Document:

Exhibit 10.1 - Voting Agreement

Exhibit 10.1
VOTING AGREEMENT
THIS VOTING AGREEMENT is entered into this 21st day of July, 2014, by and among FIRST MERCHANTS CORPORATION (“First Merchants”) and the undersigned shareholders of COMMUNITY BANCSHARES, Inc. (collectively, the “Shareholders”).
W I T N E S S E T H:
In consideration of the execution by First Merchants of the Agreement and Plan of Reorganization and Merger between First Merchants and Community Bancshares, Inc. (“Community Bancshares”) of even date herewith (the “Merger Agreement”), the undersigned Shareholders of Community Bancshares hereby agree that each of them shall cause all Community Bancshares common shares owned by him/her of record and beneficially, including, without limitation, all shares owned by him/her individually, all shares owned jointly by him/her and his/her spouse, all shares owned by any minor children (or any trust for their benefit), all shares owned by any business of which any of the Shareholders who are directors are the principal shareholders (but in each such case only to the extent the Shareholder has the right to vote or direct the voting of such shares), and specifically including all shares shown as owned directly or beneficially by each of them on Exhibit A attached hereto or acquired subsequently hereto (collectively, the “Shares”), to be voted in favor of the merger of Community Bancshares with and into First Merchants in accordance with and pursuant to the terms of the Merger Agreement at the annual or special meeting of shareholders of Community Bancshares called for that purpose.  Notwithstanding any other provision of this Agreement to the contrary, each Shareholder shall be permitted to vote such Shares in favor of another Acquisition Proposal (as such term is defined in the Merger Agreement) that is submitted for approval by the shareholders of Community Bancshares if both of the following shall have occurred:  (a) Community Bancshares’ Board of Directors has approved such Acquisition Proposal and recommended such Acquisition Proposal to Community Bancshares’ shareholders in accordance with Section 7.5 of the Merger Agreement and (b) the Merger Agreement has been terminated in accordance with Section 10.1(d) of the Merger Agreement.
Each of the Shareholders further agrees and covenants that he/she shall not sell, assign, transfer, dispose or otherwise convey, nor shall he/she cause, permit, authorize or approve the sale, assignment, transfer, disposition or other conveyance of, any of the Shares or any interest in the Shares to any other person, trust or entity (other than Community Bancshares) prior to the annual or special meeting of shareholders of Community Bancshares called for the purpose of voting on the Merger Agreement without the prior written consent of First Merchants, such consent not to be unreasonably withheld in the case of a gift or similar estate planning transaction (it being understood that First Merchants may decline to consent to any such transfer if the person acquiring such Shares does not agree to take such Shares subject to the terms of this Agreement).
This Voting Agreement shall be governed by and construed in accordance with the laws of the State of Indiana, without regard to conflict of laws provisions thereof.  This Agreement may be executed in counterparts, each of which (including any facsimile thereof) shall be deemed 

to be an original, but all of which shall constitute one and the same agreement.  It is understood and agreed that Shareholders who execute this Agreement shall be bound hereby, irrespective of whether all Shareholders execute this Agreement.  The obligations of each of the Shareholders under the terms of this Voting Agreement shall terminate contemporaneously with the termination of the Merger Agreement.
Notwithstanding any other provision hereof, nothing in this Agreement shall be construed to prohibit a Shareholder, or any officer or affiliate of a Shareholder who is or has been designated a member of Community Bancshares’ Board of Directors, from taking any action solely in his or her capacity as a member of Community Bancshares’ Board of Directors or from exercising his or her fiduciary duties as a member of Community Bancshares’ Board of Directors to the extent specifically permitted by the Merger Agreement.
[Signatures appear on following page]

2

IN WITNESS WHEREOF, First Merchants and each of the undersigned Shareholders of Community Bancshares have made and executed this Voting Agreement as of the day and year first above written, and First Merchants has caused this Voting Agreement to be executed by its duly authorized officer.
	
		
	 
	FIRST MERCHANTS CORPORATION
By:   /s/ Michael C. Rechin
Michael C. Rechin,
President and Chief Executive Officer

SHAREHOLDERS

	   /s/ Edgar L. Coverdale  
	   /s/ Charles L. Crow

	Edgar L. Coverdale

   /s/ William C. Delullo
	Charles L. Crow

   /s/ James R. Galloway

	William C. Delullo

___________________
Richard J. Irving
	James R. Galloway

   /s/ Stanley Hirschfeld
Stanley Hirschfeld

	

   /s/ O’Dell Lakes
O’Dell Lakes
	

    /s/ Larry Riggs
Larry Riggs

	

   /s/ Michael S. Sweitzer
Michael S. Sweitzer
	

   /s/ Jerry T. Thompson
Jerry T. Thompson

	

   /s/ Joseph Stoffel
Joseph Stoffel
	

EXHIBIT A
LISTING OF SHARES

	
			
	Name
	 
	Shares owned directly or indirectly

	 
	 
	 

	Edgar L. Coverdale
	 
	31,339

	Charles L. Crow
	 
	56,661

	William C. Delullo
	 
	34,100

	James R. Galloway
	 
	34,100

	Richard J. Irving
	 
	45,752

	Stanley Hirschfeld
	 
	5,352

	O’Dell Lakes
	 
	21,092

	Larry Riggs
	 
	5,867

	Michael S. Sweitzer
	 
	20,328

	Jerry T. Thompson
	 
	19,000

	Joseph Stoffel
	 
	13,015

A-1Converted by EDGARwiz

PROMISSORY NOTE

AMMENDMEMT AGREEMENT

ORIGINAL PROMISSORY NOTE AMOUNT: $600,000.00

ON JULY 16, 2014 THE PARTIES, IIM Global Corporation (hereinafter refer to as the “Borrower”), and Penn Investments Inc (hereafter refer to as the “Lender"), have agreed to extend the repayment due date of the Promissory Note for the Amount of $600,000 (Six Hundred Thousand) Dollars dated and executed on March 31, 2014 from September 30, 2014 to January 30, 2015.

All the other Terms and Conditions of the original Promissory Note remain in full force and in effect.

This Amendment Agreement and the original Promissory Note has been entered into and shall be performed in Seminole County, Florida, and shall be construed in accordance with the laws of Florida and any applicable federal statutes or regulations of the United States.  Any claims or disputes concerning this Amendment Agreement and the original Note shall, be adjudicated in Seminole County, Florida.

IN WITNESS WHEREOF, this Agreement was executed as of the date first above written.  

  

 IIM Global Corporation

                                                  Penn Investments Inc

 

__/s/ David S. Jones ____________________

                           ___/s/ Douglas Solomon ____________

 Signed on behalf of IIM Global Corporation 

Signed on behalf of Penn Investments Inc

 By David S. Jones, President & CEO.

By Douglas Solomon, President & CEOConverted by EDGARwiz

PROMISSORY NOTE

AMMENDMEMT AGREEMENT

ORIGINAL PROMISSORY NOTE AMOUNT: $310,000.00

ON JULY 16, 2014 THE PARTIES, IIM Global Corporation (hereinafter refer to as the “Borrower”), and Penn Investments Inc (hereafter refer to as the “Lender"), have agreed to extend the repayment due date of the Promissory Note for the Amount of $310,000 (Three Hundred Ten Thousand) Dollars dated and executed on April 30, 2014 from November 30, 2014 to January 30, 2015.

All the other Terms and Conditions of the original Promissory Note remain in full force and in effect.

This Amendment Agreement and the original Promissory Note has been entered into and shall be performed in Seminole County, Florida, and shall be construed in accordance with the laws of Florida and any applicable federal statutes or regulations of the United States.  Any claims or disputes concerning this Amendment Agreement and the original Note shall, be adjudicated in Seminole County, Florida.

IN WITNESS WHEREOF, this Agreement was executed as of the date first above written.  

  

 IIM Global Corporation

                                                  Penn Investments Inc

 

__/s/ David S. Jones ____________________

                           ___/s/ Douglas Solomon ____________

 Signed on behalf of IIM Global Corporation 

Signed on behalf of Penn Investments Inc

 By David S. Jones, President & CEO.

By Douglas Solomon, President & CEOConverted by EDGARwiz

PROMISSORY NOTE

AMOUNT: $20,000.00                                                                       July 15, 2014

FOR VALUE RECEIVED, IIM Global Corporation (hereinafter refer to as the , “Borrower”), promises to pay Penn Investments Inc (hereafter refer to as the  "Lender"), at 5301 Bacara Cove, Lake Mary, Florida 32746, or at such other place as Holder hereof may from time to time designate in writing, the principal sum of Twenty Thousand Dollars ($20,000.00), with interest accruing on the unpaid principal at the rate of Fifteen percent (15%) per annum from July 15, 2014 until paid. The aforementioned principal sum represents monies loaned to IIM Global Corporation by Penn Investments Inc to cover the ongoing operational monthly expenses of IIM Global Corporation. The principal and interest under this Promissory Note is payable in full on January 30,2015.This Promissory Note may, in whole or in part, be prepaid without penalty before the maturity date hereof.

Should the “Borrower” default under or otherwise breach this Promissory Note and not cure said default or breach on or before the tenth (10th) day after the Lender gives the Borrower written notice thereof, by personal delivery or certified mailing, all principal remaining unpaid and interest accruing thereon shall, at the option of the lender, become immediately due and payable to the Lender.  Notice shall be deemed given on the date of personal delivery or date of mailing, whichever applies.  No delay or failure in giving notice of said default or breach shall constitute a waiver of the right of the Lender to exercise said right in the event of a subsequent or continuing default or breach.  Furthermore, in the event of such default or breach, the Borrower promises to pay the Lender all collection and/or litigation costs incurred, including reasonable attorney fees and court costs, whether judgment is rendered or not.

This Promissory Note has been entered into and shall be performed in Seminole County, Florida, and shall be construed in accordance with the laws of Florida and any applicable federal statutes or regulations of the United States.  Any claims or disputes concerning this Note shall, be adjudicated in Seminole County, Florida.

IN WITNESS WHEREOF, this Agreement was executed as of the date first above written.  

  

 IIM Global Corporation

                                                  Penn Investments Inc

 

__/s/ Thomas Szoke ____________________

                           ___/s/ Douglas Solomon ____________

 Signed on behalf of IIM Global Corporation 

Signed on behalf of Penn Investments Inc

 By Thomas Szoke, CTO,Executive-VP & Director

By Douglas Solomon, President & CEO

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