be entitled to the payment of the Benefit as contemplated
under Section 3.1, within 90 days of the date of Executive’s death. 

  

	Section 2.3	Disability. Should Executive while actively employed by the Company and prior to the Normal Retirement Date, become Totally and Permanently Disabled,
Company, beginning at a date to be determined by the Company, but within six months from the date of such disability, shall commence payment of Disability Benefits to the Employee in accordance with this Section 2.3 until the cessation of the
disability, until death, or until the Normal Retirement Date, whichever occurs first. Disability benefits are to be paid in addition to any death [or retirement benefits] payable under this Plan. 

 Whether the Executive is “Totally and Permanently Disabled” shall be determined as follows: 
  

	 	1.	If the Company and Executive agree in writing the Executive is Totally and Permanently Disabled, such agreement shall be fully determinative for purposes of this Plan, regardless of
any subsequent determination from any source; provided, however, that the Company and Executive may subsequently agree in writing that the Employee is no longer Totally and Permanently Disabled. 

  

	 	2.	If Sub-paragraph 1 of this Section entitled “Disability” is inapplicable, a finding that the Executive is Totally and Permanently Disabled under the Federal
Social Security Act shall be fully determinative for purposes of this Plan, regardless of any subsequent determination from any source; provided, however, that the Company and Executive may subsequently agree in writing that the Employee is no
longer Totally and Permanently Disabled. 

  

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	 	3.	If Sub-paragraphs 1 and 2 of this Section entitled “Disability” are both inapplicable, Executive may have a determination of Total and Permanent Disability
made by a “Disability Status Determination Committee” (hereinafter referred to as the “Committee”). The costs of same shall be borne by Executive. The Committee shall be comprised of three licensed medical doctors who shall be
selected by the Plan Administrator. If the Executive is found to be Totally and Permanently Disabled by a unanimous vote of the Committee, such finding shall be determinative for purposes of the Plan, regardless of any subsequent determination from
any source; provided, however, that the Company and Executive may subsequently agree in writing that the Executive is no longer Totally and Permanently Disabled. 

 If the Executive shall be declared Totally and Permanently Disabled, and the parties shall subsequently agree in writing that such disability has ceased,
then the payment of disability benefits shall cease, and the payment of further benefits hereunder shall be conditioned upon the Executive’s return to the employ of the Company and continuous employment thereafter until the applicable events
and/or dates specified herein, and upon the Executive’s compliance with the terms of this Plan. 
  

	 	2.3.1	Employment Status. For purposes of any requirement in this Plan that the Executive remain in the employ of the Company, the Executive shall be considered to have met such
requirement if an absence from the employment is due solely to the Executive’s Total and Permanent Disability, as defined herein. 

  

	 	2.3.2	Disability Benefit. If Executive’s employment is terminated because of Disability prior to the Normal Retirement Date, the Company shall pay to Executive the benefit
described in this Section 2.3. 

  

	 	(i)	Computation of Disability Benefit. The Disability Benefit under this Section 2.3 shall be an amount equal to up to fifty percent (50%) of the Annual Benefit (as
specified in the Executive Agreement) as of the date of Termination of Employment due to Disability. 

  

	 	(ii)	Payment of Benefit. The Company shall pay the amount determined in Subsection 2.3.2(i) above in equal quarterly installments to Executive on the first day of each quarter
commencing with the month following the Disability and continuing thereafter for the remainder of his or her life. 

  

	Section 2.4	Change in Control Benefit. In the event of a Change in Control of the Company (as defined in Subsection 1.1.3 herein) the Company shall pay to Executive
the benefit described in this Section 2.4. 

  

	 	2.4.1	Computation of Benefit. A Change in Control of the Company, wherein Executive is no longer employed with the Company or Resulting Company in the same or similar position with
the same or greater compensation, Executive shall be entitled to receive the fully vested Annual Benefit. 

  

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	 	2.4.2	Payment of Benefit. The Company shall pay the amount determined in Subsection 2.4.1 of this Article in equal quarterly installments to Executive on the first day commencing
with the month following the Normal Retirement Date and continuing thereafter for the remainder of his or her life. 

  

	 	2.4.3	Death. In the event of Executive’s death prior to the Normal Retirement Date, Executive’s estate shall be entitled to the payment of the Benefit as contemplated
under Section 3.1, within 90 days of the date of Executive’s death. 

 ARTICLE 3. DEATH BENEFITS 
  

	Section 3.1	Death During Employment. If Executive dies while employed by the Company, the Company shall pay to Executive’s beneficiary the benefit
described in this Section 3.1. 

  

	 	3.1.1	Computation of Benefit. The Death Benefit under this Section 3.1 shall be an amount equal to the Annual Benefit then vested, determined as of the date of Termination of
Employment due to Executive’s death, and shall be payable as set forth in Subsection 3.1.2 below. 

  

	 	3.1.2	Payment of Benefit. The Company shall pay the Death Benefit to Executive’s beneficiary in a present value lump sum payment within 90 days of Executive’s death,
based on a discount rate of eight percent (8%) and an assumed life expectancy of age 82, computed by reference to the Annual Benefit that would have been payable at Normal Retirement if Executive had survived. 

 ARTICLE 4. BENEFICIARIES 
  

	Section 4.1	Beneficiary Designations. Executive shall designate a “primary” and “contingent” beneficiary by filing a written
designation with the Company. Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by Executive and accepted by the Company during Executive’s lifetime. A
beneficiary’s designation shall be deemed automatically revoked if the beneficiary predeceases Executive, or if Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If Executive dies without a valid beneficiary
designation, all payments shall be made to Executive’s surviving spouse, if any, and if none, to Executive’s surviving children in equal shares per survivor, and if no survivors, to Executive’s estate. 

 

	Section 4.2	 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of
handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or other person having the care or 

  

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custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority, or guardianship as it may deem
appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 

 ARTICLE 5. GENERAL LIMITATIONS 
 Notwithstanding any provision
of this Plan to the contrary, the Company shall not pay any benefit under this Plan or any Executive Agreement for the following reasons: 
  

	Section 5.1	Termination for Cause. If the Company terminates Executive’s employment for: 

  

	 	5.1.1	Gross negligence or gross neglect of duties; 

  

	 	5.1.2	Conviction on any felony charge for actions taken during Executive’s employment, whether or not work related; or 

  

	 	5.1.3	Fraud, disloyalty, dishonesty, or willful violation of any law or material Company policy in connection with Executive’s employment. 

  

	Section 5.2	Suicide. No benefits shall be payable if Executive commits suicide prior to five Years of Service or if Executive has made any material
misstatement of fact on any application for life insurance purchased by the Company. 

 ARTICLE 6. CLAIMS AND REVIEW
PROCEDURES 
  

	Section 6.1	Claims Procedure. The Company shall notify Executive or his or her successor in interest (“Claimant”) in writing, within 90 days
of the Claimant’s written application for benefits, of eligibility or non-eligibility for benefits under the Agreement. If the Company determines that the Claimant is not eligible for benefits or full benefits, the notice shall set forth:
(i) the specific reasons for such denial; (ii) a specific reference to the provisions of the Plan or the Executive Agreement on which the denial is based; (iii) a description of any additional information or material necessary for the
Claimant to perfect Claimant’s claim, and a description of why it is needed; and (iv) an explanation of the Plan’s claims review procedure and other appropriate information as to the steps to be taken if the Claimant wishes to have
the claim reviewed. If the Company determines that there are special circumstances requiring additional time to make a decision, the Company shall notify the Claimant of the special circumstances and the date by which a decision is expected to be
made, and may extend the time for up to an additional 90 day period. 

  

	Section 6.2	 Review Procedure. If the Claimant is determined by the Company not to be eligible for benefits, or if the Claimant
believes that Claimant is entitled to greater or different benefits, the Claimant shall have the opportunity to have such claim reviewed by the Company by filing a petition for review with the Company within 60 days after receipt of the notice
issued by the Company. Said petition shall state the specific reasons which the Claimant believes entitle Claimant to benefits or to greater or different benefits. Within 60 days after receipt by 

  

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the Company of the petition, the Company shall afford the Claimant (and counsel, if any) an opportunity to present Claimant’s position to the Company
orally, or in writing, and the Claimant (or counsel) shall have the right to review the pertinent documents. The Company shall notify the Claimant of its decision in writing within the 60-day period, stating specifically the basis of its decision,
written in a manner calculated to be understood by the Claimant and the specific provisions of the Plan and/or Executive Agreement on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the
decision may be deferred for up to another 60-day period at the election of the Company, but notice of this deferral shall be given to the Claimant. 

 ARTICLE 7. FUNDING 
  

	Section 7.1	Funding. Executive shall be entitled to certain lifetime benefits from the Company as set forth in Article 2 of this Plan. The Company has sole
discretion on how it elects to fund its obligation to the Executive, which may be deferred during the Initial Vesting Period. Funding alternatives may include, but not be limited to: 

  

	 	7.1.1	Self Funding. The Company may choose to self fund, in whole or in part, the amount of the obligation. 

  

	 	7.1.2	Insurance. The Company may purchase life insurance products (bank-owned life insurance and other forms of insurance). 

  

	 	7.1.3	Annuity. The Company may purchase an annuity or similar type of investment. 

  

	 	7.1.4	Combination. The Company may utilize any combination of the aforementioned funding sources to fund the expected obligations under this Plan. 

 ARTICLE 8. AMENDMENTS AND TERMINATION 
 The Company reserves the right to amend or terminate this Plan at anytime. In the event of termination of this Plan, the benefit to Executive shall be based on the Annual Benefit determined as of the date of
termination of the Plan. The Company shall pay the benefit then vested to Executive, at the Company’s discretion, in either: (i) a present value lump sum payment within 60 days of Executive’s Termination of Employment based on a
discount rate of eight percent (8%) and a life expectancy of age 82, computed by reference to the Annual Benefit; or (ii) in equal consecutive quarterly payments based on one-quarter (1/4) of the Annual Benefit, on the first day of
each quarter commencing with the month following Executive’s Termination of Employment and continuing for the remainder of his life. In the event of amendment, the nonforfeitable benefit accrued as of the effective date of the amendment shall
not be reduced by the amendment. 
 ARTICLE 9. TRUST 
  

	Section 9.1	 Establishment of Trust. Notwithstanding any other provision or interpretation of this Plan, the Company may establish a trust in
which to hold annuity contracts or insurance products to be used to make, or reimburse the Company for, payments to any Executive or 

  

 Page 8 of 10 

	 	 
beneficiaries of all or part of the benefits provided to the Executive under his or her Executive Agreement. Any trust assets shall at all times
remain subject to the claims of general creditors of the Company in the event of its insolvency as more fully described in the trust. 

  

	Section 9.2	Obligations of the Company. Notwithstanding the fact that a trust may be established under Section 9.1 hereof, the Company shall
remain liable for paying the benefits under this Plan and any outstanding Executive Agreements. However, any payment of benefits to Executive or a beneficiary made by such a trust shall satisfy the Company’s obligation to make such payment to
such person. Upon satisfaction of the Company’s obligation to make benefit payments to Executive or a beneficiary, such trust shall terminate, and any remaining trust assets shall be returned to the Company. 

  

	Section 9.3	Trust Terms. Any trust established under Section 9.1 of Article 9 shall be revocable by the Company; provided, however, that such a
trust shall become irrevocable in accordance with its terms in the event of a Change in Control of the Company. Such a trust may contain such other terms and conditions as the Company may determine to be necessary or desirable. The Company may
terminate or amend any trust established under Section 9.1 hereof at any time, and in any manner it deems necessary or desirable, subject to the preceding sentence and the terms of any agreement under which any such trust is established or
maintained. 

 ARTICLE 10. MISCELLANEOUS 
  

	Section 10.1	Binding Effect. This Plan and Executive Agreement shall bind Executive and the Company, and their beneficiaries, survivors, executors,
administrators. 

  

	Section 10.2	No Guaranty of Employment. The Executive Agreement entered into with an Executive is not an employment policy or contract. It does not give
Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge Executive for any reason. It also does not require Executive to remain an employee nor interfere with Executive’s right
to terminate employment at any time. 

  

	Section 10.3	Non-Transferability. Benefits under the Executive Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any
manner. 

  

	Section 10.4	Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Plan or
Executive Agreement. 

  

	Section 10.5	Applicable Law. The Plan and any Executive Agreement and all rights thereunder shall be governed by the laws of Florida, except to the
extent preempted by the laws of the United States of America. 

  

	Section 10.6	 Unfunded Arrangement. An Executive and his or her beneficiary are general unsecured creditors of the Company
for the payment of benefits under this Plan and the implementing 

  

 Page 9 of 10 

	 	 
Executive Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. 

 IN WITNESS WHEREOF, the foregoing Plan was approved by the Company’s Board of Directors on the date first written above. 
  

			
	BANK OF FLORIDA CORPORATION
		
	By:	 	 /s/ Michael T. Putziger

		 	Michael T. Putziger
		 	Chairman of the Board

  

 Page 10 of 10 

 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	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]