Document:

exhibit102

 

Table 
of Contents
 

Exhibit 10.2 
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT 
(this “Agreement”) 
is made 
and entered 
into as 
of 
the 
April 
16, 
2016 
(the 
“Effective 
Date”), 
between 
U.S. 
Century 
Bank, 
a 
Florida-chartered 
commercial bank (the “Bank” 
or the “Employer”), and Luis de la Aguilera (the “Executive”).
WITNESSETH
WHEREAS, the Bank desires to employ the Executive as Chief Executive Officer; 
WHEREAS, the Employer desires to be ensured 
of the Executive’s 
active participation in 
the business of the Employer; and 
WHEREAS, 
the 
Executive 
is 
willing 
to 
serve 
the 
Bank 
on 
the 
terms 
and 
conditions 
hereinafter set forth; 
NOW 
THEREFORE, 
in 
consideration 
of 
the 
mutual 
agreements 
herein 
contained, 
and 
upon the other terms and conditions hereinafter provided, the Employer and the Executive hereby 
agree as follows: 
1. 
Definitions.
 
The 
following 
words 
and 
terms 
shall 
have 
the 
meanings 
set 
forth 
below for the purposes of this Agreement: 
(a) 
Base Salary.
 
“Base Salary” 
shall have 
the meaning set 
forth in Section 
3(a) hereof. 
(b) 
Cause.
 
Termination 
of 
the 
Executive’s 
employment 
for 
“Cause” 
shall 
mean 
termination because of (i) willful 
misconduct 
(including 
but 
not 
limited 
to 
misappropriation 
of 
a material Bank 
business opportunity, 
material violation of 
a confidentiality or 
non-competition 
obligation, 
or 
abuse of 
drugs 
or 
alcohol 
that 
results 
in 
the 
Executive being materially adversely 
affected in the performance 
of his duties), or 
fraud by the Executive; (ii) 
conviction of 
(including 
a 
plea 
of 
guilty 
or 
nolo 
contendere to) 
a felony 
which has 
a material 
effect on 
the Bank 
or the 
Executive’s 
performance 
hereunder; 
(iii) 
the 
failure 
to 
comply 
with 
any 
material 
obligation 
imposed 
upon the Executive 
pursuant 
to 
this 
Agreement, 
(iv) 
the 
failure to 
substantially 
meet 
by the 
end 
of 
the 
Initial 
Term 
the 
targets 
agreed 
to 
by 
the 
Executive 
and 
the Board set forth 
in Exhibit 
A hereto 
(as determined 
by the 
Board in 
good faith 
in its 
sole discretion); 
and (v) 
the 
entry into 
by the 
Bank with 
the Federal 
Deposit Insurance 
Corporation (the 
“FDIC”) and/or 
the 
Office of Financial 
Regulation of the 
State of Florida 
(the “OFR”) after 
December 31, 2016 
of a 
new consent agreement, 
cease and desist 
order or 
written agreement 
if the 
consent order 
entered 
into 
as 
June 
3, 
2011 
by 
the 
Bank 
with 
the 
FDIC 
and 
the 
OFR 
(the 
“Consent 
Order”) 
has 
been 
terminated; provided, however, 
that if 
such failure 
under 
clause 
(i) 
or 
(iii) above 
is 
susceptible 
of 
cure, 
“Cause” 
shall 
be 
deemed 
to exist 
only 
after 
the 
failure 
has 
remained 
uncured 
for 
thirty 
(30) 
days 
following receipt 
by the 
Executive of 
written notice 
from the 
Bank of 
the 
failure). 
Notwithstanding 
the foregoing, 
if the 
Executive disagrees 
with the 
good 
faith determination 
of 
the 
Bank 
that 
there 
is 
no 
cure after 
the 
30-day 
cure 
period, 
the Executive may request 
that such 
determination be submitted 
to binding 
arbitration in accordance 
with Section 20 
hereof (with each 
party 
responsible 
for 
its 
own 
fees 
and 
costs). 
If 
the 
Executive 
makes 
such 
a 
request 
for 

 

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2 
arbitration, the 
termination of 
the Executive 
shall not 
become effective 
unless 
and until 
it is 
upheld 
by a final decision issued through such arbitration 
process; provided, that the Bank shall have the 
right, in its sole discretion, to relieve 
the Executive of all or any portion of his duties during such 
arbitration period 
pending the 
arbitration 
decision 
so 
long 
as 
the 
Bank 
continues 
to 
pay 
and 
provide 
to 
the Executive on a timely basis the compensation and benefits that it would 
otherwise 
owe to the Executive during such period under this Agreement. 
(c) 
Change in Control.
 
“Change in Control” shall mean (except 
as 
provided 
below) 
the occurrence 
of 
an 
event 
described in 
(i), 
(ii), (iii) or (iv) below: 
(i)
Any person or 
group (within the 
meaning of Sections 13(d) 
and 14(d) of 
the 
Securities Exchange 
Act of 
1934, as 
amended 
(the “Exchange 
Act”)), other 
than the 
Bank, an 
affiliate of the 
Bank or a 
trustee or other fiduciary holding 
securities under an 
employee benefit 
plan of the Bank or a corporation owned directly or indirectly by 
the stockholders of the Bank in 
substantially 
the 
same 
proportions 
as 
their 
ownership 
of 
stock 
of 
the 
Bank, 
becomes 
the 
beneficial 
owner 
(within 
the 
meaning 
of 
Rule 
13(d)(3) 
under 
the Exchange Act), directly or 
indirectly (which 
shall include 
securities issuable 
upon conversion, 
exchange or 
otherwise) of 
securities 
representing 
50% 
or 
more 
of 
the 
combined 
voting 
power 
of 
the 
Bank’s 
then-
outstanding securities entitled 
generally to vote for the election of directors; 
(ii)
Consummation of an 
agreement to merge or consolidate with 
another entity 
(other 
than 
a 
majority-controlled 
subsidiary 
of 
the 
Bank) 
unless 
the 
Bank’s 
stockholders 
immediately before 
the 
merger 
or 
consolidation 
own 
more 
than 
50% 
of 
the 
combined 
voting 
power 
of 
the 
resulting entity’s 
voting securities 
(giving effect 
to the 
conversion or 
exchange of 
securities 
issued 
in 
the 
merger 
consolidation 
to 
the 
other 
entity 
that 
are 
convertible 
or 
exchangeable 
for 
voting 
securities) 
entitled 
generally 
to 
vote 
for 
the 
election 
of directors; 
(iii)
Consummation 
of 
an 
agreement 
(including, 
without 
limitation, 
an 
agreement of liquidation) to sell or otherwise dispose 
of 
all or substantially all of the business or 
assets of the Bank (or a subsidiary thereof); 
or 
(iv)
Individuals who, as of the 
date hereof, constitute the 
Board of Directors of 
the Bank (the “Incumbent Board”) cease for any reason to 
constitute at 
least 
a 
majority 
of 
the 
Board, 
provided 
that 
any 
person 
becoming 
a 
director subsequent 
to 
the 
date 
hereof 
whose 
election 
or 
nomination 
for 
election 
by 
the 
stockholders 
is 
approved 
by 
a 
vote 
of 
at 
least 
a 
majority 
of 
directors 
then 
constituting 
the 
Incumbent 
Board 
shall 
be, 
for 
purposes 
of 
this 
Agreement, considered as though such person were a member of the Incumbent Board. 
Notwithstanding the foregoing, 
no event shall 
constitute a Change 
in Control unless 
such 
event shall also constitute a change in control as defined in Section 409A of the Code. 
(d) 
Code.
 
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
(e) 
Date 
of 
Termination.
 
“Date 
of 
Termination” 
shall 
mean 
(i) 
if 
the 
Executive’s 
employment is 
terminated for 
Cause, the 
date on 
which the 
Notice of 
Termination 
is given, 
and 
(ii) if 
the Executive’s 
employment is 
terminated for 
any other 
reason, the 
date specified 
in such 
Notice of Termination. 

 

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(f) 
Disability.
 
“Disability” 
shall 
mean 
the 
Executive 
(i) 
is 
unable 
to 
engage 
in 
any 
substantial gainful 
activity by 
reason of 
any medically 
determinable physical 
or mental 
impairment 
which can be expected to 
result in death or 
can be expected to 
last for a continuous 
period of not 
less 
than 
12 
months, 
or 
(ii) 
is, 
by 
reason 
of 
any 
medically 
determinable 
physical 
or 
mental 
impairment which 
can be 
expected to 
result in 
death or 
can be 
expected to 
last for 
a continuous 
period of not 
less than 12 months, 
receiving income replacement benefits 
for a period of 
not less 
than three months under an accident and health plan covering employees of the Employer. 
(g) 
Good Reason.
 
Termination 
by the Executive 
of the 
Executive’s 
employment for 
“Good Reason” shall mean termination by the Executive based on: 
(i) 
any 
material 
breach 
of 
this 
Agreement 
by 
the 
Bank 
Employer, 
including 
without 
limitation 
any 
of 
the 
following: 
(A) 
a 
material 
diminution 
in 
the 
Executive’s 
base 
compensation, (B) a material diminution in 
the Executive’s authority, duties or responsibilities, or 
(C) 
any 
requirement 
that 
the 
Executive 
report 
to 
a 
corporate 
officer 
or 
employee 
of 
the 
Bank 
instead of reporting directly to 
the Board of Directors, other 
than from time to time with 
respect to 
specified 
matters, 
a 
director 
of 
the 
Bank 
who 
is 
designated 
by 
a 
majority 
of 
the 
full 
Board 
of 
Directors of the Bank, or 
(ii) 
change 
in 
excess 
of 
twenty-five 
(25) 
miles 
in 
the 
geographic 
location 
at 
which the Executive must perform his services under this Agreement; 
provided, however, that 
prior to any 
termination of employment for 
Good Reason, the Executive 
must first provide written notice to the Bank within ninety (90) days of the initial existence of the 
condition, describing the existence of such condition, 
and the Bank shall thereafter have the 
right 
to remedy 
the condition 
within thirty 
(30) days 
of the 
date the 
Bank received 
the written 
notice 
from the 
Executive. 
If the 
Bank remedies 
the condition 
within such 
thirty (30) 
day cure 
period, 
then no 
Good Reason 
shall be 
deemed to 
exist with 
respect to 
such condition. 
If the 
Bank does 
not remedy the condition 
within such thirty (30) 
day cure period, then 
the Executive may deliver 
a 
Notice 
of 
Termination 
for 
Good 
Reason 
at 
any 
time 
within 
sixty 
(60) 
days 
following 
the 
expiration of such cure period. 

(h) 
Notice 
of 
Termination.
 
Any 
purported 
termination 
of 
the 
Executive’s 
employment by the Employer for 
any reason, including without limitation for 
Cause, Disability or 
Retirement, 
or 
by 
the 
Executive 
for 
any 
reason, 
including 
without 
limitation 
for 
Good 
Reason, 
shall 
be 
communicated 
by 
a 
written 
“Notice 
of 
Termination” 
to 
the 
other 
party 
hereto. 
For 
purposes 
of 
this 
Agreement, 
a 
“Notice 
of 
Termination 
” 
shall 
mean 
a 
dated 
notice 
which 
(i) 
indicates 
the 
specific 
termination 
provision 
in 
this 
Agreement 
relied 
upon, 
(ii) 
sets 
forth 
in 
reasonable 
detail 
the 
facts 
and 
circumstances 
claimed 
to 
provide 
a 
basis 
for 
termination 
of 
the 
Executive’s 
employment under 
the provision 
so indicated, 
(iii) specifies 
a Date 
of Termination, 
which 
shall 
be 
not 
less 
than 
thirty 
(30) 
nor 
more 
than 
ninety 
(90) 
days 
after 
such 
Notice 
of 
Termination 
is 
given, 
except 
in 
the 
case 
of 
the 
termination 
of 
the 
Executive’s 
employment 
for 
Cause, which shall be 
effective immediately, 
and (iv) is given 
in the manner specified 
in Section 
11 hereof. 
(i) 
Retirement.
 
“Retirement” 
shall 
mean 
the 
Executive’s 
voluntary 
or 
involuntary 
termination of employment, 
as applicable, upon reaching 
at least age 65, 
but shall not 
include an 
involuntary termination for Cause. 

 

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4 
2. 
Term 
of Employment.
(a) 
The 
Bank 
hereby 
employs 
the 
Executive 
as 
Chief 
Executive 
Officer 
and 
the 
Executive hereby accepts said employment and agrees to render such services to the 
Employer on 
the 
terms 
and 
conditions 
set 
forth 
in 
this 
Agreement. 
The 
term 
of 
employment 
under 
this 
Agreement shall be for three 
years beginning on the 
Effective Date (the “Initial 
Term”). 
Prior to 
the second 
annual anniversary 
of the 
Effective 
Date and 
each annual 
anniversary thereafter, 
the 
Board 
of 
Directors 
of 
the 
Bank 
shall 
consider 
and 
review 
(with 
appropriate 
corporate 
documentation thereof, and 
after taking into 
account all relevant 
factors, including the Executive’s 
performance 
hereunder) 
a 
one-year 
extension 
of 
the 
term 
of 
this 
Agreement. 
If 
the 
Board 
of 
Directors approves such an extension, 
then the term of this 
Agreement shall be so extended 
as of 
the relevant annual anniversary of the 
Effective Date unless the 
Executive gives written notice to 
the Employer 
of the 
Executive’s 
election not 
to extend 
the term, 
with such 
written notice 
to be 
given not less than thirty 
(30) days prior to any 
such relevant annual anniversary 
of the Effective 
Date; provided, however, that if the Bank is deemed to be 
in “troubled condition” as defined in 
12 
C.F.R. 
303.101(c) 
(or 
any 
successor 
thereto) 
as 
of 
the 
applicable 
annual 
anniversary 
of 
the 
Effective Date, 
then the 
term of 
this Agreement 
shall not 
be extended 
unless and 
until the 
Employer 
shall have received all requisite regulatory approvals, 
non-objections or consents to such renewal 
pursuant to the provisions of 
12 C.F.R. Part 359. 
If the Board of Directors elects 
not to extend the 
term, it 
shall give 
written notice 
of such 
decision to 
the Executive 
not less 
than thirty 
(30) days 
prior to 
any such 
annual anniversary of 
the Effective 
Date. 
If any 
party gives 
timely notice 
that 
the 
term 
will 
not 
be 
extended 
as 
of 
any 
annual 
anniversary 
of 
the 
Effective 
Date, 
then 
this 
Agreement and the 
rights and obligations 
provided herein shall 
terminate at the 
conclusion of its 
remaining term, except 
to the 
extent set forth 
in Section 7. 
References herein to 
the term of 
this 
Agreement shall refer both to the Initial Term and successive terms. 
(b) 
During 
the 
term 
of 
this 
Agreement, 
the 
Executive 
shall 
perform 
such 
executive 
services for the Bank as 
may be consistent with his 
titles and from time to 
time assigned to him by 
the Bank’s Board of Directors. 
(c) 
The Executive 
represents and 
warrants that 
his entering 
into this 
Agreement, and 
his performance of his duties 
as Chief Executive Officer of 
the Bank, will not breach or 
give rise 
to 
any 
cause 
of 
action 
against 
the 
Executive 
or 
the 
Bank 
under 
the 
terms 
of 
any 
agreements 
between the 
Executive and 
any prior 
employer (a 
“Prior Agreement”). 
The Executive 
shall comply 
with any surviving 
terms of 
any Prior 
Agreement, including 
terms concerning 
competition, non-
solicitation and confidentiality. 
3. 
Compensation and Benefits.
(a) 
The Employer shall 
compensate and pay 
the Executive for 
his services during 
the 
term of 
this 
Agreement at 
a minimum 
base salary 
of $350,000 
per year 
(“Base Salary”), 
which 
may 
be 
increased 
from 
time 
to 
time 
in 
such 
amounts 
as 
may 
be 
determined 
by 
the 
Board 
of 
Directors 
of 
the 
Employer 
and 
may 
not 
be 
decreased 
without 
the 
Executive’s 
express 
written 
consent. 

(b)
For any calendar 
year, the Executive may earn 
a bonus of 
fifty percent (50%) 
of the 
Executive’s Base 
Salary 
(upon achievement of target 
performance levels) for such 
calendar year 
(“Annual Bonus”), depending 
on the 
satisfaction 
of performance 
criteria for 
such calendar year, 

 

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which 
shall 
be 
determined 
as 
follows. 
No 
later 
than 
February 
1
st
 
of 
each 
calendar 
year, 
the 
Executive 
shall 
submit 
to 
the 
Bank’s 
Board 
of 
Directors 
proposed 
performance 
goals 
for 
the 
calendar 
year. 
No 
later 
than 
March 
1
st
 
of 
each 
calendar 
year, 
the 
Board 
of 
Directors 
shall 
approve 
performance 
goals 
for 
the calendar year (either as 
presented by the Executive, or 
with 
reasonable modifications desired by the 
Board). Such approved performance goals 
shall indicate 
the 
manner 
in 
which 
the 
Executive’s 
Annual 
Bonus 
(if 
any) 
will 
be 
determined 
upon 
partial 
satisfaction 
or 
excess 
satisfaction 
of 
one 
or 
more 
of 
the goals. 

Notwithstanding anything to 
the contrary within this 
Agreement, it is 
acknowledged and agreed 
that no bonuses may 
be 
paid under 
this paragraph 
unless all 
legal prohibitions 
from the 
making of 
such payments 
are lifted or 
the Employer 
receives approval for 
the making 
of such 
payments from the 
FDIC 
and the OFR.
(c) 
During the term of this Agreement, the Executive shall be entitled to participate in 
and 
receive 
the 
benefits 
of 
any 
pension 
or 
other 
retirement 
benefit 
plan, 
profit 
sharing, 
stock 
incentive, 
or 
other 
plans, 
benefits 
and 
privileges 
given 
to 
employees 
and 
executives 
of 
the 
Employer, 
to the 
extent 
commensurate with 
his then 
duties and 
responsibilities, 
as fixed 
by the 
Board of Directors of 
the Bank. 
The Bank shall not 
make any changes in 
such plans, benefits or 
privileges which would adversely affect the Executive’s rights or benefits thereunder, unless such 
change occurs pursuant to a 
program applicable to all executive 
officers of the Employer and does 
not result in a proportionately 
greater adverse change in 
the rights of or 
benefits to the Executive 
as 
compared 
with 
any 
other 
executive 
officer 
of 
the 
Employer. 
Nothing 
paid 
to 
the 
Executive 
under any plan or arrangement presently in effect or made available in the future shall be deemed 
to be in lieu of the salary payable to the Executive pursuant to Section 3(a) hereof. 
(d) 
During the 
term of this 
Agreement, the Executive 
shall be entitled 
to four (4) 
weeks 
of paid annual vacation, 
on a calendar basis, 
to be taken at such time or times 
agreed upon by the 
Executive 
and 
the 
Chairman 
of 
the 
Board. 
The 
Executive 
shall 
not 
be 
entitled 
to 
receive 
any 
additional compensation from the Employer for failure to take a vacation, nor 
shall the Executive 
be 
able 
to 
accumulate 
unused 
vacation 
time 
from 
one 
year 
to 
the 
next, 
except 
to 
the 
extent 
authorized by the Board of Directors of the Bank. 
(e) 
Subject to receipt of any required prior regulatory 
approval, the Board of Directors 
will 
grant 
to 
the 
Executive 
(pursuant 
to 
a 
written 
grant 
agreement) 
nonqualified 
options 
to 
purchase two 
hundred thousand (200,000) 
shares 
of common stock 
of the 
Bank, with 
an exercise 
price 
of 
one 
dollar 
and 
fifty 
cents ($1.50) per 
share (which is 
the current 
fair market value 
per 
share) 
(the 
“Option 
Grant”), 
such 
options 
to 
be 
designed 
in 
a 
manner 
to 
cause 
them 
to 
be 
exempt 
from 
Section 
409A 
of 
the Internal Revenue Code under Section 1.409A-1(b)(5)(i)(A) 
of 
the United 
States 
Department 
of the 
Treasury Regulations. 
This grant 
shall be 
25% vested 
after 
the first anniversary of 
the 
grant, and an 
additional 25% vested after 
each following anniversary 
of grant (until fully vested 
on the fourth 
anniversary 
of grant). Options 
may be exercised 
once they 
are 
vested, 
provided 
such 
exercise 
does 
not 
constitute 
an 
“ownership 
change” 
for 
the 
Bank 
within the 
meaning of 
Section 382 
of the 
Code. In 
addition to 
the other 
vesting dates/events 
set 
forth 
in 
such 
grant, 
such 
Option 
Grant 
shall 
provide 
for 
accelerated 
vesting 
upon 
a 
Change 
in 
Control, provided that 
no accelerated vesting 
upon a Change 
in Control shall 
occur if at the 
time 
of 
the 
Change 
in 
Control 
any 
of 
the 
following 
is 
applicable: 
(i) 
the 
Bank 
is 
still 
subject 
to 
the 
Consent Order, as such order may be amended from time to time, or (ii) the Bank is deemed to be 
in “troubled 
condition” as 
defined in 
12 C.F.R. §303.101(c) (or 
any successor 
thereto), unless 
prior 
to 
or 
in 
connection 
with 
the 
change 
in 
control, 
the 
Bank 
has 
received 
all 
requisite 
regulatory 

 

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6 
approvals, non-objections or consents to such acceleration pursuant 
to the provisions of 12 C.F.R. 
Part 359. 
The other terms 
of the Option 
Grant award shall 
comply with the 
Bank’s 
2015 Equity 
Incentive Plan. 

(f) 
Executive 
shall 
receive 
an 
automobile 
allowance 
at 
the 
rate 
of 
$750 
per 
month 
during 
the 
term 
of 
this 
Agreement. 
This 
transportation 
allowance 
will 
serve 
to 
cover 
all 
transportation 
expenses 
of 
Executive 
in 
the 
South 
Florida 
area 
including, 
but 
not 
limited 
to, 
transportation, gas and car maintenance. 

4. 
Expenses.
 
The Employer shall 
reimburse the 
Executive or 
otherwise provide 
for 
or pay 
for 
all reasonable 
expenses incurred 
by the 
Executive in 
furtherance of 
or 
in connection 
with the business 
of the Employer, including, but 
not by way 
of limitation, traveling 
expenses, and 
all 
reasonable 
entertainment 
expenses, 
subject 
to 
such 
reasonable 
documentation 
and 
other 
limitations as may be 
established by the Board 
of Directors of the 
Bank. 
If such expenses are 
paid 
in the first instance by the Executive, 
the Employer shall reimburse the Executive therefor. 
Such 
reimbursement shall 
be paid 
promptly by 
the Bank 
and in 
any event 
no later 
than March 
15
th
 
of 
the year immediately following the year in which such expenses were incurred. 
5. 
Termination. 
(a) 
The Employer shall 
have the 
right, at any 
time upon 
prior Notice of 
Termination, 
to terminate the Executive’s employment 
hereunder for any reason, including, without limitation, 
termination for Cause, Disability or Retirement, and 
the Executive shall have the right, upon 
prior 
Notice of Termination, to terminate his employment hereunder for any reason. 
(b) 
In the event that (i) the Executive’s employment is terminated by the Employer for 
Cause 
or 
(ii) 
the 
Executive 
terminates 
his 
employment 
hereunder 
other 
than 
for 
Disability, 
Retirement, death or Good 
Reason, the Executive 
shall have no 
right pursuant to 
this Agreement 
to compensation or other benefits for any period after the applicable Date of Termination. 
(c) 
In the event that the Executive’s employment is terminated as a result of Disability 
or Retirement, 
the Executive 
shall have 
no right 
pursuant to 
this Agreement 
to compensation 
or 
other benefits for any period after the applicable Date of Termination. 
(d) 
In the event that the Executive’s employment is terminated due to death during the 
term 
of 
this 
Agreement, 
the 
Executive 
shall 
have 
no 
right 
pursuant 
to 
this 
Agreement 
for 
compensation or other 
benefits for any 
period after the 
applicable Date of 
Termination 
except to 
pay to the Executive’s designated 
beneficiary (or estate or his personal representative, as the case 
may be, 
if no 
beneficiary has 
been designated) 
(i) 
that 
portion, 
if 
any, 
of 
the 
Base 
Salary 
that 
remains unpaid 
for the period 
prior 
to the 
date 
of his 
death, and 
(ii) a 
lump 
sum cash 
payment 
equal 
to 
one-half (1/2) 
of the 
Executive’s 
Base Salary, 
plus continuation 
of medical 
and 
dental 
benefits for his 
then spouse and/or 
dependents at the 
Bank’s expense for a period 
of six (6) 
months 
after the date of 
his death. 
Upon the Executive’s death, 
he shall vest 
in any outstanding 
unvested 
options 
granted under 
the 
Option 
Award 
pursuant 
to 
Section 
4(e) (and 
the 
terms 
of 
the 
awards 
granted under Section 4(e) shall so provide). 

 

Table 
of Contents
7 
(e) 
In 
the 
event 
that 
prior 
to 
a 
Change 
in 
Control 
the 
Executive’s 
employment 
is 
terminated 
by 
(i) 
the 
Employer 
for 
other 
than 
Cause, 
Disability, 
Retirement 
or 
the 
Executive’s 
death during the term of this Agreement or (ii) the Executive for Good Reason 
during the term of 
this Agreement, 
then the 
Employer shall, 
in consideration 
of the 
Executive’s agreements in 
Section 
7 below and subject 
to the provisions of Sections 5(g), 
5(h), 6, 18 and 19 
hereof, if applicable, pay 
to 
the 
Executive 
a 
cash 
severance 
amount 
equal 
to 
the 
aggregate 
of 
(A) 
one 
(1) 
times 
the 
Executive’s then current 
annual Base 
Salary and 
(B) the 
amount accrued 
with respect 
to the 
Annual 
Bonus for 
the year 
in which 
the termination 
occurs (the 
“Severance Payment”). 
The Severance 
Payment shall be paid 
in two installments. The 
first payment consisting of 
50% of the Severance 
Payment will be paid 
in a lump sum 
thirty (30) days following 
the later of the 
Date of Termination 
or the expiration of the revocation period provided for in the general release 
to be executed by the 
Executive pursuant to Section 
5(g) below with the 
remaining 50% of the 
Severance Payment to be 
paid in a lump sum within ten (10) 
days after the expiration of the Restricted Period as set 
forth in 
Section 7 hereof. 
In 
addition, 
the 
Executive 
shall 
receive continued medical and 
dental benefits 
as provided by the Bank from time 
to time for its 
employees, at 
the Bank’s expense, 
for the 
period 
of 
time 
equal 
to 
the 
shorter 
of 
one 
(1) 
year 
or 
the 
maximum 
period 
of 
COBRA 
continuation 
coverage provided 
under 
Section 
4980B(f) 
of 
the 
Code 
(with 
such 
coverage 
to 
be treated 
as 
COBRA coverage). 
With 
respect to 
the Bank’s 
payment of 
Executive’s 
COBRA 
expenses, 
the 
Bank 
will 
pay 
to 
the 
Executive 
an 
additional 
amount 
such that after 
payment by the 
Executive 
of all applicable local, state and federal 
income and 
payroll 
taxes 
imposed 
on 
him 
with 
respect 
to 
such 
additional 
amount, 
the Executive 
retains an 
amount equal 
to all 
applicable local, 
state 
and federal 
income and payroll taxes imposed upon him 
with respect to such COBRA payments. 

Such payment shall 
be made on or 
before March 15
th
 
following the close of 
the 
calendar year in 
which the COBRA 
payments were 
made. 
Except as provided 
herein, the Severance Payment 
shall 
be in lieu of, and not in addition to, any Base Salary or other compensation or benefits that would 
have been 
paid under 
Sections 3(a), 
3(b), 3(c) 
and 3(d) 
above in 
the absence 
of a 
termination of 
employment, and the 
Executive shall have 
no rights pursuant 
to this Agreement 
to any Base 
Salary 
or other benefits for any period 
after the applicable Date of Termination. 
The Executive’s right to 
severance under 
this Section 
5(e) shall 
be subject 
to the 
prior receipt 
of any 
required regulatory 
approval 
or 
non-objection 
if, 
as 
of 
the 
date 
of 
termination 
of 
the 
Executive’s 
employment, 
the 
Bank is deemed 
to be in “troubled 
condition” as defined in 
12 C.F.R. 303.101(c) (or any successor 
thereto). 
(f) 
In the 
event that 
concurrently with 
or within 
twelve (12) 
months subsequent 
to a 
Change in 
Control the 
Executive’s 
employment is 
terminated by 
(i) the 
Employer for 
other than 
Cause, Disability, 
Retirement or 
the Executive’s 
death during 
the term 
of this 
Agreement or 
(ii) 
the Executive 
for 
Good 
Reason during 
the 
term 
of this 
Agreement, then 
the Employer 
shall, 
in 
consideration of 
the Executive’s 
agreements in 
Section 7 
below and 
subject to 
the provisions 
of 
Sections 5(g), 
5(h), 6, 
18 and 
19 hereof, 
if applicable, 
pay to 
the Executive 
a cash 
severance amount 
equal to the aggregate 
of (A) 1.99 times 
the Executive’s 
then current annual Base 
Salary and (B) 
the amount accrued with respect to the 
Annual Bonus for the year in which 
the termination occurs 
(the 
“Enhanced 
Severance 
Payment”). 
The 
Enhanced 
Severance 
Payment 
shall 
be 
paid 
in 
two 
installments. 
The 
first 
payment 
consisting 
of 
50% 
of 
the 
Enhanced 
Severance 
Payment 
will 
be 
paid in a 
lump sum thirty 
(30) days following 
the later of 
the Date of 
Termination or the expiration 
of 
the 
revocation 
period 
provided 
for 
in 
the 
general 
release 
to 
be 
executed 
by 
the 
Executive 
pursuant to Section 5(g) below 
with the remaining 50% of 
the Enhanced Severance Payment to 
be 
paid in a lump sum within ten (10) 
days after the expiration of the Restricted Period as set 
forth in 
Section 7 hereof. 
In 
addition, 
the 
Executive 
shall 
receive continued medical and 
dental benefits 

 

Table 
of Contents
8 
as provided by the Bank from time 
to time for its 
employees, at 
the Bank’s expense, 
for the 
period 
of 
time 
equal 
to 
the 
shorter 
of 
eighteen 
(18) 
months 
or 
the 
maximum 
period 
of 
COBRA 
continuation coverage provided under 
Section 
4980B(f) 
of 
the 
Code 
(with 
such 
coverage 
to 
be 
treated 
as 
COBRA 
coverage). 
With 
respect 
to 
the 
Bank’s 
payment 
of 
Executive’s 
COBRA 
expenses, 
the 
Bank 
will 
pay 
to 
the 
Executive 
an 
additional 
amount 
such that after 
payment by 
the Executive of all applicable 
local, state and federal 
income and 
payroll 
taxes 
imposed 
on 
him 
with 
respect 
to 
such 
additional 
amount, 
the Executive retains an amount equal 
to all applicable 
local, state and federal 
income and payroll taxes imposed upon him with respect to such COBRA 
payments. 
Such payment 
shall be 
made on 
or before 
March 15
th
 
following the 
close of 
the 
calendar 
year 
in 
which 
the 
COBRA 
payments 
were 
made. 
Except 
as 
provided 
herein, 
the 
Enhanced 
Severance 
Payment 
shall 
be 
in 
lieu 
of, 
and 
not 
in 
addition 
to, 
any 
Base 
Salary 
or 
other 
compensation or benefits that 
would have been paid 
under Sections 3(a), 3(b), 
3(c) and 3(d) above 
in the absence of a termination of employment, and the Executive shall have no rights pursuant to 
this 
Agreement to 
any Base 
Salary or 
other benefits 
for any 
period 
after the 
applicable Date 
of 
Termination. 
The 
Executive’s 
right 
to 
severance under 
this 
Section 
5(f) shall 
be 
subject 
to the 
prior receipt of any required regulatory approval or non-objection if, 
as of the date of termination 
of the Executive’s employment, the Bank is deemed to be in 
“troubled condition” as defined in 12 
C.F.R. 303.101(c) (or any successor thereto). 
(g) 
The Executive’s 
right to 
receive 
the severance 
benefits 
set 
forth in 
Sections 
5(e) 
and 
5(f) 
above 
shall 
be 
conditioned 
upon 
the 
Executive’s 
execution 
of 
a 
general 
release 
which 
releases 
the 
Employer 
and 
their 
directors, 
officers 
and 
employees 
from 
any 
claims 
that 
the 
Executive 
may 
have 
under 
various 
laws 
and 
regulations 
and 
the 
expiration 
of 
any 
right 
the 
Executive may 
have to 
revoke such 
general release, with 
such revocation 
right not 
being exercised. 

If either the 
time period for 
paying the severance 
set forth in 
Sections 5(e) or 
5(f), as applicable, 
or the 
time period 
that the 
Executive has 
to consider 
the terms 
of the 
general release 
(including 
any 
revocation 
period 
under 
such 
release) 
commences 
in 
one 
calendar 
year 
and 
ends 
in 
the 
succeeding 
calendar 
year, 
then 
the 
severance 
payment 
set 
forth 
in 
Sections 
5(e) 
or 
5(f), 
as 
applicable, above shall not be paid until the succeeding calendar year. 
(h) 
If 
prior 
to 
the 
Executive’s 
receipt 
of 
the 
Severance 
Payment 
or 
the 
Enhanced 
Severance Payment set forth in Sections 5(e) or 
5(f), as applicable, respectively, 
above due to his 
termination 
of 
employment 
(including 
termination 
for 
Good 
Reason) 
while 
the 
Bank 
is 
(i) 
still 
subject to the Consent Order, 
as such order may be 
amended from time to time 
, 
or (ii) is deemed 
to 
be 
in 
“troubled 
condition” 
as 
defined 
in 
12 
C.F.R. 
§303.101(c) 
it 
is 
determined 
that 
the 
Executive (i) 
committed any 
fraudulent act 
or omission, breach 
of trust 
or fiduciary 
duty, or insider 
abuse with regard to the Employer 
that has had or is likely 
to have a material adverse effect on 
the 
Employer, (ii) is substantially responsible for the 
insolvency of, the appointment of a conservator 
or receiver for, 
or the 
troubled condition, 
as defined 
by applicable 
regulations of 
the appropriate 
federal 
banking 
agency, 
of 
the 
Employer, 
(iii) 
has 
materially 
violated 
any 
applicable federal 
or 
state banking 
law or 
regulation that 
has had 
or is 
likely to 
have a 
material adverse 
effect on 
the 
Employer, or 
(iv) has violated 
or conspired to 
violate Sections 
215, 656, 
657, 1005, 1006, 
1007, 
1014, 1302 
or 1344 
of Title 
18 of 
the United 
State 
Code, or 
Sections 1341 
or 1343 
of Title 
18 
affecting 
the 
Bank, 
then 
the 
Severance 
Payment 
or 
the 
Enhanced 
Severance 
Payment, 
as 
applicable, shall not be provided to the Executive. 
If it is determined after the Executive receives 
the Severance Payment or 
the Enhanced Severance Payment, 
as applicable, that any of 
the matters 
set forth 
in clauses 
(i) through 
(iv) of 
this Section 
5(h) are 
applicable to 
the Executive, 
then the 
Executive shall promptly (and in any event within ten (10) business days following written notice 

 

Table 
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9 
to the 
Executive) return 
an amount 
equal to 
the Severance 
Payment or 
the Enhanced 
Severance 
Payment, as applicable, to the Employer in immediately available funds. 
6. 
Limitation of 
Benefits under 
Certain Circumstances.
 
If the 
payment pursuant 
to 
Section 
5(f) 
hereof, 
either 
alone 
or 
together 
with 
other 
payments 
and 
benefits 
which 
the 
Executive 
has 
the 
right 
to 
receive 
from 
the 
Employer, 
would 
constitute 
a 
“parachute 
payment” 
under Section 
280G of 
the Code, 
then the 
amount payable 
by the 
Employer pursuant 
to Section 
5(d) 
hereof 
shall 
be 
reduced 
by 
the 
minimum 
amount 
necessary 
to 
result 
in 
no 
portion 
of 
the 
amount 
payable 
by 
the 
Employer 
under 
Section 
5(f) 
being 
non-deductible 
to 
the 
Employer 
pursuant to Section 280G 
of the Code and 
subject to the excise tax 
imposed under Section 4999 of 
the Code. 
The determination of 
any reduction in 
the amount payable 
pursuant to Section 
5(d) shall 
be based 
upon the 
opinion of 
independent tax 
counsel selected 
by the 
Employer and 
paid for 
by 
the Employer. 
Such counsel 
shall promptly 
prepare the 
foregoing opinion, 
but in 
no event 
later 
than ten 
(10) days 
from the 
Date of 
Termination, and may 
use such 
actuaries as 
such counsel 
deems 
necessary or advisable for 
the purpose. 
Nothing contained herein shall 
result in a reduction of 
any 
payments 
or 
benefits 
to 
which 
the 
Executive 
may 
be 
entitled 
upon 
termination 
of 
employment 
under any 
circumstances other 
than as 
specified in 
this Section 
6, or 
a reduction 
in the 
payment 
specified in Section 5(f) below zero. 
7. 
Restrictive Covenants 
(a) 

Trade Secrets
. The Executive acknowledges 
that he has had, 
and will have, access 
to 
confidential 
information 
of 
the 
Bank 
(including, 
but 
not 
limited 
to, 
current 
and 
prospective 
confidential 
know-how, 
customer 
lists, 
marketing 
plans, 
business 
plans, 
financial 
and 
pricing 
information, and 
information regarding 
acquisitions, mergers and/or 
joint ventures) 
concerning the 
business, customers, 
contacts, prospects, 
and assets 
of the 
Bank that 
is unique, 
valuable and 
not 
generally known outside the Bank , and that was obtained from the Bank or which was learned as 
a result of the performance of 
services by the Executive on 
behalf of the Bank (“Trade 
Secrets”). 
Trade Secrets shall not include any information 
that: (i) is now, 
or hereafter becomes, through no 
act or 
failure to act 
on the part 
of the Executive 
that constitutes a 
breach of 
this Section 7, 
generally 
known or available to the 
public; (ii) is known to 
the Executive at the time 
such information was 
obtained 
from 
the 
Bank; 
(iii) 
is 
hereafter 
furnished 
without 
restriction 
on 
disclosure 
to 
the 
Executive by 
a third 
party, 
other than 
an 
employee or 
agent of 
the 
Bank, 
who is 
not under 
any 
obligation of confidentiality to the Bank or an 
Affiliate; (iv) is disclosed with the written approval 
of 
the 
Bank; 
or 
(v) 
is 
required 
to 
be 
disclosed 
or 
provided 
by 
law, 
court 
order, 
order 
of 
any 
regulatory agency 
having jurisdiction 
or similar 
compulsion, including 
pursuant to 
or in 
connection 
with 
any 
legal 
proceeding 
involving 
the 
parties 
hereto; 
provided 
however, 
that 
such 
disclosure 
shall be limited 
to the extent so 
required or compelled; and 
provided further, 
however, that 
if the 
Executive is 
required to 
disclose such 
confidential information, 
he shall 
give the 
Bank notice 
of 
such 
disclosure 
and 
cooperate 
in 
seeking 
suitable 
protections. 
Other 
than 
in 
the 
course 
of 
performing services 
for the 
Bank, the 
Executive will 
not, at 
any time, 
directly or 
indirectly use, 
divulge, furnish 
or make 
accessible to 
any person 
any Trade Secrets, 
but instead 
will keep 
all Trade 
Secrets strictly 
and absolutely 
confidential. The Executive 
will deliver 
promptly to 
the Bank , 
at 
the termination 
of his 
employment or 
at any 
other time 
at the 
request of 
the Employer, 
without 
retaining 
any 
copies, 
all 
documents 
and 
other 
materials 
in 
his 
possession 
relating, 
directly 
or 
indirectly, to any Trade 
Secrets. 

 

Table 
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10 
(b) 
Non-Competition
. If the Executive’s employment is 
terminated during the term 
of 
this Agreement for Cause or without Cause, before or after a Change in Control, or the Executive 
terminates his employment hereunder other than for Disability during 
the term of the Agreement, 
then for a 
period of twelve 
(12) months after 
termination of employment (the 
“Restricted Period”), 
the Executive 
will not, 
directly or 
indirectly, 
(i) become 
a director, 
officer, 
employee, principal, 
agent, shareholder, consultant 
or independent 
contractor of 
any insured 
depository institution, trust 
company or parent holding company 
of any such institution 
or company or other entity 
engaging 
in the banking business which 
has an office in the State of 
Florida (“Competing Business”); (ii) as 
agent 
or 
principal, 
carrying 
on 
or 
engaging 
in 
any 
activities 
or 
negotiations 
with 
respect to 
the 
acquisition 
or 
disposition 
of 
a 
Competing 
Business; 
(iii) 
extending 
credit 
for 
the 
purpose 
of 
establishing or operating a Competing Business; (iv) lending or allowing the Executive’s name or 
reputation to be used in 
a Competing Business; and 
(v) otherwise allowing the 
Executive’s 
skill, 
knowledge or 
experience 
to 
be 
used 
in 
a 
Competing Business. 
Notwithstanding 
the 
foregoing, 
nothing 
in 
this 
Agreement 
shall 
prevent 
the 
Executive 
from 
owning 
for 
passive 
investment 
purposes not 
intended to 
circumvent this 
Agreement, less 
than five 
percent (5%) 
of the 
publicly 
traded 
voting 
securities 
of 
any 
company 
engaged 
in 
the 
banking, 
financial 
services 
or 
other 
business similar 
to or 
competitive with 
the Employer 
(so long 
as the 
Executive has 
no power 
to 
manage, operate, advise, consult with 
or control the competing enterprise and 
no power, alone 
or 
in conjunction with 
other affiliated parties, 
to select a 
director, manager, general partner, or similar 
governing 
official 
of 
the 
competing 
enterprise 
other 
than 
in 
connection 
with 
the 
normal 
and 
customary 
voting 
powers 
afforded 
the 
Executive 
in 
connection 
with 
any 
permissible 
equity 
ownership). 

(c) 
Non-Solicitation of Employees.
 
During the Restricted Period, without the written 
consent of 
the Bank, 
the Executive 
shall not, 
directly or 
indirectly, solicit, induce 
or hire, 
or attempt 
to solicit, induce 
or hire, any 
current employee of 
the Employer, 
or any individual 
who becomes 
an employee 
during the 
Restricted Period, 
to leave 
his or 
her employment 
with the 
Employer or 
join 
or 
become 
affiliated 
with 
any 
other 
business 
or 
entity, 
or 
in 
any 
way 
interfere 
with 
the 
employment relationship between any employee and the Employer. 
(d) 
Non-Solicitation of Customers
. During the Restricted Period, without the written 
consent of the Bank, the Executive shall not, directly or 
indirectly, solicit 
or induce, or attempt to 
solicit 
or 
induce, 
any 
customer, 
any 
person 
being 
then 
solicited 
by 
the 
Bank 
to 
be 
a 
customer, 
lender, 
supplier, 
licensee, 
licensor 
or 
other 
business 
relation 
of 
the 
Employer 
to 
terminate 
its 
relationship or contract 
with the Employer, 
to cease doing business 
with the Employer, 
or in any 
way 
interfere 
with 
the 
relationship 
between 
any 
such 
customer, 
lender, 
supplier, 
licensee 
or 
business relation 
and the 
Employer (including 
making any 
negative or 
derogatory statements 
or 
communications concerning the Employer or its directors, officers or employees). 
(e) 
Intellectual 
Property
. 
Employee 
will 
disclose 
to 
Employer 
all 
work, 
products 
including ideas, 
inventions, literary 
property, 
music, lyrics, 
scripts, themes, 
slogans, titles, 
copy, 
art 
and 
any 
other 
relevant 
material 
which 
could 
reasonably 
be 
used 
by 
Employer 
or 
any 
of 
its 
clients (herein collectively 
called "Intellectual Property") 
which he may 
create any time 
during the 
term 
of 
employment, 
whether 
created 
during 
or 
after 
working 
hours. 
Employer 
and 
Employee 
agree 
that 
all 
Intellectual 
Property 
shall 
be 
deemed 
to 
be 
"works 
made 
for 
hire" 
and 
the 
sole 
property of 
Employer. 
Employee 
agrees 
to 
execute 
and 
deliver 
all 
documents 
which 
Employer 

 

Table 
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11 
may deem 
necessary or 
advisable in 
order 
to confirm 
such ownership 
or 
to 
register 
Intellectual 
Property in 
the name 
of Employer 
or any 
of its 
clients in 
the United 
States and 
all foreign 
countries. 
(f) 
Non-Disparagement. 
The Executive agrees that he 
shall not make, or cause 
to be 
made, any 
disparaging or 
critical remarks, 
comments or 
statements about 
or against 
the Bank 
or 
its subsidiaries 
or affiliates 
or any director, 
officer, 
employee or customer 
of any such 
entities at 
any time in 
the future, except 
for any statements 
by him made 
pursuant to lawful 
subpoena or legal 
process. Executive 
acknowledges that 
the Employer’s 
reputation and 
image in 
the market 
is one 
of 
its 
principal 
assets 
and 
that 
Employer 
has 
expended 
substantial 
time, 
effort 
and 
money 
in 
building this reputation and image and that, accordingly, any action or comment by the Executive 
which 
is 
damaging 
to 
or 
in 
any 
way 
diminishes 
such 
image 
or 
reputation 
will 
cause 
Employer 
irreparable injury. 
(g) 
Irreparable 
Harm
. 
The 
Executive 
acknowledges 
that: 
(i) 
the 
Executive’s 
compliance with Section 7 
of this Agreement is 
necessary to preserve and 
protect the proprietary 
rights, Trade Secrets, and the goodwill of the Employer as a going concern, 
and (ii) any failure by 
the 
Executive 
to 
comply 
with 
the 
provisions 
of 
this 
Agreement 
will 
result 
in 
irreparable 
and 
continuing injury 
for which 
there will 
be no 
adequate remedy 
at law. In 
the event 
that the 
Executive 
fails to comply with the 
terms and conditions of this 
Agreement, the obligations of the 
Employer 
to pay the severance benefits set forth in 
Section 5 shall cease, and the 
Employer will be entitled, 
in addition 
to other 
relief that 
may be 
proper, 
to all 
types of 
equitable relief 
(including, but 
not 
limited to, the issuance of an injunction and/or temporary restraining order and the recoupment of 
any severance previously paid) that 
may be necessary to 
cause the Executive to 
comply with this 
Agreement, to restore to the Employer their property, and to make the Employer whole. 
(h) 
Survival.
 
The provisions set 
forth in this Section 
7 shall survive termination 
of this 
Agreement. 
(i) 
Scope Limitations
. If 
the scope, 
period of 
time or 
area of 
restriction specified 
in 
this Section 7 are or would be judged to be 
unreasonable in any court proceeding, then the period 
of 
time, 
scope 
or 
area 
of 
restriction 
will 
be 
reduced 
or 
limited 
in 
the 
manner and 
to 
the 
extent 
necessary to make 
the restriction reasonable, so 
that the restriction 
may be enforced in 
those areas, 
during the period of time and in the scope that are or would be judged to be reasonable. 
8. 
Mitigation; Exclusivity of Benefits.
(a) 
The 
Executive 
shall 
not 
be 
required 
to 
mitigate 
the 
amount 
of 
any 
benefits 
hereunder by 
seeking other 
employment or 
otherwise, nor 
shall the 
amount of 
any such 
benefits 
be reduced 
by any 
compensation earned 
by the 
Executive as 
a result 
of employment 
by another 
employer after the Date of Termination or otherwise. 
(b) 
The specific arrangements referred to herein 
are not intended to exclude 
any other 
benefits 
which 
may 
be 
available 
to 
the 
Executive 
upon 
a 
termination 
of 
employment 
with 
the 
Employer pursuant to employee benefit plans of the Employer or otherwise. 
9. 
Withholding.
 
All payments required 
to be made by 
the Employer hereunder 
to the 
Executive shall 
be subject 
to the 
withholding 
of 
such amounts, 
if 
any, 
relating 
to tax 
and 
other 

 

Table 
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12 
payroll deductions as the Employer 
may reasonably determine should be 
withheld pursuant to any 
applicable law or regulation. 
10. 
Assignability.
 
The Bank may assign this Agreement and 
its rights and obligations 
hereunder in whole, but not in part, to any corporation, bank or 
other entity with or into which the 
Bank may hereafter merge or 
consolidate or to which the 
Bank may transfer all or 
substantially all 
of its respective assets, if 
in any such case said 
corporation, bank or other entity shall 
by operation 
of law 
or expressly 
in writing 
assume all 
obligations of 
the Employer 
hereunder as 
fully as 
if it 
had 
been 
originally 
made 
a 
party 
hereto, 
but 
may 
not 
otherwise 
assign 
this 
Agreement 
or 
their 
rights and obligations hereunder. 
The Executive may not assign 
or transfer this Agreement or 
any 
rights or obligations hereunder. 
11. 
Notice.
 
For the purposes of this Agreement, notices and all other communications 
provided for 
in this 
Agreement shall 
be in 
writing and 
shall be 
deemed to 
have been 
duly given 
when delivered or mailed 
by certified or registered 
mail, return receipt requested, 
postage prepaid, 
addressed to the respective addresses set forth below: 
 
To the Bank: 
Chairman of the Board 
 
U.S. Century Bank
 

2301 N.W. 
87
th
 
Avenue 
 
Doral, Florida 33172 
 
To the Executive: 
Luis de la Aguilera 
 
At the address last appearing on 

the personnel records of the Employer 
12. 
Amendment; Waiver.
 
No provisions of 
this Agreement may 
be modified, waived 
or discharged unless 
such waiver, 
modification or discharge 
is agreed to 
in writing signed 
by the 
Executive and such officer or officers as may be specifically 
designated by the Board of Directors 
of the Employer to sign on their behalf. 
No waiver by any party hereto at any time of 
any breach 
by any other party hereto of, or compliance with, any condition or provision of this Agreement to 
be performed by such 
other party shall be 
deemed a waiver 
of similar or 
dissimilar provisions or 
conditions at the same or at any prior or subsequent time. 
13. 
Governing Law.
 
The validity, interpretation, construction 
and performance 
of this 
Agreement shall be governed by the laws of the 
United States where applicable and otherwise by 
the substantive laws of the State of Florida. 
14. 
Nature 
of 
Obligations.
 
Nothing 
contained 
herein 
shall 
create 
or 
require 
the 
Employer to create a trust of any 
kind to fund any benefits which may 
be payable hereunder, 
and 
to the extent that the 
Executive acquires a right to receive 
benefits from the Employer hereunder, 
such right shall be no greater than the right of any unsecured general creditor of the Employer. 
15. 
Headings.
 
The 
section 
headings 
contained 
in 
this 
Agreement 
are 
for 
reference 
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

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13 
16. 
Validity.
 
The 
invalidity 
or 
unenforceability 
of 
any 
provision 
of 
this 
Agreement 
shall not affect 
the validity 
or enforceability 
of any 
other provisions of 
this Agreement, 
which shall 
remain in full force and effect. 
17. 
Counterparts.
 
This Agreement 
may be 
executed in 
one or 
more counterparts, 
each 
of which 
shall be 
deemed to 
be an 
original but 
all of 
which together 
will constitute 
one and 
the 
same instrument. 
18. 
Regulatory Actions.
 
The following 
provisions shall 
be applicable 
to the 
parties 
hereto or any 
successor thereto, and 
shall be 
controlling in 
the event of 
a conflict with 
any other 
provision of this Agreement, including without limitation Section 5 hereof. 
(a) 
If 
the 
Executive 
is 
suspended 
from 
office 
and/or 
temporarily 
prohibited 
from 
participating in the 
conduct of the 
Bank’s 
affairs pursuant 
to notice served 
under Section 8(e)(3) 
or 
Section 
8(g)(1) 
of 
the 
Federal 
Deposit 
Insurance 
Act 
(“FDIA”)(12 
U.S.C. 
§§1818(e)(3) 
and 
1818(g)(1)), 
the 
Bank’s 
obligations 
under 
this 
Agreement 
shall 
be 
suspended 
as 
of 
the 
date 
of 
service, unless stayed 
by appropriate proceedings. 
If the charges 
in the notice 
are dismissed, the 
Bank will: 
(i) pay 
the 
Executive 
all or 
part 
of 
the 
compensation 
withheld 
while its 
obligations 
under this Agreement were suspended, 
and (ii) reinstate (in whole 
or in part) any of 
its obligations 
which were suspended. 
(b) 
If 
the 
Executive 
is 
removed 
from 
office 
and/or 
permanently 
prohibited 
from 
participating 
in 
the 
conduct 
of 
the 
Bank’s 
affairs 
by 
an 
order 
issued 
under 
Section 
8(e)(4) 
or 
Section 8(g)(1) of 
the FDIA (12 
U.S.C. §§1818(e)(4) and 
(g)(1)), all obligations 
of the Bank 
under 
this 
Agreement 
shall 
terminate 
as 
of 
the 
effective 
date 
of 
the 
order, 
but 
vested 
rights 
of 
the 
Executive and the Bank as of the date of termination shall not be affected. 
(c) 
If 
the 
Bank 
is 
in 
default, 
as 
defined 
in 
Section 
3(x)(1) 
of 
the 
FDIA 
(12 
U.S.C. 
§1813(x)(1)), all 
obligations 
under this 
Agreement 
shall terminate 
as of 
the 
date of 
default, 
but 
vested rights of the Executive and the Bank as of the date of termination shall not be affected. 
19. 
Regulatory Prohibition.
 
Notwithstanding any other provision of 
this Agreement 
to the contrary, any payments made to 
the Executive pursuant to this 
Agreement, or otherwise, are 
subject 
to 
and 
conditioned 
upon 
their 
compliance 
with 
Section 
18(k) 
of 
the 
FDIA 
(12 
U.S.C. 
§1828(k)) and 12 C.F.R. Part 359. 
20.
Arbitration. 
Any controversy or claim 
arising out of or 
relating to this 
Agreement, 
or the 
breach thereof, 
shall be 
settled by 
arbitration before a 
single arbitrator 
in accordance 
with 
the 
rules 
then 
existing 
under 
the 
Employment 
Dispute 
Resolution 
Rules 
of 
the 
American 
Arbitration Association (“AAA”) 
conducted at the 
district office of 
the AAA located 
nearest to the 
home 
office 
of 
the 
Bank, 
and 
judgment 
upon 
the 
award 
rendered 
may 
be 
entered 
in 
any 
court 
having 
jurisdiction 
thereof, 
except 
to 
the 
extent 
that 
the 
parties 
may 
otherwise 
reach 
a 
mutual 
settlement of such issue. 
Each party to the arbitration shall bear its own expenses. 
21. 
Entire Agreement.
 
This Agreement 
embodies the 
entire agreement 
between the 
Employer 
and 
the 
Executive 
with 
respect 
to 
the 
matters 
agreed 
to 
herein. 
All 
prior 
agreements 
between the Employer 
and the 
Executive with 
respect to the 
matters agreed to 
herein are 
hereby 
superseded and shall have no force or effect. 

 

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14 
IN WITNESS 
WHEREOF, 
this Agreement 
has been 
executed as 
of the 
date first 
written 
above. 
 

U.S. CENTURY BANK
 
By: 
 

 

EXECUTIVE
 
By:

 

 

Table 
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A-1 
Exhibit A 
The financial targets constituting “Cause” under Section 1(b)(iv): 
1.
For the fiscal year 
ended December 31, 2017 and 
each fiscal year thereafter, the Bank fails 
to earn an annual return on average assets of in excess of .50%; 
2.
As 
of 
December 
31, 
2017 
and 
each 
quarter 
thereafter, 
the 
Bank’s 
total 
nonperforming 
assets exceeds 
an average 
of 2.0% 
of total 
assets. 
For purposes 
of the 
calculation of 
the 
ratio of nonperforming assets, 
the Bank shall calculate 
the nonperforming asset ratio 
on a 
trailing nine-month 
basis using 
the nonperforming 
assets and 
total asset 
amounts for 
the 
quarter in question and the two prior quarters.exhibit103

 

 

Table 
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Exhibit 10.3 
FIRST AMENDMENT TO EMPLOYMENT 
AGREEMENT 
This 
First 
Amendment 
to 
Employment 
Agreement 
(“Amendment”) 
is 
made 
by 
and 
between 
Luis 
de 
la 
Aguilera 
(“EMPLOYEE”) 
and 
U.S. 
Century 
Bank 
(“EMPLOYER”), 
as 
follows. 
EMPLOYEE 
and 
EMPLOYER 
are 
referred 
to 
collectively 
in 
this 
Amendment 
as 
the 
“Parties.” 
Recitals: 
A.
On 
April 
16, 
2016, 
EMPLOYEE 
and 
EMPLOYER 
entered 
into 
an 
Employment 
Agreement (the “Employment Agreement”) in 
connection with EMPLOYEE’s 
employment with 
EMPLOYER. 
B.
Paragraph 
2(a) 
of 
the 
Employment 
Agreement 
provides 
that 
the 
Initial 
Term 
of 
the 
Agreement is for 
three years, or 
from April 16, 
2016 through and 
including April 16, 
2019 (“Initial 
Term Expiration Date”), unless extended in accordance with said Paragraph 2(a). 
C.
EMPLOYER and EMPLOYEE would like to 
extend the Initial Term Expiration Date. 
Now Therefore, 
in consideration of the mutual covenants in this 
Amendment, and other good 
and 
valuable 
consideration, 
the 
receipt 
and 
sufficiency 
of 
which 
are 
hereby 
acknowledged, 
the 
Parties Hereby Agree as Follows: 
1.
Extension 
of 
Initial 
Term 
Expiration 
Date. 
The 
Parties 
agree 
that 
the 
Initial 
Term 
Expiration Date is extended to June 1, 2019. 
2.
Agreement 
Remains Effective. 
The Agreement 
remains in 
full force 
and effect 
and has 
been modified by this Amendment only as stated expressly in this Amendment. 
3.
Effective 
Date 
and 
Counterparts. 
This 
Agreement 
may 
be 
made 
effective 
by 
the 
execution and delivery, 
personally or by email, of separate 
identical counterpart documents, each 
of which shall be deemed to be an original and which, taken together, shall 
constitute one and the 
same instrument. 
The Foregoing is Agreed to and 
Accepted By:

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