Document:

AMENDMENT TO EMPLOYMENT AGREEMENT

Exhibit 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to the Employment Agreement (the Amendment”), by and between Mr. Hugo Castro, a resident of the State of Florida (the “Executive”), and Sun American Bancorp, a Delaware corporation and Sun American Bank, a Florida corporation (collectively, the “Company”) is effective as of September 20, 2006. 

WHEREAS, reference is made to the Employment Agreement, effective as of June 5, 2006 (the “Agreement”), by and between the Company and the Executive.  

WHEREAS, the Company and the Executive mutually agree to amend the Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties, hereby amend the Agreement as follows: 

1.

Section 2(a) of the Agreement shall be deleted in its entirety and shall be replaced by the following Section 2(a) provision.

“2. Position and Duties

(a) 

The Bank shall employ the Executive, and the Executive shall serve, under the title of Managing Director of Sun American Bank. The Executive shall be responsible for overseeing and managing as directed by its President, Chairman and CEO Michael Golden. Executive will be responsible for developing loans, deposits and anything that will result in new business development.”

2.

Section 2(c) of the Agreement shall be amended by deleting the title “Chief Executive Officer” in last line of the section and inserting the title “Managing Director.”

3.

Section 3 of the Agreement shall be amended by adding the following Section 3(b) provision below Section 3(a):

“(b)

The financial terms of Executive’s employment with the bank under the Agreement will continue, for the remainder of the initial term of the Agreement ending December 31, 2006.”

4.

Section 6 of the Agreement shall be amended by changing the reference “three (3) years” to “one (1) year” in the last sentence of the section.

5.

All references in the Agreement to the title of “President” shall be deleted and shall be replaced with the title “Managing Director.” 

6.

Capitalized terms used and not otherwise defined herein have the respective meanings assigned thereto in the Agreement.

7.

Except as expressly modified herein, all other terms and conditions of the Agreement will remain in full force and effect and unaffected by the Amendment. 

IN WITNESS WHEREOF, the parties have duly executed the Amendment  as of September 20, 2006.

			
	 	EXECUTIVE

	                                                                              

	 	 
	 	By:

	/s/ HUGO CASTRO

	 	 	Hugo Castro

	 	 	 
	 	 	 
	 	SUN AMERICAN BANK

	 	 	 
	 	By:

	/s/ MICHAEL GOLDEN

	 	Name: Michael Golden

	 	Title: Chairman & CEOExhibit 4.1

    
      

    

    EXHIBIT
      4.1

     

    RIGHTS
      AGREEMENT AMENDMENT

     

    This
      Rights Agreement Amendment, dated as of September 20, 2006 (this “Amendment”),
      amends the Rights Agreement, dated as of January 21, 2000 (the “Rights
      Agreement”),
      between IRIS International, Inc., formerly known as International Remote Imaging
      Systems, Inc., a Delaware corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company, as Rights Agent (the
“Rights
      Agent”).

     

    The
      Company and the Rights Agent have heretofore executed and delivered the Rights
      Agreement. Pursuant to Section 25.2 of the Rights Agreement, the Company and
      the
      Rights Agent may from time to time supplement or amend the Rights Agreement
      in
      accordance with the provisions of Section 25.2 thereof.

     

    In
      consideration of the foregoing premises and mutual agreements set forth in
      the
      Rights Agreement, as amended, and this Amendment, the parties hereto agree
      as
      follows:

     

    1.   Amendment
      to Section 7.2.
      Section
      7.2 of the Rights Agreement is hereby amended and restated to read in its
      entirety as follows:

     

    “7.2.  The
      Purchase Price for each one one-thousandth (1/1000th) of a share of Preferred
      Stock pursuant to the exercise of a Right shall initially be $100, shall be
      subject to adjustment from time to time as provided in the next sentence and
      in
      Sections 11 and 13.1
      hereof
      and shall be payable in accordance
      with paragraph 7.3 below. In lieu of the payment referred to in the immediately
      preceding sentence, following the occurrence of a Distribution Date, the
      registered holder of a Right Certificate may exercise the Rights evidenced
      thereby (except as otherwise provided herein) in whole or in part upon surrender
      of the Right Certificate together with an election to exercise such Rights
      without payment of cash on the reverse side thereof duly completed. With respect
      to any such Rights as to which such an election is made, the holder shall
      receive a number of one one-thousandths (1/1000ths) of a share of Preferred
      Stock, Common Stock and/or other securities, as the case may be, having a value
      equal to the difference between (i) the value of the Preferred Stock, Common
      Stock and/or other securities, as the case may be, that would have been issuable
      upon payment of the Purchase Price and (ii) the Purchase Price. For purposes
      of
      this Section 7.2, the value of any securities shall be the Current Per Share
      Market Price thereof (or of the security to which such security is deemed for
      purposes of this Agreement to be an equivalent) on the Trading Day immediately
      preceding the Distribution Date. 

     

    Anything
      in this Agreement to the contrary notwithstanding, in the event that at any
      time
      after the date of this Agreement and prior to the Distribution Date, the
      Corporation shall (i) declare or pay any dividend on the Common Stock payable
      in
      Common Stock or (ii) effect a subdivision, combination or consolidation of
      the
      Common Stock (by reclassification or otherwise than by payment of dividends
      in
      shares of Common Stock) into a greater or lesser number of shares of Common
      Stock, then, in any such case, each share of Common Stock outstanding following
      such subdivision, combination or consolidation shall continue to have a Right
      associated therewith and the Purchase Price following any such event shall
      be
      proportionately adjusted to equal the result obtained by multiplying the
      Purchase Price immediately prior to such event by a fraction the numerator
      of
      which shall be the total number of shares of Common Stock outstanding
      immediately prior to the occurrence of the event and the denominator of which
      shall be the total number of shares of Common Stock outstanding immediately
      following the occurrence of such event. The adjustment provided for in the
      preceding sentence shall be made successively whenever such a dividend is
      declared or paid or such a subdivision, combination or consolidation is
      effected.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.   Amendment
      to Section 7.3.
      Section
      7.3 of the Rights Agreement is hereby amended and restated to read in its
      entirety as follows:

     

    “7.3.  Upon
      receipt of a Right Certificate representing exercisable Rights, with the form
      of
      election to purchase and the certificate on the reverse side thereof duly
      executed, accompanied by payment of the Purchase Price for the Preferred Stock
      (or other securities, as the case may be) to be purchased and an amount equal
      to
      any applicable transfer tax required to be paid by the holder of such Right
      Certificate in accordance with Section 6 hereof by certified check, cashier's
      check or money order payable to the order of the Corporation or a duly completed
      election to exercise without payment of cash, the Rights Agent shall thereupon
      promptly (i) (A) requisition from any transfer agent of the Preferred Stock
      certificates for the number of shares of Preferred Stock to be purchased, and
      the Corporation hereby irrevocably authorizes its transfer agent to comply
      with
      all such requests, or (B) if the Corporation, in its sole discretion, shall
      have
      elected to deposit the Preferred Stock issuable upon exercise of the Rights
      hereunder into a depositary, requisition from the depositary agent depositary
      receipts representing such number of one one-thousandths (1/1000ths) of a share
      of Preferred Stock as are to be purchased (in which case certificates for the
      Preferred Stock represented by such receipts shall be deposited by the transfer
      agent with the depositary agent) and the Corporation will direct the depositary
      agent to comply with such requests, (ii) when appropriate, requisition from
      the
      Corporation the amount of cash to be paid in lieu of issuance of fractional
      shares in accordance with Section 14 hereof, (iii) after receipt of such
      certificates or depositary receipts, cause the same to be delivered to or upon
      the order of the registered holder of such Right Certificate, registered in
      such
      name or names as may be designated by such holder, and (iv) when appropriate,
      after receipt thereof, deliver such cash to or upon the order of the registered
      holder of such Right Certificate. In the event that the Corporation is obligated
      to issue other securities (including shares of Common Stock) of the Corporation
      pursuant to Section 11.1 hereof, the Corporation will make all arrangements
      necessary so that such other securities are available for distribution by the
      Rights Agent, if and when appropriate.”

     

    3.   Amendment
      to Exhibit B.
      Exhibit
      B attached to the Rights Agreement is hereby amended and restated to read in
      its
      entirety as provided on Exhibit
      B
      attached
      hereto.

     

    4.   This
      Amendment may be executed in any number of counterparts and each of such
      counterparts shall for all purposes be deemed an original, and all such
      counterparts shall together constitute but one and the same instrument.

     

    5.   Except
      as
      expressly set forth herein, this Amendment shall not by implication or otherwise
      alter, modify, amend or in any way affect any of the terms, conditions,
      obligations, covenants or agreements contained in the Rights Agreement, all
      of
      which are ratified and affirmed in all respects and shall continue in full
      force
      and effect. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
      date
      first set forth above.

     

    
      	
              IRIS
                INTERNATIONAL, INC. 

            	
              CONTINENTAL
                STOCK TRANSFER & TRUST
                COMPANY

            

    

    
 

    
      	
              By:

            	
              /s/
                Cesar M. Garcia

            	 	
              By:

            	
              /s/
                Roger Bernhammer

            	 
	 	
              Cesar
                M. Garcia

            	 	
              Name:

            	
              Roger
                Bernhammer

            	 
	 	
              Chief
                Executive Officer

            	 	
              Title:

            	
              Vice
                President

            	 

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    FORM
      OF
      RIGHT CERTIFICATE

    

    
      	
              Certificate
                No. R-

            	
              _____Rights

            

    

    

    NOT
      EXERCISABLE AFTER DECEMBER 22, 2009 OR EARLIER IF REDEEMED BY THE CORPORATION.
      THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.01 PER RIGHT ON THE TERMS SET FORTH
      IN
      THE RIGHTS AGREEMENT.

    

    RIGHT
      CERTIFICATE

    

    IRIS
      INTERNATIONAL, INC., 

    (formerly
      known as INTERNATIONAL REMOTE IMAGING SYSTEMS, INC.)

    

    This
      certifies that __________, or registered assigns, is the registered owner of
      the
      number of Rights set forth above, each of which entitles the owner thereof,
      subject to the terms, provisions and conditions of the Rights Agreement, dated
      as of January 21, 2000, as amended on September 20, 2006 (the "RIGHTS
      AGREEMENT"), between IRIS
      INTERNATIONAL, INC., (formerly
      known as International Remote Imaging Systems, Inc.) (the "CORPORATION"), and
      Continental Stock Transfer & Trust Company (the "RIGHTS AGENT") to purchase
      from the Corporation at any time after the Distribution Date (as such term
      is
      defined in the Rights Agreement) and prior to 5:00 P.M., California time, on
      December 22, 2009, unless the Rights evidenced hereby shall have been previously
      redeemed by the Corporation, at the principal office or offices of the Rights
      Agent designated for such purpose, or at the office of its successor as Rights
      Agent, one one-thousandth (1/1000th) of a fully paid non-assessable share of
      Series C Preferred Stock, $0.01 par value per share (the "PREFERRED STOCK"),
      of
      the Corporation, at a purchase price of $100 per one one-thousandth (1/1000th)
      of a share of Preferred Stock (the "PURCHASE PRICE"), upon presentation and
      surrender of this Right Certificate with the Form of Election to Purchase duly
      executed. The number of Rights evidenced by this Right Certificate (and the
      number of one one-thousandths (1/1000ths) of a share of Preferred Stock that
      may
      be purchased upon exercise hereof) set forth above, and the Purchase Price
      set
      forth above, are the number and Purchase Price as of December 22, 1999 and
      as
      amended on September 20, 2006, based on the Preferred Stock as approved on
      such
      date.

     

    Upon
      the
      occurrence of a Section 11.1.2 Event (as such term is defined in the Rights
      Agreement), if the Rights evidenced by this Right Certificate are beneficially
      owned by (i) an Acquiring Person or an Affiliate or Associate of any such
      Acquiring Person (as such terms are defined in the Rights Agreement), (ii)
      a
      transferee of any such Acquiring Person, Associate or Affiliate who becomes
      a
      transferee after the Acquiring Person becomes such, or (iii) under certain
      circumstances specified in the Rights Agreement, a transferee of any such
      Acquiring Person, Associate or Affiliate who becomes a transferee prior to
      or
      concurrently with the Acquiring Person becoming such, such Rights shall become
      null and void and no holder hereof shall have any right with respect to such
      Rights from and after the occurrence of such Section 11.1.2 Event.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    As
      provided in the Rights Agreement, the Purchase Price and the number of one
      one-thousandths (1/1000ths) of a share of Preferred Stock or other securities
      that may be purchased upon the exercise of the Rights evidenced by this Right
      Certificate are subject to modification and adjustment upon the happening of
      certain events, including Triggering Events (as such term is defined in the
      Rights Agreement).

     

    This
      Right Certificate is subject to all of the terms, provisions and conditions
      of
      the Rights Agreement, which terms, provisions and conditions are hereby
      incorporated herein by reference and made a part hereof and to which Rights
      Agreement reference is hereby made for a full description of the rights,
      limitations of rights, obligations, duties and immunities hereunder of the
      Rights Agent, the Corporation and the holders of the Right Certificates, which
      limitations of rights include the temporary suspension of the exercisability
      of
      such Rights under the specific circumstances set forth in the Rights Agreement.
      Copies of the Rights Agreement are on file at the principal executive offices
      of
      the Corporation and the principal office or offices of the Rights
      Agent.

     

    This
      Right Certificate, with or without other Right Certificates, upon surrender
      at
      the principal office of the Rights Agent, may be exchanged for another Right
      Certificate or Right Certificates of like tenor and date evidencing Rights
      entitling the holder to purchase a like aggregate number of shares of Preferred
      Stock or other securities as the Rights evidenced by the

     

    Right
      Certificate or Right Certificates surrendered shall have entitled such holder
      to
      purchase. If this Right Certificate shall be exercised in part, the holder
      shall
      be entitled to receive upon surrender hereof another Right Certificate or Right
      Certificates for the number of whole Rights not exercised.

     

    Subject
      to the provisions of the Rights Agreement, the Rights evidenced by this
      Certificate may be redeemed by the Corporation at a redemption price of $.01
      per
      Right (subject to adjustment as provided in the Rights Agreement) payable in
      cash.

     

    No
      fractional shares of Preferred Stock will be issued upon the exercise of any
      Right or Rights evidenced hereby (other than fractions that are one
      one-thousandth (1/1000th) or integral multiples of one one-thousandth (1/1000th)
      of a share of Preferred Stock, which may, at the election of the Corporation,
      be
      evidenced by depositary receipts), but in lieu thereof a cash payment will
      be
      made, as provided in the Rights Agreement.

     

    No
      holder
      of this Right Certificate shall be entitled to vote or receive dividends or
      be
      deemed for any purpose the holder of shares of the Preferred Stock or of any
      other securities of the Corporation that may at any time be issuable on the
      exercise hereof, nor shall anything contained in the Rights Agreement or herein
      be construed to confer upon the holder hereof, as such, any of the rights of
      a
      stockholder of the Corporation or any right to vote for the election of
      directors or upon any matter submitted to stockholders at any meeting thereof,
      or to give or withhold consent to any corporate action, or to receive notice
      of
      meetings or other actions affecting stockholders (except as provided in the
      Rights Agreement), or to receive dividends or other distributions or to exercise
      any preemptive or subscription rights, or otherwise, until the Right or Rights
      evidenced by this Right Certificate shall have been exercised as provided in
      the
      Rights Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    This
      Right Certificate shall not be valid or obligatory for any purpose until it
      shall have been countersigned by the Rights Agent.

     

    WITNESS
      the facsimile signature of the proper officers of the Corporation and its
      corporate seal. 

     

    Dated:
      ___________________, _______.

    

    [SEAL]

    

    
      	
              ATTEST:

            	 	 	
              IRIS
                International Inc. 

            
	 	 	 	 	 
	
              By:
                

            	 	 	
              By:

            	 
	 	 	 	 	 
	
              Name:

            	 	 	
              Name:

            	 
	 	 	 	 	 
	
              Title:

            	 	 	
              Title:

            	 

    

    

    Countersigned:

    

    Continental
      Stock Transfer & Trust Company,

    a
      New
      York banking corporation

    

    
      	
              By:

            	 	 
	 	
              Authorized
                Officer

            	 

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Form
      of
      Reverse Side of Right Certificate

    

    FORM
      OF
      ASSIGNMENT

    

    (To
      be
      executed by the registered holder if such holder desires

    to
      transfer the Right Certificate.)

    

    
      	
              FOR
                VALUE RECEIVED

            	 
	 
	
              hereby
                sells, assigns and transfers unto 

            
	 
	
              (Please
                print name and address of transferee)

            
	 

    

    

    this
      Right Certificate, together with all right, title and interest therein, and
      does
      hereby irrevocably constitute and appoint _______________________
      Attorney-in-Fact, to transfer the within Right Certificate on the books of
      the
      within-named Corporation, with full power of

    substitution.

    

    The
      undersigned hereby certifies that (1) the Rights evidenced by this Right
      Certificate are not being sold, assigned or transferred by or on behalf of
      a
      Person who is or was an Acquiring Person or an Affiliate or Associate thereof
      (as such terms are defined in the Rights Agreement), (2) this Right Certificate
      is not being sold, assigned or transferred to or on behalf of any such Acquiring
      Person, Affiliate or Associate, and (3) after due inquiry and to the best
      knowledge of the undersigned, the undersigned did not acquire the Rights
      evidenced by this Right Certificate from any Person who is or was an Acquiring
      Person or an Affiliate or Associate thereof (as such terms are defined in the
      Rights Agreement).

     

    
      	
              Dated:
                

            	 	 	 
	 	 	 	
              Signature

            

    

    

    
      	
              Signature
                Guaranteed:

            	 
	 	 
	 	 

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Form
      of
      Reverse Side of Right Certificate -- continued

    FORM
      OF
      ELECTION TO PURCHASE

    (To
      be
      executed by the registered holder if such holder desires

    to
      exercise Rights represented by the Right Certificate)

    

    

    To
      the
      Rights Agent:

    

    The
      undersigned hereby irrevocably elects to exercise ______________ Rights
      represented by this Right Certificate to purchase the shares of Preferred Stock,
      shares of Common Stock or other securities issuable upon the exercise of such
      Rights and requests that certificates for such shares of Preferred Stock, shares
      of Common Stock or other securities be issued in the name of:

    

    
      	
              Please
                insert social security number or other identifying number:

            	 
	 
	 
	
              (Please
                print name and address)

            
	 

    

    

    If
      such
      number of Rights shall not be all the Rights evidenced by this Right
      Certificate, a new Right Certificate for the balance remaining of such Rights
      shall be registered in the name of and delivered to:

    

    
      	
              Please
                insert social security number or other identifying number:

            	 
	 
	 
	
              (Please
                print name and address)

            
	 

    

    

    OPTIONAL
      ELECTION TO EXERCISE WITHOUT PAYMENT OF CASH:

    

    With
      respect to the exercise of ______________ of the Rights specified above, the
      undersigned hereby elects to exercise such Rights without payment of cash and
      to
      receive a number of one one-hundredth (1/100th) of a share of Preferred Stock
      or
      other securities having a value (as determined pursuant to the Rights Agreement)
      equal to the difference between (i) the value of the Preferred Stock or other
      securities that would have been issuable upon exercise thereof upon payment
      of
      the Purchase Price as provided in the Rights Agreement, and (ii) the amount
      of
      such Purchase Price.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    The
      undersigned hereby certifies that (1) the Rights evidenced by this Right
      Certificate are not being exercised by or on behalf of a Person who is or was
      an
      Acquiring Person or an Affiliate or Associate thereof (as such terms are defined
      in the Rights Agreement), (2) this Right Certificate is not being sold, assigned
      or transferred by or on behalf of any such Acquiring Person, Affiliate or
      Associate, and (3) after due inquiry and to the best knowledge of the
      undersigned, the undersigned did not acquire the Rights evidenced by this Right
      Certificate from any Person who is or was an Acquiring Person or an Affiliate
      or
      Associate thereof (as such terms are defined in the Rights
      Agreement).

    

    

    
      	
              Dated:
                

            	 	 	 
	 	 	 	
              Signature

            

    

    

    
      	
              Signature
                Guaranteed:

            	 
	 	 
	 	 

    

    

    Notice

    

    Signatures
      must be guaranteed by an "Eligible Guarantor Institution" as defined in Rule
      17Ad-15 (or any successor rule or regulation) promulgated pursuant to the
      Securities Exchange Act of 1934, as amended (this term means, in general, banks,
      stock brokers, savings and loan associations, and credit unions, in each case
      with membership in an approved signature guarantee medallion
      program).

     

    The
      signature on the foregoing Forms of Assignment and Election and certificates
      must conform to the name as written upon the face of this Right Certificate
      in
      every particular, without alteration or enlargement or any change
      whatsoever.

     

    In
      the
      event the certification set forth above in the Form of Assignment or the Form
      of
      Election to Purchase, as the case may be, is not completed, the Corporation
      and
      the Rights Agent will deem the Beneficial Owner of the Rights evidenced by
      this
      Right Certificate to be an Acquiring Person or an Affiliate or Associate thereof
      (as such terms are defined in the Rights

     

    Agreement)
      and such Assignment or Election to Purchase will not be honored.

     

     

    9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]