Document:

AMENDMENT NO. 2 TO THE

THIRD AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

This AMENDMENT NO. 2 TO THE THIRD
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of November 12, 2013 by
and among 1st United Bancorp, Inc., a business corporation organized and operating under the laws of the State of Florida
(the “Company”), 1st United Bank, a commercial bank organized and operating under the laws of the State
of Florida (the “Bank”), and John Marino, an individual residing at 14662 Rolling Rock Place, Wellington,
FL 33414 (the “Executive”).

WITNESSETH:

WHEREAS, the Executive
has agreed to serve the Company in the capacities of President and Chief Operating Officer and the Bank in the capacities of Chief
Operating Officer and Chief Financial Officer; and

WHEREAS, the Company, the Bank
and the Executive entered into an Employment Agreement dated March 4, 2004, as amended and/or restated on January 1, 2007, December
18, 2008, December 20, 2011, January 24, 2012 and July 23, 2013 (the “Agreement”), and the parties desire to amend
the Agreement; and

WHEREAS, the Executive
is willing to continue to serve the Company and the Bank on the terms and conditions set forth in the Agreement as amended by this
Amendment;

NOW, THEREFORE, in
consideration of the Executive’s continued employment and the mutual covenants herein contained, the Company, the Bank and
the Executive hereby agree that the terms of the Agreement are hereby modified and, to the extent inconsistent with the terms of
the Agreement, superseded as follows:

1.                 
Amendment to Agreement. Section 4 of the Agreement is hereby deleted in its entirety and replaced with the following:

    	 

    	 

    

Section 4.           
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company and/or the
Bank, in such combination thereof as may be agreed by the Boards of Directors of the Company and the Bank, shall pay to the Executive
a salary at an initial annualized rate of ONE HUNDRED TWENTY-FIVE THOUSAND AND NO/100 DOLLARS ($125,000.00), payable in approximately
equal installments in accordance with the Company’s and/or the Bank’s customary payroll practices for senior officers
less applicable payroll taxes. Commencing on the first day of the calendar month subsequent to the later to occur of (a) the day
that the Company and the Bank have consolidated total assets of at least $150 million, and (b) the last day of the month during
which the Company achieves its first month of profitability on a consolidated basis, the Executive’s salary shall be automatically
increased to a minimum annual rate of TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($250,000.00), payable in approximately equal
installments in accordance with the Company’s and/or the Bank’s customary payroll practices for senior officers less
applicable payroll taxes. Effective January 1, 2012, the Executive’s salary shall be increased to a minimum annual rate of
THREE HUNDRED FIFTEEN THOUSAND AND NO/100 DOLLARS ($315,000), payable in approximately equal installments in accordance with the
Company’s and/or the Bank’s customary payroll practices for senior officers less applicable payroll taxes. At least
annually after the time that the salary is increased to $315,000 or more and thereafter during the Employment Period, the Board
of Directors of the Bank and/or the Company, or the Compensation Committees thereof, shall review the Executive’s annual
rate of salary and may, in its or their discretion, approve an increase therein; provided, however, that the Executive’s
annual rate of salary shall at all times during the Employment Period be equal to ninety percent (90%) of the highest annual rate
of salary paid by the Company and/or Bank during such fiscal year to one of its “Named Executive Officers” (as defined
by the Securities and Exchange Commission (“SEC”) in Item 402(a)(3) of its Regulation S-K, or any successor regulation)
(such highest annual rate of salary being hereinafter referred to as the “Highest Executive Salary”). In no event shall
the Executive’s annual rate of salary under this Agreement in effect at a particular time be reduced without his prior written
consent, which consent may be withheld in the Executive’s sole discretion. In addition to his base salary, beginning with
the fiscal quarter of the Company during which the Company achieves its first month of profitability on a consolidated basis, and
for each fiscal quarter thereafter, the Executive shall be paid additional cash compensation (the “Cash Incentive Compensation”)
equal to the product of (i) two percent (2%) of the Company’s consolidated net income before taxes for each such fiscal quarter
(excluding extraordinary items as defined in APB #30 (or any successor bulletin) and excluding restructuring charges and other
integration and reorganization expenses and charges relating to mergers, acquisitions or transactions of similar effect) for financial
reporting purposes, multiplied by (ii) the total percentage of achievement of the Corporate Performance Measure as determined by
the Compensation Committee in accordance with Exhibit D hereto for the applicable fiscal quarter, but in no event shall the total
Cash Incentive Compensation payable to the Executive with respect to any fiscal year exceed the amount of the Highest Executive
Salary for such fiscal year. In the event that the period for which the Cash Incentive Compensation payable to the Executive is
less than a full fiscal quarter (e.g., where the effective date of termination of this Agreement is not as of the end of
a quarter), the amount of Cash Incentive Compensation payable to the Executive shall be calculated by multiplying the Cash
Incentive Compensation to which the Executive would have been entitled for such fiscal quarter (had he been employed for the entire
quarter) by a fraction, the numerator of which is the number of days during such fiscal quarter up to and including the effective
date of termination, and the denominator of which is the number of days in such fiscal quarter. Seventy-five percent (75%) of such
Cash Incentive Compensation shall be paid by the Company to the Executive quarterly, within forty-five (45) days after the end
of each such calendar quarter. The remaining twenty-five percent (25%) of the Cash Incentive Compensation calculated with respect
to each fiscal quarter shall be held back by the Company and the Bank and shall be subject to a clawback based on a comparison
of the total net Cash Incentive Compensation that would have been earned if the calculation were made on an annual basis as opposed
to the quarterly calculations; the held-back amount shall be paid to the Executive within thirty (30) days after the Company has
filed its Annual Report on Form 10-K (the “Form 10-K”) with the SEC with respect to the fiscal year in question, unless
such net annual calculation results in a lower number than the sum of the positive quarterly calculations, in which event the held-back
amount payable at such time shall be reduced by the amount of such difference. In addition to the foregoing salary and Cash Incentive
Compensation, the Executive may receive other cash compensation from the Company and/or the Bank for services hereunder at such
times, in such amounts and on such terms and conditions as the Boards may determine from time to time. The term “Cash Compensation”
shall mean the total of the Executive’s salary, the Cash Incentive Compensation and any other cash compensation paid to the
Executive pursuant to the immediately preceding sentence, unreduced by any 401(k) plan elective deferrals. The term “Compensation”
shall mean the aggregate of all taxable compensation of any nature whatsoever unless clearly indicated to the contrary in the context
so used.

    	 

    	 

    

2.                 
Amendment to Exhibits. Exhibit D attached hereto is hereby added to the Agreement. 

3.                 
Capitalized Terms. Capitalized terms herein shall have the meanings ascribed to them in the Agreement except as
otherwise expressly provided in this Amendment. 

4.                 
Effect of Amendment. Except and to the extent modified by this Amendment, the provisions of the Agreement shall remain
in full force and effect and are hereby incorporated into and made a part of this Amendment as if fully stated herein.

 

[Signature Page Follows]

 

 

    	 

    	 

    

IN WITNESS WHEREOF, the
Company and the Bank have caused this Amendment No. 2 to Third Amended and Restated Employment Agreement to be executed and
the Executive has hereunto set his hand, all as of the day and year first above written.

	 	1st UNITED BANCORP, INC.
	 	 
	 	By:	/s/ Rudy E. Schupp
	 	Name:  	Rudy E. Schupp
	 	Title:	Chief Executive Officer
	 	 	 
	 	1st UNITED BANK 
	 	 	 
	 	By:	/s/ Rudy E. Schupp
	 	Name:	Rudy E. Schupp
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ John Marino
	 	John Marino

 

    	 

    	 

    

Exhibit D

 

Quarterly Cash Incentive Bonus for Founding
FUBC NEOs

 

Corporate Performance Measure (100%)

 

I. Financial Performance (75%):

 

a. Adjusted pre-tax net income budget achievement (50% weight
of the 75%)

 

b. Non-performing asset (uncovered assets)/total assets
ratio compared to the benchmark group mean (20% weight of the 75%)

 

c.Net interest margin compared to benchmark group mean (20%
weight ofthe 75%)

 

d. Efficiency ratio to benchmark group mean (10% weight
of the 75%)

 

II. Operational Performance (25%):

 

a.Annual bank safety and soundness examination rating for
the calendar year (75% weight of the 25%)

 

b.Special area examination results – FDIC loss share,
BSA, CRA, IT (25% weight of the 25%)exh_1016.htm

Exhibit 10.16

 

 

SALE OF LLC INTEREST AGREEMENT

This Agreement is entered this the 18th day of September 2013, by and between _____________, and individual residing in Longview in the State of Washington, hereinafter referred to as Seller, and MEDISTEM, INC., hereinafter referred to as Purchaser.

WITNESSETH:

WHEREAS, the Seller hereto desires that Seller’s interest in Unicell Bio International, a Delaware Limited Liability Corporation and hereinafter referred to as LLC, be sold to Purchaser pursuant to this Agreement on the date and at the time provided for herein on September 18, 2013 (the "Effective Date"); and

WHEREAS, the parties hereto desire to set forth certain representations, warranties, and covenants made by each to the other as an inducement to the consummation of the sale and certain additional agreements related to the sale;

NOW, THEREFORE, in consideration of the premises and of the mutual representations, warranties, and covenants herein contained, the parties hereby agree as follows:

ARTICLE I

	
1.1  

	
Subject to the terms and conditions set forth herein, the closing of this sale of LLC interest shall be held on the Effective Date.

	
1.2  

	
The Seller shall sell of Seller’s interest in said LLC interest for a total purchase price of one dollar ($1.00), consisting of one dollar ($1.00) in cash.

	
1.3  

	
The Seller shall tender to Purchaser at the closing a fully executed bill of sale for the interest being transferred.

	
1.4  

	
The Purchaser shall deliver one dollar ($1.00) at the time of executing this agreement.

ARTICLE II

	
2.1  

	
1Seller represents and warrants to Purchaser that as of the date hereof and on the Effective Date (all representations and warranties being joint and several):

	
(a)  

	
To the best of Seller’s knowledge and belief, the LLC has no mortgages, pledges, liens, conditional sales agreement, encumbrance, or charge.

	
(b)  

	
To the best of Seller’s knowledge and believe, LLC holds an eighty two percent (82%) interest in ERCell, OO, a Limited Liability Corporation based in Moscow, Russia.

ARTICLE III

	
3.1  

	
At or before the Closing Date:

	
(a)  

	
The Seller's Members (or Seller and the other Members of the LLC if Seller is not the LLC itself) will cause Seller (or LLC if Seller is not the LLC itself) to:

  

  

  

	
(1)  

	
Carry on its business substantially as it has heretofore and not introduce any materially new method of management, operation or accounting;

	
(2)  

	
Perform all material obligations under agreements, which relate to or affect its assets, properties, and rights,

	
(3)  

	
Use its best efforts to maintain and preserve its business organization intact, retain its present employees, and maintain its relationships with suppliers, customers, and others having business relations with them;

	
(4)  

	
Maintain its properties and facilities in as good working order and condition as at present, ordinary wear and tear excepted; and

	
(b)  

	
The Members will not permit the Seller (or if the LLC itself is not the Seller: The Seller and the other Members of the LLC will not permit the LLC), without the prior written consent of the Purchaser, to:

	
(1)  

	
Enter into any contract or commitment or incur or agree to incur any liability or make any capital expenditures except in the normal course of business;

	
(2)  

	
Create, assume, or permit to exist any mortgage, pledge, or other lien or encumbrance upon any assets or properties whether now owned or hereafter acquired;

	
(3)  

	
Increase the compensation payable or to become payable to any Member, employee, or agent, or make any bonus payment to any such person; or

	
(4)  

	
Sell, assign, lease, or otherwise transfer or dispose of any property or equipment except in the normal course of business.

ARTICLE IV

	
4.1  

	
The Sellers obligations hereunder are, at its option, subject to the satisfaction of the following condition on or prior to the Effective Date:

	
(1)  

	
If Purchaser is a corporation, the Seller shall have received a copy of the resolutions authorizing the execution, delivery, and performance of this Agreement by Purchaser certified by the Secretary of Purchaser to have been adopted by Purchasers Board of Directors and to be in full force and effect as of the Effective Date.

ARTICLE V

	
5.1  

	
The parties hereto shall deliver or cause to be delivered on the Effective Date, and at such other times and places as shall be reasonably agreed on, such additional instruments as may reasonably be requested for the purpose of carrying out this Agreement. Seller will cooperate and use its best efforts to have the present Members and employees of Seller (or LLC if the LLC itself is not the Seller) cooperate on and after the Effective Date in furnishing information, evidence, testimony, and other assistance in connection with any actions, proceedings, arrangements, or disputes of any nature with respect to matters pertaining to all periods prior to the Effective Date.

  

  

  

	
5.2  

	
This Agreement and the documents delivered pursuant hereto constitute the entire agreement and understanding between the parties and supersede any prior agreement and/or understanding relating to the subject matter of this Agreement. This Agreement may only be modified or amended by a duly authorized written instrument executed by the parties hereto.

	
5.3  

	
This Agreement may be executed simultaneously in two or more counterparts. Each counterpart shall be deemed an original, and all of the counterparts together shall constitute but one and the same instrument.

	
5.4  

	
Any notice or communication required or permitted hereunder shall be sufficiently given if sent by certified or registered mail, postage prepaid, with return receipt requested:

	
a.  

	
To Purchaser at:

Medistem, Inc.

9255 Towne Centre Drive, Suite 450

San Diego, CA 92121

	
b.  

	
To Seller at:

Address on record.

	
5.5  

	
All warranties, covenants, representations, and guarantees shall survive the closing and execution of the documents contemplated by this Agreement. In executing and carrying out the provisions of this Agreement, the parties hereto are relying solely on the representations, warranties, and agreements contained in this Agreement or in any writing delivered pursuant to its provisions or at the closing of the transactions herein provided for and not upon any representation, warranty, agreement, promise, or information, written or oral, made by any person other than as specifically set forth herein or therein.

	
5.6  

	
This Agreement shall be construed in accordance with the laws of the State of California.

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

	
PURCHASER:

	  	
SELLER:

	/s/ 	  	
/s/

	
By: Alan J. Lewis, Chief Executive Officer

	  	
By:

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