Document:

exv4w2

Exhibit 4.2

AMENDMENT NO. 2 TO THE RIGHTS AGREEMENT

The Rights Agreement dated as of July 22, 2002, amended by Amendment to Rights Agreement, dated
December 14, 2010, by and between Matrixx Initiatives, Inc. and Corporate Stock Transfer Inc.
(“Rights Agreement”) is hereby amended by this Amendment No. 2 to the Rights Agreement
(“Amendment”) as follows:

	 	1.	 	Corporate Stock Transfer Inc. is hereby removed as Rights Agent
and Registrar and Transfer Company, a New Jersey corporation
(“R&T”), is hereby appointed as the successor Rights Agent with
the same powers, rights, duties and responsibilities as if it had been
originally named as Rights Agent.
	 
	 	2.	 	Section 21 is hereby amended by deleting the fifth sentence and
in its place substituting a new fifth sentence to read as follows:

	 	 	 	“Any successor Rights Agent, whether appointed by the
Company or by such a court, shall be a Person
organized and doing business under the laws of the
United States, the District of Columbia, or any other
state of the United States so long as such Person is
duly qualified and authorized to do business,
authorized to exercise corporate trust or stock
transfer powers and is subject to supervision or
examination by federal or state authority and is
registered as a Transfer Agent in accordance with the
applicable provisions of the Securities Exchange Act
of 1934, as amended, and is qualified to act as a
Transfer Agent under the rules of the New York Stock
Exchange and Nasdaq.”

	 	3.	 	Section 26 is hereby amended to show the Rights Agent’s address
as follows:

	 	 	 	Registrar and Transfer Company

Attention: Account Executive

10 Commerce Drive

Cranford, New Jersey 07016

	 	4.	 	All capitalized terms used but not defined in this Amendment
shall have the meaning ascribed to them in the Rights Agreement.
	 
	 	5.	 	This Amendment may be executed in any number of counterparts,
each of which shall for all purposes be deemed an original, and all of
which together shall constitute but one and the same instrument.

 

 

	 	6.	 	Except as provided herein, all remaining terms and provisions of
the Rights Agreement shall remain in full force and effect.

[Remainder of Page Intentionally Left Blank]

 

 

     IN WITNESS WHEREOF, the parties listed below have caused this Amendment to be duly executed on
this date.

Date: January 11, 2011

	 	 	 	 	 
	 	MATRIXX INITIATIVES, INC.

 	 
	 	By:  	                    /s/William J. Hemelt
 	 
	 	 	Name:  	William J. Hemelt 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	REGISTRAR AND TRANSFER COMPANY, as Rights Agent

 	 
	 	By:  	     /s/William P. Tatler
 	 
	 	 	Name:  	William P. Tatler 	 
	 	 	Title:  	Vice President 	 
	 

Acknowledged and Agreed:

CORPORATE STOCK TRANSFER, INC.

	 	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/Carylyn K. Bell
	 	 
	 

	 	 	 	 
	Name:

	 	Carylyn K. Bell	 	 
	Title:

	 	Presidentexv10w1

Exhibit 10.1

FIRST AMENDMENT TO INVESTMENT AGREEMENT

     THIS FIRST AMENDMENT TO INVESTMENT AGREEMENT (this “First Amendment”) is made and
dated as of January 14, 2011 by and among Capital Bank Corporation, a corporation organized under
the laws of the State of North Carolina (the “Company”), Capital Bank, a North Carolina
state-chartered banking corporation and a banking subsidiary of the Company (the “Bank”),
and North American Financial Holdings, Inc., a Delaware corporation (“Purchaser”). The
Company, the Bank and Purchaser are collectively referred to herein as the “Parties”.

RECITALS

     WHEREAS, the Parties entered into an Investment Agreement dated as of November 3, 2010 (the
“Investment Agreement”; capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Investment Agreement); and

     WHEREAS, the Parties now desire to amend the Investment Agreement.

     NOW, THEREFORE, in consideration of the premises, covenants and agreements set forth herein
and of other good and valuable consideration, the receipt and legal sufficiency of which they
hereby acknowledge, and intending to be legally bound hereby, the Parties hereby agree as follows:

          1. Amendments to Investment Agreement. The Investment Agreement shall be, and it
hereby is, amended as follows:

               (a) Section 4.5 of the Investment Agreement is hereby amended and restated in its entirety to
read as follows:

                    “4.5 Officers, Employees and Benefit Plans.

               “(a) It is the intention of Purchaser to maintain in place the management team
of the Bank, subject to the establishment of, and acceptance of, performance
criteria in accordance with Purchaser’s anticipated business plan. Notwithstanding
the foregoing, nothing in this Agreement, including this Section 4.5, shall be
construed to guarantee or extend any offer of employment to, or to prevent the
termination of employment of any employee or the amendment or termination of any
particular Benefit Plan to the extent permitted by its terms.

               (b) The Company and the Bank shall, prior to the Closing Date, take all
necessary actions (including obtaining the consents of the affected participants, as
applicable) to (i) amend the Capital Bank Defined Benefit Supplemental Executive
Retirement Plan (the “SERP”) to, with respect to unvested amounts
(determined as of immediately prior to the Closing Date) only, waive any “change in
control” provision and corresponding entitlement to change

 

 

in control benefits with respect to the transactions contemplated by this
Agreement or any subsequent transaction or series of transactions (including a
reorganization, share exchange, merger or consolidation) that result in the
ownership of the outstanding voting securities of the Company or total voting power
of the Company being transferred to or acquired by an entity that is an affiliate of
Purchaser and that would otherwise be considered a change in control for purposes of
the SERP, and (ii) subject to Purchaser’s written consent replace the SERP (which
may be accomplished by amending the SERP), with respect to unvested amounts
(determined as of immediately prior to the Closing Date) only, with a substantially
identical Benefit Plan to be effective immediately following the Closing;
provided, however, that the new Benefit Plan or the amended SERP, as
applicable, will not provide for enhanced benefits or accelerated vesting upon a
“change in control” that are triggered by a transaction or series of transactions
(including a reorganization, share exchange, merger or consolidation) that result in
the ownership of the outstanding voting securities of the Company or total voting
power of the Company being transferred to or acquired by any entity that is an
affiliate of Purchaser.

               (c) Purchaser, the Company and the Bank agree, subject to any legal or
regulatory restrictions or limitations, immediately following the Closing to pay the
change in control payments described in Section 4.5(c) of the Company Disclosure
Schedule; it being understood and agreed that in no event will the amounts payable
in respect of previously vested and accrued SERP benefits exceed the amounts set
forth on such Schedule, except for any change in amounts solely due to a change in
discount rate or valuation date of the previously vested and accrued SERP benefits
or solely due to any additional vesting pursuant to the requirements of the SERP in
the event of a delay in the Closing Date to a date after January 31, 2010. In
addition, Purchaser and the Company acknowledge and agree that, at Closing, all
options to purchase Company common stock and all Company restricted stock awards
shall fully vest pursuant to their terms to the extent permitted by Sections 111 and
302 of EESA or other applicable law.”

               (b) Section 2.2(s)(1)(A) of the Company Disclosure Schedule is hereby amended by adding the
following thereto:

     “28. Amendment to the Amended and Restated Employment Agreement with B.
Grant Yarber, dated as of January 14, 2011

     29. Amendment to the Employment Agreement with Michael Moore, dated as
of January 14, 2011

     30. Amendment to the Amended and Restated Employment Agreement with
Mark Redmond, dated as of January 14, 2011

     31. Amendment to the Employment Agreement with David Morgan, dated as
of January 14, 2011”

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               (c) Section 4.5(c) of the Company Disclosure Schedule is hereby amended and restated in its
entirety to read as provided on Schedule 4.5(c) hereto.

               (d) Section 6.11 of the Investment Agreement is hereby amended and restated in its entirety to
read as follows:

     “6.11 No Third Party Beneficiaries. Nothing contained in this
Agreement, express or implied, including Section 4.5(a) hereof, is intended to
confer upon any person other than the parties hereto, any benefit, right or
remedies, except that the provisions of Sections 3.6, 4.1(b), 4.1(c), 4.5(b) and
4.5(c) shall inure to the benefit of the persons referred to in such Sections.”

               (e) Exhibit B to the Investment Agreement is hereby amended by deleting the words “in exchange
for an aggregate cash purchase price equal to fifty percent (50%) (or such greater amount as
Purchaser, in its sole discretion, may consent in writing) of the sum of (i) the aggregate
liquidation value of the outstanding Series A Preferred and (ii) the amount of accrued but unpaid
dividends on the Series A Preferred” therein.

     2. Reference to and Effect on the Investment Agreement.

               (a) From and after the effective date hereof each reference in the Investment Agreement to
“this Agreement”, “hereunder”, “hereof” or words of like import referring to the Investment
Agreement, and each reference in any agreement to be delivered in connection with the Closing under
the Investment Agreement to the “Investment Agreement”, “Agreement”, “thereunder”, “thereof” or
words of like import referring to the Investment Agreement, shall mean and be a reference to the
Investment Agreement as amended hereby.

               (b) Except as specifically amended above, the Investment Agreement shall continue to be in
full force and effect and is hereby in all respects ratified and confirmed.

          3. Execution in Counterparts. This First Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument.

          4. Governing Law. This First Amendment shall be governed by, construed and enforced
in accordance with the laws of the State of North Carolina without regard to any applicable
conflicts of law.

[Signature page follows]

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     IN WITNESS WHEREOF, the Parties have caused this First Amendment to be signed by their
respective officers thereunto duly authorized as of the date first written above.

	 	 	 	 	 
	 	CAPITAL BANK CORPORATION

 	 
	 	By:  	/s/ B. Grant Yarber
 	 
	 	 	Name:  	B. Grant Yarber 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	CAPITAL BANK

 	 
	 	By:  	/s/ B. Grant Yarber
 	 
	 	 	Name:  	B. Grant Yarber 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	NORTH AMERICAN FINANCIAL HOLDINGS, INC.

 	 
	 	By:  	/s/ Christopher G. Marshall
 	 
	 	 	Name:  	Christopher G. Marshall 	 
	 	 	Title:  	Chief Financial Officer

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