Document:

ex_112286.htm

Exhibit 10.1

 

SHAREHOLDER VOTING AGREEMENT

 

This Shareholder Voting Agreement (this “Agreement”) is entered into as of the 20th day of March, 2018, by and between National Commerce Corporation, a Delaware corporation (“NCC”), and the undersigned holder (“Shareholder”) of Common Stock (as defined herein).

 

WHEREAS, as of the date hereof, Shareholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) and is entitled to dispose of (or to direct the disposition of) and to vote (or to direct the voting of) the number of shares of voting common stock, $5.00 par value per share (the “Common Stock”), of Premier Community Bank of Florida, a Florida banking corporation (“PCB”), indicated on the signature page of this Agreement under the heading “Total Number of Shares of Common Stock Initially Subject to this Agreement” (which, for the avoidance of doubt, do not include any shares of Common Stock underlying unexercised PCB Options); such shares of Common Stock, together with any other shares of Common Stock the voting power over which is acquired by Shareholder during the period from and including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms, are collectively referred to herein as the “Shares”;

 

WHEREAS, NCC and PCB propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”; for purposes of this Agreement, capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement), pursuant to which, among other things, PCB will merge with and into NCC’s wholly owned subsidiary (the “Merger”); and

 

WHEREAS, as a condition to the willingness of NCC to enter into the Merger Agreement, Shareholder is executing this Agreement.

 

NOW, THEREFORE, in consideration of, and as a material inducement to, NCC entering into the Merger Agreement and proceeding with the transactions contemplated thereby, and in consideration of the expenses incurred and to be incurred by NCC in connection therewith, Shareholder and NCC, intending to be legally bound, hereby agree as follows:

 

1.     Agreement to Vote Shares. Shareholder agrees that, while this Agreement is in effect, at any meeting of shareholders of PCB, however called, or at any adjournment thereof, or in any other circumstances in which Shareholder is entitled to vote, consent or give any other approval, except as otherwise agreed to in writing in advance by NCC, Shareholder shall:

 

(a)     appear at each such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

 

(b)     vote (or cause to be voted), in person or by proxy, all the Shares as to which Shareholder has, directly or indirectly, the right to vote or direct the voting (i) in favor of adoption and approval of the Merger Agreement and the transactions contemplated thereby (including, without limitation, any amendments or modifications of the terms thereof adopted in accordance with the terms thereof); (ii) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of PCB contained in the Merger Agreement or of Shareholder contained in this Agreement; and (iii) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could reasonably be expected, to impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect consummation of the transactions contemplated by the Merger Agreement or this Agreement.

 

 

 

 

Shareholder further agrees not to vote or execute any written consent to rescind or amend in any manner any prior vote or written consent, as a shareholder of PCB, to approve or adopt the Merger Agreement unless this Agreement shall have been terminated in accordance with its terms.

 

2.      No Transfers. While this Agreement is in effect, Shareholder agrees not to, directly or indirectly, sell, transfer, pledge(other than any pledge arrangement in existence as of the date of this Agreement and described on the signature page hereto), assign or otherwise dispose of, or enter into any contract option, commitment or other arrangement or understanding with respect to the sale, transfer, pledge, assignment or other disposition of, any of the Shares or any other shares of Common Stock over which Shareholder has or shares dispositive power; provided, however, that the following transfers shall be permitted: (a) transfers by will or operation of law, in which case this Agreement shall bind the transferee; (b) transfers pursuant to any pledge agreement, subject to the pledgee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (c) transfers in connection with estate and tax planning purposes, including transfers to relatives, trusts and charitable organizations, subject to each transferee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (d) disposing of or surrendering Shares in connection with the vesting, settlement or exercise of PCB Options for the payment of taxes thereon or the exercise price as permitted pursuant to the Merger Agreement; and (e) such transfers as NCC may otherwise permit in its sole discretion. Any transfer or other disposition in violation of the terms of this Section 2 shall be null and void.

 

3.     Representations and Warranties of Shareholder. Shareholder represents and warrants to and agrees with NCC as follows:

 

(a)     Shareholder has all requisite capacity and authority to enter into and perform his, her or its obligations under this Agreement.

 

(b)     This Agreement has been duly executed and delivered by Shareholder, and assuming the due authorization, execution and delivery by NCC, constitutes a valid and legally binding obligation of Shareholder, enforceable against Shareholder in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity.

 

(c)     The execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of his, her or its obligations hereunder and the consummation by Shareholder of the transactions contemplated hereby will not, violate or conflict with, or constitute a default under, any agreement, instrument, contract or other obligation or any order, arbitration award, judgment or decree to which Shareholder is a party or by which Shareholder is bound, or any statute, rule or regulation to which Shareholder is subject or, in the event that Shareholder is a corporation, limited liability company, partnership, trust or other entity, any charter, bylaw or other organizational document of Shareholder.

 

(d)     Shareholder is the beneficial owner of the Shares. Shareholder does not own, of record or beneficially, any shares of capital stock of PCB other than the Shares or any other securities convertible into or exercisable or exchangeable for such capital stock, other than any PCB Options disclosed in the Merger Agreement. Shareholder has the right to vote the Shares, and none of the Shares is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Shares, except as contemplated by this Agreement.

 

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4.     No Solicitation. From and after the date hereof until the termination of this Agreement pursuant to Section 7 hereof, Shareholder, in his, her or its capacity as a shareholder of PCB, shall not, nor shall Shareholder authorize any shareholder, member, partner, officer, director, advisor or representative of Shareholder or any of his, her or its Affiliates to (and, to the extent applicable to Shareholder, such Shareholder shall use commercially reasonable efforts to not permit any of his, her or its representatives or Affiliates to), (a) initiate, solicit, induce or knowingly encourage, or knowingly take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any person (other than NCC) any information or data with respect to PCB or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle, letter of intent, memorandum of understanding or similar arrangement with respect to an Acquisition Proposal, (d) solicit proxies with respect to an Acquisition Proposal (other than the Merger and the Merger Agreement) or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, or (e) initiate a shareholders’ vote or action by consent of PCB’s shareholders with respect to an Acquisition Proposal, except in the cases of clauses (b) through (e), inclusive, of this Section 4 to the extent that at such time PCB is expressly permitted to take such action pursuant to Section 7.5 of the Merger Agreement. For avoidance of doubt, the parties acknowledge and agree that nothing in this Agreement shall limit or restrict Shareholder or any of his, her or its Affiliates who is or becomes during the term hereof a member of the Board of Directors or an officer of PCB or any of its Subsidiaries from acting, omitting to act or refraining from taking any action, solely in such person’s capacity as a member of the Board of Directors or as an officer of PCB (or as an officer or director of any of its Subsidiaries), in a manner consistent with his or her fiduciary duties in such capacity under applicable Law.

 

5.     Proxy. Subject to the last sentence of this Section 5, by execution of this Agreement, Shareholder does hereby appoint NCC with full power of substitution and resubstitution, as Shareholder’s true and lawful attorney and proxy, to the full extent of Shareholder’s rights with respect to the Shares, to vote each of such Shares that Shareholder shall be entitled to so vote with respect to the matters set forth in Section 1 hereof at any meeting of the shareholders of PCB, and at any adjournment or postponement thereof, and in connection with any action of the shareholders of PCB taken by written consent. Shareholder hereby revokes any proxy previously granted by Shareholder with respect to the Shares. Notwithstanding anything contained herein to the contrary, this proxy shall automatically terminate and be revoked upon the termination of this Agreement.

 

6.     Specific Performance; Remedies; Attorneys’ Fees. Shareholder acknowledges that it is a condition to the willingness of NCC to enter into the Merger Agreement that Shareholder execute and deliver this Agreement and that it will be impossible to measure in money the damage to NCC if Shareholder fails to comply with the obligations imposed by this Agreement and that, in the event of any such failure, NCC will not have an adequate remedy at law or in equity. Accordingly, Shareholder agrees that injunctive relief or other equitable remedy is the appropriate remedy for any such failure and will not oppose the granting of such relief on the basis that NCC has an adequate remedy at law. In addition, NCC shall have the right to inform any third party that NCC reasonably believes to be, or to be contemplating, participating with Shareholder or receiving from Shareholder assistance in violation of this Agreement, of the terms of this Agreement and of the rights of NCC hereunder, and that participation by any such third party with Shareholder in activities in violation of Shareholder’s agreement with NCC set forth in this Agreement may give rise to claims by NCC against such third party. In any legal action or other proceeding relating to this Agreement and the transactions contemplated hereby or if the enforcement of any provision of this Agreement is brought against either party, the prevailing party in such action or proceeding shall be entitled to recover all reasonable expenses relating thereto (including reasonable attorneys’ fees and expenses, court costs and expenses incident to arbitration, appellate and post-judgment proceedings) from the party against which such action or proceeding is brought, in addition to any other relief to which such prevailing party may be entitled.

 

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7.     Term of Agreement; Termination. The term of this Agreement shall commence on the date hereof. This Agreement may be terminated at any time prior to consummation of the transactions contemplated by the Merger Agreement by the written consent of the parties hereto, and this Agreement shall be automatically terminated upon termination of the Merger Agreement or the consummation of the Merger. Upon such termination, no party shall have any further obligations or liabilities hereunder; provided, however, that such termination shall not relieve any party from liability for any willful breach of this Agreement prior to such termination.

 

8.     Entire Agreement; Amendments. This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof. This Agreement may not be amended, supplemented or modified, and no provision hereof may be modified or waived, except by an instrument in writing signed by each party hereto. No waiver of any provision hereof by either party shall be deemed a waiver of any other provision hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

9.     Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision that, insofar as practical, implements the purpose and intents of this Agreement. 

 

10.     Capacity as Shareholder. This Agreement shall apply to Shareholder solely in his, her or its capacity as a shareholder of PCB, and it shall not apply in any manner to Shareholder in any capacity as a director, officer or employee of PCB or its Subsidiaries or in any other capacity, and shall not limit or affect any actions taken by Shareholder in such capacity. Without limiting the foregoing, any vote by Shareholder in his or her capacity as a director of PCB in connection with actions taken by PCB that are permissible under Section 7.5 of the Merger Agreement shall not serve as the basis for a violation of Section 1 of this Agreement.

 

11.     Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Florida, without regard to any applicable conflicts of law principles or any other principle that could require the application of the law of any other jurisdiction.

 

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12.     WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.

 

13.     Waiver of Appraisal Rights; Further Assurances. To the extent permitted by applicable Law, Shareholder hereby waives any rights of appraisal or rights to dissent from the Merger or to demand fair value for his, her or its Shares in connection with the Merger, in each case, that Shareholder may have under applicable Law. Shareholder further agrees not to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against NCC, PCB or any of their respective successors relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the Merger. From time to time prior to the termination of this Agreement, at NCC’s request and without further consideration, Shareholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to effect the actions and consummate the transactions contemplated by this Agreement.

 

14.     Disclosure. Shareholder hereby permits NCC and PCB to publish and disclose in the Proxy Statement/Prospectus and the S-4 Registration Statement (including, without limitation, all related documents and schedules filed with the Securities and Exchange Commission) his, her or its identity and ownership of shares of Common Stock and the nature of Shareholder’s commitments, arrangements and understandings pursuant to this Agreement. 

 

15.     Counterparts. This Agreement may be executed in counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered by facsimile or other electronic transmission.

 

 

 

[Signature page follows.]

 

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IN WITNESS WHEREOF, NCC has caused this Agreement to be duly executed, and Shareholder has duly executed this Agreement, all as of the day and year first above written.

 

 

	 	NATIONAL COMMERCE CORPORATION
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Its:	 	 
	 	 	 	 
	 	 	 	 
	 	SHAREHOLDER:
	 	 
	 	 	 
	 	[signature]	 
	 	 	 	 
	 	 	 	 
	 	[printed name]	 

 

 

Total Number of Shares of Common Stock

Initially Subject to this Agreement:

 

                                     

 

 

Description of any pledge arrangements in existence on the date of this Agreement:

 

 

 

 

 

 

 

Signature Page to Shareholder Voting Agreementex_112287.htm

Exhibit 10.2

 

1ST MANATEE BANK

AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN

 

 

Section 1.      Purpose and Scope

 

The purposes of this Plan are to encourage stock ownership by key management employees of 1st Manatee Bank (herein called the “Bank”) to provide an incentive for such employees to expand and improve the profits and prosperity of the Bank, and to assist the Bank in attracting and retaining key personnel through the grant of Options to purchase shares of the Bank’s common stock.

 

Section 2.      Definitions

 

“Bank” shall mean 1st Manatee Bank, a Florida banking corporation. “Board” shall mean the Board of Directors of the Bank.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Option” shall mean a right to purchase Stock, granted pursuant to the Plan, which options are intended to qualify as incentive stock options within the meaning of §422 of the Code.

“Option Price” shall mean the purchase price for Stock under an Option, as determined in Section 6 below.

“Participant” shall mean an employee of the Bank to whom an Option is granted under the Plan.

“Plan” shall mean this 1st Manatee Bank Amended and Restated Stock Option Plan. “Stock” shall mean the common stock of the Bank.

 

Section 3.      Shares Reserved Under Plan

 

Subject to the provisions of Section 12 of the Plan, the maximum number of shares of Stock that may be optioned or sold under the Plan is 80,000 shares. Such shares may be treasury, or authorized, but unissued, shares of Stock of the Bank. In no event shall the total number of shares optioned under the Plan exceed 20 percent of the total number of shares outstanding. Notwithstanding anything contained herein to the contrary, the Bank shall not obtain shares of Stock to be optioned hereunder by purchasing the shares as treasury shares unless the Bank has total capital accounts in excess of 8 percent of total assets.

 

 

 

 

Section 4.      Administration

 

The Plan shall be administered by the Board. The Board shall make all decisions with respect to participation in the Plan by employees of the Bank and with respect to the extent of that participation. The interpretation and construction of any provision of the Plan by the Board shall be final. No member of the Board shall be liable for any action or determination made by him in good faith. The Board may in its discretion at any time delegate its powers to administer the Plan to a Committee consisting of two or more directors, in which event all references to the “Board” throughout this Plan shall be deemed to refer to such Committee.

 

Section 5.      Eligibility

 

The Board may grant Options to any key employee of the Bank other than an employee who owns 10 percent or more of the Bank’s Stock. Options may be awarded by the Board at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Board shall determine. Options granted at different times need not contain similar provisions.

 

Section 6.      Option Price

 

The purchase price for Stock under each Option shall be the greater of (i) 100 percent of its fair market value at the time the Option is granted or (ii) the par value thereof. For this purpose, the fair market value of the Stock shall be determined without regard to any restriction other than a restriction which, by its terms, will never lapse and during any period that the shares are not publicly traded the Bank may determine that the fair market value is equal to the book value of the shares. Notwithstanding anything contained herein to the contrary, in no event shall the purchase price for Stock established under an Option granted under this Plan be less than the par value of the Stock. The Board of the Bank may be liable to reimburse the Bank for any loss sustained by reason of the grant of an Option at less than par value or fair market value.

 

Section 7.      Terms and Conditions of Options

 

Options granted pursuant to the Plan shall be authorized by the Board and shall be evidenced by written agreements in the form of Exhibit A hereto or such other form as the Board shall from time to time approve (the “Agreements”). Such agreements shall comply with and be subject to the following terms and conditions:

 

A.     Employment Agreement. The Board may, in its discretion, include in any Option granted under the Plan a condition that the Participant shall agree to remain in the employ of, and to render services to, the Bank or any of its Subsidiaries for a period of time (specified in the agreement) following the date the Option is granted. No such agreement shall impose upon the Bank any obligation to employ the Participant for any period of time.

 

 

 

 

B.     Time and Method of Payment. The Option Price shall be paid in full in cash at the time an Option is exercised under the Plan. Otherwise, an exercise of any Option granted under the Plan shall be invalid and of no effect. Promptly after the exercise of an Option and the payment of the full Option Price, the Participant shall be entitled to the issuance of a stock certificate evidencing his ownership of such of Stock. A Participant shall have none of the rights of a shareholder until shares are issued to him, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 

C.     Number of Shares; Limitation. Each Option shall state the total number of shares of Stock to which it pertains. Options to purchase fractional shares may not be granted. The aggregate fair market value (determined on the date the option is granted) of Stock subject to an Option granted to any one Participant that can be exercised for the first time in any one calendar year shall not exceed $100,000. Notwithstanding the foregoing, the Agreement may provide that more than $100,000 worth of optioned Stock can first be exercised within a single calendar year if the Agreement states that only a percentage of each share of Stock acquired upon exercise of the Option will be treated as having been acquired pursuant to an incentive stock option within the meaning of §422 of the Code and the remainder of the Stock will be treated as having been acquired pursuant to a non-qualifying stock option. The percentage which shall be treated as having been acquired pursuant to an incentive stock option shall be determined by the following fraction:

 

	$100,000	 	 
	
			Fair marketing value of stock first exercisable within one calendar year based on value at date option granted

				
			=

				
			Percentage of stock treated as acquired pursuant to incentive stock option

			

 

 

D.     Option Period and Limitations on Exercise of Options. The Board may, in its discretion, provide that an Option may not be exercised in whole or in part for any period or periods of time specified in the agreement and the exercise may be further conditioned on such events as the Board may elect to establish and set forth in the agreement. Except as provided in the agreement, an Option may be exercised in whole or in part at any time during its term. No Option may be exercised after the expiration of seven (7) years from the date it is granted.

 

 

 

 

Section 8.      Termination of Employment; Retirement; Permanent Disability

 

Except as provided in Section 9 below, if a Participant ceases to be employed by the Bank, his/her Options shall terminate immediately; provided, however, that if a Participant’s cessation of employment with the Bank is due to retirement or permanent disability (as each is determined by the Board), the Participant may, at any time within three months after such cessation of employment, exercise his Options to the extent that he was entitled to exercise them on the date of cessation of employment, but in no event shall any Option be exercisable more than seven (7) years from the date it was granted. The Board may cancel an Option during the three-month period referred to in this paragraph if the Participant engages in employment or activities contrary, in the opinion of the Board, to the best interests of the Bank. The Board shall determine in each case whether a termination of employment shall be considered a retirement with the consent of the Bank, and, subject to applicable law, whether a leave of absence shall constitute a termination of employment. Any such determination of the Board shall be final and conclusive. Notwithstanding anything contained herein to the contrary, in the event a Participant’s employment by the Bank is terminated for cause, his/her Options shall terminate immediately.

 

Section 9.      Rights in Event of Death

 

If a Participant dies while employed by the Bank, or within three months after having retired with the consent of the Bank, and without having fully exercised his Options, the personal representative or administrator of his estate shall have the right to exercise such Options; provided, however, that in the event of the death of the Participant in no event shall the Options be exercisable more than one (1) year after the Participant’s death or more than seven (7) years from the date they were granted.

 

Section 10.     No Obligations to Exercise Option

 

The granting of an Option shall impose no obligation upon the Participant to exercise such Option.

 

 

 

 

Section 11.     Nonassignability

 

Options shall not be transferable other than by will or by the laws of descent and distribution, and during a Participant’s lifetime shall be exercisable only by such Participant or in the event of his legal incapacity, his duly authorized representative.

 

Section 12.     Effect of Change in Stock Subject to the Plan

 

The aggregate number of shares of Stock available for Options under the Plan, the share subject to any Option, and the price per share shall all be proportionately adjusted for any increase or decrease in the number of issued shares of Stock subject to the effective date of the Plan resulting from (i) a subdivision or consolidation of shares or any other capital adjustment, (ii) the payment of a stock dividend, or (iii) other increase or decrease in such shares effected without receipt of consideration by the Bank. In the event of the merger of the Bank with or into another entity, any outstanding Option shall pertain, apply, and relate to the securities to which a holder of the number of shares of Stock subject to the Option would have been entitled after the merger.

 

Section 13.     Amendment and Termination

 

The Board, by resolution, may terminate, amend or revise the Plan with respect to any shares as to which Options have not been granted. All amendments or revisions to the Plan must have prior approval from the Florida Office of Financial Regulation. The Board may not, without the consent of the holder of an Option, alter or impair any Option previously granted under the Plan, except as authorized herein. Unless sooner terminated, the Plan shall remain in effect for a period of seven (7) years from the date of the Plan’s adoption by the Board. Termination of the Plan shall not affect any Option previously granted.

 

Section 14.     Transfer Restriction; Representation of Employees

 

As a condition to the exercise of any portion of an Option, the Bank may require the person exercising such Option to agree not to sell, pledge or otherwise transfer any or all shares of Stock acquired at exercise for up to two (2) years and/or to represent and warrant at the time of such exercise that any shares of Stock acquired at exercise are being acquired only for investment and without any present intention to sell or distribute such shares, if, in the opinion of counsel for the Bank, such a representation is required under the Securities Act of 1933 or any other applicable law, regulation, or rule of any governmental agency. Certificates representing shares of Stock acquired at exercise may, in the discretion of the Board, bear a restrictive legend indicating that the sale or other transfer of such Stock is restricted. The content of such legend shall be determined by the Board at the time of exercise.

 

 

 

 

Section 15.     Reservation of Shares of Stock

 

The Bank, during the term of this Plan, will at all times reserve and keep available, and will seek or obtain from any regulatory body having jurisdiction any requisite authority necessary to issue and to sell, the number of shares of Stock that shall be sufficient to satisfy the requirements of this Plan. The inability of the Bank to obtain from any regulatory body having jurisdiction the authority deemed necessary by counsel for the Bank for the lawful issuance and sale of its Stock hereunder shall relieve the Bank of any liability in respect of the failure to issue or sell Stock as to which the requisite authority has not been obtained.

 

Section 16.     General Restriction

 

Each grant of an Option under the Plan shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Stock subject or related thereto upon any securities exchange or under any state or Federal law, or (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the grantee of an option with respect to the disposition of shares of Stock, is necessary or desirable as a condition of, or in connection with, the grant or the issue or purchase of shares of Stock thereunder, such grant may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Committee.

 

Section 17.     Withholding Taxes

 

Whenever the Bank proposes or is required to issue or transfer shares of Stock under the Plan, the Bank shall have the right to require the grantee to remit to the Bank an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for such shares.

 

Section 18.     Non-Uniform Determinations

 

The Board’s determinations under the Plan (including without limitation determinations of the persons to receive grants, the form, amount and timing of such grants, the terms and provisions of such grants and the agreements evidencing same) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, grants under the Plan, whether or not such persons are similarly situated.

 

 

 

 

Section 19.     Termination or Exercise if Bank Undercapitalized

 

Notwithstanding anything contained herein to the contrary, in the event any regulatory authority having jurisdiction over the Bank determines that the Bank is undercapitalized, all options granted hereunder shall terminate five (5) business days after such determination is made unless they are exercisable in accordance with the terms of this Plan and are in fact excised prior to the expiration of such five (5) business day period.

 

Section 20.     Effective Date of Plan

 

The Plan amends and restates in its entirety the Plan adopted on August 28, 2007 (the “Original Plan”) and shall be effective from the date that the Plan is approved by Office of Financial Regulation and the Board. Options may only be granted under the Plan following its approval by the Florida Office of Financial Regulation, adoption by the Board and approval of the Plan by the holders of a majority of the Bank’s Stock.

 

Original Plan Preliminarily Approved by Office of Financial Regulation: April 5, 2007 Original Plan Adopted by Board: August 28, 2007

Original Plan Approved by Shareholders: August 28, 2007

 

Amended and Restated Plan Approved by Office of Financial Regulation: November 26, 2007

Amended and Restated Plan: Adopted by Board: December 18, 2007

 

/s/ Brian M. Watterson                                  

Brian M. Watterson, Cashier

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