Document:

ex10-3.htm

Exhibit 10.3

 

 

SHAREHOLDER VOTING AGREEMENT

 

This Shareholder Voting Agreement (this “Agreement”) is entered into as of the ______ day of ____________, 2016, by and between National Commerce Corporation, a Delaware corporation (“NCC”), and the undersigned holder (the “Shareholder”) of Common Stock (as defined herein).

 

WHEREAS, as of the date hereof, Shareholder is entitled to vote (or to direct the voting of) the number of outstanding shares of voting common stock, $1.00 par value per share (the “Common Stock”), of Private Bancshares, Inc., a Georgia corporation (“PBI”), indicated on the signature page of this Agreement under the heading “Total Number of Shares of Common Stock Initially Subject to this Agreement” (which for the avoidance of doubt do not include shares of Common Stock underlying PBI Options, PBI Warrants or PBI Restricted Stock Units). Shares of Common Stock, together with all other shares of Common Stock the voting power over which is acquired by Shareholder during the period from and including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms, are collectively referred to herein as the “Shares”;

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

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

 

9.     Capacity as Shareholder. This Agreement shall apply to Shareholder solely in his, her or its capacity as a shareholder of PBI, and it shall not apply in any manner to Shareholder in any capacity as a director, officer or employee of PBI or its Subsidiaries or in any other capacity, and shall not limit or affect any actions taken by Shareholder in such capacity. Without limiting the foregoing, any vote by Shareholder in his or her capacity as a director of PBI in connection with actions taken by PBI that are permissible under Section 7.5 of the Merger Agreement shall not serve as the basis for a violation of Sections 1 or 4 of this Agreement. 

 

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

 

11.     WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.

 

 

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

 

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

 

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

 

 

 

[Signature page follows.]

 

 

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

 

 

	
 
	
NATIONAL COMMERCE CORPORATION
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Its:
	
 
	
 

	 	 	 	 
	 	 	 	 
	 	SHAREHOLDER:	 
	 	 	 	 
	 	 	 	 
	 	[signature]	 
	 	 	 	 
	 	 	 	 
	 	[printed name]	 

 

 

Total Number of Shares of Common Stock

Initially Subject to this Agreement: 

_____________________  

 

Signature Page to Shareholder Voting AgreementExhibit 4.7

 

Subscription Rights Statement

 

IMPORTANT: Retain a copy of this statement
for your investment, tax and cost-basis records.

 

	Account Summary	Subscription Rights	
        [Date]

        Account # 9999999999

 

3200 Cherry Creek Drive
South, Suite 430

Denver, Colorado 80209

 

 

THE TERMS AND CONDITIONS OF THE RIGHTS
OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED OCTOBER , 2016 (THE “PROSPECTUS”) AND ARE INCORPORATED
HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE THROUGH THE SEC’S INTERNET SITE AT HTTP://WWW.SEC.GOV
AND AS SET FORTH IN THE “INSTRUCTIONS AS TO USE OF XTANT MEDICAL HOLDINGS, INC. RIGHTS STATEMENT” ACCOMPANYING THIS
RIGHTS STATEMENT.

 

THE SUBSCRIPTION RIGHTS WILL EXPIRE
IF NOT EXERCISED ON OR BEFORE 5:00 P.M., EASTERN TIME, ON NOVEMBER 11, 2016, SUBJECT TO EXTENSION OR EARLIER TERMINATION

 

THIS CERTIFIES THAT the registered owner
whose name is inscribed hereon and is the owner of the number of subscription rights (“Subscription Rights”)
set forth above. Each Subscription Right entitles the holder thereof to subscribe for and purchase (the “Basic Subscription
Right”) one Unit of Xtant Medical Holdings, Inc., a Delaware corporation, at a subscription price of $1.00 per Unit (the
“Subscription Price”), pursuant to a rights offering (the “Rights Offering”), on the terms
and subject to the conditions set forth in the Prospectus and the “Instructions as to Use of Xtant Medical Holdings, Inc.
Subscription Rights Statement” accompanying this Rights Statement. Each Unit consists of one share of common stock, par value
of $0.000001 (“Common Stock”), and one warrant (“Warrant”) representing the right to purchase
one share of Common Stock. Holders who fully exercise their Basic Subscription Rights are entitled to subscribe for additional
Units that remain unsubscribed for as a result of any unexercised Basic Subscription Rights pursuant to the terms and conditions
of the Rights Offering, subject to proration, as described in the Prospectus (the “Over-subscription Privilege”).
In the event that holders exercise Subscription Rights for in excess of $15 million (not including the Over-Subscription Privilege),
the amount subscribed for by each person will be proportionally reduced, based on the amount subscribed for by each person (not
including any Over-Subscription Privilege subscribed for). The Subscription Rights represented by this Rights Statement may be
exercised by completing the appropriate forms on the reverse side hereof and by returning the full payment of the subscription
price for each Unit. If the subscriber attempts to exercise its Over-subscription Privilege and the Company is unable to issue
the subscriber the full amount of Units requested, the Subscription Agent will return to the subscriber any excess funds submitted
as soon as practicable, without interest or deduction. The Subscription Rights may be exercised by duly completing Section 1 on
the reverse side hereof and by returning the full payment of the exercise price. THE RIGHTS EVIDENCED BY THIS RIGHTS STATEMENT
MAY NOT BE EXERCISED UNLESS THE REVERSE SIDE HEREOF IS PROPERLY COMPLETED AND DULY SIGNED, WITH A SIGNATURE MEDALLION GUARANTEE,
IF APPLICABLE.

 

    	 	 	 

     

    

 

By completing and delivering this rights
statement, the registered owner represents and warrants that they have the right, power and authority, and have taken all action
necessary, to exercise these rights pursuant to the rights offering and to execute, deliver and exercise the Subscription Rights,
and that they are not a person otherwise prevented by legal or regulatory restrictions from exercising or acting on behalf of any
such person on a non-discretionary basis.

 

		 ̈	Please
change my address as indicated.

All registered holders MUST sign in Section 2 on reverse of
statement.

 

3200 Cherry
Creek Drive South, Suite 430

Denver, Colorado 80209

 

SECTION 1. EXERCISE OF RIGHTS TO PURCHASE

 

The registered holder of this Subscription
Rights Certificate is entitled to exercise the number of Subscription Rights shown in the upper right hand corner of the Rights
Statement and may subscribe for additional Units upon the terms and conditions specified in the Prospectus. The undersigned hereby
notifies the Subscription Agent of its irrevocable election to subscribe for Units in the following amounts. To subscribe for Units
pursuant to your Basic Subscription Right, please complete lines (a) and (c) below. To subscribe for additional Units pursuant
to your Over-subscription Privilege, please also complete line (b).

 

		(a)	EXERCISE OF BASIC SUBSCRIPTION RIGHT:

 

	Basic Subscription Right:	 	X	$	=	$
	Number of Units	 	Subscription price	 	Payment enclosed

 

		(b)	EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE: If you have exercised your Basic Subscription Right
in full, you may subscribe for additional Units pursuant to your Over-subscription Privilege

 

	Over Subscription Privilege:	 	X	$	=	$
	Number of Units	 	Subscription price	 	Payment enclosed

 

		(c)	OWNERSHIP LIMITATION; PRE-FUNDED WARRANTS: If you do not want your subscription for Units
to result in beneficial ownership of common stock above 4.99% of the common stock outstanding after the Rights Offering and wish
to receive Pre-Funded Warrants in lieu of any common stock in excess of those thresholds, please complete the following and contact
the dealer-manager in accordance with the “Instructions as to Use of Xtant Medical Holdings, Inc. Subscription Rights Statement.”

 

		 ̈	I wish to receive Pre-Funded Warrants
in lieu of any common stock in excess of 4.99% of the common stock outstanding after the Rights Offering. 

 

		(d)	If you spoke with a broker who solicited your exercise, please indicate the name of the person
you spoke with: ________________________

 

Method
of Payment: 

 

A cashier’s check,
drawn on a U.S. bank payable to “Corporate Stock Transfer, Inc.”.

 

    	 	 	 

     

    

 

Wire transfer of immediately
available funds directly to the account maintained by Corporate Stock Transfer, Inc., as Subscription Agent for purposes of accepting
subscriptions in this Rights Offering at Collegiate Peaks Bank, ABA# 102105997, Credit: Corporate Stock Transfer as Rights Agent
for Xtant Medical Holdings, Inc., Account # 0410034930. For further credit to Xtant Medical Holdings, Inc., and name of Subscription
Rights holder.

 

FULL PAYMENT MUST ACCOMPANY
THIS FORM AND MUST BE MADE IN UNITED STATES DOLLARS BY A CASHIER’S CHECK DRAWN A U.S. BANK PAYABLE TO THE RIGHTS AGENT OR
A WIRE TRANSFER MUST BE RECEIVED IN ACCORDANCE WITH THE ENCLOSED INSTRUCTIONS. PERSONAL CHECKS WILL NOT BE ACCEPTED.

 

SECTION 2. SIGNATURE(S)

 

IMPORTANT: THE SIGNATURE(S) MUST CORRESPOND
IN EVERY PARTICULAR, WITHOUT ALTERATION, WITH THE NAME(S) AS PRINTED ON THE FRONT OF THIS RIGHTS STATEMENT. IF YOU ARE SIGNING
ON BEHALF OF A REGISTERED STOCKHOLDER OR ENTITY YOU MUST SIGN IN YOUR LEGAL CAPACITY WITH YOUR SIGNATURE MEDALLION GUARANTEED.
YOUR GUARANTOR (BANK/BROKER) WILL REQUIRE PROOF OF YOUR AUTHORITY TO ACT. CONSULT YOUR GUARANTOR FOR THEIR SPECIFIC REQUIREMENTS.
YOU OR YOUR GUARANTOR MAY ACCESS THE SECURITIES TRANSFER ASSOCIATION (STA) RECOMMENDED REQUIREMENTS ON-LINE AT www.stai.org.

 

	 	 	APPLY MEDALLION GUARANTEE STAMP HERE
	 	 	 
	Signature(s) of Subscriber(s)	 	 
	 	 	 
	Names(s):	 	 	 
	 	 	 
	Capacity (Full Title):	 	 	 
	 	 	 	 	 

OVERNIGHT DELIVERY TO THE STREET ADDRESS
BELOW BEST ENSURES RECEIPT BY THE EXPIRATION DATE.

 

Return this statement to

 

By Mail or Courier or Hand-Delivery to:

 

Corporate Stock Transfer, Inc.

3200 Cherry Creek Drive South, Suite 430

Denver, Colorado 80209

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