Document:

Unassociated Document

     

    EXECUTION COPY

     

    RESTRICTED
STOCK UNIT AGREEMENT

    UNDER
THE BROOKDALE SENIOR LIVING INC.

    OMNIBUS
STOCK INCENTIVE PLAN

     

    This
Restricted Stock Unit Agreement (this “Agreement”), dated as
of June 23, 2009, is made by and between Brookdale Senior Living Inc., a
Delaware corporation (the “Company”), and W. E.
Sheriff (the “Participant”).  Capitalized
terms not defined herein shall have the meaning ascribed to them in the
Brookdale Senior Living Inc. Omnibus Stock Incentive Plan (as amended and/or
restated from time to time, the “Plan”).  Where
the context permits, references to the Company shall include any successor to
the Company.

     

    1.             Grant of Restricted Stock
Units.  The Company hereby grants to the Participant 500,000
restricted stock units (the “RSUs”), subject to
all of the terms and conditions of this Agreement and the Plan.

     

    2.             Vesting and
Forfeiture.

     

    (a)           Vesting.  Subject
to the provisions set forth in this Section 2 below, the RSUs shall vest at such
times and in the amounts set forth below, and shares of Common Stock with
respect to such RSUs shall be delivered to the Participant within forty-five
(45) days following each such date, subject to the Participant’s continued
employment or service as a “Consultant” (each as defined in the employment
agreement between the Company and the Participant, dated as of June 23, 2009
(the “Employment
Agreement”)) on each date:

     

    
      
        	
                 

                Vesting Date

              	 
      	
                Number
      of RSUs

                Vesting on Such Vesting
  Date

              
	
                December
      15, 2009

              	 
      	
                100,000
      RSUs

              
	
                December
      15, 2010

              	 
      	
                100,000
      RSUs

              
	
                December
      15, 2011

              	 
      	
                100,000
      RSUs

              
	
                December
      15, 2012

              	 
      	
                100,000
      RSUs

              
	
                December
      15, 2013

              	 
      	
                100,000
      RSUs

              

      

    

     

    (b)           Accelerated
Vesting.  Notwithstanding anything to the contrary in Section
2(a), all outstanding RSUs which have not previously been forfeited pursuant to
the provisions of Section 2(e) below shall vest upon, and shares of Common Stock
shall be delivered to the Participant within forty-five (45) days following, the
earliest to occur of (i) a Change in Control (but only if such Change in Control
constitutes a change in the ownership or effective control of the Company or in
the ownership of a substantial portion of the assets of the Company under
Section 409A of the Code); (ii) the Participant’s death; or (iii) the
Participant’s Disability.

     

    (c)           Participant’s Termination of
Employment Prior to December 31, 2010.

     

    (i)           If
the Participant’s employment is terminated (and such termination constitutes a
separation from service under Section 409A of the Code) (1) by
the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    Company
without “Cause” (as defined in the Employment Agreement) or (2) by the
Participant for “Good Reason” (as defined in the Employment Agreement), in
either case prior to December 31, 2010, all outstanding RSUs shall vest and
shares of Common Stock with respect to such RSUs will be delivered in accordance
with the schedule set forth in Section 2(a) above.

     

    (ii)           If
the Participant resigns from employment without Good Reason prior to December
31, 2010, but continues serving as a Consultant, the RSUs which are scheduled to
vest on each of December 15, 2012 and December 15, 2013 shall be forfeited and
shares of Common Stock with respect to the remaining outstanding RSUs will be
delivered in accordance with the schedule set forth in Section 2(a) above; provided, that the
Participant either continues serving as a Consultant on each such date or his
service as a Consultant is terminated either by the Company without Cause or by
the Participant for Good Reason.

     

    (d)           Participant’s Termination of
Employment On or After December 31, 2010.  If the Participant’s
employment is terminated (and such termination constitutes a separation from
service under Section 409A of the Code) (i) by the Company without Cause or
(ii) voluntarily by the Participant for any reason (whether or not the
Participant becomes a Consultant), in either case on or after December 31, 2010,
shares of Common Stock with respect to all outstanding RSUs will be delivered to
the Participant within forty-five (45) days following such termination of
employment.

     

    (e)           Forfeiture.  Notwithstanding
anything in this Section 2 to the contrary, all outstanding RSUs shall be
forfeited upon (i) the termination of the Participant’s employment or service as
a Consultant for Cause; (ii) the voluntary termination (without Good Reason) of
the Participant’s employment (without becoming a Consultant) prior to December
31, 2010; or (iii) the voluntary termination (without Good Reason) of the
Participant’s service as a Consultant.

     

    3.             Shares of Common
Stock.  Upon vesting, each RSU granted hereunder shall
represent the right to receive one (1) share of Common Stock in accordance with
the applicable schedule set forth in Section 2.

     

    4.             Execution of
Release.  The delivery of shares of Common Stock to the
Participant as a result of, or following, termination of employment or service
as a Consultant for any reason shall only be made upon the Participant’s
execution and non-revocation of a general release of claims in a form
satisfactory to the Company.

     

    5.             Restrictions.  Until
the delivery of shares of Common Stock with respect to the RSUs in accordance
with Section 2, no transfer of the RSUs or any of the Participant’s rights with
respect to the RSUs, whether voluntary or involuntary, by operation of law or
otherwise, shall be permitted.  Unless the Administrator determines
otherwise, upon any attempt to transfer RSUs or any rights in respect of RSUs
before the delivery of shares of Common Stock with respect to the RSUs in
accordance with Section 2, such RSUs, and all of the rights related thereto,
shall be immediately forfeited by the Participant and transferred to, and
reacquired by, the Company without consideration of any kind.

     

    6.            
Dividend Equivalents;
Rights as a Stockholder.  Any cash dividends or distributions
declared by the Company with respect to the shares of Common Stock subject
to

    
      
         

      

      
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    the RSUs
shall be paid in cash to the Participant at the same time such dividends or
distributions are paid to the Company’s stockholders generally, provided that
the Participant is then employed by or a Consultant to the
Company.  Except as set forth in the immediately preceding sentence,
the Participant shall have no rights of a stockholder until shares of Common
Stock are delivered to the Participant pursuant to the terms of this
Agreement.

     

    7.             Adjustments.  Pursuant
to Section 5 of the Plan, in the event of a change in capitalization as
described therein, the Administrator shall make such equitable changes or
adjustments, as it deems necessary or appropriate, in its discretion, to the
number and kind of securities or other property (including cash) issued or
issuable in respect of outstanding RSUs.

     

    8.             Notices.  All
notices and other communications under this Agreement shall be in writing and
shall be given by facsimile or first class mail, certified or registered with
return receipt requested, and shall be deemed to have been duly given
three days after mailing or 24 hours after transmission by facsimile to the
respective parties, as follows:  (i) if to the Company, at Brookdale
Senior Living Inc., 111 Westwood Place, Suite 200, Brentwood, TN 37027,
Facsimile: (615) 564-8204, Attn:  General Counsel and (ii) if to the
Participant, using the contact information on file with the
Company.  Either party hereto may change such party’s address for
notices by notice duly given pursuant hereto.

     

    9.             Securities Laws
Requirements.  The Company shall not be obligated to transfer
any Common Stock to the Participant if such transfer, in the opinion of counsel
for the Company, would violate the Securities Act of 1933, as amended (the
“Securities
Act”) (or any other federal or state statutes having similar requirements
as may be in effect at that time).  The Company shall take appropriate
reasonable actions to ensure that the delivery of Common Stock hereunder will be
in compliance with the Securities Act or an applicable exemption from
registration under the Securities Act.

     

    10.             Protections Against
Violations of Agreement.  No purported sale, assignment,
mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust
(voting or other) or other disposition of, or creation of a security interest in
or lien on, any of the RSUs by any holder thereof in violation of the provisions
of this Agreement will be valid, and the Company will not transfer any of said
RSUs on its books nor will any of such RSUs be entitled to vote, nor will any
distributions be paid thereon, unless and until there has been full compliance
with said provisions to the satisfaction of the Company.  The
foregoing restrictions are in addition to and not in lieu of any other remedies,
legal or equitable, available to enforce said provisions.

     

    11.             Tax
Withholding.  The Company shall be entitled to require a cash
payment by or on behalf of the Participant and/or to deduct from RSUs granted
hereunder or other compensation payable to the Participant any sums required by
federal, state or local tax law to be withheld or to satisfy any applicable
payroll deductions with respect to the vesting of, lapse of restrictions on, or
payment with respect to any RSU.

     

    12.             Failure to Enforce Not a
Waiver.  The failure of the Company to enforce at any time any
provision of this Agreement shall in no way be construed to be a waiver of such
provision or of any other provision hereof.

     

    
      
         

      

      
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    13.             Governing
Law.  This Agreement shall be governed by and construed
according to the laws of the State of Delaware without regard to its principles
of conflict of laws.

     

    14.             Incorporation of
Plan.  The Plan is hereby incorporated by reference and made a
part hereof, and the RSUs and this Agreement shall be subject to all terms and
conditions of the Plan.

     

    15.             Amendments;
Construction.  The Administrator may amend the terms of this
Agreement prospectively or retroactively at any time, but no such amendment
shall impair the rights of the Participant hereunder without his or her
consent.  Headings to Sections of this Agreement are intended for
convenience of reference only, are not part of this Agreement and shall have no
effect on the interpretation hereof.

     

    16.             Survival of
Terms.  This Agreement shall apply to and bind the Participant
and the Company and their respective permitted assignees and transferees, heirs,
legatees, executors, administrators and legal successors.

     

    17.             Compliance with Stock
Ownership Guidelines.  The Participant hereby agrees to comply
with the Company’s Stock Ownership Guidelines (as amended from time to time, the
“Guidelines”),
to the extent such Guidelines are applicable, or become applicable, to the
Participant.  The Participant further acknowledges that, if he or she
is not in compliance with such Guidelines (if applicable), the Administrator may
refrain from issuing additional equity awards to the Participant and/or elect to
pay the Participant’s annual bonus in the form of vested or unvested Common
Stock.

     

    18.             Agreement Not a Contract for
Services.  Neither the Plan, the granting of the RSUs, this
Agreement nor any other action taken pursuant to the Plan shall constitute or be
evidence of any agreement or understanding, express or implied, that the
Participant has a right to continue to provide services as an officer, director,
employee, consultant or advisor of the Company or any Subsidiary or Affiliate
for any period of time or at any specific rate of compensation.

     

    19.             Authority of the
Administrator.  The Administrator shall have full authority to
interpret and construe the terms of the Plan and this Agreement.  The
determination of the Administrator as to any such matter of interpretation or
construction shall be final, binding and conclusive.

     

    20.             Representations.  The
Participant has reviewed with the Participant’s own tax advisors the Federal,
state, local and foreign tax consequences of the transactions contemplated by
this Agreement.  The Participant is relying solely on such advisors
and not on any statements or representations of the Company or any of its
agents.  The Participant understands that he (and not the Company)
shall be responsible for any tax liability that may arise as a result of the
transactions contemplated by this Agreement.

     

    21.            
Severability.  Should
any provision of this Agreement be held by a court of competent jurisdiction to
be unenforceable, or enforceable only if modified, such holding shall not affect
the validity of the remainder of this Agreement, the balance of which shall
continue to be binding upon the parties hereto with any such modification (if
any) to become a part hereof

    
      
         

      

      
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    and
treated as though contained in this original Agreement.  Moreover, if
one or more of the provisions contained in this Agreement shall for any reason
be held to be excessively broad as to scope, activity, subject or otherwise so
as to be unenforceable, in lieu of severing such unenforceable provision, such
provision or provisions shall be construed by the appropriate judicial body by
limiting or reducing it or them, so as to be enforceable to the maximum extent
compatible with the applicable law as it shall then appear, and such
determination by such judicial body shall not affect the enforceability of such
provision or provisions in any other jurisdiction.

     

    22.             Acceptance.  The
Participant hereby acknowledges receipt of a copy of the Plan and this
Agreement.  The Participant has read and understands the terms and
provisions of the Plan and this Agreement, and accepts the RSUs subject to all
the terms and conditions of the Plan and this Agreement.  The
Participant hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Administrator upon any questions arising
under this Agreement.

     

    23.           Section 409A
Compliance.  The intent of the parties is that payments and
benefits under this Agreement comply with Section 409A of the Code to the extent
subject thereto, and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted and be administered to be in compliance
therewith.  Notwithstanding anything contained herein to the contrary,
to the extent required in order to avoid accelerated taxation and/or tax
penalties under Section 409A of the Code, the Participant shall not be
considered to have terminated employment with the Company for purposes of this
Agreement and no payment shall be due to the Participant under this Agreement
until the Participant would be considered to have incurred a “separation from
service” from the Company within the meaning of Section 409A of the
Code.  Any payments described in this Agreement or the Plan that are
due within the “short-term deferral period” as defined in Section 409A of the
Code shall not be treated as deferred compensation unless applicable law
requires otherwise.  Notwithstanding anything to the contrary in this
Agreement or the Plan, to the extent that any RSUs are payable upon a separation
from service and such payment would result in the imposition of any individual
excise tax and late interest charges imposed under Section 409A of the Code, the
settlement and payment of such awards shall instead be made on the first
business day after the date that is six (6) months following such separation
from service (or death, if earlier).

    

    [Signature
page to follow.]

    
      
         

      

      
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    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the day and year first above written.

    

    

    
      	 
      	
              BROOKDALE
      SENIOR LIVING INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	
                 /s/
      T. Andrew Smith

            	 
      
	 
      	 
      	
              Name:

            	
              T.
      Andrew Smith

            	 
      
	 
      	 
      	
              Title:

            	
              Executive
      Vice President

            	 
      

    

    

    

    

    
      	 
      	
              W.E.
      SHERIFF

            
	 
      	 
      
	 
      	
                 /s/
      W.E. Sheriff

            	 
      
	 
      	
              Participant

            	 
      

    

     

     

    
 

    6amcore_ex10-1.htm

    Exhibit
10.1

     

     

    UNITED
STATES OF AMERICA

    DEPARTMENT
OF THE TREASURY

    COMPTROLLER
OF THE CURRENCY

     

    
      	
              In
      the Matter of;

            	
              )

            	
              AA-CE-09-46

            
	
              AMCORE
      Bank, National Association

            	
              )

            	 
      
	
              Rockford,
      Illinois

            	
              )

            	 
      

    

     

    CONSENT
ORDER

    WHEREAS, the Comptroller of
the Currency of the United States of America ("Comptroller"), through his
National Bank Examiner, has examined AMCORE Bank, National Association,
Rockford, Illinois ("Bank");

    WHEREAS, in the interests of
cooperation, the Bank, by
and through its duly elected and acting Board of Directors ("Board"), has
executed a Stipulation and Consent to the Issuance of a Consent Order
("Stipulation and Consent"), dated June 25, 2009, that is accepted by the
Comptroller. By this Stipulation and Consent, which is incorporated by reference
herein, the Bank, without
admitting or denying any wrongdoing, has consented to the issuance of
this Consent Order ("Order") by the Comptroller; and

    NOW, THEREFORE, the
Comptroller, acting by and through his designated representative and by virtue
of the authority conferred by 12 U.S.C. § 1818(b), hereby orders
that:

    ARTICLE
I

    CAPITAL PLAN AND HIGHER
MINIMUMS

    (1)           The Bank shall, by September 30, 2009,
achieve and thereafter maintain the following minimum capital levels (as
defined in 12 C.F.R. Part 3):

    
      	
               
      

            	
              (a)

            	
              Tier 1 capital at least equal to eight
      percent (8%) of adjusted total assets; 
  and

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              Tier
      I risk-based capital at least equal to nine percent (9%) of risk- weighted
      assets; and

            

    

    
      	
               
      

            	
              (c)

            	
              Total
      risk-based capital at least equal to twelve percent (12%) of risk-
      weighted assets.

            

    

    (2)           The
requirement in this Order to meet and maintain a specific capital level means
that the Bank may not be deemed to be "well capitalized" for purposes of 12
U.S.C. § 1831 o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. §
6.4(b)(1)(iv).

    (3)           Within
thirty (30) days, the Board shall develop, implement, and thereafter ensure Bank
adherence to a Capital Plan. The Capital Plan shall include:

    
      	
               
      

            	
              (a)

            	
              specific
      plans for the maintenance of capital that may in no event be less than the
      requirements of paragraph (1) of this
Article;

            

    

    
      	
               
      

            	
              (b)

            	
              projections
      for capital based upon a detailed analysis of the Bank's assets,
      liabilities, earnings, fixed assets, and off-balance sheet assets and
      activities;

            

    

    
      	
               
      

            	
              (c)

            	
              projections
      of the sources and timing of additional capital and/or projections of the
      methods and timing of reducing assets to meet the requirements of
      paragraph (1) of this Article;

            

    

    
      	
               
      

            	
              (d)

            	
              identification
      of the primary source(s) from which the Bank will strengthen its capital
      structure to meet the requirements of paragraph (1) of this Article;
      and

            

    

    
      	
               
      

            	
              (e)

            	
              contingency
      plans that identify alternative source(s) from which the Bank will
      strengthen its capital structure should the primary source(s) under (d)
      above not be available.

            

    

     

    
      
         

      

      
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    (4)           Immediately
upon completion, the Capital Plan shall be submitted to the Assistant Deputy
Comptroller for review and prior written determination of no supervisory
objection. Upon receiving a determination of no supervisory objection from the
Assistant Deputy Comptroller, the Bank shall immediately implement and adhere to
the Capital Plan.

    (5)           The
Board shall review and update the Capital Plan on an annual basis, or more
frequently if necessary. Prior to adoption by the Board, any subsequent
amendments or revisions to the Capital Plan shall be submitted to the Assistant
Deputy Comptroller for review and prior written determination of no supervisory
objection. Upon receiving a determination of no supervisory objection from the
Assistant Deputy Comptroller, the Bank shall immediately implement and adhere to
the Capital Plan, as amended or revised.

    (6)           The
Bank shall not declare any dividend without the prior written determination of
no supervisory objection from the Assistant Deputy Comptroller.

    (7)           The
Board shall ensure that the Bank has processes, personnel, and control systems
to ensure implementation of and adherence to the Capital Plan developed pursuant
to this Article.

    (8)           If
the OCC determines, in its sole judgment, that the Bank has failed to meet the
minimum capital levels established in paragraph (1) of this Article, has failed
to submit an acceptable Capital Plan as required by paragraph (3) of this
Article, or has failed to implement or adhere to a Capital Plan for which the
OCC has taken no supervisory objection pursuant to paragraphs (4) or (5) of this
Article, then, within thirty (30) days of receiving written notice from the OCC
of such fact, the Board shall develop and shall submit to the OCC for its review
and prior written determination of no supervisory objection a Disposition Plan,
which shall detail the Board's proposal to sell or merge the Bank, or liquidate
the Bank under 12 U.S.C. § 181.

     

    
      
         

      

      
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    (9)           In
the event that the Disposition Plan submitted by the Board outlines a sale or
merger of the Bank, the Disposition Plan, at a minimum, shall address the steps
that will be taken and the associated timeline to ensure that a definitive
agreement for the sale or merger is executed not later than ninety (90) days
after the receipt of the Assistant Deputy Comptroller's written determination of
no supervisory objection to the Disposition Plan. If the Disposition Plan
outlines a liquidation of the Bank, the Disposition Plan shall
detail the actions and steps necessary to accomplish the liquidation in
conformance with 12 U.S.C. §§ 181 and 182, and the dates by which each step of
the liquidation shall be completed, including the date by which the Bank will
terminate the national bank charter. In the event of liquidation, the Bank shall
hold a shareholder vote pursuant to 12 U.S.C. § 181, and commence liquidation,
within thirty (30) days of receiving the Assistant Deputy Comptroller's written
determination of no supervisory objection to the Disposition Plan.

    (10)           After
the OCC has advised the Bank in writing that it does not take supervisory
objection to the Disposition Plan, the Board shall immediately implement, and
shall thereafter ensure adherence to, the terms of the Disposition Plan. Failure
to submit a timely, acceptable Disposition Plan, or failure to implement and
adhere to the Disposition Plan after the Board obtains a written determination
of no supervisory objection from the Assistant Deputy Comptroller, may be deemed
a violation of this Order, in the exercise of the OCC's sole
discretion.

    

    
      
         

      

      
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    ARTICLE
II

    LIQUIDITY RISK
MANAGEMENT

    (1)           Within
sixty (60) days, the Bank shall revise and maintain a comprehensive liquidity
risk management program which assesses, on an ongoing basis, the Bank's current
and projected funding needs, and ensures that sufficient funds, or access to
funds, exist to meet those needs. Such program must include effective methods to
achieve and maintain sufficient liquidity and to measure and monitor liquidity
risk, to include at a minimum:

    
      	
               
      

            	
              (a)

            	
              strategies
      to maintain sufficient liquidity at reasonable costs, including but not
      limited to the following:

            

    

    (i)           diversifying
funding sources, reducing reliance on high cost providers;

    (ii)           rereducing
rollover risk;

    (iii)           increasing
liquidity through such actions as obtaining additional capital, placing limits
on asset growth, aggressive collection of problem loans and recovery of
charged-off assets, and asset sales; and

    (iv)           monitoring
the projected impact on reputation, economic and credit conditions within the
Bank's market(s).

    
      	
               
      

            	
              (b)

            	
              the
      preparation of liquidity reports which shall be reviewed by the Board on
      at least a monthly basis, to include, at a minimum, the
      following:

            

    

    (i)           a
certificate of deposit maturity schedule, including separate line items for
brokered deposits and uninsured deposits (depicting maturities on a weekly basis
for the next two months 

     

    
      
         

      

      
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    and
monthly for the following four months), which schedule shall be updated at least
weekly;

    (ii)           a
schedule of estimated funding obligations, including but not limited to
non-maturity deposit runoff, unfunded loan commitments, undrawn lines of credit,
and outstanding letters of credit, showing estimated funding obligations over
the next six months (on a weekly basis for two months and monthly for the
following four months), which schedule shall be prepared and updated at least
weekly;

    (iii)           a
schedule of estimated funding sources, including but not limited to fed funds
sold, unpledged assets, assets available for sale, and borrowing lines by lender
including original amount, remaining availability, type and book value of
collateral pledged, terms, and maturity date, showing estimated funding sources
over the next six months (on a weekly basis for two months and monthly for the
following four months), which schedule shall be prepared and updated at least
weekly.

    (iv)           a
monthly sources and uses of funds report for a minimum period of six months,
updated monthly, which reflects known and projected changes in asset and
liability accounts, and the assumptions used in developing the projections. Such
reports shall include, at a minimum, projected additional funding sources,
including loan payments, loan sales/participations, or deposit 

     

    
      
         

      

      
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    increases;
and projected additional funding requirements from a reduction in deposit
accounts including uninsured and brokered deposits, inability to acquire federal
funds purchased, or availability limitations or reductions associated with
borrowing relationships.

    
      	
               
      

            	
              (c)

            	
              specific
      plans detailing how the Bank will comply with restrictions or requirements
      set forth in this Order and 12 U.S.C. § 1831o, including the restrictions
      against brokered deposits in 12 C.F.R. §
337.6.

            

    

    (2)           The
Board shall submit a copy of the comprehensive liquidity risk management
program, along with the reports required by this Article, to the Assistant
Deputy Comptroller for review.

    (3)           The
Board shall ensure that the Bank has processes, personnel, and control systems
to ensure implementation of and adherence to the revised liquidity risk
management program developed pursuant to this Article.

    ARTICLE
III

    CLOSING

    (1)           Although
the Board is by this Order required to submit certain proposed actions
and
programs for the review or prior written determination of no supervisory
objection of the Assistant Deputy Comptroller, the Board has the ultimate
responsibility for proper and sound management of the Bank.

     

    
      
         

      

      
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    (2)           It
is expressly and clearly understood that if, at any time, the Comptroller deems
it appropriate in fulfilling the responsibilities placed upon it by the several
laws of the United States of America to undertake any action affecting the Bank,
nothing in this Order shall in any way inhibit, estop, bar or otherwise prevent
the Comptroller from so doing.

    (3)           Any
time limitations imposed by this Order shall begin to run from the effective
date of this Order. Such time limitations may be extended in writing by the
Assistant Deputy Comptroller for good cause upon written application by the
Board.

    (4)           The
provisions of this Order are effective upon issuance of this Order by the
Comptroller, through his authorized representative whose hand appears below, and
shall remain effective and enforceable, except to the extent that, and until
such time as, any provisions of this Order shall have been amended, suspended,
waived, or terminated in writing by the Comptroller.

    (5)           In
each instance in this Order in which the Board is required to ensure adherence
to, and undertake to perform certain obligations of the Bank, it is intended to
mean that the Board shall:

    
      	
               
      

            	
              (a)

            	
              authorize
      and adopt such actions on behalf of the Bank as may be necessary for the
      Bank to perform its obligations and undertakings under the terms of this
    Order;

            

    

    
      	
               
      

            	
              (b)

            	
              require
      the timely reporting by Bank management of such actions directed by the
      Board to be taken under the terms of this
Order;

            

    

    
      	
               
      

            	
              (c)

            	
              follow-up
      on any non-compliance with such actions in a timely and appropriate
      manner; and

            

    

    
      	
               
      

            	
              (d)

            	
              require
      corrective action be taken in a timely manner of any non­compliance
      with such actions.

            

    

     

    
      
         

      

      
        -
8 -

        
          

        

      

      
         

      

    

    (6)           This
Order is intended to be, and shall be construed to be, a final order issued
pursuant to 12 U.S.C. § 1818(b), and expressly does not form, and may not be
construed to form, a contract binding on the Comptroller or the United
States.

    (7)           The
terms of this Order, including this paragraph, are not subject to amendment or
modification by any extraneous expression, prior agreements or prior
arrangements between the parties, whether oral or written.

    IT
IS SO ORDERED, this 25th
day of June, 2009.

     

    
      	 
      	 
      	 
      

    

    William
D. Ilaas

    Deputy
Comptroller

    Midsize
Bank Supervision

     

     

    - 9 -

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