Document:

Standard Pacific Corp. Performance Share Award Agreement

 EXHIBIT 4.5 
  

Standard Pacific Corp. 
 Performance Share Award Agreement 
  
 This
Performance Share Award Agreement (this “Agreement”) has been entered into as of this 29th day of January 2004 by and between Standard Pacific Corp. (the “Corporation”) and «Full_Name» (the “Executive”). All
capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement or in the Standard Pacific Corp. 2000 Stock Incentive Plan (the “Plan”). 
  
 1. Award. On January 29, 2004, the Compensation Committee (the “Compensation Committee”) of the
Corporation’s Board of Directors (the “Board”) granted the Executive a performance award (the “Award”) under Section 8 of the Plan. Pursuant to the terms of the Award, the Corporation shall issue the Executive shares of
common stock of the Corporation (the “Common Stock”) based on a comparison of the Corporation’s return on equity to a target established by the Compensation Committee. The target number of shares of Common Stock to be issued pursuant
to the Award is «Award» shares (the “Target”). No more than «Max» shares (the “Maximum”) of Common Stock may be issued pursuant to the Award. 
  
 2. Shares Issued Pursuant to the Award. 
  
 (a) The number of shares of Common Stock that shall be issued pursuant to the Award (the “Performance
Shares”) shall be determined based on the Corporation’s actual Return on Equity (as defined in Section 2(c)) for the 2004 fiscal year (the “Actual Return on Equity”) as compared to its targeted Return on Equity (the
“Targeted Return on Equity”). The Targeted Return on Equity shall be established by the Compensation Committee before the end of the first quarter of the 2004 fiscal year and shall be communicated to the Executive in writing. The Actual
Return on Equity shall be calculated promptly after the Audit Committee of the Board approves the financial statements for the 2004 fiscal year (the “Determination Date”). If the Actual Return on Equity is 100% of the Targeted Return on
Equity, the Executive may be issued the Target number of Performance Shares. For each 1% the Actual Return on Equity is either above or below the Targeted Return on Equity (i.e., Actual Return on Equity divided by Targeted Return on Equity), the
number of Performance Shares that the Executive may be issued pursuant to the Award shall be increased or reduced by 1.5%; provided, however, that (i) in no event will more than the Maximum number of Performance Shares may be issued and (ii) if the
Actual Return on Equity is equal to or less than 70% of the Targeted Return on Equity, no Performance Shares will be issued. 
  
 (b) In the event a Change of Control occurs after January 29, 2004 but prior to the Determination Date, the Executive shall immediately be
issued that number of Performance Shares equal to the Target number of Performance Shares. Notwithstanding anything contained in Section 2(c), these Shares will be fully vested upon issuance. 
  
 (c) Except in the case a Change of Control occurs prior to
the Determination Date, the Compensation Committee has the authority to reduce the number of Performance Shares issued pursuant to this Award by up to 25% of the Target number of Performance Shares based upon the Compensation Committee’s
subjective evaluation of the effectiveness of the Corporation’s management during the 2004 fiscal year. Any adjustment must be made within ten business days of the Determination Date. The number of shares of 

  

 
Common Stock issued pursuant to the Award following all determinations and adjustments, if any, shall be referred to as the “Shares.” The Shares
shall automatically be issued on the eleventh business day following the Determination Date (the “Issue Date”) and shall be held in escrow by the Corporation until such Shares vest. 
  
 (d) “Return on Equity” shall mean consolidated net
income divided by average stockholders equity, each calculated in accordance with generally accepted accounting principles and consistent with the Corporation’s audited financial statements. Average stockholders equity shall mean (i) the sum of
stockholders equity at the beginning of the calendar year plus stockholders equity at the end of each calendar quarter during the calendar year (ii) divided by five. 
  
 3. Vesting of Shares. One third of the Shares shall be vested immediately upon issuance. Upon each of the next
two anniversaries of the Issue Date, one third of the Shares shall vest provided that the Executive has been continuously employed by the Corporation since the Issue Date. Shares that do not vest shall automatically be cancelled. Notwithstanding
anything contained in this Agreement to the contrary, in the event a Change of Control occurs following the Determination Date but prior to the Issue Date, the Shares shall immediately be issued to the Executive and in the event a Change of Control
occurs following the Determination Date, the Shares shall immediately vest in full. 
  
 4. Restrictions on Resale. Except as otherwise provided in the second sentence of Section 5, the Executive may not transfer the Shares until the earlier of (a) January 1, 2007 or (b) the date the
Executive’s employment with the Corporation terminates for any reason or no reason. The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Executive
or other subsequent transfers by the Executive of any Shares, including, without limitation, (i) restrictions under an insider trading policy, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by the Executive and
other security holders and (iii) restrictions as to the use of a specified brokerage firm for such resales or other transfers. The Executive hereby acknowledges that, to the extent he or she is an “affiliate” of the Corporation (as that
term is defined in Rule 144 promulgated under the Securities Act of 1933, as amended) or to the extent that the Shares have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, the Shares are subject
to, and the certificates representing the Shares shall be legended to reflect, certain trading restrictions under applicable securities laws (including particularly the Securities and Exchange Commission’s Rule 144), and the Executive hereby
agrees to comply with all such restrictions and to execute such documents or take such other actions as the Corporation may require in connection with such restrictions. 
  
 5. Income Tax Withholding. The Executive shall be obligated to satisfy in full any and all taxes and tax
withholding requirements as may be applicable to the issuance of the Shares, if the Executive makes an election pursuant to Section 83(b) of the Internal Revenue Code, or the vesting of the Shares, if such an election is not made. Such taxes may be
paid by cash or certified cashiers’ check or by selling the number of Shares necessary to satisfy such taxes. The Committee may, in its discretion, make such provisions and take such steps as it may deem necessary or appropriate for the
withholding of all federal, state, local and other taxes required by law to be withheld with respect to the issuance or vesting of the Shares including, but 

  

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not limited to, deducting the amount of any such withholding taxes from any amount then or thereafter payable to the Executive. 
  
 6. Non-transferability. The Executive shall not transfer,
assign, encumber or otherwise dispose of the Award or any portion thereof. 
  
 7. Disputes. The Corporation’s goal is to quickly resolve any disputes that may arise with its employees. Therefore, the Executive and the Corporation agree that all disputes, disagreements, claims
or controversies which relate in any manner to this Agreement shall be resolved exclusively by final and binding arbitration before a single arbitrator who is a retired judge in accordance with the then existing Rules and Procedures of
JAMS/Endispute (or, if JAMS/Endispute does not offer arbitration services in the applicable jurisdiction, in accordance with the then existing Rules and Regulations of the American Arbitration Association). The parties shall pay their own costs of
arbitration; provided, however, that the Corporation shall pay the costs of arbitration if it is required to do so to make this arbitration provision enforceable. Any request for arbitration must be made within one-year of the date on which the
dispute first arose (unless a longer period of time is required by law), or any right to bring a claim (in arbitration or otherwise) with respect to such dispute will be deemed waived by both parties. The parties shall be entitled to conduct
adequate discovery and to obtain all remedies available to the parties as if the matter had been tried in court. The arbitrator shall issue a written decision which provides the findings and conclusions on which the award is based. The decision of
the arbitrator shall be final and binding on all parties, and may be entered as a judgment by any party with any federal or state court of competent jurisdiction. 
  
 8. Plan and Other Agreements. The provisions of the Plan are incorporated into this Agreement by this
reference. In the event of a conflict between the terms and conditions of this Agreement and the Plan, the Plan controls. Certain capitalized terms not otherwise defined herein are defined in the Plan. This Agreement and the Plan constitute the
entire understanding between the Executive and the Corporation regarding the Award. Any prior agreements, commitments or negotiations concerning the Award are superseded. 
  
 9. Stockholder Rights. The Executive (individually or as a member of a group) shall not have any right, title,
interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to this Agreement except as to such Shares, if any, as shall have been issued pursuant to the Award. 
  
 10. Not a Contract for Employment. Nothing in the Plan, in this
Agreement or any other instrument executed pursuant to the Plan shall (a) confer upon the Executive any right to continue in the employ of the Corporation or any of its subsidiaries, (b) affect the right of the Corporation and each of its
subsidiaries to terminate the employment of the Executive, with or without cause, or (c) confer upon the Executive and right to participate in any employee welfare or benefit plan or other program of the Corporation or any of its subsidiaries other
than the Award under the Plan. The Executive hereby acknowledges and agrees that the Corporation and each of its subsidiaries may terminate the employment of the Executive at any time and for any reason, or for no reason, unless the Executive and
the Corporation or such subsidiary are parties to a written employment agreement that expressly provides otherwise. 
  

 4 

 11. Notices. All notices, requests, demands and other communications pursuant to this
Agreement shall be in writing and shall be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at the following addresses (or at such other address as shall be given in
writing by either party to the other): 
  

			
	 If to the Corporation to:
	  	 Standard Pacific Corp.
 15326 Alton Parkway
 Irvine, California 92618
 Attention: Secretary
 Facsimile No.: (949) 789-1608

  
 If to the Executive,
to the address or fax number set forth below the Executive’s signature on this Agreement. 
  
 12. Separability. In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed,
if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable
provision. 
  
 13. Headings. The headings preceding
the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. 
  
 14. Further Assurances. Each party shall cooperate and take
such action as may be reasonably requested by another party in order to carry out the provisions and purposes of this Agreement. 
  
 15. Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted heirs, beneficiaries, successors and assigns. 
  
 16.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  

 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first indicated
above. 
  

			
	STANDARD PACIFIC CORP.
		
	By:	 	 
	 	 	

	Name: Title:	 	 Stephen J. Scarborough
 Chairman & Chief Executive Officer

  

			
	EXECUTIVE
		
	Signature:	 	 
	 	 	

	 Name:
 Address:
	 	 «Full_Name»
 «Home_Address»

	 Facsimile No.:
	 	«Fax_No»Amendment to Loan Agreement

 EXHIBIT 10.1 
  
 AMENDMENT NO. 5 TO LOAN AGREEMENT 
  
 THIS AGREEMENT NO. 5 TO LOAN AGREEMENT is made as of the 30th day of April, 2004 by and between AMCORE FINANCIAL, INC. (the “Company”) and M&I MARSHALL & ILSLEY BANK (“M&I”). 
  
 IN CONSIDERATION of the mutual covenants, conditions and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is hereby agreed that: 
  
 ARTICLE I  
  
 DEFINITIONS 
  
 When used herein, the following terms shall have
the meanings specified: 
  
 1.1 Amendment. “Amendment” shall mean
this Amendment No. 5 to Loan Agreement. 
  
 1.2 Loan Agreement. “Loan
Agreement” shall mean the Loan Agreement between M&I and the Company, dated as of December 31, 1999, as amended by Amendment No. 1 to Loan Agreement dated as of April 30, 2000, Amendment No. 2 to Loan Agreement dated as of April 30, 2001,
Amendment No. 3 to Loan Agreement dated as of April 30, 2002, and Amendment No. 4 to Loan Agreement dated as of April 30, 2003. 
  
 1.3 Other Terms. The other capitalized terms used in this Amendment shall have the definitions assigned in the Loan Agreement. 
  
 ARTICLE II 
  
 AMENDMENTS 
  
 The Loan Agreement is amended as follows: 
  
 2.1 Section 1.1 - Definitions - Line of Credit Termination Date. The definition of
“Line of Credit Termination Date” contained in Section 1.1, Definitions, of the Loan Agreement is amended in its entirety to read as follows: 
  
 “Line of Credit Termination Date” shall mean the earlier of: (a) April 30, 2005; or (b) the date that the Line of Credit Commitment is terminated
pursuant to Section 7.1 of the Loan Agreement. 
  
 2.2 Line of Credit. The
Company shall execute and deliver to M&I a Line of Credit Note in the original principal amount of $50,000,000, dated April 30, 2004, in the form of Exhibit A hereto, and otherwise in form and substance satisfactory to M&I. This Note shall
evidence the Loans and shall constitute the Line of Credit Note and the Note issued pursuant to the Loan Agreement and shall be in substitution for the Line of Credit Note dated April 30, 2003 issued by the Company payable to the order of M&I.

  

 2.3 Miscellaneous Amendments. The Loan Agreement, the Note and all other documents, instruments and materials
executed and delivered heretofore or hereafter pursuant to the Loan Agreement are deemed hereby to be amended so that any reference therein to the Loan Agreement or Note shall be a reference to such documents as amended by or pursuant to this
Amendment. 
  
 ARTICLE III  
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Company hereby represents and warrants to M&I that: 
  
 3.1 Loan Agreement. All of the representations and warranties made by the Company in
the Loan Agreement are true and correct on the date of this Amendment. No Default or Event of Default under the Loan Agreement has occurred and is continuing as of the date of this Amendment. 
  
 3.2 Authorization; Enforceability. The making, execution and delivery of this
Amendment and the Note, and performance of and compliance with the terms of the Loan Agreement as amended and the Note, have been duly authorized by all necessary corporate action by the Company. This Amendment and the Note are the valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms. 
  
 3.3 Absence of Conflicting Obligations. The making, execution and delivery of this Amendment and the Note, and performance of and compliance with the terms of the Loan Agreement as amended and the Note, do not
violate any presently existing provision of law or the articles or certificate of incorporation or bylaws of the Company or any agreement to which the Company is a party or by which it is bound. 
  
 ARTICLE IV  
  
 MISCELLANEOUS 
  
 4.1 Continuance of Loan Agreement. Except as specifically amended by this Amendment,
the Loan Agreement shall remain in full force and effect. 
  
 4.2 Survival.
All agreements, representations and warranties made in this Amendment or in any documents delivered pursuant to this Amendment shall survive the execution of this Amendment and the delivery of any such document. 
  
 4.3 Governing Law. This Amendment and the Note shall be governed by the laws of the
State of Wisconsin. 
  
 4.4 Counterparts; Headings. This Amendment may be
executed in several counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and the same agreement. Article and Section headings in this Amendment are inserted for convenience of reference
only and shall not constitute a part hereof. 
  
 4.5 Severability. Any
provision of the Amendment which is prohibited or enforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment or
affecting the validity or enforceability of such provision in any other jurisdiction. 
  

 4.6 Effectiveness. This Amendment shall be effective as of April 30, 2004 upon receipt by M&I of the following
documents: 
  
 (a) this Amendment executed by the Company; 
  
 (b) the Note required by this Amendment, executed by the Company and dated as of the date
hereof; and 
  
 (c) such additional supporting documents and materials as M&I
may reasonably request. 
  
 IN WITNESS WHEREOF, the parties hereto
have executed this Amendment No. 5 to Loan Agreement as of the day and year first written above. 
  

			
	AMCORE FINANCIAL, INC.
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

			
	M&I MARSHALL & ILSLEY BANK
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

			
		
	 Attest:
	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 EXHIBIT A 
  

LINE OF CREDIT NOTE 
  

			
	$50,000,000	  	 Milwaukee, Wisconsin
 April 30, 2004

  
 FOR VALUE
RECEIVED, AMCORE FINANCIAL, INC., a Nevada corporation (the “Company”) hereby promises to pay to the order of M&I MARSHALL & ILSLEY BANK (“M&I”), the principal sum of FIFTY MILLION DOLLARS
($50,000,000), or such lesser amount of loans which remain outstanding under this Note, on April 30, 2005. 
  
 The unpaid principal shall bear interest from the date hereof until paid at an annual rate, computed on the basis of a 360-day year, as provided in the
Loan Agreement referenced below. Interest accrued on the outstanding principal balance shall be payable on the fifth day of each month, commencing on May 5, 2004, and continuing thereafter until the outstanding principal balance is repaid in full,
with all accrued interest paid with the final payment of principal. 
  
 In the event that any amount of the principal of, or interest on, this Note is not paid when due (whether at stated maturity, by acceleration or otherwise), the entire principal amount outstanding under this Note shall bear interest, in
addition to the interest otherwise payable hereunder, at an annual rate of two percent (2%) from the day following the due date until all such overdue amounts have been paid in full. 
  
 Payments of principal, interest and other amounts due hereunder are to be made in lawful money of the United States of
America to M&I at 770 N. Water Street, Milwaukee, Wisconsin 53202, Attention: Correspondent Banking, or at such other place as the holder shall designate in writing to the Company. 
  
 The maker and all endorsers hereby severally waive presentment for payment, protest and demand, notice of protest, demand
and of dishonor and nonpayment of this Note. The Company hereby agrees to pay all reasonable fees and expenses incurred by M&I or any subsequent holder, including the reasonable fees of counsel, in connection with the protection and enforcement
of the rights of M&I or any subsequent holder under this Note, including without limitation the collection of any amounts due under this Note and the protection and enforcement of such rights (before or after judgment) in any bankruptcy,
reorganization or insolvency proceeding involving the Company. 
  
 This Note constitutes the Line of Credit Note issued pursuant to a Loan Agreement (the “Loan Agreement”) dated as of December 31, 1999, as amended from time to time, by and between M&I and the Company, to which Loan Agreement
reference is hereby made for a statement of the terms and conditions under which the Line of Credit Loans evidenced hereby may be made and a description of the terms and conditions upon which this Note may be prepaid in whole or in part. In case an
Event of Default, as defined in the Loan Agreement, shall occur, the entire unpaid principal and accrued interest may be automatically due and payable or may be declared due and payable as provided in the Loan Agreement. 
  
 This Note is issued in substitution for, and is an extension of, the Line of
Credit Note dated April 30, 2003 issued by the Company payable to the order of M&I. 
  

 This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State
of Wisconsin applicable to contracts made and wholly performed within such state. 
  

			
	AMCORE FINANCIAL, INC.
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 LINE OF CREDIT NOTE 
  

			
	$50,000,000	  	 Milwaukee, Wisconsin
 April 30, 2004

  
 FOR VALUE
RECEIVED, AMCORE FINANCIAL, INC., a Nevada corporation (the “Company”) hereby promises to pay to the order of M&I MARSHALL & ILSLEY BANK (“M&I”), the principal sum of FIFTY MILLION DOLLARS
($50,000,000), or such lesser amount of loans which remain outstanding under this Note, on April 30, 2005. 
  
 The unpaid principal shall bear interest from the date hereof until paid at an annual rate, computed on the basis of a 360-day year, as provided in the
Loan Agreement referenced below. Interest accrued on the outstanding principal balance shall be payable on the fifth day of each month, commencing on May 5, 2004, and continuing thereafter until the outstanding principal balance is repaid in full,
with all accrued interest paid with the final payment of principal. 
  
 In the event that any amount of the principal of, or interest on, this Note is not paid when due (whether at stated maturity, by acceleration or otherwise), the entire principal amount outstanding under this Note shall bear interest, in
addition to the interest otherwise payable hereunder, at an annual rate of two percent (2%) from the day following the due date until all such overdue amounts have been paid in full. 
  
 Payments of principal, interest and other amounts due hereunder are to be made in lawful money of the United States of
America to M&I at 770 N. Water Street, Milwaukee, Wisconsin 53202, Attention: Correspondent Banking, or at such other place as the holder shall designate in writing to the Company. 
  
 The maker and all endorsers hereby severally waive presentment for payment, protest and demand, notice of protest, demand
and of dishonor and nonpayment of this Note. The Company hereby agrees to pay all reasonable fees and expenses incurred by M&I or any subsequent holder, including the reasonable fees of counsel, in connection with the protection and enforcement
of the rights of M&I or any subsequent holder under this Note, including without limitation the collection of any amounts due under this Note and the protection and enforcement of such rights (before or after judgment) in any bankruptcy,
reorganization or insolvency proceeding involving the Company. 
  
 This Note constitutes the Line of Credit Note issued pursuant to a Loan Agreement (the “Loan Agreement”) dated as of December 31, 1999, as amended from time to time, by and between M&I and the Company, to which Loan Agreement
reference is hereby made for a statement of the terms and conditions under which the Line of Credit Loans evidenced hereby may be made and a description of the terms and conditions upon which this Note may be prepaid in whole or in part. In case an
Event of Default, as defined in the Loan Agreement, shall occur, the entire unpaid principal and accrued interest may be automatically due and payable or may be declared due and payable as provided in the Loan Agreement. 
  
 This Note is issued in substitution for, and is an extension of, the Line of
Credit Note dated April 30, 2003 issued by the Company payable to the order of M&I. 
  
 This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of Wisconsin applicable to contracts made and wholly performed within such state. 
  

			
	AMCORE FINANCIAL, INC.
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:

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