Document:

First Supplemental Indenture

 Exhibit 10.34 
 FIRST SUPPLEMENTAL INDENTURE 
 (BankFIRST (FL) Statutory Trust II)

 THIS FIRST SUPPLEMENTAL INDENTURE dated as of April 25, 2007 is by and among U. S. Bank National Association, a
national banking association, (the “Trustee”), The BANKshares, Inc., a Delaware corporation (the “Successor Company”), and BankFIRST Bancorp, Inc., a Florida corporation (the “Company”) and the “Company” under
the Indenture. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by the parties hereto, the Trustee, the Company, and the Successor Company hereby agree as follows: 
 PRELIMINARY STATEMENTS 
 The Trustee and the Company are parties to that
certain Indenture dated as of March 17, 2004 (the “Indenture”), pursuant to which the Company issued U.S. $4,124,000 of its Junior Subordinated Deferrable Interest Debentures (the “Debentures”). 

As permitted by the terms of the Indenture, the Company, simultaneously with the effectiveness of this First Supplemental Indenture,
shall merge (referred to herein and for purposes of Article IX of the Indenture as the “Merger”) with and into Successor Company, with the Successor Company as the surviving corporation. The parties hereto are entering into this First
Supplemental Indenture pursuant to, and in accordance with, Section 9.1(a) of the Indenture. 
 Section 1.
Definitions. All capitalized terms used herein which are defined in the Indenture, either directly or by reference therein, shall have the respective meanings assigned them in the Indenture except as otherwise provided herein or unless
the context otherwise requires. 
 Section 2. Interpretation. 

 

	 	(a)	In this First Supplemental Indenture, unless a clear contrary intention appears: 

 

	 	(i)	the singular number includes the plural number and vice versa; 

  

	 	(ii)	reference to any gender includes the other gender; 

  

	 	(iii)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and
not to any particular Section or other subdivision; 

  

	 	(iv)	 reference to any person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by
this First Supplemental Indenture or the Indenture, and reference to a Person in a particular capacity excludes such 

	 	 
Person in any other capacity or individually provided that nothing in this clause (iv) is intended to authorize any assignment not otherwise permitted by this First Supplemental Indenture or
the Indenture; 

  

	 	(v)	reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in
accordance with the terms thereof and, if applicable, the terms hereof, as well as any substitution or replacement therefor and reference to any note includes modifications thereof and any note issued in extension or renewal thereof or in
substitution or replacement therefor; 

  

	 	(vi)	reference to any Section means such Section of this First Supplemental Indenture; and 

 

	 	(vii)	the word “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term. 

  

	 	(b)	No provision in this First Supplemental Indenture shall be interpreted or construed against any Person because that Person or its legal representative drafted such
provision. 

 Section 3. Assumption of Obligations. 

 

	 	(a)	Pursuant to, and in compliance and accordance with, Section 11.1 of the Indenture, the Successor Company hereby expressly and unconditionally assumes the due and
punctual payment of the principal of (and premium, if any) and interest on, all of the Debentures in accordance with their terms, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of
the Indenture to be kept or performed by the Company, all as if the Successor Company were the Company thereunder. 

  

	 	(b)	Pursuant to, and in compliance and accordance with, Section 11.2 of the Indenture, the Successor Company shall succeed to and be substituted for the Company, with
the same effect as if it had been named in the Indenture as the Company. 

  

	 	(c)	The Successor Company also succeeds to, is substituted for, and may exercise every right and power of, the Company under the Amended and Restated Declaration of Trust
of the Trust, dated as of March 17, 2004 (the “Trust Agreement”), as Sponsor (as defined in the Trust Agreement), with the same effect as if the Successor Company had originally been named in the Trust Agreement.

  
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	 	(d)	The Successor Company also succeeds to, and is substituted for, and may exercise every right and power of, the Company under the Guarantee Agreement, dated as of
March 17, 2004 (the “Guarantee Agreement”), as Guarantor (as defined in the Guarantee Agreement), with the same effect as if the Successor Company had originally been named in the Guarantee Agreement. 

Section 4. Representations and Warranties. The Successor Company represents and warrants that (a) it has all
necessary power and authority to execute and deliver this First Supplemental Indenture and to perform the covenants and obligations of the Indenture, (b) it is the successor of the Company pursuant to a valid merger effected in accordance with
applicable law, (c) it is a corporation organized and existing under the laws of the State of Delaware, (d) both immediately before and after giving effect to this First Supplemental Indenture, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and is continuing and (e) this First Supplemental Indenture is executed and delivered pursuant to Section 9.01 of the Indenture and does not
require the consent of the Securityholders. 
 Section 5. Conditions of Effectiveness. This First
Supplemental Indenture shall become effective simultaneously with the effectiveness of the Merger, provided, however, that: 
  

	 	(a)	the Trustee shall have executed a counterpart of this First Supplemental Indenture and shall have received a counterpart of this First Supplemental Indenture executed
by the Company and the Successor Company. 

  

	 	(b)	the Trustee shall have received an Officers’ Certificate substantially in the form attached hereto as Exhibit A. 

 

	 	(c)	the Trustee shall have received an Opinion of Counsel substantially in the form attached hereto as Exhibit B. 

 

	 	(d)	The Successor Company and the Company shall have duly executed and filed with (i) the Secretary of State of the State of Florida Articles of Merger and
(ii) the Secretary of State of the State of Delaware a Certificate of Merger in connection with the Merger. 

Section 6. Reference to the Indenture. 

 

	 	(a)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Indenture to “this Indenture,” “hereunder,” “herein” or
words of like import shall mean and be a reference to the Indenture, as affected, amended and supplemented hereby. 

  

	 	(b)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Debentures to the Indenture including each term defined by reference to the Indenture
shall mean and be a reference to the Indenture or such term, as the case may be, as affected, amended and supplemented hereby. 

  
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	 	(c)	The Indenture, as amended and supplemented hereby, shall remain in full force and effect and is hereby ratified and confirmed. 

Section 7. Execution in Counterparts. This First Supplemental Indenture may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. 

Section 8. Governing Law; Binding Effect. This First Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York and shall be binding upon the parties hereto and their respective successors and assigns. 
 Section 9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due
execution thereof by the Company or the Successor Company. The recitals of fact contained herein shall be taken as the statements solely of the Company or the Successor Company, and the Trustee assumes no responsibility for the correctness thereof.

 [Signatures on following page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed and
effective as of the day and year first written above, by their respective officers thereunto duly authorized. 
  

			
	U. S. BANK NATIONAL ASSOCIATION
		
	By:	 	                             
                                         
                          
		 	Name:                            
                                         
              
		 	Title:                            
                                         
                
	
	THE BANKSHARES, INC.
		
	By:	 	 /s/ Mark Merlo

		 	Name: Mark Merlo
		 	Title: President
	
	BANKFIRST BANCORP, INC.
		
	By:	 	 /s/ Thomas P. Abelmann

		 	Name: Thomas P. Abelmann
		 	Title: President

 [Signature Page
of First Supplemental Indenture –BankFIRST Statutory Trust II] 

 EXHIBIT A 

OFFICER’S CERTIFICATE 
 (see attached) 

 EXHIBIT B 

OPINION OF COUNSEL 
 (see attached)Exhibit 4.3

 Exhibit 4.3 
 NAYARIT GOLD INC. 
 Stock Option Plan 

 

	1.	PURPOSE 

 The purpose of this
stock option plan (the “Plan”) is to authorize the grant to service providers for Nayarit Gold Inc. (the “Corporation”) of options to purchase common shares (“shares”) of the Corporation’s capital and thus benefit
the Corporation by enabling it to attract, retain and motivate service providers by providing them with the opportunity, through share options, to acquire an increased proprietary interest in the Corporation. 

 

	2.	ADMINISTRATION 

 The Plan shall
be administered by the board of directors of the Corporation or a committee established by the board of directors for that purpose (the “Committee”). Subject to approval of the granting of options by the board of directors or Committee, as
applicable, the Corporation shall grant options under the Plan. 
  

	3.	SHARES SUBJECT TO PLAN 

 Subject
to adjustment under the provisions of paragraph 12 hereof, the aggregate number of shares of the Corporation which may be issued and sold under the Plan will not exceed 7,160,000. The total number of shares which may be reserved for issuance to any
one individual under the Plan within any one year period shall not exceed 5% of the outstanding issue. The Corporation shall not, upon the exercise of any option, be required to issue or deliver any shares prior to (a) the admission of such
shares to listing on any stock exchange on which the Corporation’s shares may then be listed, and (b) the completion of such registration or other qualification of such shares under any law, rules or regulation as the Corporation shall
determine to be necessary or advisable. If any shares cannot be issued to any optionee for whatever reason, the obligation of the Corporation to issue such shares shall terminate and any option exercise price paid to the Corporation shall be
returned to the optionee. 
  

	4.	LIMITS WITH RESPECT TO INSIDERS 

  

	 	(a)	The maximum number of shares which may be reserved for issuance to insiders under the Plan, any other employer stock option plans or options for services, shall be 20%
of the shares issued and outstanding at the time of the grant (on a non-diluted basis). 

  

	 	(b)	The maximum number of shares which may be issued to insiders under the Plan, together with any other previously established or proposed share compensation arrangements,
within any one year period shall be 10% of the outstanding issue. The maximum number of shares which may be issued to any one insider and his or her associates under the Plan, together with any other previously established or proposed share
compensation arrangements, within a one year period shall be 5% of the shares outstanding at the time of the grant (on a non-diluted basis). 

  

	5.	ELIGIBILITY 

 Options shall be
granted only to Eligible Persons, any registered savings plan established by an Eligible Person or any corporation wholly-owned by an Eligible Person. The term “Eligible Person” means: 

 

	 	(a)	an officer, director or insider of the Corporation or any of its subsidiaries; 

  
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	 	(b)	either: 

  

	 	(i)	an individual who is considered an employee under the Income Tax Act 

  

	 	(ii)	an individual who works full-time for the Corporation providing services normally provided by an employee and who is subject to the same control and direction by the
Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at source, or 

  

	 	(iii)	an individual who works for the Corporation on a continuing and regular basis for a minimum amount of time per week providing services normally provided by an employee
and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at source, 

any such individual, an “Employee”; 

 

	 	(c)	an individual employed by a corporation, incorporated association or organization, body corporate, partnership, trust, association or other entity other than an
individual (a “Company”) or an individual (together with a Company, a “Person”) providing management services to the Corporation, which are required for the ongoing successful operation of the business enterprise of the
Corporation, but excluding a Person engaged in Investor Relations Activities (as hereafter defined) (a “Management Company Employee”); 

  

	 	(d)	an individual (or a company wholly-owned by individuals) who: 

  

	 	(i)	provides ongoing consulting services to the Corporation or an Affiliate of the Corporation under a written contract; 

 

	 	(ii)	possesses technical, business or management expertise of value to the Corporation or an Affiliate of the Corporation; 

 

	 	(iii)	spends a significant amount of time and attention on the business and affairs of the Corporation or an Affiliate of the Corporation; 

 

	 	(iv)	has a relationship with the Corporation or an Affiliate of the Corporation that enables the individual to be knowledgeable about the business and affairs of the
Corporation; and 

  

	 	(v)	does not engage in Investor Relations Activities (as hereafter defined) 

any such individual, a “Consultant’; or 

 

	 	(e)	any Employee engaged to provide services that promote the purchase or sale of the issued securities (an “Investor Relations Employee”).

 For purposes of the foregoing, a Company is an ‘Affiliate” of another Company if: (a) one of them is the
subsidiary of the other; or (b) each of them is controlled by the same Person. 
 The term “Investor Relations Activities” means
any activities or oral or written communications, by or on behalf of the Corporation or shareholder of the Corporation, that promote or reasonably could be expected to promote the purchase or sale of securities of the Corporation, but does not
include: 

  
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	 	(a)	the dissemination of information provided, or records prepared, in the ordinary course of business of the Corporation 

 

	 	(i)	to promote the sale of products or services of the Corporation, or 

  

	 	(ii)	to raise public awareness of the Corporation, that cannot reasonably be considered to promote the purchase or sale of securities of the Corporation;

  

	 	(b)	activities or communications necessary to comply with the requirements of 

  

	 	(i)	applicable securities laws, policies or regulations, 

  

	 	(ii)	the rules, and regulations of the TSX Venture Exchange (“TSXV”) or the by- laws, rules or other regulatory instruments of any other self regulatory body or
exchange having jurisdiction over the Corporation; 

  

	 	(c)	communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation,
distributed only to subscribers to it for value or to purchasers of it, if 

  

	 	(i)	the communication is only through the newspaper, magazine or publication, and 

 

	 	(ii)	the publisher or writer received no commission or other consideration other than for acting in the capacity of publisher or writer; or 

 

	 	(d)	activities or communications that may be otherwise specified by TSXV. 

 For stock options to Employees, Consultants or Management Company Employees, the Corporation must represent that the optionee is a bonafide Employee, Consultant or Management Company Employee as the case
maybe. The terms “insider”, “controlled and “subsidiary” shall have the meanings ascribed thereto in the Securities Act (Ontario) from time to time. Subject to the foregoing, the board of directors or Committee, as
applicable, shall have full and final authority to determine the persons who are to be granted options under the Plan and the number of shares subject to each option. 
  

	6.	LIMITS WITH RESPECT TO CONSULTANTS AND INVESTOR RELATIONS EMPLOYEES 

  

	 	(a)	The maximum number of shares which may be reserved for issuance to Consultants under the Plan, any other employer stock options plans or options for services, within
any one year period, shall be 2% of the shares issued and outstanding at the time of the grant (on a non-diluted basis). 

  

	 	(b)	The maximum number of shares which may be reserved for issuance to Investor Relations Employees under the Plan, any other employer stock options plans or options for
services, within any one year period shall be 2% of the shares issued and outstanding at the time of the grant (on a non-diluted basis). 

  

	7.	PRICE 

 The purchase price (the
‘Price”) for the shares of the Corporation under each option shall he determined by the board of directors or Committee, as applicable, on the basis of the market price, where “market price” shall mean the prior trading day
closing price of the shares of the Corporation on any stock exchange on which the shares are listed or last trading price on the prior trading day on any dealing network where the shares trade, and where there is no such closing price or trade on
the prior trading day, “market price” shall mean the average of the most recent bid and ask of the shares of the Corporation on any stock exchange on which the shares are listed or dealing network on which the shares of the 

  
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 Corporation trade. In the event the shares are listed on TSXV, the price maybe the market price less any
discounts from the market price allowed by TSXV, subject to a minimum price of $0.10. 
  

	8.	PERIOD OF OPTION AND RIGHTS TO EXERCISE 

 Subject to the provisions of this paragraph 8 and paragraphs 9, 10 and 17 below, options will be exercisable in whole or in part, and from time to time, during the currency thereof and Options shall not
be granted for a term exceeding five years. The shares to be purchased upon each exercise of any option (the “optioned shares”) shall be paid for in full at the time of such exercise. Except as provided in paragraphs 9, 10 and 17 below, no
option which is held by a service provider may be exercised unless the optionee is then a service provider for the Corporation. 
  

	9.	CESSATION OF PROVISION OF SERVICES 

 Subject to paragraph 10 below, if any optionee who is a service provider shall cease to be a service provider for the Corporation for any reason (whether or not for cause) the optionee may, but only
within the period of ninety days, or thirty days if the service provider is an Investor Relations Employee, next succeeding such cessation and in no event after the expiry date of the optionee’s option, exercise the optionee’s option
unless such period is extended as provided in paragraph 10 below. 
  

	10.	DEATH OF OPTIONEE 

 In the event
of the death of an optionee during the currency of the optionee’s option, the option theretofore granted to the optionee shall be exercisable within, but only within, the period of one year next succeeding the optionee’s death. Before
expiry of an option under this paragraph 10, the board of directors or Committee, as applicable, shall notify the optionee’s representative in writing of such expiry. 

 

	11.	NON-ASSIGNABILITY AND NON-TRANSFERABILITY OF OPTION 

 An option granted under the Plan shall be non-assignable and non-transferrable by an optionee otherwise than by will or by the laws of descent and distribution, and such option shall be exercisable,
during an optionee’s lifetime, only by the optionee. 
  

	12.	ADJUSTMENTS IN SHARES SUBJECT TO PLAN 

 The aggregate number and kind of shares available under the Plan shall be appropriately adjusted in the event of a reorganization, recapitalization, stock spilt, stock dividend, combination of shares,
merger, consolidation, rights offering or any other change in the corporate structure or shares of the Corporation. The options granted under the Plan may contain such provisions as the board of directors, or Committee, as applicable, may determine
with respect to adjustments to be made in the number and kind of shares covered by such options and in the option price in the event of any such change. If there is a reduction in the exercise price of the options of an insider of the Corporation,
the Corporation will be required to obtain approval from disinterested shareholders. 
  

	13.	AMENDMENT AND TERMINATION OF THE PLAN 

 The board of directors or Committee, as applicable, may at any time amend or terminate the Plan, but where amended, such amendment is subject to regulatory approval. 

 

	14.	EFFECTIVE DATE OF THE PLAN 

 The
Plan becomes effective on the date of its approval by the shareholders of the Corporation. 
  

	15.	EVIDENCE OF OPTIONS 

  
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 Each option granted under the Plan shall be embodied in a written option agreement between
the Corporation and the optionee which shall give effect to the provisions of the Plan. 
  

	16.	EXERCISE OF OPTION 

 Subject to
the provisions of the Plan and the particular option, an option may be exercised from time to time by delivering to the Corporation at its registered office a written notice of exercise specifying the number of shares with respect to which the
option is being exercised and accompanied by payment in cash or certified cheque for the full amount of the purchase price of the shares then being purchased. 
 Upon receipt of a certificate of an authorized officer directing the issue of shares purchased under the Plan, the transfer agent is authorized and directed to issue and countersign share certificates for
the optioned shares in the name of such optionee or the optionees legal personal representative or as may be directed in writing by the optionee’s legal personal representative. 

 

	17.	VESTING RESTRICTIONS 

 Options
issued under the Plan may vest at the discretion of the board of directors or Committee, as applicable, provided that (a) the number of shares which may he acquired pursuant to the Plan shall not exceed a specified number or percentage during
the term of the option; (b) options must vest over a period of at least 18 months and must be released in equal stages on a quarterly basis; and (c) options issued to Investor Relations Employees must vest in stages over not less than 12
months with no more than one- quarter (1/4) of the options vesting in any three month period. 
  

	18.	NOTICE OF SALE OF ALL OR SUBSTANTIALLY ALL SHARES OR ASSETS 

 If at any time when an option granted under this Plan remains unexercised with respect to any optioned shares: 
  

	 	(a)	the Corporation seeks approval from its shareholders for a transaction which, if completed, would constitute an Acceleration Event; or 

 

	 	(b)	a third party makes a bona fide formal offer or proposal to the Corporation or its shareholders which, if accepted, would constitute an Acceleration Event;

 the Corporation shall notify the optionee in writing of such transaction, offer or proposal as soon as practicable and,
provided that the board of directors or Committee, as applicable, has determined that no adjustment shall be made pursuant to section 12 hereof, (i) the board of directors or Committee, as applicable, may permit the optionee to exercise the
option granted under this Plan, as to all or any of the optioned shares in respect of which such option has not previously been exercised (regardless of any vesting restrictions), during the period specified in the notice (but in no event later than
the expiry date of the option), so that the optionee may participate in such transaction, offer or proposal; and (ii) the board of directors or Committee, as applicable, may require the acceleration of the time for the exercise of the said
option and of the time for the fulfilment of any conditions or restrictions on such exercise. 
 For these purposes, an
Acceleration Event means: 
  

	 	(a)	the acquisition by any “offeror” (as defined in Part XX of the Securities Act (Ontario)) of beneficial ownership of more than 50% of the outstanding voting
securities of the Corporation, by means of a takeover bid or otherwise; 

  

	 	(b)	any consolidation or merger of the Corporation in which the Corporation is not the continuing or surviving corporation or pursuant to which shares of the Corporation
would be converted into cash, securities or other property, other than a merger of the Corporation in which shareholders immediately prior to the merger have the same 

  
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 proportionate ownership of stock of the surviving corporation immediately after the merger;

  

	 	(c)	any sale, lease exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Corporation; or

  

	 	(d)	the approval by the shareholders of the Corporation of any plan of liquidation or dissolution of the Corporation. 

 

	19.	RIGHTS PRIOR TO EXERCISE 

 An
optionee shall have no rights whatsoever as a shareholder in respect of any of the optioned shares (including any right to receive dividends or other distributions therefrom or thereon) other than in respect of optioned shares in respect of which
the optionee shall have exercised the option to purchase hereunder and which the optionee shall have actually taken up and paid for. 
  

	20.	GOVERNING LAW 

 This Plan shall
be construed in accordance with and be governed by the laws of the Province of Ontario and shall be deemed to have been made in said Province, and shall be in accordance with all applicable securities laws. 

 

	21.	EXPIRY OF OPTION 

 On the expiry
date of any option granted under the Plan, and subject to any extension of such expiry date permitted in accordance with the Plan, such option hereby granted shall forthwith expire and terminate and be of no further force or effect whatsoever as to
such of the optioned shares in respect of which the option has not been exercised. 

  
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