Document:

exv10w2

 

Exhibit 10.2

ANNEX C

Second Amendment to the

I-SECTOR CORPORATION INCENTIVE PLAN

(As Amended and Restated Effective July 28, 2003)

WHEREAS, the I-Sector Corporation Incentive Plan as amended and restated effective July 28, 2003,
(the “Plan”) was adopted by the Board of Directors of I-Sector Corporation and approved by
shareholders on August 20, 2003; and

WHEREAS, under Section 7.7 of the Plan the Board has the authority to amend the Plan subject to
certain stockholder approval requirements; and

WHEREAS, the Board has authorized this first amendment of the Plan subject to stockholder approval
as provided herein.

NOW THEREFORE, the Plan is hereby amended as follows:

Section 1.4 shall be amended in its entirety to read as follows:

1.4 Shares of Common Stock Available for Incentive Awards

     Subject to adjustment under Section 6.5, there shall be available for Incentive Awards
that are granted wholly or partly in Common Stock (including rights or Options that may be
exercised for or settled in Common Stock) 2,023,103 Shares of Common Stock. The total number of
Shares reserved for issuance under the Plan (pursuant to the previous sentence) shall be available
for any one of the following types of grants: Incentive Stock Options, Nonstatutory Stock Options,
SAR, Restricted Stock, a payment of a Performance Share in Shares, a payout of a Performance Unit
in Shares, a payout of an Other Stock-Based Award in Shares described in Section 5 (which includes,
without limitation, Deferred Stock, purchase rights, shares of Common Stock awarded which are not
subject to any restrictions or conditions, convertible or exchangeable debentures, other rights
convertible into Shares, Incentive Awards valued by reference to the value of securities of or the
performance of a specified Subsidiary, division or department, and settlement in cancellation of
rights of any person with a vested interest in any other plan, fund, program or arrangement that is
or was sponsored, maintained or participated in by the Company or any Parent or Subsidiary. The
number of Shares of Common Stock that are the subject of Incentive Awards under this Plan, that are
forfeited or terminated, expire unexercised, are settled in cash in lieu of Common Stock or in a
manner such that all or some of the Shares covered by an Incentive Award are not issued to a
Grantee or are exchanged for Incentive Awards that do not involve Common Stock, shall again
immediately become available for Incentive Awards hereunder. The Committee may from time to time
adopt and observe such procedures concerning the counting of Shares against the Plan maximum as it
may deem appropriate. The Board and the appropriate officers of the Company shall from time to
time take whatever actions are necessary to file any required documents with governmental
authorities, stock exchanges and transaction reporting systems to ensure that Shares are available
for issuance pursuant to Incentive Awards.

     During any period that the Company is a Publicly Held Corporation, then unless and until the
Committee determines that a particular Incentive Award granted to a Covered Employee is not
intended to comply with the Performance-Based Exception, the following rules shall apply to grants
of Incentive Awards to Covered Employees:

          (a) Subject to adjustment as provided in Section 6.5, the maximum aggregate number of
Shares of Common Stock (including Stock Options, SARs, Restricted Stock, Performance Units and
Performance Shares paid out in Shares, or Other Stock-Based Awards paid out in Shares) that may be
granted or that may vest, as applicable, in any calendar year pursuant to any Incentive Award held
by any individual Employee shall be 2,023,103 Shares.

          (b) The maximum aggregate cash payout (including SARs, Performance Units and Performance
Shares paid out in cash, or Other Stock-Based Awards paid out in cash) with respect to Incentive
Awards granted
in any calendar year which may be made to any individual Employee shall be Twenty Million
dollars ($20,000,000).

          (c) With respect to any Stock Option or Stock Appreciation Right granted to a Covered
Employee that is canceled or repriced, the number of Shares subject to such Stock Option or Stock
Appreciation Right shall continue to count against the maximum number of Shares that may be the
subject of Stock Options or Stock

 

 

Appreciation Rights granted to such Employee hereunder to the
extent such is required in accordance with Section 162(m) of the Code.

          (d) The limitations of subsections (a), (b) and (c) above shall be
construed and administered so as to comply with the Performance-Based Exception.

The Plan as amended hereby is effective on February 10, 2005, subject to approval of the
stockholders of the Company within one year from such effective date. Incentive Awards may be
granted under the Plan pursuant to this amendment prior to the receipt of such stockholder
approval; provided however, that if the requisite stockholder approval is not obtained then any
such Incentive Awards granted hereunder shall automatically become null and void and have no force
and effect.

	 	 	 	 	 	 	 	 	 
	 	 	I-SECTOR CORPORATION
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	By:
	 	     /s/ James H. Long	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	James H. Long, Chairman of the Board and	 	 
	

	 	 	 	 	 	Chief Executive Officerexv10w5

 

EXHIBIT 10.5

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is made and entered into as of July 22, 2004, by
MetroCorp Bancshares, Inc. a national bank holding company (the “Employer”), and George M. Lee, an
individual resident in Houston, Harris County, Texas (the “Executive”).

R E C I T A L S

     The Employer desires the Executive’s employment with the Employer, and the Executive wishes to
accept such employment, upon the terms and conditions set forth in this Agreement.

AGREEMENT

     The parties, intending to be legally bound, agree as follows:

     1. DEFINITIONS

     For the purposes of this Agreement, the following terms have the meanings specified or
referred to in this Section 1.

     “Agreement"—this Employment Agreement.

     “Basic Compensation"—Salary and Benefits.

     “Benefits"—as defined in Section 3.1(b).

     “Board of Directors"—the board of directors of the Employer.

     “Change of Control"–as defined in Section 6.4.

     “Confidential Information"—any and all:

     (a) trade secrets concerning the business and affairs of the Employer,
financial records, management systems, policies or procedures, including the content
of related forms and manuals, salary, bonuses and other personnel information, and
any other information, however documented, that is a trade secret within the meaning
of law of the State of Texas; and

     (b) information concerning the business and affairs of the Employer (which
includes historical financial statements, financial projections and budgets,
historical and projected income, capital spending budgets and plans, the names and
backgrounds of key personnel, personnel training and techniques and materials,
however documented); and

     (c) notes, analysis, compilations, studies, summaries, and other material
prepared by or for the Employer containing or based, in whole or in part, on any
information included in the foregoing.

     “Disability"—as defined in Section 6.2.

     “Effective Date"–shall be July 22, 2004.

     “Employment Period"—the term of the Executive’s employment under this
Agreement.

     “Fiscal Year"—the Employer’s fiscal year, as it exists on the Effective
Date or as changed from time to time.

     “For Cause"—as defined in Section 6.3.

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     “Incentive Compensation"—as defined in Section 3.2.

     “Person"—any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, or governmental body.

     “Proprietary Items"—as defined in Section 7.2(d).

     “Salary"—as defined in Section 3.1(a).

     2. EMPLOYMENT TERMS AND DUTIES

2.1 EMPLOYMENT

     The Employer hereby employs the Executive, and the Executive hereby accepts employment by the
Employer, upon the terms and conditions set forth in this Agreement.

2.2 TERM

     Subject to the provisions of Section 6, the term of the Executive’s employment under this
Agreement will be three (3) years, beginning on the Effective Date and ending on the third
anniversary of the Effective Date. Prior to the second anniversary of this Agreement, both parties
hereto may agree in writing to extend the term of this Agreement for an additional year. Following
the initial extension of the term, both parties may agree in writing to extend the term for one (1)
additional year period prior to the expiration thereof.

2.3 DUTIES

     The Executive will have such duties as are assigned or delegated to the Executive by the Board
of Directors, and will initially serve as Chief Executive Officer of MetroBank, N.A., a national
banking association (“Bank”) and as President of Employer. The Executive will devote his entire
business time, attention, skill, and energy exclusively to the business of the Employer, will use
his best efforts consistent with the industry standards to promote the success of the Employer’s
business, and will cooperate fully with the Board of Directors in the advancement of the best
interests of the Employer. If the Executive is elected as a director or officer of any of its
affiliates, the Executive will fulfill his duties as such director or officer without additional
compensation.

     3. COMPENSATION 

3.1 BASIC COMPENSATION

     (a) Salary. The Executive will be paid an annual salary of $250,000, subject to
adjustment as provided below (the “Salary”), which will be payable in equal periodic
installments according to the Employer’s customary payroll practices, but no less frequently
than monthly. The Salary will be reviewed by the Board of Directors not less frequently
than annually, and may be adjusted upward in the sole discretion of the Board of Directors,
but in no event will the Salary be less than $250,000 per year.

     (b) Benefits. The Executive will, during the Employment Period, be permitted to
participate in such pension, profit sharing, bonus, life insurance, hospitalization, major
medical, and other employee benefit plans of the Employer that may be in effect from time to
time, to the extent the Executive is eligible under the terms of those plans (collectively,
the “Benefits”).

3.2 INCENTIVE COMPENSATION

     Beginning with the effective date, the Board of Directors of Employer will provide on, a
pro-rata basis, Executive with a formal Incentive Compensation Plan (“Incentive Compensation”) that
allows Executive to earn up

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to 100% of Base Salary as Incentive Compensation based on certain predetermined performance
measures set forth in such Plan. Performance at expected or budgeted performance consistent with
opportunities in the market place will result in Incentive Compensation of 50% of Base Salary,
while maximum Incentive Compensation will be earned for superior performance results. The
performance criteria may include, but not be limited to, EPS Growth, Asset Growth, Operating
Efficiency, Return on Equity, Loan Concentration, Asset Durability and Overall Performance
Evaluation by the Board of Directors.

3.3 STOCK OPTIONS

     The Compensation Committee of the Board of Directors, will award Executive 100,000 incentive
stock options on Employer’s common stock with an option price of $15.01 (the closing price on the
effective date of this Agreement of July 22, 2004). The options described hereunder will be
granted by the Compensation Committee of the Board of Directors pursuant to the Employer’s 1998
Stock Incentive Plan and the Stock Option Agreement containing such terms and in the form attached
hereto as Exhibit A. Additionally the Employer shall grant to Executive 10,000 to 20,000 stock
options annually based on performance of Executive and Employer. In all events, Executive shall
receive not less than 10,000 stock options per year during the term hereof. Performance at
expected or budgeted performance consistent with opportunities in the market place will result in
the award of 20,000 stock options annually. The performance criteria may include, but not be
limited to EPS growth, asset growth, operating efficiency, return on equity, loan concentration,
asset durability and overall performance evaluation by the Board of Directors. In the event of any
conflict between the terms of this Agreement and any other oral or written representation regarding
stock options, on the one hand, and the terms of the stock option agreement or the stock option
plan, the terms of the latter two documents shall govern. Moreover, at termination of Employee’s
employment, Employer has the option but not the obligation to repurchase the stock granted under
the Stock Option Agreement.

3.4 ADDITIONAL COMPENSATION

The Executive will receive $50,000 as payment for any and all items and consideration related to
the acceptance of this Agreement.

     4. FACILITIES AND EXPENSES

4.1 GENERAL

     The Employer will furnish the Executive office space, equipment, supplies, and such other
facilities and personnel, as the Employer deems necessary or appropriate for the performance of the
Executive’s duties under this Agreement. The Employer will pay the Executive’s dues in such
professional societies and organizations, as the Compensation Committee deems appropriate, and will
pay on behalf of the Executive (or reimburse the Executive for) reasonable expenses incurred by the
Executive at the request of, or on behalf of, the Employer in the performance of the Executive’s
duties pursuant to this Agreement, and in accordance with the Employer’s employment policies,
including reasonable expenses incurred by the Executive in attending conventions, seminars, and
other business meetings, in appropriate business entertainment activities, and for promotional
expenses. The Executive must file expense reports with respect to such expenses in accordance with
the Employer’s policies.

4.2 AUTOMOBILE

     The Employer will provide the Executive a $500.00 per month automobile allowance. The
Executive will own his own automobile, and maintain and insure it at his own expense, for his
business use in connection with his employment under this Agreement. The Executive will at his own
expense maintain liability insurance on any automobile used in connection with the Employer’s
business. Executive will furnish proof of insurance to the Employer as requested by the Employer.
Applicable federal income tax withholding on such automobile allowance will be deducted.

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     5. VACATIONS AND HOLIDAYS

     The Executive will be entitled to four (4) weeks’ paid vacation each Fiscal Year in accordance
with the vacation policies of the Employer in effect for its executive officers from time to time.
The Executive must take vacation at such time or times as approved by the Chairman of the Board.
The Executive will also be entitled to the paid holidays set forth in the Employer’s policies.
Vacation days and holidays during any Fiscal Year that are not used by the Executive during such
Fiscal Year may not be used in any subsequent Fiscal Year.

     6. TERMINATION

6.1 EVENTS OF TERMINATION

     The Employment Period, the Executive’s Basic Compensation and Incentive Compensation, and any
and all other rights of the Executive under this Agreement or otherwise as an employee of the
Employer will terminate (except as otherwise provided in this Section 6):

     (a) upon the death of the Executive;

     (b) upon the disability of the Executive (as defined in Section 6.2) immediately upon
notice from either party to the other;

     (c) for cause (as defined in Section 6.3), immediately upon notice from the Employer to
the Executive, or at such later time as such notice may specify; or

     (d) on Change of Control (as defined in Section 6.4).

6.2 DEFINITION OF DISABILITY

     For purposes of Section 6.1, the Executive will be deemed to have a “disability” if, for
physical or mental reasons, the Executive is unable to perform the essential functions of the
Executive’s duties under this Agreement for 120 consecutive days, or 180 days during any twelve
month period, as determined in accordance with this Section 6.2. A medical doctor selected by
written agreement of the Employer and the Executive upon the request of either party by notice to
the other will determine the disability of the Executive. If the Employer and the Executive cannot
agree on the selection of a medical doctor, each of them will select a medical doctor and the two
medical doctors will select a third medical doctor who will determine whether the Executive has a
disability. The determination of the medical doctor selected under this Section 6.2 will be binding
on both parties. The Executive must submit to a reasonable number of examinations by the medical
doctor making the determination of disability under this Section 6.2, and the Executive hereby
authorizes the disclosure and release to the Employer of such determination and all supporting
medical records. If the Executive is not legally competent, the Executive’s legal guardian or duly
authorized attorney-in-fact will act in the Executive’s stead, under this Section 6.2, for the
purposes of submitting the Executive to the examinations, and providing the authorization of
disclosure, required under this Section 6.2.

6.3 DEFINITION OF “FOR CAUSE”

     For purposes of Section 6.1, the phrase “for cause” means: (a) the Executive’s material breach
of this Agreement or failure to materially carry out the duties assigned by the Board of Directors
(following ten (10) days notice of such failure and Executive’s failure to cure such breach); (b)
the Executive’s failure to adhere to any written Employer policy if the Executive has been given a
reasonable opportunity to comply with such policy or cure his failure to comply (which reasonable
opportunity must be granted during the ten-day period preceding termination of this Agreement); (c)
the appropriation (or attempted appropriation) of a material business opportunity of the Employer,
including attempting to secure or securing any personal profit in connection with any transaction
entered into on behalf of the Employer; (d) the Executive’s acting in a grossly negligent manner,
or has engaged in reckless or willful misconduct with respect to Employer which results or could
have resulted in material harm to Employer and Bank’s standing among customers, suppliers,
employees and other business relationships; (e) the misappropriation (or attempted
misappropriation) of any of the Employer’s funds or property; or (f) the conviction

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of, the indictment for (or its procedural equivalent), or the entering of a guilty plea or plea of
no contest with respect to, a felony, the equivalent thereof.

6.4 DEFINITION OF “CHANGE OF CONTROL”

     For purposes of Section 6.1, the phrase “Change of Control” means the following: (a) the
occurrence of a transaction whereby the Bank or the Employer shall not be the surviving entity in
any merger or consolidation (or survives only as a subsidiary of an entity other than a previously
wholly-owned subsidiary of Employer); (b) the Bank or the Employer sells, leases or exchanges or
agrees to sell, lease or exchange all or substantially all of its assets to any other persons or
entities (other than to a wholly-owned subsidiary of Employer); or (c) the total sale or
dissolution of the Employer or Bank.

6.5 TERMINATION PAY

     Effective upon the termination of this Agreement for the reasons set forth in this Agreement,
the Employer will be obligated to pay the Executive (or, in the event of his death, his designated
beneficiary as defined below) only such compensation as is provided in this Section 6.5, and in
lieu of all other amounts and in settlement and complete release of all claims the Executive may
have against the Employer for termination pursuant to Section 6 hereof. For purposes of this
Section 6.5, the Executive’s designated beneficiary will be such individual beneficiary or trust,
located at such address, as the Executive may designate by notice to the Employer from time to time
or, if the Executive fails to give notice to the Employer of such a beneficiary, the Executive’s
estate. Notwithstanding the preceding sentence, the Employer will have no duty, in any
circumstances, to attempt to open an estate on behalf of the Executive, to determine whether any
beneficiary designated by the Executive is alive or to ascertain the address of any such
beneficiary, to determine the existence of any trust, to determine whether any person or entity
purporting to act as the Executive’s personal representative (or the trustee of a trust established
by the Executive) is duly authorized to act in that capacity, or to locate or attempt to locate any
beneficiary, personal representative, or trustee.

     (a) Termination by Change of Control. Upon the happening of a “Change of
Control,” after the date of signing this Agreement, the Employer will pay the Executive (i)
the Executive’s Salary for the remainder, if any, of the calendar month in which such
termination is effective and for twenty-four (24) consecutive calendar months thereafter,
and (ii) an amount equal to the Executive’s Incentive Compensation for the previous Fiscal
Year times two (2). In addition, Employer will pay for medical and life insurance for one
(1) year following termination hereunder.

     (b) Termination by the Employer for Cause or Voluntary Resignation by
Executive. If the Employer terminates this Agreement for cause or the Executive
voluntarily resigns, the Executive will be entitled to receive his Salary only through the
date such termination is effective, and will not be entitled to any Incentive Compensation
for the Fiscal Year during which such termination occurs or any subsequent Fiscal Year.

     (c) Termination upon Disability. If this Agreement is terminated by either
party as a result of the Executive’s disability, as determined under Section 6.2, the
Employer will pay the Executive his Salary through the remainder of the calendar month
during which such termination is effective and for the lesser of (i) three (3) consecutive
months thereafter, or (ii) the period until disability insurance benefits commence under the
disability insurance coverage furnished by the Employer to the Executive.

     (d) Termination upon Death. If this Agreement is terminated because of the
Executive’s death, the Executive will be entitled to receive his Salary through the end of
the calendar month in which his death occurs, and that part of the Executive’s Incentive
Compensation, if any, for the Fiscal Year during which his death occurs, prorated through
the end of the calendar month during which his death occurs.

     (e) Benefits. The Executive’s accrual of, or participation in plans providing
for, the Benefits will cease at the effective date of the termination of this Agreement, and
the Executive will be entitled to accrued Benefits pursuant to such plans only as provided
in such plans. The Executive will not receive, as part of his termination pay pursuant to
this Section 6, any payment or other compensation for any vacation,
holiday, sick leave, or other leave unused on the date the notice of termination is
given under this Agreement.

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     7.  NON-DISCLOSURE COVENANT

7.1 ACKNOWLEDGMENTS BY THE EXECUTIVE

     The Executive acknowledges that (a) during the Employment Period and as a part of his
employment, the Executive will be afforded access to Confidential Information; (b) public
disclosure of such Confidential Information could have an adverse effect on the Employer and its
business; and (c) the provisions of this Section 7 are reasonable and necessary to prevent the
improper use or disclosure of Confidential Information.

7.2 AGREEMENTS OF THE EXECUTIVE

     In consideration of the compensation and benefits to be paid or provided to the Executive by
the Employer under this Agreement, the Executive covenants as follows:

     Confidentiality.

     (a) During and following the Employment Period, the Executive will hold in confidence
the Confidential Information and will not disclose it to any person except with the specific
prior written consent of the Employer or except as otherwise expressly permitted by the
terms of this Agreement.

     (b) Any trade secrets of the Employer will be entitled to all of the protections and
benefits under the trade secret laws of the State of Texas and any other applicable law. If
any information that the Employer deems to be a trade secret is found by a court of
competent jurisdiction not to be a trade secret for purposes of this Agreement, such
information will, nevertheless, be considered Confidential Information for purposes of this
Agreement. The Executive hereby waives any requirement that the Employer submits proof of
the economic value of any trade secret or post a bond or other security.

     (c) None of the foregoing obligations and restrictions applies to any part of the
Confidential Information that the Executive demonstrates was or became generally available
to the public other than as a result of a disclosure by the Executive, any Confidential
Information known to Executive prior to his employment hereunder or any Confidential
Information required to be disclosed by legal process.

     (d) The Executive will not remove from the Employer’s premises (except to the extent
such removal is for purposes of the performance of the Executive’s duties at home or while
traveling, or except as otherwise specifically authorized by the Employer) any document,
record, notebook, plan, model, component, device, or computer software or code, whether
embodied in a disk or in any other form (collectively, the “Proprietary Items”). The
Executive recognizes that, as between the Employer and the Executive, all of the Proprietary
Items, whether or not developed by the Executive, are the exclusive property of the
Employer. Upon termination of this Agreement by either party, or upon the request of the
Employer during the Employment Period, the Executive will return to the Employer all of the
Proprietary Items in the Executive’s possession or subject to the Executive’s control, and
the Executive shall not retain any copies, abstracts, sketches, or other physical embodiment
of any of the Proprietary Items.

7.3 DISPUTES OR CONTROVERSIES

     The Executive recognizes that should a dispute or controversy arising from or relating to this
Agreement be submitted for adjudication to any court, arbitration panel, or other third party, the
preservation of the secrecy of Confidential Information may be jeopardized. All pleadings,
documents, testimony, and records relating to any such adjudication during the pendency of such
proceeding will be maintained in secrecy and will be available for inspection by the Employer, the
Executive, and their respective attorneys and experts, who will agree, in advance and in writing,
to receive and maintain all such information in secrecy, except as may be limited by them in
writing.

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     8. GENERAL PROVISIONS

8.1 INJUNCTIVE RELIEF AND ADDITIONAL REMEDY

     The Executive acknowledges that the injury that would be suffered by the Employer as a result
of a breach of the provisions of this Agreement (including any provision of Section 7) would be
irreparable and that an award of monetary damages to the Employer for such a breach would be an
inadequate remedy. Consequently, the Employer will have the right, in addition to any other rights
it may have, to obtain injunctive relief to restrain any breach or threatened breach or otherwise
to specifically enforce any provision of this Agreement, and the Employer will not be obligated to
post bond or other security in seeking such relief.

8.2 COVENANTS OF SECTION 7 ARE ESSENTIAL AND INDEPENDENT COVENANTS

     The covenants by the Executive in Section 7 are essential elements of this Agreement, and
without the Executive’s agreement to comply with such covenants, the Employer would not have
entered into this Agreement. The Employer and the Executive have independently consulted their
respective counsel and have been advised in all respects concerning the reasonableness and
propriety of such covenants, with specific regard to the nature of the business conducted by the
Employer.

     The Executive’s covenants in Section 7 are independent covenants and the existence of any
claim by the Executive against the Employer under this Agreement or otherwise, will not excuse the
Executive’s breach of any covenant in Section 7.

     If the Executive’s employment hereunder expires or is terminated, this Agreement will continue
in full force and effect as is necessary or appropriate to enforce the covenants and agreements of
the Executive in Section 7.

8.3 REPRESENTATIONS AND WARRANTIES BY THE EXECUTIVE

     The Executive represents and warrants to the Employer that the execution and delivery by the
Executive of this Agreement do not, and the performance by the Executive of the Executive’s
obligations hereunder will not, with or without the giving of notice or the passage of time, or
both: (a) violate any judgment, writ, injunction, or order of any court, arbitrator, or
governmental agency applicable to the Executive; or (b) conflict with, result in the breach of any
provisions of or the termination of, or constitute a default under, any agreement to which the
Executive is a party or by which the Executive is or may be bound.

8.4 OBLIGATIONS CONTINGENT ON PERFORMANCE

     The obligations of the Employer hereunder, including its obligation to pay the compensation
provided for herein, are contingent upon the Executive’s performance of the Executive’s obligations
hereunder.

8.5 WAIVER

     The rights and remedies of the parties to this Agreement are cumulative and not alternative.
Neither the failure nor any delay by either party in exercising any right, power, or privilege
under this Agreement will operate as a waiver of such right, power, or privilege, and no single or
partial exercise of any such right, power, or privilege will preclude any other or further exercise
of such right, power, or privilege or the exercise of any other right, power, or privilege. To the
maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can
be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right
unless in writing signed by the other party; (b) no waiver that may be given by a party will be
applicable except in the specific instance for which it is given; and (c) no notice to or demand on
one party will be deemed to be a waiver of any obligation of such party or of the right of the
party giving such notice or demand to take further action without notice or demand as provided in
this Agreement.

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8.6 BINDING EFFECT; DELEGATION OF DUTIES PROHIBITED

     This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto
and their respective successors, assigns, heirs, and legal representatives, including any entity
with which the Employer may merge or consolidate or to which all or substantially all of its assets
may be transferred. The duties and covenants of the Executive under this Agreement, being personal,
may not be delegated.

8.7 NOTICES

     All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when (a) delivered by hand (with written
confirmation of receipt), (b) sent by facsimile (with written confirmation of receipt), provided
that a copy is mailed by registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in
each case to the appropriate addresses and facsimile numbers set forth below (or to such other
addresses and facsimile numbers as a party may designate by notice to the other parties):

	 	 	 
	     If to Employer:

	 	MetroCorp Bancshares, Inc.
	

	 	9600 Bellaire Blvd., Suite 252
	

	 	Houston, Texas 77036
	

	 	Attention: May P. Chu
	 
	 	 
	     If to Executive:

	 	George M. Lee
	

	 	MetroCorp Bancshares, Inc.
	

	 	9600 Bellaire Blvd., Suite 252
	

	 	Houston, Texas 77036

8.8 ENTIRE AGREEMENT; AMENDMENTS

     This Agreement contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or written, between the
parties hereto with respect to the subject matter hereof. This Agreement may not be amended orally,
but only by an agreement in writing signed by the parties hereto.

8.9 GOVERNING LAW

     This Agreement will be governed by the laws of the State of Texas without regard to conflicts
of laws principles.

8.10 JURISDICTION

     Any action or proceeding seeking to enforce any provision of, or based on any right arising
out of, this Agreement may be brought against either of the parties in the courts of the State of
Texas, County of Harris, or, if it has or can acquire jurisdiction, in the United States District
Court for the Southern District of Texas, and each of the parties consents to the jurisdiction of
such courts (and of the appropriate appellate courts) in any such action or proceeding and waives
any objection to venue laid therein. Process in any action or proceeding referred to in the
preceding sentence may be served on either party anywhere in the world.

8.11 SECTION HEADINGS, CONSTRUCTION

     The headings of Sections in this Agreement are provided for convenience only and will not
affect its construction or interpretation. All references to “Section” or “Sections” refer to the
corresponding Section or Sections of this Agreement unless otherwise specified. All words used in
this Agreement will be construed to be of such gender or number, as the circumstances require.
Unless otherwise expressly provided, the word “including” does not limit the preceding words or
terms.

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8.12 SEVERABILITY

     If any provision of this Agreement is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any
provision of this Agreement held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable.

8.13 COUNTERPARTS

     This Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original copy of this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
above first written above.

	 	 	 	 	 	 	 
	 
	 	 	 	EMPLOYER:
	 
	 	 	 	METROCORP BANCSHARES, INC.
	 
	 	 	 	 	 	 
	DATE:

	 	September 3, 2004	 	By:	 	/s/ Don J. Wang
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	Don J. Wang
	 
	 	 	 	 	 	Chairman of the Board

	 	 	 	 	 
	

	 	 	 	EXECUTIVE:
	 
	 	 	 	 
	DATE:
	 	September 2, 2004	 	/s/ George M. Lee
	

	 	 
	 	 
	

	 	 	 	George M. Lee
	

	 	 	 	Executive Vice Chairman

9

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