Document:

ex10-3.htm

     

     

    EXHIBIT
10.3

     

     

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    
 

    
      	
              FELDMAN
      FINANCIAL ADVISORS, INC.

            
	
              1001
      CONNECTICUT AVENUE, NW, SUITE 840

              WASHINGTON,
      DC 20036

              (202)
      467-6862 • FAX (202) 467-6963

            

    

     

    January
30, 2008

     

     

    Confidential

     

     

    Board of
Directors

    Sunshine
Savings Bank 1400 E. Park Avenue

    Tallahassee,
Florida 32301

     

    Members
of the Board:

     

    This
letter sets forth the agreement between Sunshine Savings Bank (“Sunshine” or the
“Company”) and Feldman Financial Advisors, Inc. (“FFA”), whereby Sunshine has
engaged FFA to provide an independent appraisal of the estimated aggregate pro
forma market value (the “Valuation”) of the shares of common stock that are to
be issued in conjunction with the Company’s Minority Stock Offering. Pursuant to
the Minority Stock Offering, Sunshine will offer for sale a minority interest of
its shares of common stock to eligible depositors of Sunshine Bank, a federally
chartered thrift, and other qualifying investors. The parent mutual holding
company will continue to own at least a majority of the outstanding common stock
of the Company upon completion of the Minority Stock Offering.

     

    FFA
agrees to deliver the Valuation, in a written report, to Sunshine at the address
above on or before a mutually agreed upon date. Further, FFA agrees to perform
such other services as are necessary or required of the independent appraiser in
connection with comments from Sunshine’s regulatory authorities and subsequent
updates of the Valuation as from time to time may be necessary, both after
initial approval by the Company’s regulatory authorities and prior to the time
the Minority Stock Offering is completed. If requested, FFA will assist Sunshine
in responding to all regulatory inquiries regarding the Valuation and will also
assist the Company at all meetings with the regulatory authorities concerning
the Valuation.

     

    Sunshine
agrees to pay FFA a professional consulting fee for FFA’s appraisal services
related to preparation of the initial appraisal report and subsequent appraisal
updates. Sunshine also agrees to reimburse FFA for certain out-of-pocket
expenses necessary and incident to the completion of the services described
above. These expenses shall not exceed $3,000 without the prior consent of
Sunshine. Reimbursable expenses for copying, report reproduction, data
materials, express mail delivery and travel shall be paid to FFA as incurred and
billed. Payment of the consulting fee shall be made according to the following
schedule:

     

    · $5,000
upon execution of this Agreement;

    · $25,000
upon delivery of the completed appraisal report to Sunshine; and,

    · $5,000
upon completion of each updated appraisal as necessary.

    
      
         

      

      
         

         

      

      
         

      

    

    

     

    Feldman
Financial Advisors, Inc.

     

    Board of
Directors

    Sunshine
Savings Bank January 30, 2008

    Page
2

     

    If,
during the course of the Minority Stock Offering, unforeseen events occur so as
to materially change the nature of the work content of the appraisal services
described above such that FFA must supply services beyond that contemplated at
the time this contract was executed, the terms of this agreement shall be
subject to renegotiation by Sunshine and FFA. Such unforeseen events shall
include, but not be limited to, major changes in regulations governing the
Minority Stock Offering, appraisal guidelines or processing procedures as they
relate to Minority Stock Offering appraisals, major changes in Sunshine’s
management or operating policies, and excessive delays or suspension of
processing of the Minority Stock Offering.

     

    In the
event Sunshine shall for any reason discontinue the Minority Stock Offering
prior to delivery of the completed appraisal report and payment of the progress
payment fee totaling $25,000, Sunshine agrees to compensate FFA according to
FFA’s standard billing rates for professional consulting services based on
accumulated and verifiable time expended, provided that the total of such
charges shall not exceed $30,000 plus reimbursable expenses.

     

    In order
to induce FFA to render the aforesaid services, Sunshine agrees to the
following:

     

    
      	
              1.  

            	
              Sunshine
      agrees to supply FFA such information with respect to Sunshine’s business
      and financial condition as FFA may reasonably request in order for FFA to
      perform the appraisal services. Such information shall include, without
      limitation: annual financial statements, periodic regulatory filings and
      material agreements, corporate books and records, and such other documents
      as are material for the performance by FFA of the appraisal
      services.

            

    

     

    
      	
              2.  

            	
              Sunshine
      hereby represents and warrants to FFA (i) that to its best knowledge any
      information provided to FFA by or on behalf of Sunshine, will not, at any
      relevant time, contain any untrue statement of a material fact or fail to
      state a material fact necessary to make the information or statements
      therein not false or misleading, (ii) that Sunshine will not use the
      product of FFA’s services in any manner, including in a proxy or offering
      prospectus, in connection with any untrue statement of a material fact or
      in connection with the failure to state a material fact necessary to make
      other statements not false or misleading, and (iii) that all documents
      incorporating or relying upon FFA’s services or the product of FFA’s
      services will otherwise comply with all applicable federal and state laws
      and regulations.

            

    

     

    
      	
              3.  

            	
              Any
      valuations or opinions issued by FFA may be included in its entirety in
      any communication by Sunshine in any application, proxy statement or
      prospectus; however, such valuations or opinions may not be excerpted or
      otherwise publicly referred to without FFA’s prior written consent nor
      shall FFA be publicly referred to without FFA’s prior written consent;
      however, such consent shall not be unreasonably
  withheld.

            

    

    
      
         

      

      
         

         

      

      
         

      

    

    

     

    Feldman
Financial Advisors, Inc.

     

    Board of
Directors

    Sunshine
Savings Bank January 30, 2008

    Page
3

     

    
      	
              4.  

            	
              FFA’s
      Valuation will be based upon Sunshine’s representation that the
      information contained in the Minority Stock Offering application and
      additional information furnished to us by Sunshine and its independent
      auditors is truthful, accurate, and complete in all material respects. FFA
      will not independently verify the financial statements and other
      information provided by Sunshine and its independent auditors, nor will
      FFA independently value the assets or liabilities of Sunshine. The
      Valuation will consider Sunshine only as a going concern and will not be
      considered as an indication of the liquidation value of
      Sunshine.

            

    

     

    
      	
              5.  

            	
              FFA’s
      Valuation is not intended, and must not be represented to be, a
      recommendation of any kind as to the advisability of purchasing shares of
      common stock in the Minority Stock Offering. Moreover, because the
      Valuation is necessarily based upon estimates and projections of a number
      of matters, all of which are subject to change from time to time, FFA will
      give no assurance that persons who purchase shares of common stock in the
      Minority Stock Offering will thereafter be able to sell such shares at
      prices related to FFA’s Valuation.

            

    

     

    
      	
              6.  

            	
              Sunshine
      agrees to indemnify FFA and its affiliates and all persons employed by or
      associated with FFA or its affiliates against all claims, liabilities and
      related expenses, as incurred, arising out of this engagement, unless,
      upon final adjudication, such claims, liabilities and expenses are found
      to have resulted primarily from FFA’s bad faith or willful misconduct. No
      termination, completion or modification hereof shall limit or affect such
      indemnification obligation. In the event FFA becomes aware of a claim or a
      possible claim arising out of this agreement, it shall notify Sunshine as
      soon as possible. Sunshine will attempt to resolve the claim. In the event
      Sunshine is not able to resolve the claim, it has the option to retain
      legal counsel on behalf of FFA to defend the
  claim.

            

    

     

    
      	
              7.  

            	
              Sunshine
      and FFA are not affiliated, and neither Sunshine nor FFA has an economic
      interest in, or is held in common with, the other and has not derived a
      significant portion of its gross revenues, receipts or net income for any
      period from transactions with the other. It is understood that FFA is not
      a seller of securities within the scope of any federal or state securities
      law and any report prepared by FFA shall not be used as an offer or
      solicitation with respect to the purchase or sale of any security, it
      being understood that the foregoing shall not be construed to prohibit the
      filing of any such report as part of the Minority Stock Offering
      application or SEC and blue sky filings or customary references thereto in
      applications, filings, proxy statements and
  prospectuses.

            

    

    
      
         

      

      
         

         

      

      
         

      

    

    

     

    Feldman
Financial Advisors, Inc.

     

    Board of
Directors

    Sunshine
Savings Bank January 30, 2008

    Page
4

     

    Please
acknowledge your agreement to the foregoing by signing as indicated below and
returning to FFA a signed copy of this letter.

     

    Sincerely,

     

    FELDMAN FINANCIAL ADVISORS, INC.

     

    /s/ Trent
R. Feldman

     

    Trent R.
Feldman President

     

    Agreed
and Accepted:

     

    SUNSHINE SAVINGS BANK

     

    By:                                                                        

     

    Title:                                                                    

     

    Date:a41.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 4.1

[SPECIMEN UNIT CERTIFICATE ]

[THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SECURITIES REPRESENTED BY THIS UNIT CERTIFICATE (INCLUDING THE UNDERLYING COMMON STOCK, WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THE UNDERLYING
 WARRANT) ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET FORTH IN A SECURITIES ESCROW AGREEMENT, A LETTER AGREEMENT
 AND IN THE WARRANT AGREEMENT] 1  

	
      NUMBER		 		
      _____________________ UNITS 

	
      U-		 		 	

SEE REVERSE FOR 

CERTAIN DEFINITIONS

	CR ACQUISITION CORP.

	 	 	CUSIP:_________

	UNITS CONSISTING OF
      ONE SHARE OF COMMON STOCK AND 

      ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

	
THIS CERTIFIES THAT		 		
is the owner of		 		
Units.	

     Each Unit (“Unit”) consists of one (1) share
of common stock, par value $0.0001 per share (the “Common Stock”), of CR Acquisition Corp., a Delaware corporation (the “Corporation ”), and one (1) warrant (the “Warrant ”). The Warrant entitles the holder to purchase one
(1) share of Common Stock for $7.00 per share (subject to adjustment pursuant to the Warrant Agreement, as described below). The Warrant will become exercisable on the later of (i) the completion of a Business Combination (as such term is defined in the Warrant
Agreement), and (ii) one year after the date of the consummation of the Public Offering (as defined in the Warrant Agreement), and will expire unless
exercised before 5:00 p.m., New York City time, [five years after the date of the consummation of the Public Offering] , or earlier upon redemption (the “Expiration Date”). The Common Stock and
the Warrant comprising the Units represented by
this certificate are not transferable separately
prior to five (5) business days (or as soon as practicable thereafter) following the earliest to occur of (x) the expiration or termination of the underwriters' over-allotment option, (y) its
exercise in full, and (z) the underwriters' determination not to exercise all or any remaining
portion of the over-allotment option, subject in each case to the Corporation having filed a Current Report on Form 8-K with the Securities and Exchange
Commission, containing an audited balance sheet
reflecting the Corporation's receipt of the gross proceeds of the Public Offering and issuing a press release announcing when such separate trading will begin. The terms of the Warrants are governed by
the Warrant Agreement (the “Warrant
Agreement ”), dated as of [�], between the Corporation and Continental Stock Transfer & Trust Company (the “Warrant Agent”) and
are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. The terms of the Common Stock are governed by
the certificate of incorporation of the Corporation, as such certificate of incorporation may be amended from time to time. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on writ
ten request and without cost.

     
This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Corporation.

     
Witness the facsimile seal of the Corporation and the
facsimile signature of its duly authorized
officers.

CR ACQUISITION CORP.

CORPORATE 

DELAWARE 

SEAL 

2008

 

	By:	 	 	 
	 	 		
      President 
	 		
      Secretary 

	
Countersigned By:		 		 		 		 	

 

 

(1) To be included only in Unit Certificates representing Founder Units (as defined in the Warrant Agreement) .

Transfer Agent and Registrar

CR ACQUISITION CORP.

The Corporation will furnish without charge to each unit holder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation and the 
qualifications, limitations, or restrictions of such preferences and/or rights.  

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as
though they were written out in full according to applicable laws or regulations:  

	
TEN COM—		 		
as tenants in common		 		
UNIF GIFT MIN ACT—		 		_______   Custodian
	_______
	 	 	 	 	 	 	 	 
	
TEN ENT—		 		
as tenants by the entireties		 		 		 		
(Cust)		
(Minor)	
	 	 	 	 	 	 	 
	
JT TEN—		 		
as joint tenants with		 		 		 		
under Uniform Gifts to	
	 		 		
right of survivorship and		 		 		 		
Minors Act		 	
	 		 		
not as tenants in common		 		 		 		 		
(State)	
	
Additional abbreviations may also be used though not in the above list.							
	
          FOR VALUE RECEIVED,
 _______________________ HEREBY SELLS, ASSIGNS AND
 TRANSFERS UNTO							
	
(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)							

	 	 
	 	 	 
	 	 
	 	
	 
	 	 
	 	 
	 
	 	 
	 (PLEASE PRINT
          OR TYPEWRITE NAME
          AND ADDRESS, INCLUDING ZIP
    CODE, OF ASSIGNEE)

	 	 
	 
	 
	 
	 	 
	 	    UNITS REPRESENTED BY
    THE WITHIN
	 	 
	CERTIFICATE, AND
        DOES HEREBY  IRREVOCABLY  CONSTITUTE AND APPOINT
        ________________ ATTORNEY TO TRANSFER THE
        SAID UNITS ON THE BOOKS OF
        THE WITHIN  NAMED  CORPORATION WITH
        FULL POWER OF SUBSTITUTION IN
    THE PREMISES.  
	 	 
	 	 
	DATED:	 	 
	 	NOTICE: The signature to
        this assignment must correspond with
        the name as written upon the face of the certificate in
        every particular,  without  alteration or enlargement or
    any change whatever.    

Signature(s) Guaranteed:  

	 	 
	THE SIGNATURE(S) MUST
        BE GUARANTEED BY
        AN ELIGIBLE  GUARANTOR  INSTITUTION  (BANKS,  STOCKBROKERS,  SAVINGS AND
        LOAN ASSOCIATIONS AND CREDIT  UNIONS WITH MEMBERSHIP IN
        AN APPROVED  SIGNATURE  GUARANTEE  MEDALLION  PROGRAM,  PURSUANT TO SECURITIES AND EXCHANGE  COMMISSION RULE
    17Ad-15).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]