Document:

ex10-1.htm

Exhibit 10.1

 

 

SHAREHOLDER VOTING AGREEMENT

 

This Shareholder Voting Agreement (this “Agreement”) is entered into as of the 24th day of April, 2017, by and between National Commerce Corporation, a Delaware corporation (“NCC”), and the undersigned holder (“Shareholder”) of Common Stock (as defined herein).

 

WHEREAS, as of the date hereof, Shareholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) and is entitled to dispose of (or to direct the disposition of) and to vote (or to direct the voting of) the number of shares of voting common stock, $1.00 par value per share (the “Common Stock”), of Patriot Bank, a Florida banking corporation (“PB”), indicated on the signature page of this Agreement under the heading “Total Number of Shares of Common Stock Initially Subject to this Agreement” (which for the avoidance of doubt do not include any shares of Common Stock underlying unexercised PB Options); such shares of Common Stock, together with any other shares of Common Stock the voting power over which is acquired by Shareholder during the period from and including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms, are collectively referred to herein as the “Shares”;

 

WHEREAS, NCC and PB propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”; for purposes of this Agreement, capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement), pursuant to which, among other things, PB will merge with and into NCC’s wholly owned subsidiary (the “Merger”); and

 

WHEREAS, as a condition to the willingness of NCC to enter into the Merger Agreement, Shareholder is executing this Agreement;

 

NOW, THEREFORE, in consideration of, and as a material inducement to, NCC entering into the Merger Agreement and proceeding with the transactions contemplated thereby, and in consideration of the expenses incurred and to be incurred by NCC in connection therewith, Shareholder and NCC, intending to be legally bound, hereby agree as follows:

 

1.     Agreement to Vote Shares. Shareholder agrees that, while this Agreement is in effect, at any meeting of shareholders of PB, however called, or at any adjournment thereof, or in any other circumstances in which Shareholder is entitled to vote, consent or give any other approval, except as otherwise agreed to in writing in advance by NCC, Shareholder shall:

 

(a)     appear at each such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

 

(b)     vote (or cause to be voted), in person or by proxy, all the Shares as to which Shareholder has, directly or indirectly, the right to vote or direct the voting (i) in favor of adoption and approval of the Merger Agreement and the transactions contemplated thereby (including, without limitation, any amendments or modifications of the terms thereof adopted in accordance with the terms thereof); (ii) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of PB contained in the Merger Agreement or of Shareholder contained in this Agreement; and (iii) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could reasonably be expected, to impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect consummation of the transactions contemplated by the Merger Agreement or this Agreement.

 

 

 

 

 

Shareholder further agrees not to vote or execute any written consent to rescind or amend in any manner any prior vote or written consent, as a shareholder of PB, to approve or adopt the Merger Agreement unless this Agreement shall have been terminated in accordance with its terms.

 

2.      No Transfers. While this Agreement is in effect, Shareholder agrees not to, directly or indirectly, sell, transfer, pledge (other than any pledge arrangement in existence as of the date of this Agreement and described on the signature page hereto), assign or otherwise dispose of, or enter into any contract option, commitment or other arrangement or understanding with respect to the sale, transfer, pledge, assignment or other disposition of, any of the Shares or any other shares of Common Stock over which Shareholder has or shares dispositive power; provided, however, that the following transfers shall be permitted: (a) transfers by will or operation of law, in which case this Agreement shall bind the transferee; (b) transfers pursuant to any pledge agreement, subject to the pledgee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (c) transfers in connection with estate and tax planning purposes, including transfers to relatives, trusts and charitable organizations, subject to each transferee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (d) disposing of or surrendering Shares in connection with the vesting, settlement or exercise of PB Options for the payment of taxes thereon or the exercise price as permitted pursuant to the Merger Agreement; and (e) such transfers as NCC may otherwise permit in its sole discretion. Any transfer or other disposition in violation of the terms of this Section 2 shall be null and void.

 

3.     Representations and Warranties of Shareholder. Shareholder represents and warrants to and agrees with NCC as follows:

 

(a)     Shareholder has all requisite capacity and authority to enter into and perform his, her or its obligations under this Agreement.

 

(b)     This Agreement has been duly executed and delivered by Shareholder, and assuming the due authorization, execution and delivery by NCC, constitutes the valid and legally binding obligation of Shareholder enforceable against Shareholder in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity.

 

(c)     The execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of his, her or its obligations hereunder and the consummation by Shareholder of the transactions contemplated hereby will not, violate or conflict with, or constitute a default under, any agreement, instrument, contract or other obligation or any order, arbitration award, judgment or decree to which Shareholder is a party or by which Shareholder is bound, or any statute, rule or regulation to which Shareholder is subject or, in the event that Shareholder is a corporation, limited liability company, partnership, trust or other entity, any charter, bylaw or other organizational document of Shareholder.

 

(d)     Shareholder is the beneficial owner of the Shares. Shareholder does not own, of record or beneficially, any shares of capital stock of PB other than the Shares or any other securities convertible into or exercisable or exchangeable for such capital stock, other than any PB Options disclosed in the Merger Agreement. Shareholder has the right to vote the Shares, and none of the Shares is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Shares, except as contemplated by this Agreement.

 

 

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4.     No Solicitation. From and after the date hereof until the termination of this Agreement pursuant to Section 7 hereof, Shareholder, in his, her or its capacity as a shareholder of PB, shall not, nor shall Shareholder authorize any shareholder, member, partner, officer, director, advisor or representative of Shareholder or any of his, her or its Affiliates to (and, to the extent applicable to Shareholder, such Shareholder shall use commercially reasonable efforts to not permit any of his, her or its representatives or Affiliates to), (a) initiate, solicit, induce or knowingly encourage, or knowingly take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any person (other than NCC) any information or data with respect to PB or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle, letter of intent, memorandum of understanding or similar arrangement with respect to an Acquisition Proposal, (d) solicit proxies with respect to an Acquisition Proposal (other than the Merger and the Merger Agreement) or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, or (e) initiate a shareholders’ vote or action by consent of PB’s shareholders with respect to an Acquisition Proposal, except in the cases of clauses (b) through (e), inclusive, of this Section 4 to the extent that at such time PB is expressly permitted to take such action pursuant to Section 7.5 of the Merger Agreement. For avoidance of doubt, the parties acknowledge and agree that nothing in this Agreement shall limit or restrict Shareholder or any of his, her or its Affiliates who is or becomes during the term hereof a member of the Board of Directors or an officer of PB or any of its Subsidiaries from acting, omitting to act or refraining from taking any action, solely in such person’s capacity as a member of the Board of Directors or as an officer of PB (or as an officer or director of any of its Subsidiaries), in a manner consistent with his or her fiduciary duties in such capacity under applicable Law.

 

5.     Proxy. Subject to the last sentence of this Section 5, by execution of this Agreement, Shareholder does hereby appoint NCC with full power of substitution and resubstitution, as Shareholder’s true and lawful attorney and proxy, to the full extent of Shareholder’s rights with respect to the Shares, to vote each of such Shares that Shareholder shall be entitled to so vote with respect to the matters set forth in Section 1 hereof at any meeting of the shareholders of PB, and at any adjournment or postponement thereof, and in connection with any action of the shareholders of PB taken by written consent. Shareholder hereby revokes any proxy previously granted by Shareholder with respect to the Shares. Notwithstanding anything contained herein to the contrary, this proxy shall automatically terminate and be revoked upon the termination of this Agreement.

 

6.     Specific Performance; Remedies; Attorneys’ Fees. Shareholder acknowledges that it is a condition to the willingness of NCC to enter into the Merger Agreement that Shareholder execute and deliver this Agreement and that it will be impossible to measure in money the damage to NCC if Shareholder fails to comply with the obligations imposed by this Agreement and that, in the event of any such failure, NCC will not have an adequate remedy at law or in equity. Accordingly, Shareholder agrees that injunctive relief or other equitable remedy is the appropriate remedy for any such failure and will not oppose the granting of such relief on the basis that NCC has an adequate remedy at law. In addition, NCC shall have the right to inform any third party that NCC reasonably believes to be, or to be contemplating, participating with Shareholder or receiving from Shareholder assistance in violation of this Agreement, of the terms of this Agreement and of the rights of NCC hereunder, and that participation by any such thirty party with Shareholder in activities in violation of Shareholder’s agreement with NCC set forth in this Agreement may give rise to claims by NCC against such third party. In any legal action or other proceeding relating to this Agreement and the transactions contemplated hereby or if the enforcement of any provision of this Agreement is brought against either party, the prevailing party in such action or proceeding shall be entitled to recover all reasonable expenses relating thereto (including reasonable attorneys’ fees and expenses, court costs and expenses incident to arbitration, appellate and post-judgment proceedings) from the party against which such action or proceeding is brought, in addition to any other relief to which such prevailing party may be entitled.

 

 

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7.     Term of Agreement; Termination. The term of this Agreement shall commence on the date hereof. This Agreement may be terminated at any time prior to consummation of the transactions contemplated by the Merger Agreement by the written consent of the parties hereto, and this Agreement shall be automatically terminated upon termination of the Merger Agreement or the consummation of the Merger. Upon such termination, no party shall have any further obligations or liabilities hereunder; provided, however, that such termination shall not relieve any party from liability for any willful breach of this Agreement prior to such termination.

 

8.     Entire Agreement; Amendments. This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof. This Agreement may not be amended, supplemented or modified, and no provision hereof may be modified or waived, except by an instrument in writing signed by each party hereto. No waiver of any provision hereof by either party shall be deemed a waiver of any other provision hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

9.     Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision that, insofar as practical, implements the purpose and intents of this Agreement. 

 

10.     Capacity as Shareholder. This Agreement shall apply to Shareholder solely in his, her or its capacity as a shareholder of PB, and it shall not apply in any manner to Shareholder in any capacity as a director, officer or employee of PB or its Subsidiaries or in any other capacity, and shall not limit or affect any actions taken by Shareholder in such capacity. Without limiting the foregoing, any vote by Shareholder in his or her capacity as a director of PB in connection with actions taken by PB that are permissible under Section 7.5 of the Merger Agreement shall not serve as the basis for a violation of Section 1 of this Agreement.     

 

11.     Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Florida, without regard to any applicable conflicts of law principles or any other principle that could require the application of the law of any other jurisdiction.

 

 

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12.     WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.

 

13.     Waiver of Appraisal Rights; Further Assurances. To the extent permitted by applicable Law, Shareholder hereby waives any rights of appraisal or rights to dissent from the Merger or to demand fair value for his, her or its Shares in connection with the Merger, in each case, that Shareholder may have under applicable Law. Shareholder further agrees not to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against NCC, PB or any of their respective successors relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the Merger. From time to time prior to the termination of this Agreement, at NCC’s request and without further consideration, Shareholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to effect the actions and consummate the transactions contemplated by this Agreement.

 

14.     Disclosure. Shareholder hereby permits NCC and PB to publish and disclose in the Proxy Statement/Prospectus and the S-4 Registration Statement (including, without limitation, all related documents and schedules filed with the Securities and Exchange Commission) his, her or its identity and ownership of shares of Common Stock and the nature of Shareholder’s commitments, arrangements and understandings pursuant to this Agreement. 

 

15.     Counterparts. This Agreement may be executed in counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered by facsimile or other electronic transmission.

 

 

 

[Signature page follows.]

 

 

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IN WITNESS WHEREOF, NCC has caused this Agreement to be duly executed, and Shareholder has duly executed this Agreement, all as of the day and year first above written.

 

 

	
 
	
NATIONAL COMMERCE CORPORATION

	
 
	
 

	
 
	
By:                                                                                              

	 	 
	 	Its:                                                                                               
	 	 
	 	 
	 	  SHAREHOLDER:
	 	 
	 	                                                                                 
	 	  [signature]
	 	 
	 	                                                                                 
	 	  [printed name]

 

 

Total Number of Shares of Common Stock

Initially Subject to this Agreement:

 

___________________

 

 

 

Description of any pledge arrangements in existence

on the date of this Agreement:

 

	
 
	
 

	
 
	
 

	
 
	
 

 

 

Signature Page to Shareholder Voting Agreementex10-2.htm

Exhibit 10.2

 

 

OPTION TERMINATION AGREEMENT

 

THIS OPTION TERMINATION AGREEMENT (this “Agreement”) is made and entered into as of April 24, 2017, by and between Patriot Bank, a Florida banking corporation (“PB”), and the undersigned holder (the “Optionee”) of outstanding options (the “Options”) to purchase shares of common stock, par value $1.00 per share, of PB upon exercise of such Options. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Merger Agreement (as defined below). Should any of the terms of this Agreement conflict with the terms of the Merger Agreement, the terms of the Merger Agreement shall control.

 

RECITALS

 

WHEREAS, PB has previously granted to Optionee certain Options pursuant to the Patriot Bank Officers’ and Employees’ Stock Option Plan, as amended, the Patriot Bank Directors’ Stock Option Plan, as amended, and/or the Patriot Bank 2015 Stock Option Plan (collectively, the “Plans”), and pursuant to one or more option agreements (the “Option Agreements”) between the Optionee and PB, as listed on Annex A attached hereto; 

 

WHEREAS, this Agreement is being entered into and delivered simultaneously with that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of April 24, 2017, by and among National Commerce Corporation, a Delaware corporation (“NCC”), National Bank of Commerce, a national banking association (“NBC”) and PB, pursuant to which, at the Effective Time, PB will merge with and into NBC, with NBC remaining as the Surviving Association in the Merger; and

 

WHEREAS, as a material inducement for NCC to enter into the Merger Agreement, PB and Optionee wish to enter into this Agreement on the terms and conditions described herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing recitals, the terms and provisions of this Agreement, the Merger Agreement and the agreements and instruments related to any of the foregoing and/or contemplated thereby, the receipt and sufficiency of such consideration being hereby acknowledged by the parties hereto, the parties hereto agree as follows:

 

1.     Option Cancellation. Each unexercised Option that is outstanding immediately prior to the Effective Time, whether vested or unvested and whether in the money or not, together with all Option Agreements under which Optionee is a party or grantee, shall automatically, by virtue of this Agreement and without any action on the part of NCC, NBC, PB or the Optionee, be surrendered, terminated and cancelled in their entirety effective immediately prior to the Effective Time. 

 

2.     Option Payment. In full and final consideration of the surrender, termination and cancellation of all unexercised Options held by Optionee, for each Option to purchase a share of PB Common Stock, whether vested or unvested, with an exercise price of $3.00 per share (an “In the Money PB Option”) that is surrendered, terminated and cancelled in accordance with Section 1 above, Optionee shall be entitled to receive a one-time cash payment of $4.25, less applicable withholding Taxes. Such cash payment (the “Option Payment”) shall be made as soon as practicable after the Effective Time. By way of example, assuming that Optionee holds a total of 25,000 Options and 15,000 are In the Money PB Options, then all 25,000 Options shall be surrendered, terminated and cancelled, and such Optionee, upon the surrender, termination and cancellation of such Options, would be entitled to a payment of $63,750 (calculated as 15,000 In the Money PB Options x $4.25), less withholding Taxes. 

 

 

 

 

 

3.     Option Exercise. PB and Optionee acknowledge and agree that nothing in this Agreement is intended to prevent Optionee from exercising any of Optionee’s vested Options, in accordance with the terms of the Option Agreements and the Plans, between the date of this Agreement and the Closing. In the event any such vested Options are exercised, the terms and conditions of Sections 1 and 2 shall not apply, and instead each share of PB Common Stock purchased by Optionee upon such exercise shall, at the Effective Time, be converted into the consideration set forth in Section 3.1(d) of the Merger Agreement.

 

4.     Termination. The surrender, termination and cancellation of the Options and Option Agreements and the payment of the Option Payment under Sections 1 and 2 of this Agreement are subject to, and contingent upon, the consummation of the Merger and the transactions provided for in the Merger Agreement. If for any reason the Merger Agreement is terminated prior to the Effective Time, this Agreement shall automatically terminate at the same time and shall have no effect on the terms or the continuation of the Options, and the Options and the Option Agreements shall remain in full force and effect pursuant to the express terms thereof.

 

5.     Acknowledgements. Optionee acknowledges and agrees that (a) except for the right of Optionee to receive the Option Payment for unexercised In the Money PB Options, all Options (whether vested or unvested and whether in the money or not) shall terminate and be cancelled immediately prior to the Effective Time, (b) all rights of Optionee under the Plans, the Option Agreements and the Options and any related agreements shall be waived and forfeited, (c) the only rights that Optionee shall retain with respect to the Options shall be the right to the Option Payment as set forth in this Agreement, (d) Optionee hereby waives any right to advance notice of exercise or other similar rights that may be provided for under the Plans or the Option Agreements, and (e) neither NCC nor NBC shall assume any Options, and no Options will survive or continue to exist from and after the Effective Time.

 

6.     Representations. Optionee hereby represents and warrants that (a) the information on Annex A is and shall remain true, accurate and complete, (b) Optionee has not transferred or assigned, or purported to transfer or assign, any of the Options, the Option Agreements or the claims or rights herein released or affected, (c) the Options listed on Annex A are owned by Optionee free and clear of any Liens of any kind; (d) Optionee does not own, and is not entitled to receive, any options, warrants or similar rights to purchase PB Common Stock other than pursuant to the Options and the Option Agreements listed on Annex A; (e) the Option Agreements listed on Annex A are in full force and effect, and there are no other oral or written agreements, arrangements or understandings concerning any Options of Optionee other than the Merger Agreement and this Agreement; and (f) Optionee has had the opportunity to consult, and to the extent Optionee desired to do so, has consulted with his or her legal counsel and tax advisers concerning the substance of this Agreement and the Merger Agreement and the transactions contemplated hereby and thereby. 

 

7.     Release. Effective as of the Effective Time, Optionee, for himself or herself and Optionee’s heirs, successors and assigns, and any Person claiming by, through or under Optionee, including any attorney, trustee, beneficiary or heir of Optionee, including derivatively (the “Releasing Group”), hereby completely and forever releases, waives and discharges, and shall be forever precluded from asserting, any and all Litigation and Liabilities of whatever kind or character, whether known or unknown, direct or indirect, existing or arising, accrued or unaccrued, matured or unmatured, in Law, equity or otherwise, that the Releasing Group, including derivatively, to the fullest extent legally possible, has, had or may have against PB, NCC, NBC, their respective Affiliates and their respective present or former directors, officers, managers, employees, management, predecessors, successors, members, attorneys, accountants, investment bankers, stockholders or other equity holders, representatives and agents acting in such capacity, that are based in whole or in part on any of the Options, the Option Agreements, or the Plans, other than any rights to which Optionee is entitled under this Agreement. 

 

 

 

 

 

8.     Tax Matters. PB and Optionee recognize that Optionee’s receipt of the Option Payment will constitute taxable income to Optionee, and Optionee hereby acknowledges and agrees that all required tax withholding and/or deduction, if any, will be withheld and/or deducted from the payment due Optionee hereunder. Optionee hereby acknowledges that Optionee has not received and will not receive any tax advice from PB, NCC, NBC or any officer, director, employee, consultant or other representative of the foregoing, or any successors to any of the foregoing, regarding the tax consequences, under federal, state, local or other tax Law, of the actions and transactions contemplated by this Agreement and the Merger Agreement, including but not limited to Section 409A of the IRC. Optionee understands and agrees that Optionee has been advised to consult with Optionee’s own tax advisors with respect to the actions and transactions contemplated by this Agreement and the Merger Agreement.

 

9.     Miscellaneous. 

 

(a)     Optionee acknowledges and agrees that NCC and NBC are and shall expressly be deemed third party beneficiaries with respect to the Optionee’s obligations set forth in this Agreement, and that NCC and NBC shall be entitled to enforce the provisions of this Agreement as if each was a party to this Agreement. Except as otherwise set forth in this Agreement, nothing in this Agreement is intended to confer any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and permitted assigns.

 

(b)     Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by either of the parties hereto without the prior written content of NCC. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective permitted successors and assigns.

 

(c)     This Agreement (including Annex A hereto) represents the entire understanding between the parties related to the subject matter hereof and supersede all prior agreements. No amendments or other modifications to this Agreement may be made except by a writing signed by both parties and NCC.

 

(d)     This Agreement shall be governed by and construed in accordance with the Laws of the State of Florida applicable to contracts made and performed in such state without giving effect to the choice of law principals of such state that would require or permit the application of the Laws of another jurisdiction.

 

(e)     This Agreement may be executed in one or more counterparts, including by facsimile or other electronic transmission (including e-mail), each of which shall be deemed to be an original copy of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement. Such delivery of counterparts shall be conclusive evidence of the intent to be bound hereby and to the extent applicable, the foregoing constitutes the election of the parties hereto to invoke any Law authorizing electronic signatures.

 

(f)     If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a holding by a court of competent jurisdiction, Optionee shall negotiate in good faith with PB to modify this Agreement so as to effect the original intent of this to the greatest extent possible.

 

[Signature page follows]

 

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Option Termination Agreement as of the date first above written.

 

	
 
	
PB:

	
 
	
 

	
 
	
PATRIOT BANK

	 	 
	 	 
	 	By:____________________________________
	 	      Name:
	 	      Title:
	 	 
	 	 
	 	OPTIONEE:
	 	 
	 	 
	 	
____________________________________

[signature]

	 	 
	 	
_____________________________________

[printed or typed name]

	 	 
	 	Address of Optionee:
	 	 
	 	
____________________________________

____________________________________

____________________________________

 

 

Signature Page to Option Termination Agreement

 

 

 

 

Annex A

 

Option Agreements

 

 

	

 

 

Name of Plan
	

Date of Grant

or Option 

Agreement
	
 

 

 

Expiration 

Date

 
	
 

Exercise Price 
	
 

Number of Shares of PB 

Common Stock Subject to:

	
 

Vested 

Options
	
 

Unvested 

Options

	
  

 
	  	  	  	  	  
	
 

 
	  	  	  	  	  
	
 

 
	  	  	  	  	  

 

 

 

Annex A to Option Termination Agreement

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