Document:

Exhibit
10.3

 

FIRST AMENDMENT TO SHAREHOLDER
AGREEMENT

 

This
First Amendment to Shareholder Agreement (“Amendment”)
is dated as of July 16, 2009, by and between 1st Pacific Bancorp, a
California corporation (“1st Pacific Bancorp”)
and 1st Pacific Bank of California, a California state-chartered bank and the
wholly-owned subsidiary of 1st Pacific Bancorp (“1st
Pacific Bank,” and together with 1st Pacific Bancorp, “1st Pacific”) on the one hand, and
Ernest Auerbach, an individual (“Ernest”),
and Lisa D. Auerbach, an individual  (“Lisa”), on the other hand, with
reference to the following facts:

 

RECITALS

 

A.           As a condition to 1st Pacific’s willingness to enter into
that certain Agreement and Plan of Merger dated as of July 16, 2009 (the “Reorganization Agreement”) with
First Business Bank, National Association, a national banking association (“First Business Bank”), and FB
Bancorp, a California corporation (“FB Bancorp”),
1st Pacific and Ernest entered into a Shareholders Agreement dated July 16,
2009 (the “Agreement”).

 

B.            Lisa and Ernest, as husband and wife, own shares in First
Business Bank and FB Bancorp as community property with right of survivorship,
and Lisa was inadvertently not included as a party to the Agreement.

 

C.            Lisa and Ernest, together, are the largest shareholder in
each of First Business Bank and FB Bancorp and will benefit significantly from
the Reorganization Agreement and the transactions contemplated thereby.

 

D.           The parties hereto now wish to amend the Agreement as set
forth herein to properly reflect that Lisa should also be a party to the
Agreement and bound by the provisions of the Agreement as the “Shareholder”
thereunder.

 

E.            Terms with initial capital letters used, but not
otherwise defined herein shall have the same meanings as in the Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises,
covenants and conditions contained herein, the parties agree as follows:

 

1.             Modification
of the Agreement.  All references to
the term “Shareholder” as used in the Agreement shall hereafter be deemed to
refer to both Ernest and Lisa.

 

2.             Agreement
to be Bound.  Effective as of the
date written below, Lisa hereby agrees to become a party to the Agreement, and
shall be fully bound by, and subject to, all of the covenants, terms and
conditions of the Agreement applicable to the Shareholder thereunder as though
an original party thereto and shall be deemed a Shareholder for all purposes
thereof.

 

3.             Other
Provisions Unmodified.  Except as
expressly modified hereby, the rights, obligations and terms of the Agreement
shall remain unmodified and in full force and effect.  In 

 

1

 

the event of a conflict
between the Amendment and the Agreement, the Amendment shall be controlling.

 

4.             Counterparts.  This Amendment may be executed in several
counterparts, and all so executed shall constitute an agreement, binding on all
the parties hereto, notwithstanding that all of the parties are not signatory
to the original or the same counterpart.

 

IN WITNESS WHEREOF, each of the parties has executed
this Amendment on the day and year first written above.

 

 

	
  ERNEST

  	
   

  	
  1ST PACIFIC BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ronald J. Carlson

  
	
   

  	
   

  	
  Name:

  	
  Ronald J. Carlson

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
  /s/Ernest Auerbach

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
  1ST PACIFIC BANK OF CALIFORNIA

  
	
  Ernest Auerbach

  	
   

  	
   

  
	
  (Name)

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ronald J. Carlson

  
	
   

  	
   

  	
  Name:

  	
  Ronald J. Carlson

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LISA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Lisa D. Auerbach

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Lisa D. Auerbach

  	
   

  	
   

  
	
  (Name)

  	
   

  	
   

  

 

2EXHIBIT 10.1

 

FIRST AMENDMENT TO THE

ARCTIC CAT INC. 2007 OMNIBUS STOCK AND INCENTIVE PLAN

August 7, 2009

 

RECITALS:

 

A.                                    The Arctic Cat
Inc. 2007 Omnibus Stock and Incentive Plan (the “Plan”) was adopted by the
Board of Directors of Arctic Cat Inc. (the “Company”) on June 20, 2007,
and was approved by the shareholders of the Company on August 8, 2007.

 

B.                                    The
shareholders of the Company amended the Plan on August 6, 2009 to increase
the number of shares of Common Stock available for issuance under the Plan.

 

C.                                    The Board of
Directors of the Company, upon recommendation of the Compensation Committee and
the Governance Committee, amended the Plan on August 6, 2009 to modify the
terms of the annual automatic option grants to non-employee directors of the
Company and adopted this First Amendment to the Arctic Cat Inc. 2007 Omnibus
Stock and Incentive Plan incorporating the amendments adopted by the
shareholders and the Board of Directors.

 

AMENDMENT:

 

THEREFORE,
the Plan is hereby amended as follows:

 

1.                                      Section 4(a) of
the Plan is hereby amended to read as follows:

 

“(a)         Shares
Available.  Subject to
adjustment as provided in Section 4(c) of the Plan, the aggregate
number of Shares that may be issued under the Plan shall be 3,785,000.”

 

2.             The first paragraph of Section 6(d) of
the Plan is hereby amended to read as follows:

 

“(d)         Directors Who
Are Not Employees. Each person who is not an employee of the Company
or its Subsidiaries and who is serving as a director of the Company on April 1
of each year, shall as of each April 1 automatically be granted an Option
to purchase 11,000 shares of the Company’s Stock at an exercise price per share
equal to 100% of the Fair Market Value of a share of the Company’s Stock on the
date of the grant of the Option; provided that any such Director may decline
receipt of said Option; provided, further, that any person who is not an
employee of the Company or its Subsidiaries and who is appointed as a director
of the Company by action of the Board after April 2 may, at the discretion
of the Board, be granted an Option with such terms as the Board determines at
the time of such appointment.  All such
Options shall be designated as Non-Qualified Stock Options, shall include a
three (3) year vesting requirement, and shall expire ten (10) years from
the date of grant.”

 

3.                                      This First
Amendment to the Arctic Cat 2007 Omnibus Stock and Incentive Plan shall be
effective as of August 7, 2009.EXHIBIT 10.2

 

FORM OF

ARCTIC CAT INC.

 

DIRECTOR

NON-QUALIFIED

STOCK OPTION AGREEMENT

 

THIS
OPTION AGREEMENT is made as of the 1st day of April 20    
(the “Option Date”), between ARCTIC CAT INC., a Minnesota corporation (the
“Company”), and
                                 ,
a non-employee member of the Board of Directors of the Company (the
“Optionee”).

 

WHEREAS,
the Company desires, by affording the Optionee an opportunity to purchase
shares of its Common Stock, $.01 par value (the “Common Stock”), as hereinafter
provided, to carry out the purpose of the 2007 Omnibus Stock and Incentive Plan
(the “2007 Stock Plan”) of the Company approved by its shareholders;

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
for other good and valuable consideration, the parties hereto have agreed, and
do hereby agree, as follows:

 

1.             Grant of Option.  The Company hereby grants to the Optionee the
right and Option (hereinafter called the “Option”) to purchase from the Company
all or any part of an aggregate amount of 11,000 shares of the Common Stock of
the Company on the terms and conditions herein set forth.  This grant does not qualify as an incentive
stock option under Section 422 of the Internal Revenue Code of 1986, as
amended.

 

2.             Purchase Price.  The purchase price of the shares of the
Common Stock covered by the Option shall be $           per share.

 

3.             Term of Option.  The term of the Option shall be for a period
expiring ten (10) years from the Option Date.  In no event shall the Option be exercisable
after the expiration of the term of the Option.

 

4.             Exercise of Option.  During the first year the Option is
outstanding it may not be exercised with respect to any of the shares covered
thereby.  The Option may thereafter be
exercised during the term specified in Section 3 as follows:

 

(a)                                 from and after 12 months
from the Option Date, the Option may be exercised as to 3,667 shares;

 

(b)                                 from and after 24 months
from the Option Date, the Option may be exercised as to an additional 3,667
shares; and

 

(c)                                  from and after 36 months
from the Option Date, the Option may be exercised as to an additional 3,666
shares.

 

 

5.             Non-Transferability.  The Option shall not be transferable
otherwise than by will or the laws of descent and distribution, and the Option
may be exercised, during the lifetime of the Optionee, only by the
Optionee.  More particularly (but without
limiting the generality of the foregoing), the Option may not be assigned,
transferred (except as provided above), pledged, or hypothecated in any way;
shall not be assignable by operation of law; and shall not be subject to
execution, attachment, or similar process. 
Any attempted assignment, transfer, pledge, hypothecation, or other
disposition of the Option contrary to the provisions hereof, and the levy of
any execution, attachment, or similar process upon the Option, shall be null
and void and without effect.

 

6.             Method of Exercising Option.  Subject to the terms and conditions of this
Option Agreement, the Option may be exercised by written notice to the Chief
Financial Officer of the Company at the principal office of the Company.  Such notice shall state the election to
exercise the Option and the number of shares in respect of which it is being
exercised, and shall be signed by the person so exercising the Option.  Such notice shall be accompanied by payment
of the full purchase price of such shares which payment shall be made in cash
or by certified check or bank draft payable to the Company, by any other form
of legal consideration deemed sufficient by the Company and consistent with the
purpose of the 2007 Stock Plan and applicable law, or in the sole discretion of
the Company, by delivery of shares of unrestricted Common Stock of the Company
with a fair market value equal to the purchase price or by a combination of
cash and such shares, whose fair market value shall equal the purchase
price.  For purposes of this paragraph
the “fair market value” of the Common Stock of the Company shall be established
in the manner set forth in Section 2(p) of the 2007 Stock Plan.  The certificate or certificates for the
shares as to which the Option shall have been so exercised shall be registered
in the name of the person so exercising the Option, or if the Optionee so
elects, in the name of the Optionee or one other person as joint tenants, and
shall be delivered as soon as practicable after the notice shall have been
received.  In the event the Option shall
be exercised by any person other than the Optionee, such notice shall be
accompanied by appropriate proof of the right of such person to exercise the
Option.  All shares that shall be
purchased upon the exercise of the Option as provided herein shall be fully
paid and nonassessable.

 

7.             Withholding
Requirements.  Upon exercise of the
Option by the Optionee and prior to the delivery of shares purchased pursuant
to such exercise, the Company shall have the right to require the Optionee to
remit to the Company cash in an amount sufficient to satisfy applicable federal
and state tax withholding requirements. 
The Company shall inform the Optionee as to whether it will require the
Optionee to remit cash for withholding taxes in accordance with the preceding
sentence within two (2) business days after receiving from the Optionee
notice that such Optionee intends to exercise, or has exercised, all or a
portion of the Option.

 

8.             Stock Plan.  This Option is subject to certain additional
terms and conditions set forth in the 2007 Stock Plan pursuant to which this
Option has been issued.  A copy of the
2007 Stock Plan is on file with the Chief Financial Officer of the Company and
each Option holder by acceptance hereof agrees to and accepts this Option
subject to the terms of the 2007 Stock Plan.

 

9.             General.  The Company shall at all times during the
term of the Option reserve and keep available such number of shares of Common
Stock as will be sufficient to satisfy the requirements of this Option
Agreement, shall pay all original issue and transfer taxes with respect to the
issue and transfer of shares pursuant hereto and all other fees and expenses
necessarily incurred by the Company in connection therewith, and will from time
to time use its best efforts to comply 

 

 

with
all laws and regulations which, in the opinion of counsel for the Company, shall
be applicable thereto.

 

10.          Investment
Certificate.  Prior to the receipt of
the certificates pursuant to the exercise of the Option granted hereunder, the
Optionee shall, if required in the Company’s discretion, demonstrate an intent
to hold the shares acquired by exercise of the Option for investment and not
with a view to resale or distribution thereof to the public by delivering to
the Company an investment certificate or letter in such form as the Company may
require.

 

11.          Status.  Neither the Optionee nor the Optionee’s
executor, administrator, heirs, or legatees shall be or have any rights or
privileges of a shareholder of the Company in respect of the shares
transferable upon exercise of the Option granted hereunder, unless and until
certificates representing such shares shall be endorsed, transferred, and
delivered and the transferee has caused the Optionee’s name to be entered as
the shareholder of record on the books of the Company.

 

12.          Company Authority.  The existence of the Option herein granted
shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its
business or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting the
Common Stock of the Company of the rights thereof, or dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

 

13.          Disputes.  As a condition of the granting of the Option
herein granted, the Optionee agrees, for the Optionee and the Optionee’s
personal representatives, that any dispute or disagreement which may arise
under or as a result of or pursuant to this Option Agreement shall be
determined by the Board of Directors of the Company, in its sole discretion,
and that any interpretation by the Board of the terms of this agreement shall
be final, binding and conclusive.

 

14.          Binding Effect.  This Option Agreement shall be binding upon
the heirs, executors, administrators and successors of the parties hereto.

 

IN
WITNESS WHEREOF, the Company has caused this Option Agreement to be duly
executed by an officer thereunto duly authorized, and the Optionee has hereunto
set his or her hand, all as of the day and year first above written.

 

 

	
   

  	
   

  	
  ARCTIC
  CAT INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ,
  Optionee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]