Document:

AMENDMENT NO. 1 TO THE

THIRD AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This AMENDMENT NO. 1
TO THE THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT(this “Amendment”) is hereby entered into among1st
United Bancorp, Inc., a business corporation organized and operating under the laws of the State of Florida (the “Company”),
1st United Bank, a commercial bank organized and operating under the laws of the State of Florida (the “Bank”),
and the undersigned executive (“Executive”) as of July 23, 2013 (the “Effective Date”).

 

WITNESSETH:

 

WHEREAS, Executive
and the Company entered into that certain Third Amended and Restated Employment Agreement dated as of January 24, 2012 (the “Agreement”);
and

 

WHEREAS, each of
Executive and the Company desire to amend the Agreement as provided in this Amendment; and

 

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

 

NOW, THEREFORE,in
consideration of the Executive’s employment and the mutual covenants herein contained, the Company, the Bank and the Executive
hereby agree that the terms of the Agreement are hereby modified and, to the extent inconsistent with the terms of the Agreement,
superseded as follows:

 

1.                 
Amendment to Exhibit C. Exhibit C to the Agreement is hereby deleted in its entirety and replaced with the
new Exhibit C attached hereto.

 

2.                 
Capitalized Terms. Capitalized terms herein shall have the meanings ascribed to them in the Agreement except as
otherwise expressly provided in this Amendment.

3.                 
Effect of Amendment. Except and to the extent modified by this Amendment, the provisions of the Agreement shall remain
in full force and effect and are hereby incorporated into and made a part of this Amendment as if fully stated herein.

[Signature Page Follows]

    	 

    	 

    

 

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

 

 

1ST UNITED BANCORP, INC.:

 

 

		By:	/s/ Rudy E. Schupp
		Name:	Rudy E. Schupp
		Title:	Chief Executive Officer

 

 

 

1ST UNITED BANK:

 

 

		By:	/s/ Rudy E. Schupp
		Name:	Rudy E. Schupp
		Title:	President and Chief Executive Officer

 

 

 

EXECUTIVE:

 

 

		Name:	/s/ John Marino

 

    	 

    	 

    

EXHIBIT C

Equity Award Program for Founding
FUBC NEOs

	Annual equity award opportunity:

	Each founding NEO will have an annual equity award “opportunity” equivalent
to 50% of highest base compensation among the founding NEOs in the form of stock grants with 10 year vesting, awarded at fair market
value as of the close of business on the last business day of February in the calendar year immediately following the fiscal year
in question (provided, however, that if the Company's Form 10-K is not yet filed with the SEC as of such last business day, then
the valuation date shall be the seventh (7th) day after the date on which such Form 10-K is filed by the Company with
the SEC), conditional upon the attainment of certain performance measures defined below

	Corporate Performance Measures (100%):

		I.	Financial Performance (75%)

		a.	Relative 3 year Total Shareholder Return (“TSR”) in relation to the Benchmark Group (20% of the 75%) (Goal is 100%
or more of Benchmark Group)

		b.	Adjusted pre-tax net income budget achievement (30% of the 75%)

		c.	Non-performing asset/asset ratio to Benchmark Group mean (uncovered assets) – (20% weight of the 75%) (Goal is 100% or
less of Benchmark Group average for the four quarters ended Q3)

		d.	Net interest margin compared to Benchmark Group mean (20% weight of the 75%) (Goal is 100% or more of Benchmark Group average
ratio at September 30)

		e.	Efficiency ratio to Benchmark Group mean (10% weight of the 75%) (Goal is 100% or less of Benchmark Group average ratio for
the four quarters ended Q3)

		II.	Operational Performance (25%)

		a.	Annual Bank Safety and Soundness Examination rating for calendar year (75% weight of the 25%) (Goal will be established each
year by the Compensation Committee)

		b.	Specialty area examination results FDIC Loss Share, BSA, CRA, IT (25% weight of the 25%) (Goal will be established each year
by the Compensation Committee)

	Measurement Method:

The NEO’s score is determined
by calculating the percent achievement for each of the Corporate Performance and Individual Performance factors.

	Example:The FUBC CEO and 1st United Bank President and CEO
earned $350,000 as a base salary and therefore had a $175,000 annual equity award opportunity.

		I.	Financial Performance – 75% weight (or $131,250 in stock grant value opportunity)

    	 

    	 

    
		a.	Relative 3 year TSR Achievement – 20% weighted (Example: 1st United Bancorp achieves 100% of TSR against Benchmark
group x 20% - opportunity = $26,250)

		b.	Pre-tax Net Income Budget achievement – 30% weight (Example: 1st United Bancorp achieves 85% of fiscal year
budget goal x 30% of opportunity =$33,468). The Company’s consolidated net income before taxes for each such fiscal year
shall be defined as excluding extraordinary items as defined in APB #30 (or any successor bulletin) and excluding restructuring
charges and other integration and reorganization expenses and charges relating to mergers, acquisitions or transactions of similar
effect for financial reporting purposes.  If pre-tax net income for a given fiscal year is less than 50% of budget, the executives
will earn no equity award opportunity for this budget achievement component.

		c.	NPA/Asset ratio to Benchmark Group – 20% weight (Goal is 100% or less of Benchmark Group average for the four quarters
ended Q3) Example: 1st United Bancorp achieves NPA/Asset ratio for four quarters ended Q3 that meets goal therefore
20% of opportunity =$26,250).

		d.	NIM compared to Benchmark Group – 20% weight (Goal is 100% or more of Benchmark Group average ratio at September 30)
Example: 1st United Bancorp achieves NIM goal therefore 20% of opportunity =$26,250).

		e.	Efficiency ratio to Benchmark Group – 10% weight (Goal is 100% or less of Benchmark Group average ratio for the four
quarters ended Q3). Example: 1st United Bancorp achieves 110% of Benchmark average ratio for the four quarters ended
Q3 therefore scores 90% of goal x 10% of opportunity =$11,813).

		II.	Operational Performance (25% or $43,750 in stock grant value)

		a.	Annual Bank Safety and Soundness Examination rating - 75% weight. Example: If the goal in a particular year is a composite
2 rating, and 1st United Bank achieves a composite 3, then $0; if a 2 = $32,813).

		b.	Specialty area examination results (25% weight) for any and all of the following specialty examinations: FDIC Loss Share, BSA,
CRA, IT (e.g., the score would be an equal weight to each of the specialty compliance exam scores (if all three are examined and
goal achieved on each = $10,938). Note: If no specialty exams occur then 100% of the Operational Performance measures will rest
on the outcome of the full annual safety and soundness examination).exh_101.htm

Exhibit 10.1

Star Gas Partners, L.P.

2187 Atlantic Street

Stamford, CT  06904

Entered into July 22, 2013.  Effective as of October 1, 2013

Dan Donovan

Star Gas Partners, L.P.

1287 Atlantic Avenue

Stamford, CT  06902

Dear Dan:

This letter confirms that by our mutual agreement you will resign as an officer, director and employee of Star Gas Partners, L.P. and its subsidiaries (collectively the “Partnership”), effective September 30, 2013, however, you will continue as an at will director of Kestrel Heat LLC on the understanding that you may resign or be removed at any time.  While serving as a director, you will not receive fees for board or committee service.

 

This also confirms the following agreements commencing on October 1, 2013:

 

1. Consulting.  You will become a consultant for the Partnership and shall perform such assignments and provide such consulting services as the Chief Executive Officer and Chairman of the Board may request from time to time during the Contract Term.  You shall receive an annual consulting fee of $250,000, payable monthly in arrears (except that consulting fees payable for the period October 1, 2013 – March 31, 2014 shall be deferred and paid on April 1, 2014), with respect to each of the 12 month periods ending September 30, 2014 and September 30, 2015 (each such 12 months period a “Contract Year” and together the “Contract Term”) and you will be reimbursed for all expenses reasonably incurred by you in connection with these services.  You shall not be required to devote more than 500 hours per Contract Year for the Partnership.  You may be required to travel to industry conferences and meetings and functions, all at the expense of the Partnership.  In the event of your death or disability, if you can no longer perform these services, the payments for the balance of the Contract Term shall be made to you if living or, if not, to your estate.  The Partnership may terminate this Agreement and its obligations should you be in breach or default, which breach or default continues for a period of ten days after written notice.

 

  

  

  

2. Restrictive Covenant.  You agree that during the Contract Term, you will not directly or indirectly, sell or distribute, or solicit or accept orders for the sale or distribution of, or assist or advise any person in connection with the retail sale or distribution of, or the solicitation or acceptance of orders for the retail sale of, heating oil, diesel, kerosene propane, natural gas, electricity gasoline or hvac equipment or hvac equipment installation or maintenance services of any type or with respect to any other products or services presently offered or hereafter offered by the Partnership during the Contract Term.

 

3. Nondisclosure.  At no time will you disclose any confidential information concerning the Partnership, including, without limitation, information with respect to its customers, financial condition or operations.  All information with respect to such matters shall be deemed confidential except if generally known to the public or any specific industry.

 

4. Miscellaneous.

 

(a) All prior agreements and arrangements between you and the Company as to compensation, including health and other benefits and severance payments, but excluding the Management Incentive Plan, as amended through July 19, 2012, shall be terminated effective September 30, 2013.  This letter expresses our entire agreement and may not be terminated or changed in any respect except by the written consent of both parties.

 

(b) All notices and other communications shall be sent by (i) certified mail, return receipt requested, (ii) by a recognized overnight with delivery confirmed or (iii) via facsimile transmission with a copy simultaneously sent by one of the methods set forth in (i) or (ii) as follows:

 

If to Dan Donovan:

Petroleum Heat and Power Co., Inc.

1287 Atlantic Avenue

Stamford, CT  06902

If to the Partnership:

Petroleum Heat and Power Co., Inc.

1287 Atlantic Ave.

Stamford, CT  06902

Attn:  CEO

Either party may change its address for notices and communications in writing in the manner provided above for notices.

  

  

  

Please indicate your agreement with the foregoing in the space provided below.

STAR GAS PARTNERS, L.P.

By:     /s/ Richard Ambury

Richard Ambury

Chief Financial Officer

AGREED:

/s/ Dan Donovan

Dan Donovan

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