Document:

Exhibit
10.1

1ST UNITED BANCORP, INC.

OFFICERS’ AND EMPLOYEES’ STOCK OPTION PLAN

ARTICLE I

Definitions

          As
used herein, the following terms have the meanings hereinafter set forth unless
the context clearly indicates to the contrary:

                    (a)
“Board” or “Board of Directors” shall mean the board of directors of the
Company.

                    (b)
“Change of Control” shall mean the acquisition, by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or
more of the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors.

                    (c)
“Code” shall mean the Internal Revenue Code of 1986, as amended, unless
otherwise specifically provided herein.

                    (d)
“Company” shall mean 1st United Bancorp, Inc., a Florida
corporation, and its successors.

                    (e)
“Employee” shall mean any individual who is employed with the Company or any of
its Subsidiaries as an officer or employee.

                    (f)
“Incentive Stock Option” shall have the meaning given to it by Section 422 of
the Code.

                    (g)
“Nonstatutory Stock Option” shall mean any Option granted by the Company
pursuant to this Plan which is not an Incentive Stock Option.

                    (h)
“Option” shall mean an option to purchase Stock granted by the Company pursuant
to the provisions of this Plan.

                    (i)
“Option Price” shall mean the purchase price of each share of Stock subject to
Option, as defined in Section 5.2 hereof.

                    (j)
“Optionee” shall mean an Employee who has received an Option granted by the
Company hereunder.

                    (k)
“Plan” shall mean this 1st United Bancorp, Inc. Officers’ and
Employees’ Stock Option Plan.

                    (1)
“Service” shall mean the tenure of an individual, as an Employee of the Company
or any of its Subsidiaries.

                    (m)
“Stock” shall mean the common stock of the Company, par value $.01 per share,
or, in the event that the outstanding shares of Stock are hereafter changed
into or exchanged for shares of a different class of stock or securities of the
Company or some other corporation, such other stock or securities. Upon the
effective date of the Plan (as set forth in Section 2.3 hereof), it Is
contemplated that the Company will have shares of Class A common stock and
shares of Class B common stock: outstanding. For purposes of this Plan, the
term “Stock” shall mean the shares of Class A common stock and, thereafter, the
shares into which such Stock is converted.

                    (n)
“Stock Option Agreement” shall mean the agreement between the Company and the
Optionee under which the Optionee may purchase Stock pursuant to the Plan.

                    (o)
“Stock Option Committee” shall mean the committee administering the Plan,
pursuant to Article III hereof. The Stock Option Committee shall consist, of at
least two members of the Company’s Board each of whom shall, unless the Board
determines otherwise, meet the requirements for a “non-employee director” as
set forth in Rule 16b-3(b)(3) or any successor provision, promulgated pursuant
to the Exchange Act, and the requirements for an “outside director” as set
forth in Code Section 162(m) and the regulations thereunder.

                    (p)
“Subsidiary” shall mean any corporation or other entity which qualifies as a
subsidiary of a corporation under the definition of “subsidiary corporation”
contained in Section 424(f)of the Code.

ARTICLE II

The Plan

          2.1
Name. This plan shall be known as the “1st United Bancorp,
Inc. Officers’ and Employees’ Stock Option Plan.”

          2.2
Purpose. The purpose of the Plan is to advance the interests of the
Company and its shareholders by affording to Employees an opportunity to
acquire or increase their proprietary interest in the Company by the grant of
Options to such Employees under the terms set forth herein. By encouraging such
Employees to become owners of Stock of the Company, the Company seeks to
motivate, retain, and attract those highly competent individuals upon, whose
judgment, initiative, leadership, and continued efforts the success of the
Company and its Subsidiaries in large measure depends.

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          2.3
Effective Date. The Plan shall become effective on the Closing Date as
defined in that certain Agreement dated April 9, 2003 by and between the
Company and 1st United, L.L.C.

          2.4
Participants. Only Employees of the Company and its Subsidiaries shall
be eligible to receive Options under the Plan.

ARTICLE III

Plan Administration

          3.1
Stock Option Committee. This Plan shall be administered by the Stock
Option Committee.

          3.2
Power of the Stock Option Committee. The Stock Option Committee shall
have full authority and discretion: (a) to determine, consistent with the
provisions of this Plan, which of the Employees will be granted Options to
purchase any shares of Stock which may be issued and sold hereunder as provided
In Section 4.1 hereof, the times at which Options shall be granted, and the
number of shares of Stock covered by each Option; (b) to determine the Option
Price (subject to Section 5.2 hereof) and other terms and provisions of each
respective Stock Option Agreement, which need not be identical; (c) to
determine whether the Options granted pursuant to this Plan shall be Incentive
Stock Options or Nonstatutory Stock Options; (d) to construe and interpret the
Plan; and (e) to make ail other determinations and take all other actions
deemed necessary or advisable for the proper administration of the Plan. All
such actions and determinations shall be conclusively binding upon all persons
for all purposes. Unless otherwise indicated by the Stock Option Committee,
Options granted pursuant to this Plan shall be Incentive Stock Options.

ARTICLE IV

Shares of Stock Subject to Plan

          4.1
Limitations. Subject to adjustment pursuant to the provisions of Section
4.3 hereof, the number of shares of Stock which may be issued and sold
hereunder pursuant to Stock Option Agreements shall not exceed 5% of the shares
of Company Common Stock (i.e., Class
A common stock plus Class B common stock) outstanding, from time to time.
Shares subject to Options which terminate or expire prior to exercise shall be
available for future Options.

          4.2
Options Granted Under Plan. Shares of Stock with respect to which an
Option granted hereunder shall have been exercised shall not again be available
for Option hereunder. If Options granted hereunder shall terminate for any
reason without being wholly exercised, then the Stock Option Committee shall
have the discretion to grant new Options to Optionees hereunder covering the
number of shares to which such terminated Options related.

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          4.3
Stock Adjustment; Mergers. Notwithstanding Section 4.1, in the event the
outstanding shares of Stock are changed into or exchanged for a different
number or kind of shares or other securities of the Company or of any other
corporation by reason of any merger, consolidation, liquidation,
recapitalization, reclassification. stock split up. combination of shares, or
stock dividend, the total number of shares set forth in Section 4.1 shall be
proportionately and appropriately adjusted by the Board. If the Company
continues in existence, the number and kind of shares that are subject to any
Option and the Option Price per share shall be proportionately and
appropriately adjusted without any change in the aggregate price to be paid
therefor upon exercise of the Option. If the Company will not remain in
existence or a majority of its Stock will be purchased or acquired by a single
purchaser or group of purchasers acting together, then the Board may (i)
declare that all Options shall terminate 30 days after the Board 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 Board to the
securities of the successor corporation to which holders of the numbers of
shares subject to such Options would have been entitled, or (hi) some
combination of aspects of (i) and (ii). The determination by the Board as to
the terms of any of the foregoing adjustments shall be conclusive and binding.
Any fractional shares resulting from any of the foregoing adjustments under
this section shall be disregarded and eliminated.

          4.4
Change of Control. Upon a Change of Control, all Options granted under
the Plan shall become exercisable immediately notwithstanding the provisions of
the respective Option agreements regarding exercisability.

ARTICLE V

Options

          5.1
Option Grant and Agreement. Each Option granted hereunder shall be
evidenced by minutes of a meeting of the Stock Option Committee authorizing the
same and by a written Stock Option Agreement dated as of the date of grant and
executed by the Company and the Optionee, which Stock Option Agreement shall
set forth such terms and conditions as may be determined by the Stock Option
Committee to be consistent with the Plan and shall indicate whether the Option
that it evidences is intended to be an Incentive Stock Option or a Nonstatutory
Stock Option.

          5.2
Option Price. The Option Price of each share of Stock subject to Option
shall not be less than the fair market value of the Stock on the date of grant.
If the Stock is traded on a national securities exchange or on the NASDAQ
National Market System (“NMS”) at the date of grant, then the fair market value
of the Stock on the date of grant shall be equal to the closing price of such
Stock as quoted on such exchange or market as of the trading day immediately
preceding the effective date of such grant. If the Stock is not traded on a
national securities exchange or the NMS at the date of grant, then the fair
market value of the Stock on the date of grant shall be determined

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in good faith by the Board
of Directors using any reasonable method, which shall include consideration of
market quotations to the extent available.

          5.3
Option Exercise. Options may be exercised in whole or in part from time
to time with respect to whole shares only, within the period permitted for the
exercise thereof. Notwithstanding any other provision in this Plan, no option
granted under the Plan may be exercised more than ten (10) years after the date
on which it is granted. Options shall be exercised by: (i) written notice of
intent to exercise the Option with respect to a specific number of shares of
Stock which is delivered by hand delivery or registered or certified mail,
return receipt requested, to the Company at its principal office; and (ii)
payment in full to the Company at such office of the amount of the Option Price
for the number of shares of” Stock, with respect to which the Option is then
being exercised. Payment of the Option Price shall be made in cash, certified
check, cashier’s check, or personal check (and if made by personal check the
shares of Stock issued upon exercise of the Option shall be held by the Company
until the check has cleared); provided,
however, that if at the time of exercise of the Option the Stock is
traded on a national securities exchange or on the NMS or other recognized
trading or quotation system, ail or part of the Option Price may also be paid
by delivery to the Company of shares of Stock previously acquired by the
Optionee (provided the exercise of such Option through this “cashless” feature
is in accordance with applicable federal and state securities laws), which
shall be valued for such purpose at the closing price of such Stock as quoted
on such exchange or market as of the trading day immediately preceding the date
of exercise. In addition to and at the time of payment of the Option Price, the
Optionee shall, if and to the extent requested by the Company, pay to the
Company in cash the full amount of all federal, state, and local withholding or
other employment taxes, if any, applicable to the taxable income of the
Optionee resulting from such exercise, and any sales, transfer, or similar
taxes imposed with respect to the issuance or transfer of shares of Stock in
connection with such exercise.

          5.4
Nontransferability of Option. No Option shall be transferred by an
Optionee otherwise than by will or the laws of descent and distribution or
pursuant to a qualified domestic relations order as defined by the Code or
Title I of the Employee Retirement Income Security Act, or the rules thereunder
(a “Qualified Domestic Order”). During the lifetime of an Optionee, the Option
shall be exercisable only by the Optionee or the Optionee’s legal guardian or
personal representative.

          5.5
Effect of Death. Disability, Retirement, or Other Termination of Service.

	
 

	
 

	
 

	
 

	
(a)

	
If an Optionee’s Service
 with the Company and its Subsidiaries shall be terminated for “cause,” as
 defined in Section 5.5(b) hereof, then no Options held by such Optionee,
 which are unexercised in whole or in part, may be exercised on or after the
 date on which such Optionee is first notified in writing by the Company of
 such termination for cause.

	
 

	
 

	
 

	
 

	
(b)

	
For purposes of this
 Section 5.5, termination for “cause” shall mean termination for the
 Optionee’s personal dishonesty, incompetence, willful

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misconduct, breach of
 fiduciary duty, violation of any law, rule, or regulation (other than traffic
 violations or similar offenses) affecting the Company or its Subsidiaries,
 violation of any agreement or order with any bank regulatory agency, failure
 by the Optionee to perform Optionee’s stated duties with the Company or its
 Subsidiaries, or such other circumstances as the Company and/or its
 Subsidiaries determines as resulting in the Optionee’s termination of
 employment for “cause.”

	
 

	
 

	
 

	
 

	
(c)

	
If an Optionee’s Service
 with the Company and its Subsidiaries shall be terminated for any reason
 other than for cause (as defined in Section 5.5(b) hereof) and other than
 retirement at or after age sixty-five (65) or the disability (as defined in
 Section 5.5(f) hereof) or death of the Optionee, then no Options held by such
 Optionee which are unexercised in whole or in part may be exercised on or
 after the effective date of such termination.

	
 

	
 

	
 

	
 

	
(d)

	
If an Optionee’s Service
 with the Company and its Subsidiaries shall be terminated by reason of
 retirement at or after age sixty-five (65), then the Optionee shall have the
 right to exercise the Optionee’s Options for one hundred eighty (180) days
 after the date of such termination, but only to the extent that such Options
 were exercisable at the date of such termination; provided, however, that the Stock Option Committee may,
 but shall not be obligated to, allow such Optionee to exercise within such
 time any or all of the Options, if any, held by the Optionee which would not
 yet otherwise be exercisable.

	
 

	
 

	
 

	
 

	
(e)

	
If an Optionee’s Service
 with the Company and its Subsidiaries shall be terminated by reason of the
 death or disability (as defined in Section 5.5(f) hereof) of the Optionee,
 then the personal representative or administrator of the estate of the
 Optionee or the person or persons to whom an Option granted hereunder shall
 have been validly transferred by the personal representative or administrator
 pursuant to the Optionee’s will or the laws of descent and distribution, as
 the case may be, shall have the right to exercise the Optionee’s Options for
 one hundred eighty (180) days after the date of such termination, but only to
 the extent that such Options were exercisable at the date of such
 termination; provided, however, that
 the Stock Option Committee may, but shall not be obligated to, allow such
 Optionee to exercise within such time any or all of the Options, if any, held
 by the Optionee which would not yet otherwise be exercisable.

	
 

	
 

	
 

	
 

	
(f)

	
For purposes of this
 Section 5.5, the terms “disability” and “disabled” shall have the meaning set
 forth in the principal disability insurance policy or similar program then
 maintained by the Company on behalf of Employees or, if no such policy or
 program is then in existence, the meaning then used by

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the United States
 Government in determining persons eligible to receive disability payments
 under the social security system of the United States.

	
 

	
 

	
 

	
 

	
(g)

	
No transfer of an Option
 by the Optionee by will, the laws of descent and distribution, or a Qualified
 Domestic Order shall be effective to bind the Company unless the Company
 shall have been furnished with written notice thereof and an authenticated
 copy of the will or the Qualified Domestic Order and/or such other evidence
 as the Company may deem necessary to establish the validity of the transfer
 and the acceptance by the transferee or transferees of the terms and
 conditions of such Option.

          5.6
Rights as Shareholder. An Optionee or a transferee of an Option shall
have no rights as a shareholder with respect to any shares of Stock subject to
such Option prior to the purchase of such shares by exercise of such Option as
provided herein.

          5.7
Investment Intent. Upon or prior to the exercise of ail or any portion
of an Option, the Optionee shall furnish to the Company in writing such
information or assurances as, in the Company’s opinion, may be necessary to
enable it to comply fully with the Securities Act of 1933, as amended, and the
rules and regulations thereunder and any other applicable statutes, rules, and
regulations. Without limiting the foregoing, if a registration statement is not
in effect under the Securities Act of 1933, as amended, with respect to the
shares of Stock to be issued upon exercise of an Option, the Company shall have
the right to require, as a condition to the exercise of such Option, chat the
Optionee represent to the Company in writing that the shares to be received
upon exercise of such Option will be acquired by the Optionee for investment
and not with a view to distribution and that the Optionee agree, in writing,
that such shares will not be disposed of except pursuant to an effective
registration, statement, unless the Company shall have received an opinion of
counsel reasonably acceptable to it to the effect that such disposition is
exempt from the registration requirements of the Securities Act of 1933, as
amended. The Company shall have the right to endorse on certificates
representing shares of Stock issued upon exercise of an Option such legends
referring to the foregoing representations and restrictions or any other
applicable restrictions on resale or disposition as the Company, in its
discretion, shall deem appropriate.

ARTICLE VI

Incentive Stock Options

          6.1
Requirements. All Incentive Stock Options granted pursuant to the terms
of this Plan shall be subject to the additional limitations and restrictions as
set forth in the Code and in this Article VI. Any Option granted pursuant to
this Plan which does not fulfill all of the provisions of this Article VI shall
not be an Incentive Stock Option and thus shall be a Nonstatutory Stock Option.

          6.2
Grant Period. All Incentive Stock Options granted hereunder must be
granted within ten (10) years from the Effective Date set forth in Section 2.3
which represents the earlier of: (a) the

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date the Plan was adopted by
the Board; or (b) the date the Plan is approved by the shareholders of the
Company.

          6.3
Eligibility. The Stock Option Committee shall determine which Employees
shall receive Incentive Stock Options, No member of the Stock Option Committee shall be eligible to receive
Incentive Stock Options. Incentive Stock Options may not be granted to any
Employee who, at the time the Incentive Stock Option is granted, owns stock
possessing more than ten percent (10%) of the total combined voting power of
all classes of stock of the Company unless: (a) such Incentive Stock Option by
its terms is not exercisable after the expiration of five (5) years from the
date of its grant; and (b) the Option Price of the shares covered by such
Incentive Stock Option is not less than one hundred and ten percent (110%) of
the fair market value of such shares on the date that such Incentive Stock
Option is granted.

          6.4
Special Rule Regarding Exercisability. If, for any reason, any Option
granted hereunder which is intended to be an Incentive Stock Option shall
exceed the limitation on exercisability contained in the Code at any time, such
Options shall nevertheless be exercisable, but: (a) any exercise of such Option
shall be deemed to be an exercise of an Incentive Stock Option first until the
portion of such Option qualifying as an Incentive Stock Option shall have been
exercised in full; and (b) the portion of such Option in excess of the
foregoing limitation on exercisability shall be deemed to be a Nonstatutory
Stock Option.

ARTICLE VII

Nonstatutory Stock Options

          The
Stock Option Committee may grant Nonstatutory Stock Options under this Plan.
Such Nonstatutory Stock Options must fulfill all of the requirements of all
provisions of this Plan except for those contained in Article VI hereof.
Subject to the approval and acceptance of the Stock Option Committee in its
discretion, any Employee who is granted a Nonstatutory Stock Option pursuant to
this Plan shall be entitled to elect to surrender all or any part of such
Nonstatutory Stock Option to the Company and receive, in exchange, an Incentive
Stock Option covering the same number of shares as those with respect to which
the Nonstatutory Stock Option was surrendered. Any such election shall be valid
and effective only upon its approval and acceptance by the Stock Option
Committee, which may impose additional terms as a condition to its approval.

ARTICLE VIII

Stock Certificates

          The
Company shall not be required to issue or deliver any certificate for shares of
Stock purchased upon the exercise of any Option granted hereunder or of any
portion thereof, prior to fulfillment of all of the following conditions:

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                    (a)
The admission of such shares to listing on all stock exchanges on which the
Stock is then listed, if any;

                    (b)
The completion of any registration or other qualification of such shares under
any federal or state law or under the rulings or regulations of the Securities
and Exchange Commission or any other governmental regulatory agency, which the
Company shall in its sole discretion determine to be necessary or advisable;

                    (c)
The obtaining of any approval or other clearance from any federal or state
governmental agency which the Company shall in its sole discretion determine to
be necessary or advisable; and

                    (d)
The lapse of such reasonable period of time following the exercise of the
Option, as the Company from time to time may establish for reasons of
administrative convenience.

ARTICLE IX

Termination, Amendment, and Modification of Plan

          The
Board may at any time terminate, and may at any time and from time to time and
in any respect amend or modify, the Plan;
provided, however, that no such, action of the Board without
approval of the shareholders of the Company may increase the total number of
shares of Stock subject to the Plan except as contemplated in Section 4,3
hereof or alter the class of persons eligible to receive Options under the
Plan, and provided further that no termination, amendment, or modification of
the Plan shall without the written consent of the Optionee of such Option
adversely affect the rights of the Optionee with respect to an outstanding
Option or the unexercised portion thereof.

ARTICLE X

Miscellaneous

          10.1
Continued Employment Not Presumed. This Plan and any document describing
this Plan and the grant of any Option hereunder shall not give any Optionee or
other employee a right to continued employment by the Company or its
Subsidiaries or affect the right of the Company or its Subsidiaries to
terminate the employment of any such person with or without cause.

          10.2
Other Compensation Plans. The adoption of the Plan shall not affect any
other stock option or incentive or other compensation plans in effect for the
Company or its Subsidiaries, nor shall the Plan preclude the Company or its
Subsidiaries from establishing any other forms of incentive or other compensation
for directors, officers, or employees of the Company or its Subsidiaries.

9

          10.3
Plan Binding on Successors. The Plan shall be binding upon the
successors and assigns of the Company.

          10.4
Singular, Plural; Gender. Whenever used herein, nouns in the singular
shall include the plural, and the masculine pronoun shall include the feminine
gender.

          10.5
Applicable Law. This Plan shall be governed by and construed in
accordance with the laws of the State of Florida.

          10.6
Headings, etc., No Part of Plan. Headings of Articles and Sections
hereof are inserted for convenience and reference; they constitute no part of
the Plan.

          10.7
Severability. If any provision or provisions of this Plan shall be held
to be invalid, illegal, or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

	
 

	
 

	
 

	
 

	
1ST
 UNITED BANCORP, INC.

	
 

	
 

	
 

	
 

	
By:

	
/s/ Warren S. Orlando

	
 

	
 

	

	
 

	
 

	
Warren S.
 Orlando, Chairman of the Board

10Exhibit 10.2

EMPLOYMENT AGREEMENT

          This
EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into as of March 4, 2004 by and among 1st United Bancorp, a business corporation
organized and operating under the laws of the State of Florida (the “Company”),
1st United Bank, a commercial bank
organized and operating under the laws of the State of Florida (the “Bank”),
and John Marino, an individual
residing at 14662 Rolling Rock Place, Wellington, FL 33414 (the “Executive”).

WITNESSETH:

          WHEREAS,
the Executive has agreed to serve the Company in the
capacities of President and Chief Operating Officer and the Bank in the
capacities of Chief Operating Officer and Chief Financial Officer; and

          WHEREAS,
the Company and the Bank desire to assure for
themselves the availability of the Executive’s services and the ability of the
Executive to perform such services with a minimum of personal distraction in
the event of a pending or threatened Change of Control (as hereinafter
defined); and

          WHEREAS,
the Executive is willing to serve the Company and the Bank on the terms and
conditions hereinafter set forth;

          NOW,
THEREFORE, in consideration of the premises and the
mutual covenants and conditions hereinafter set forth and other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company, the Bank and the Executive hereby agree as follows:

          Section
1. Employment.

          Each
of the Company and the Bank agrees to employ the Executive as the President of
the Company and Chief Financial Officer and Chief Operating Officer of the
Bank, and the Executive hereby agrees to such employment, during the period and
upon the terms and conditions set forth in this Agreement.

          Section
2. Employment Period; Remaining Unexpired Employment Period.

          (a)
The terms and conditions of this Agreement shall be and remain in effect during
the period of employment established under this Section 2 (“Employment
Period”). The Employment Period shall be for an initial term of three (3) years
beginning on the date of this Agreement and ending on the third anniversary
date of this Agreement, plus such extensions, if any, as are provided pursuant
to Section 2(b).

          (b)
Beginning on the date of this Agreement, the Employment Period shall
automatically be extended for one (1) additional day each day, unless either
the Company and the Bank, acting jointly, or the Executive, elects not to
extend the Agreement further by giving written notice to the other parties, in
which case the Employment Period shall end on the third anniversary of the date
on which such written notice is given. For all purposes of this Agreement, the
term “Remaining Unexpired Employment Period” as of any date shall mean the
period beginning on such date and ending on: (i) if a notice of non-extension
has been given in accordance with this Section 2(b), the third anniversary of
the date on which such notice is given; and (ii) in all other cases, the third
anniversary of the date as of which the Remaining Unexpired Employment Period
is being determined. Upon termination of the Executive’s employment with the
Company and the Bank for any reason whatsoever, any daily extensions provided
pursuant to this Section 2(b), if not therefore discontinued, shall
automatically cease.

          (c)
Nothing in this Agreement shall be deemed to prohibit the Company or the Bank
from terminating the Executive’s employment at any time during the Employment
Period with or without notice for any reason; provided, however, that
the relative rights and obligations of the Company, the Bank and the Executive
in the event of
any such termination shall be determined under this Agreement.

          Section
3. Duties.

          The
Executive shall serve as President and Chief Operating Officer of the Company
and Chief Operating Officer and Chief Financial Officer of the
Bank, having such power, authority and responsibility and performing such
duties as are prescribed by or under the Bylaws of the Company and the Bank and
as are customarily associated with such position. The Executive shall devote
his full business time and attention (other than during weekends, holidays,
approved vacation periods, and periods of illness or approved leaves of absence)
to the business and affairs of the Company and the Bank and shall use his best
efforts to advance the interests of the Company and the Bank. The Executive
shall at all times report to the Boards of Directors of the Company and the Bank.
All decisions by the Boards of Directors of the Company and the Bank concerning
the Executive’s employment, including without limitation, the termination of
the Executive, shall require the prior written consent of at least eighty
percent (80%) of the entire Board of Directors (not including the vote of the
Executive), and the Company and the Bank shall adopt and maintain their Bylaws
and other organizational documents to reflect such vote requirement. The
Company and the Bank shall provide evidence of such Written Consent to the
Executive as to any actions that require such Written Consent.

          Section
4. Cash Compensation.

          In
consideration for the services to be rendered by the Executive hereunder, the
Company and/or the Bank, in such combination thereof as may be agreed by the
Boards of Directors of the Company and the Bank, shall pay to the Executive a
salary at an initial annualized rate of ONE HUNDRED TWENTY-FIVE THOUSAND AND
NO/100 DOLLARS ($125,000.00), payable in approximately equal installments in accordance
with the Company’s and/or the Bank’s customary payroll practices for senior
officers less applicable payroll taxes. Commencing on the first day of the
calendar month subsequent to the later to occur of (a) the day that the Company
and the Bank have consolidated total assets of at least $150 million, and (b)
the last day of the month during which the Company achieves its first month of
profitability on a consolidated basis, the Executive’s salary shall be
automatically increased to a minimum annual rate of TWO HUNDRED FIFTY THOUSAND
AND NO/100 DOLLARS ($250,000.00), payable in approximately equal installments
in accordance with the Company’s and/or the Bank’s customary payroll practices
for senior officers. At least annually during the Employment Period, the Board
of Directors of the Bank and/or the Company, or the Compensation Committees
thereof, shall review the Executive’s annual rate of salary and may, in its or
their discretion, approve an increase therein. In no event shall the
Executive’s annual rate of salary under this Agreement in effect at a
particular time be reduced without his prior written consent, which consent may
be withheld in the Executive’s sole discretion. In addition to his base salary,
beginning with the fiscal quarter of the Company during which the Company
achieves its first month of profitability on a consolidated basis, and for each
fiscal quarter thereafter, the Executive shall be paid additional cash
compensation (the “Cash Incentive Compensation”) equal to two percent (2%) of
the Company’s consolidated net income before taxes for each such fiscal quarter
(excluding extraordinary items as defined in APB #30 (or any successor
bulletin) and excluding restructuring charges and other charges relating to
mergers, acquisitions or transactions of similar effect) for financial
reporting purposes_ In the event that the period for which the Cash Incentive
Compensation payable to the Executive is less than a full fiscal quarter (e.g.,
where the effective date of termination of this Agreement is not as of the end
of a quarter), the amount of Cash Incentive Compensation payable to the
Executive shall be calculated by multiplying the Cash Incentive Compensation to
which the Executive would have been entitled for such fiscal quarter (had he been
employed for the entire quarter) by a fraction, the numerator of which is the
number of days during such fiscal quarter up to and including the effective
date of termination, and the denominator of which is the number of days in such
fiscal quarter. Such Cash Incentive Compensation shall be paid by the Company
to the Executive quarterly, within forty-five (45) days after the end of each
such calendar quarter. In addition to the foregoing salary and Cash Incentive
Compensation, the Executive may receive other cash compensation from the
Company and/or the Bank for services hereunder at such times, in such amounts
and on such terms and conditions as the Boards may determine from time to time.
The term “Cash Compensation” shall mean the total of the Executive’s salary and
the Cash Incentive Compensation unreduced by any 401(k) plan elective
deferrals. The term “Compensation” shall mean the aggregate of all taxable
compensation of any nature whatsoever unless clearly indicated to the contrary
in the context so used.

          Section
5. Employee
Benefit Plans and Programs. During the Employment Period, the Executive shall be
treated as an employee of the Company and the Bank and shall be entitled to
participate in and receive benefits pursuant to: (A) any and all employee
pension plans (“Employee Pension Plans” as that term is defined in the 

2

Employee
Retirement Income Security Act of 1974 (“ERISA”) and whether or not such plan
is a plan covered by ERISA), including but not limited to all qualified or
non-qualified retirement, pension, savings, profit-sharing or stock bonus
plans, and (B) any and all welfare benefit plans (Employee Welfare Benefit
Plans (as that term is defined in ERISA and whether or not such plan is a plan
covered by ERISA)) including but not limited to group life, health (including
hospitalization, medical and major medical, prescription drug), dental,
accident and long term disability insurance plans, and (C) and any other
employee benefit and compensation plans (including, but not limited to, any
incentive compensation plans or programs, stock option and appreciation rights
plans and restricted stock plans) as may from time to time be maintained by, or
cover employees of, the Company or the Bank, in accordance with the terms and
conditions of such employee benefit plans and programs and compensation plans
and programs and consistent with the Company’s and the Bank’s customary
practices and whether or not such plans are ERISA plans. Such benefits or plans
shall collectively be referred to as “Employee Benefit Plans.”

          Without
regard to the foregoing, the Executive shall affirmatively be provided the
following Employee Benefit Plans during the Employment Period commencing as of
the Employment Effective Date without regard to the respective eligibility or
terms or conditions of the Employee Benefit Plans:

          (a)
The Executive shall be granted by the Company, pursuant to terms as contained
in stock option agreements, stock options in an amount equal to three and
one-third percent (3.33%) of the issued and outstanding common stock of the
Company from time to time (not including any common stock outstanding as a
result of the exercise by the Executive of options granted to him), and each
such option shall vest fully on the date which is the one (1) year anniversary
of such option grant (subject to any accelerated vesting provided for in the
applicable stock option agreement). Such options may be exercised through net
share settlements (i.e., the Company delivers to the Executive an amount of shares
    of common stock with a current fair value equal to the gain) pursuant to
    the terms of the applicable stock option
agreement entered into between the Executive and the Company.

          (b)
The Company shall provide group medical insurance coverage to the Executive,
his spouse and his dependent children, and such plan shall include reasonable
coverage for medical, hospital, surgical, prescription drug coverage and major
medical expenses. The Company and/or the Bank shall pay all premium expenses of
the Executive, his spouse and his dependent children in connection with such
group medical insurance.

          (c)
The Company shall provide and pay the premium costs of
short-term and long-term disability policies to compensate the Executive in the
event of his incapacity due to physical or mental illness, with coverage in an
amount equal to at least seventy-five percent (75%) of the Executive’s highest
aggregate annualized Cash Compensation in the three (3) fiscal years
immediately preceding the determination of disability.

          (d)
During the Employment Period, the Executive shall be entitled to six (6) weeks
(thirty business days) of vacation in each calendar year, and shall be
compensated with respect thereto in accordance with the Company’s and the
Bank’s normal vacation policies. The Executive shall also be entitled to all
paid holidays in accordance with the Company’s and the Bank’s normal holiday
policies.

          (e)
The Company or the Bank shall own and pay the costs of premiums on guaranteed
renewable straight term life insurance insuring the life of the Executive in an
amount equal to the lesser of (i) two (2) times the Executive’s base
salary or (ii) $250,000.00, and the Company or Bank shall designate the
beneficiary of such policy as such person or persons named by the Executive
from time to time.

          (f)
At the Executive’s election, the Company shall provide to the Executive either
(i) an automobile allowance in the amount of $1,000.00 for each calendar month
or portion thereof during the Employment Period, or (ii) the full-time use of a
company car, to be selected by the Executive, which company car shall be
replaced at its 24-month anniversary by another company car to be selected by
the Executive. The Executive shall also be provided with a credit card to
purchase gasoline for the company car. Allowances under this Section 5(f) may
be made pursuant to either an accountable or non-accountable expense plan for
federal income tax purposes as the Executive may determine.

          (g)
In addition to reimbursements for memberships described in Section 8, the
Company and/or the Bank shall reimburse the Executive for the costs associated
with one (1) country club membership and one (1) dining club membership of the
Executive’s choosing.

3

          (h)
Commencing on the first day of the calendar month following the first month
that the Company and the Bank have consolidated total assets of at least $250
million, the Company will begin to accrue for the Supplemental Executive
Retirement Plan, attached hereto as Exhibit A, for the Executive.

          Section
6. Indemnification and Insurance.

          (a)
During the Employment Period and for a period of six (6) years thereafter, the
Company and the Bank shall cause the Executive to be covered by and named as an
insured under any policy or contract of insurance obtained by either to insure
its directors and officers against personal liability for acts or omissions in
connection with service as an officer or director of the Company or the Bank or
service in other capacities at the request of the Company or the Bank. The
coverage provided to the Executive pursuant to this Section 6 shall be of the
same scope and on the same terms and conditions as the coverage (if any)
provided to other officers or directors of the Company and the Bank.

          (b)
To the maximum extent permitted under applicable law, during the Employment
Period and for a period of six (6) years thereafter, the Company and the Bank
shall indemnify the Executive against, and hold him harmless from and pay, any
costs, liabilities, losses and exposures to the fullest extent and on the most
favorable terms and conditions that similar indemnification is offered to any
director or officer of the Company, the Bank or any subsidiary or affiliate of
either of them and the Company and the Bank shall advance such expenses absent
an initial determination by the Company and the Bank that the Executive shall
have acted in bad faith.

          Section
7. Other Activities.

          (a)
The Executive may serve as a member of the boards of directors of such
business, community and charitable organizations as he may disclose to and as
may be approved by the Board of Directors of the Company or the Bank (which
approval shall not be unreasonably withheld); provided, however, that
any such service shall not materially interfere with the performance of his
duties under this Agreement. The parties hereby approve the Executive’s
activities with the organizations listed on Exhibit B. The Executive may
also engage in personal business and investment activities which do not
materially interfere with the performance of his duties hereunder; provided, however, that
such activities are not prohibited under any code of conduct or investment or
securities trading policy established by the Company or the Bank and generally
applicable to all similarly situated executives.

          (b)
If the Executive is discharged or suspended, or is subject to any regulatory
prohibition or restriction with respect to participation in the affairs of the
Bank, he shall (subject to the Company’s powers of termination hereunder)
continue to perform services for the Company in accordance with this Agreement
but shall not directly or indirectly provide services to or participate in the
affairs of the Bank in a manner inconsistent with the terms of such discharge
or suspension or any applicable regulatory order.

          Section
8. Working Facilities and Expenses.

          The
Executive’s principal place of employment shall be at the Company’s and the
Bank’s principal offices, or at such other location within Palm Beach County,
Florida at which the Company or the Bank shall maintain executive offices, or
at such other location as the Company, the Bank and the Executive may mutually
agree upon. The Company and the Bank shall provide the Executive at his
principal place of employment with a private office, secretarial services and
other support services and facilities suitable to his positions with the
Company and the Bank and necessary or appropriate in connection with the
performance of his assigned duties under this Agreement. The Company or the Bank
shall reimburse the Executive for his ordinary and necessary business expenses,
including, without limitation, all fees for memberships in such clubs (except
only one (1) country club membership and one (1) dining club membership, as
described in Section 5(g) above) and organizations as the Executive and the
Company and Bank shall mutually agree are necessary and appropriate for
business purposes, continuing education and his travel and entertainment
expenses incurred in connection with the performance of his duties under this
Agreement, in each case upon presentation to the Company or the Bank of an
itemized account of such expenses in such form as the Company or Bank may
reasonably require.

4

          Section
9. Termination of Employment With Severance Benefits.

          (a)
The Executive shall be entitled to the severance benefits described herein in
the event that his employment with the Company and the Bank terminates during
the Employment Period under any of the following circumstances:

	
 

	
 

	
 

	
          (i)
  The Executive’s voluntary resignation from employment with the Company and
  the Bank within ninety (90) days following:

	
 

	
 

	
 

	
          (A)
  The failure of the Board of Directors of either the Company or the Bank to
  appoint or re-appoint or elect or re-elect the Executive to the office of
  President of the Company and Chief Operating Officer and Chief Financial
  Officer of the Bank (or a more senior office, if any);

	
 

	
 

	
 

	
          (B)
  The failure of the stockholders of the Company or Bank to elect or re-elect
  the Executive to the Board of Directors of the Company or the Bank,
  respectively, or the failure of the Board of Directors of the Company or the
  Bank (or the nominating committees thereof) to nominate the Executive for
  such election or re-election;

	
 

	
 

	
 

	
          (C)
  The expiration of a thirty (30) day period following the date on which the
  Executive gives written notice to the Company or the Bank (i) of its or their
  material failure, whether by amendment of the Company’s or the Bank’s
  Articles of Incorporation or Bylaws, action of the Company’s or the Bank’s
  Board of Directors or the Company’s or the Bank’s stockholders or otherwise,
  to vest in the Executive the functions, duties, or responsibilities
  prescribed in Section 3 of this Agreement as of the date hereof, or (ii),
  that the Company or the Bank has or have prohibited, prevented, or otherwise
  made it reasonably impracticable for the Executive to perform his functions,
  duties, or responsibilities as prescribed in Section 3 of this Agreement,
  unless, in either event, during such thirty (30) day period, the Company or
  the Bank cures such failure in a manner determined by the Executive, in his
  discretion, to be satisfactory;

	
 

	
 

	
 

	
          (D)
  The expiration of a thirty (30) day period following the date on which the
  Executive gives written notice to the Company or the Bank of its material
  breach of any term, condition or covenant contained in this Agreement
  (including, without limitation, any reduction of the Executive’s rate of base
  salary in effect from time to time and any adverse change in the terms and
  conditions to the Executive of any Employee Pension Plan or Employee Welfare
  Benefit Plan (as hereinafter defined) or as to any other compensation or
  benefit program in which the Executive participates which, either
  individually or together with other changes, has or could have a material
  adverse effect on the aggregate value of his total compensation package),
  unless, during such thirty (30) day period, the Company or the Bank cures
  such failure in a manner determined by the Executive, in his discretion, to
  be satisfactory; or

	
 

	
 

	
 

	
          (E)
  The relocation of the Executive’s principal place of employment, without his written consent (which may be withheld in the
  sole discretion of the Executive), to a location outside of Palm Beach
  County, Florida.

	
 

	
 

	
 

	
          (ii)
  The termination of the Executive’s employment with the Company or the Bank
  for any other reason not described in Section 10(a).

In such event,
the Company or the Bank shall provide the benefits and pay to the Executive the
amounts described in Section 9(b).

          (b)
Upon the termination of the Executive’s employment with the Company and/or the
Bank under any of the events set forth in Sections 9(a)(i) or (ii) during the
Employment Period; or upon a Change of Control (as hereinafter defined), the
Company and/or the Bank (jointly and/or severally) shall pay and provide to the
Executive (or, upon death then to the Executive’s estate) the following
Severance Benefits:

5

	
 

	
 

	
 

	
          (i)
  The Executive’s earned but unpaid Cash Compensation (as determined pursuant
  to Section 4)
  in effect as of the date of the termination of his employment with the
  Company and the Bank, such payment to be made at the time and in the manner
  prescribed by law applicable to the payment of wages but in no event later
  than thirty (30) days after the date of termination; and,

	
 

	
 

	
 

	
          (ii)
  The Executive’s vested, accrued benefits in all Employee Benefit Plans to
  which the Executive was entitled (or which he had accrued) pursuant to this
  Agreement as of the date of termination; and,

	
 

	
 

	
 

	
          (iii)
  Within thirty (30) days following the effective date of any of the triggering events
  referred to in the first sentence in this Section 9(b) (the “Triggering Event Date”), payment
  of a lump sum amount equal to the Cash Compensation that the Executive would
  have earned if he had continued working for the Company and the Bank for a
  period of 1095 days after the Triggering Event Date and
  at the highest annual or annualized rate of Cash Compensation achieved during
  that portion of the Employment Period prior to the Executive’s termination of
  employment with the Company and the Bank. Such lump sum shall not be reduced
  to a present value and shall be paid in addition to any other Compensation
  payments otherwise provided hereunder; and,

	
 

	
 

	
 

	
          (iv)
  Within thirty (30) days following the Triggering Event Date, payment
  of a lump amount equal to the excess, if any, of:

	
 

	
 

	
 

	
          (A)
  The present value of both the current and future accrued benefits in each
  Employee Pension Plan to which the Executive would have been entitled (which
  shall be computed at the highest annual or annualized rate of Cash
  Compensation in effect during the Employment period and at the same rate of
  Employee Pension Plan funding and/or benefit accrual, determined separately
  for each such Employee Pension plan or as historically had been contributed, whichever is
  greater, and as if the Executive had been 100% vested in such benefits as of
  the date of termination for an Employment Period equal to three (3) complete
  plan years commending at the termination date as if the Executive had
  continued working for the Company and the Bank for the Employment Period
  consisting of such three
  additional plan years. Such benefits shall be determined separately for each
  such Employee Pension Plan in effect as of the termination date; over

	
 

	
 

	
 

	
          (B)
  The present value of the accrued benefits to which the Executive is actually
  entitled under each such Employee Pension Plan as of the termination date
  using comparable actuarial assumptions (where applicable) as then being
  utilized by such respective plan. In computing the present value of such lump
  sum payment, the annualized rate of interest prescribed by the Pension
  Benefit Guaranty Corporation for the computation of the value of lump sum payments otherwise
  payable under terminating single employer defined benefit plans for the month
  in which the Executive’s termination of employment occurs (“Applicable PBGC
  Rate”) shall be utilized; and,

	
 

	

	
 

	
          (v)
  Within thirty (30) days following his termination of employment with the
  Company and the Bank, a lump sum payment in an amount equal to the present
  value of the additional employer contributions (or if greater in the case of
  a leveraged employee stock ownership plan or similar arrangement, the
  additional assets allocable to him through debt service, based on the fair
  market value of such assets at termination of employment) to which he would
  have been entitled under any and all qualified and non-qualified defined
  contribution plans maintained by, or covering employees of, the Company or
  the Bank, as if he were 100% vested thereunder and had continued working for
  the Company and the Bank for a period of three years after the date his
  employment terminates at the highest annual rate of compensation achieved
  during that portion of the Employment Period which is prior to the
  Executive’s termination of employment with the Company and the Bank, and
  making the maximum amount of employee contributions, if any, required under
  such plan or plans, such present value to be determined on the basis of a
  discount rate, compounded using the compounding period that corresponds to
  the frequency with which employer contributions are made to the relevant
  Employee Pension Plan; and

6

	
 

	
 

	
 

	
 

	
          (vi)
  Future participation in Welfare Benefit Plans in such amounts and in such
  coverages which were in effect on behalf of the Executive, the Executive’s
  spouse and dependents immediately preceding the date of termination, which
  shall be continued and paid for by the Bank and/or the Company on behalf of
  the Executive for a period of fifteen (15) years subsequent to the date of
  termination (“Coverage Period”):

	
 

	
 

	
 

	
 

	
Life
  insurance, health and medical coverage (including hospitalization medical,
  prescription drug coverage, etc.) dental insurance, accident and long-term
  disability insurance benefits, (whether or not fully insured, partially
  insured or self-insured) in addition to that provided pursuant to Section
  9(b)(ii), but after taking into account the benefits provided pursuant to any
  Welfare Benefit Plan provided by any subsequent employer during any portion
  of the Coverage Period (but only during such portion, or, if the termination
  date occurs after a Change of Control, the Welfare Benefit Coverage in effect
  on the date of such Change of Control, whichever Welfare Benefit Coverage is
  greater), if he had continued working for the Company and the Bank during
  such Coverage Period, at the highest annual rate of Cash Compensation in
  effect during any portion of the Employment Period prior to the Executive’s
  termination date.

          The
Company, the Bank and the Executive hereby stipulate that the damages which may
be incurred by the Executive following any such termination of employment are
not capable of accurate measurement as of the date first above written and that
the payments and benefits contemplated by this Section 9(b) constitute
reasonable liquidated damages under the circumstances and shall be payable
without any requirement of proof of actual damage and without regard to the
Executive’s efforts, if any, to mitigate damages. The Company, the Bank and the
Executive further agree that the Company and the Bank may condition the
payments and benefits (if any) due under Sections 9(b)(iii), (iv), (v), and
(vi) on the receipt of the Executive’s resignation from any and all positions
which he holds as an officer, director or committee member with respect to the
Company, the Bank or any subsidiary or affiliate of either.

          (c)
Upon the termination of the Executive’s employment with the Company and/or the
Bank under any of the events set forth in Sections 9(a)(i), 9(a)(ii),
10(a)(iii) or 10(a)(iv) during the Employment Period, or upon a Change of
Control (as hereinafter defined) (including under terminations referred to in
Section 11(c) hereof), any options to purchase the Company’s stock granted to
the Executive by the Company shall immediately vest, and may be exercised in
accordance with the terms of such option grants at any time on or prior to
their original expiration date.

          Section
10. Termination without Additional Company or Bank Liability.

          (a)
In the event that the Executive’s employment with the Company and the Bank
shall terminate during the Employment Period on account of:

	
 

	
 

	
 

	
          (i)
  The discharge of the Executive for “cause,” which, for purposes of this
  Agreement shall mean: (A) the Executive intentionally engages in dishonest
  conduct in connection with his performance of services for the Company or the
  Bank resulting in his conviction of a felony; (B) the Executive is convicted
  of, or pleads guilty or nolo
  contendere to, a felony or any crime involving moral turpitude;
  (C) the Executive willfully fails or refuses to perform his duties under this
  Agreement and fails to cure such breach within sixty (60) days following
  written notice thereof from the Company or the Bank; (D) the Executive
  breaches his fiduciary duties to the Company or the Bank for personal profit;
  or (E) the Executive’s willful breach or violation of any law, rule or
  regulation (other than traffic or boating violations or similar offenses), or
  final cease and desist order in connection with his performance of services
  for the Company or the Bank;

	
 

	
 

	
 

	
          (ii)
  The Executive’s voluntary resignation from employment with the Company and
  the Bank for reasons other than those specified in Section 9(a), 11(b) or
  11(c);

	
 

	
 

	
 

	
          (iii)
  The Executive’s death; or

7

	
 

	
 

	
 

	
          (iv)
  A determination that the Executive is disabled (“Disability”) and eligible
  for long-term disability benefits under the Company’s or the Bank’s longterm
  disability insurance program or, if there is no such program, under the
  federal Social Security Act;

then the
Company and the Bank shall have no further obligations under this Agreement,
other than the payment to the Executive (or, in the event of his death, to his
estate) of his earned but unpaid Compensation as of the date of the termination
of his employment, and the provision of such other benefits, if any, to which
he is entitled as a former employee under the employee benefit plans and
programs and compensation plans and programs maintained by, or covering
employees of, the Company or the Bank. Notwithstanding the foregoing, in the
event of the Executive’s death during the Employment Period, the Company or the
Bank shall; (X) pay to his estate an amount equal to three months’ Cash
Compensation within thirty days after appointment of the personal
representative of such estate, and (Y) shall continue to provide the medical
benefits described in Section 9(b)(vi) to the Executive’s spouse and dependent
children for the period set forth Section 9(b)(vi). Upon the Executive’s
retirement at age 65 (or at age 55 through age 64 if a majority of the members
of the Company’s Board of Directors confirms that this provision shall be
effective in connection with such retirement) the Company and/or the Bank shall
continue to provide to the Executive (and his spouse and dependent children,
with respect to health benefits) the health and life insurance benefits
described in Section 9(b)(vi) for the period set forth in such section.

          (b)
In the event that the Executive’s employment with the Company and the Bank
shall terminate during the Employment Period on account of any of the events
set forth in Sections 10(a)(i) or 10(a)(ii), any options to purchase the
Company’s stock granted to the Executive by the Company that have fully vested
may be retained by the Executive (or, upon death, then by the Executive’s
estate) and may be exercised in accordance with the terms of such option grants at any time on or
prior to their original
expiration date. Any unvested portion of the options granted to the
Executive will automatically lapse and become null and void as of the date of
termination and no further vesting of any option will occur.

          (c)
For purposes of Section 10(a)(i), no act or failure to act, on the part of the
Executive, shall be considered “intentional” or “willful” unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable belief
that the Executive’s action or omission was in the best interests of the
Company and the Bank. Any act, or failure to act, based upon authority given
pursuant to a resolution duly adopted by the Board of Directors of the Company
or the Bank or based upon the written advice of counsel for the Company or the
Bank shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company and the Bank.
The cessation of employment of the Executive shall not be deemed to be for
“cause” within the meaning of Section 10(a)(i) unless and until there shall
have been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of at least eighty percent (80%) of the entire Board of
Directors of the Company or the Bank, as the case may be (not including the
Executive), at a meeting of such Board called and held for such purpose (after
reasonable notice is provided to the Executive and the Executive is given an
opportunity, together with counsel, to be heard before such Board), finding
that, in the good faith opinion of such Board, the Executive is guilty of the
conduct described in Section 10(a)(i) above, and specifying the particulars
thereof in detail.

          Section
11. Change of Control.

          (a)
A Change of Control (“Change of Control”) shall be deemed to have occurred upon
the happening of any of the following events:

	
 

	
 

	
 

	
 

	
          (i)
  Approval by the stockholders of the Company of a transaction that would
  result in the reorganization, merger or consolidation of the Company with one
  or more other persons, other than a transaction following which:

	
 

	
 

	
 

	
 

	
          (A)
  At least 50.1% of the common stock or equity ownership interests of the
  entity resulting from such transaction are beneficially owned (within the
  meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934
  (the “Exchange Act”)) in substantially the same relative proportions by
  persons who, immediately prior to such transaction, beneficially 

8

	
 

	
 

	
 

	
 

	
 

	
owned
  (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at
  least 50.1% of the outstanding common stock or equity ownership interests in
  the Company; and

	
 

	
 

	
 

	
 

	
 

	
          (B)
  At least 50.1% of the combined voting power of the securities entitled to
  vote generally in the election of directors of the entity resulting from such
  transaction are beneficially owned (within the meaning of Rule 13d-3
  promulgated under the Exchange Act) in substantially the same relative
  proportions by persons who, immediately prior to such transaction, beneficially owned (within
  the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 50.1%
  of the combined voting power of the securities entitled to vote generally in
  the election of directors of the Company; and

	
 

	
 

	
 

	
 

	
 

	
          (C)
  No person, or persons acting in concert, beneficially own (within the meaning
  of Rule 13d-3 promulgated under the Exchange Act) 20% or more of the
  outstanding common stock or equity ownership interests in, or 20% or more of
  the combined voting power of the securities entitled to vote generally in the
  election of directors of, the entity resulting from such transaction; and

	
 

	
 

	
 

	
 

	
 

	
          (D)
  At least a majority of the members of the board of directors of the entity
  resulting from such transaction are individuals who were described in
  Sections 11(a)(iv)(A) or (B) of this Agreement as of the date of execution of
  the initial definitive agreement providing for such transaction (or, if
  earlier, as of the date on which the Board of Directors of the Company
  authorized such transaction).

	
 

	
 

	
 

	
 

	
          (ii)
  The acquisition of all or substantially all of the assets of the Company or
  beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
  Exchange Act) of 20% or more of the outstanding securities or of the combined
  voting power of the outstanding securities of the Company entitled to vote
  generally in the election of directors by any person or by any persons acting
  in concert, or approval by the stockholders of the Company of any transaction
  which would result in such an acquisition;

	
 

	
 

	
 

	
          (iii)
  A complete liquidation or dissolution of the Company, or approval by the
  stockholders of the Company of a plan for such liquidation or dissolution; or

	
 

	
 

	
 

	
          (iv)
  The occurrence of any event if, immediately following such event, at least
  50% of the members of the board of directors of the Company (or the Company’s
  successor) do not belong to any of the following groups:

	
 

	
 

	
 

	
 

	
          (A)
  Individuals who were members of the Board of the Company on the date of this
  Agreement; or

	
 

	
 

	
 

	
 

	
 

	
          (B)
  Individuals who first became members of the Board of the Company after the
  date of this Agreement either:

	
 

	
 

	
 

	
          (1)
  Upon election to serve as a member of the Board of Directors of the Company
  by affirmative vote of three-quarters of the members of such Board, or of a
  nominating committee thereof, in office at the time of such first election;
  or

	
 

	
 

	
 

	
          (2)
  Upon election by the stockholders of the Company to serve as a member of the
  Board of the Company, but only if nominated for election by affirmative vote
  of three-quarters of the members of the Board of Directors of the Company, or
  of a nominating committee thereof, in office at the time of such first
  nomination;

provided, however, that
such individuals’ election or nomination did not result from an actual or
threatened election contest or other actual or threatened solicitation of proxies
or consents (within the meaning of Rule 14a-1 of Regulation 14A promulgated
under the Exchange Act) other than by or on behalf of the Board of the Company;
or

9

	
 

	
 

	
 

	
          (v)
  Any event which would be described in Section 11(a)(i), (ii), (iii) or (iv)
  if the term “Bank” were substituted for the term “Company” therein.

          In
no event, however, shall a Change of Control be deemed to have occurred as a
result of any acquisition of securities or assets of the Company, the Bank, or
a subsidiary of either of them, by the Company, the Bank, or a subsidiary of
either of them, or by any employee benefit plan maintained by any of them. For
purposes of this Section 11(a), the term “person” shall include the meaning
assigned to it under section 13(d)(3) or 14(d)(2) of the Exchange Act.

          (b)
In the event of a Change of Control, the Executive shall be entitled to the
payments and benefits contemplated by Section 9(b)(1)-(v), such payments to be
due and payable to the Executive by the Company and the Bank prior to or
simultaneously with the closing of the transaction or event constituting a
Change of Control under this Section 11.

          (c)
in the event of a Change of Control, the Executive shall also be entitled to
the payments and benefits contemplated by Section 9(b)(vi) in the event of his
termination of employment with the Company or the Bank under any of the
circumstances described in Section 9(a) of this Agreement or under any of the
following circumstances:

	
 

	
 

	
 

	
          (i)
  Resignation, voluntary or otherwise, by the Executive at any time during the
  Employment Period following his demotion, loss of title, office or
  significant authority or responsibility, or following any reduction in any
  element of his package of compensation and benefits;

	
 

	
 

	
 

	
          (ii)
  Resignation, voluntary or otherwise, by the Executive at any time
  during the Employment Period following any relocation of his principal place
  of employment or any change in working conditions at such principal place of
  employment which the Executive, in his reasonable discretion, determines to
  be embarrassing, derogatory or otherwise adverse;

	
 

	
 

	
 

	
          (iii)
  Resignation, voluntary or otherwise, by the Executive at any time during the
  Employment Period following the failure of any successor to the Company in
  the Change of Control to include the Executive in any compensation or
  benefit, program maintained by it or covering any of its executive officers,
  unless the Executive is already covered by a substantially similar plan of
  the Company or the Bank which is at least as favorable to him; or

	
 

	
 

	
 

	
          (iv)
  Resignation, voluntary or otherwise, for any reason whatsoever following the
  effective date of the Change of Control.

          Section
12. Tax Indemnification.

          (a)
This Section 12 shall apply in the event of (i) a Change of Control (as defined
in Section 11 of this Agreement); or (ii) a change “in the ownership or
effective control” of the Company or the Bank or “in the ownership of a
substantial portion of the assets” of the Company or the Bank within the
meaning of section 280G of the Code. If this Section 12 applies, then, if for
any taxable year the Executive shall be liable for the payment of an excise tax
under section 4999 of the Code with respect to any payment in the nature of
Compensation made by the Company, the Bank or any direct or indirect subsidiary
or affiliate of the Company or the Bank to (or for the benefit of) the
Executive, the Company or the Bank shall pay to the Executive an amount equal
to X determined under the following formula:

	
 

	
 

	
 

	
 

	
 

	
X =

	
 

	
E × P

	
 

	
 

	
 

	

	
 

	
 

	
 

	
1 – [(FI ×
(I - SLI)) SLI + E + M]

	
 

	
 

	
 

	
 

	
 

	
Where

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
E
  =

	
 

	
the
  rate at which the excise tax is assessed under section 4999 of the Code;

	
 

	
 

	
 

	
 

	
 

	
P
  =

	
 

	
the
  amount with respect to which such excise tax is assessed, determined without
  regard to this Section 12;

	
 

	
 

	
 

	
 

	
 

	
FI
  =

	
 

	
the highest
  marginal rate of income tax applicable to the Executive under the Code for
  the taxable year in question;

	
 

	
 

	
 

	
 

	
 

	
SLI
  =

	
 

	
the sum of
  the highest marginal rates of income tax applicable to the Executive under
  all applicable state and local laws for the taxable year in question; and

	
 

	
 

	
 

	
 

	
 

	
M
  =

	
 

	
the highest
  marginal rate of Medicare tax applicable to the Executive under the Code for
  the taxable year in question.

10

          With
respect to any payment in, the nature of Compensation that is made to (or for
the benefit of) the Executive under the terms of this Agreement, or otherwise,
and on which an excise tax under section 4999 of the Code will be assessed, the
payment determined under this Section 12(a) shall be made to the Executive on
the earlier of (i) the date the Company, the Bank or any direct or indirect
subsidiary or affiliate of the Company or the Bank is required to withhold such
tax, or (ii) the date the tax is required to be paid by the Executive. The
determination of the amount due hereunder shall be made by Ernst & Young,
or such other accounting firm as the parties may mutually agree upon (the
“Accounting Firm”). In the event that the Accounting Firm is serving as
accountant or auditor for the individual, entity or group effecting the Change
of Control, the parties shall appoint another nationally recognized accounting
firm to make the determination required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder). All fees and expenses of
the Accounting Firm shall be borne solely by the Company.

          (b)
Notwithstanding anything in this Section 12 to the contrary, in the event that
the Executive’s liability for the excise tax under section 4999 of the Code for
a taxable year is subsequently determined to be different than the amount
determined by the formula (X + P) x E, where X, P and E have the meanings
provided in Section 12(a), the Executive or the Company or Bank, as the case
may be, shall pay to the other party at the time that the amount of such excise
tax is finally determined, an appropriate amount, plus interest, such that the
payment made under Section 12(a), when increased by the amount of the payment
made to the Executive under this Section 12(b) by the Company or the Bank, or
when reduced by the amount of the payment made to the Company or Bank under
this Section 12(b) by the Executive, equals the amount that should have
properly been paid to the Executive under Section 12(a). The interest paid
under this Section 12(b) shall be determined at the rate provided under section
1274(b)(2)(B) of the Code. To confirm that the proper amount, if any, was paid
to the Executive under this Section 12, the Executive shall furnish to the
Company and the Bank a copy of each tax return which reflects a liability for
an excise tax payment made by the Company or the Bank, at least 20 days before
the date on which such return is required to be filed with the Internal Revenue
Service.

          (c)
The Executive shall notify the Company and the Bank in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of additional amounts hereunder. Such notification shall be given
as soon as practicable but no later than ten business days after the Executive
is informed in writing of such claim and shall apprise the Company and the Bank
of the nature of such claim and the date on which such claim is requested to be
paid. The Executive shall not pay such claim prior to the expiration of the
thirty day period following the date on which it gives such notice that any
payment of taxes with respect to such claim is due. If the Company or the Bank
notifies the Executive in writing prior to the expiration of such period that
it desires to contest such claim, the Executive shall:

	
 

	
 

	
 

	
          (i)
  Give the Company or the Bank any information reasonably requested by the
  Company or the Bank relating to such claim;

11

	
 

	
 

	
 

	
          (ii)
  Take such action in connection with contesting such claim as the Company or
  the Bank shall reasonably request in writing from time to time, including,
  without limitation, accepting legal representation with respect to such claim
  by an attorney reasonably selected by the Company or the Bank;

	
 

	
 

	
 

	
          (iii)
  Cooperate with the Company or the Bank in good faith in order effectively to
  contest such claim; and

	
 

	
 

	
 

	
          (iv)
  Permit the Company and the Bank to participate in any proceedings relating to
  such claim;

provided, however, that
the Company or the Bank shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax
basis, for any excise tax or income tax (including interest and penalties with
respect thereto) imposed as a result of such representation and payment of
costs and expenses. Notwithstanding the foregoing, the Executive shall control
the conduct of any such proceeding and all decisions relating to the settlement
or other disposition thereof.

          (d)
The provisions of this Section 12 are designed to reflect the provisions of
applicable federal, state and local tax laws in effect on the date of this
Agreement. If, after the date hereof, there shall be any change in any such
laws, this Section 12 shall be modified in such manner as the Executive and the
Company and the Bank may mutually agree upon if and to the extent necessary to
assure that the Executive is fully indemnified against the economic effects of
the tax imposed under section 4999 of the Code or any similar federal, state or
local tax.

          Section
13. Confidentiality.

          Unless
he obtains, the prior written consent of the Company and the Bank, the
Executive shall keep confidential and shall refrain from using for the benefit
of himself, or any person or entity other than the Company or any entity which
is a subsidiary of the Company or of which the Company is a subsidiary, any material
document or information obtained from the Company, or from its parent or
subsidiaries, in the course of his employment with any of them concerning their
properties, operations or business (unless such document or information is
readily ascertainable from public or published information or trade sources or
has otherwise been made available to the public through no fault of his own)
until the same ceases to be material (or becomes so ascertainable or
available); provided, however, that
nothing in this Section 13 shall prevent the Executive, with or without the
Company’s and the Bank’s consent, from participating in or disclosing documents
or information as required by applicable law or in connection with any judicial
or administrative investigation, inquiry or proceeding to the extent that such
participation or disclosure is required under applicable law.

          Section
14. Successors and Assigns.

          This
Agreement will inure to the benefit of and be binding upon the Executive, his
legal representatives and testate or intestate distributees-, and the Company
and the Bank and their respective successors and assigns, including any
successor by merger or consolidation or a statutory receiver or any other
person or firm or corporation to which all or substantially all of the assets
and business of the Company or the Bank may be sold or otherwise transferred.
Failure of the Company and the Bank to obtain from any successors its or their
express written assumption of the Company’s and the Bank’s obligations
hereunder at least sixty (60) days in advance of the’ scheduled effective date
of any such succession shall be deemed a material breach of this Agreement.

          Section
15. Notices.

          Any
communication required or permitted to be given under this Agreement, including
any notice, direction, designation, consent, instruction, objection or waiver,
shall be in writing and shall be deemed to have been given at such time as it
is delivered personally, or five (5) days after mailing if mailed, postage
prepaid, by registered or certified mail, return receipt requested, addressed
to such party at the address listed below or at such other address as one such
party may by written notice specify to the other party:

12

	
 

	
 

	
 

	
 

	
If to the
  Executive:

	
 

	
 

	
 

	
 

	
John Marino

  14662 Rolling Rock Place

  Wellington, FL 33414

	
 

	
 

	
 

	
 

	
If to the
  Company:

	
 

	
 

	
 

	
 

	
1st United
  Bancorp

  One North Federal Highway Boca

  Raton, FL 33432

  Attention: Chairman

	
 

	
 

	
 

	
 

	
If to the
  Bank:

	
 

	
 

	
 

	
 

	
1st United
  Bank

  One North Federal Highway Boca

  Raton, FL 33432

  Attention: Chairman

          Section
16. Indemnification for Attorney’s Fees.

          The
Company and the Bank shall, indemnify, hold harmless and defend the Executive
against reasonable costs, including legal fees, incurred by him in connection
with or arising out of any action, suit or proceeding in which he may be
involved, as a result of his efforts, in good faith, to defend or enforce the
terms of this Agreement.

          Section
17. Severability.

          A
determination that any provision of this Agreement is invalid or unenforceable
shall not affect the validity or enforceability of any other provision hereof.

          Section
18. Waiver.

          Failure
to insist upon strict compliance with any of the terms, covenants or conditions
hereof shall not be deemed a waiver of such term, covenant, or condition. A
waiver of any provision of this Agreement must be made in writing, designated
as a waiver, and signed by the party against whom its enforcement is sought.
Any waiver or relinquishment of any right or power hereunder at any one or more
times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times.

          Section
19. Counterparts.

          This
Agreement may be executed in two (2) or more counterparts, each of which shall
be deemed an original, and all of which shall constitute one and the same
Agreement.

          Section
20. Governing Law.

          This
Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Florida applicable to contracts entered into and to be
performed entirely within the State of Florida.

          Section
21. Headings and Construction.

          The
headings of sections in this Agreement are for convenience of reference only
and are not intended to qualify the meaning of any section. Any reference to a
section number shall refer to a section of this Agreement, unless otherwise
stated.

13

          Section
22. Entire Agreement; Modifications.

          This
instrument contains the entire agreement of the parties relating to the subject
matter hereof, and supersedes in its entirety any and all prior agreements,
understandings or representations relating to the subject matter hereof. No
modifications of this Agreement shall be valid unless made in writing and
signed by the parties hereto.

          Section
23. Survival.

          The
provisions of Sections 6, 9, 10, 11, 12, 13, 14, and 15 through 27 shall
survive the expiration of the Employment Period or termination of this
Agreement.

          Section
24. Equitable Remedies.

          Each
of the parties acknowledges that the parties will be irreparably damaged (and
damages at law would be an inadequate remedy) if this Agreement is not
specifically enforced. Therefore, in the event of a breach or threatened breach
by any party of any provision of this Agreement, then the other parties shall
be entitled, in addition to all other rights or remedies, (a) to an injunction
restraining such breach, without being required to show any actual damage or to
post an injunction or other bond, or (b) to a decree for specific performance
of the provisions of this Agreement, or both.

          Section
25. Required Regulatory Provision.

          (a)
Notwithstanding anything herein contained to the contrary, any payments to the
Executive by the Company or the Bank, whether pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with section
18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and any
regulations promulgated thereunder.

          (b)
Nothing in this Agreement shall be construed to subject the Bank or its assets
to any contractual obligation undertaken by the Company hereunder or to
liability for any breach by the Company.

          Section
26. Medicare Supplemental Insurance.

          Upon
the termination of the Executive’s employment pursuant to: (X) Section 9(a);
(Y) Section 10(a) (but only if termination of the Executive’s employment is by
reason of retirement at age 65 [or at Early Retirement provided that a majority
of the Board of Directors of the Company confirms that the Executive is
eligible for Medicare supplemental insurance as provided in this Section 26] );
or (Z) Sections 11(a)-(b) (excluding a Change of Control in connection with
which the Executive enters into a new employment agreement with the Company or
the acquiring entity with a term of at least 1,095 days) of this Agreement, the
Company or the Bank shall thereafter provide the Executive and his spouse with
health and major medical insurance as set forth in Section 9(b)(vi). Such
health and major medical insurance shall terminate upon the Executive’s
attainment of Medicare eligibility (“Medicare Eligibility Date”). Subsequent to
such Medicare Eligibility Date, the Company or the Bank shall thereafter
provide the Executive and his spouse with Medicare supplemental insurance for
life, subject to this Section 26, with health care coverage at the same levels,
amounts and co-pay as otherwise required pursuant to Section 9(b) hereof.

          Section
27. Arbitration.

          Subject
to the parties’ rights to seek equitable remedies under Section 24, all claims
for monetary damages and disputes relating in any way to the performance,
interpretation, validity, or breach of this Agreement shall be referred to
final and binding arbitration, before a single arbitrator, under the commercial
arbitration rules of the American Arbitration Association in Palm Beach County,
Florida. The arbitrator shall be selected by the parties and if the parties are
unable to reach agreement on selection of the arbitrator within ten (10) days
after the notice of arbitration is served, then the arbitrator will be selected
by the American Arbitration Association. All documents, materials, and information
in the possession of a party to this Agreement and in any way relevant to the
claims or 

14

disputes shall
be made available to the other parties for review and copying not later than 60
days after the notice of arbitration is served. To the extent that a party
would be required to make confidential information available to any other, an
agreement or an order shall be entered in the proceeding protecting the
confidentiality of and limiting access to such information before a party is
required to produce such information. Information produced by a party shall be
used exclusively in the arbitration or litigation that may arise, and shall not
otherwise be disclosed. In no event shall a party be entitled to punitive
damages in any arbitration or judicial proceeding and all parties hereby waive
their rights to any punitive damages. In the event an arbitration panel or a
court concludes that the punitive damages waiver contained in the previous
sentence is unenforceable, then the parties agree that the court with subject
matter jurisdiction over the confirmation of the award shall have sole and
exclusive jurisdiction to determine issues of entitlement and amount of
punitive damages. The arbitrator shall NOT have subject matter jurisdiction to
decide any issues relating to the statute of limitations or to any request for
injunctive relief, and the parties hereby stipulate to stay the arbitration
proceeding (without the need of a bond) until any such issues in dispute are
resolved. Judgment upon the award rendered by the arbitrator shall be final,
binding and conclusive upon the parties and their respective administrators,
personal representatives, legal representatives, heirs, successors and
permitted assigns, and may be entered in any court of competent jurisdiction.

          IN
WITNESS WHEREOF, the Company and the Bank have caused
this Agreement to be executed and the Executive has hereunto set his hand, all
as of the day and year first above written.

1st
UNITED BANCORP

	
 

	
 

	
By:    /s/
  Warren S. Orlando

	
 

	

	
 

	
 

	
Name: Warren
  S. Orlando

	
 

	
 

	
Title:
    Chairman

1st
UNITED BANK

	
 

	
 

	
By:    /s/
  Warren S. Orlando

	
 

	

	
 

	
 

	
Name: Warren
  S. Orlando

	
 

	
 

	
Title:
  Chairman

EXECUTIVE:

	
 

	
John Marino

	

	
John Marino

15

EXHIBIT A

Supplemental Executive Retirement Plan

EXHIBIT B

Current Board of Directors Service

1st
United L.L.C., Managing Member 

Lake Worth Christian School,
Trustee

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