Document:

FORM OF WARRANT

 

Exhibit 10.9

     THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS
THERE IS (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT RELATED THERETO, (ii) AN OPINION OF
COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT
REQUIRED, (iii) RECEIPT OF A NO-ACTION LETTER FROM THE APPROPRIATE GOVERNMENTAL AUTHORITY(IES), OR
(iv) AN EXEMPTION THEREFROM UNDER RULE 144 (OR ANY SUCCESSOR PROVISION) OF THE ACT.

WARRANT TO PURCHASE

[____________________] SHARES OF COMMON STOCK OF

BANKWEST NEVADA CORPORATION

     This
certifies that
[                              ]
(the “Initial Holder”), or its registered transferee,
successor or assignee (each, a “Holder”), for value received, is entitled to purchase at the
Exercise Price (as defined below) from Bank West Nevada Corporation, a Nevada corporation (the
“Company"), up to [                              (                    )] fully paid and nonassessable shares (the
“Warrant Shares”) of the Company’s Common
Stock, par value $1.00 per share (the “Common Stock”),
subject to adjustment pursuant to Section 4 and the terms and conditions set forth herein. This
Warrant shall be exercisable during the period beginning on [— —] ___, 2002 until the Expiration
Date (as defined below).

     As used herein, (a) the term “Issue Date” shall mean [                    ]      , 2002, (b) the term
“Expiration Date” shall mean the earlier of the date upon which all Warrant Shares shall have been
exercised or [January]           , 2010, (c) the term “Exercise Price” shall mean $22.85, subject to
adjustment pursuant to Section 4, and (d) the term “Stock Purchase Agreement” shall mean that
certain Common Stock and Warrant Purchase Agreement dated as of July 31, 2002 among the Company,
William S. Boyd, Trustee of the William S. Boyd Trust and certain investors including the Initial
Holder. This Warrant is being issued pursuant to the Stock Purchase Agreement.

          1. Exercise; Issuance of Certificates; Acknowledgement. This Warrant may be
exercised, in whole or in part, for shares of Common Stock (but not for a fraction of a share) upon
surrender to the Company at its principal office (or at such other location as the Company may
advise the Holder in writing) of this Warrant properly endorsed with (i) the Form of Subscription
attached as Exhibit A hereto duly completed and executed, (ii) payment pursuant to Section
2 of the aggregate Exercise Price for the number of shares for which this Warrant is being
exercised determined in accordance with the provisions of this Warrant, and (iii) any

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documents reasonably requested by the Company to be executed by the Holder. The shares of
Common Stock purchased under this Warrant shall be and are deemed to be issued to the Holder, as
the record owner of such shares, as of the close of business on the date of exercise. Certificates
for the shares of the Common Stock so purchased, together with any other securities or property to
which the Holder is entitled upon such exercise, shall be delivered to the Holder by the Company at
the Company’s expense as soon as practicable after the rights represented by this Warrant have been
so exercised. Each stock certificate so delivered shall be in such denominations of Common Stock
as may be requested by the Holder and shall be registered in the name of such Holder. In case of a
purchase of less than all the Warrant Shares, the Company shall execute and deliver to Holder
within five (5) business days after the date of exercise an Acknowledgement in the form attached as
Exhibit B indicating the number of Warrant Shares which remain subject to this Warrant, if any.

          2. Payment for Shares. The aggregate purchase price for Warrant Shares being
purchased hereunder may be paid either (i) by check or wire transfer of immediately available funds
or (ii) by surrender of a number of Warrant Shares which have a fair market value equal to the
aggregate purchase price of the Warrant Shares being purchased
(“Net Issuance”) as determined
herein. If the Holder elects the Net Issuance method of payment, the Company shall ) issue to
Holder upon exercise a number of shares of Warrant Shares determined in accordance with the
following formula:

	 	 	 	 	 
	

	 	Y(A-B)	 	 
	X=

	 	

	 	 
	

	 	A	 	 

     where: X = the number of Warrant Shares to be issued to the Holder;

          Y = the number of Warrant Shares with respect to which the Holder is exercising its purchase
rights under this Warrant;

          A = the Fair Market Value (as defined below) of one (1) Warrant Share on the date of exercise;
and

          B = the Exercise Price on the date of exercise.

     No fractional shares arising out of the above formula, or otherwise arising out of the
exercise of this Warrant, shall be issued. The Company shall in lieu thereof make payment to the
Holder of cash in the amount of such fraction multiplied by the Fair Market Value of one share of
the Warrant Shares on the date of exercise. The term “Fair Market Value” of one (1) share of the
Warrant Shares shall mean (a) if the Common Stock is then traded on a national securities exchange
or Nasdaq, the average of the closing prices of such Common Stock on such exchange over the ten
(10) trading day period (or portion thereof) ending three (3) trading days prior to the date of
exercise, multiplied by the number of shares of Common Stock into which each share of the Warrant
Shares is then convertible, (b) if the Common Stock is then regularly traded over-the-counter, the
average of the closing sale prices or secondarily the closing bid of such Common Stock over the ten
(10) trading day period (or portion thereof) ending three (3) trading days prior to the date of
exercise, multiplied by the number of shares of Common Stock into which each

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share of the Warrant Shares is then convertible, or (c) if there is no active public market
for the Common Stock, the fair market value thereof as determined in good faith by the Board of
Directors of the Company, multiplied by the number of shares of Common Stock into which each share
of the Warrant Shares is then convertible.

          3. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees
that all shares of Common Stock which may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable
and free from all preemptive rights of any stockholder and free of all taxes, liens and charges
with respect to the issuance thereof. The Company further covenants and agrees that during the
period within which the rights represented by this Warrant may be exercised, the Company will at
all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the
subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but
unissued shares of Common Stock or other securities and property, when and as required to provide
for the exercise of the rights represented by this Warrant. If at any time prior to the Expiration
Date the number of authorized but unissued shares of Common Stock shall not be sufficient to permit
the exercise of the rights represented by this Warrant, the Company will take such corporate
action, subject to receipt of any required stockholder approval, as may be necessary to increase
its authorized but unissued shares of Common Stock as shall be sufficient for such purpose.

          4. Adjustment of Exercise Price and Number of Shares. The Exercise Price and the
number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from
time to time upon the occurrence of certain events described in this Section 4. Upon each
adjustment of the Exercise Price, the Holder of this Warrant shall thereafter be entitled to
purchase, at the Exercise Price resulting from such adjustment, the number of shares obtained by
multiplying the Exercise Price in effect immediately prior to such adjustment by the number of
shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product
thereof by the Exercise Price resulting from such adjustment.

               4.1 Stock Dividends. If the Company, at any time while this Warrant is outstanding
and unexpired, pays a dividend or distribution payable in Common Stock, then the Exercise Price
shall be adjusted, from and after the date of determination of stockholders entitled to receive
such dividend or distribution, to that price determined by multiplying the Exercise Price in effect
immediately prior to such date of determination by a fraction (i) the numerator of which shall be
the total number of shares of Common Stock issued and outstanding immediately prior to such
dividend or distribution, and (ii) the denominator of which shall be the total number of shares of
Common Stock issued and outstanding immediately after such dividend or distribution.

               4.2 Stock Splits or Combinations. In the event the Company shall at any time split or
subdivide its outstanding shares of Common Stock into a greater number of shares, the Exercise
Price in effect immediately prior to such subdivision shall be proportionately reduced, and in the
event the outstanding shares of the Common Stock of the Company shall be combined or reverse split
into a smaller number of shares, the Exercise Price in effect immediately prior to such combination
shall be proportionately increased.

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               4.3 Reclassification. In the event of any reclassification, change or conversion of
securities of the class issuable upon exercise of this Warrant (other than a change in par value,
or from par value to no par value, or from no par value to par value, or as a result of a
subdivision or combination described in Section 4.2), then the Company shall take all necessary
actions (including but not limited to executing and delivering to the Holder of this Warrant an
additional Warrant or other instrument, in form and substance satisfactory to the holder of this
Warrant) to ensure that the Holder of this Warrant shall thereafter have the right to receive, at a
total purchase price not to exceed that payable upon the exercise of the unexercised portion of
this Warrant, and in lieu of the shares of Common Stock theretofore issuable upon exercise of this
Warrant, the kind and amount of shares of stock, other securities, money and property receivable
upon such reclassification, change or conversion by a holder of the number of shares of Common
Stock then purchasable under this Warrant. Such new Warrant shall provide for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section
4. The provisions of this Section 4.3 shall similarly apply to successive reclassifications,
changes and conversions.

               4.4 Consolidation, Merger or Sale. In the event of any consolidation or merger of the
Company with or into any other corporation, entity or person, or any other corporate
reorganization, in which the Company shall not be the continuing or surviving entity of such
consolidation, merger or reorganization, or any transaction in which in excess of 50% of the
Company’s voting power is transferred, or any sale of all or substantially all of the assets of the
Company (any such transaction being hereinafter referred to as a
“Reorganization”), then the
Company will have the right to cancel this Warrant provided that, upon the consummation or
effective date of such Reorganization, the Holder will receive, in lieu of this Warrant, the stock
and other securities and property (including cash) to which such Holder would have been entitled
upon the date of such Reorganization if such Holder had exercised this Warrant immediately prior
thereto pursuant to the Net Issuance provisions of Section 2 and this Warrant had been exercisable
for all of the Warrant Shares as of the date of such Reorganization.

               4.5 Notice of Adjustment. Upon any adjustment provided for under -this Section 4, the
Company shall give written notice thereof, by first class mail postage prepaid, addressed to the
registered Holder of this Warrant at the address of such Holder as shown on the books of the
Company. The notice shall be signed by the Company’s chief financial officer and shall state the
Exercise Price resulting from such adjustment and the increase, decrease or change, if any, in the
number or type of shares purchasable at such price upon the exercise of this Warrant, setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based.

               4.6 Other Notices. If at any time:

                    (1) the Company shall declare any cash dividend upon its Common Stock;

                    (2) there shall be any capital reorganization or reclassification of the capital stock of the
Company; or consolidation or merger of the Company with, or sale of all or substantially all of its
assets to, another corporation; or

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                    (3) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the
Company;

then, in any one or more of said cases, the Company shall give, by first class mail, postage
prepaid, addressed to the Holder of this Warrant at the address of such Holder as shown on the
books of the Company, (a) at least ten (10) days prior written notice of the date on which the
books of the Company shall close or a record shall be taken for such dividend or for determining
rights to vote in respect of any such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding-up, and (b) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, winding-up or public
offering, at least ten (10) days prior written notice of the date when the same shall take place;
provided, however, that the Holder shall make a best efforts attempt to respond to such notice as
early as possible after the receipt thereof. Any notice given in accordance with the foregoing
clause (a) shall also specify, in the case of any such dividend, the date on which the holders of
Common Stock shall be entitled thereto. Any notice given in accordance with the foregoing clause
(b) shall also specify the date on which the holders of Common Stock shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, winding-up, conversion or
public offering, as the case may be.

          5. No Voting or Dividend Rights. Nothing contained in this Warrant shall be construed
as conferring upon the Holder the right to vote or to consent to receive notice as a stockholder of
the Company or any other matters or any rights whatsoever as a stockholder of the Company prior to
the exercise of the Holder’s right to purchase the Warrant Shares. No cash dividends or interest
shall be payable or accrued in respect of this Warrant or the interest represented hereby until,
and only to the extent that, this Warrant shall have been exercised.

          6. Transfer. Subject to compliance with applicable laws, this Warrant and all rights
hereunder may be transferred by a Holder, in whole or in part, to the extent this Warrant is
exercisable, only to an affiliate (as such term is defined under Rule 405 of the Act) of such
Holder. Any such transfer to an affiliate shall be made upon surrender of this Warrant together
with a written request for transfer confirm by telephone to the person to whom such communication
was addressed each communication made by it by facsimile pursuant hereto but the absence of such
confirmation shall not affect the validity of any such communication. A party may change or
supplement the addresses given above, or designate additional addresses, for purposes of this
Section 10 by giving the other party written notice of the new address in the manner set forth
above.

          7. Representations and Warranties of Holder. Holder hereby agrees, represents and
warrants as follows: (i) Holder is acquiring this Warrant and any Warrant Shares issuable hereunder
(collectively, the “Securities”) solely for its own account for investment and not with a view to
or for sale or distribution of the Securities or any portion thereof in violation of the Act; (ii)
Holder is an “accredited investor” within the meaning of Rule 501 under the Act, as presently in
effect; (iii) the entire legal and beneficial interest of the Securities is being acquired for, and
will be held for the account of, Holder only and neither in whole nor in part for any other person,
except for such transfer of any of the Securities as may be permitted hereunder; (iv) Holder either
(a) has a prior business relationship with the Company and/or its officers and

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directors, or (b) by reason of its business or financial experience or the business or
financial experience of its professional advisors who are unaffiliated with the Company, and who
are not compensated by the Company, has the capacity to protect its own interests in connection
with its acquisition of the Securities; and (v) the transaction under which Holder is acquiring the
Securities has not been registered under the Act and the Securities must be held indefinitely
unless subsequently registered under the Act or an exemption from such registration is available.

          8. Lost Warrants. Upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss,
theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in
the case of any such mutilation upon surrender and cancellation of such Warrant, the Company, at
its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen,
destroyed or mutilated Warrant.

          9. Modification and Waiver. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived (either generally or in a particular instance
and either retroactively or prospectively), only with the written consent of the Company and the
holders of Warrants representing at least a majority of the aggregate number of Warrant Shares then
issuable upon exercise of this Warrant. Any amendment or waiver effected in accordance with this
paragraph shall be binding upon the Company, the Holder and the holders of all Warrants issued
pursuant to this Warrant.

          10. Notices. Except as may be otherwise provided herein, all notices, requests,
waivers and other communications made pursuant to this Warrant shall be in writing and shall be
conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when
sent by facsimile to the number set forth below if sent between 8:00 a.m. and 5:00 p.m. recipient’s
local time on a business day, or on the next business day if sent by facsimile to the number set
forth below if sent other than between 8:00 a.m. and 5:00 p.m. recipient’s local time on a business
day; (c) three business days after deposit in the U.S. mail with first class or certified mail
receipt requested postage prepaid and addressed to the other party at the address set forth below;
or (d) the next business day after deposit with a national overnight delivery service, postage
prepaid, addressed to the parties as set forth below with next business day delivery guaranteed,
provided that the sending party receives a confirmation of delivery from the delivery service
provider. Each person making a communication hereunder by facsimile shall prompts obligations made
herein), as may be reasonably required or desirable to carry out or to perform the provisions of
this Warrant and to consummate and make effective as promptly as possible the transactions
contemplated by this Warrant.

          11. Titles and Subtitles; Governing Law; Venue. The titles and subtitles used in this
Warrant are used for convenience only and are not to be considered in construing or interpreting
this agreement. This Warrant is to be construed in accordance with and governed by the internal
laws of the State of Nevada without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Nevada to
the rights and duties of the Company and the Holder. All disputes and controversies arising out of
or in connection with this Warrant shall be resolved exclusively by the state and federal courts
located in the State of Nevada, and each of the Company and the

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Holder hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall
lie exclusively with such courts.

          12. Counterparts. This Warrant may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.

          13. Charges, Taxes and Expenses. Issuance of certificates for shares upon the
exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense with respect to the issuance of such certificates, all of which taxes
and expenses shall be paid by the Company.

          14. Redemption. This Warrant is not redeemable by the Company.

          15. Further Assurances. Each of the parties shall execute such documents and perform
such further acts (including, without limitation, obtaining any consents, exemptions,
authorizations or other actions by, or giving any notices to, or making any filings with, any
governmental authority or any other person, and otherwise fulfilling, or causing the fulfillment
of, the various obligations made herein), as may be reasonably required or desirable to carry out
or perform the provisions of this Warrant and to consummate and make effective as promptly as
possible the transactions contemplated by this Warrant.

[Signatures on following page]

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     IN WITNESS WHEREOF, the Company and the Initial Holder have caused this Warrant to be duly
executed by its officers, thereunto duly authorized, as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BANKWEST NEVADA CORPORATION	 	[	 	 	 	 	]	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 	 	 
	

	 
	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	President and Chief Executive Officer	 	 	 	Its:	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 	 	 
	

	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Chief Financial Officer	 	 	 	Its:	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Address and Facsimile Number for Notice:	 	 	 	Address and Facsimile Number for Notice:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BankWest Nevada Corporation	 	 	 	[	 	 	 	 	]	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Fax:	 	 	 	 	 	Fax:	 	 	 	 	 	 
	

	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	With a copy to:	 	 	 	With a copy to:	 	 	 	 
	Morrison & Foerster LLP	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	555 West Fifth Street, Suite 3500	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Los Angeles, CA 90013-1024	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Attn: Henry Fields, Esq.	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Fax: (213) 892-5454	 	 	 	 	 	 	 	 	 	 	 	 

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SCHEDULE OF WARRANT HOLDERS AS OF MARCH 31, 2005

	 	 	 	 	 
	Name	 	Warrants Outstanding
	Robert G. Sarver Separate Property Trust

	 	 966,087 	 	 
	Robert & Penny Sarver Family Trust

	 	 34,137 	 	 
	Vulture II Corp (Robert Sarver)

	 	 13,656 	 	 
	Steven Hilton

	 	 68,274 	 	 
	Paul L. Baker

	 	 68,274 	 	 
	Duane Froeschle

	 	 44,381 	 	 
	James Lundy

	 	 34,137 	 	 
	Richard Krivel

	 	 34,137 	 	 
	Francis Najafi

	 	 23,895 	 	 
	Thomas Sullivan, Jr.

	 	 17,067 	 	 
	Rogers Holdings LLP

	 	 27,312 	 	 
	R. Luther Olsen

	 	 13,656 	 	 
	Dennis Miller

	 	 3,414 	 	 
	Brian Middleton

	 	 13,656 	 	 
	Mark Schlossberg

	 	 13,656 	 	 
	Lowell Rothschild

	 	 10,242 	 	 
	Doug Clark

	 	 10,242 	 	 
	Michael Markham

	 	 6,828 	 	 
	John J. Tull

	 	 6,828 	 	 
	Edward Berger Sep. Prop. Trust

	 	 13,656 	 	 
	Irwin Pasternack

	 	 6,828 	 	 
	Price, Kong & Co. CPAs

	 	 5,463 	 	 
	Anthony Kong

	 	 1,365 	 	 
	Betty Anne Krause

	 	 3,414 	 	 
	Scott Douglas

	 	 3,414 	 	 
	

	 	 	 	 
	TOTAL

	 	 1,444,019DIRECTORS FEE SCHEDULE

 

Exhibit 10.10

WESTERN ALLIANCE BANCORPORATION

DIRECTORS FEE SCHEDULE

     The following sets forth the amount of fees payable in fiscal year 2005 to each outside
director of Western Alliance Bancorporation for his or her service as a director of one or more of
Western Alliance’s subsidiary banks. No separate fees are paid to directors in their role as
directors of Western Alliance.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Per In-person	 	 	Per Telephonic	 
	 	 	Annual Retainer	 	 	Meeting	 	 	Meeting	 
	BankWest of Nevada
	 	$	10,000	 	 	$	2,000	 	 	$	2,000	 
	Alliance Bank
	 	 	—	 	 	 	1,500	 	 	 	1,500	 
	Torrey Pines Bank
	 	 	—	 	 	 	1,500	 	 	 	1,500	 

     In addition, the Chairman of the Audit Committee of Western Alliance receives an annual
retainer of $10,000.

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