Document:

exv10w4

 

EXHIBIT
10.4

METROCORP, INC.

Stay Bonus Plan

     This Stay Bonus Plan (the “Plan”) is adopted as of November 11, 2005 by Metrocorp, Inc., an
Illinois corporation (the “Company”), for the benefit of its employees and those of its
subsidiaries.

     WHEREAS, the Company has undertaken a process that might lead to a sale or other change of
control of the Company and its subsidiaries; and

     WHEREAS, the Company wishes to maintain the continued dedication of its employees and those of
its subsidiaries throughout this process until such a sale or other change of control occurs.

     NOW THEREFORE, the Board of Directors of the Company (the “Board”) has approved and the
Company adopts this Plan to provide as follows:

     1. Definitions. As used herein:

          (a) “Change of Control” means (i) the acquisition by any person or entity, or any group of
persons or entities acting in concert (a “Person”) of direct or indirect beneficial ownership of
50% or more of the voting power or voting securities of the Company, not held by such Person as of
the date of adoption of this Plan, (ii) the acquisition by any Person of direct or indirect
beneficial ownership of 25% or more of the voting power or voting securities of the Company not
held by such Person as of the date of adoption of this Plan and the subsequent election of a
majority of the members of the Company’s Board of Directors who were not members of the Board for
the 2-year period immediately preceding their election, (iii) a transfer of all or substantially
all of the Company’s assets to another Person who is not a wholly-owned subsidiary of the Company,
or (iv) merger or consolidation of the Company with another corporation where, as a result of such
merger or consolidation, less than 75% of the outstanding voting securities of the surviving or
resulting corporation will then be owned by the stockholders of the Company immediately prior to
such merger or consolidation.

          (a) “Code” means the Internal Revenue Code of 1986, as amended.

          (b) “Compensation” means the greater of the Employee’s annual base pay at the rate in effect
on November 11, 2005 or at the rate in effect on the Effective Date.

          (c) “Effective Date” means the effective date of the first event to occur after the date of
adoption of this Plan that constitutes a Change of Control.

          (d) “Employee” means any person other than Gary D. Andersen, Nancy R. Hamilton, or Julius J.
Van Paemel Bart Ottens, Branden Alexander, Doug Vanderlaan, Mark Milder, Rich Skrivseth or Lori
Welsh who is continually employed by the Company or one of its Subsidiaries for the period
beginning on November 11, 2005 and ending on the Effective Date.

 

 

No person will be a participant in the Plan or eligible for a benefit under the Plan until and
unless he is an Employee.

          (e) “Subsidiaries” means Metrobank, N.A. and any other entity in which the Company owns
greater than a majority of the outstanding voting securities.

     2. Stay Bonus. Each Employee will be entitled to a payment in the amount equal to 12%
of his Compensation. The Company will make this payment on the earlier of its first regular
payroll date following the Effective Date or the 10th day following the Effective Date.

     3. Termination. If no Change of Control has occurred within 12 months after the date
of adoption of this Plan, unless this Plan has been further extended by the Board, this Plan and
all obligations of the Company hereunder will terminate and become void.

     4. Withholding. The Company will withhold from any benefit payment under this Plan
all federal, state, and local taxes or other amounts as required pursuant to any law, governmental
regulation or ruling. If any such taxes or other amounts are due with respect to any benefit
earned by an Employee prior to the time of the benefit payment under this Plan, the Company will
withhold from any other compensation or payment due to the Employee all federal, state, and local
taxes or other amounts required to be withheld from that payment.

     5. Successors and Assigns. The obligations of the Company hereunder will be binding
upon the Company and its successors and assigns, including but not limited to any successor of the
Company upon a Change of Control.

     6. Amendment. After a Change of Control, no amendments, modifications additions, or
deletions to this Plan will be effective unless made in writing and signed by any Employee affected
by such change. Prior to a Change of Control, this Plan may be amended upon resolution of the
Board; provided, however, that no such amendment will materially reduce the benefits provided
hereunder.

     7. Administration. The Company will operate and administer the Plan. In its sole
discretion, the Company will construe and interpret the Plan, including disputed and doubtful terms
and provisions and, in its sole discretion, decide all questions of eligibility for benefits
payments and determine the amount, manner and time of benefits under the Plan terms. All
determinations and interpretations of the Company will be consistently and uniformly applied to all
employees and will be conclusive and binding on all parties.

     8. Governing Law. Illinois state law will govern this Plan, without reference to the
conflict of laws principles.

     9. American Jobs Creation Act of 2004. Code Section 409A applies to benefits
provided under this Plan. The provisions of this Plan are intended to comply with Section 409A and
the guidance issued by the Internal Revenue Service and proposed and final regulations issued by
the Treasury Department. These provisions will be consistently interpreted and applied by the
Board so that benefits under this Plan will not be subject to taxation under Code Section 409A.

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     10. Miscellaneous.

          (a) The Plan is intended to be and at all times will be interpreted and administered as an
unfunded plan that is not subject to the provisions of the Employee Retirement Income Security Act
of 1974, as amended. All Plan benefits will be paid from the Company’s general assets. The right
of an Employee to receive any payment under the Plan will be an unsecured claim against the general
assets of the Company. An Employee will have no right against any specific assets of the Company.

          (b) No Employee may anticipate, assign, or alienate (either at law or in equity) any benefit
or right provided under the Plan. Any such anticipation, assignment or alienation will be null and
void.

          (c) Nothing in this Plan will be construed to limit in any way the right of Company or any of
its Subsidiaries to terminate the employment of an Employee at any time for any reason; or evidence
any agreement or understanding, express or implied, that the Company or any of its subsidiaries
will employ an Employee in any position or at any rate of remuneration or for any period of time.

          (d) The benefits provided under this Plan to an Employee are in addition to any benefit
provided under the terms of any other plan maintained by the Company or any of its Subsidiaries.

          (e) As used in this Plan the term “and” means “and/or”, the singular includes the plural, and
the masculine includes the feminine and neuter. Headings of sections are not to be considered in
the construction and interpretation of the Plan.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	METROCORP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Gary D. Andersen	 	 
	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Title: President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date: November 11,
2005	 	 
	 

	 	 	 	 	 	 

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EXHIBIT 10.5

RENEWAL OF LEASE AGREEMENT

     THIS AGREEMENT is made this 11th day of July, 2000, between Metro Bank, hereinafter called
“Lessee”, and WAL-MART STORES, INC., a Delaware corporation, with offices at 702 S.W. Eighth
Street, Bentonville, Arkansas 72716 and a mailing address of 2001 S.E. Tenth Street, Bentonville,
Arkansas 72712, hereinafter called “Lessor”.

WITNESSETH:

     WHEREAS, the Lessor and Lessee have entered into a Lease agreement dated January 16, 1996,
(the “Lease”), affecting certain premises in the City of Moline, Illinois, Store # 2231;

     WHEREAS, Lessor and Lessee desire to renew the terms of the Lease; and

     WHEREAS, the parties are now desirous of exercising certain rights under Lease to reflect
accurately their intents and wishes.

     NOW, THEREFORE, that for One Dollar ($1.00) and other good and valuable considerations, the
receipt and sufficiency of which is hereby acknowledged, Lessor and Lessee hereby agree as follows:

	 	1.	 	Lessee hereby exercises the option to extend the Lease as set forth in Section
1.1(j) of the Lease for a period of five (5) years as allowed in the Lease.
	 
	 	2.	 	TERM. The option period will begin on May 1, 2001 and will expire on April 30,
2006
	 
	 	3.	 	RENTAL. The Rent for the option period will be $2,265.00 per month.

     IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first
hereinabove written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	WITNESS OR ATTEST:

	 	 	 	LESSEE:	 	 
	 

	 	 	 	Metro Bank	 	 
	 
	 	 	 	 	 	 
	/s/ Carolyn Lamb

	 	 	 	/s/ Gary D. Anderson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Its President	 	 
	 
	 	 	 	 	 	 
	ATTEST:

	 	 	 	LESSOR:	 	 
	 

	 	 	 	Wal-mart Stores, Inc.	 	 
	 
	 	 	 	 	 	 
	/s/ John Y. Thomas, Assistant Secretary

	 	 	 	/s/ Kimberly K. Saylors, Director	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Wal-Mart Realty Companyexv10w6

 

EXHIBIT 10.6

REPLACEMENT REVOLVING NOTE

			
	$8,000,000.00

Chicago, Illinois
	 	Date: as of August 5, 2002

Due Date: July 24, 2008

     FOR VALUE RECEIVED, METROCORP, INC., a Delaware corporation (the “Borrower”), whose address is
1523 8th Street, East Moline, Illinois 61244, promises to pay to the order of LASALLE BANK NATIONAL
ASSOCIATION, a national banking association (hereinafter, together with any holder hereof, called
the “Bank”), whose address is 135 South LaSalle Street, Chicago, Illinois 60603, on or before July
24, 2008 (the “Maturity Date”), the lesser of (i) the principal sum of EIGHT MILLION and 00/100
DOLLARS ($8,000,000.00), or (ii) the aggregate principal amount of all Loans outstanding under and
pursuant to that certain Loan Agreement dated as of November 1, 2001 between the Borrower and the
Bank, as amended by that certain Second Amendment to Loan Agreement dated as of November 30, 2001
and from time to time (as amended, supplemented or modified from time to time, the “Loan
Agreement”), and made available by the Bank to the Borrower at the maturity or maturities and in
the amount or amounts stated on the records of the Bank, together with interest (computed on the
actual number of days elapsed on the basis of a 360 day year) on the aggregate principal amount of
all Loans outstanding from time to time as provided in the Loan Agreement. Capitalized words and
phrases not otherwise defined herein shall have the meanings assigned thereto in the Loan
Agreement.

     This Replacement Revolving Note evidences the Loans and other indebtedness incurred by the
Borrower under and pursuant to the Loan Agreement, to which reference is hereby made for a
statement of the terms and conditions under which the Maturity Date or any payment hereon may be
accelerated. The holder of this Replacement Revolving Note is entitled to all of the benefits and
security provided for in the Loan Agreement. All Loans shall be repaid by the Borrower on the
Maturity Date, unless payable sooner pursuant to the provisions of the Loan Agreement.

     Principal and interest shall be paid to the Bank at its address set forth above, or at such
other place as the holder of this Replacement Revolving Note shall designate in writing to the
Borrower. Each Loan made by the Bank, and all payments on account of the principal and interest
thereof shall be recorded on the books and records of the Bank and the principal balance as shown
on such books and records, or any copy thereof certified by an officer of the Bank, shall be
rebuttably presumptive evidence of the principal amount owing hereunder.

     Except for such notices as may be required under the terms of the Loan Agreement, the Borrower
waives presentment, demand, notice, protest, and all other demands, or notices, in connection with
the delivery, acceptance, performance, default, or enforcement of this Replacement Revolving Note,
and assents to any extension or postponement of the time of payment or any other indulgence.

     The Loans evidenced hereby have been made and/or issued and this Replacement Revolving Note
has been delivered at the Bank’s main office set forth above. This Replacement Revolving Note shall
be governed and construed in accordance with the laws of the State of Illinois, in which state it
shall be performed, and shall be binding upon the Borrower, and its legal representatives,
successors, and assigns. Wherever possible, each provision of the Loan
Agreement and this Replacement Revolving Note shall be interpreted in such manner as to be

 

 

effective and valid under applicable law, but if any provision of the Loan Agreement or this
Replacement Revolving Note shall be prohibited by or be invalid under such law, such provision
shall be severable, and be ineffective to the extent of such prohibition or invalidity, without
invalidating the remaining provisions of the Loan Agreement or this Replacement Revolving Note.

     This Replacement Revolving Note is in substitution for and replacement of, but not in
repayment of, that certain Replacement Revolving Note dated as of November 30, 2001 in the maximum
principal amount of $10,000,000 made by the Borrower payable to the order of the Bank, and shall
not be deemed to constitute a novation therefor.

     IN WITNESS WHEREOF, the Borrower has executed this Replacement Revolving Note as of the date
set forth above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	ATTEST:

	 	 	 	METROCORP, INC., a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	/s/ John R. McEvoy

	 	 	 	/s/ Gary D. Andersen	 	 
	 

	 	 	 	 	 	 
	Senior Vice President

1/4/03

	 	 	 	President	 	 

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