Document:

ex10-1.htm

EXHIBIT 10.1

 

Named Executive Officer Salary and Bonus Arrangements for 2012

 

Base Salaries

 

The base salaries for fiscal 2013 for the executive officers (the "named executive officers") of Southern Missouri Bancorp, Inc. (the "Company") who will be named in the compensation table that will appear in the Company's upcoming 2012 Annual Meeting proxy statement are as follows:

 

	

Name and Title

 

	 	

Base Salary

	 
	
Greg A. Steffens

President and Chief Executive Officer, Southern Missouri Bancorp, Inc., and Southern Bank

	 	$	238,000	 
	
Matthew T. Funke

Chief Financial Officer, Southern Missouri Bancorp, Inc., and Southern Bank

	 	$	135,000	 
	
Kimberly A. Capps

Chief Operations Officer, Southern Missouri Bancorp., Inc. and Southern Bank

	 	$	128,000	 
	
William D. Hribovsek

Chief Lending Officer, Southern Missouri Bancorp., Inc. and Southern Bank

	 	$	168,000	 
	
Lora L. Daves

Chief of Credit Administration, Southern Missouri Bancorp., Inc. and Southern Bank

	 	$	118,000	 

 

Description of 2012 Bonus Arrangement

 

The Company does not have a formal cash bonus plan in place for named executive officers. Through July 2011, executive compensation limits imposed on the Company as a participant in Treasury’s TARP program prohibited cash bonus payments to our Chief Executive Officer.  For fiscal 2011, executive officers other than our Chief Executive Officer received cash bonuses, and for fiscal 2012 all executive officers received cash bonuses. In determining the amount of cash bonuses to award, the compensation committee and board of directors primarily consider the Company’s results in comparison to business plan targets for such measures as return on equity, earnings per share growth, net interest margin, noninterest income, and noninterest expense, as well as accomplishment of strategic objectives such as growth, entry to new markets, capitalization, and other factors.

 

Additional information about the 2012 bonus compensation is incorporated herein by reference from the Company's definitive proxy statement for its Annual Meeting of Stockholders to be held in October 2012, a copy of which will be filed not later than 120 days after the close of the fiscal year.ex10-2.htm

EXHIBIT 10.2

 

Director Fee Arrangements for Fiscal 2013

 

Each director of Southern Missouri Bancorp, Inc. (the "Company") also is a director of Southern Bank (the "Bank"). For Fiscal 2013, each director receives a monthly fee of $900 for serving on the Company's Board of Directors and $1,100 for serving on the Bank's Board of Directors.Exhibit
4.4

 

Form of

 

 

THIS WARRANT HAS NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933

AND IS NOT TRANSFERABLE

EXCEPT AS PROVIDED HEREIN

 

 

Methes Energies International Ltd.

 

 

PURCHASE WARRANT

 

Issued to:

 

PAULSON INVESTMENT COMPANY, INC.

 

Exercisable to Purchase

 

100,000 Units

 

 

Of

 

 

METHES ENERGIES INTERNATIONAL LTD.

 

 

 

 

 

 

Void after __________, 2017

 

 

 

This is to certify that,
for value received and subject to the terms and conditions set forth below, the Warrantholder (hereinafter defined) is entitled
to purchase, and the Company promises and agrees to sell and issue to the Warrantholder, at any time on or after ______, 2013 and
on or before ______, 2017, up to 100,000 Units (hereinafter defined) at the Exercise Price (hereinafter defined).

 

This Warrant Certificate
is issued subject to the following terms and conditions:

 

1.                 
Definitions of Certain Terms. Except as may be otherwise clearly required by the context, the following terms
have the following meanings:

(a)               
“Act” means the Securities Act of 1933, as amended.

(b)              
“Cashless Exercise” means an exercise of Warrants in which, in lieu of payment of the Exercise Price, the
Warrantholder elects to receive a lesser number of Securities such that the value of the Securities that such Warrantholder would
otherwise have been entitled to receive but has agreed not to receive, as determined by the closing price of such Securities on
the date of exercise or, if such date is not a trading day, on the next prior trading day, is equal to the Exercise Price with
respect to such exercise. A Warrantholder may only elect a Cashless Exercise if the Securities issuable by the Company on such
exercise are publicly traded securities.

(c)               
“Class A Warrant” means a redeemable Class A warrant to purchase one share of Common Stock at an exercise
price of $_____ [150% of the Unit offering price], as defined in the Warrant Agreement.

(d)              
“Class B Warrant” means a redeemable Class B warrant to purchase one share of Common Stock at an exercise
price of $_____ [200% of the Unit offering price], as defined in the Warrant Agreement.

(e)               
“Closing Date” means the date on which the Offering is closed.

(f)               
“Commission” means the Securities and Exchange Commission.

(g)              
“Common Stock” means the common stock, par value $0.001 per share, of the Company.

(h)              
“Company” means Methes Energies International Ltd., a Nevada corporation.

(i)                
“Company’s Expenses” means any and all expenses payable by the Company or the Warrantholder in connection
with an offering described in Section 6 hereof, except Warrantholder’s Expenses.

(j)                
“Corporate Financing Rule” means Rule 5110 of the rules of the Financial Industry Regulatory Authority.

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(k)              
“Effective Date” means the date of the Company’s final prospectus as filed with the Securities and Commission
pursuant to Rule 424(b) of the Act.

(l)                
“Exercise Price” means the price at which the Warrantholder may purchase one Unit upon exercise of Warrants
as determined from time to time pursuant to the provisions hereof. The initial Exercise Price is $_____ per Unit [120% of the Unit
offering price].

(m)            
“Offering” means the public offering of Units made pursuant to the Registration Statement.

(n)              
“Participating Underwriter” means any underwriter participating in the sale of the Securities pursuant
to a registration under Section 6 of this Warrant Certificate.

(o)              
“Registration Statement” means the Company’s registration statement (File No. __________) as amended on
the Closing Date.

(p)              
“Rules and Regulations” means the rules and regulations of the Commission adopted under the Act.

(q)              
“Securities” means the securities obtained or obtainable upon exercise of the Warrant or securities obtained
or obtainable upon exercise, exchange, or conversion of such securities.

(r)                
“Unit” means one share of Common Stock, one Class A Warrant and one Class B Warrant.

(s)               
“Unit Warrants” means the Class A Warrants and the Class B warrants.

(t)                
“Warrant” means the warrant evidenced by this certificate, any similar certificate issued in connection
with the Offering, or any certificate obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate.

(u)              
“Warrant Agreement” means that certain Warrant Agreement, dated as of ________________________, by and
between the Company and Quicksilver Stock Transfer, Inc. relating to the issuance of Unit Warrants.

(v)              
“Warrant Certificate” means a certificate evidencing the Warrant.

(w)            
“Warrantholder” means a record holder of the Warrant or Securities. The initial Warrantholder is Paulson
Investment Company, Inc.

(x)              
“Warrantholder’s Expenses” means the sum of (i) the aggregate amount of cash payments made to an underwriter,
underwriting syndicate, or agent in connection with an offering described in Section 6 hereof multiplied by a fraction the numerator
of which is the aggregate sales price of the Securities sold by such underwriter, underwriting syndicate, or agent in such offering
and the denominator of which is the aggregate sales price of all of the securities sold by such underwriter, underwriting syndicate,
or agent in such offering and (ii) all out-of-

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pocket
  expenses of the Warrantholder, except for the fees and disbursements of one
  firm retained as legal counsel for the Warrantholder that will be paid by the
  Company.

2.                 
Exercise of Warrant. All or any part of the Warrant represented by this Warrant Certificate may be exercised
commencing on the first anniversary of the Effective Date and ending at 5:00 p.m. Pacific Time on the fifth anniversary of the
Effective Date (the “Expiration Date”) by surrendering this Warrant Certificate, together with appropriate instructions,
duly executed by the Warrantholder or by its duly authorized attorney, at the office of the Company, 3651 Lindell Road, Las Vegas,
Nevada, 89103; or at such other office or agency as the Company may designate. The date on which such instructions are received
by the Company shall be the date of exercise. If the Warrantholder has elected a Cashless Exercise, such instructions shall so
state. Subject to the provisions below, upon receipt of notice of exercise, the Company shall immediately instruct its transfer
agent to prepare certificates for the Securities to be received by the Warrantholder upon completion of the Warrant exercise. When
such certificates are prepared, the Company shall notify the Warrantholder and deliver such certificates to the Warrantholder,
or as per the Warrantholder’s instructions, immediately upon payment in full by the Warrantholder, in lawful money of the United
States, of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a Cashless Exercise, upon
deemed surrender of Securities equal to the exercise price. If the Warrantholder ·shall represent and warrant that all applicable
registration and prospectus delivery requirements for their sale have been complied with upon sale of the Securities received upon
exercise of the Warrant, such certificates shall not bear a legend with respect to the Act.

If fewer than all
the Securities purchasable under the Warrant are purchased, the Company will, upon such partial exercise, execute and deliver to
the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this Warrant Certificate, evidencing
that portion of the Warrant not exercised. The Securities to be obtained on exercise of the Warrant will be deemed to have been
issued, and any person exercising the Warrant will be deemed to have become a holder of record of those Securities, as of the date
of the payment of the Exercise Price.

Notwithstanding the foregoing,
in no event shall such Securities be issued, and the Company is authorized to refuse to honor the exercise of the Warrant, if such
exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the violation of any law;
and provided further that, if the Warrant is exercisable solely for Securities listed on a securities exchange or for which there
are at least three independent market makers, the Company may elect to redeem the Warrant submitted for exercise for a price equal
to the difference between the aggregate low asked price, or closing price, as the case may be, of the Securities for which the
Warrant is exercisable on the date of exercise and the Exercise Price; in the event of such redemption, the Company will pay to
the holder of the Warrant the above-described redemption price in cash within 10 business days after receipt of notice of exercise.

 

3.                 
Adjustments in Certain Events. The number, class, and price of Securities for which this Warrant Certificate
may be exercised are subject to adjustment from time to time upon the happening of certain events as follows:

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(a)               
If the outstanding shares of the Company’s Common Stock are divided into a greater number of shares or a dividend
in stock is paid on the Common Stock, the number of shares of Common Stock and the number of Unit Warrants for which the Warrant
is then exercisable will be proportionately increased and the Exercise Price will be proportionately reduced; and, conversely,
if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares of
Common Stock and the number of Unit Warrants for which the Warrant is then exercisable will be proportionately reduced and the
Exercise Price and the number of Unit Warrants will be proportionately increased. The increases and reductions provided for in
this Section 3(a) will be made with the intent and, as nearly as practicable, the effect that neither the percentage of the total
equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will
be affected by any event described in this Section 3(a).

(b)              
In case of any change in the Common Stock through merger, consolidation, reclassification, reorganization, partial
or complete liquidation, purchase of substantially all the assets of the Company, or other change in the capital structure of the
Company, then, as a condition of such change, lawful and adequate provision will be made so that the holder of this Warrant Certificate
will have the right thereafter to receive upon the exercise of the Warrant the kind and amount of shares of stock or other securities
or property to which he would have been entitled if, immediately prior to such event, he had held the number of shares of Common
Stock and the number of Unit Warrants obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will
be made in the application of the provisions set forth herein with respect to the rights and interest thereafter of the Warrantholder,
to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to any
shares of stock or other securities or property thereafter deliverable upon the exercise of the Warrant. The Company will not permit
any change in its capital structure to occur unless the issuer of the shares of stock or other securities to be received by the
holder of this Warrant Certificate, if not the Company, agrees to be bound by and comply with the provisions of this Warrant Certificate.

(c)               
When any adjustment is required to be made in the number of shares of Common Stock, Unit Warrants, other securities,
or the property purchasable upon exercise of the Warrant, the Company will promptly determine the new number of such shares or
other securities or property purchasable upon exercise of the Warrant and (i) prepare and retain on file a statement describing
in reasonable detail the method used in arriving at the new number of such shares or other securities or property purchasable upon
exercise of the Warrant and (ii) cause a copy of such statement to be mailed to the Warrantholder within thirty (30) days after
the date of the event giving rise to the adjustment.

(d)              
No fractional shares of Common Stock or other Securities will be issued in connection with the exercise of the Warrant,
but the Company will pay, in lieu of fractional shares, a cash payment therefor on the basis of the mean between the bid and asked
prices of the Common Stock in the over-the-counter market or the last sale price of the Common Stock on the principal exchange
or other trading facility on which the Common Stock is traded on the day immediately prior to exercise.

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(e)               
If securities of the Company or securities of any subsidiary of the Company are distributed pro rata to holders of
Common Stock, such number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder
as such Warrantholder or assignee would have been entitled to if this Warrant Certificate had been exercised prior to the record
date for such distribution. The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also
apply to the securities to which the Warrantholder or its assignee is entitled under this Section 3(e).

(f)               
Notwithstanding anything herein to the contrary, there will be no adjustment made hereunder on account of the sale
by the Company of the Common Stock or other Securities purchasable upon exercise of the Warrant.

(g)              
If, immediately prior to any exercise of Warrants, there shall be outstanding no securities of a class or series
that, but for the provisions of this Section 3, would be issuable upon such exercise (the “Formerly Issuable Securities”),
then, upon such exercise, and in lieu of the Formerly Issuable Securities, the Company shall issue that number and kind of other
securities or property for which the Formerly Issuable Securities were most recently exercisable or into which the Formerly Issuable
Securities were most recently convertible, as the case may be.

4.                 
Reservation of Securities. The Company agrees that the number of shares of Common Stock or other Securities
sufficient to provide for the exercise of the Warrant upon the basis set forth above will, at all times during the term of the
Warrant, be reserved for exercise.

5.                 
Validity of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly
issued in accordance with their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company
will pay all documentary and transfer taxes, if any, in respect of the original issuance thereof upon exercise of the Warrant.

6.                 
Registration of Securities Issuable on Exercise of Warrant Certificate.

(a)               
The Company will register the Securities with the Commission pursuant to the Act so as to allow the unrestricted
sale of the Securities to the public from time to time commencing on the first anniversary of the Effective Date and ending at
5:00 p.m. Pacific Time on the fifth anniversary of the Effective Date (the “Registration Period”). The Company will also
file such applications and other documents necessary to permit the sale of the Securities to the public during the Registration
Period in those states in which the Units were qualified for sale in the Offering or such other states as the Company and the Warrantholder
agree to. In order to comply with the provisions of this Section 6(a), the Company is not required to file more than one registration
statement. No registration right of any kind, “piggyback” or otherwise, will last longer than five years from the Effective
Date.

(b)              
The Company will pay all of the Company’s Expenses and each Warrantholder will pay its pro rata share of the Warrantholder’s
Expenses relating to the registration, offer, and sale of the Securities.

(c)               
Except as specifically provided herein, the manner and conduct of the registration, including the contents of the
registration statement will be entirely in the control and 

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at
  the discretion of the Company. The Company will file such post-effective amendments
  and supplements as may be necessary to maintain the currency of the registration
  statement during the period of its use. In addition, if the Warrantholder participating
  in the registration is advised by counsel that the registration statement,
  in their opinion, is deficient in any material respect, the Company will use
  its best efforts to cause the registration statement to be amended to eliminate
  the concerns raised.

(d)              
The Company will furnish to the Warrantholder the number of copies of a prospectus, including a preliminary prospectus,
in conformity with the requirements of the Act, and such other documents as it may reasonably request in order to facilitate the
disposition of Securities owned by it.

(e)               
The Company will, at the request of Warrantholders holding at least 50 percent of the then outstanding Warrants,
(i) furnish an opinion of the counsel representing the Company for the purposes of the registration pursuant to this Section 6,
addressed to the Warrantholders and any Participating Underwriter, (ii) furnish an appropriate letter from the independent public
accountants of the Company, addressed to the Warrantholders and any Participating Underwriter, and (iii) make representations and
warranties to the Warrantholders and any Participating Underwriter. A request pursuant to this subsection (e) may be made on three
occasions. The documents required to be delivered pursuant to this subsection (e) will be dated within ten days of the request
and will be, in form and substance, equivalent to similar documents furnished to the underwriters in connection with the Offering,
with such changes as may be appropriate in light of changed circumstances.

7.                 
Indemnification in Connection with Registration.

(a)               
If any of the Securities are registered, the Company will indemnify and hold harmless each selling Warrantholder,
any person who controls any selling Warrantholder within the meaning of the Act, and any Participating Underwriter against any
losses, claims, damages, or liabilities, joint or several, to which any Warrantholder, controlling person, or Participating Underwriter
may be subject under the Act or otherwise; and it will reimburse each Warrantholder, each controlling person, and each Participating
Underwriter for any legal or other expenses reasonably incurred by the Warrantholder, controlling person, or Participating Underwriter
in connection with investigating or defending any such loss, claim, damage, liability, or action, insofar as such losses, claims,
damages, or liabilities, joint or several (or actions in respect thereof), arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained, on the effective date thereof, in any such registration statement or
any preliminary prospectus or final prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading; provided, however, that the Company will not be liable in any case to the extent that any loss, claim, damage,
or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made
in any registration statement, preliminary prospectus, final prospectus, or any amendment or supplement thereto, in reliance upon
and in conformity with written information furnished by a Warrantholder for use in the preparation thereof.

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(b)              
Each selling Warrantholder, as a condition of the Company’s registration obligation, will indemnify and hold harmless
the Company, each of its directors, each of its officers who have signed any registration statement or other filing or any amendment
or supplement thereto, and any person who controls the Company within the meaning of the Act, against any losses, claims, damages,
or liabilities to which the Company or any such director, officer, or controlling person may become subject under the Act or otherwise,
and will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, or controlling
person in connection with investigating or defending any such loss, claim, damage, liability, or action, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any untrue or alleged untrue statement
of any material fact contained in said registration statement, any preliminary or final prospectus, or other filing, or any amendment
or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission was made in said registration statement, preliminary or final
prospectus, or other filing, or amendment or supplement, in reliance upon and in conformity with written information furnished
by such Warrantholder for use in the preparation thereof.

(c)               
Promptly after receipt by an indemnified party under subparagraphs (a) or (b) above of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, notify the
indemnifying party of the commencement thereof; but the omission to notify the indemnifying party will not relieve it from any
liability that it may have to any indemnified party otherwise than under subparagraphs (a) and (b).

(d)              
If any such action is brought against any indemnified party and it notifies an indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party; and
after notice from the indemnifying party to such indemnified party of its election to assume the defense thereof, the indemnifying
party will not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof other than reasonable costs of investigation.

8.                 
Restrictions on Transfer. This Warrant Certificate and the Warrant may not be sold, transferred, assigned,
pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the effective economic disposition of the securities by any person for a period of 180 days immediately following the Effective
Date, except as permitted in subparagraph (g)(2) of the Corporate Financing Rule. The Warrant may be divided or combined, upon
request to the Company by the Warrantholder, into a certificate or certificates evidencing the same aggregate number of Warrants.

9.                 
No Rights as a Shareholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of
ownership of the Warrant, be entitled to any rights of a shareholder of the Company but will, upon written request to the Company,
be entitled to receive such quarterly or annual reports as the Company distributes to its shareholders.

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10.             
Notice. Any notices required or permitted to be given hereunder will be in writing and maybe served personally
or by mail; and if served will be addressed as follows:

If to the Company:

 

Methes Energies International Ltd.

3651 Lindell Road

Las Vegas, Nevada, 89103

Attention: Chief Financial Officer

 

If to the Warrantholder:

 

at the address furnished by the 

  Warrantholder to the
Company 

for the purpose of notice.

 

Any notice so given by
mail will be deemed effectively given 48 hours after mailing when deposited in the United States mail, registered or certified
mail, return receipt requested, postage prepaid and addressed as specified above. Any party may by written notice to the other
specify a different address for notice purposes.

 

11.             
Applicable Law. This Warrant Certificate will be governed by and construed in accordance with the laws of
the State of Oregon, without reference to conflict of laws principles thereunder. All disputes relating to this Warrant Certificate
shall be tried before the courts of Oregon located in Multnomah County, Oregon to the exclusion of all other courts that might
have jurisdiction.

Dated as of _________, 2012

 

METHES ENERGIES INTERNATIONAL LTD.

 

 

 

By:                                                             

Name:

Title:

 

Agreed and Accepted as of ___________, 2012

 

PAULSON INVESTMENT COMPANY, INC.

 

 

 

By:                                                             

Name:                                                 

Title:                                                    

 

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