Document:

exv10w42

Exhibit 10.42

			
	 	 	 
	$750,000.00
	 	Date: June 13, 2006

PROMISSORY NOTE

     FOR VALUE RECEIVED, The Tarheel Group, Inc. (the “Borrower”) promises to pay to SunCoast
Holdings, Inc. (the “Lender”) at 401 E. Las Olas Blvd., Suite 1540, Ft. Lauderdale, FL 33301, or at
such other place as the Lender may direct, the sum of Seven Hundred Fifty Thousand Dollars
($750,000.00) (the “Principal Amount”), in United States currency, together with interest at the
time and in the amounts provided herein.

     This Note is the promissory note of Borrower, issued pursuant to agreement between the
Borrower and the Lender. This Note shall be non-negotiable.

	1.	 	Interest. The unpaid portion of the Principal Amount shall bear interest (“Interest”)
computed from the date hereof, at one percent (1%) above the Prime Rate as set forth from time
to time in The Wall Street Journal on a per annum basis as of the date set forth
above, compounded annually, calculated on the basis of a 365-day year.
	 
	2.	 	Repayment Date. The Principal Amount of this Note, together with Interest accrued
thereon, shall be due and payable five (5) years after the date set forth above, that is to
say June 13, 2011. Interest shall be payable monthly and the Principal Amount shall be repaid
in its entirety on said June 13, 2011.
	 
	3.	 	Personal Guarantee. This promissory note shall be guaranteed personally by Steven M.
Mariano who guarantees the prompt, full and complete performance of any and all present and
future duties, obligations and indebtedness, up to a limit of $750,000 in addition to all
interest charges, under the terms of this Promissory Note.
	 
	4.	 	Prepayment. This Note may be prepaid, at the option of the Borrower, in whole or in
part, at any time or from time to time, without premium or penalty. Any such payment shall be
applied first to payment of Interest accrued and unpaid, and then to payment of the Principal
Amount outstanding and unpaid.
	 
	5.	 	Events of Default. The occurrence of any of the following shall, at the option of the
Lender, constitute an Event of Default:

	 	A.	 	Voluntary Liquidation, Rehabilitation, Receivership, Bankruptcy, Etc. If
the Borrower makes an assignment for the benefit of creditors; or if any action is
brought by or against the Borrower seeking its liquidation, rehabilitation or
receivership under applicable bankruptcy laws; or its dissolution or liquidation of its
assets or seeking the appointment of a trustee, interim trustee, receiver or other
custodian for any of the Borrower’s property; or the Borrower commences a voluntary case
under the Federal Bankruptcy Code; or if any reorganization or

 

 

	 	 	 	arrangement proceeding is instituted by the Borrower for the settlement, readjustment,
composition or extension of any of its debts upon any terms; or if any action or
petition is otherwise brought by or against the Borrower seeking similar relief or
alleging that it is insolvent or unable to pay its debts as they mature;
	 
	 	B.	 	Involuntary Liquidation, Rehabilitation, Receivership, Bankruptcy, Etc. If
any action is brought against the Borrower seeking its liquidation, rehabilitation or
receivership under applicable bankruptcy laws; or seeking the dissolution of the Borrower
or liquidation of the Borrower’s assets or seeking the appointment of a trustee, interim
trustee, receiver or other custodian for any of its property; and such action is
consented to or acquiesced in by the Borrower, or is not dismissed, vacated or stayed
within ninety (90) days of the date upon which it was instituted; or if any proceeding
under the Federal Bankruptcy Code is instituted against the Borrower and (i) an Order for
relief is entered in such proceeding, or (ii) such proceeding is consented to or
acquiesced in by the Borrower or is not dismissed, vacated or stayed within ninety (90)
days of the date upon which it was instituted; or if any reorganization or arrangement
proceeding is instituted against the Borrower for the settlement, readjustment,
composition or extension of any of its debts upon any terms, and such proceeding is
consented to or acquiesced in by the Borrower or is not dismissed, vacated or stayed
within ninety (90) days of the date upon which it was instituted; or if any action or
petition is otherwise brought against the Borrower seeking similar relief or alleging
that it is insolvent, unable to pay its debts as they mature or generally not paying its
debts as they become due, and such action or petition is consented to or acquiesced in by
the Borrower or is not dismissed, vacated or stayed within ninety (90) days of the date
upon which it was brought; or
	 
	 	C.	 	Failure to Make Punctual Payment, Failure of the Borrower to punctually
make payment of any amount payable hereunder to the Lender, whether of the Principal
Amount or Interest thereon, within ten (10) days of the date the same becomes due and
payable, whether at maturity or by acceleration.

	6.	 	Acceleration and Other Remedies. Upon the occurrence of an Event of Default, as
defined above:

	 	A.	 	Any of the obligations hereunder may, at the option of the Lender and without
presentment, demand, notice or protest of any kind (all of which are hereby expressly
waived), be declared due and payable, whereupon such obligations shall become due and
payable;
	 
	 	B.	 	The Lender may, at its option, and without notice or demand of any kind, exercise
from time to time any and all rights and remedies available to it under applicable law or
in equity; or
	 
	 	C.	 	The Borrower shall pay all costs and expenses (including reasonable attorneys‘
fees) incurred by the Lender in enforcing its rights hereunder after maturity or

PROMISSORY NOTE

Page 2

 

 

	 	 	 	acceleration hereof. In the event any claim under this Note is referred to an attorney
for collection, or collected by or through an attorney at law, the Borrower will be
liable to the Lender for all expenses incurred in seeking to collect the obligations or
monies or to enforce its rights hereunder, including, without limitation, reasonable
attorneys’ fees.

	7.	 	Waiver. The Borrower hereby waives presentment, demand, protest, notice of dishonor
and notice of default.
	 
	8.	 	Governing Law. The Borrower agrees that this Note shall be governed and construed in
accordance with the laws of the State of Florida.
	 
	9.	 	Headings. The headings contained herein are solely for the convenience of the parties
and shall be given no effect in the interpretation and construction of this Note.

     DATED this 13 day of June, 2006

	 	 	 	 	 
	 	The Tarheel Group, Inc.

 	 
	 	By:  	
 	 
	 	 	Steven M. Mariano, 	 
	 	 	Chief Executive Officer 	 
	 

PROMISSORY NOTE

Page 3exv10w43

Exhibit 10.43

PERSONAL GUARANTEE

     THIS GUARANTEE dated this 13 day of June, 2006.

From: Steven M. Mariano of 5212 Fisher Island, Miami, FL33109 (The “Guarantor”)

	To: SunCoast Holdings, Inc. of 401 E. Las Olas Blvd., Suite 1540, Ft. Lauderdale, FL 33301 (The “Lender”)
	 
	Re: The Tarheel Group, Inc. (The “Debtor”)

     IN CONSIDERATION OF the Lender extending a loan of seven hundred fifty thousand dollars
($750,000) to the Debtor plus other valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Guarantor personally guarantees the prompt, full and complete performance
of any and all present and future duties, obligations and indebtedness (the “Debt”) due to the
Lender by the Debtor, up to a limit of $750,000, under the terms of the June 13, 2006 Promissory
Note signed by Debtor (the “Agreement”) and under the following terms and conditions:

	 	1.	 	The Guarantor guarantees that Debtor will promptly pay the full amount of principal
and interest of the Debt as and when the same will, in any manner, be or become due,
either according to the terms and conditions provided by the Agreement or upon
acceleration of the payment under the Agreement by reason of a default;
	 
	 	2.	 	The Guarantor agrees not to pledge, hypothecate, mortgage, sell or otherwise
transfer all or substantially all of Guarantor’s assets without the prior written consent
of the Lender;
	 
	 	3.	 	To the extent permitted by law, the Guarantor waives all defenses,
counterclaims or offsets that are legally available to the Guarantor with
respect to the payment of the Debt of Debtor; and
	 
	 	4.	 	Debtor will pay Guarantor, as a service fee for personally guaranteeing this loan,
nine thousand one hundred sixty-one (9,161) shares of SunCoast Common A shares currently
held by Debtor.

     This Personal Guarantee shall be construed exclusively in accordance with, and governed by,
the laws of the State of Florida. Any dispute arising hereunder may only be brought within the
State Courts of the State of Florida. This Personal Guarantee embodies the entire promise of
Guarantor to personally guarantee Debtor’s Debt and supersedes all prior agreements and
understandings relating to the subject matter here, whether oral or in writing. This Personal
Guarantee may not be assigned or transferred without a written document, signed by the Guarantor,
Debtor, and Lender, permitting such assignment or transfer.

     Dated this 13 day of June, 2006

	 	 	 	 	 
	 	 	 
	 	  	 
 	 
	 	 	Steven M. Marianoexv10w44

Exhibit 10.44

CONTRIBUTION AGREEMENT

     This CONTRIBUTION AGREEMENT (this “Agreement”) is made as of April 20, 2007, by and
between Steven M. Mariano, an individual residing in the State of Florida (“Mariano”), and
SunCoast Holdings, Inc., a Delaware corporation (“SunCoast”).

     WHEREAS, Mariano currently owns 100,000 shares of common stock, par value $0.01 per share
(collectively, the “Shares”), of Patriot Risk Management of Florida, Inc., a Delaware
corporation (the “PRMFI”);

     WHEREAS, PRMFI has one wholly owned subsidiary, Patriot Insurance Management Company, Inc.
(“PIMC”), which engages in the business of providing services for insurance;

     WHEREAS PRMFI is the sole shareholder of PIMC;

     WHEREAS, SunCoast previously considered acquiring PRMFI and its subsidiary in order to enhance
SunCoast’s current lines of business and Mariano previously considered transferring PRMFI and its
subsidiary to SunCoast, but the parties never consummated a transaction; and

     WHEREAS, Mariano and SunCoast have determined the contribution of PRMFI to SunCoast will
enhance the business of both SunCoast and PRMFI by, among other things, allowing both companies to
take advantage of synergies from the combination of the businesses, allowing Mariano to focus his
full-time attention to the combined businesses and satisfying third party covenants relating to
related party transactions.

     NOW, THEREFORE, for good an valuable consideration, the receipt and sufficiency of which is
hereby acknowledged and agreed, the parties hereto, intending to be legally bound, hereby agree as
follows:

	1.	 	Contribution of the Shares.

     1.1 General. On the terms and subject to the conditions set forth in this Agreement
and upon the representations and warranties made herein by each of the parties to the other, on the
date hereof, Mariano hereby contributes, conveys, assigns, transfers and delivers to SunCoast the
Shares, and SunCoast hereby accepts and acquires the Shares.

     1.2 Delivery of Documents. On the date hereof, Mariano shall deliver or cause to be
delivered to SunCoast a certificate or certificates representing the Shares registered in his name,
duly endorsed (or accompanied by a duly executed stock power in the form attached hereto as Exhibit
A).

	2.	 	Representations and Warranties.

     2.1 Representations of Mariano. Mariano hereby represents and warrants to SunCoast as
follows:

 

 

          (a) Authority. This Agreement has been duly executed by Mariano and constitutes the
legal, valid and binding obligation of Mariano enforceable against Mariano in accordance with its
terms, except as to the enforceability thereof as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and general equitable principles.

          (b) No Conflicts or Violation. None of the execution, delivery or performance of this
Agreement, the consummation of the transactions contemplated hereby or compliance by Mariano with
any provisions hereof, will (i) violate (with or without the giving of notice or the lapse of time
or both), conflict with, or result in any violation of or default under, any agreement, indenture
or other instrument to which Mariano or PRMFI is a party or may be bound, (ii) violate any
judgment, decree, order or award of any court, governmental body or other authority to which
Mariano or PRMFI is subject or (iii) violate any statute, regulation, ordinance or code of any
foreign, federal, state or local government or other governmental department or agency.

          (c) No Consents Required. No application, notice, order, registration, qualification,
waiver, consent, approval or other action (collectively “Consent”) is required to be filed,
given, obtained or taken by virtue of the execution, delivery and performance of this Agreement by
Mariano or the consummation of the transactions contemplated hereby by Mariano.

          (d) Shares. Mariano is the record and beneficial owner of the Shares, with good and
marketable title thereto, free and clear of all liens, claims, charges, pledges, proxies,
restrictions, preemptive rights, security interests, or any encumbrance whatsoever, and, except as
provided in this Agreement, there are no outstanding purchase agreements, options, warrants or
other rights of any kind whatsoever entitling any person to purchase an interest in any Shares or
restricting the transfer if the Shares.

          (e) Capitalization. As of the date hereof and immediately prior to Mariano’s
contribution of the Shares to SunCoast, the authorized capital stock of PRMFI consists of 100,000
shares of common stock, par value $0.01 per share, of which 100,000 shares are issued and
outstanding, all of which are owned by Mariano. There are no outstanding subscriptions, options,
convertible securities, rights (preemptive or otherwise), warrants, calls or agreements relating to
any shares of capital stock of the PRMFI. As of the date hereof, the authorized capital stock of
PIMC consists of 100 shares of common stock, par value $0.01 per share, of which 100 shares are
issued and outstanding all of which are owned by PRMFI. There are no outstanding subscriptions,
options, convertible securities, rights (preemptive or otherwise), warrants, calls or agreements
relating to any shares of capital stock of the PIMC.

          (f) Recitals. The facts stated in the recitals to this Agreement are accurate.

     2.2 Representations of SunCoast. SunCoast hereby represents and warrants to Mariano as
follows:

          (a) Authority. SunCoast has all necessary power and authority to execute and deliver
this Agreement and to perform the obligations to be performed by SunCoast hereunder.

Contribution Agreement

Page 2

 

 

The execution, delivery and performance of this Agreement by SunCoast and the purchase of the
Shares by SunCoast pursuant hereto have been duly authorized. This Agreement has been duly executed
and delivered by SunCoast and constitutes the legal, valid and binding obligations of SunCoast,
enforceable against SunCoast in accordance with its terms, except as the enforceability thereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and general equitable principles.

          (b) No Conflicts or Violation. None of the execution, delivery and performance of this
Agreement, the consummation of the transactions contemplated hereby or compliance by SunCoast with
any provisions hereof, will (i) conflict with or violate any provision of the organizational
documents of SunCoast, (ii) violate (with or without the giving of notice or the lapse of time or
both), conflict with, or result in any violation of or default under, any agreement, indenture or
other instrument to which SunCoast is a party or may be bound, (iii) violate any judgment, decree,
order or award of any court, governmental body or other authority to which SunCoast is subject or
(iv) violate any statute, regulation, ordinance or code of any foreign, federal, state or local
government or other governmental department or agency.

          (c) No Consents Required. No Consent is required to be filed, given, obtained or taken
by virtue of the execution, delivery and performance of this Agreement by SunCoast or the
consummation of the transactions contemplated hereby by SunCoast.

	3.	 	Miscellaneous.

     3.1. Further Assurances. Each party hereto shall at any time, and from time to time,
upon request of another party hereto, execute, acknowledge and deliver all such further
assignments, transfers, conveyances or other documents or instruments, and take all such further
action, as may be reasonably requested by such other party to carry out the intent of this
Agreement and to transfer and vest title to the Shares as contemplated herein.

     3.2. Entire Agreement. This Agreement (including the agreements, exhibits and
schedules referred to herein or delivered pursuant hereto, which are a part hereof for all
purposes) constitutes the entire agreement between the parties with respect to the subject matter
hereof and can only be amended, supplemented or changed by a written instrument making specific
reference to this Agreement and duly executed by the party to be bound thereby. This Agreement
supersedes all prior agreements and understandings between the parties with respect to the
transactions contemplated hereby, whether oral, written, or in any other form.

     3.3. Assignability. Neither party may assign its rights or obligations hereunder
without the prior written consent of the other party and any attempt to do so shall be of no force
or effect. This Agreement shall be binding upon and inure to the benefit of each party hereto and
their respective heirs, successors and assigns.

     3.4. Severability. If any provision of this Agreement, or in any document referred to
herein, shall be determined to be illegal, void or unenforceable, all other provisions of this
Agreement, or in any other document referred to herein, shall not be affected and shall remain in
full force and effect.

Contribution Agreement

Page 3

 

 

     3.5. Applicable Law. This Agreement shall be exclusively governed by, and construed
only in accordance with, the laws of the State of Florida without regard to conflict of laws
principles.

     3.6. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, and all of which together shall constitute one and the
same instrument.

     3.7 Costs and Expenses. Each of the parties to this Agreement shall bear his or its
own expenses incurred in connection with the negotiation, preparation, execution and closing of
this Agreement and the transactions contemplated hereby.

     3.8 Attorneys’ Fees. In the event any suit or other legal proceeding is brought for
the enforcement of any of the provisions of this Agreement, the parties hereto agree that the
prevailing party or parties shall be entitled to recover from the other party or parties upon final
judgment on the merits reasonable attorneys’ fees (and sales taxes thereon, if any), including
attorneys’ fees for any appeal, and costs incurred in bringing such suit or proceeding.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	SUNCOAST
HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
		 	By:	 		 	 
	STEVEN M. MARIANO

	 	 	 	Name:
	 	Steven M. Mariano	 	 
	 

	 	 	 	Title:
	 	CEO and Chairman of the Board	 	 
	 
	 	 	 	 	 	 	 	 
	Addresses for Notice:

5212 Fisher Island Drive

Miami, FL 33109
	 	Addresses for Notice:

401 E. Las Olas Blvd.

Suite 1540

Ft. Lauderdale, FL 33301	 	 

Contribution Agreement

Page 4

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