Document:

Exhibit 10.6

 

HCBF
Holding Company, Inc.

 

INCENTIVE
AGREEMENT

 

THIS INCENTIVE AGREEMENT
(“Agreement”) is made as of the __________ of ________, ____, by and between HCBF Holding Company, Inc. (the “Corporation”),
and _______________ (the “Participant”).

 

1.           Grant
Under 2010 Stock Incentive Plan. This award is granted pursuant to and is governed by the 2010 Stock Incentive Plan of the
Corporation (“Plan”) and, unless the context otherwise requires, terms used herein shall have the same meaning as in
the Plan. Determinations made in connection with this award pursuant to the Plan shall be governed by the Plan as it exists on
the Date of Grant. In the event any issue is not addressed by this Agreement, the provisions of the Plan shall govern. All of the
terms of the Plan are hereby incorporated by reference. Any capitalized terms not defined in this Agreement shall have the meaning
ascribed thereto in the Plan or in the Participant’s written Employment Agreement with the Corporation.

 

2.           Award.

 

		(a)	Date of Grant:

 

		(b)	Type of Award:

 

		(c)	Total Number of Shares Granted:

 

		(d)	Exercise Price:

 

		(e)	Term/Expiration Date:

 

3.           Vesting.
Subject to the acceleration provisions in the Plan, the option granted under this Agreement shall vest and become exercisable in
four (4) equal installments of ______________________________ (________) shares each, with the first installment to vest upon the
first annual anniversary of the Date of Grant, and the subsequent installments to vest annually over the subsequent three (3) years
upon each subsequent annual anniversary of the Date of Grant, respectively, provided that the Participant is still employed by
the Corporation or one of its subsidiaries on each such vesting date. Vested options may be exercised up to and including the date
which is ten (10) years from the Date of Grant, or such earlier time as provided in the Plan.

 

4.           Partial
Exercise. Exercise of this option up to the extent above stated may be made in part at any time and from time to time within
the above limits, except that this option may not be exercised for a fraction of a share. Any fractional share with respect to
which an installment of this option cannot be exercised because of the limitation contained in the preceding sentence shall remain
subject to this option and shall be available for later purchase by the Participant in accordance with the terms hereof.

 

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5.           Payment
of Price. The option price is payable (i) in cash; (ii) by check payable to the order of the Corporation in the amount
of such purchase price; (iii) by delivery to the Corporation of Common Stock having a Fair Market Value equal to such purchase
price, provided that such Common Stock has been owned by the Participant for such period as the Committee may determine; or (iv) by
any combination of the methods of payment described in (i) through (iii) above or prescribed in the Plan.

 

6.           Agreement
to Purchase for Investment. By acceptance of this option, the Participant agrees that a purchase of shares under this option
will be made with investment intent and not with a view to their distribution, as that term is used in the Securities Act of 1933,
as amended (the “Act”), unless in the opinion of counsel to the Corporation such distribution is in compliance with
or exempt from the registration and prospectus requirements of the Act, or a registration statement is in effect pursuant to the
Act with respect to such shares, and the Participant agrees to sign a certificate to such effect at the time of exercising this
option and agrees that the certificate for the shares so purchased may be inscribed with a legend to ensure compliance with the
Act.

 

7.           Method
of Exercising Option. Subject to the terms and conditions of this Agreement, this option may be exercised by written notice
to the Corporation. Such notice shall state the election to exercise an option and the number of shares in respect of which it
is being exercised and shall be signed by the person or persons so exercising this option.

 

8.           No
Obligation to Exercise Option. The grant and acceptance of this option imposes no obligation on the Participant to exercise
the option.

 

9.           Termination
of Participant. In the event the Participant terminates his employment for Good Reason in accordance with Section 8(B) of his
Employment Agreement or the Bank Group terminates the Participant’s employment without Cause (other than non-renewal of the
Employment Period under Section 2 thereof), any unvested options to purchase shares of the Common Stock shall vest in full upon
such termination. In the event the Participant is terminated by the Bank Group for Cause in accordance with Section 8(E) of his
Employment Agreement, all vested and unvested options to purchase shares of the Common Stock shall be forfeited upon such termination.
In the event the Participant’s employment is terminated for any other reason, all unvested options to purchase shares of
the Common Stock shall be forfeited upon such termination. Except as otherwise provided in this Section 9, all of the vested but
unexercised portion of such option (if any) shall lapse in accordance with the terms of the Plan.

 

10.         Reservation
of Common Stock. The Corporation will at all times reserve and keep available for issuance upon the exercise of this Agreement
such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full hereof,
and upon such issuance such shares of Common Stock will be validly issued, fully paid, and nonassessable.

 

11.         No
Shareholder Rights or Obligation. Unless otherwise stated in the Plan, this Agreement will not entitle the Participant (or
subsequent permitted holder of this Agreement) hereof to any voting rights or other rights as a shareholder of the Corporation.
No provision of

 

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this Agreement will give
rise to any obligation of the Participant for the exercise price of Common Stock acquirable by exercise hereof or as a shareholder
of the Corporation.

 

12.         Amendments.
Except as expressly contemplated by the Plan, the provisions of this Agreement may not be amended, supplemented, waived or changed
orally, but only by a writing signed by the party as to whom enforcement of any such amendment, supplement, waiver or modification
is sought and making specific reference to this Agreement.

 

13.         Restrictions
on Transferability. No Award under the Plan shall be assignable or transferable by the Participant, except by will or by the
laws of descent and distribution. The Award shall be exercisable only by the Participant or by the Participant’s guardian
or legal representative. No right or benefit under this Agreement shall be subject to anticipation, alienation, sale, assignment,
pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall
be void. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or torts
of the person entitled to such benefits. If the Participant or any beneficiary hereunder shall become subject to a bankruptcy proceeding
or attempt to anticipate, alienate, assign, pledge, sell, encumber or charge any right or benefit hereunder, then such right or
benefit shall in the discretion of the Committee cease. Such Awards shall thereupon become null and void.

 

14.         Repurchase
of Participant’s Shares.

 

(a)          Upon
the termination for any reason of the Participant’s employment with the Corporation and its subsidiaries, the Corporation
or its designee shall have the right, but not the obligation, at any time within ninety (90) days after the date of termination,
to purchase all or any portion of the shares of Common Stock of the Corporation issued upon the exercise of this option (the “Participant
Stock”) held by the Participant and/or his or her permitted transferees, including any personal representative and/or guardian
appointed due to death or a determination of disability (collectively the “Permitted Transferees”), at a price equal
to the Fair Market Value of such Participant Stock determined as of the date of such termination. To the extent the Corporation
exercises its right to so purchase any such Participant Stock, such Participant or Permitted Transferee, as the case may be, shall
be obligated to sell such Participant Stock to the Corporation. For purposes of this Agreement, “Fair Market Value”
shall mean the fair market value of Participant Stock as of the date of termination, determined in good faith by the Board in its
sole discretion, based on the proportionate interest in the value of the Corporation as an ongoing enterprise represented by such
Participant Stock.

 

(b)          The
Corporation shall exercise any election or right to purchase Participant Stock pursuant to this Section 14 by delivery to Participant
and, to the extent that the addresses of any Permitted Transferees have been provided to the Corporation for notices, any such
Permitted Transferees, within ninety (90) days after the termination of such Participant’s employment, a written notice (the
“Repurchase Notice”) specifying the number of shares of Participant Stock to be purchased and the applicable
purchase price therefor. The closing of any purchase of Participant Stock pursuant to this Section 14 shall take place at the principal
executive offices of the Corporation not later than one-hundred-eighty (180) days following receipt of the Repurchase Notice by
Participant and, if applicable, any such transferees. The Corporation shall give the Participant and (to the extent that any such
transferees have provided

 

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to the Corporation addresses
for notices) such transferees at least ten (10) days’ written notice of the date of closing. Each seller of Participant Stock
pursuant to this Section 14 shall make customary representations and warranties regarding such seller’s good title to, and
the absence of liens, encumbrances and restrictions on the sale of, such Participant Stock, but shall not be required to make any
representations or warranties with respect to the business of the Corporation. The Corporation may assign any or all of its rights
to purchase Participant Stock pursuant to this Section 14 to any person or entity designated by the Board, provided that neither
the Corporation nor any purchaser shall be permitted to purchase the Participant Stock to the extent such purchase would: (i) result
in any person and any affiliate of such person (considered as if they were a single entity) (A) having more than 24.99% of any
class of voting securities of the Corporation (assuming conversion of Voting Common Stock to Non-Voting Common Stock in accordance
with Article FOURTH of the Amended and Restated Articles of Incorporation of the Corporation, as the same may be amended from time
to time), (B) contributing more than 24.99% of the capital of the Corporation, or (C) having more than 24.99% of the capital
of the Corporation, determined in the case of clauses (A), (B) and (C), in accordance with the rules and regulations of the Office
of Thrift Supervision or any regulatory agency successor thereto; or (ii) violate any other legal, regulatory or
contractual provisions. The Corporation or its assignee will pay cash for any Participant Stock to be purchased pursuant to this
Section 14, payable, at the Corporation’s election, by delivery of a check or wire transfer of immediately available funds.

 

15.         Further
Assurances. The parties hereby agree from time to time to execute and deliver such further and other transfers, assignments
and documents and do all matters and things which may be convenient or necessary to more effectively and completely carry out the
intentions of this Agreement.

 

16.         Binding
Effect. All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by the parties and their respective administrators, executors, legal representatives, heirs, successors and permitted assigns,
whether so expressed or not.

 

17.         Notices.
All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall
be (as elected by the party giving such notice) hand delivered by messenger or overnight courier service, transmitted by fax, or
mailed by registered or certified mail (postage prepaid), return receipt requested, addressed to:

 

If to the Participant, at the address shown
below after the signatures, or at the last address for Participant shown on the records of the Corporation.

 

If to the Corporation:

 

Michael J. Brown, Sr.

Harbor Community Bank

200 S. Indian River
Dr.

Fort Pierce, FL 34950

Fax: (772) 489-9561

 

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or to such other address as any party may
designate by notice complying with the terms of this Section. Each such notice shall be deemed delivered (a) on the date delivered
if by messenger or overnight courier service; (b) on the date of confirmation of receipt if by fax; and (c) either upon
the date of receipt or refusal of delivery, if mailed.

 

18.         Survival.
All covenants, agreements, representations and warranties made herein or otherwise made in writing by any party pursuant hereto
shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

19.         Jurisdiction
and Venue. The parties acknowledge that a substantial portion of the negotiations, anticipated performance and execution of
this Agreement occurred or shall occur in Palm Beach County, Florida. Any civil action or legal proceeding arising out of or relating
to this Agreement shall be brought in the courts of record of the State of Florida in Palm Beach County or the United States District
Court, Southern District of Florida. Each party consents to the jurisdiction of such Florida court in any such civil action or
legal proceeding and waives any objection to the laying of venue of any such civil action or legal proceeding in such Florida court.
Service of any court paper may be effected on such party by mail, as provided in this Agreement, or in such other manner as may
be provided under applicable laws, rules of procedure or local rules.

 

20.         Governing
Law. This Agreement and all transactions contemplated by this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida, without regard to principles of conflicts of laws.

 

21.         Provision
of Documentation to Participant. By signing this Agreement, the Participant acknowledges receipt of a copy of this Agreement
and a copy of the Plan.

 

22.         Entire
Agreement. The Plan is incorporated herein by reference. This Agreement and the Plan represent the entire understanding between
the parties with respect to the subject matter hereof, and supersedes all other negotiations, understandings and representations
(if any) made by and between such parties.

 

23.         Severability.
If any part of this Agreement or any other Agreement entered into pursuant to this Agreement is contrary to, prohibited by, or
deemed invalid under, applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited or invalid, but the remainder of this Agreement shall not be invalidated thereby and shall be given full force and effect
so far as possible.

 

24.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument. Confirmation of execution by electronic transmission of a facsimile signature page
shall be binding on a party so confirming.

 

25.         JURY
WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR RELATES
TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE RELATIONSHIP
CREATED BY THIS AGREEMENT, WHETHER

 

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SOUNDING IN CONTRACT,
TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT
WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS AGREEMENT OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION.
EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED
BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION GOVERNED BY THIS AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS
SECTION.

 

IN WITNESS WHEREOF,
the Corporation and the Participant have caused this Agreement to be duly executed.

 

HCBF HOLDING COMPANY, INC.

 

	By:	 	 
	 	Michael J. Brown, Sr.	 
	Title: Chairman	 

 

PARTICIPANT

 

	 	 	 
	Print Name:	(A)	 
	Address:	 	 
	 	 	 
	 	 	 

 

    	 	6Exhibit 10.7

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into as of the 17th day of February, 2011, by and HCBF HOLDING COMPANY,
INC., a Florida corporation (the “Company”), and MICHAEL J. BROWN, SR. (“Executive”).

 

RECITAL:

 

The Board of Directors
of the Company (the “Board”) believes it is in the best interest of the Company, and its wholly owned subsidiary,
First Bank and Trust of Indiantown, FSB, a federal savings association (the “Bank” and together with its direct
and indirect subsidiaries, the “Bank Group”), to employ Executive as the Bank’s Chairman and Chief Executive
Officer, and Executive accepts such employment, pursuant to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing recital and the covenants, agreements, representations, warranties, terms and conditions set forth in this Agreement,
and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Bank and Executive, intending
to be legally bound, hereby agree as follows:

 

1.             Employment.
The Company hereby employs Executive as its Chairman and Chief Executive Officer, and Executive hereby accepts such employment,
all upon the terms and conditions contained in this Agreement.

 

A.           Executive’s
Representations. Except as otherwise set forth in Exhibit C to this Agreement, Executive represents, warrants and covenants
to the Company that: (i) he is not bound, nor will Executive become bound, by any covenant, contract, agreement or other obligation
that conflicts with, or may or does prevent Executive in any manner from performing Executive’s duties as Chairman and Chief
Executive Officer of the Company under this Agreement, and (ii) he is not aware of any presently existing fact, circumstance or
event (including, without limitation, any health condition or legal constraint) which would preclude or restrict him from providing
to the Company the services contemplated by this Agreement, or which would give rise to any breach of any term or provision hereof,
or which could otherwise result in the termination of his employment hereunder for Cause or Good Reason (each as hereinafter defined).

 

B.           Company’s
Representations. The Company hereby represents and warrants to Executive that (a) it is not aware of any fact, circumstance
or event that would give rise to any breach of any term or provision of this Agreement, or that would form the basis for any claim
or allegation that Executive’s employment hereunder could be terminated for Cause or Good Reason hereunder, and (b) it has
received all authorizations and have taken all actions necessary or appropriate for the due execution, delivery and performance
of this Agreement.

 

2.             Employment
Period. Unless sooner terminated pursuant to the terms and conditions of this Agreement, the term of this Agreement shall commence
on the date first written above and shall expire three (3) years from the Effective Date (as defined below) (such term, the “Employment
Period”); provided, however that, prior to the second anniversary of the Effective Date and prior to each
anniversary thereafter, the Board, acting with the approval of the

 

     

     

    

 

Board of Directors of the
Company, may extend the Employment Period in connection with the Executive’s annual performance review for additional one
(1) year periods. The “Effective Date” of this Agreement shall commence with the date the Company (or a subsidiary
of the Company) acquires a depository institution or obtains applicable regulatory approvals and organizes a de novo depository
institution and the Employment Period following the Effective Date shall be referred to herein as the “Effective Employment
Period.” All references to “Employment Period” or “Effective Employment Period” in this Agreement
shall refer both to the initial term and any successive term.

 

3.             Compensation.
For all services rendered by Executive during the Effective Employment Period to the Company, the Company shall compensate Executive
as follows:

 

A.           Base
Salary. Executive shall be entitled to receive a base salary during the Employment Period of One Hundred Thousand Dollars ($100,000.00)
per year (the “Base Salary”), payable in accordance with the normal payroll policies of the Company. The Compensation
Committee of the Board (the “Compensation Committee”) shall review the Base Salary on not less than an annual
basis. The Compensation Committee, in its sole and absolute discretion, may elect to increase the Base Salary at any time, but
shall not ever decrease the Base Salary below its then-current amount unless such decrease is consented to by Executive in writing
and/or required by any regulatory authority having jurisdiction over the Company. Any increase in the Base Salary shall constitute
an amendment to this Agreement solely as to the amount of the Base Salary, without waiver or modification of any other terms or
conditions of this Agreement.

 

B.           Annual
Bonus. Executive shall be entitled to receive an annual bonus (“Annual Bonus”) in respect of each completed
fiscal year of the Company during the Employment Period (except as otherwise specifically provided in this Agreement) based on
the achievement of the Bank Group’s budgetary objectives to be agreed upon in writing by the Board and Executive. The minimum
Annual Bonus shall be fifteen percent (15%) of the Base Salary (prorated for partial years), and the maximum Annual Bonus for meeting
all such goals shall be fifty percent (50%) of the Base Salary, and shall be paid to Executive in cash on the March 31 immediately
following the end of each calendar year to which it relates during the Employment Period (and, to the extent payable with respect
to the calendar year, or portion thereof, immediately preceding the expiration or termination of the Employment Period, then it
shall be payable, if at all, in accordance with the terms of Section 8).

 

C.            [Reserved]

 

D.            Withholding.
The Base Salary, the Annual Bonus, and all other payments and compensation to Executive for his services to the Company shall be
subject to all withholding and deductions required by federal, state or other law (including those authorized by Executive but
not otherwise required by law), including but not limited to state, federal and local income taxes, unemployment tax, Medicare
and FICA, together with such deductions as Executive may from time to time specifically authorize under any employee benefit program
that may be adopted by the Company for the benefit of its senior executives or Executive.

 

4.             [Reserved]

 

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5.             Business
Expenses and Reimbursements. During the Employment Period, the Company shall pay, or promptly reimburse Executive for, all
business travel and other out-of-pocket expenses (including, without limitation, mileage reimbursement at rates specified from
time to time in or pursuant to the Code) reasonably incurred by Executive in the performance of Executive’s duties pursuant
to this Agreement that are in compliance with the Company’s policies with respect thereto upon submission by Executive of
an expense report with appropriate vouchers to the Company (collectively, “Business Expenses”). With respect
to any amount of expenses eligible for reimbursement that is required to be included in Executive’s gross income for federal
income tax purposes, such expenses shall be reimbursed to Executive no later than December 31 of the year following the year in
which Executive incurs the related expenses. In no event shall the amount of expenses (or in-kind benefits) eligible for reimbursement
in one taxable year affect the amount of expenses (or in-kind benefits) eligible for reimbursement in any other taxable year (except
for those medical reimbursements referred to in Section 105(b) of the Code), nor shall Executive’s right to reimbursement
or in-kind benefits be subject to liquidation or exchange for another benefit.

 

6.             “Key
Employee” Insurance. The Company shall have the right to obtain on the life of Executive, pay all premium amounts related
to, and maintain, “key employee” insurance naming the Bank and/or the Company as beneficiary. Selection of such insurance
policy shall be in the sole and absolute discretion of the Board. Executive shall cooperate fully with the Company and the insurer
in applying for, obtaining and maintaining such life insurance, by executing and delivering such further and other documents as
the Company and/or the insurer may request from time to time, and doing all matters and things which may be convenient or necessary
to obtain such insurance, including, without limitation, submitting to any physical examinations and providing any medical information
required by the insurer.

 

7.             Duties.
Executive shall utilize Executive’s reasonable efforts to do all of the following:

 

A.           Performance
Requirements. Executive shall perform all customary duties in connection with Executive’s position as Chairman and Chief
Executive Officer of the Company. Executive shall have the responsibilities, duties and authority customarily appertaining to such
office and such other duties as may be reasonably assigned to Executive by the Board and which are consistent with such positions.
Executive shall use reasonable efforts to perform his duties duly and faithfully.

 

B.            Direction
and Control of the Board. Executive shall at all times report to, and Executive’s activities shall at all times be subject
to the direction and control of, the Board.

 

C.            Adherence
to Policies. Executive shall adhere to, execute and fulfill all lawful policies established from time to time by the Company,
the shareholders of the Company and/or the Board.

 

D.            Devotion
of Professional Efforts. Executive shall devote substantially all of Executive’s business and professional time, efforts,
energy and skills to the performance of Executive’s duties pursuant to this Agreement and Executive’s other duties
to the Bank Group. Notwithstanding the foregoing, Executive may: (a) invest Executive’s personal assets in

 

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businesses in which Executive’s
participation is solely that of a passive investor, provided that the form or manner of such investment shall not require services
on the part of Executive that conflict or interfere with performance of Executive’s duties pursuant to this Agreement, and
provided further that Executive may possess an ownership interest in any other publicly traded depository institution, bank
holding company, or savings and loan holding company so long as that ownership interest does not exceed two percent (2%) of the
total number of shares outstanding of such entity; and (b)  serve other public and private organizations, including without
limitation, on the board of directors of such organizations (provided each position on the board of a for-profit organization
is pre-approved by the Board), so long as such service does not compromise Executive’s devotion of time and efforts to the
Bank Group, and does not present a conflict of interest with regard to the Bank Group. The parties hereby approve Executive’s
ownership interests in, and activities with, the organizations listed on Exhibit B to this Agreement.

 

8.             Termination
of Executive’s Employment. The Employment Period and Executive’s employment hereunder may be terminated as follows:

 

A.           Termination
by Executive Without “Good Reason”. Executive, upon at least ninety (90) days’ prior written notice to the
Company, shall have the right to terminate the Employment Period at any time, for any reason or for no reason. In the event of
such termination by Executive after the Effective Date, the Company shall pay Executive, within thirty-five (35) days of the effective
date of such termination, in a lump sum all Base Salary, Business Expenses and Benefits which are due through the effective date
of termination (less any amounts owed to the Company by Executive) (collectively, the “Accrued Compensation”).
All such amounts shall be payable to Executive in accordance with the normal payroll policies of the Company.

 

B.            Termination
by Executive for “Good Reason”. (i) Executive, effective immediately upon written notice to the Company, shall
have the right to terminate the Employment Period at any time, for any one of the following reasons (collectively, “Good
Reason”), unless Executive specifically agrees in writing that such event shall not be Good Reason:

 

(a)           the
failure to continue Executive as President or Chief Operating Officer of the Company;

 

(b)           the
failure to assign Executive duties, authorities, responsibilities and reporting requirements consistent with his positions and
otherwise as set forth herein, or if the scope of any of Executive’s material duties, authorities or responsibilities set
forth in Section 7 hereof is reduced to a material degree without Executive’s prior consent, except for any reduction in
duties, authorities or responsibilities due to (x) Executive’s illness or disability; (y) order from any regulatory authority
having jurisdiction over the Company; or (z) the temporary suspensions of Executive’s duties, authorities or responsibilities
pending results of any Board commissioned investigation as to potential Cause for termination of Executive’s employment;

 

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(c)           a
reduction in, or a substantial delay in, the payment of Executive’s compensation or expense reimbursements from those required
to be provided in accordance with the provisions of this Agreement;

 

(d)           a
requirement by the Bank Group, without Executive’s prior consent, that Executive’s prevailing primary work location
be more than fifty (50) miles from St. Lucie County, Florida, other than travel temporarily and reasonably required to carry out
Executive’s obligations under this Agreement, including but not limited to travel to customer locations;

 

(e)           the
failure of the Bank Group to indemnify Executive (including the prompt advancement of expenses), or to maintain directors’
and officers’ liability insurance coverage for Executive, in accordance with the provisions of Section 18 hereof;

 

(f)           any
breach by the Company of any material provision of this Agreement;

 

(g)           the
failure of the shareholders of the Company to elect or re-elect the Executive to the Board or the Board of Directors of the Bank,
respectively, or the failure of the Board or the Board of Directors of the Bank (or the nominating committees thereof) to nominate
the Executive for such election or re-election; or

 

(h)           material
acts or conduct on the part of the Bank Group or their respective officers or representatives that are designed to force the resignation
of Executive or prevent Executive from performing his duties and responsibilities pursuant to this Agreement;

 

provided, (I) “Good
Reason” shall not include acts that are cured by the Company within thirty (30) days from receipt by the Company of a written
notice from Executive (a “Preliminary Notice of Good Reason”) identifying in reasonable detail the act or acts
constituting Good Reason, (II) Good Reason shall not exist unless the Preliminary Notice of Good Reason shall have been given by
Executive within sixty (60) days after learning of the act, failure or event (or, in the case of a series of related acts, failures
or events, within ninety (90) days of the first such act, failure or event) which Executive alleges constitutes Good Reason hereunder,
and (III) if the Company has failed to cure as provided above, Good Reason shall not exist unless Executive shall have given notice
of termination hereunder for Good Reason within forty-five (45) days from delivery of the Preliminary Notice of Good Reason (which
termination shall be effective thirty (30) days from the giving of such notice). Notwithstanding anything to the contrary in this
Agreement, pending the conclusion of a proceeding to determine whether Good Reason in fact does exist, the Company shall continue
to pay and provide the compensation referred to in Sections 3, 4 and 5 hereof. For the avoidance of doubt, the liquidation, dissolution,
insolvency or cessation of operations of the Company shall not constitute Good Reason and Executive shall not be entitled to the
compensation specified in Section 8(B)(ii)(b) if Executive’s employment is terminated in connection therewith.

 

(ii)         In
the event of such termination after the Effective Date by Executive for Good Reason, Executive shall be entitled to the following
compensation and benefits, with payment and provision to commence on the Company’s regular payroll payment

 

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date next following the thirty-second
(32nd) day after the effective date of such termination of employment (but retroactive to such effective date):

 

(a)           The
Company shall pay Executive’s Accrued Compensation to Executive.

 

(b)           The
Company shall pay to Executive an amount equal to the sum of (I) Executive’s then-current Base Salary to be paid in accordance
with the normal payroll policies of the Company for the period which is the longer of (A) one (1) year, or (B) the remainder of
the then Employment Period (such longer period being hereinafter referred to as the “Severance Period”) (provided,
however, that to the extent Executive remains employed by the Company for all or a portion of the Severance Period, during
such continuing employment period he shall not receive duplicative compensation (i.e., he shall not receive both the amounts payable
under this paragraph and the amounts payable under Sections 3(A) and (B) above if, for example, the Employment Period is not extended
under Section 2 but Executive remains employed by the Company for a portion or all of the remaining Employment Period), and (II)
an amount equal to the maximum Annual Bonus Executive could have earned during such Severance Period to be paid within the time
specified in Section 3(B) hereof.

 

(c)           The
Company shall pay to Executive any other amounts due under this Agreement.

 

(d)           [Reserved]

 

(e)           [Reserved]

 

C.            Termination
Upon Executive’s Death or Disability. In the event of the death or Disability (as defined in this paragraph) of Executive
during the Employment Period, the Employment Period shall terminate effective immediately, and, provided such termination is after
the Effective Date, the Company shall pay to Executive (or his representative) in a lump sum, on the Company’s regular payroll
payment date next following the thirty-second (32nd) day after the effective date of termination, Executive’s
Accrued Compensation. Provided such termination is after the Effective Date, Executive (or his representative) shall also continue
to receive Executive’s prevailing Base Salary (less any disability pay or sick pay benefits to which Executive may be entitled
under the Company’s customary practices and policies) for a period of twelve (12) months following the effective date of
termination payable in accordance with the Company’s normal payroll policies (payment to commence on the Company’s
regular payroll payment date next following the thirty-second (32nd) day after the effective date of such termination,
but retroactive to such effective date), and the Company shall pay to Executive (or his representative) an amount equal to the
prorated portion of the Annual Bonus Executive earned with respect to the year immediately preceding the year in which the effective
date of termination occurred provided that Executive had been employed by the Company for at least six (6) months during
such calendar year (provided, however, that if the effective date of termination occurs during the second six (6)
months of the first year of the Effective Employment Period, the amount payable shall be equal to the maximum Annual Bonus), payable
within the time specified in Section 3(B) hereof. The term “Disability” as used in this Agreement means physical
or mental incapacity resulting in Executive being absent and unable to perform

 

    	 	6	 

     

    

 

Executive’s duties
for any consecutive three (3) month period, or for any six (6) non-consecutive months in any twelve (12) month period, which physical
or mental incapacity is then determined in writing to be total and permanent by either of the following, which shall be deemed
conclusive determination of disability: (i) a decision by an insurance company to pay disability benefits under a specified waiting
period to Executive, the determination of which shall relate back and be effective at the beginning of such waiting period; or
(ii) a decision to such effect by a qualified physician appointed by the Bank Group and reasonably acceptable to Executive (or
Executive’s representative) who is not an employee of or otherwise affiliated with the Company or any of its shareholders
or directors. Executive shall submit to a reasonable number of examinations by the physician making the determination of disability,
and Executive hereby authorizes the disclosure and release of all supporting medical records.

 

D.            Termination
by the Company Without “Cause”. The Company, upon written notice to Executive, shall have the right to terminate
the Employment Period at any time, for any reason or for no reason. In the event of such termination by the Company (including
termination following delivery of a notice of non-renewal by the Company under Section 2 without “Cause” (unless the
Company terminates for “Cause” thereafter), but excluding a termination by the Company for “Cause” under
Section 8(E)), Executive shall be entitled to all of the same compensation and benefits specified in Section 8(B)(ii) within the
same time periods and on the same terms and conditions as specified therein, provided that Executive shall not be entitled
to the compensation specified in Section 8(B)(ii)(b) if Executive’s employment is terminated in connection with the liquidation,
dissolution, insolvency or cessation of operations of the Company; provided further, that in the event of a non-renewal of the
Employment Period by the Company under Section 2 without “Cause,” the Severance Period shall be reduced by the number
of whole and partial months elapsed from the delivery date of such non-renewal notice and the effective date of such termination.

 

E.            Termination
by the Company for Cause. The Company, effective immediately upon written notice to Executive, shall have the right to terminate
the Employment Period at any time, for Cause (as defined below). In the event of such termination by the Company after the Effective
Date, the Company shall pay Executive in a lump sum, on the Company’s regular payroll payment date next following the thirty-second
(32nd) day after the effective date of termination, Executive’s Accrued Compensation.

 

(i)              Cause.
For purposes of this Agreement, “Cause” shall mean (i) the failure by Executive (after written warning from
the Board specifying in reasonable detail the breach(es) complained of) to substantially perform his duties under this Agreement
(excluding, however, any failure to meet any performance targets or to raise capital and excluding any failure due to Executive’s
death or Disability) or to comply materially with the policies of the Bank Group, (ii) personal dishonesty, incompetence (excluding,
however, any failure to meet any performance targets or to raise capital), willful misconduct, or breach of fiduciary duty involving
personal profit, by Executive in the performance of his duties, and/or Executive’s intentional failure to perform stated
duties, (iii) the commission by Executive of an act or omission constituting fraud or embezzlement against, or willful breach of
fiduciary duty to, the Bank Group, (iv) the conviction of Executive for, or the entering by Executive of a plea of nolo contendere
with respect to, a criminal offense constituting a felony, (v) willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or any final cease-and-

 

    	 	7	 

     

    

 

desist order; (vi) Executive
habitually abused alcohol or any controlled substance or reported to work under the influence of alcohol or any controlled substance
(other than a controlled substance which Executive is properly taking under a current prescription), (vii) Executive engaged in
unlawful harassment of employees or customers of the Bank Group, (viii) Executive exposed the Bank Group to criminal liability
substantially and knowingly caused by Executive which results in a material adverse effect on the business, financial condition,
prospects or results of operations of the Bank Group, and/or (ix) material breach by Executive of any provision of this Agreement.
For purposes of the foregoing, no act or failure to act on the part of Executive shall be considered “willful”
unless it is done, or omitted to be done, by Executive without reasonable belief that Executive’s action or omission was
in the best interests of the Bank Group. Any act or failure to act that is expressly authorized by the Board or the Board of Directors
of the Bank pursuant to a resolution duly adopted by such Board, or pursuant to the written advice of counsel for the Company,
shall be conclusively presumed to be done, or omitted to be done, by Executive in the best interests of the Bank Group.

 

For all purposes of this
Agreement, “Good Reason” and “Cause” shall have the applicable defined meaning as set forth
above in this Section 8.

 

F.            Treatment
of Equity Incentive upon Termination. In the event Executive terminates his employment for Good Reason in accordance with Section
8(B) or the Company terminates Executive’s employment without Cause (other than non-renewal of the Employment Period under
Section 2), any unvested options to purchase shares of the Company’s common stock (pursuant to a grant under the Company’s
2010 Equity Incentive Plan or otherwise (the “Equity Incentive”)) and any unvested restricted shares of the
Company’s common stock or other unvested equity compensation in the Company or any of its subsidiaries granted to Executive
shall vest in full upon such termination. In the event Executive is terminated by the Company for Cause in accordance with Section
8(E), all vested and unvested options to purchase shares of the Company’s common stock (pursuant to the Equity Incentive
or otherwise) and any vested and unvested restricted shares of the Company’s common stock or other vested and unvested equity
compensation in the Company or any of its subsidiaries granted to Executive shall be forfeited upon such termination. In the event
Executive’s employment is terminated for any other reason, all unvested options to purchase shares of the Company’s
common stock (pursuant to the Equity Incentive or otherwise) and any unvested restricted shares of the Company’s common stock
or other unvested equity compensation in the Company or any of its subsidiaries granted to Executive shall be forfeited upon such
termination.

 

G.            Release.
Notwithstanding anything in this Agreement to the contrary, as a condition to receipt by Executive of the payments due from the
Company pursuant to the applicable provision in this Section 8 in connection with termination of the Employment Period, Executive
shall execute and deliver to the Company within twenty-five (25) days of the effective date of the termination of the Employment
Period, a general release of all claims Executive may have against the Bank Group, the Board, the Board of Directors of the Bank,
and affiliates and shareholders of the Bank Group and their respective affiliates, with respect to the subject matter of this Agreement
(other than any obligations of the Company under this Agreement or any severance agreement which by their terms survive) in a form
reasonably acceptable to the Company and/or its counsel, and such release shall not have been revoked by Executive.

 

    	 	8	 

     

    

 

H.            Resignations.
Any termination of Executive’s employment for any reason shall require that Executive resign all other positions (including
as director) he may then be holding with the Bank Group or as trustee of any of its benefit plans, unless the Board and Executive
agree to the contrary.

 

I.             Reasonableness.
The parties acknowledge and agree that the compensation and benefits set forth in this Section 8 as being payable upon termination
of this Agreement constitute liquidated damages upon the termination of this Agreement, and the parties hereto have agreed that
such compensation and benefits are reasonable. The parties further acknowledge and agree that the Company shall not be required
to pay any salary or bonus if, upon the advice of counsel, Bank determines that the payment of such salary, bonus or Benefits would
be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation promulgated by any regulatory
agency having jurisdiction over the Company or its affiliates.

 

9.             Nonsolicitation
and Noncompetition.

 

A.            Legitimate
Business Interests. Executive acknowledges and agrees that in the performance of his duties of employment with the Bank Group,
he will be in contact with customers, potential customers and/or information about customers or potential customers of the Bank
Group either in person, through the mails, by telephone or by other electronic means. Executive also acknowledges and agrees that
trade secrets and confidential information of the Bank Group, more fully described in Section 10 of this Agreement, that will be
gained by Executive during his employment with the Bank Group, have been developed by the Bank Group through substantial expenditures
of time, effort and financial resources and constitute valuable and unique property of the Bank Group. Executive further understands,
acknowledges and agrees that the foregoing makes it necessary for the protection of the Bank Group’s businesses that Executive
not divert business or customers from the Bank Group and that the Executive maintain the confidentiality and integrity of the Confidential
Information as provided in this Agreement.

 

B.            Nonsolicitation.
Executive shall not, at any time during the Restricted Period (as defined in Section 9(F) below), directly or indirectly, contact
or proposition, or otherwise attempt to induce, nor accept the initiative of a third party in such regard, alone or by combining
or conspiring with a third party, any employees, agents, consultants, representatives, contractors, vendors, suppliers, distributors,
manufacturers, clients, customers or other business contacts of the Bank Group to terminate or modify their relationship with,
or compete against, any of the Bank Group.

 

C.            Noncompetition.
Executive shall not, at any time during the Restricted Period, directly or indirectly, personally or as an owner, officer, director,
partner, employee, member, agent, consultant, representative, independent contractor, or in any other capacity whatsoever of any
corporation or other entity, own, manage, operate, control, conduct or assist in any way any business competing with any of the
Bank Group in the Restricted Territory. For purposes of this Agreement, “Restricted Territory” shall mean all
counties located within the Bank Group’s then current territory as of the effective date of termination and all contiguous
counties. For purposes of this Agreement, “compete” or “competing” shall mean any situation

 

    	 	9	 

     

    

 

where the Executive: (i)
enters into, engages in, becomes an employee of or acquires an ownership of more than two percent (2%) of any business that competes
with the Bank Group’s businesses in the Restricted Territory; (ii) directly or indirectly solicits, diverts, entices, or
accepts any customers, clients, business patronage or orders from any customers, clients, or businesses with whom Executive has
had contact, involvement or responsibility during Executive’s employment with any of the Bank Group’s businesses on
behalf of any person (including Executive) or entity, that competes with the Bank Group’s businesses; (iii) directly or indirectly
solicits, diverts, entices, or takes away any potential customer identified, selected or targeted by the Bank Group with whom the
Executive has had contact, involvement or responsibility during Executive’s employment with any of the Bank Group, or attempts
to do so, for the sale of any product or service that is the same as, similar to, or a substitute for, any product or service offered
by the Bank Group’s businesses; and/or (iv) promotes or assists, financially or otherwise, any person or entity, engaged
in any business that is the same as, similar to, or a substitute for, any product or service offered by the Bank Group’s
businesses.

 

D.            No
Inducement of Bank Group Employees. Except in the course of his employment with the Bank Group, or with the prior written approval
of the Board, Executive shall not, during the Restricted Period, in any way directly or indirectly (i) induce, influence, combine
or conspire with, or attempt to induce, influence, combine or conspire with, any of the employees of the Bank Group to terminate
his or her employment with or to compete against the Bank Group in any capacity in the Restricted Territory, and/or (ii) hire,
attempt to hire, or cause to be hired any person or persons (other than Executive’s personal or executive assistants) who
to Executive’s best knowledge was employed by the Bank Group at any time during the period commencing six (6) months prior
to such termination.

 

E.             Permitted
Investments. Nothing in this Agreement shall be deemed to prevent Executive from acquiring and owning, solely as an investment,
up to two percent (2%) of the total number of shares outstanding of any other publicly-traded depository institution, bank holding
company or savings and loan holding company, so long as Executive is not a member of any “control group” (within the
meaning of the rules and regulations of the Securities and Exchange Commission) of any such issuer.

 

F.             Restricted
Period. For the purposes of this Agreement, “Restricted Period” means during the Employment Period, plus
either: (i) one (1) year following the effective date of any termination of Executive’s employment by Executive other than
for Good Reason, by the Company for Cause or due to Executive’s Disability, or (ii) the Severance Period following the effective
date of any termination by Executive for Good Reason or by the Company without Cause (i.e., for the period Executive continues
to receive compensation under Section 8(B)(ii)(b) hereof); provided, however, in the event of non-renewal of the
Employment Period under Section 2, the Restricted Period, for the purposes of Section 9(C) only, shall be limited to the Employment
Period (i.e., through the then applicable expiration date, regardless of whether Executive continues to provide services hereunder).

 

10.           Confidentiality.

 

A.            Confidential
Information. During the Employment Period, Executive may have access to, be trusted or become acquainted with, and/or may acquire,
knowledge of various

 

    	 	10	 

     

    

 

confidential, trade secret
and/or proprietary information of the Bank Group, clients and customers, including, without limitation, ideas, concepts, plans,
designs, marketing techniques, sales techniques, forecasts, projections, products, technology, methods, procedures, pricing, costs,
cost reports, customers, customer lists, customer identification, customer prospects, designs, computer systems, passwords, computer
software, procedures, methods, formulae, financial statements, assets, liabilities, revenues, business methods, marketing information,
marketing methods, acquisition plans, contract terms, contract negotiations, compensation information, structures and plans, employee
responsibilities and duties, copyrights, trademarks, patents and other proprietary information (collectively, the “Confidential
Information”).

 

B.            What
is not the Confidential Information. The Confidential Information shall not include information that: (i) is or becomes public
information without breach of this Agreement by Executive; (ii) was in Executive’s possession (in writing or other recorded
form) prior to his employment by the Company with no obligation to maintain confidentiality, as evidenced by written or electronic
records; (iii) was received from a third party not under any obligation of confidentiality to any of the Bank Group; or (iv) is
required to be disclosed by Executive by law or a final order of a court or other governmental agency or authority of competent
jurisdiction; provided, however, reasonable notice prior to any such disclosure shall be given to the Bank to allow
sufficient time for the Bank Group to obtain injunctive relief, a protective order or similar remedy, in accordance with Section
10(E).

 

C.            Executive’s
Use of Confidential Information. During the Employment Period and for two (2) years after the expiration or termination of
the Employment Period, for any reason or for no reason (and regardless of who is the terminating party), Executive shall not, without
the prior written consent of the Company, except as is necessary for Executive to perform Executive’s duties on behalf of
the Company, directly or indirectly, use, publish, disseminate, distribute, or otherwise disclose any of the Confidential Information
to any third party that does not have a confidentiality obligation in writing with any of the Bank Group.

 

D.            Executive’s
Protection of Confidential Information. During the Employment Period, Executive shall take all steps reasonably necessary and/or
requested by the Bank Group to ensure that the Confidential Information is kept confidential pursuant to this Agreement. Executive
will comply with all applicable policies, procedures and practices that the Bank Group may establish from time to time with regard
to the Confidential Information. Executive will not, directly or indirectly, reproduce, permit reproduction of, remove and/or permit
removal of any of the Confidential Information from any of the Bank Group’s premises, except as is necessary for Executive
to perform Executive’s duties on behalf of the Bank Group.

 

E.            Procedures
to be Followed if Disclosure is Required by Law or Court. In the event Executive is requested pursuant to, or required by,
applicable law or regulation or by legal process to disclose any Confidential Information, Executive agrees to provide the Bank
Group with prompt notice of such request or requirement to enable the Bank Group to seek an appropriate protective order, waive
compliance with the provisions of this Agreement or take other appropriate action. Executive agrees to use Executive’s best
efforts in such event to assist the Bank Group in obtaining a protective order. If, in the absence of a protective order or the
receipt of a waiver under this Agreement, Executive is nonetheless, in the written opinion of Executive’s counsel, compelled
to disclose the Confidential Information to any tribunal or else

 

    	 	11	 

     

    

 

stand liable for contempt
or suffer other censure or significant penalty, Executive, after notice to the Bank Group, may disclose to such tribunal only such
Confidential Information that Executive is compelled to disclose. Executive shall not be liable for the disclosure of Confidential
Information to a tribunal compelling such disclosure unless such disclosure was caused or resulted from a previous disclosure by
Executive not permitted under this Agreement.

 

F.            Executive’s
Acknowledgement of Value of Confidential Information. Executive acknowledges and agrees that the Confidential Information is
a special and unique asset of the Bank Group, created and/or obtained by the Bank Group at considerable time and/or expense, from
which the Bank Group may or does derive independent economic value from the Confidential Information not being generally known
to third parties.

 

G.            Executive’s
Return of Confidential Information and the Bank Group Property. Executive will, immediately upon the Company’s request,
upon termination of Executive’s employment by the Company, for any reason or for no reason, return to the Company: (i) all
copies and manifestations of Confidential Information that Executive may have or have access to; (ii) all documents, other materials
and equipment provided by any of the Bank Group; and (iii) all documents and materials that Executive has prepared during Executive’s
employment by any of the Bank Group (collectively, the “Bank Property”). Executive acknowledges and agrees that
the Bank Property is, and shall, remain at all times the exclusive property of the Bank Group.

 

11.           Notice
to Executive’s Future Employers. For a period of two (2) years following the termination of Executive’s employment
by any of the Bank Group, for any reason or for no reason, the Bank Group shall have the right to inform each of Executive’s
employers in writing of the existence of the obligations contained in Sections 9 and 10 of this Agreement, and provide such employers
with a copy of Sections 9 and 10 of this Agreement.

 

12.           Assignment
of Intellectual Property Rights. Executive hereby grants, transfers and assigns, and agrees to grant, transfer, and assign,
to the Company and its successors and assigns, all of Executive’s rights, title and interest, if any, in or to any and all
Developments (as defined below) and Intellectual Property (as defined below) in the Developments, including rights to translation
and reproductions in all forms or formats, and the copyrights and patent rights to the same, if any. Executive agrees that the
Company may copyright and/or patent all Developments in the Company’s name and secure renewal, reissues and extensions of
such copyrights and patents for such periods of time as the law may permit.

 

A.            Developments.
“Developments” shall mean any idea, invention, process, design, concept, or useful article (whether the design
is ornamental or otherwise), software and/or computer program and/or code documentation, trademark, trade secret, literary work,
audiovisual work and any other work of authorship previously or hereafter created, expressed, made or conceived solely or jointly
by Executive during Executive’s employment by any of the Bank Group, whether or not subject to copyright, patent or other
forms of proprietary protection, and that (i) is related to the actual or anticipated business, research or development of any
of the Bank Group and/or (ii) is suggested by, or results from, any task assigned to Executive, or work performed by Executive,
for or on behalf of the Bank Group.

 

    	 	12	 

     

    

 

B.            Intellectual
Property Rights. “Intellectual Property Rights” shall mean any and all now known or hereafter known, tangible
and intangible: (1) rights associated with works of authorship throughout the universe, including, but not limited to, copyrights,
moral rights and mask-works; (2) trademark and trade name rights and similar rights; (3) trade secret rights; (4) patents,
designs, algorithms and other industrial property rights; (5) all other intellectual and industrial property rights of every kind
and nature throughout the universe, however named or designated, including, without limitation, logos, rental rights and rights
to remuneration, whether arising by operation of law, contract, license, or otherwise; and (6) all registrations, initial applications,
renewals, extensions, continuations, division or reissues of the above, whether now or hereafter in force.

 

13.           Non-Disparagement.
Executive shall not, during the Employment Period or at any time thereafter, directly or indirectly, in any communications in any
media, criticize, ridicule or make (or cause or permit others to criticize, ridicule or make) any statement which disparages or
is derogatory of any of the Bank Group, the Bank Group’s products or services, or any of the Bank Group’s present,
former or future shareholders, officers, directors, employees, affiliates and/or subsidiaries. Notwithstanding the foregoing, Executive
is not barred or otherwise restricted from exercising any right of speech or expression protected by applicable law, rule or regulation.

 

14.           Equitable
Relief. The Company has entered into this Agreement in order to obtain the benefit of Executive’s unique skills, talent,
and experience. The parties enter into this Agreement with the understanding that the Base Salary and all other compensation to
be paid to Executive pursuant to this Agreement have been based in part on the value to the Bank Group of each of the provisions
of this Agreement. Executive acknowledges and agrees that any breach or threatened breach of this Agreement will result in irreparable
damage to the Bank Group and, accordingly, any of the Bank Group may obtain injunctive relief, a decree of specific performance
and/or any other equitable relief for any breach or threatened breach of this Agreement in addition to any other remedies available
to the Bank Group, without being required to show any actual damage, or to post an injunction bond. Accordingly, Executive acknowledges
and agrees that the Bank and all other direct and indirect subsidiaries of the Company shall be third party beneficiaries of this
Agreement.

 

15.           Enforcement
of this Agreement by the Bank Group is Necessary and Reasonable. Executive acknowledges and agrees that the enforcement of
Sections 1(A), 9, 10, 12, 13 and 14 of this Agreement by the Bank Group is necessary to ensure the preservation, protection and
continuity of the business, the Confidential Information, and the goodwill of the Bank Group. Due to the proprietary nature of
the Bank Group’s business, Executive acknowledges and agrees that the terms of this Agreement, including, without limitation,
the length and scope of the terms and geographical restrictions contained in Sections 9, 10 and 11 this Agreement, are fair and
reasonable and not the result of overreaching, duress or coercion of any kind. Executive further acknowledges and agrees that Executive’s
full, uninhibited and faithful observance of Sections 1(a), 9, 10, 12, 13 and 14 of this Agreement will not cause Executive any
undue hardship, financial or otherwise, and that enforcement of this Agreement will not impair Executive’s ability to obtain
employment commensurate with Executive’s abilities and on terms fully acceptable to Executive, or to otherwise obtain income
required for the comfortable support of Executive and Executive’s family and the satisfaction of the needs of Executive’s
creditors.

 

    	 	13	 

     

    

 

16.           Any
Claim by Executive Against the Bank Group is Not a Defense to Enforcement. The existence of any claim or cause of action Executive
might have against any of the Bank Group predicated on this Agreement or otherwise, will not constitute a defense to the enforcement
by the any of the Bank Group of Sections 9, 10, 12 and 13 of this Agreement.

 

17.           Restrictive
Periods Can Be Extended If the Bank Group Must Enforce This Agreement. In the event any of the Bank Group should bring any
legal action or other proceeding for the enforcement of Sections 9 or 10 of this Agreement, Executive agrees that the time for
calculating the restrictive terms contained in Sections 9 or 10 of this Agreement will not include the period of time commencing
with the filing of legal action or other proceeding to enforce the terms of Sections 9 or 10 of this Agreement, through the date
of final judgment or final resolution, including all appeals, if any, of such legal action or other proceeding.

 

18.           Indemnification.
In addition to any additional benefits provided under applicable federal and state law to Executive as a director and officer of
the Company, Executive shall be entitled to the benefits of: (a) those provisions of the Articles of Incorporation and By-Laws
of the Company, which provide for indemnification of directors and officers of any of the Company (and no such provision shall
be amended in any way to limit or reduce the extent of indemnification available to Executive as a director or officer of the Company),
and (b) any Indemnification Agreement between the Company and Executive. The rights of Executive under such indemnification obligations
shall survive the termination of this Agreement and be applicable for so long as Executive may be subject to any claim, demand,
liability, cost or expense, which the indemnification obligations referred to in this Section are intended to protect and indemnify
him against. The Company shall, at no cost to Executive, use its best efforts to at all times include Executive, during the term
of Executive’s employment hereunder and for so long thereafter as Executive may be subject to any such claim, as an insured
under any directors’ and officers’ liability insurance policy maintained by the Company, which policy shall provide
such coverage in such amounts as the Board shall deem appropriate for coverage of all directors and officers of the Company. Notwithstanding
the foregoing, any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their
compliance with 12 U.S.C. 1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

19.           Section
409A of the Internal Revenue Code. This Agreement is intended to be construed in a manner that avoids the imposition upon payments
hereunder of interest and additional tax under Section 409A(a)(1)(B) of the Code. Without limiting the scope of the previous sentence,
(i) with respect to any payment hereunder subject to Section 409A of the Code, distributions on account of a separation from service
may not be made to Executive if he or she is a “Specified Employee” within the meaning of Section 409A(a)(2)(B)(i)
before the date which is six (6) months after the date of the separation from service (or, if earlier, the date of death of Executive),
and (ii) any references to termination of employment, the Employment Period or this Agreement shall have the same meaning as “separation
from service” as defined in Treasury Regulations 1.409A-1(h). Within the time period permitted by the applicable Treasury
Regulations, the Company may, in consultation with the Executive, modify this Agreement, in the least restrictive manner necessary
and without any diminution in the value of the payments to the Executive, in order to cause the provisions of this Agreement to
comply with the

 

    	 	14	 

     

    

 

requirements of Section 409A
of the Code, so as to avoid the imposition of taxes and penalties pursuant to Section 409A of the Code.

 

20.           Required
Regulatory Provision.

 

A.           Notwithstanding
anything herein contained to the contrary, any payments to the Executive by the Company, whether pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C.
1828(k), and any other applicable statutes and applicable regulations promulgated thereunder. Nothing in this Agreement shall be
construed to subject the Bank or its assets to any contractual obligations undertaken by the Company hereunder or to liability
for any breach by the Company.

 

B.            If
Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1), the Company’s
obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the
charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld
while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which
were suspended.

 

C.            If
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued
under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Company
under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.

 

D.            If
the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement
shall terminate as of the date of default, but this Section 20(D) shall not affect any vested rights of the parties hereunder.

 

E.            All
obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary
for the continued operation of the Bank: (i) by the Director (“Director”) of the Federal Deposit Insurance Corporation
(“FDIC”) or his or her designee, at the time the FDIC or Resolution Trust Corporation enters into an agreement
to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance
Act; or (ii) by the Director of the FDIC or his or her designee, at the time the Director or his or her designee approves a supervisory
merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

 

21.           Miscellaneous.

 

A.            Amendments.
The provisions of this Agreement may not be amended, supplemented, waived or changed orally, but only by a writing signed by all
parties to this Agreement and making specific reference to this Agreement.

 

    	 	15	 

     

    

 

B.            Assignability.
The rights and obligations of the Company under this Agreement may not be assigned in whole or any part except in the case of a
consolidation or merger with, or a transfer of all or substantially all of the assets of the Company to, another entity which prior
to the consummation of such combination transaction expressly assumes all of the Company’s obligations to Executive hereunder.
No such assignment shall limit or restrict Executive’s right to terminate this Agreement for Good Reason, which right shall
remain absolute, but the assignment of this Agreement in connection with such a combination transaction shall not, in and of itself,
constitute Good Reason. Executive’s rights and obligations hereunder are personal and may not be assigned by Executive (other
than his rights to payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution
or to Executive’s representative in the event of his Disability), provided, however, in the event of Executive’s death
or Disability, Executive’s representative may also exercise any unexercised stock options, if any, to the extent permitted
by the relevant option plan agreement or this Agreement. As used in this Agreement, “Bank” and “Company”
shall mean the entities as hereinbefore defined and any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the equity, business and/or assets of the Bank or the Company (as the case may be)
that executes and delivers the agreement contemplated by this paragraph or that otherwise becomes bound by all the terms and provisions
of this Agreement by operation of law.

 

C.            Binding
Effect. All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by the parties and their respective administrators, executors, personal representatives, legal representatives, heirs, successors
and permitted assigns, whether so expressed or not.

 

D.            Severability.
If any part of this Agreement or any other Agreement entered into pursuant to this Agreement is contrary to, prohibited by, or
deemed invalid under, applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited or invalid, but the remainder of this Agreement shall not be invalidated thereby and shall be given full force and effect
so far as possible. Without limiting the generality of the foregoing, in the event that any of the terms and geographical restrictions
or other provisions contained in Sections 9 and 10 of this Agreement are held to constitute an unreasonable restriction upon Executive,
Executive agrees that the provisions of this Agreement will not be rendered void, but will apply as to their time and territory
or to such other extent as may be determined or indicated to constitute a reasonable restriction.

 

E.            Waivers.
The failure or delay of any party at any time to require performance by the other party of any provision of this Agreement shall
not affect the right of such party to require performance of that provision or to exercise any right, power or remedy hereunder,
and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing
or succeeding breach of such provision, a waiver of the provision itself or a waiver of any right, power or remedy under this Agreement.
No notice to or demand on any party in any case shall, of itself, entitle such party to any other or further notice or demand in
similar or other circumstances.

 

F.            Notices.
All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall
be (as elected by the

 

    	 	16	 

     

    

 

party giving such notice)
hand delivered by messenger or overnight courier service, transmitted by fax, or mailed by registered or certified mail (postage
prepaid), return receipt requested, addressed to:

 

	If to Executive:	 	If to the Company:
	 	 	 
	Michael J. Brown, Sr.	 	J. Hal Roberts
	3117 S. Indian River Dr.	 	First Bank & Trust of Indiantown, FSB
	Fort Pierce, FL 34982	 	2991 SW High Meadows Ave.
		 	Palm City, FL 34990
	Email: 	mbrown5345@aol.com	 	Email:	 halroberts@fboi.com

 

or to such other address
as any party may designate by notice complying with the terms of this Section. Each such notice shall be deemed delivered (a) on
the date delivered if by messenger or overnight courier service; (b) on the date of confirmation of receipt if by fax; and
(c) either upon the date of receipt or refusal of delivery, if mailed.

 

G.            Governing
Law. This Agreement and all transactions contemplated by this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida, without regard to principles of conflicts of laws.

 

H.            Headings.
The headings contained in this Agreement are for convenience of reference only, are not to be considered a part of the Agreement
and shall not limit or otherwise affect in any way the meaning or interpretation of this Agreement.

 

I.             Advice
of Counsel. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL, OR HAS HAD THE OPPORTUNITY TO CONSULT WITH
COUNSEL, WITH RESPECT TO THIS AGREEMENT.

 

J.             Survival.
The provisions of Sections 1(A) and Sections 8 through 21 shall survive the expiration or termination of this Agreement.

 

K.            Remedies
Cumulative. Except as otherwise expressly provided in this Agreement, no remedy in this Agreement conferred upon any party
is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to
every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute or otherwise. No single
or partial exercise by any party of any right, power or remedy under this Agreement shall preclude any other or further exercise
thereof.

 

L.            Preparation
of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is responsible for its
preparation. The parties acknowledge each contributed and is equally responsible for its preparation.

 

M.          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument. Confirmation of execution by electronic transmission of a facsimile signature page
shall be binding on a party so confirming.

 

    	 	17	 

     

    

 

N.            JURY
WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR RELATES
TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE RELATIONSHIP
CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT
JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE
AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS AGREEMENT
OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER
PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION.
EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION GOVERNED BY THIS AGREEMENT
AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION.

    	 	18	 

     

    

 

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

 

	 	THE COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 
	 	By:	/s/ J. Hal Roberts, Jr.
	 	 	 J. Hal Roberts, Jr.
	 	Print Name:	  J. Hal Roberts, Jr.
	 	Title:	 President and COO
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Michael J. Brown, Sr.
	 	 Michael J. Brown, Sr.

 

    	 	19	 

     

    

 

EXHIBIT A

 

To

 

EMPLOYMENT AGREEMENT

 

Between

 

___________________________

 

And

 

MICHAEL J. BROWN, SR.

 

 [Reserved]

 

     

     

    

 

EXHIBIT B

 

To

 

EMPLOYMENT AGREEMENT

 

Between

 

___________________________

 

And

 

MICHAEL J. BROWN, SR.

 

Harbor Federal Realty,
LLC

 

Harbor Asset Management,
LLC

 

    	 	2	 

     

    

 

EXHIBIT C

 

 To

 

EMPLOYMENT
AGREEMENT

 

 Between

 

______________________________

 

 And

 

MICHAEL J.
BROWN, SR.

 

On December 27, 2007, Executive
entered into a Separation Agreement and General Release and Waiver (the “Separation Agreement”) with National
City Corporation, the successor to which is The PNC Financial Services Group, Inc. (the “Former Employer”).

 

One of the provisions of
the Separation Agreement prohibited Executive from entering into, engaging in, or becoming an employee of or acquiring an ownership
of more than one percent (1%) of any business that competes with the Former Employer’s businesses. Pursuant to the terms
of an amendment dated July 28, 2009, that restriction expired on March 1, 2010.

 

The only remaining restrictive
covenants in the Separation Agreement which still apply to Executive are as follows:

 

1.             Executive
agreed that he would not, for a period of three years which expires on March 1, 2011 (the “Restricted Period”):

 

(a)              Directly
or indirectly solicit, divert, entice, or accept any customers, clients, business patronage or orders from any customers, clients,
or businesses with whom Executive has had contact, involvement or responsibility during Executive’s employment with the Former
Employer on behalf of any Person (including Executive), that competes with the Former Employer’s businesses;

 

(b)              Directly
or indirectly solicit, divert, entice, or take away any potential customer identified, selected or target by the Former Employer
with whom the Executive has had contact, involvement or responsibility during Executive’s employment with the Former Employer,
or attempt to do so, for the sale of any product or service that is the same as, similar to, or a substitute for, any product or
service offered by the Former Employer’s businesses; and/or

 

(c)              Promote
or assist, financially or otherwise, any Person, engaged in any business that is the same as, similar to or a substitute for any
product or service offered by the Former Employer’s businesses.

 

2.             Executive
agreed that he would not directly or indirectly at any time during the Restricted Period solicit, induce, confer or discuss with
any individual who was employed by the Former Employer during or after the time of Executive’s employment with the Former
Employer

 

    	 	3	 

     

    

 

(“Employee”)
or attempt to solicit, induce, confer or discuss with any Employee the prospect of leaving the employ of the Former Employer, termination
of his employment with the Former Employer, or the subject of employment by some other Person. Executive further agreed that he
would not directly or indirectly at any time during the Restricted Period hire or attempt to hire any Employee.

 

3.             Executive
agreed to keep in strict confidence, and not, directly or indirectly, at any time during or after his employment by the Former
Employer, disclose, furnish, disseminate, make available or use any trade secrets or confidential business or technical information
of the Former Employer or its customers (“Confidential Information”). The Confidential Information does not
include information that is or becomes publicly available other than as a result of disclosure by Executive.

 

4.             For
the purposes of the above restrictive covenants, Executive agreed that he would be in violation thereof if he engages in any or
all of the activities set forth above directly as an individual on his own account, or indirectly, including, but not limited to,
as a partner, joint venture, employee, agent, salesman, consultant, officer and/or director of any firm or corporation that engages
in any or all of the activities set forth above, or as a equity holder of any entity or corporation that engages in any or all
of the activities set forth above in which Executive, his spouse, or parent beneficially owns, directly or indirectly, individually
or in the aggregate, more than one percent (1%) of the outstanding equity.

 

    	 	4

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