Document:

Exhibit 10.2

 

Yelp
Inc.

Restricted Stock Unit Grant Notice

2012 Equity Incentive Plan

 

Yelp Inc. (the “Company”)
hereby awards to Participant the number of restricted stock units (“RSUs”) set forth below (the “Award”).
The Award is subject to all of the terms and conditions as set forth in this Notice, the 2012 Equity Incentive Plan (the “Plan”)
and the Restricted Stock Unit Agreement (the “Award Agreement”), both of which are attached hereto and
incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Award Agreement
will have the same definitions as in the Plan or the Award Agreement. In the event of any conflict between the terms of the Award
and the Plan, the terms of the Plan will control.

 

	Participant:	Rob Krolik	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of RSUs:	30,000	 

 

	Vesting Schedule:	One quarter (1/4) of the RSUs will vest on each of February 20, 2016, May 20, 2016, August 20, 2016 and November 20, 2016, provided that Participant remains employed through each vesting date that occurs prior to the Regular End Date (as defined in the Transition Agreement between Participant and the Company dated February 4, 2016 (the “Transition Agreement”)) and, with respect to each vesting date that occurs after the Regular End Date, Participant’s employment has not terminated pursuant to paragraph 6 of the Transition Agreement.
	 	 
	Issuance Schedule:	Subject to any change on a Capitalization Adjustment, one share of Common Stock will be issued for each RSU which vests at the time set forth in Section 6 of the Award Agreement.  

 

Additional Terms/Acknowledgements:
Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant Notice, the Award Agreement,
the Plan and the stock plan prospectus for this Plan. As of the Date of Grant, this Restricted Stock Unit Grant Notice, the Award
Agreement and the Plan set forth the entire understanding between Participant and the Company regarding the Award and supersede
all prior oral and written agreements on the terms of the Award, with the exception, if applicable, of (i) the Transition Agreement
and (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. By accepting
this Award, you consent to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic
system established and maintained by the Company or another third party designated by the Company.

 

	Yelp Inc.	 	Participant:
	 	 	 	 	 
	By:	 	 	 	 
	Signature	 	Signature
	 	 	 	 	 
	Title: 	 	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 	 

 

Attachments:
     Award Agreement, 2012 Equity Incentive Plan

 

     

     

    

 

Yelp
Inc.

2012
Equity Incentive Plan

 

Restricted
Stock Unit Agreement

 

Pursuant to the Restricted
Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Agreement (the “Agreement”)
and in consideration of your services, Yelp Inc. (the “Company”) has awarded you a Restricted Stock Unit
award (the “Award”) under its 2012 Equity Incentive Plan (the “Plan”) for the
number of Restricted Stock Units indicated in the Grant Notice. Capitalized terms not explicitly defined in this Agreement or in
the Grant Notice but defined in the Plan will have the same definitions as in the Plan. In the event of any conflict between the
terms in this Agreement and the Plan, the terms of the Plan will control.

 

The details of your
Award, in addition to those set forth in the Grant Notice and the Plan, are as follows.

 

1.            Grant
of the Award. This Award represents your right to be issued on a future date one share of the Company’s Common
Stock for each Restricted Stock Unit that vests. This Award was granted in connection with the Transition Agreement between you
and the Company dated February 4, 2016 (the “Transition Agreement”).

 

2.            Vesting.
Your Restricted Stock Units will vest as provided in the Grant Notice. Vesting will cease upon the termination of your employment
prior to the Regular End Date (as defined in the Transition Agreement) and, after the Regular End Date, upon the termination of
your employment under the circumstances described in paragraph 6 of the Transition Agreement. Any Restricted Stock Units that have
not yet vested as of the date vesting ceases pursuant to the preceding sentence will be forfeited immediately.

 

3.            Number
of Restricted Stock Units & Shares of Common Stock.

 

(a)          The
Restricted Stock Units subject to your Award will be adjusted for Capitalization Adjustments, as provided in the Plan.

 

(b)          Any
additional Restricted Stock Units and any shares, cash or other property that become subject to the Award pursuant to this Section
3 will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and
time and manner of delivery as applicable to the other Restricted Stock Units and shares covered by your Award.

 

(c)          No
fractional shares or rights for fractional shares of Common Stock will be created pursuant to this Section 3. Any fraction of a
share will be rounded down to the nearest whole share.

 

    1.

     

    

 

4.          Securities
Law Compliance. You will not be issued any Common Stock underlying the Restricted Stock Units or other shares with respect
to your Restricted Stock Units unless either (i) the shares are registered under the Securities Act, or (ii) the Company has determined
that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with other
applicable laws and regulations governing the Award, and you will not receive shares underlying your Restricted Stock Units if
the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

5.          Transferability.
Prior to the time that shares of Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise
dispose of any portion of the Restricted Stock Units or the shares in respect of your Restricted Stock Units. For example, you
may not use shares that may be issued in respect of your Restricted Stock Units as security for a loan, nor may you transfer, pledge,
sell or otherwise dispose of such shares. This restriction on transfer will lapse upon delivery to you of shares in respect of
your vested Restricted Stock Units.

 

(a)          Death.
Your Restricted Stock Units are not transferable other than by will and by the laws of descent and distribution. Upon receiving
written permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form
provided by or otherwise satisfactory to the Company and any broker designated by the Company to effect transactions under the
Plan, designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common
Stock or other consideration to which you were entitled at the time of your death pursuant to this Agreement. In the absence of
such a designation, your executor or administrator of your estate will be entitled to receive, on behalf of your estate, such Common
Stock or other consideration.

 

(b)          Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and
the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive
the distribution of Common Stock or other consideration under your Restricted Stock Units, pursuant to the terms of a domestic
relations order or official marital settlement agreement that contains the information required by the Company to effectuate the
transfer. You are encouraged to discuss with the Company’s General Counsel the proposed terms of any such transfer prior
to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained
within the domestic relations order or marital settlement agreement. The Company is not obligated to allow you to transfer your
Award in connection with your domestic relations order or marital settlement agreement.

 

6.           Date
of Issuance. 

 

(a)          The
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulation Section 1.409A-1(b)(4)
and will be construed and administered in such a manner.

 

(b)          Subject
to the satisfaction of the withholding obligations set forth in Section 10 of this Agreement, in the event one or more Restricted
Stock Units vests, the Company will issue to you, on the applicable vesting date, one share of Common Stock for each Restricted
Stock Unit that vests and such issuance date is referred to as the “Original Issuance Date.” If the Original
Issuance Date falls on a date that is not a business day, delivery will instead occur on the next following business day.

 

    2.

     

    

  

(c)          However,
if (i) the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined
by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date
when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but
not limited to under a previously established Company-approved 10b5-1 trading plan), and (ii) the Company elects, prior
to the Original Issuance Date, (1) not to satisfy the Withholding Taxes described in Section 10 by withholding shares of Common
Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award, (2) not to permit you to enter into
a “same day sale” commitment with a broker-dealer pursuant to Section 10 of this Agreement (including but not limited
to a commitment under a previously established Company-approved 10b5-1 trading plan), and (3) not to permit you to pay your Withholding
Taxes in cash, then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered
on such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling
shares of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year
in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs),
or, if and only if permitted in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4), no later than the date
that is the 15th day of the third calendar month of the year following the year in which the shares of Common Stock under this
Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulation Section
1.409A-1(d).

 

7.          Dividends.
 You will receive no benefit or adjustment to your Restricted Stock Units with respect to any cash dividend, stock dividend
or other distribution except as provided in the Plan with respect to a Capitalization Adjustment.

 

8.          Restrictive
Legends. The Common Stock issued with respect to your Restricted Stock Units will be endorsed with appropriate legends
determined by the Company.

 

9.          Award
not a Service Contract. Your Continuous Service is not for any specified term and may be terminated by you or by the
Company or an Affiliate at any time, for any reason, with or without cause and with or without notice.  Nothing in this Agreement
(including, but not limited to, the vesting of your Restricted Stock Units or the issuance of the shares subject to your Restricted
Stock Units), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan
shall:  (i) confer upon you any right to continue in the employ or service of, or affiliation with, the Company or an Affiliate;
(ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future
work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit
under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan;
or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you
may have.

 

    3.

     

    

  

10.         Withholding
Obligations.

 

(a)          On
each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units, and
at any other time as reasonably requested by the Company in accordance with applicable tax laws, you agree to make adequate provision
for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate
that arise in connection with your Award (the “Withholding Taxes”). Specifically, the Company or an Affiliate
may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following
means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate;
(ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day sale” commitment
with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”)
whereby you irrevocably elect to sell a portion of the shares to be delivered in connection with your Restricted Stock Units to
satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the
Withholding Taxes directly to the Company and/or its Affiliates; or (iv) withholding shares of Common Stock from the shares of
Common Stock issued or otherwise issuable to you in connection with your Restricted Stock Units with a Fair Market Value (measured
as of the date shares of Common Stock are issued to you) equal to the amount of such Withholding Taxes; provided, however,
that the number of such shares of Common Stock so withheld will not exceed the amount necessary to satisfy the Company’s
required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes,
including payroll taxes, that are applicable to supplemental taxable income.

 

(b)          Unless
the Withholding Taxes of the Company and/or any Affiliate are satisfied, the Company will have no obligation to deliver to you
any Common Stock.

 

(c)          In
the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after
the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld
by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

11.         Unsecured
Obligation. Your Award is unfunded, and as a holder of vested Restricted Stock Units, you will be considered an unsecured
creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this
Agreement. You will not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued
pursuant to this Agreement until such shares are issued to you. Upon such issuance, you will obtain full voting and other rights
as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, will create
or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

12.         Other
Documents. You hereby acknowledge receipt of and the right to receive
a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.
In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares only during certain
“window” periods and the Company’s insider trading policy, in effect from time to time.

 

    4.

     

    

  

13.         Notices.
Any notices provided for in this Agreement or the Plan will be given in writing (including electronically) and will be deemed effectively
given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide
to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to
participate in the Plan by electronic means. By accepting this Award, you consent to receive such documents by electronic delivery
and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third
party designated by the Company.

 

14.         Miscellaneous.

 

(a)          The
rights and obligations of the Company under your Award will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)          You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your Award.

 

(c)          You
acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your Award, and fully understand all provisions of your Award.

 

(d)          This
Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.

 

(e)          All
obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence
of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.

 

15.         Governing
Plan Document. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be
promulgated and adopted pursuant to the Plan. Except as expressly provided in this Agreement, in the event of any conflict between
the provisions of your Award and those of the Plan, the provisions of the Plan will control.

 

16.         Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

    5.

     

    

  

17.         Effect
on Other Employee Benefit Plans. The value of the Award subject to this Agreement will not be included as compensation,
earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan
sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its
rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

18.         Amendment.
Any amendment to this Agreement must be in writing, signed by a duly authorized representative of the Company. The Board reserves
the right to amend this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result
of any change in applicable laws or regulations or any future law, regulation, interpretation, ruling, or judicial decision.

 

19.         Compliance
with Section 409A of the Code. This Award is intended to comply with the “short-term deferral” rule
set forth in Treasury Regulation Section 1.409A-1(b)(4). However, if this Award fails to satisfy the requirements of the short-term
deferral rule and is otherwise not exempt from, and therefore deemed to be deferred compensation subject to, Section 409A of the
Code, and if you are a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as
of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance
of any shares that would otherwise be made upon the date of the separation from service or within the first six months thereafter
will not be made on the originally scheduled dates and will instead be issued in a lump sum on the date that is six months and
one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the
original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary
to avoid the imposition of taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares
that vests is a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

20.         No
Obligation to Minimize Taxes.  The Company has no duty or obligation to minimize the tax consequences to you of this
Award and will not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are hereby
advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and
by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

 

*    *    *

 

This Restricted Stock
Unit Agreement will be deemed to be signed by you upon the signing by you of the Restricted Stock Unit Grant Notice to which it
is attached.

 

    6.Exhibit 10.1

 

AGREEMENT

THIS AGREEMENT (the "Agreement"), dated this 5th day of February 2016, is by and among Sunshine Financial, Inc., a Maryland corporation (the "Company"), and its wholly owned subsidiary, Sunshine Savings Bank, a federally chartered savings bank (the "Bank," and collectively with the Company, "Sunshine"), Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., each a Delaware limited partnership, and Stilwell Value LLC, a Delaware limited liability company (collectively, "The Stilwell Group," and each individually, a "Stilwell Group Member"), and Corissa J. Briglia, an individual (the "Nominee").

RECITAL

WHEREAS, Sunshine, The Stilwell Group and the Nominee have agreed that it is in their mutual interests to enter into this Agreement.

NOW THEREFORE, in consideration of the Recital and the representations, warranties, covenants and agreements contained herein and other good and valuable consideration, and intending to be legally bound hereby, the parties hereto mutually agree as follows:

1.            Representations and Warranties of The Stilwell Group Members.  Each Stilwell Group Member represents and warrants to Sunshine as follows:

(a)            Each Stilwell Group Member (and the Nominee) has fully disclosed in Exhibit A to this Agreement the total number of shares of common stock of the Company, par value $0.01 per share ("Company Common Stock"), as to which it is the beneficial owner, and neither The Stilwell Group nor any Stilwell Group Member nor any of their affiliates has (i) a right to acquire any beneficial ownership interest in any capital stock of the Company (other than cross-trades in the open market or transfers between affiliated funds managed by Stilwell Value LLC that do not change the overall percentage of The Stilwell Group's total ownership), or (ii) a right to vote any shares of capital stock of the Company other than as set forth in Exhibit A;

(b)            The Stilwell Group and the Stilwell Group Members have full power and authority to enter into and perform their obligations under this Agreement, and the execution and delivery of this Agreement by The Stilwell Group and Stilwell Group Members has been duly authorized by The Stilwell Group and the Stilwell Group Members.  This Agreement constitutes a valid and binding obligation of The Stilwell Group and the Stilwell Group Members, and the performance of its terms will not constitute a violation of any limited partnership agreement, operating agreement, bylaws, or any agreement or instrument to which The Stilwell Group or any Stilwell Group Member is a party;

(c)            There are no other persons who, by reason of their personal, business, professional or other arrangement with The Stilwell Group or any Stilwell Group Member, have agreed, in writing or orally, explicitly or implicitly, to take any action, directly or indirectly, on behalf of or in lieu of The Stilwell Group or any Stilwell Group Member that would be prohibited by this Agreement; and

(d)            Except for the Confidentiality Agreement dated February 2, 2016, between certain Stilwell Group Members and the Company (the "Confidentiality Agreement"), there are no arrangements, agreements or understandings concerning the subject matter of this Agreement between The Stilwell Group or any Stilwell Group Member and Sunshine or between The Stilwell Group or any Stilwell Group Member and the Nominee other than as set forth in this Agreement.

 

2.            Representations and Warranties of the Company and the Bank.  The Company and the Bank each hereby represent and warrant to The Stilwell Group as follows:

(a)            The Company and the Bank have full power and authority to enter into and perform their respective obligations under this Agreement and that the execution and delivery of this Agreement by the Company and the Bank has been duly authorized by the Boards of Directors of the Company and the Bank.  This Agreement constitutes a valid and binding obligation of the Company and the Bank, respectively, and the performance of its terms will not constitute a violation of their respective articles of incorporation, charter or bylaws, or any agreement or instrument to which the Company or the Bank is a party; and

(b)            Except for the Confidentiality Agreement, there are no arrangements, agreements, or understandings concerning the subject matter of this Agreement between The Stilwell Group or any Stilwell Group Member and Sunshine other than as set forth in this Agreement.

3.            Covenants.

(a)            During the term of this Agreement, Sunshine covenants and agrees as follows:

            (i)                Upon execution of this Agreement, the Board of Directors of the Company will appoint the Nominee as a director of the Company to serve in the class of directors with terms expiring at the Company's 2018 annual meeting of stockholders ("2018 Meeting") or until her successor, if any, is elected and qualified.  Following the Nominee's appointment as a director of the Company, the Company and the Bank shall take all necessary and appropriate action to appoint the Nominee to the Board of Directors of the Bank as promptly as possible following the completion of the Bank's conversion to a Florida chartered commercial bank.  The parties hereto understand and agree that the Nominee must receive all necessary approvals and non-objections from the applicable banking regulatory agencies, to the extent required, before commencing service as a director of the Company and the Bank.  The Company and the Bank agree to act in good faith and cooperate with the Nominee in promptly submitting all necessary applications and notices contemplated hereby. The parties acknowledge that upon appointment of the Nominee to the Company's Board of Directors and until such time as she is appointed the Bank's Board of Directors, the Nominee shall be invited and entitled to attend all meetings of the Bank's Board of Directors; provided, however, the Nominee (A) will attend such meetings in a non-voting, advisory capacity only and (B) shall be excluded only from any portions of such meetings involving matters for which the inclusion of the Nominee would or could reasonably be expected to violate applicable laws, regulations or orders, decrees or determinations of any applicable banking agency;

            (ii)            Upon the Nominee's appointment and qualification to the Company's and the Bank's Boards of Directors, the Nominee shall be treated on an equally consistent basis, prospectively, with other non-officer members of the Company's and the Bank's Boards of Directors with respect to compensation and benefits, including with respect to grants of shares and options to purchase shares; and

            (iii)            Should the Nominee's position as a director of the Company or the Bank be terminated during the term of this Agreement due to resignation, death, permanent disability or otherwise, the Company shall appoint a replacement director selected by The Stilwell Group (the "Replacement Director"), subject to the approval of the Company which approval shall not be unreasonably withheld, and the Replacement Director shall, subject to the receipt of any necessary approvals and non-objections from the applicable banking regulatory agencies, to the extent required, and his or her agreement to honor the provisions of Sections 3(c) and 3(d) hereof, be appointed to the Boards of the Company and the Bank and will execute a Non-Disclosure Agreement as contemplated in Section 3(e) hereof; provided, however,

 

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that notwithstanding the foregoing, in the event that the Nominee resigns pursuant to Section 3(d)(ii) hereof, no Replacement Director shall be appointed.

(b)            During the term of this Agreement, so long as the requirements of Section 3(a) of this Agreement have been satisfied by Sunshine with respect to the Nominee, or the Replacement Director, The Stilwell Group and each Stilwell Group Member covenant and agree not to do the following, and agree to cause their affiliates not to do the following, directly or indirectly, alone or in concert with any affiliate, other group or other person:

            (i)            own, acquire, offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer, or through the acquisition of control of another person or entity (including by way of merger or consolidation) any additional shares of the outstanding Company Common Stock, any rights to vote or direct the voting of any additional shares (i.e., in excess of the aggregate number of shares held by The Stilwell Group as of the date hereof) of Company Common Stock, or any securities convertible into Company Common Stock EXCEPT for additional shares acquired by way of (A) stock splits, stock dividends, stock reclassifications or other distributions or offerings made available and, if applicable, exercised on a pro rata basis, to holders of the Company Common Stock generally, (B) inter-company or inter-fund transfers between members of The Stilwell Group and/or its affiliates, or (C) any securities acquired by the Nominee pursuant to her directorships contemplated herein (or issued to the Nominee upon exercise or conversion thereof in the case of convertible securities);

            (ii)            without the Company's prior written consent, directly or indirectly, sell, transfer or otherwise dispose of any interest in The Stilwell Group's shares of Company Common Stock to any person The Stilwell Group believes, after reasonable inquiry, would be beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of the Company Common Stock;

            (iii)            (A) propose or seek to effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange or other disposition of substantially all the assets of, or other business combination involving, or a tender or exchange offer for securities of, the Company or the Bank or any material portion of the Company's or the Bank's business or assets or any other type of transaction that would result in a change in control of the Company (any such transaction described in this clause (A) is a "Company Transaction" and any proposal or other action seeking to effect a Company Transaction as described in this clause (A) is defined as  a "Company Transaction Proposal"), (B) seek to exercise any control or influence over the management of the Company or the Boards of Directors of the Company or the Bank or any of the businesses, operations or policies of the Company or the Bank, (C) present to the Company, its stockholders or any third party any proposal constituting or that could reasonably be expected to result in a Company Transaction, or (D) seek to effect a change in control of the Company;

            (iv)            publicly suggest or announce its willingness or desire to engage in a transaction or group of transactions or have another person engage in a transaction or group of transactions that would constitute or could reasonably be expected to result in a Company Transaction or take any action that might require the Company to make a public announcement regarding any such Company Transaction;

            (v)            initiate, request, induce, encourage or attempt to induce or give encouragement to any other person to initiate any Company Transaction Proposal, or otherwise provide assistance to any person who has made or is contemplating making, or enter into discussions or negotiations with respect to, any Company Transaction Proposal;

            (vi)      solicit proxies or written consents or assist or participate in any other way, directly or indirectly, in any solicitation of proxies or written consents, or otherwise become a "participant" in a "solicitation," or assist any "participant" in a "solicitation" (as such terms are defined in

 

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Rule 14a-1 of Regulation 14A and Instruction 3 of Item 4 of Schedule 14A, respectively, under the Securities Exchange Act of 1934) in opposition to any recommendation or proposal of the Company's Board of Directors, or recommend or request or induce or attempt to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to the voting of (or the execution of a written consent in respect of) the Company Common Stock, or execute any written consent in lieu of a meeting of the holders of the Company Common Stock or grant a proxy with respect to the voting of the capital stock of the Company to any person or entity other than the Board of Directors of the Company;

(vii)            form, join in or in any other way (including by deposit of the Company's capital stock) participate in a partnership, pooling agreement, syndicate, voting trust or other group with respect to Company Common Stock, or enter into any agreement or arrangement or otherwise act in concert with any other person, for the purpose of acquiring, holding, voting or disposing of Company Common Stock;

(viii)  initiate, propose, submit, encourage or otherwise solicit stockholders of the Company for the approval of one or more stockholder proposals or induce or attempt to induce any other person to initiate any stockholder proposal, or seek election to, or seek to place a representative or other affiliate or nominee on, the Company's Board of Directors (other than with respect to the provisions of Sections 3(a)(i) and (iii), providing for the possible election of the Nominee or Replacement Director) or seek removal of any member of the Company's or the Bank's Boards of Directors;

(ix)            (A) join with or assist any person or entity, directly or indirectly, in opposing, or make any statement in opposition to, any proposal or director nomination submitted by the Company's Board of Directors to a vote of the Company's stockholders, or (B) join with or assist any person or entity, directly or indirectly, in supporting or endorsing (including supporting, requesting or joining in any request for a meeting of stockholders in connection with), or make any statement in favor of, any proposal submitted to a vote of the Company's stockholders that is opposed by the Company's Board of Directors;

(x)            vote for any nominee or nominees for election to the Board of Directors of the Company other than the Nominee and those other persons nominated or supported by the Company's Board of Directors;

(xi)            except in connection with the enforcement of this Agreement, initiate or participate, by encouragement, or otherwise, in any litigation against the Company or the Bank or their respective officers and directors, or in any derivative litigation on behalf of the Company or the Bank, except for testimony which may be required by law; or

(xii)            advise, assist, encourage or finance (or arrange, assist or facilitate financing to or for) any other person in connection with any of the matters restricted by, or otherwise seek to circumvent the limitations of, this Agreement.

        (c)            During the term of this Agreement, each Stilwell Group Member and the Nominee agree not to disparage the Company, the Bank or any of their directors, officers or employees in any public or quasi-public forum, and the Company and the Bank agree not to disparage The Stilwell Group, any Stilwell Group Member, or the Nominee (or the Replacement Director, as the case may be) in any public or quasi-public forum.

        (d)            (i)            The Nominee agrees that during the term of this Agreement she will not take any action, directly or indirectly, which, if the Nominee were deemed to be a Stilwell Group Member, would be in violation of or inconsistent with any of the covenants and agreements made by The Stilwell Group in clauses (iii), (iv), (v), (vi), (vii), (viii), (ix), (x), (xi) and (xii) of Section 3(b) hereof, provided, however, that nothing herein shall prevent or limit the Nominee, upon her appointment and/or election and qualification as a director of the Company and the Bank, from expressing her views or positions on

 

4

matters related to the Company's or the Bank's business, operations or policies to other members of the Company's or the Bank's Board of Directors at either duly convened meetings of the Company's or the Bank's Board of Directors or in conversations with the Company's executive officers or members of either Board of Directors in such manner as may be necessary or appropriate in order to fulfill her duties as a director, or in order to conduct any other official business she is authorized to engage in on behalf of the Company or the Bank.

(ii)            In the event that the Nominee breaches clause (i) of this Section 3(d), she shall promptly resign her positions as a director of the Company and the Bank or withdraw her name from nomination; in the event that the Nominee fails to resign or withdraw her name after a breach in accordance with the provisions of this Section 3(d)(ii), the Nominee agrees that the remaining directors of the Company and the Bank, by majority vote thereof, may remove the Nominee from her directorship positions with the Company and the Bank or remove her name from nomination, as the case may be.

(iii)            The Nominee agrees to promptly submit her resignation as a director in the event of the termination of this Agreement prior to the Company's 2018 Meeting.

(e)            Upon appointment and subsequent election of the Nominee, and the commencement of the Nominee's services as a director of the Company, the Company, The Stilwell Group and the Nominee will enter into a Non-Disclosure Agreement, substantially in the form attached as Exhibit B hereto, which shall remain in force through the Nominee's tenure on the Board of Directors.

(f)            If the Company announces a merger, sale or the substantial disposition of its assets to a third-party, The Stilwell Group and each Stilwell Group Member shall be entitled to sell their shares.

4.            Notice of Breach and Remedies.

            (a)            The parties expressly agree that an actual or threatened breach of this Agreement by any party will give rise to irreparable injury that cannot adequately be compensated by damages. Accordingly, in addition to any other remedy to which it may be entitled, each party shall be entitled to seek a temporary restraining order or injunctive relief to prevent a breach of the provisions of this Agreement or to secure specific enforcement of its terms and provisions.

            (b)            The Stilwell Group and each Stilwell Group Member expressly agree that they will not be excused or claim to be excused from performance under this Agreement as a result of any material breach by Sunshine unless and until Sunshine is given written notice of such breach and thirty (30) business days either to cure such breach or seek relief in court.  If Sunshine seeks relief in court, The Stilwell Group and each Stilwell Group Member irrevocably stipulate that any failure to perform by The Stillwell Group and/or any Stilwell Group Member or any assertion by The Stilwell Group and/or any Stilwell Group Member that they are excused from performing their obligations under this Agreement would cause Sunshine irreparable harm, that Sunshine shall not be required to provide further proof of irreparable harm in order to obtain equitable relief and that The Stilwell Group and each Stilwell Group Member shall not deny or contest that such circumstances would cause Sunshine irreparable harm.  If, after such thirty (30) business day period, Sunshine has not either reasonably cured such material breach or obtained relief in court, The Stilwell Group or each Stilwell Group Member may terminate this Agreement by delivery of written notice to Sunshine.

            (c)   Sunshine expressly agrees that it will not be excused or claim to be excused from performance under this Agreement as a result of any material breach by The Stilwell Group or any Stilwell Group Member unless and until The Stilwell Group and each Stilwell Group Member is given written notice of such breach and thirty (30) business days either to cure such breach or seek relief in court.  If The Stilwell Group or any Stilwell Group Member seeks relief in court, Sunshine irrevocably stipulates that any failure to perform by Sunshine or any assertion by Sunshine that it is excused from

 

5

performing its obligations under this Agreement would cause The Stilwell Group and each Stilwell Group Member irreparable harm, that The Stilwell Group or any Stilwell Group Member shall not be required to provide further proof of irreparable harm in order to obtain equitable relief and that Sunshine shall not deny or contest that such circumstances would cause The Stilwell Group and each Stilwell Group Member irreparable harm.  If, after such thirty (30) business day period, The Stilwell Group or the Stilwell Group Member has not either reasonably cured such material breach or obtained relief in court, Sunshine may terminate this Agreement by delivery of written notice to The Stilwell Group and each Stilwell Group Member.

5.            Term.  This Agreement shall be effective upon the execution of the Agreement and will remain in effect for a period expiring as of the close of the 2018 Meeting, provided however The Stilwell Group may terminate this Agreement at any time after December 31, 2016, upon delivery of prior written notice to Sunshine, provided further that upon such notice the Nominee (or the Replacement Director, as the case may be) resigns as a director of the Company and the Bank in accordance with Section 3(d)(iii) hereof.

6.            Publicity.  Any press release or publicity with respect to this Agreement or any provisions hereof shall be jointly prepared and issued by the parties hereto. During the term of this Agreement, no party to this Agreement shall cause, discuss, cooperate or otherwise aid in the preparation of any press release or other publicity concerning any other party to this Agreement or its operations without the prior approval of such other party, which approval shall not be unreasonably withheld, provided that the parties shall be entitled to make such filings as each deems necessary to comply with securities laws.

7.            Notices.  All notices, communications and deliveries required or permitted by this Agreement shall be made in writing signed by the party making the same, shall specify the Section of this Agreement pursuant to which it is given or being made and shall be deemed given or made (a) on the date delivered if delivered by telecopy or in person, (b) on the third Business Day after it is mailed if mailed by registered or certified mail (return receipt requested) (with postage and other fees prepaid) or (c) on the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery on such day, as follows:

 

	 	
Stilwell Group:

	
Megan Parisi

	 	 	
c/o The Stilwell Group

	 	 	
111 Broadway, 12th Floor

	 	 	
New York, New York 10006

	 	 	
Facsimile: 212-269-2675

	 	 	 
	 	
With a copy to:

	
E. J. Borrack, Esq.

	 	 	
c/o The Stilwell Group

	 	 	
111 Broadway, 12th Floor

	 	 	
New York, New York 10006

	 	 	
Facsimile: 212-269-2675

	 	 	 
	 	
Nominee:

	
Corissa J. Briglia

	 	 	
c/o The Stilwell Group

	 	 	
111 Broadway, 12th Floor

	 	 	
New York, New York  10006

	 	 	
Facsimile: 212-269-2675

 

 

 

6

	 	
Sunshine:

	
Louis O. Davis

	 	 	
President and Chief Executive Officer

	 	 	
Sunshine Financial, Inc.

	 	 	
1400 East Park Avenue

	 	 	
Tallahassee, FL 32301

	 	 	
Facsimile:  850-656-9508

	 	 	 
	 	
With a copy to:

	
Michael Sadow, Esq.

	 	 	
Silver, Freedman, Taff & Tiernan LLP

	 	 	
3299 K Street, N.W.

	 	 	
Suite 100

	 	 	
Washington, DC  20007-4444

	 	 	
Facsimile: 202-337-5502

8.            Governing Law and Choice of Forum.  Unless applicable federal law or regulation is deemed controlling, Maryland law shall govern the construction and enforceability of this Agreement.  Any and all actions concerning any dispute arising hereunder shall be filed in a state or federal court, as appropriate, sitting in the State of Maryland.

9.            Severability.  If any term, provision, covenant or restriction of this Agreement is held by any governmental authority or a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

10.            Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the successors and assigns, and transferees by operation of law, of the parties.  Except as otherwise expressly provided, this Agreement shall not inure to the benefit of, be enforceable by or create any right or cause of action in any person, including any stockholder of the Company, other than the parties to the Agreement.  Nothing contained herein shall prohibit any Stilwell Group Member from transferring any portion or all of the shares of Company Common Stock owned thereby at any time to any affiliate of The Stilwell Group or any other Stilwell Group Member but only if the transferee agrees in writing for the benefit of Sunshine (with a copy thereof to be furnished to Sunshine upon such transfer) to be bound by the terms of this Agreement (any such transferee shall be included in the terms "The Stilwell Group" and "Stilwell Group Member").

11.            Survival of Representations, Warranties and Covenants. All representations, warranties and covenants shall survive the execution and delivery of this Agreement and shall continue for the term of this Agreement unless otherwise provided.

12.            Amendments.  This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by all of the parties hereto.

13.            Definitions.  As used in this Agreement, the following terms shall have the meanings indicated, unless the context otherwise requires:

(a)            The term "acquire" means every type of acquisition, whether effected by purchase, exchange, operation of law, or otherwise.

(b)            The term "acting in concert" means (i) knowing participation in a joint activity or conscious parallel action towards a common goal, whether or not pursuant to an express agreement, or (ii) a combination or pooling of voting or other interests in the securities of an issuer for a common purpose

 

7

pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written or otherwise.

(c)            The term "affiliate" means, with respect to any person, a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with such other person.

(d)            The term "beneficial owner" shall have the meaning ascribed to it, and be determined in accordance with, Rule 13d-3 of the Securities and Exchange Commission's Rules and Regulations under the Securities Exchange Act of 1934.

(e)            The term "change in control" denotes circumstances under which: (i) any person or group becomes the beneficial owner of shares of capital stock of the Company or the Bank representing 25% or more of the total number of votes that may be cast for the election of the Boards of Directors of the Company or the Bank, (ii) the persons who were directors of the Company or the Bank cease to be a majority of the Board of Directors, in connection with any tender or exchange offer (other than an offer by the Company or the Bank), merger or other business combination, sale of assets or contested election, or combination of the foregoing, or (iii) stockholders of the Company or the Bank approve a transaction pursuant to which substantially all of the assets of the Company or the Bank will be sold.

(f)            The term "control" (including the terms "controlling," "controlled by," and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management, activities or policies of a person or organization, whether through the ownership of capital stock, by contract, or otherwise.

(g)            The term "group" has the meaning as defined in Section 13(d)(3) of the Securities Exchange Act of 1934.

(h)            The term "person" includes an individual, group acting in concert, corporation, partnership, association, joint stock company, trust, unincorporated organization or similar company, syndicate, entity, or any other group formed for the purpose of acquiring, holding or disposing of the equity securities of the Company.

(i)            The term "transfer" means, directly or indirectly, to sell, gift, assign, pledge, encumber, hypothecate or similarly dispose of (by operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, gift, assignment, pledge, encumbrance, hypothecation or similar disposition of (by operation of law or otherwise), any Company Common Stock or any interest in any Company Common Stock; provided, however, that a merger or consolidation in which the Company is a constituent corporation shall not be deemed to be the transfer of any common stock beneficially owned by The Stilwell Group or a Stilwell Group Member.

(j)            The term "vote" means to vote in person or by proxy, or to give or authorize the giving of any consent as a stockholder on any matter.

14.            Counterparts; Facsimile.  This Agreement may be executed in any number of counterparts and by the parties in separate counterparts, and signature pages may be delivered by facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

15.            Duty to Execute.  Each party agrees to execute any and all documents, and to do and perform any and all acts and things necessary or proper to effectuate or further evidence the terms and provisions of this Agreement.

 

8

16.            Termination.  This Agreement shall cease, terminate and have no further force and effect upon the expiration of the term as set forth in Section 5, unless earlier terminated pursuant to mutual written agreement of the parties.

[Remainder of this page intentionally left blank.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

	
STILWELL ACTIVIST FUND, L.P.

	
By:

	
Stilwell Value LLC

	 	
General Partner

	 	 	 	 	 
	 	 	 	 	 
	
By:

	
/s/ Megan Parisi

	 	
Megan Parisi

	 	
Co-Managing Member

	 	 	 	 	 
	 	 	 	 	 
	
STILWELL VALUE PARTNERS VII, L.P.

	 	
SUNSHINE FINANCIAL, INC.

	
By:

	
Stilwell Value LLC

	 	
General Partner

	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
By:

	
/s/ Megan Parisi

	 	
By:

	
/s/ Louis O. Davis

	 	
Megan Parisi

	 	 	
Louis O. Davis

	 	
Co-Managing Member

	 	 	
President & CEO

	 	 	 	 	 
	 	 	 	 	 
	
STILWELL ACTIVIST INVESTMENTS, L.P.

	 	
SUNSHINE SAVINGS BANK

	
By:

	
Stilwell Value LLC

	 	
General Partner

	 	 	 	 	 
	 	 	 	 	 
	
By:

	
/s/ Megan Parisi

	 	
By:

	
/s/ Louis O. Davis

	 	
Megan Parisi

	 	 	
Louis O. Davis

	 	
Co-Managing Member

	 	 	
President & CEO

	 	 	 	 	 
	
STILWELL PARTNERS, L.P.

	
By:

	
Stilwell Value LLC

	 	
CORISSA J. BRIGLIA

	 	
General Partner

	 	 	 	 	 
	 	 	 	 	 
	
By:

	
/s/ Megan Parisi

	 	
By:

	
/s/ Corissa J. Briglia

	 	
Megan Parisi

	 	 	
Corissa J. Briglia

	 	
Co-Managing Member

	 	 	 	 	 
	
STILWELL VALUE LLC

	 	 	 	 	 
	 	 	 	 	 
	
By:

	
/s/ Megan Parisi

	 	
Megan Parisi

	 	
Co-Managing Member

 

 

10

 

EXHIBIT A

The Stilwell Group currently holds 98,300 shares of Company Common Stock.

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT B

NON-DISCLOSURE AGREEMENT

THIS NON-DISCLOSURE AGREEMENT (this "Agreement"), is made and entered into as of the date on which it is fully executed, as indicated by signatures below, by and among Sunshine Financial, Inc. (the "Company"), The Stilwell Group (composed of Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., and Stilwell Value LLC, and their employees and representatives), and Corissa J. Briglia (the "Director").

WHEREAS, the Director is a member of the Board of Directors of the Company and its wholly owned subsidiary, Sunshine Savings Bank (the "Bank");

WHEREAS, the Company, The Stilwell Group and the Director have agreed that it is in their mutual interests to enter into this Agreement as hereinafter described.

NOW THEREFORE, for good and valuable consideration, and intending to be legally bound hereby, the parties hereto mutually agree as follows:

      1. In connection with the Director serving on the Boards of Directors of the Company and the Bank, the Director and other Company employees, directors, and agents may divulge nonpublic information concerning the Company and its subsidiaries to The Stilwell Group and such information may be shared among The Stilwell Group's employees, representatives, and agents who have a need to know such information. The Stilwell Group expressly agrees to maintain all nonpublic information concerning the Company and its subsidiaries in confidence. The Stilwell Group expressly acknowledges that federal and state securities laws may prohibit a person from purchasing or selling securities of a company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such other person is likely to purchase or sell such securities, while the first-mentioned person is in possession of material nonpublic information about such company. The Stilwell Group agrees to comply with the Company's insider trading policies and procedures, as in effect from time to time, to the same extent as if it were a director of the Company. To the extent any nonpublic information concerning the Company and its subsidiaries received by The Stilwell Group is material, this Agreement is intended to satisfy the confidentiality agreement exclusion of Regulation FD of the U.S. Securities and Exchange Commission (the "SEC") set forth in Rule 100(b)(2)(ii) of Regulation FD of the SEC.

      2. Each of The Stilwell Group and the Director represents and warrants to the Company that this Agreement has been duly and validly authorized (in the case of the entity members of The Stilwell Group), executed and delivered by them, and is a valid and binding agreement enforceable against them in accordance with its terms.

      3. The Director hereby further confirms to the Company that no event has occurred with respect to the Director that would require disclosure in a document filed by the Company with the SEC pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, under Item 401(f) or Item 404(a) of SEC Regulation S-K.

      4. The Stilwell Group acknowledges that with regard to its obligations to maintain the confidentiality of nonpublic information of the Company and its subsidiaries, monetary damages may not be a sufficient remedy for any breach or threatened breach of this Agreement and that, in addition to all other remedies, the Company may be entitled to seek specific performance and injunctive or other equitable relief as a remedy for such breach, and agrees that in conjunction therewith the Company shall not be required to post any bond.

      5. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions of the parties in connection therewith not referred to herein.

      6. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland, without regard to choice of law principles that may otherwise compel the application of the laws of any

 

 

 

 

other jurisdiction. Each of the parties hereby irrevocably consents to the exclusive jurisdiction of the state and federal courts sitting in the State of Maryland to resolve any dispute arising from this Agreement and waives any defense of inconvenient or improper forum.

7. The terms and provisions of this Agreement shall be deemed severable and, in the event any term or provision hereof or portion thereof is deemed or held to be invalid, illegal or unenforceable, such provision shall be conformed to prevailing law rather than voided, if possible, in order to achieve the intent of the parties, and, in any event, the remaining terms and provisions of this Agreement shall nevertheless continue and be deemed to be in full force and effect and binding upon the parties.

8. All representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement.

9. This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by all of the parties hereto.

10. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by duly authorized officers of the undersigned as of as of the day and year indicated below.

THE STILWELL GROUP

	
By:

	
_______________________

	 	
Megan Parisi

	 	
Co-Managing Member, Stilwell Value LLC

	 	 
	
Dated:  February ___, 2016

	 	 
	 	 
	
DIRECTOR

	 	 
	 	 
	
_____________________

	
Corissa J. Briglia

	 	 
	
Date: February ___, 2016

	 	 
	
SUNSHINE FINANCIAL, INC.

	 	 
	 	 
	 	 
	
By:

	
________________________________

	 	
Louis O. Davis

	 	
President & CEO

	 	 
	 	 
	
Date:  February ____, 2016

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