Document:

exv4w5

 

Exhibit 4.5

FORM
OF
METROCORP BANCSHARES, INC.

STOCK APPRECIATION RIGHTS AGREEMENT

     This Stock Appreciation Rights Agreement (the “SAR Agreement”) is made as of the ___day of
                                        , ___(the “Date of Grant”), between MetroCorp Bancshares, Inc., a Texas
corporation (the “Company”), and                                          (the “Employee”).

     To carry out the purposes of the MetroCorp Bancshares, Inc. 2007 Stock Awards and Incentive
Plan (the “Plan”) by providing employees upon whom the responsibilities of the successful
administration and management of the Company rest additional incentive and reward opportunities
designed to advance the profitable growth of the Company, the Company and the Employee hereby agree
as follows:

     1. Grant of Stock Appreciation Rights. The Company hereby irrevocably grants to
Employee                                          “Stock Appreciation Rights” under the terms and conditions set forth
herein and in the Plan. A “Stock Appreciation Right” is the right to receive a payment from the
Company in an amount equal to the “Spread,” which is defined as the excess of the Fair Market Value
(as defined in Plan) of one share of common stock, $1.00 par value (the “Stock”) of the Company at
the Exercise Date (as defined below) over a specified price (the “Award Price”) fixed by the
Committee (as defined in the Plan), which shall not be less than 100% of the Fair Market Value of
the Stock on the Date of Grant.

     2. Award Price. The Award Price of the Stock Appreciation Rights hereby granted to
Employee is $                  per Stock Appreciation Right.

     3. Stock Appreciation Right Period. The Stock Appreciation Rights herein granted may
be exercised, in whole or in part, by the Employee during a ten (10) year period beginning on the
Date of Grant (the “SAR Period”), subject to the limitation that the Stock Appreciation Rights
shall not be exercisable for more than a percentage of the aggregate number of Stock Appreciation
Rights granted by this SAR Agreement determined by the number of full years of the Employee’s
employment with the Company or its Affiliates (as defined in the Plan) from the Date of Grant to
the Exercise Date (the “Vested SARs”), in accordance with the following schedule:

	 	 	 
	Number of	 	Percentage
	Full Years	 	Exercisable
	 
	 	 

Notwithstanding anything in this SAR Agreement to the contrary, the Committee, in its sole
discretion, may waive the foregoing schedule of vesting and accelerate the earliest date or dates
on which any of the Stock Appreciation Rights granted hereunder are exercisable.

     4. Exercise of Stock Appreciation Rights. Vested SARs shall be exercised by the
delivery of written notice to the Secretary of the Company setting forth the number of Vested SARs

 

 

being exercised and the date on which such exercise is to be effective (“Exercise Date”). Upon the
exercise of Vested SARs by the Employee in accordance with this SAR Agreement, the Company
shall pay the Employee, within thirty (30) days of the Exercise Date, an amount equal to the
product of (i) the number of Vested SARs exercised, multiplied by (ii) the Spread. Such payment
will be made, in the Committee’s discretion, in (a) cash, (b) shares of Stock with a Fair Market
Value equal to the amount of the payment, or (c) a combination of cash and shares of Stock.

     5. Termination of Employment. If, for any reason other than death or disability,
Employee ceases to be employed by the Company or its Affiliates or ceases to serve as a director or
consultant, the Stock Appreciation Rights may be exercised (to the extent Employee would have been
entitled to do so at the date of termination of employment or cessation of serving as a director or
consultant) during a three month period after such date (after which
period the Stock Appreciation Rights shall expire), but in no event may the Stock Appreciation
Rights be exercised after the expiration of the SAR Period. To the extent the Stock Appreciation
Rights are not yet exercisable pursuant to Section 3 hereof on the date of such termination of
employment, the Stock Appreciation Rights shall terminate on the date of termination of employment.
Notwithstanding the foregoing, if Employee’s employment is terminated because of Employee’s theft
or embezzlement from the Company, disclosure of trade secrets of the Company or the commission of a
willful, felonious act while in the employment of the Company (such reasons shall hereinafter be
collectively referred to as “for cause”), then the Stock Appreciation Rights or unexercised portion
thereof shall expire upon such termination of employment.

     6. Death or Disability. In the event of the death or disability of the Employee while
he is employed by the Company or its Affiliates, all Vested SARs may be exercised at any time and
from time to time, within a one-year period after such death or disability by the Employee, his
legal representative, the executor or administrator of his estate or by the person or persons to
whom his rights under the SAR Agreement shall pass by will or the laws of descent and distribution,
but in no event may any Vested SARs be exercised after their expiration under the terms of this SAR
Agreement. The Employee shall be deemed to be subject to a disability if, in the opinion of a
physician selected by the Committee, the Employee is incapable of performing services for the
Company of the kind the Employee was performing at the time the disability occurred by reason of
any medically determinable physical or mental impairment which can be expected to result in death
or to be of long, continued and indefinite duration. The date of determination of disability for
purposes hereof shall be the date of such determination by such physician.

     7. Expiration of Units. Any Stock Appreciation Rights exercised pursuant to this
Agreement shall expire automatically as of the Exercise Date. Additionally, Stock Appreciation
Rights shall expire upon the Employee’s termination of employment with the Company or its
Affiliates in accordance with Sections 5 and 6 above.

     8. Extraordinary Corporate Transactions. The existence of outstanding Stock
Appreciation Rights shall not affect in any way the right or power of the Company or its
shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations,
exchanges or other changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issuance of Stock or other securities or subscription rights

-2-

 

thereto, or any issuance of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Stock or the rights thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of
its assets or business, or any other corporate act or proceedings, whether of a similar
character or otherwise. Upon the occurrence of a “Change of Control” (as defined in the Plan), all
Stock Appreciation Rights granted hereunder shall be subject to Paragraph XII of the Plan.

     9. Adjustment in Number of Stock Appreciation Rights. Solely for purposes of the Plan
and this SAR Agreement, each Stock Appreciation Right has been equated with one share of Stock as
constituted on the date of execution of this SAR Agreement. If, after the execution of this SAR
Agreement, the Company shall be recapitalized or otherwise change its capital structure or the
number of issued and outstanding shares of Stock shall be changed as a result of a share dividend
or a subdivision or consolidation of shares without receipt of consideration by the Company, the
number of Stock Appreciation Rights theretofore granted to the Employee shall be appropriately
adjusted as provided under the Plan.

     10. Transferability. The Stock Appreciation Rights shall not be transferable by
Employee otherwise than by Employee’s will or by the laws of descent and distribution. During the
lifetime of Employee, the Stock Appreciation Rights shall be exercisable only by Employee or his
authorized legal representative. Any heir or legatee of Employee shall take rights herein granted
subject to the terms and conditions hereof. No such transfer of the Stock Appreciation Rights to
heirs or legatees of Employee shall be effective to bind the Company unless the Company shall have
been furnished with written notice thereof and a copy of such evidence as the Committee may deem
necessary to establish the validity of the transfer and the acceptance by the transferee or
transferees of the terms and conditions hereof.

     11. Resolution of Disputes. As a condition of the granting of the Stock Appreciation
Rights hereby, the Employee and his heirs and successors agree that any dispute or disagreement
which may arise hereunder shall be determined by the Committee in its sole discretion and judgment,
and that any such determination and any interpretation by the Committee of the terms of this SAR
Agreement shall be final and shall be binding and conclusive, for all purposes, upon the Company,
the Employee, his heirs and personal representatives.

     12. Employment Relationship. Employee shall be considered to be in the employment of
the Company or its Affiliates or in service as a director or consultant so long as he or she
remains an employee, director or consultant of the Company or its Affiliates. Any questions as to
whether and when there has been a termination of such employment or service as a director or
consultant and the cause of such termination shall be determined by the Committee, and its
determination shall be final. Nothing contained herein shall be construed as conferring upon
Employee the right to continue in the employ of the Company or its Affiliates or to continue
service as a director or consultant, nor shall anything contained herein be construed or
interpreted to limit the “employment at will” relationship between Employee and the Company or its
Affiliates.

     13. Withholding of Tax. To the extent that this Stock Appreciation Right results in
compensation income to the Employee for federal or state income tax purposes, the Employee shall

-3-

 

pay to the Company at the time of such exercise or disposition such amount of money as the Company
may require to meet its obligation under applicable tax laws or regulations and, if the Employee
fails to do so, the Company is authorized to withhold from any cash remuneration then or thereafter
payable to the Employee, any tax required to be withheld by reason of such resulting
compensation income or Company may otherwise refuse to issue or transfer any shares otherwise
required to be issued or transferred pursuant to the terms hereof.

     14. Notices. Every notice hereunder shall be in writing and shall be given by
registered or certified mail. All notices of the exercise of any Stock Appreciation Rights
hereunder shall be directed to MetroCorp Bancshares, Inc., 9600 Bellaire Boulevard, Suite 252,
Houston, Texas 77036, Attention: Secretary. Any notice given by the Company to the Employee
directed to him at his address on file with the Company shall be effective to bind him and any
other person who shall acquire rights hereunder. The Company shall be under no obligation
whatsoever to advise the Employee of the existence, maturity or termination of any of the
Employee’s rights hereunder and the Employee shall be deemed to have familiarized himself or
herself with all matters contained herein and in the Plan which may affect any of the Employee’s
rights or privileges hereunder.

     15. SAR Agreement Subject to Plan. This SAR Agreement is subject to the Plan. The
terms and provisions of the Plan (including any subsequent amendments thereto) are hereby
incorporated herein by reference thereto. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. All definitions of words and terms contained in the Plan shall be
applicable to this SAR Agreement.

     16. Requirements of Law. The granting of Stock Appreciation Rights shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required.

     17. Binding Effect. This SAR Agreement shall be binding upon and inure to the benefit
of any successors to the Company and all persons lawfully claiming under the Employee.

     18. Governing Law. This SAR Agreement shall be governed by and construed in
accordance with the laws of the State of Texas.

     19. Employee’s Rights Unsecured. The right of the Employee to receive payment under
this SAR Agreement shall be an unsecured claim against the general assets of the Company. The
Employee shall have no right in or against any assets of the Company.

     20. Entire Agreement; Amendment. This Stock Appreciation Rights Agreement and any
other agreements and instruments contemplated by this Stock Appreciation Rights Agreement contain
the entire agreement of the parties, and this Stock Appreciation Rights Agreement may be amended
only in writing signed by both parties.

-4-

 

     IN WITNESS WHEREOF, the Company has caused this SAR Agreement to be duly executed by its
officer thereunto duly authorized, and Employee has executed this SAR Agreement, all as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	METROCORP BANCSHARES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

-5-exv4w6

 

Exhibit 4.6

FORM
OF
METROCORP BANCSHARES, INC.

RESTRICTED STOCK AGREEMENT

     This Restricted Stock Agreement (“Agreement”) effective as of the ___day of                     ,
                    , is between MetroCorp Bancshares, Inc. (the “Company”), and                                         , (the
“Holder”).

     To carry out the purposes of the MetroCorp Bancshares, Inc. 2007 Stock Awards and Incentive
Plan (the “Plan”) by providing individuals upon whom the responsibilities of the successful
administration and management of the Company rest additional incentive and reward opportunities
designed to advance the profitable growth of the Company, the Company and Holder hereby agree as
follows:

     1. Award of Stock. The Company hereby grants (the “Grant”) to Holder                      shares
(the “Shares”) of common stock of the Company, $1.00 par value (the “Stock”) which shall be subject
to the restrictions set forth in Section 2 hereof.

     2. Forfeiture Restrictions. The Shares granted hereunder may not be sold, assigned,
transferred, exchanged, pledged, hypothecated or encumbered by Holder, and no such sale,
assignment, transfer, exchange, pledge, hypothecation or encumbrance, whether made or created by
voluntary act of Holder or any agent of Holder or by operation of law, shall be recognized by, or
be binding upon, or shall in any manner affect the rights of, the Company or any agent or any
custodian holding certificates for the Shares. Holder shall be subject to an obligation to forfeit
and surrender, for no consideration from the Company, the Shares to the Company upon a termination
of employment or service described in Section 3(d) of this Agreement. The prohibition against
transfer and the obligation to forfeit and surrender shares of Stock to the Company (the
“Forfeiture Restrictions”) shall remain in effect until such time as such Forfeiture Restrictions
shall expire under the terms of this Agreement. The Forfeiture Restrictions shall be binding upon
and enforceable against any transferee of Restricted Shares.

     3. Restricted Period.

     (a) For a period beginning on the date hereof and ending on                      (the
“Restricted Period”) the Shares shall be subject to the Forfeiture Restrictions and any
other restrictions as set forth herein; provided, however, the Forfeiture Restrictions shall
expire on a number of Shares as determined in accordance with the following schedule:

	 	 	 
	 	 	Number of Shares
	 	 	on which
	Date	 	Forfeiture Restrictions Expire
	 
	 	 

-1-

 

The Shares that are subject to the Forfeiture Restrictions shall hereinafter be referred to
as “Restricted Shares.”

     (b) The Company shall effect the issuance of the Shares, and the issuance of a
certificate or certificates for the Shares, in accordance with the determinations made by
the Committee (as defined in the Plan). Each certificate issued for Shares to Holder shall
be registered in Holder’s name and shall be either deposited by the Secretary of the Company
or its designee in an escrow account or held by the Secretary of the Company, together with
stock powers or other instruments of transfer appropriately endorsed in blank by Holder
(Holder hereby agreeing to execute such stock powers or other instruments of transfer as
requested by the Company). Such certificate or certificates shall remain in such escrow
account or with the Secretary of the Company until (i) the Restricted Period has terminated
or (ii) the expiration of the Forfeiture Restrictions in accordance with the schedule set
forth in paragraph (a) above. Certificates representing the Restricted Shares shall bear
the following legend:

     THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN
COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THE METROCORP BANCSHARES, INC.
RESTRICTED STOCK AGREEMENT, DATED AS OF                                          BETWEEN
METROCORP BANCSHARES, INC. (“COMPANY”) AND EACH OF THE GRANTEES NAMED
THEREIN. A COMPLETE AND CORRECT COPY OF THE FORM OF SUCH AGREEMENTS IS
AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED WITHOUT CHARGE TO THE HOLDER OF SUCH SHARES UPON WRITTEN REQUEST.

     (c) Except as otherwise provided in the Plan, Holder shall, during the Restricted
Period, have all of the other rights of a stockholder with respect to the Shares including,
but not limited to, the right to receive dividends, if any, as may be declared on such
Shares from time to time, and the right to vote (in person or by proxy) such Shares at any
meeting of stockholders of the Company.

     (d) In the event that Holder’s employment with the Company or its Affiliates or service
as a director is terminated prior to the expiration of the Forfeiture Restrictions as
provided in Section 3(a) or 3(f) (i) by the Company for Cause, or (ii) by Holder’s voluntary
resignation, any Restricted Shares outstanding shall, upon such termination of employment,
be forfeited by Holder to the Company, without the payment of any consideration or further
consideration by the Company, and neither Holder nor any successors, heirs, assigns, or
legal representatives of Holder shall thereafter have any further rights or interest in the
Restricted Shares or certificates therefor, and Holder’s name shall thereupon be deleted
from the list of the Company’s stockholders with respect to the Restricted Shares. For
purposes of this Agreement, “Cause” shall mean Holder’s theft or embezzlement from the
Company, disclosure of trade secrets of the Company or the commission of a willful,
felonious act while in the employment of the Company.

-2-

 

     (e) If the employment of Holder with the Company or its Affiliates or the service of
Holder as a director of the Company shall terminate for any reason other than the reasons
set forth in Section 3(d), any Forfeiture Restrictions on the Restricted Shares shall be
deemed to have expired as to the Restricted Shares as of the date of any such occurrence,
and the Restricted Shares shall thereby be free of Forfeiture Restrictions.

     (f) In the event of a Change of Control (as defined in the Plan), any Forfeiture
Restrictions on the Restricted Shares set forth in this Agreement shall be deemed to have
expired, and the Restricted Shares shall thereby be free of all such Forfeiture
Restrictions.

     (g) If the employment of Holder with the Company or an Affiliate or Holder’s service as
a director of the Company shall terminate prior to the expiration of the Restricted Period,
and there exists a dispute between Holder and the Company or the Committee as to the
satisfaction of the conditions to the release of the Shares from the Forfeiture Restrictions
hereunder and under the Plan or the terms and conditions of the Grant, the Shares shall
remain subject to the Forfeiture Restrictions until the resolution of such dispute,
regardless of any intervening expiration of the Restricted Period, except that any dividends
that may be payable to the holders of record of Stock as of a date during the period from
termination of Holder’s employment to the resolution of such dispute (the “Suspension
Period”) shall:

     (1) to the extent to which such dividends would have been payable to Holder on
the Shares, be held by the Company as part of its general funds, and shall be paid
to or for the account of Holder only upon, and in the event of, a resolution of such
dispute in a manner favorable to Holder, and then only with respect to such of the
Shares as to which such resolution shall be so favorable, and

     (2) be canceled upon, and in the event of, a resolution of such dispute in a
manner unfavorable to Holder, and then only with respect to such of the Shares as to
which such resolution shall be so unfavorable.

     (h) Upon expiration of the Forfeiture Restrictions, by lapse of time and upon
compliance by the Holder, or the legal representative of Holder, with all obligations of
Holder under the Plan and this Agreement, the Restricted Shares shall be released from all
further restrictions and prohibitions hereunder and all of the forfeiture provisions of the
Plan, and the Committee shall thereupon deliver or cause to be delivered to Holder or
Holder’s legal representative the certificate or certificates for the Shares free of any
legend provided in subparagraph (b) of this paragraph.

     4. Taxes. Any federal, state or local taxes arising by virtue of this Grant and
assessed against or based on the value of the Shares awarded to Holder shall be the sole
responsibility of Holder; provided that the Company shall have the right to withhold any amounts
required to be so withheld for federal, state or local income tax purposes. All such taxes and
withholding must be paid or provided for according to law and in a manner satisfactory to the
Company and as provided in the Plan before any Shares, or certificates therefor, can be

-3-

 

delivered to Holder. The Committee may permit payment of such amount to be made through the
tender of cash or Stock, the withholding of Stock out of shares otherwise distributable or any
other arrangement satisfactory to the Committee. The Company shall, to the extent permitted by
law, have the right to withhold delivery of a stock certificate or to deduct any required taxes
from any payment of any kind otherwise due to Holder. If Holder does not pay the entire amount of
such taxes to the Company within thirty (30) days after the date on which the Committee notifies
Holder of the amount required to meet the withholding obligation, the Committee shall withhold from
the Stock to which Holder is entitled a number of shares having an aggregate fair market value
equal to the amount of such taxes remaining to be paid by Holder and shall deliver a certificate
for the remaining shares to the Holder. If Holder makes the election authorized by section 83(b)
of the Internal Revenue Code, Holder shall submit to the Company a copy of the statement filed by
Holder to make such election. The failure of Holder to notify the Company of any such election
made by Holder may, in the discretion of the Committee, result in the forfeiture of the Shares.

     5. Changes in Capital Structure. If the outstanding shares of Stock or other
securities of the Company, or both, shall at any time be changed or exchanged by declaration of a
stock dividend, stock split, combination of shares, or recapitalization, the number and kind of
shares of Stock or other securities subject to the Restricted Shares shall be appropriately and
equitably adjusted in accordance with the terms of the Plan.

     6. Compliance With Securities Laws. Upon the acquisition of any shares pursuant to
this Agreement, Holder (or Holder’s legal representative upon Holder’s death or disability) will
enter into such written representations, warranties and agreements as the Company may reasonably
request in order to comply with applicable securities laws or with this Agreement.

     7. Employment Relationship. Holder shall be considered to be in the employment of the
Company or in service as a director as long as Holder remains as an employee or director of the
Company or its Affiliates. Any questions as to whether and when there has been a termination of
such employment or service, and the cause of such termination, shall be determined by the
Committee, with the advice of the employing corporation, and its determination shall be final.

     8. Binding Effect. The provisions of the Plan and the terms and conditions hereof
shall, in accordance with their terms, be binding upon, and inure to the benefit of, all successors
of Holder, including, without limitation, Holder’s estate and the executors, administrators, or
trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy, or representative of
creditors of Holder. This Agreement shall be binding upon and inure to the benefit of any
successors to the Company.

     9. Agreement Subject to Plan. This Agreement is subject to the Plan. The terms and
provisions of the Plan (including any subsequent amendments thereto) are hereby incorporated herein
by reference thereto. In the event of a conflict between any term or provision contained herein
and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern
and prevail. All definitions of words and terms contained in the Plan shall be applicable to this
Agreement.

-4-

 

     10. Notices. Every notice hereunder shall be in writing and shall be given by
registered or certified mail. All notices by Holder shall be directed to MetroCorp Bancshares,
Inc., 9600 Bellaire Boulevard, Suite 252, Houston, Texas 77036, Attention: Corporate Secretary.
Any notice given by the Company to Holder directed to Holder at the address on file with the
Company shall be effective to bind Holder and any other person who shall acquire rights hereunder.
The Company shall be under no obligation whatsoever to advise Holder of the existence, maturity or
termination of any of Holder’s rights hereunder and Holder shall be deemed to have familiarized
himself or herself with all matters contained herein and in the Plan which may affect any of
Holder’s rights or privileges hereunder.

     11. Resolution of Disputes. Any dispute or disagreement which may arise hereunder
shall be determined by the Committee in its sole discretion and judgment, and any such
determination and any interpretation by the Committee of the terms of the Plan or this Restricted
Stock Agreement shall be final and shall be binding and conclusive, for all purposes, upon the
Company, Holder, and Holder’s heirs, personal representatives and successors.

     12. Amendment. Any modification of this Agreement will be effective only if it is in
writing and signed by a duly authorized officer of the Company and Holder, except to the extent
such modification occurs pursuant to a proper amendment of the Plan.

     13. Jurisdiction. The provisions of the Plan and the terms and conditions hereof
shall be construed in accordance with the laws of Texas except to the extent pre-empted by Federal
law.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by one of its
officers thereunto duly authorized, and Holder has executed this Agreement, all as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	MetroCorp Bancshares, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Holder	 	 

-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]