Document:

Amendment No. 3 to Note Purchase Agreement and Limited Waiver

 Exhibit 10.3 
 EXECUTION COPY 
 AMENDMENT NO. 3 TO NOTE PURCHASE AGREEMENT 
 AND LIMITED WAIVER 
 THIS AMENDMENT NO.
3 TO NOTE PURCHASE AGREEMENT AND LIMITED WAIVER (this “Amendment”), dated effective as of February 27, 2009 (the “Amendment Effective Date”), is between GMX Resources Inc., an Oklahoma corporation
(the “Company”), and the noteholder listed on the signature page hereto (the “Noteholder”). 
 R E C
I T A L S: 
 A. The Company and the Noteholder entered into a Note Purchase Agreement dated as of July 31, 2007, as amended by that
certain Amendment No. 1 to Note Purchase Agreement and Limited Consent dated February 11, 2008, and Amendment No. 2 to Note Purchase Agreement dated June 12, 2008 (as so amended, the “Note Agreement”).
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Note Agreement. 
 B.
Reference is made to the Subordinated Guaranty Agreement (the “Guaranty Agreement”) dated as of July 31, 2007, entered into by Endeavor Pipeline Inc., an Oklahoma corporation (“Endeavor”), and Diamond Blue
Drilling Co., an Oklahoma corporation (together with Endeavor, the “Subsidiary Guarantors”). 
 C. The Company has informed
the Noteholder that an Event of Default under the Note Agreement has occurred and is continuing under paragraph 6A(4) of the Note Agreement due to the Company’s failure to maintain the minimum Consolidated Tangible Net Worth financial covenant
for the fiscal quarter ended December 31, 2008 (the “Subject Default”). 
 D. The Company has requested that the
Noteholder waive the Subject Default, amend the Consolidated Tangible Net Worth financial covenant, and amend the definition of EBITDA to add back fair value adjustments or ceiling test impairments required by SEC Regulation S-X Rule 4-10, and the
Noteholder is willing to agree to provide such waiver and enter into such amendments, upon and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the covenants, terms, conditions, representations and warranties herein contained, the parties hereto hereby agree as follows: 
 Section 1. AMENDMENTS TO NOTE AGREEMENT. Subject to the covenants, terms and conditions set forth herein and in reliance upon the
representations and warranties of the Company herein contained, the Company and the Noteholder hereby agree to amend the Note Agreement as set forth below: 
 (a) Amendment to Paragraph 6A(4). Effective as of January 1, 2009, paragraph 6A(4) of the Agreement is hereby amended in its entirety to read as follows: 

 6A(4). Tangible Net Worth. The Company will not permit, at any time, Consolidated
Tangible Net Worth to be less than $165,000,000 plus the sum of (i) 50% of positive Net Income in each fiscal quarter commencing with the fiscal quarter ending March 31, 2009, and (ii) 100% of the Net Cash Proceeds from the issuance
and sale of Equity Interests by the Company after December 31, 2008. For purposes of this covenant, the non-cash effects, if any, of Swaps pursuant to Financial Accounting Standards Board Rule No. 133 (Accounting for Derivative Instruments
and Hedging Activities) will not be included. 
 (b) Amendment to Defined Term “EBITDA”. Effective as of October 1,
2008, the defined term “EDITDA” is hereby amended and restated in its entirety to read as follows: 
 “EBITDA” shall mean, for any Person for any period, the sum of (i) Net Income of such Person for such period, plus (ii) the following (without duplication), to the extent, and only to the extent, deducted
in computing such Net Income: Interest Expense, taxes, depreciation, depletion, amortization, intangible drilling costs, exploration expenses and non-cash expenses deducted from net income (A) under FAS APB Opinion No. 25, SFAS
No. 123 or SFAS No. 143 or (B) due to fair value adjustments or ceiling test impairments required by SEC Regulation S-X Rule 4-10, all determined on a Consolidated basis in accordance with GAAP. 
 Section 2. LIMITED WAIVER. The Company hereby acknowledges that the Subject Default has occurred and is continuing. Subject to the terms and
conditions set forth herein, and in reliance upon representations and warranties of the Company set forth herein, the Noteholder hereby waives the Subject Default. The foregoing waiver shall be limited precisely as written and shall relate solely to
the Note Agreement in the manner and to the extent described herein, and nothing in this Amendment shall be deemed (a) to constitute a waiver of compliance by the Company with respect to (i) paragraph 6A(4) of the Note Agreement in any
other instance or respect or (ii) any other term, provision or condition of the Note Agreement or any other Note Document, or (b) to prejudice any right or remedy that the Noteholder may now have (after giving effect to the foregoing
waiver) or may have in the future under or in connection with the Note Agreement or any other Note Document. 
 Section 3. CONDITIONS
PRECEDENT. The parties hereto agree that this Amendment and the amendment to the Note Agreement contained herein shall become effective upon the satisfaction of each of the following conditions: 
 (a) Execution and Delivery of this Amendment. The Noteholder shall have received a copy of this Amendment executed and delivered by the Company and
the Subsidiary Guarantors. 
 (b) Bank Facility Amendment. The Noteholder shall have received a fully executed copy of an amendment to
the Bank Facility in the form of Exhibit A attached to this Amendment. 

 (c) Representations and Warranties. Each of the representations and warranties made in this
Amendment shall be true and correct on and as of the Amendment Effective Date as if made on and as of such date, both before and after giving effect to this Amendment. 
 Section 4. REPRESENTATIONS AND WARRANTIES. To induce the Noteholder to enter into this Amendment and to agree to the amendments contained herein, the Company represents and warrants to the Noteholder as
follows: 
 (a) No Other Default. Other than the Subject Default, no Default or Event of Default exists under any of the Note
Documents. As of the date hereof, the Company is not in default under or with respect to (i) its charter documents or (ii) any material contractual obligation of the Company. The execution, delivery and performance of this Amendment shall
not result in any default under any contractual obligation of the Company in any respect. 
 (b) Binding Effect. This Amendment, the
Note Agreement as amended hereby, and the other Note Documents constitute the legal, valid and binding obligations of the Company, enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 
 Section 5. MISCELLANEOUS. 
 (a) APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  
 (b) Counterparts; Delivery. This Amendment may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, the parties hereto. Delivery of this Amendment may be made by telecopy or electronic transmission of a duly executed
counterpart copy hereof; provided that any such delivery by electronic transmission shall be effective only if transmitted in .pdf format, .tif format or other format in which the text is not readily modifiable by any recipient thereof.

 (c) Affirmation of Obligations. Notwithstanding that such consent is not required under the Guaranty Agreement, or any of the other
Note Documents to which it is a party, each of the Subsidiary Guarantors consents to the execution and delivery of this Amendment by the parties hereto. As a material inducement to the undersigned to amend the Note Agreement as set forth herein,
each of the Subsidiary Guarantors (i) acknowledges and confirms the continuing existence, validity and effectiveness of the Guaranty Agreement and each of the other Note Documents to which it is a party and (ii) agrees that the execution,
delivery and performance of this Amendment shall not in any way release, diminish, impair, reduce or otherwise affect its obligations thereunder. 

 (d) Note Document. This Amendment is a Note Document and all of the provisions of the Note
Agreement which apply to Note Documents apply hereto. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and
duly authorized officers effective as of the Amendment Effective Date. 
  

			
	GMX RESOURCES INC.
		
	By:	 	 /s/ James A. Merrill

		 	James A. Merrill
		 	Chief Financial Officer and Treasurer

  

 Signature Page to Amendment No. 3 to Note Purchase Agreement 

 The foregoing is hereby 
 agreed to as of the 
 date thereof. 
 NOTEHOLDER:

  

			
	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

		
	By:	 	 /s/ Brian Lemons

		 	Vice President

  

 Signature Page to Amendment No. 3 to Note Purchase Agreement 

 Agreed to and acknowledged by the undersigned for the purposes set forth in Section 4(c): 
  

			
	 SUBSIDIARY GUARANTORS:

	
	ENDEAVOR PIPELINE INC.
		
	By:	 	 /s/ James A. Merrill

		 	James A. Merrill
		 	Chief Financial Officer and Treasurer
	
	DIAMOND BLUE DRILLING CO.
		
	By:	 	 /s/ Richard Hart

		 	Richard Hart
		 	President

  

 Signature Page to Amendment No. 3 to Note Purchase Agreement 

 THIRD AMENDMENT TO RESTATED LOAN AGREEMENT 
 This Third Amendment to Restated Loan Agreement (this “Amendment”) dated as of February 26, 2009, but effective as of December 31,
2008, is made among GMX RESOURCES INC., an Oklahoma corporation (the “Borrower”), the BANKS (as defined below), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, as administrative agent, arranger and bookrunner, for the
Banks (and individually as a Bank), UNION BANK OF CALIFORNIA, N.A., as syndication agent (and individually as a Bank), BNP PARIBAS, as co-documentation agent (and individually as a Bank), and COMPASS BANK, as co-documentation agent (and individually
as a Bank), who agree as follows: 
 RECITALS 
 A. This Amendment pertains to that certain Third Amended and Restated Loan Agreement dated effective as of June 12, 2008, among the Borrower, the Agent and the Banks, as amended by the First Amendment dated as of
October 29, 2008, and the Second Amendment dated as of November 12, 2008 (as amended, the “Loan Agreement”). As used in this Amendment, capitalized terms used herein without definition herein shall have the meanings provided in
the Loan Agreement. 
 B. The Borrower, the Agent and the Banks desire to amend the Loan Agreement to modify the covenant pertaining to the
Borrower’s net worth. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the terms and conditions contained herein, and the loans and extensions of credit heretofore, now or hereafter made to the Borrower by the Banks, the parties hereto hereby agree as follows: 
 ARTICLE 1. 
 AMENDMENT AND AGREEMENT 

 1.1 Subsection 5.15(b) (Minimum Net Worth) of the Loan Agreement is amended to amend and restate the last sentence of such Subsection,
such restated last sentence to read as follows: 
 “ For purposes of this covenant, the non-cash effects, if any, of Hedging Agreements
pursuant to Financial Accounting Standards Board Rule No. 133 (Accounting for Derivative Instruments and Hedging Activities), and of ceiling test write-downs pursuant to Regulation S-X Rule 4-10 of the SEC, will not be included.”

 1.2 The Borrower acknowledges that the foregoing amendment in Paragraph 1.1 is not a precedent for any
subsequent requested waiver or amendment of that or any other covenant or other provision of the Loan Agreement. 
 ARTICLE 2. 
 ACKNOWLEDGMENT OF COLLATERAL 
 2.1 The
Borrower hereby specifically reaffirms all of the Collateral Documents. The Borrower hereby confirms and agrees that the Collateral Documents secure the Loan Agreement as amended by this Amendment. 
 ARTICLE 3. 
 MISCELLANEOUS 

3.1 The Borrower represents and warrants to the Agent and the Banks (which representations and warranties will survive the execution of this
Amendment) that (i) all representations and warranties contained in the Loan Agreement and the Collateral Documents are true and correct on and as of the date hereof as though made on and as of such date, except to the extent such
representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct on and as of such earlier date, (ii) no event has occurred and is continuing as of the
date hereof which constitutes a Default or Event of Default, (iii) there has not occurred any material adverse change in the Collateral or other assets, liabilities, financial condition, business operations, affairs or circumstances of the
Borrower and the Subsidiaries taken as a whole or any other facts, circumstances or conditions (financial or otherwise) upon which a Bank has relied or utilized in making its decision to enter into this Amendment, and (iv) there is no defense,
offset, compensation, counterclaim or reconventional demand with respect to amounts due under, or performance of, the terms of the Notes and the Loan Agreement. To the extent any such defense, offset, compensation, counterclaim or reconventional
demand or other causes of action by the Borrower against the Agent or any Bank might exist, whether known or unknown, such items are hereby waived by the Borrower. The foregoing representations and warranties, as they relate to financial condition,
are subject to the non-cash effects, if any, of Hedging Agreements pursuant to Financial Accounting Standards Board Rule No. 133 (Accounting for Derivative Instruments and Hedging Activities), and of ceiling test write-downs pursuant to
Regulation S-X Rule 4-10 of the SEC. 
 3.2 Except as expressly modified by this Amendment, all terms and provisions of the Loan Agreement
are hereby ratified and confirmed and shall be and shall remain in full force and effect, enforceable in accordance with its terms. 
 3.3
The Borrower agrees to pay on demand all costs and expenses of the Agent and the Banks in connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder
(including the reasonable fees and expenses of counsel for the Agent). In addition, Borrower shall pay any and all stamp or other taxes, recordation fees and other fees payable in connection with the execution, delivery, filing or recording of this
Amendment and the other instruments and 

  

 - 2 - 

 
documents to be delivered hereunder and agrees to hold Agent and the Banks harmless from and against any all liabilities with respect to or resulting from
any delay or omission in paying such taxes or fees. 
 3.4 This Amendment may be executed in multiple separate counterparts, and it shall not
be necessary that the signatures of all parties hereto be contained on any one counterpart hereof; each party’s signature may appear on a separate counterpart but all such counterpart taken together shall constitute one and the same instrument.
The parties specifically confirm their intent to be bound by delivery of such signed counterparts by telecopier or pdf email. 
 3.5 The
provisions of this Amendment shall become effective if and when, and only when, (i) each and every representation and warranty of Borrower contained in this Amendment is true, complete and accurate, (ii) no event exists which constitutes a
Default, (iii) the receipt by the Agent of (x) a duly executed counterpart of this Amendment, and (y) a certificate of the secretary of the Borrower setting forth resolutions of its board of directors in form and substance
satisfactory to the Agent and Agent’s counsel with respect to the authorization of this Amendment. The Borrower hereby certifies by execution of this Amendment that the foregoing conditions (i) and (ii) are satisfied and true and
correct. 
 3.6 Notwithstanding that such consent is not required under the Guaranty Agreements or the other Collateral Documents, Endeavor
and Diamond each consents to the execution and delivery of this Amendment by the parties hereto. As a material inducement to the Agent and the Banks to amend the Loan Agreement as set forth herein, Endeavor and Diamond each (i) acknowledges and
confirms the continuing existence, validity and effectiveness of its respective Guaranty Agreement and each of the other Collateral Documents to which it is a party and (ii) agrees that the execution, delivery and performance of this Amendment
shall not in any way release, diminish, impair, reduce or otherwise affect its obligations thereunder. 
 (Remainder of this Page
Intentionally Left Blank; Signature Page Follows) 
  

 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their proper and duly authorized officers as of the date first above written. 
  

							
		 	BORROWER:	 	GMX RESOURCES INC.
				
		 		 	By:	 	  

		 		 	Name:	 	James A. Merrill
		 		 	Title:	 	Chief Financial Officer and Treasurer
			
		 	AGENT:	 	CAPITAL ONE, NATIONAL ASSOCIATION
				
		 		 	By:	 	  

		 		 	Name:	 	Eric Broussard
		 		 	Title:	 	Senior Vice President
			
		 	BANKS:	 	CAPITAL ONE, NATIONAL ASSOCIATION, as a Bank
				
		 		 	By:	 	  

		 		 	Name:	 	Eric Broussard
		 		 	Title:	 	Senior Vice President
			
		 		 	BNP PARIBAS
				
		 		 	By:	 	  

		 		 	Name:	 	Edward Pak
		 		 	Title:	 	Vice President
			
		 		 	BNP PARIBAS
				
		 		 	By:	 	  

		 		 	Name:	 	Juan Carlos Sandoval
		 		 	Title:	 	Vice President

  

 - 4 - 

 [SIGNATURE PAGE TO THIRD AMENDMENT TO RESTATED LOAN AGREEMENT] 
  

			
	COMPASS BANK
		
	By:	 	  

	Name:	 	Kathleen J. Bowen
	Title:	 	Senior Vice President
	
	FORTIS CAPITAL CORP.
		
	By:	 	  

	Name:	 	Scott Myatt
	Title:	 	Vice President
		
	By:	 	  

	Name:	 	Darrell Holley
	Title:	 	Managing Director
	
	UNION BANK OF CALIFORNIA, N.A.
		
	By:	 	  

	Name:	 	Jarrod Bourgeois
	Title:	 	Vice President

  

 - 5 - 

 [SIGNATURE PAGE TO THIRD AMENDMENT TO RESTATED LOAN AGREEMENT] 
 AGREED TO AND ACKNOWLEDGED by the undersigned for the purposes set forth in paragraph 3.6. 
  

			
	ENDEAVOR PIPELINE INC.
		
	By:	 	  

	Name:	 	Keith Leffel
	Title:	 	President
	
	DIAMOND BLUE DRILLING CO.
		
	By:	 	  

	Name:	 	Richard (Rick) Hart
	Title:	 	President

  

 - 6 -Form of Non-Qualified Option Agreement - 2008

 Exhibit 10.10 
 FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT 
 THIS AGREEMENT, entered into as of the Grant Date (as defined
in Section 1), by and between the Participant and Intervest Bancshares Corporation (the “Company”); 
 WITNESSETH THAT:

 WHEREAS, the Company maintains the Intervest Bancshares Corporation Long-Term Incentive Plan (the “Plan”), which is incorporated
into and forms a part of this Agreement, and the Participant has been selected by the committee administering the Plan (the “Committee”) to receive a Non-Qualified Stock Option Award under the Plan; 
 NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows: 
 1.         Terms of Award. The following terms used in this Agreement shall have the meanings set forth in
this Section 1: 
  

	 	(a)	The “Participant” is                     

  

	 	(b)	The Grant Date is                      

  

	 	(c)	The number of “Covered Shares” is              shares of Class A Common Stock.

  

	 	(d)	The Exercise Price is $7.50 per share. 

 Other terms used in this
Agreement are defined in Section 8 or elsewhere in this Agreement. 
 2.         Award and
Exercise Price The Participant is hereby granted an option (the “Option”) to purchase the number of Covered Shares of Stock at the Exercise Price per share as set forth in Section 1. The Option is not intended to qualify as an
“Incentive Stock Option,” as defined in the Plan and in Section 422(b) of the Code. 
 3.         Date of Exercise. The Option is immediately exercisable as to all of the Covered Shares. 
 4.         Expiration. The Option, to the extent not theretofore exercised, shall not be exercisable on or after the Expiration Date. The “Expiration Date”
shall be earliest to occur of: 
 (a)         the ten-year anniversary of the Grant Date;

 (b)         if the Participant’s Date of Termination occurs by reason of Disability or death,
the one-year anniversary of such Date of Termination; 

 (c)         If the Participant’s Date of Termination occurs
for reasons other than death or Disability, ninety (90) days after the Date of Termination. 
 In the event of the Participant’s death while in the
employ of the Company, the Participant’s executors or administrators (or the person or persons to whom the Participant’s rights under the Option shall have passed by the Participant’s will or by the laws of descent and distribution)
may exercise, any unexercised portion of the Option. No extension of time beyond the Participant’s Date of Termination shall permit exercise beyond the date such Option would otherwise expire if no termination had occurred. 
 5.         Method of Option Exercise. The Option may be exercised in whole or in part by filing a written
notice with the Secretary of the Company at its corporate headquarters prior to the Expiration Date. Such notice shall (a) specify the number of shares of Stock which the Participant elects to purchase; provided, however, that not less than ten
(10) shares of Stock may be purchased at any one time unless the number purchased is the total number of shares available for purchase at that time under the Option, and (b) be accompanied by payment of the Exercise Price for such shares
of Stock indicated by the Participant’s election. Payment shall be by cash or by check payable to the Company, or, at the discretion of the Committee at any time: (a) all or a portion of the Exercise Price may be paid by the Participant by
delivery of shares of Stock acceptable to the Committee (including, if the Committee so approves, the withholding of shares otherwise issuable upon exercise of the Option) and having an aggregate Fair Market Value (valued as of the date of exercise)
that is equal to the amount of cash that would otherwise be required; and (b) the Participant may pay the Exercise Price by authorizing a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the
Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such exercise. 
 6.         Withholding. All distributions under this Agreement are subject to withholding of all applicable taxes. At the election of the Participant, and subject to such
rules as may be established by the Committee, such withholding obligations may be satisfied through the surrender of shares of Stock which the Participant already owns, or to which the Participant is otherwise entitled under the Plan. 
 7.         Transferability. Except as otherwise provided in this Section 7, the Option is not
transferable other than as designated by the Participant by will or by the laws of descent and distribution, and during the Participant’s life, may be exercised only by the Participant or by the Participant’s guardian or legal
representative. However, the Participant, with the approval of the Committee, may transfer the Option for no consideration to or for the benefit of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of
the Participant’s Immediate Family or to a partnership or limited liability company for one or more members of the Participant’s Immediate Family), subject to such limits as the Committee may establish, and the transferee shall remain
subject to all the terms and conditions applicable to the Option prior to such transfer. The foregoing right to transfer Option shall apply to the right to consent to amendments to this Agreement and, in the discretion of the Committee, shall also
apply to the right to transfer ancillary rights associated with the Option. The term “Immediate Family” shall mean the Participant’s spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers and grandchildren
(and, for this purpose, shall also include the Participant). 
  

 2 

 8.         Definitions. For purposes of this Agreement,
the terms listed below shall be defined as follows: 
 (a)         Date of Termination. The
Participant’s “Date of Termination” shall be the first day occurring on or after the Grant Date on which the Participant’s employment with the Company or a Related Company, in the case of an employee, or service on the Board of
Directors, in the case of a Director, terminates for any reason; provided that a termination of employment shall not be deemed to occur by reason of a transfer of the Participant between the Company and a Related Company or between two Related
Companies; and further provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Related Company approved by the Participant’s employer. If, as a
result of a sale or other transaction, the Participant’s employer ceases to be a Related Company (and the Participant’s employer is or becomes an entity that is separate from the Company), the occurrence of such transaction shall be
treated as the Participant’s Date of Termination caused by the Participant being discharged by the employer. 
 (b)         Disability. Except as otherwise provided by the Committee, the Participant shall be considered to have a “Disability” during the period in which the Participant is unable,
by reason of a medically determinable physical or mental impairment, to engage in any substantial gainful activity, which condition, in the opinion of a physician selected by the Committee, is expected to have a duration of not less than 120 days.

 (c)         Plan Definitions. Except where the context clearly implies or indicates the
contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement. 
 9.        
Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or
substantially all of the Company’s assets and business. In the event of the Participant’s death prior to exercise of this Option, the Option may be exercised by the estate of the Participant to the extent such exercise is otherwise
permitted by the Agreement. Subject to the terms of the Plan, any benefits distributable to the Participant under this Agreement that are not paid at the time of the Participant’s death shall be paid at the time and in the form determined in
accordance with the provisions of this Agreement and the Plan, to the beneficiary designated by the Participant in writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to
designate a beneficiary, or if the designated beneficiary of the deceased Participant dies before the Participant or before complete payment of the amounts distributable under this Agreement, the amounts to be paid under this Agreement shall be paid
to the legal representative or representatives of the estate of the last to die of the Participant and the beneficiary. 
 10.         Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with
respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding. 
 11.         Plan Definitions. Notwithstanding anything in this Agreement to the contrary, the terms of
this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. 
  

 3 

 12.         Amendment. This Agreement may be amended by
written Agreement of the Participant and the Company, without the consent of any other person. 
 13.         Applicable Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York without giving effect to any choice or conflict of
law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 
 IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused these presents to be executed in its name and on its behalf,
all as of the Grant Date. 
  

			
	Participant
	
	 
	
	Intervest Bancshares Corporation
		
	By:	 	 
		 	 Lowell S. Dansker

	Its:	 	 Chairman & CEO

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]