Document:

exv10w3

 

EXHIBIT 10.3

July 29, 2005

Re: Retention Incentives

Dear                               :

     We look forward to the successful completion of the pending merger of Hudson United Bancorp
(“Hudson”) with and into TD Banknorth Inc. (the “Merger”). As an incentive for you to remain with
us following completion of the Merger, we hereby agree to grant restricted stock units to you upon
completion of the Merger, provided that you are still employed by Hudson and its subsidiaries or
their respective successors at such time. The terms of the grant will include the following:

	 	 	 
	Initial Value of the Grant:

	 	The initial value will be equal to the
amount of cash severance included within
the definition of Severance Pay in
Hudson’s Severance Plan that you would be
entitled to receive under such plan if
your employment was involuntarily
terminated upon completion of the Merger
(the “Initial Dollar Value”).
	 
	 	 
	Number of Restricted Stock Units:

	 	The number of restricted stock units will
be equal to the Initial Dollar Value
divided by the closing sales price of a
share of common stock of TD Banknorth on
the date the Merger is completed (or, if
not a trading day, the most recent
trading day prior to such date). Each
restricted stock unit will represent one
share of common stock of TD Banknorth.
	 
	 	 
	Vesting of the Restricted
Stock Units:

	 	Consistent with grants previously made by
Hudson, the restricted stock units will
become one-third vested on the three-year
anniversary of the date of grant, with an
additional one-third vesting at the end
of year four and the end of year five.
The units will become vested only if you
are still employed by TD Banknorth or any
of our subsidiaries on the date of
vesting.

 

 

	 	 	 
	Accelerated Vesting:

	 	The restricted stock units will become
fully vested in the event of a Change of
Control of TD Banknorth, as defined in TD
Banknorth’s Amended and Restated 2003
Equity Incentive Plan (the “Plan”). The
restricted stock units also will become
fully vested in the event your employment
is terminated due to retirement (as to be
defined in the grant agreement),
Disability (as defined in the Plan) or
death.
	 
	 	 
	Payments on Restricted

Stock Units:

	 	Shortly following any vesting of the
restricted stock units, a cash payment
will be made to you equal to the number
of units that vested multiplied by the
per share closing price of the common
stock of TD Banknorth on the date of
vesting (or, if not a trading day, the
most recent trading day prior to such
date), with applicable withholding taxes
to be subtracted from the aggregate
payment.

     The restricted stock units will be evidenced by a grant agreement, which we will provide to
you as soon as practicable following the completion of the Merger, provided that you are still
employed by Hudson and its subsidiaries or their respective successors at such time. The grant
agreement will be similar to agreements which evidence awards of restricted stock units to officers
of TD Banknorth. Among other things, the grant agreement will indicate that the grant does not
confer upon the recipient any right with respect to continued employment.

Increase in Cash Severance

     In addition to the above grant of stock units, we are also pleased to inform you that in the
event your employment with TD Banknorth or its subsidiaries is involuntarily terminated by us for
reasons other than those set forth in Section 3c of Hudson’s Severance Plan at any time within 12
months following completion of the Merger, we will provide you with a lump sum cash payment equal
to twice the amount of cash severance included within the definition of Severance Pay in Hudson’s
Severance Plan for an officer of your position and years of service. Such cash severance shall be
subject to the other provisions of Hudson’s Severance Plan, except that the cap on the Severance
Pay in footnote (2) in Section 4a of the Severance Plan shall be increased for the first 12 months
following completion of the Merger to two times your cash compensation (i.e., salary and cash
bonus) for the calendar year preceding termination of employment.

Extension of Right to Severance Pay

     If your employment with TD Banknorth or its subsidiaries is involuntarily terminated by us for
reasons other than those set forth in Section 3c of Hudson’s Severance Plan following the one-year
anniversary of completion of the Merger and on or before the two-year anniversary of completion of
the Merger, we will provide you with the Severance Pay set forth in Hudson’s

 

 

Severance Plan for an officer of your position and years of service, subject to the other
provisions of Hudson’s Severance Plan. As a result, this letter extends your period of protection
by one year, from a period of 12 months as set forth in Hudson’s Severance Plan to a total of 24
months.

     If you have any questions, please give us a call.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	Cynthia A. Hamilton
	 

	 	EVP, Human Resourcesexv10w4

 

EXHIBIT 10.4

July 29, 2005

Re: Retention Incentives

Dear                               :

     We look forward to the successful completion of the pending merger of Hudson United Bancorp
(“Hudson”) with and into TD Banknorth Inc. (the “Merger”). As an incentive for you to remain with
us following completion of the Merger, we hereby agree to grant restricted stock units to you upon
completion of the Merger, provided that you are still employed by Hudson and its subsidiaries or
their respective successors at such time. The terms of the grant will include the following:

	 	 	 
	Initial Value of the Grant:

	 	The initial value will be equal to the
amount of cash severance that you would
be entitled to receive under Hudson’s
Severance Plan if your employment was
involuntarily terminated upon completion
of the Merger (the “Initial Dollar
Value”).
	 
	 	 
	Number of Restricted Stock Units:

	 	The number of restricted stock units will
be equal to the Initial Dollar Value
divided by the closing sales price of a
share of common stock of TD Banknorth on
the date the Merger is completed (or, if
not a trading day, the most recent
trading day prior to such date). Each
restricted stock unit will represent one
share of common stock of TD Banknorth.
	 
	 	 
	Vesting of the Restricted
Stock Units:

	 	Consistent with grants previously made by
Hudson, the restricted stock units will
become one-third vested on the three-year
anniversary of the date of grant, with an
additional one-third vesting at the end
of year four and the end of year five.
The units will become vested only if you
are still employed by TD Banknorth or any
of our subsidiaries on the date of
vesting.

 

 

	 	 	 
	Accelerated Vesting:

	 	The restricted stock units will become
fully vested in the event of a Change of
Control of TD Banknorth, as defined in TD
Banknorth’s Amended and Restated 2003
Equity Incentive Plan (the “Plan”). The
restricted stock units also will become
fully vested in the event your employment
is terminated due to retirement (as to be
defined in the grant agreement),
Disability (as defined in the Plan) or
death.
	 
	 	 
	Payments on Restricted

Stock Units:

	 	Shortly following any vesting of the
restricted stock units, a cash payment
will be made to you equal to the number
of units that vested multiplied by the
per share closing price of the common
stock of TD Banknorth on the date of
vesting (or, if not a trading day, the
most recent trading day prior to such
date), with applicable withholding taxes
to be subtracted from the aggregate
payment.

     The restricted stock units will be evidenced by a grant agreement, which we will provide to
you as soon as practicable following the completion of the Merger, provided that you are still
employed by Hudson and its subsidiaries or their respective successors at such time. The grant
agreement will be similar to agreements which evidence awards of restricted stock units to officers
of TD Banknorth. Among other things, the grant agreement will indicate that the grant does not
confer upon the recipient any right with respect to continued employment.

Extension of Right to Severance Pay

     In addition to the above grant of stock units, we are also pleased to inform you that in the
event your employment with TD Banknorth or its subsidiaries is involuntarily terminated by us for
reasons other than those set forth in Section 3c of Hudson’s Severance Plan at any time within 24
months following completion of the Merger, we will provide you with the Severance Pay set forth in
Hudson’s Severance Plan for an officer of your position and years of service, subject to the other
provisions of Hudson’s Severance Plan. As a result, this letter extends your period of protection
by one year, from a period of 12 months as set forth in Hudson’s Severance Plan to a total of 24
months.

     If you have any questions, please give us a call.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	Cynthia A. Hamilton
	 

	 	EVP, Human Resourcesexv10w50

 

Exhibit 10.50

THIRD AMENDMENT TO THE

MARKETING AND SERVICING AGREEMENT

     THIS THIRD AMENDMENT TO THE MARKETING AND SERVICING AGREEMENT dated as of July 26, 2005 (this
“Amendment”) is an Amendment to the MARKETING AND SERVICING AGREEMENT effectively dated October 21,
2002, as amended, by and between Republic Bank & Trust Company, a bank organized under the laws of
the state of Kentucky (“BANK”), and ACE Cash Express, Inc., a Texas corporation (“COMPANY”).

     WHEREAS, BANK and COMPANY have previously entered into that certain MARKETING AND SERVICING
AGREEMENT dated as of October 21, 2002, as amended, (the “Marketing Agreement”); and

     WHEREAS, BANK and COMPANY desire to amend the Marketing Agreement.

     NOW, THEREFORE, the parties hereby agree as follows:

	 	1.	 	The Marketing Agreement is hereby amended by deleting, in its entirety, the
fourth recital which reads as follows:
	 
	 	 	 	“WHEREAS, COMPANY agrees that BANK shall have the first and exclusive right to all
TRANSACTIONS originated in the MARKET by COMPANY stores up to a maximum of $14
million, exclusive of TRANSACTIONS rejected by the BANK, at such time when COMPANY,
using commercially reasonable efforts, is able to terminate COMPANY’S arrangements
existing on the date hereof to offer and provide TRANSACTIONS or any product that is
the same or substantially similar to the TRANSACTIONS within the MARKET;”
	 
	 	2.	 	Section 3(a) of the Marketing Agreement is hereby amended by adding a sentence
at the end thereof which shall read in its entirety as follows:
	 
	 	 	 	“BANK may also reject any TRANSACTION if, after giving effect to such TRANSACTION,
the aggregate principal amount then outstanding of all TRANSACTIONS entered into in
connection with this AGREEMENT would exceed $20 million.”
	 
	 	3.	 	Section 3(b) of the Marketing Agreement is hereby amended to read in its
entirety as follows:
	 
	 	 	 	“(b) COMPANY acknowledges that all rights of ownership in the TRANSACTIONS and the
TRANSACTION DOCUMENTS are and remain the sole property of BANK, and COMPANY shall
have no ownership rights to such TRANSACTIONS or TRANSACTION DOCUMENTS during the
term of this AGREEMENT, except that COMPANY shall have a right of first refusal to
purchase any TRANSACTION and the associated TRANSACTION DOCUMENTS with regard to any
TRANSACTION in default by the CUSTOMER and with respect to which COMPANY has
otherwise satisfied its obligations owing to BANK pursuant to this AGREEMENT.”

 

 

	 	4.	 	Section 3(c) of the Marketing Agreement is hereby amended to read in its
entirety as follows:
	 
	 	 	 	“(c) In its sole discretion, BANK may sell, transfer, grant an interest in, or
otherwise assign any TRANSACTION, or any portion of any TRANSACTION, to a third
party or parties, subject to the provisions and prior rights of COMPANY stated in
paragraph 3(b) above. Any sale, transfer or assignment by BANK of any TRANSACTIONS
shall comply with applicable law.”
	 
	 	5.	 	Section 5(c) of the Marketing Agreement is hereby amended by adding a new
Subsection (iii) thereto which shall read in its entirety as follows:
	 
	 	 	 	“(iii) BANK shall not directly or indirectly offer TRANSACTIONS to residents of the
MARKET other than through COMPANY during the term of this AGREEMENT.
	 
	 	6.	 	Section 5(d) of the Marketing Agreement is hereby amended by adding a new
Subsection (iv) thereto which shall read in its entirety as follows:
	 
	 	 	 	“(iv) COMPANY agrees that, unless otherwise required by any applicable law, rule or
regulation or directed by any regulatory agency or authority governing COMPANY,
prior to offering any other consumer loan product to a CUSTOMER in the MARKET, such
CUSTOMER will first be offered a TRANSACTION under this AGREEMENT, up to an
aggregate principal amount of TRANSACTIONS outstanding of $20 million.”
	 
	 	7.	 	Section 7(a) of the Marketing Agreement is hereby amended by deleting the
reference therein to “January 1, 2006” and replacing it with a reference to “January 1,
2008”.
	 
	 	8.	 	Section 7(g) of the Marketing Agreement is hereby amended and restated to read
in its entirety as follows:
	 
	 	 	 	“(g) INTENTIONALLY OMITTED.”
	 
	 	9.	 	Section 7 of the Marketing Agreement is hereby amended by adding a new
subsection (l) thereto which shall read in its entirety as follows:

“(l) Change in Circumstances. If COMPANY can profitably engage in deferred
deposit transactions in any State within the MARKET independent of BANK and any
other bank (unless said other bank is subject to federal rules or regulations
affecting the deferred deposit transactions that are less restrictive than those
governing BANK and therefore also results in more profit to COMPANY), then COMPANY,
in its sole discretion upon sixty (60) days notice to BANK, may elect to modify this
AGREEMENT to remove such State from the definition of MARKET; provided, however, the
effective date of any such modification shall be no earlier than (i) March 31, 2006,
if the state to be removed is Texas, and (ii) January 1, 2006, in all other
instances. In the event COMPANY elects to modify this AGREEMENT to remove Texas
from the MARKET pursuant to the preceding sentence of this paragraph 7(l), because
COMPANY elects to act (or to have a separate subsidiary act) as a credit services
organization (a

2

 

“CSO”) pursuant to Chapter 393 of the Texas Finance Code (the “CSO Election”), then
COMPANY shall give BANK written notice (the “Opportunity Notice”) of the CSO
Election and permit BANK the opportunity to offer and make loans to COMPANY’s CSO
customers who are Texas residents (i) at an interest rate per annum no greater than
the maximum rate set forth in Section 302.001 of the Texas Finance Code and (ii) for
which COMPANY (or a separate subsidiary of COMPANY) acts as a CSO (the “BANK CSO
Opportunity”). BANK must give written notice to COMPANY of its election to accept
or reject the BANK CSO Opportunity within ten (10) days after the date of receipt of
the Opportunity Notice. If BANK fails to accept or reject the BANK CSO
Opportunity in a timely manner, the BANK CSO Opportunity shall be deemed to have
been rejected by BANK.”

	 	10.	 	Exhibit A of the Marketing Agreement is hereby amended by amending and
restating Subsections (d) and (f) therein to read in their entirety as follows:

“(d) INTENTIONALLY OMITTED

(f) INTENTIONALLY OMITTED”

     In the event of any conflict, inconsistency, or incongruity between the provisions of this
Amendment and any of the provisions of the Marketing Agreement, as previously amended, the
provisions of this Amendment shall in all respects govern and control.

     IN WITNESS WHEREOF, COMPANY and BANK, each intending to be legally bound hereby, have caused
this Amendment to be executed by its duly authorized officer as of the 26th of July, 2005.

	 	 	 	 	 	 	 
	REPUBLIC BANK & TRUST COMPANY	 	ACE CASH EXPRESS, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ KEVIN SIPES
	 	By:
	 	/s/ WALTER E. EVANS
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Its:

	 	Executive Vice President & CFO
	 	Its:
	 	Senior Vice President & General Counsel
	 
	 	 	 	 	 	 
	Date:

	 	July 26, 2005
	 	Date:
	 	July 26, 2005

3

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