Document:

Exhibit 10.2

    
      

    

    Exhibit
      10.2

     

    RESTRICTIVE
      COVENANT AGREEMENT

     

    THIS
      RESTRICTIVE COVENANT AGREEMENT (the
      “Restrictive
      Agreement”)
      is
      made and entered into as of September 12, 2005 (“Effective
      Date”),
      by
      and between TurboChef Technologies, Inc., a Delaware corporation (“Buyer”),
      and
      David A. Bolton (“Executive”).

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      Buyer,
      Global Appliance Technologies, Inc., a Delaware corporation (“Seller”),
      and
      all of the stockholders of Seller, have entered into an Asset Purchase
      Agreement, dated the Effective Date (the “Definitive
      Agreement”),
      providing for the acquisition by Buyer of substantially all of the assets and
      the assumption of certain liabilities of Seller (the “Transaction”);

     

    WHEREAS,
      Executive
      is a major stockholder, director and key executive of Seller and has been one
      of
      the primary individuals involved in developing certain proprietary technology
      associated with Seller’s business (the “Purchased
      Technology”),
      which, along with the goodwill associated with Seller’s business, is one of the
      most valuable assets being acquired by Buyer in the Transaction;

     

    WHEREAS,
      in
      light
      of the foregoing, Executive has extensive and detailed knowledge of the
      Purchased Technology, and of Seller’s other intellectual property and
      confidential and proprietary information;

     

    WHEREAS,
      Seller’s
      business of researching, designing, developing and licensing various heat
      transfer technologies and cooking methods and services for use by manufacturers
      of commercial and residential foodservice equipment is highly competitive;
      and

     

    WHEREAS,
      as
      a
      condition of, and in order to induce Buyer to consummate, the Transaction,
      Executive has agreed to enter into this Restrictive Agreement.

     

    NOW,
      THEREFORE,
      for and
      in consideration of the rights and benefits that they will each derive from
      this
      Restrictive Agreement and the Definitive Agreement, and for other good and
      valuable consideration, the receipt and sufficiency of which are acknowledged
      conclusively, Buyer and Executive (the “Parties”),
      intending to be legally bound, agree as follows:

     

    ARTICLE
      1

     

    DEFINED
      TERMS; ACKNOWLEDGMENTS;

    REPRESENTATIONS
      AND WARRANTIES

     

    1.1         
      Defined
      Terms.
      For
      purposes of this Restrictive Agreement, the following capitalized terms shall
      have the following meanings:

     

    (a)         
      “Affiliate”
      shall
      mean, as to any specified Person, any other Person that, directly or indirectly
      through one or more intermediaries or otherwise, controls, is controlled by,
      or
      is under common control with the specified Person. As used in this definition,
      “control” means the possession, directly or indirectly, of the power to direct
      or cause the direction of the management or policies of a Person (whether
      through ownership of securities of that Person, by contract, or
      otherwise).

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

     

    (b)         
      “Business”
      shall
      mean the business of inventing, researching, designing, developing, licensing,
      marketing and selling various heat transfer technologies and cooking methods,
      products and services for use by manufacturers of commercial and residential
      foodservice equipment.

     

    (c)         
      “Buyer
      Indemnified Party”
      shall
      mean Buyer and its Affiliates, and each of Buyer’s officers, directors,
      employees, representatives and agents.

     

    (d)         
      “Competitive
      Position”
      shall
      mean (i) Executive’s direct or indirect equity ownership or control of any
      Competitor, or (ii) an employment, consulting, partnership, advisory,
      directorship, agency, promotional or independent contractor relationship between
      Executive and a Competitor, where Executive is to provide employment,
      consulting, contractual, advisory or other services similar in nature to some
      or
      all of the services that Executive provided to Seller. Notwithstanding the
      foregoing: (x) Executive’s direct or indirect ownership, solely as a passive
      investment, of equity securities of any entity that is required to file periodic
      reports with the U.S. Securities and Exchange Commission under Section 13 or
      15(d) of the Securities Exchange Act of 1934, as amended, the securities of
      which corporation are listed on any securities exchange, quoted on the National
      Association of Securities Dealers Automated Quotation System or traded in the
      over-the-counter market shall not constitute a “Competitive Position” if
      Executive is not a controlling person of, or a member of a group that controls,
      the entity and Executive does not, directly or indirectly, own one percent
      (1%)
      or more of any class of securities of the entity; and (y) a
      relationship between Executive and a subsidiary, division or Affiliate of a
      Competitor with annual revenues in excess of $1 billion, which subsidiary,
      division or Affiliate is not engaged, in whole or in part, in the Business,
      shall not constitute a “Competitive Position” if such relationship does not
      involve the provision of employment, consulting, contractual, advisory or other
      services within the Business.

     

    (e)         
      “Competitor”
      when
      referring to the Seller, shall mean any Person that is engaged, wholly or in
      material part, in the Business, or that develops, manufactures, sells, resells
      or distributes commercial or residential foodservice equipment that are within
      the Business.

     

    (f)         
      “Confidential
      Information”
      shall
      mean all Non-Public (as defined below) information or data of or about Seller,
      its business, clients and customers, including, but not limited to, information
      or data about its products, manufacturing processes, intellectual property,
      know-how, Trade Secrets (as defined below), designs, formulas, developmental
      or
      experimental work, computer programs (whether in object or source code),
      databases, other original works of authorship, customer lists, marketing
      methods, business plans, and financial information; provided,
      however,
      that
      Confidential Information shall not include information (i) that is or
      becomes generally available to the public other than as a result of a disclosure
      by Executive that was not previously authorized by Buyer, or (ii) that
      becomes available to Executive on a non-confidential basis from a third-party
      source unaffiliated with Buyer or Seller, provided that such source is not
      actually known by Executive to be bound by a confidentiality agreement with
      or
      other obligation of secrecy to Buyer or Seller. For purposes of the foregoing
      definition, “Non-Public”
      information is information that is not legally available to or legally
      accessible by the public.

     

    (g)         
      “Person”
      shall
      mean any individual, corporation, partnership, limited liability company,
      association, trust, governmental authority or other entity or
      organization.

     

    (h)         
      “Restricted
      Period”
      shall
      mean the period from and after the consummation of the Transaction on the
      Effective Date until the tenth (10th)
      anniversary of the Effective Date.

     

    (i)         
      “Trade
      Secrets”
      shall
      mean information that constitutes a trade secret under applicable
      law.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    1.2         
      Acknowledgements
      by Executive.
      Executive acknowledges that by virtue of his ownership of and senior position
      with Seller, and his critical role in developing the Purchased Technology he
      has
      developed substantial expertise in the business operations of Seller and has
      had
      extensive access to Trade Secrets and other Confidential Information of Seller.
      Executive also acknowledges that while Seller’s principal place of business is
      currently located in Tarrant County, Texas, Seller has conducted business
      activities throughout the United States and the world, that the relevant market
      for the Business of Seller is national, international and worldwide in scope,
      and that there exists intense national, international and worldwide competition
      for the Purchased Technology and the other products and services of the Business
      of Seller. Executive also acknowledges that, as an owner of Seller and as one
      of
      Seller’s senior most executive officers, his duties for the Seller effectively
      extended throughout all areas where the Seller conducted business. Executive
      acknowledges that he will receive significant value and benefit in conjunction
      with the Transaction as a result of being a major stockholder of Seller, and
      that he is receiving and will receive substantial financial benefits hereunder.
      Executive recognizes that Buyer would be irreparably damaged, and its
      substantial investment in the assets of Seller materially impaired, if Executive
      were to enter into an activity competing with the Business of Seller in
      violation of the terms of this Restrictive Agreement or if Executive were to
      disclose or make unauthorized use of any Confidential Information. Executive
      expressly acknowledges that he is voluntarily entering into this Restrictive
      Agreement.

     

    1.3         
      Representations
      and Warranties.
      Executive represents and warrants, to and for the benefit of the Buyer
      Indemnified Parties, that: (a) he has full power and capacity to execute and
      deliver, and to perform all of Executive’s obligations under, this Restrictive
      Agreement; (b) neither the execution and delivery of this Restrictive Agreement
      nor the performance of this Restrictive Agreement will result directly or
      indirectly in a violation or breach of (i) any agreement or obligation by which
      he is or may be bound, or (ii) any law, rule or regulation of which Executive
      has knowledge; (c) Executive has carefully read this Restrictive Agreement;
      (d) Executive executes this Restrictive Agreement with full knowledge of the
      contents of this Restrictive Agreement, the legal consequences thereof, and
      any
      and all rights which each Party may have with respect to one another; (e)
      Executive has had the opportunity to receive, and has received, independent
      legal advice with respect to the matters set forth in this Restrictive Agreement
      and with respect to the rights and asserted rights arising out of such matters;
      and (f) Executive is entering into this Restrictive Agreement of Executive’s own
      free will. Executive’s representations and warranties shall survive until the
      expiration of the Restricted Period.

     

    ARTICLE
      2

     

    LIMITATION
      ON COMPETITION

     

    Executive
      agrees that during the Restricted Period, Executive shall not, anywhere in
      the
      restricted territory described on Exhibit
      A
      to this
      Restrictive Agreement (the “Restricted Territory”),
      directly or indirectly, alone or in conjunction with any other person or entity,
      without the express prior written consent of Buyer, seek, accept, or take active
      steps to prepare for a Competitive Position (it
      being
      understood that any continuing education or attending any industry conference
      or
      trade show shall not be deemed to be taking “active steps” to prepare for a
      Competitive Position).

     

    ARTICLE
      3

     

    NON-SOLICITATION
      AND NON-INTERFERENCE COVENANTS 

     

    3.1         
      Clients,
      Customers, Suppliers and Agents.
      Executive shall not, directly or indirectly, during the Restricted Period:
      (a)
      solicit, or assist with the solicitation of, any Person to whom Seller actually
      provided services or products (or any Person to whom Seller had actively and
      directly sought to provide services or products) at any time after November
      15,
      2002 until the Effective Date 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (“Customers”),
      for
      purposes of providing products or services that are in competition with those
      offered by Seller in conduct of the Business, except on behalf of Buyer or
      its
      controlled Affiliates; or (b) induce Customers, suppliers, agents or
      other
      Persons under contract or otherwise associated or doing business with Seller
      at
      any time after November 15, 2002 until the Effective Date, to reduce, alter
      or
      sever any such association or business with Buyer and/or its controlled
      Affiliates.

     

    3.2         
      Personnel.
      Executive agrees that during the Restricted Period, at any time or for any
      reason, Executive shall not, directly or indirectly, knowingly solicit any
      Person employed or retained by Buyer or its Affiliates to: (a) terminate such
      employment or engagement; or (b) accept employment, or enter into any consulting
      arrangement, with any Person other than Buyer and/or its
      Affiliates.

     

    3.3         
      Non-Disparagement.
      During
      the Restricted Period, neither Party will publicly and knowingly disparage
      the
      other Party or its business, executives, employees or advisors, whether in
      writing or orally or on any web page.

     

    ARTICLE
      4

     

    NON-DISCLOSURE

     

    4.1         
      Non-Disclosure
      and Non-Use.
      Except
      as and to the extent required by law, Executive shall not, directly or
      indirectly, alone or in conjunction with any other Person: (a) disclose,
      publish, disseminate or otherwise communicate, in oral, written, electronic
      or
      other format, any Confidential Information to any Person unaffiliated with
      Seller or Buyer; or (b) use, copy or reproduce any Confidential Information,
      except for the sole benefit of Buyer. The foregoing restrictions shall terminate
      with respect to any Confidential Information that does not constitute a Trade
      Secret upon the conclusion of the Restricted Period. Executive agrees that
      if he
      is required (by law, regulation or court or judicial order) to disclose any
      Confidential Information, Executive will give Buyer prompt notice of such
      requirement so that Buyer may seek an appropriate protective order. If a
      protective order or similar order is not obtained by the date that Executive
      must comply with the request, Executive will disclose what he believes in his
      reasonable judgment to be the minimal amount of Confidential Information
      necessary to comply with the request.

     

    4.2         
      Return
      of Confidential Information.
      Executive shall, promptly after receipt of a written request of Buyer, return
      to
      Buyer, at Buyer’s expense, or destroy all documents or other materials or things
      in his possession that contain or embody the Confidential Information or any
      portion of the Confidential Information.

     

    ARTICLE
      5

     

    CONSIDERATION

     

    5.1         
      Payments.
      As
      consideration for Executive’s covenants and agreements in Article 2,
      Article
      3
      and
Article
      4
      hereof,
      subject to the provisions of Section
      5.2
      and
Section
      5.3
      hereof,
      Buyer will pay, or cause to be paid, to Executive a total of Three Million
      Dollars ($3,000,000), payable as follows:

     

    (a)         
      One
      Million Dollars ($1,000,000) has been paid to Executive on the Effective Date
      in
      connection with the execution and delivery hereof.

     

    (b)         
      The
      remaining Two Million Dollars ($2,000,000) shall be paid to Executive in three
      (3) annual installments of (i) Six Hundred Sixty-Seven Thousand Five Hundred
      Dollars ($667,500), (ii) Six Hundred Sixty-Seven Thousand Five Hundred Dollars
      ($667,500) and (iii) Six Hundred Sixty-Five Thousand Dollars ($665,000), each
      without interest, with the first such payment being due on the 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    first
      anniversary of the Effective Date, the second such payment being due on the
      second anniversary of the Effective Date, and the third and final payment being
      due on the third anniversary of the Effective Date.

     

    5.2         
      Forfeiture
      Upon Breach.
      Without
      limiting the generality of Section
      6.9
      or any
      other provision hereof, upon (a) any breach by Executive of any of the covenants
      set forth in Article 2
      or
Article
      3
      hereof,
      or (b) any material breach by Executive of any of the covenants set forth in
      Article
      4
      hereof
      or of any other provision hereof, Executive shall be deemed to have irrevocably
      forfeited, and shall have no further right to receive, any remaining payments
      pursuant to Section
      5.1 (b)
      hereof.
      Such forfeiture of payments is not exclusive of, is not limited by and shall
      not
      limit any other rights or remedies which Buyer may have, whether at law, in
      equity, by contract or otherwise, all of which shall be cumulative (and not
      alternative).

     

    5.3         
      Right
      to Terminate for Failure to Pay.
      If Buyer
      shall not pay, when due, any amount owing under Sections
      5.1(a)
      or
(b)
      hereof,
      and Buyer shall fail to cure such failure to pay within thirty (30) days after
      it receives written notice thereof from Executive, Executive may, at its
      election and upon written notice to Buyer, declare this Restrictive Agreement
      to
      be terminated and of no further force or effect and void ab initio.

     

    5.4         
      Manner
      of Payment.
      Each
      payment to be made by Buyer hereunder shall be made by wire transfer of
      immediately available funds to an account designated by Executive at least
      three
      (3) business days prior to the due date of such payment.

     

    ARTICLE
      6

     

    MISCELLANEOUS

     

    6.1         
      Material
      Breach.
      Any
      violation by Executive of his covenants in Article
      2
      or
Article
      3
      shall be
      deemed to be a material breach of this Restrictive Agreement and the covenants
      and agreements of Executive herein. Executive acknowledges that the covenants
      in
Article
      2,
      Article
      3
      and
Article
      4
      are a
      material and essential part of the sale of Seller’s Business to Buyer, without
      which Buyer would not have consummated the Transaction.

     

    6.2         
      Entire
      Agreement; Amendments and Waivers.
      This
      Restrictive Agreement contains the entire agreement of the parties with respect
      to the subject matter hereof and supersedes all prior agreements, written or
      oral, with respect thereto. This Restrictive Agreement may be amended or
      modified and the terms and conditions hereof may be waived, only by a written
      instrument signed by each of the parties or, in the case of waiver, by the
      party
      waiving compliance. No delay on the part of either party in exercising any
      right, power or privilege hereunder shall operate as a waiver thereof, nor
      shall
      any waiver on the part of either party of any right, power or privilege
      hereunder, nor any single or partial exercise of any right, power or privilege
      hereunder, preclude any other or further exercise thereof or the exercise of
      any
      other right, power or privilege hereunder. The rights and remedies provided
      herein are cumulative and are not exclusive of any rights or remedies that
      either party may otherwise have at law or in equity.

     

    6.3         
      Notices.
      All
      notices, objections, requests, claims, demands, and other communications
      required or permitted hereunder shall be in writing, and shall be deemed to
      be
      delivered and received (i) if personally delivered or, if delivered by courier
      service, when actually received by the party to whom notice is sent (or upon
      confirmation of receipt received by the sender), or (ii) if delivered by mail
      (whether actually received or not), at the close of business on the third
      business day next following the day when placed in the mail, postage prepaid,
      certified or registered, return receipt requested addressed to 

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    the
      appropriate party or parties, at the address of such party set forth below
      such
      party’s signature on the signature page to this Restrictive Agreement (as such
      may be amended by notice from time to time).

     

    6.4         
      Governing
      Law.
      This
      Restrictive Agreement shall be construed in accordance, and governed in all
      respects by, the internal laws of the State of Texas (without giving effect
      to
      principles of conflicts of laws).

     

    6.5         
      Dispute
      Resolution.

     

    (a)         
      Except
      as
      specifically provided in Section
      6.5(d),
      any
      dispute, claim, question, or disagreement arising out of or relating to this
      Restrictive Agreement or the breach by Executive of any provision hereof, shall
      be solely and finally settled by binding arbitration in accordance with the
      provisions of the Commercial Arbitration Rules (the “Arbitration
      Rules”)
      of the
      American Arbitration Association (“AAA”)
      by a
      panel of three arbitrators selected in accordance with the Arbitration Rules
      (which arbitrators shall be knowledgeable in labor and employment law,
      intellectual property law and the protection of intellectual
      property).

     

    (b)         
      The
      parties agree that, unless otherwise selected by mutual agreement, any
      arbitration proceeding hereunder shall be brought in Chicago,
      Illinois.

     

    (c)         
      Judgment
      on the award of the arbitrators may be entered in any court having jurisdiction
      over the party against which enforcement of the award is being
      sought.

     

    (d)         
      Each
      party may, without inconsistency with this Agreement (including this
Section
      6.5),
      seek
      from a court any interim or provisional relief, including injunctive or other
      equitable relief, that may be necessary to protect the rights or property of
      that party pending the selection of the arbitrators or pending the arbitrators’
      determination of the merits of the controversy, or to otherwise enforce the
      provisions of this Agreement, without first seeking or obtaining any decision
      of
      arbitrators under this Section
      6.5,
      even if
      a similar or related matter has already been referred to arbitration in
      accordance with the terms of this Section
      6.5.

     

    6.6         
      Transaction.
      In the
      event the Transaction is not consummated and the Definitive Agreement is
      terminated for any reason in accordance with its terms, this Restrictive
      Agreement shall be null and void ab initio without any provisions herein
      surviving.

     

    6.7         
      Severability.

     

    (a)         
      If
      any
      provision of this Restrictive Agreement shall be held by an arbitrator or a
      court of competent jurisdiction to be excessively broad as to duration, activity
      or subject, it shall be deemed to extend only over the maximum duration,
      activity and subject as to which such provision shall be valid and enforceable
      under applicable law. In the event that any provision of this Restrictive
      Agreement, or the application of any such provision to any Person or set of
      circumstances, shall be determined to be invalid, unlawful, void or
      unenforceable to any extent, the remainder of this Restrictive Agreement, and
      the application of such provision to Persons or circumstances other than those
      as to which it is determined to be invalid, unlawful, void or unenforceable,
      shall not be impaired or otherwise affected and shall continue to be valid
      and
      enforceable to the fullest extent permitted by law.

     

    (b)         
      The
      parties intend that the covenant contained in Article
      2
      above
      shall be construed as a series of separate covenants, one for each geographical
      unit specified. Except for geographical coverage, each such separate covenant
      shall be deemed identical in terms to the covenant contained in Article
      2
      above.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    (c)         
      If,
      in
      any arbitration or in any judicial proceeding under Section
      6.5(d)
      hereof,
      an arbitrator or a court, as applicable, shall refuse to enforce any of the
      separate covenants deemed included in this Restrictive Agreement, then the
      unenforceable covenant shall be deemed eliminated from these provisions for
      the
      purpose of those proceedings to the extent necessary to permit the remaining
      separate covenants to be enforced.

     

    6.8         
      Successors
      and Assigns.
      This
      Restrictive Agreement shall be binding upon and inure to the benefit of the
      parties hereto, the heirs and legal representatives of Executive and the
      successors and assigns of Buyer. Executive shall not be entitled to assign
      his
      obligations hereunder. Buyer may assign its rights under this Restrictive
      Agreement to any successor in interest to all or part of the business or assets
      of Buyer in connection with any merger, consolidation or other business
      combination involving it or the sale of all or substantially all of its assets
      or the assets of the Business. Executive agrees that, upon request therefor,
      he
      will, in writing, acknowledge and consent to any such assignment of this
      Restrictive Agreement.

     

    6.9         
      Several
      Agreements.
      In
      addition to this Restrictive Agreement between Buyer and the Executive, Buyer
      has entered into a similar agreement with one other key employee of Seller.
      It
      is expressly agreed that this Restrictive Agreement and the obligations of
      the
      parties hereunder are to be construed separately from any similar agreement
      with
      the other key employee of Seller and a breach of a similar agreement by the
      other key employee of Seller shall not constitute a breach of this Restrictive
      Agreement.

     

    6.10       
      Independence
      of Obligations.
      The
      covenants of Executive set forth in this Restrictive Agreement shall be
      construed as independent of any other agreement or arrangement between
      Executive, on the one hand, and Buyer or any of their Affiliates or
      subsidiaries, on the other hand, and
      except
      as set forth in Section 5.3 hereof , or except with respect to any claim by
      Executive for failure of Buyer to make any payments under Section 3 of that
      certain Services Agreement, of even date herewith, between Executive and Buyer
      or Section 3.3 of the Definitive Agreement,
      the
      existence of any claim or cause of action by Executive against Seller or Buyer
      or any of their Affiliates or subsidiaries shall not constitute a defense to
      the
      enforcement of such covenants against Executive.

     

    6.11       
      Remedies.
      Executive expressly acknowledges that damages alone will not be an adequate
      remedy for any breach by Executive of any of the covenants set forth in this
      Restrictive Agreement and that Buyer, in addition to any other remedies which
      it
      may have, shall be entitled, as a matter of right, to injunctive relief,
      including, without limitation, specific performance (if an applicable form
      of
      relief for such breach). The rights and remedies of Buyer and the other Buyer
      Indemnified Parties under this Restrictive Agreement are not exclusive of or
      limited by any other rights or remedies which they may have, whether at law,
      in
      equity, by contract or otherwise, all of which shall be cumulative (and not
      alternative). Without limiting the generality of the foregoing, the rights,
      remedies, obligations and liabilities of Buyer and the other Buyer Indemnified
      Parties under this Restrictive Agreement, and the rights, remedies, obligations
      and liabilities of Executive under this Restrictive Agreement, are in addition
      to their respective rights, remedies, obligations and liabilities under the
      law
      of unfair competition, under laws relating to misappropriation of trade secrets,
      under other laws and common law requirements and under all applicable rules
      and
      regulations. Executive’s and Buyer’s obligations under this Restrictive
      Agreement are absolute and nothing in this Restrictive Agreement shall limit
      any
      of Executive’s or Buyer’s obligations, or the rights or remedies of Executive,
      Buyer or any of the other Buyer Indemnified Parties, under the Definitive
      Agreement; and nothing in the Definitive Agreement shall limit any of Buyer’s or
      Executive’s obligations, or any of the rights or remedies of Executive, Buyer or
      any of the other Buyer Indemnified Parties, under this Restrictive Agreement.
      No
      breach on the part of Executive, Buyer or any other party of any covenant or
      obligation contained in the Definitive Agreement or any other agreement (except
      as otherwise set forth in this Restrictive Agreement) or by virtue of any
      failure to 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    perform
      or other breach of any obligation of Executive, Buyer, any other Buyer
      Indemnified Party or any other Person shall limit or otherwise affect any right
      or remedy of Executive, Buyer or any of the other Buyer Indemnified Parties
      under this Restrictive Agreement.

     

    6.12       
      Further
      Assurances.
      Executive shall (at Buyer’s sole expense) execute and/or cause to be delivered
      to Buyer (and each Buyer Indemnified Party, if applicable) such instruments
      and
      other documents, and shall (at Buyer’s sole expense) take such other actions, as
      Buyer and such Buyer Indemnified Party may reasonably request at any time
      (whether during or after the Restricted Period) for the purpose of carrying
      out
      or evidencing any of the provisions of this Restrictive Agreement.

     

    6.13       
      Construction.

     

    (a)         
      For
      purposes of this Restrictive Agreement, whenever the context requires: the
      singular number shall include the plural, and vice versa; the masculine gender
      shall include the feminine and neuter genders; the feminine gender shall include
      the masculine and neuter genders; and the neuter gender shall include the
      masculine and feminine genders.

     

    (b)         
      The
      parties hereto agree that any rule of construction to the effect that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the construction or interpretation of this Restrictive
      Agreement.

     

    (c)         
      As
      used
      in this Restrictive Agreement, the words “include” and “including,” and
      variations thereof, shall not be deemed to be terms of limitation, but rather
      shall be deemed to be followed by the words “without limitation.”

     

    (d)         
      Except
      as
      otherwise indicated, all references in this Restrictive Agreement to “Sections”
      and “Articles” are intended to refer to Sections of this Restrictive Agreement
      and Articles of this Restrictive Agreement.

     

    6.14       
      Headings.       
      The
      headings contained in this Restrictive Agreement are for convenience of
      reference only, shall not be deemed to be a part of this Restrictive Agreement
      and shall not be referred to in connection with the construction or
      interpretation of this Restrictive Agreement.

     

    6.15       
      Dispute
      Resolution Fees.
      If any
      action or proceeding relating to this Restrictive Agreement or the enforcement
      of any provision of this Restrictive Agreement is brought against any party
      hereto, the prevailing party shall be entitled to recover reasonable attorneys’
      fees, costs and disbursements, as well as all expenses, fees and costs
      associated with the action or proceeding, including fees and expenses of the
      arbitrator selected under Section
      6.5
      hereof
      (in addition to any other relief to which the prevailing party may be
      entitled).

     

    [signatures
      on following page]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Buyer
      and Executive have executed this Restrictive Agreement as of the Effective
      Date.

     

     

    
      	 	
              EXECUTIVE:

               

              /s/
                David A. Bolton 

              David
                A. Bolton

               

              Address:

               

              1103
                Concord Avenue

              Southlake,
                TX 76092

               

              BUYER:

               

              TurboChef
                Technologies, Inc.

               

              By:
                /s/ Richard E. Perlman 

              Richard
                E. Perlman

              Chairman

               

              Address:

               

              Six
                Concourse Parkway

              Suite
                1900

              Atlanta,
                GA 30328

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    Restricted
      Territory

     

    The
      “Restricted
      Territory”
      shall
      mean the continents of North America, South America, Europe, Asia and
      Australia.EXHIBIT 4.1

ARTICLES OF INCORPORATION OF THE REGISTRANT  (AMENDED AND RESTATED AS OF MAY 17,
2005)

<PAGE>

                              AMENDED AND RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                     COMMUNITY BANK SHARES OF INDIANA, INC.

                                    ARTICLE I

                                      NAME

      Name.  The name of the  corporation  is Community  Bank Shares of Indiana,
Inc. (hereinafter referred to as the "Corporation").

                                   ARTICLE II

                                    DURATION

      Duration.  The period of duration of the existence of the  Corporation  is
perpetual.

                                   ARTICLE III

                             PURPOSE; EFFECTIVE DATE

      Purpose and Effective Date. The purpose of the Corporation is to engage in
any lawful  activity or business  for which a  corporation  may be  incorporated
under the Indiana Business Corporation Law, I.C. Section 23-1-17-1,  et seq., as
amended ("Act"). These Articles of Incorporation shall become effective upon the
date that they are endorsed as filed with the Secretary of the State of Indiana.

                                   ARTICLE IV

             REGISTERED OFFICE; REGISTERED AGENT; SOLE INCORPORATOR

      Registered Office and Registered Agent; Sole Incorporator.  The address of
the  registered  office of the  Corporation  in the State of Indiana is 101 West
Spring Street,  New Albany,  Indiana 47150.  The name of the registered agent at
such  address is Paul  Chrisco,  who is a resident  of the State of Indiana  and
whose business office is the same as the Corporation's  registered  office.  The
address of the Corporation's registered office shall also serve as the principal
office and mailing address of the Corporation.

      The name  and  address  of the sole  incorporator  of the  Corporation  is
Community  Savings Bank,  F.S.B.,  202 East Spring Street,  New Albany,  Indiana
47150.

<PAGE>

                                    ARTICLE V

                                  CAPITAL STOCK

      Capital  Stock.  The total  number of shares of  capital  stock  which the
Corporation  has authority to issue is 15,000,000 of which  10,000,000  shall be
common stock $0.10 par value per share (hereinafter the "Common Stock"),  and of
which 5,000,000 shall be preferred stock no par value per share (hereinafter the
"Preferred Stock").  The Board of Director shall have the authority to establish
series  of  unissued  shares  of any  class  of  capital  stock  by  fixing  and
determining the  designations,  preferences,  limitations  and relative  rights,
including voting rights,  of the shares of any series so established to the same
extent that such  designations,  preferences,  limitations  and relative  rights
could be stated if fully set forth in these Articles of Incorporation. Except to
the extent required by governing law, rule or regulation,  the shares of capital
stock may be issued from time to time to such persons,  for such  consideration,
and upon such terms and  conditions  as the Board of Directors  may from time to
time determine, without further approval of stockholders.  The Corporation shall
have the authority to purchase its capital stock out of funds lawfully available
therefore,  which funds shall include,  without  limitation,  the  Corporation's
unreserved  and  unrestricted  capital.  Shares  of  Corporation  capital  stock
acquired by the Corporation  shall  constitute  authorized but unissued  shares.
Stockholders shall not be liable for the debts of the Corporation.

      A  description  of the  different  classes  and  series  (if  any)  of the
Corporation's  capital  stock  and a  statement  of the  designations,  and  the
relative rights,  preferences and limitations of the shares of each class of and
series (if any) of capital stock are as follows:

      A.  Common  Stock.  Except  as  provided  in  this  Article  V (or  in any
resolution or resolutions  adopted by the Board of Directors  pursuant  hereto),
the  exclusive  voting  power shall be vested in the Common  Stock,  the holders
thereof being  entitled to one vote for each share of such Common Stock standing
in the holder's name on the books of the Corporation.  Subject to any rights and
preferences  of any class of stock  having  preference  over the  Common  Stock,
holders of Common  Stock shall be entitled to such  dividends as may he declared
by the Board of Directors out of funds  lawfully  available  therefor.  Upon any
liquidation,  dissolution  or  winding  up of the  affairs  of the  Corporation,
whether  voluntary or involuntary,  holders of Common Stock shall be entitled to
receive pro rata the remaining  assets of the  Corporation  after the payment or
provision for payment of the  Corporation's  debts and liabilities and after the
holders of any class of stock having  preference over the Common Stock have been
paid in full any sums to which they may be entitled.

      B. Preferred Stock. The Board of Directors is hereby expressly  authorized
to provide by resolution or resolutions, out of the unissued shares of Preferred
Stock, for one or more series of Preferred Stock.  Before any shares of any such
series are  issued,  the Board of  Directors  shall fix and hereby is  expressly
empowered to fix, by resolution or resolutions,  the following provisions of the
shares thereof:

            (a)  The  designation  of such  series,  the  number  of  shares  to
      constitute such series and the stated value thereof;

<PAGE>

            (b) Whether the shares of such  series  shall have voting  rights in
      addition to any voting  rights  provided by law,  and, if so, the terms of
      such voting rights, which may be general or limited;

            (c) The dividends,  if any, payable on such series, whether any such
      dividends shall be cumulative, and, if so, from what dates, the conditions
      and dates upon which such dividends shall be payable and the preference or
      relation which such dividends  shall bear to the dividends  payable on any
      shares of stock of any other class or any other series of this class;

            (d) Whether the shares of such series shall be subject to redemption
      by the Corporation,  and, if so, the times, prices and other conditions of
      such redemption;

            (e) The amount or amounts  payable upon shares of such series in the
      event of, and the rights of the holders of such  series in, the  voluntary
      or  involuntary  liquidation,  dissolution  or  winding  up,  or upon  any
      distribution of the assets, of the Corporation;

            (f)  Whether  the  shares of such  series  shall be  subject  to the
      operation  of a  retirement  or sinking fund and, if so, the extent to and
      manner in which any such  retirement  or sinking  fund shall be applied to
      the purchase or redemption of the shares of such series for  retirement or
      other  corporate  purposes  and the terms and  provisions  relative to the
      operation thereof;

            (g) Whether the shares of such series shall be convertible  into, or
      exchangeable  for,  shares of stock of any other class or any other series
      of this class or any other securities,  and, if so, the price or prices or
      the rate or rates of  conversion  or exchange  and the method,  if any, of
      adjusting  the same,  and any other terms and  conditions of conversion or
      exchange;

            (h) The price or other  consideration  for which the  shares of such
      series shall be issued;

            (i)  Whether  the  shares  of such  series  which  are  redeemed  or
      converted  shall  have the status of  authorized  but  unissued  shares of
      preferred  stock and whether  such shares may be reissued as shares of the
      same or any other series of preferred stock;

            (j) The limitations and restrictions,  if any, to be effective while
      any shares of such series are outstanding upon the payment of dividends or
      the making of other distributions on, and upon the purchase, redemption or
      other  acquisition  by the  Corporation  of, the Common Stock or shares of
      stock of any other class or any other series of this class;

            (k) The  conditions  or  restrictions,  if any, upon the creation of
      indebtedness  of the  Corporation  or upon the issuance of any  additional
      stock, including additional shares of

<PAGE>

      such  series or of any other  series of this class or of any other  class;
      and

            (l) Any  other  powers,  preferences  and  relative,  participating,
      optional and other special rights, and any qualifications, limitations and
      restrictions thereof.

      The powers,  preferences and relative,  participating,  optional and other
special  rights,  of each series of  Preferred  Stock,  and the  qualifications,
limitations or  restrictions  thereof,  if any, may differ from those of any and
all other series, except that shares of any one series issued at different times
may differ as to the dates from which  dividends  thereon shall accrue and/or be
cumulative.

      Prior  to  the  issuance  of any  shares  of a  series  of  capital  stock
established  by resolution  adopted by the Board of Directors,  the  Corporation
shall  file with the  Secretary  of State of the State of  Indiana  Articles  of
Amendment as required by the Act.  Upon the filing of such Articles of Amendment
by the Secretary of State,  the  resolution  establishing  and  designating  the
series and fixing and determining  the  preferences,  limitations,  and relative
rights  thereof  shall become an amendment of these  Articles of  Incorporation,
effective without stockholder action.

                                   ARTICLE VI

                              NO PREEMPTIVE RIGHTS

      Preemptive Rights. No holder of the capital stock of the Corporation shall
be entitled as such,  as a matter of right or  otherwise,  to  subscribe  for or
purchase any part of any new or additional  issue of equity or debt of any class
or series  whatsoever,  of the  Corporation,  or of securities  convertible into
equity or debt of any class whatsoever,  whether now or hereafter authorized, or
whether issued for cash or other consideration or by way of a dividend.

                                   ARTICLE VII

                               BOARD OF DIRECTORS

      The business and affairs of the  Corporation  shall be managed by or under
the direction of a Board of Directors. Except as otherwise fixed pursuant to the
provisions  of Article V hereof  relating  to the  rights of the  holders of any
class  or  series  of stock  having a  preference  over the  Common  Stock as to
dividends  or upon  liquidation  to elect  additional  directors,  the number of
directors  shall be  determined  by  resolution  of the  Board of  Directors  as
provided in the  Corporation's  Bylaws,  as may be amended from time to time. In
addition,  the number of directors  shall not be less than five nor greater than
15.  Directors  shall be elected by a plurality of the votes cast by the holders
of  shares  entitled  to vote in the  election  of  directors  at a  meeting  of
stockholders at which a quorum is present.  There shall be no cumulative  voting
for the election of directors of the Corporation.

<PAGE>

      A.  Classification and Term. The Board of Directors,  other than those who
may be elected by the holders of any class or series of stock having  preference
over the Common Stock as to dividends or upon liquidation, shall be divided into
three  classes  as  nearly  equal in number  as  possible,  with one class to be
elected annually, as set forth in the Bylaws of the Corporation.

      B.  Vacancies.  Except as otherwise  fixed  pursuant to the  provisions of
Article V hereof relating to the rights of the holders of any class or series of
stock  having  a  preference  over the  Common  Stock  as to  dividends  or upon
liquidation to elect directors, any vacancy occurring in the Board of Directors,
by reason of an  increase  in the number of  directors  or  otherwise,  shall be
filled by a majority  vote of the Whole Board of Directors and a majority of the
Continuing  Directors  then in office,  as defined by Article VIII,  though less
than a quorum of the Board of  Directors,  and any  director so chosen  shall be
elected for a term of office continuing until the end of the term for which such
director's predecessor was elected, or, if such director is elected by reason of
an  increase  in the  number of  directors,  until the next  annual  meeting  of
stockholders  at which  the term of the  class to which  the  director  has been
elected  expires,  and until  such  director's  successor  shall  have been duly
elected and qualified.  Whenever the holders of any class or series of shares or
group of classes or series of shares are entitled to elect one or more directors
by the  provisions  of these  Articles of  Incorporation,  any vacancies in such
directorships and any newly created  directorships of such class or series to be
filled by reason of increase in the number of such directors  shall be filled by
the  affirmative  vote of the  holders of such class or group of classes or such
series of shares or group of series of shares,  and any director so chosen shall
be elected for a term of office  continuing  until the end of the term for which
such  director's  predecessor  was elected,  or, if such  director is elected by
reason of an increase in the number of directors,  until the next annual meeting
of  stockholders  at which the term of the class to which the  director has been
elected expires, and until such director's successor shall have been elected and
qualified. When the number of directors is changed, the Board of Directors shall
determine  the class or classes to which the  increased or  decreased  number of
directors  shall be  apportioned,  provided  that no  decrease  in the number of
directors shall shorten the term of any incumbent director.

      C.  Removal.  Subject to the rights of any class or series of stock having
preference  over the Common Stock as to dividends or upon  liquidation  to elect
directors,  any  director  (including  persons  elected  by  directors  to  fill
vacancies in the Board of  Directors)  may be removed from office  without cause
only by an affirmative  vote of not less than eighty percent (80%) of the Voting
Shares at a duly constituted  meeting of stockholders  called expressly for such
purpose.  Whenever  the  holders of any class or series of capital  stock of the
Corporation  are entitled to elect one or more  directors by the  provisions  of
these Articles of  Incorporation or any amendment  thereto,  only the holders of
shares of that class or series of Capital Stock shall be entitled to vote for or
against  the  removal of any  director,  elected by the holders of the shares of
that class or series.  Any  director  may be removed from office for cause by an
affirmative vote of not less than a majority of the votes eligible to be cast by
stockholders at a duly constituted  meeting of stockholders called expressly for
such  purpose.  At least ten (10) days prior to such  meeting  of  stockholders,
written notice shall be sent to the director whose removal will be considered at
the meeting.

      D.  Discharge of Duties.  In  discharging  the duties of their  respective
positions, the Board

<PAGE>

of  Directors,  committees  of the  Board and  individual  directors  shall,  in
considering the best interests of the  Corporation,  consider the effects of any
action  upon  the  employees  of  the  Corporation  and  its  subsidiaries,  the
depositors  and borrowers of any banking  subsidiary,  the  communities in which
offices or other establishments of the Corporation or any subsidiary are located
and all other pertinent factors.

                                  ARTICLE VIII

             CERTAIN BUSINESS COMBINATIONS AND ACQUISITIONS OF STOCK

      A. Definitions and Related Mutters.

            (a) Affiliate.  An "Affiliate" of, or a Person  "affiliated  with" a
      specified Person means a Person that directly,  or indirectly  through one
      or more intermediaries,  controls, or is controlled by, or is under common
      control with, the Person specified.

            (b)  Associate.  The  term  "Associate"  when  used  to  indicate  a
      relationship with any Person means:

                  (i) Any Person (other than the  Corporation or a Subsidiary of
            the  Corporation)  of which such Person is an  officer,  director or
            general partner or is, directly or indirectly,  the beneficial owner
            of ten percent (10%) or more of any class of equity securities;

                  (ii) Any trust or other  estate in which such Person has a ten
            percent  (10%) or greater  beneficial  interest  or as to which such
            Person serves as trustee or in a similar fiduciary capacity; or

                  (iii) Any investment  company  registered under the Investment
            Company  Act of 1940 for  which  such  Person  or any  Affiliate  or
            Associate of such Person serves as investment advisor.

            (c) Beneficial  Owner. A Person shall be considered the  "Beneficial
      Owner" of any shares of stock (whether or not owned of record)  respecting
      which such Person would be deemed to have beneficial  ownership within the
      meaning of Rule 13d-3  promulgated  under the  Securities  Exchange Act of
      1934, as amended).

            (d) Business Combination. A "Business Combination" means:

                  (i) The sale, exchange,  lease,  transfer or other disposition
            to or with a Related  Person or any  Affiliate  or Associate of such
            Related Person by the Corporation or any of its  Subsidiaries  (in a
            single  transaction or a series of related  transactions)  of all or
            substantially all or any Substantial Part, of its or their assets or
            businesses (including,  without limitation, any securities issued by
            a Subsidiary);

<PAGE>

                  (ii) The purchase, exchange, lease or other acquisition by the
            Corporation or any of its Subsidiaries (in a single transaction or a
            series of related  transactions) of all or substantially all, or any
            Substantial  Part, of the assets or business of a Related  Person or
            any Affiliate or Associate of such Related Person;

                  (iii) Any merger or  consolidation  of the  Corporation or any
            Subsidiary thereof into or with a Related Person or any Affiliate or
            Associate  of such  Related  Person or into or with  another  Person
            which, after such merger or consolidation,  would be an Affiliate or
            an Associate of a Related Person, in each case irrespective of which
            Person is the surviving entity in such merger or consolidation;

                  (iv) Any  reclassification of securities,  recapitalization or
            other  transaction  (other than a redemption in accordance  with the
            terms of the security  redeemed)  which has the effect,  directly or
            indirectly,  of increasing the proportionate amount of Voting Shares
            of the Corporation or any Subsidiary  thereof which are Beneficially
            Owned by a Related Person,  or any partial or complete  liquidation,
            spinoff or split up of the Corporation or any Subsidiary thereof; or

                  (v) The  issuance by the  Corporation  to a Related  Person of
            Voting  Shares or securities  convertible  into Voting Shares or any
            voting securities (or securities convertible into voting securities)
            of any Subsidiary of the  Corporation,  or the issuance to a Related
            Person of any  rights,  warrants  or options  to acquire  any of the
            foregoing.

      As used in this definition,  a "series of related  transactions"  shall be
deemed to include not only a series of transactions with the same Related Person
but  also a  series  of  separate  transactions  with a  Related  Person  or any
Affiliate or Associate of such Related Person.

            (e) Continuing Director. A "Continuing Director" shall mean:

                  (i)  Each of James D.  Rickard,  Timothy  T.  Shea,  R.  Wayne
            Estopinal,  Gary L. Libs,  George M. Ballard,  Gordon L.  Huncilman,
            Kerry M. Stemler, Steven R. Stemler and Dale L. Orem;

                  (ii) An individual who is  unaffiliated  with a Related Person
            (or any Affiliate or Associate  thereof) and who was a member of the
            Board of Directors  prior to the time that a Related Person acquired
            10% or more of the Voting Shares; or,

                  (iii) An individual who is unaffiliated  with a Related Person
            (or any Affiliate or Associate thereof) and who is designated before
            his or her initial  election as a Continuing  Director by a majority
            of the then Continuing Directors.

<PAGE>

            (f) Date of Determination. The term "Date of Determination" means:

                  (i) The  date on which a  binding  agreement  (except  for the
            fulfillment of conditions precedent,  including, without limitation,
            votes of stockholders  to approve such  transaction) is entered into
            by the  Corporation,  as authorized  by its Board of Directors,  and
            another Person providing for any Business Combination; or,

                  (ii)  If  such  an   agreement   as  referred  to  in  Article
            VIII.A.(f)(i)  above is amended so as to make it less  favorable  to
            the  Corporation  and  its  stockholders,  the  date on  which  such
            amendment is approved by the Board of Directors of the  Corporation;
            or,

                  (iii) In cases where neither  Article  VIII.A.(f)(i)  nor (ii)
            shall  be  applicable,  the  record  date for the  determination  of
            stockholders  of the  Corporation  entitled to notice of and to vote
            upon the transaction in question.

      A majority of the  Continuing  Directors  shall have the power and duty to
determine the Date of  Determination  as to any  transaction  under this Article
VIII. Any such determination shall be conclusive and binding for all purposes of
this Article VIII.

            (g) Fair Market Value. The term "Fair Market Value" shall mean:

                  (i) In the case of stock the highest closing sale price during
            the 30-day  period  immediately  preceding the date in question of a
            share  of such  stock  on the  Composite  Tape  for New  York  Stock
            Exchange  - Listed  Stocks,  or, if such  stock is not quoted on the
            Composite Tape, on the New York Stock Exchange or the American Stock
            Exchange, or, if such stock is not listed on such exchanges,  on the
            principal  United States  securities  exchange  registered under the
            Exchange Act on which such shares are listed, or, if such shares are
            not listed on any such  exchange,  the  highest  closing  price with
            respect to a share of such stock during the 30-day period  preceding
            the date in question on the National  Market  System of the National
            Association of Securities  Dealers Automated  Quotations  ("NASDAQ")
            System, or, if not listed on the National Market System, the highest
            mean of the closing bid and asked  quotations  on the NASDAQ  System
            during such 30-day  period or any system then in use, or, if no such
            quotations  are  available,  the  fair  market  value on the date in
            question of a share as  determined  by a majority of the  Continuing
            Directors in good faith; and

                  (ii) In the case of  property  other  than cash or stock,  the
            fair  market  value  of such  property  on the date in  question  as
            determined by a majority of the Continuing Directors in good faith.

<PAGE>

            (h)  Independent  Majority of  Stockholders.  The term  "Independent
      Majority  of  Stockholders"  shall mean the  holders of a majority  of the
      outstanding  Voting Shares that are not Beneficially  Owned or controlled,
      directly or  indirectly,  by a Related Person or an Affiliate or Associate
      thereof.

            (i)  Offer.  The  term  "Offer"  shall  mean  every  offer to buy or
      otherwise acquire,  solicitation of an offer to sell, tender offer for, or
      request or invitation for tenders of, a security or interest in a security
      for value; provided that the term "Offer" shall not include: (a) inquiries
      directed  solely to the management of the  Corporation and not intended to
      be communicated to stockholders which are designed to elicit an indication
      of  management's  receptivity  to  the  basic  structure  of  a  potential
      acquisition with respect to the amount of cash and/or  securities,  manner
      of  acquisition  and formula for  determining  price,  or (b)  non-binding
      expressions of  understanding  or letters of intent with the management of
      the Corporation  regarding the basic structure of a potential  acquisition
      with  respect  to  the  amount  of  cash  and/or  securities,   manner  of
      acquisition and formula for determining price.

            (j)  Person.   The  term   "Person"   shall  mean  any   individual,
      association,  corporation  (including  without  limitation  any non-profit
      corporation),  estate, general partnership, limited liability partnership,
      limited partnership,  limited liability company,  joint stock association,
      joint  venture,  firm,  trust,  business  trust,  cooperative,   executor,
      administrator,  nominee  or entity  in a  representative  capacity,  group
      acting in concert,  governmental body, unincorporated association or other
      legal entity or organization  (other than the Corporation,  any Subsidiary
      of the Corporation or a trustee holding stock for the benefit of employees
      of the Corporation or its  Subsidiaries,  or any one of them,  pursuant to
      one or more employee benefit plans or arrangements).

            (k) Related Person.  The term "Related Person" shall mean any Person
      who or which is (a) the  Beneficial  Owner (either alone or in combination
      with  one  (1) or  more  Affiliates  or  Associates),  as of the  Date  of
      Determination,  or  immediately  prior to the  consummation  of a Business
      Combination,  of 10% or more of the Voting Shares;  or (b) an Affiliate of
      the  Corporation  and at any time within the two-year  period  immediately
      prior to the  announcement  of a Business  Combination  was the Beneficial
      Owner,  directly  or  indirectly,  of 10% or more of the then  outstanding
      Voting  Shares;  or (c) an assignee of or has  otherwise  succeeded to any
      Voting  Shares  which  were  at  any  time  within  the  two-year   period
      immediately   prior  to  the   announcement  of  a  Business   Combination
      Beneficially Owned by any Related Person, if such assignment or succession
      shall  have  occurred  in  the  course  of  a  transaction  or  series  of
      transactions  not  involving a public  offering  within the meaning of the
      Securities Act of 1933.

            (1)  Substantial  Part.  The term  "Substantial  Part" as used  with
      reference to the assets of the  Corporation  of any  Subsidiary  or of any
      Related  Person means assets  having a value of more than 10% of the total
      consolidated  assets of the Corporation and its Subsidiaries as of the end
      of the Corporation's most recent fiscal year ending

<PAGE>

      prior to the time the determination is being made.

            (m) Subsidiary. The term "Subsidiary" shall mean any Person of which
      the  Person  in  question  owns not less than 50  percent  of any class of
      equity securities, directly or indirectly.

            (n) Voting Shares. The term "Voting Shares" shall mean shares of the
      Corporation entitled to vote generally in the election of directors.

            (o) Whole Board of  Directors.  The term "Whole Board of  Directors"
      shall mean the total number of directors which the Corporation  would have
      if there were no vacancies.

            (p) Certain Determinations with Respect to Article VIII.

                  (i) A  majority  of the  Continuing  Directors  shall have the
            power to determine  for the purposes of this  Article  VIII,  on the
            basis of information  known to them: (1) the number of Voting Shares
            of which any Person is the Beneficial Owner, (2) whether a Person is
            an Affiliate or  Associate of another  Person,  (3) whether a Person
            has an agreement,  arrangement or  understanding  with another as to
            the matters  referred to in the definition of "Beneficial  Owner" as
            hereinabove  defined, (4) whether the assets subject to any Business
            Combination  constitute a "Substantial Part" as hereinabove defined,
            (5) whether two or more transactions constitute a "series of related
            transactions" as hereinabove defined, (6) any matters referred to in
            Article  VIII.A.(p)(ii)  below,  and (7)  such  other  matters  with
            respect to which a  determination  is  required  under this  Article
            VIII.

                  (ii) A Related Person shall be deemed to have acquired a share
            of the  Corporation  at the time when such Related  Person  became a
            Beneficial   Owner   thereof.   With  respect  to  shares  owned  by
            Affiliates,   Associates  or  other   Persons  whose   ownership  is
            attributable  to a Related Person under the foregoing  definition of
            Beneficial  Owner, if the price paid by such Related Person for such
            shares is not determinable,  the price so paid shall be deemed to be
            the  higher of (1) the price  paid upon  acquisition  thereof by the
            Affiliate,  Associate or other Person or (2) the market price of the
            shares in question (as  determined  by a majority of the  Continuing
            Directors) at the time when the Related Person became the Beneficial
            Owner thereof.

            (q) Fiduciary  Obligations.  Nothing  contained in this Article VIII
      shall be  construed  to relieve  any  Related  Person  from any  fiduciary
      obligation imposed by law.

      B. Approval of Business Combination.

<PAGE>

            (a)  Except  as  provided  in  Article  VIII.B.   (b),  neither  the
      Corporation nor any of its Subsidiaries shall become party to any Business
      Combination  without  the  prior  affirmative  vote  at a  meeting  of the
      Corporation's stockholders of:

                  (i) The holders of not less than 80 percent of the outstanding
            Voting Shares, voting separately as a class; and

                  (ii) An Independent Majority of Stockholders.

      Such favorable  votes shall be in addition to any  stockholder  vote which
would be required  without  reference  to this Article  VIII.B.(a)  and shall be
required  notwithstanding  the fact that no vote may be  required,  or that some
lesser percentage may be specified by law or otherwise.

            (b) The  provisions of this Article  VIII.B.  shall not apply to (i)
      any  Business  Combination  approved by  two-thirds  of the Whole Board of
      Directors of the  Corporation  at a time prior to the  acquisition  of ten
      percent (10%) or more of the outstanding  Voting Shares of the Corporation
      by the  Related  Person,  or (ii) any  Business  Combination  approved  by
      two-thirds  of  the  Whole  Board  of  Directors  and a  majority  of  the
      Continuing Directors after such acquisition.

      C.  Evaluation  of  Business  Combinations,  Etc. In  connection  with the
exercise of its  judgment  in  determining  what is in the best  interest of the
Corporation and its  stockholders  when  evaluating a Business  Combination or a
proposal by another Person or Persons to make a Business Combination or a tender
or exchange offer, the Board of Directors of the Corporation  shall, in addition
to considering the adequacy of the amount to be paid in connection with any such
transaction,  consider all of the following  factors and any other factors which
it deems relevant: (i) the social and economic effects of the transaction on the
Corporation and its  Subsidiaries and their  respective  employees,  depositors,
loan and other  customers,  creditors and other  elements of the  communities in
which the  Corporation  and its  Subsidiaries  operate or are located;  (ii) the
business and financial  condition and earnings prospects of the acquiring Person
or Persons,  including,  but not limited to, debt service and other  existing or
likely  financial  obligations  of the  acquiring  Person  or  Persons,  and the
possible effect of such conditions upon the Corporation and its Subsidiaries and
the elements of the communities in which the  Corporation  and its  Subsidiaries
operate or are located;  and (iii) the  competence,  experience and integrity of
the acquiring Person or Persons and its or their management.

      D.  Amendments,  Etc.,  of this Article  VIII.  Notwithstanding  any other
provisions of these Articles of  Incorporation  or the Bylaws of the Corporation
(and  notwithstanding  the fact that some lesser  percentage may be specified by
law, these Articles of  Incorporation  or the Bylaws of the  Corporation),  this
Article VIII shall not be amended,  altered,  changed,  or repealed  without the
affirmative  vote of (i) the  holders  of  eighty  percent  (80%) or more of the
outstanding Voting Shares, voting separately as a class, and (ii) an Independent
Majority of Stockholders; provided, however, that this Article VIII.D. shall not
apply to, and such vote shall not be required for, any such amendment, change or
repeal recommended to

<PAGE>

stockholders  by the  favorable  vote of not less than  two-thirds  of the Whole
Board of Directors,  including a majority of the Continuing  Directors,  and any
such amendment,  change or repeal so recommended shall require only the vote, if
any,  required  under the  applicable  provisions of the Act,  these Articles of
Incorporation and the Bylaws of the Corporation.

      E. State Law Election. The Corporation hereby elects not to be governed by
Chapter 43 of the Act or any successor provision thereto.

<PAGE>

                                   ARTICLE IX

           AMENDMENT OF ARTICLES OF INCORPORATION; ADOPTION OF BYLAWS

      A. Articles of Incorporation. The Corporation reserves the right to amend,
alter,   change  or  repeal  any  provision   contained  in  these  Articles  of
Incorporation,  in the manner now or hereafter prescribed by law, and all rights
conferred upon stockholders  herein are granted subject to this reservation.  No
amendment,   addition,  alteration,  change  or  repeal  of  these  Articles  of
Incorporation  shall  be made  unless  it is  first  approved  by the  Board  of
Directors of the Corporation pursuant to a resolution adopted by the affirmative
vote of a majority of the directors  then in office,  and thereafter is approved
by the holders of a majority of the shares of the  Corporation  entitled to vote
generally in an election of directors, voting together as a single class, unless
any class or series of shares is entitled to vote  thereon as a class,  in which
event the proposed  amendment  shall be adopted upon  receiving the  affirmative
vote of the holders of a majority  of the shares  within each class or series of
outstanding  shares  entitled  to  vote  thereon  as a class  and of at  least a
majority of the total  outstanding  shares  entitled to vote  thereon,  provided
that,  notwithstanding  anything contained in these Articles of Incorporation to
the contrary,  (i) the affirmative vote of the holders of at least two-thirds of
the shares of the  Corporation  entitled  to vote  generally  in an  election of
directors,  voting  together  as a single  class,  unless any class or series of
shares is  entitled  to vote  thereon as a class,  in which  event the  proposed
amendment shall be adopted upon receiving the affirmative vote of the holders of
two-thirds  of the  shares  within  each class or series of  outstanding  shares
entitled  to vote  thereon  as a class and of at least  two-thirds  of the total
outstanding shares entitled to vote thereon,  shall be required to amend, adopt,
alter,  change or repeal any provision  inconsistent with Articles VI, VII, VIII
and this  Article  IX,  and (ii)  Article  VIII  shall be  amended in the manner
specified in Article VIII.D.

      B. Bylaws.  The Board of Directors may adopt,  alter,  amend or repeal the
Bylaws of the  Corporation.  Such action by the Board of Directors shall require
the  affirmative  vote of a  majority  of the  directors  then in  office at any
regular or special  meeting of the Board of  Directors.  Stockholders  shall not
have any power to make, alter, amend or repeal the Corporation's  Bylaws, except
as set forth in the Bylaws.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]