Document:

Exhibit 10.19

 

FINAL VERSION

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of April 7, 2014, among MIDLAND STATES BANCORP, INC., an Illinois corporation (“Acquiror”), HALLMARK INVESTMENT CORPORATION, a Missouri corporation (“Hallmark”), each of the Persons listed on ANNEX A hereto (individually, an “LSHC Shareholder,” and collectively, the “LSHC Shareholders” and together with Hallmark, the “LSHC Parties”) and each of the Persons listed on ANNEX B hereto (collectively, the “McDonnell Family”).

 

RECITALS

 

A.                                    Acquiror, HB Acquisition LLC, an Illinois limited liability company and wholly-owned subsidiary of Acquiror (“Merger Sub”), and LOVE SAVINGS HOLDING COMPANY, a Missouri corporation (“LSHC”), are executing an Agreement and Plan of Merger, dated of even date herewith (including the exhibits, schedules and annexes thereto, the “Merger Agreement”), providing for, among other things, the Merger.

 

B.                                    Each LSHC Shareholder owns shares of Company Senior Preferred Stock, Company Series A Preferred Stock and/or Company Common Stock (as such terms are defined in the Merger Agreement) and, pursuant to the Merger Agreement: (i) is expected to receive the consideration set forth opposite such LSHC Shareholder’s name on ANNEX A for such shares upon the consummation of the Merger; and (ii) has agreed to execute and deliver certain agreements to Acquiror and Merger Sub to facilitate the Merger.  ANNEX A shall be updated at the Closing to reflect the actual consideration received by each LSHC Shareholder in the Merger.

 

C.                                    Each member of the McDonnell Family owns shares of Company Senior Preferred Stock and, pursuant to the Merger Agreement: (i) is expected to receive consideration for such shares upon the consummation of the Merger; and (ii) has agreed to execute and deliver certain agreements to Acquiror and Merger Sub to facilitate the Merger.

 

D.                                    As a condition to closing the Merger, LSHC must effect the Internal Restructuring, pursuant to which LSHC will contribute all of the Non-Banking Business not currently owned by Hallmark, as well as private equity investments, marketable securities and cash, to Hallmark, resulting in substantial benefit to Hallmark.  Following the Internal Restructuring and the subsequent Distribution, the LSHC Shareholders will own a majority of the outstanding equity securities of Hallmark.

 

E.                                    As a condition to entering into the Merger Agreement: (i) Acquiror and Merger Sub are requiring that Hallmark, each LSHC Shareholder and each member of the McDonnell Family enter into this Agreement; and (ii) LSHC is requiring that Acquiror enter into this Agreement, in each case to provide for certain indemnification rights and obligations on the terms and subject to the conditions set forth in this Agreement.

 

 

AGREEMENTS

 

In consideration of the foregoing premises, which are incorporated herein by this reference, and the following mutual promises, covenants and agreements, the parties hereto, intending to be legally bound, hereby agree as follows:

 

Section 1.                                          Definitions.  All terms that are capitalized and used herein (and are not otherwise specifically defined herein) shall be used in this Agreement as defined in the Merger Agreement.

 

Section 2.                                          Survival.

 

(a)                     For the purposes of this Agreement and notwithstanding anything to the contrary in the Merger Agreement, except as otherwise set forth in this Section 2, all representations, warranties and covenants contained in the Merger Agreement shall survive the Closing for a period of eighteen (18) months following the Closing Date and any claims to be made by the Acquiror Indemnified Parties against the LSHC Parties, or by the LSHC Indemnified Parties or the McDonnell Family Indemnified Parties against Acquiror, alleging a Breach of any such warranty, representation or covenant may be made only if, on or before the date that is eighteen (18) months after the Closing Date, the claiming party has given notice to the other party of the claim.

 

(b)                     Notwithstanding Section 2(a):

 

(i)                         (A) all representations, warranties and covenants made by LSHC with respect to:  (1) the Visa Ownership; (2) the HPS Relationship; (3) all of the matters described in Schedule 4.7(a) to the Merger Agreement; and (4) the tax effects of the Internal Restructuring and the Distribution to the Company and the Acquired Subsidiaries, as set forth in Section 4.9(e) of the Merger Agreement; and (B) all other covenants made by LSHC or Acquiror that, by their terms, are to be performed after the consummation of the Contemplated Transactions, shall survive the Closing; and

 

(ii)                      any claims arising out of or in connection with the matters that are referenced in clause (i) of this Section 2(b), clauses (iii) and (iv) of Section 3(a) or Section 3(b) may be made at any time following the Closing through the end of all applicable statutes of limitations.

 

Section 3.                                          Indemnification by the LSHC Parties.

 

(a)                     The LSHC Parties, jointly and severally, shall indemnify, defend and hold harmless Acquiror, its Affiliates and each of their respective Representatives (collectively, the “Acquiror Indemnified Parties”) from and against any and all Losses arising out of or resulting from:  (i) any Breach or incorrectness of any representation or warranty made by LSHC in the Merger Agreement or in any certificate, document or other writing delivered to Acquiror by LSHC pursuant thereto; (ii) any Breach of any covenant or agreement made by LSHC in the Merger Agreement; (iii) the Visa Ownership or the HPS Relationship; and (iv) any claim arising 

 

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out of any matter described in Schedule 4.7(a) of the Merger Agreement, including the LFC Dispute.

 

(b)                     The LSHC Parties, jointly and severally, shall indemnify, defend and hold harmless the Acquiror Indemnified Parties from and against any and all Losses incurred by Acquiror or its Subsidiaries arising out of or resulting from: (i) any Tax or Tax Return matters related to LSHC from a pre-Closing period (including, for the avoidance of doubt, if the liability for Taxes resulting from the consummation of the Internal Restructuring and/or the Distribution is determined to be greater than the Taxes that are taken into account in the calculation of Adjusted Book Value); (ii) any employee-related matters against LSHC related to an employee of the Non-Banking Business; (iii) LSHC’s operation of the Non-Banking Business; (iv) only if LSHC makes the 5% Dissenting Shares Election pursuant to Section 9.1(f) of the Merger Agreement, the actions taken by the Dissenting Shareholders against Acquiror as the successor to the Company (provided that, for the avoidance of doubt, “Losses” for this purpose shall mean only (1) the sum of the consideration paid to Dissenting Shareholders in excess of the portion of Aggregate Merger Consideration that otherwise would have been paid to such shareholders pursuant to Section 3.1(b) of the Merger Agreement plus all reasonable expenses, costs of investigation and attorneys’ fees and expenses incurred by Acquiror in connection with the actions brought by the Dissenting Shareholders, multiplied by (2) a fraction, the numerator of which is the excess of the Dissenting Shares Amount over two percent (2.0%) and the denominator of which is the Dissenting Shares Amount); (v) any guarantees provided by the Company or an Acquired Subsidiary with respect to the indebtedness of Hallmark or any other Affiliate of the Company or the Love Family (other than the guaranty of the Company referenced in Schedule 4.24 of the Merger Agreement); or (vi) any other Loss incurred by Acquiror or its Subsidiaries as a result of its acquisition of LSHC that relate to the operation of LSHC’s business prior to the Closing and would not have been incurred had the transaction structure contemplated by the Stock Purchase Agreement been effected instead of the Merger.

 

Section 4.                                          Indemnification by Acquiror.  Acquiror shall indemnify, defend and hold harmless the LSHC Shareholders, their Affiliates and each of their respective Representatives (collectively, the “LSHC Indemnified Parties”) and the McDonnell Family and its Affiliates and Representatives (collectively, the “McDonnell Family Indemnified Parties”) from and against any and all Losses arising out of or resulting from:  (a) any Breach or incorrectness of any representation or warranty made by Acquiror in the Merger Agreement or in any certificate, document or other writing delivered to LSHC by Acquiror pursuant thereto; or (b) any Breach of any covenant or agreement made by Acquiror in the Merger Agreement.

 

Section 5.                                          Indemnification Procedure.

 

(a)                     Third-Party Claims.  If a claim shall be asserted or litigation shall be commenced (such a claim or litigation being referred to herein as a “Third-Party Claim”) for which indemnification under this Agreement shall be sought, the party entitled to indemnification hereunder (“Indemnitee”) shall give notice thereof to the party required to indemnify such party hereunder (“Indemnitor”) as promptly as practicable after Indemnitee’s receipt of such assertion of a claim or the commencement of such litigation (it being agreed, however, that no delay on the part of the Indemnitee in notifying the Indemnitor of the Third-Party Claim will relieve the Indemnitor from any obligation under this Agreement except 

 

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to the extent that the delay materially prejudices the defense of the Third-Party Claim by the Indemnitor).  Indemnitor may, at its sole cost and expense, upon written notice given to Indemnitee within twenty (20) days after its receipt  of Indemnitee’s notice under this Section 5, assume the defense, with counsel reasonably satisfactory to Indemnitee, of any such Third-Party Claim.  If Indemnitor assumes the defense of any such Third-Party Claim, the obligations of Indemnitor hereunder as to such Third-Party Claim shall be limited to taking all steps necessary in the defense or settlement thereof and to holding Indemnitee harmless from, against and in respect of any and all Losses caused by or arising out of any settlement approved by Indemnitor or any judgment in connection with such Third-Party Claim.  Except with the prior written consent of Indemnitee, Indemnitor shall not consent to the settlement or entry of any judgment arising from any such Third-Party Claim which in each case does not include as an unconditional term thereof the giving by the claimant or plaintiff, as the case may be, to Indemnitee of an unconditional release from all liability in respect thereof unless Indemnitor has actually paid the full amount of any such settlement or judgment.  Indemnitee shall cooperate with Indemnitor as necessary to the conduct of the defense of, and shall be entitled to receive copies of all pleadings and other material papers in connection with, any Third-Party Claim.  If Indemnitor does not assume the defense of any Third-Party Claim, Indemnitee may defend the same in such manner as it may deem appropriate, including but not limited to settling such Third-Party Claim, after giving reasonable notice of the same to Indemnitor, on such terms as Indemnitee may deem appropriate, and Indemnitor will promptly reimburse Indemnitee in accordance with the provisions of this Section 5, subject to its having liability hereunder.  Anything contained in this Section 5 to the contrary notwithstanding:  (i) Indemnitor shall not be entitled to assume the defense of any Third-Party Claim if the Third-Party Claim seeks an order, injunction or other equitable relief against Indemnitee which, if successful, might materially interfere with, or adversely affect, the operation by Indemnitee of its business; and (ii) Indemnitee may defend any claim to which Indemnitee may have a defense or counterclaim which Indemnitor is not entitled to assert, to the extent necessary to assert and maintain such defense or counterclaim.

 

(b)                     Other Claims.  If any Indemnitee believes that it has suffered or will suffer any Losses for which the Indemnitor is obligated to indemnify it hereunder (other than Losses arising out of or relating to a Third-Party Claim), it shall promptly notify the Indemnitor in writing of the claim, specifying therein the reason why it believes that the Indemnitor is or will be obligated to indemnify it, the amount claimed, and the basis on which it has calculated such amount.  If the parties do not agree on the claim submitted, they shall endeavor in good faith to settle and compromise said claim for a period of thirty days after the dispute arises before commencing any legal proceedings.

 

Section 6.                                          Indemnification Limits.

 

(a)                     The LSHC Parties shall have no liability for any claim for indemnification pursuant to Section 3 until the Losses for which the LSHC Parties would be responsible exceed, in the aggregate, Five Hundred Thousand Dollars ($500,000), in which event the LSHC Parties shall pay or be liable for all such Losses from the first dollar.  Notwithstanding the foregoing sentence, however, any indemnification claims by the Acquiror Indemnified Parties relating to the Visa Ownership, the HPS Relationship, the LFC Dispute or the matters referenced in Section 3(b) shall be paid from the first dollar.

 

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(b)                     Notwithstanding anything set forth in this Agreement to the contrary, no LSHC Shareholder, on an individual basis, shall be required to make indemnification payments to the Acquiror Indemnified Parties pursuant to Section 3 to the extent indemnification payments thereunder would exceed, in the aggregate, the amount of total consideration received by such LSHC Shareholder in the Merger (such amount, the “Individual Indemnification Cap”), which amount is set forth opposite each LSHC Shareholder’s name on ANNEX A to this Agreement.

 

(c)                      Acquiror shall have no liability for any claim for indemnification pursuant to Section 4 until the Losses for which Acquiror would be responsible exceed, in the aggregate, Five Hundred Thousand Dollars ($500,000), in which event Acquiror shall pay or be liable for all such Losses from the first dollar.

 

(d)                     All indemnification claims shall be net of available insurance proceeds and income tax benefits accruing to the indemnified party and shall not include any amounts for exemplary or punitive damages (unless part of a Third-Party Claim).

 

(e)                      Any indemnification claim payable by an LSHC Shareholder to Acquiror may be paid, at the LSHC Shareholder’s option, either in cash or through the cancellation of the appropriate number of shares of Acquiror Common Stock previously issued to the LSHC Shareholder, calculated based on the Per Share Acquiror Stock Valuation.  Any indemnification claim payable by Acquiror to an LSHC Shareholder or to the McDonnell Family may be paid, at Acquiror’s option, either in cash or through the issuance of the appropriate number of additional shares of Acquiror Common Stock, calculated based on the Per Share Acquiror Stock Valuation.

 

(f)                       Notwithstanding anything contained herein to the contrary, the right to indemnification, reimbursement or other remedy based upon a Breach by either LSHC or Acquiror of any of the representations, warranties or covenants made by LSHC or Acquiror, respectively, in the Merger Agreement will not be affected, and there shall not be taken into account for purposes of determining whether there has occurred such a Breach, or the amount of any Losses resulting from such Breach:  (i) any limitation on such representation, warranty or covenant based upon Knowledge, materiality or Material Adverse Effect; (ii) any Knowledge acquired by Acquiror or its Representatives at any time after the execution and delivery of the Merger Agreement and this Agreement or after the Closing Date, including any information provided by LSHC to Acquiror after the date of the Merger Agreement and this Agreement pursuant to Section 6.8 of the Merger Agreement; or (iii) any Knowledge acquired by LSHC or its Representatives at any time after the execution and delivery of the Merger Agreement and this Agreement or after the Closing Date, including any information provided by Acquiror to LSHC pursuant to Section 7.3 of the Merger Agreement.

 

(g)                      Except as set forth in Article 11 of the Merger Agreement or for claims based upon fraud or willful misconduct, the indemnification rights set forth in this Agreement shall constitute the sole and exclusive remedy of the Acquiror Indemnified Parties, the LSHC Indemnified Parties and the McDonnell Family Indemnified Parties for any Breach of representations or warranties or covenants under the Merger Agreement or this Agreement.

 

(h)                     If the Loss incurred by an LSHC Indemnified Party or a McDonnell Family Indemnified Party results from a diminution in the aggregate value of Acquiror Common 

 

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Stock (“Aggregate Diminution”), then the amount of such Loss claimed by an LSHC Indemnified Party or McDonnell Family Indemnified Party for which Acquiror may be liable pursuant to this Agreement shall be equal to the amount of the Aggregate Diminution multiplied by the percentage  ownership of Acquiror Common Stock by the applicable LSHC Indemnified Party or McDonnell Family Indemnified Party.  For the avoidance of doubt, the parties acknowledge and agree that any Loss incurred by an LSHC Indemnified Party or McDonnell Family Indemnified Party resulting from a breach of any of Section 5.5 through Section 5.24 of the Merger Agreement, or of Section 5.29 of the Merger Agreement (but only to the extent that it relates to any of Section 5.5 through Section 5.24) shall be measured solely in accordance with the preceding sentence.  Any other Loss from and against which Acquiror is obligated to indemnify, defend and hold harmless the LSHC Indemnified Parties or McDonnell Family Indemnified Parties pursuant to Section 4 of this Agreement shall be measured in such other manner as shall be appropriate.

 

Section 7.                                          Update to ANNEX A.  Acquiror and the LSHC Parties agree to take all necessary actions on or prior to the Closing Date to update ANNEX A to this Agreement to set forth the actual amount of consideration to be received by each LSHC Shareholder upon consummation of the Merger.  Each LSHC Shareholder agrees that, if such shareholder transfers any shares of Company Senior Preferred Stock, Company Series A Preferred Stock and/or Company Common Stock between the date of this Agreement and the Closing Date to any person who is not also an LSHC Shareholder (as listed on ANNEX A hereto), the amount set forth on the updated ANNEX A used for purposes of establishing the Individual Indemnification Cap shall be the amount of consideration that would have been received by the LSHC Shareholder upon consummation of the Merger if such transfer had not been effected.

 

Section 8.                                          Entire Agreement; No Third-Party Beneficiaries.  This Agreement, together with the Merger Agreement, supersedes all prior agreements, written or oral, and contains the entire agreement, between the parties hereto (or any of them) with respect to the subject matter hereof.  This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; provided that this Agreement will inure to the benefit of each of the Acquiror Indemnified Parties, the LSHC Indemnified Parties and the McDonnell Family Indemnified Parties.

 

Section 9.                                          Amendment; Waiver.  This Agreement may not be amended or supplemented, and no provisions hereof may be modified or waived, except by an instrument in writing signed by all of the parties hereto.  No waiver of any provisions hereof by any party shall be deemed a waiver of any other provisions hereof by such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

Section 10.                                   Notices.  All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given:  (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal 

 

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business hours of the recipient; or (d) on the fifth (5th) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.  Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10):

 

If to Acquiror, to:

 

Midland States Bancorp, Inc.

1201 Network Centre Drive

Effingham, Illinois  62401

Telephone:                                               (217) 342-7331

Electronic Mail:                      jludwig@midlandstatesbank.com

Facsimile:                                                     (217) 342-9462

Attention:                                                     Jeffrey G. Ludwig

Executive Vice President and Chief Financial Officer

 

with copies to:

 

Barack Ferrazzano Kirschbaum & Nagelberg LLP

200 West Madison Street, Suite 3900

Chicago, Illinois  60606

Telephone:                                               (312) 984-3100

Electronic Mail:                      dennis.wendte@bfkn.com

Facsimile:                                                     (312) 984-3150

Attention:                                                     Dennis R. Wendte, Esq.

 

If to Hallmark, to:

 

Hallmark Investment Corporation

212 South Central Avenue

St. Louis, Missouri 63105-3570

Telephone:                                               (314) 512-8606

Electronic Mail:                      aslove@lovesavings.net

Facsimile:                                                     (314) 512-8687

Attention:                                                     Andrew S. Love

Chairman

 

with copies to:

 

Alan A. Sachs, LLC

231 South Bemiston Avenue, Suite 800

St. Louis, Missouri 63105

Telephone:                                               (314) 854-9194

Electronic Mail:                      asachs@alansachs.com

Facsimile:                                                     (314) 854-9118

Attention:                                                     Alan A. Sachs, Esq.

 

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and

 

Carmody MacDonald, P.C.

120 South Central Avenue, Suite 1800

St. Louis, Missouri 63105

Telephone:                                               (314) 854-8600

Electronic Mail:                      mbh@carmodymacdonald.com

Facsimile:                                                     (314) 854-8660

Attention:                                                     Mark B. Hillis, Esq.

 

If to any LSHC Shareholder, to the address, email address or facsimile number set forth for the LSHC Shareholder on ANNEX A.  If to the McDonnell Family, to the address, email address or facsimile number set forth on ANNEX B.

 

Section 11.                                   Miscellaneous.

 

(a)                     This Agreement shall be governed by and construed in accordance with the internal laws of the State of Missouri without giving effect to any choice or conflict of law provision that would cause the application of laws of any jurisdiction other than those of the State of Missouri, except to the extent that the federal laws of the United States apply.  Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the courts of the State of Missouri located in the County of St. Louis, or, if it has or can acquire jurisdiction, in the United States District Court for the Eastern District of Missouri, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.  The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)                     EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT:  (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (II) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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(c)                      If any term or provision of this Agreement is held by a final and unappealable order or judgment of a court of competent jurisdiction to be invalid, void, or unenforceable, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect, and shall not be impaired or invalidated thereby.  Upon such determination that any term or other provision is invalid, void, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the agreements contemplated herein be preserved to the greatest extent possible.

 

(d)                     This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may be executed and accepted by facsimile or electronic signature and any such signature shall be of the same force and effect as an original signature.

 

(e)                      Each party hereto shall execute and deliver such additional documents as may be necessary or desirable to carry out the intent of this Agreement.

 

(f)                       All words used in this Agreement will be construed to be of such gender or number as the circumstances require, all references to sections, are to sections of this Agreement unless otherwise specified, and “including” means “including, but not limited to.”

 

(g)                      All section headings herein are for convenience of reference only and are not part of this Agreement, and no construction or reference shall be derived therefrom.

 

(h)                     Hallmark, each LSHC Shareholder and each member of the McDonnell Family acknowledges that he, she or it has had an opportunity to be advised by counsel of his, her or its choosing with regard to this Agreement and the transactions and consequences contemplated hereby.

 

(i)                         This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and permitted assigns. Neither this Agreement nor any rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties hereto. Each party shall cause any person acquiring all or substantially all of the assets of such party, or any surviving entity in the case of any merger, consolidation or reorganization of such party, to assume upon the consummation thereof the obligations of such party under this Agreement.

 

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[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement individually, or have caused this Agreement to be executed by their respective officers, on the day and year first written above.

 

	
ACQUIROR:
    	
 
    	
HALLMARK:
    
	
 
    	
 
    	
 
    
	
MIDLAND STATES   BANCORP, INC.
    	
 
    	
HALLMARK INVESTMENT CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ Leon J. Holschbach
    	
 
    	
By: 
    	
/s/ Laurence A.   Schiffer
    
	
 
    	
Name: 
    	
Leon J. Holschbach
    	
 
    	
 
    	
Name: 
    	
Laurence A. Schiffer
    
	
 
    	
Title: 
    	
President &   CEO
    	
 
    	
 
    	
Title: 
    	
President
    

 

LSHC SHAREHOLDERS:

 

	
LOVE GROUP, LLC
    	
 
    	
LOVE INVESTMENT COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:  
    	
/s/ Andrew S. Love
    	
 
    	
By:
    	
 /s/ Laurence A. Schiffer
    
	
 
    	
Name: Andrew S. Love
    	
 
    	
 
    	
Name: Laurence A.   Schiffer
    
	
 
    	
Title: Manager
    	
 
    	
 
    	
Title: President
    
	
 
    	
 
    	
 
    
	
LOVE REAL ESTATE COMPANY
    	
 
    	
ANDREW SPROULE LOVE, JR., AS   TRUSTEE OF THE LOVE FAMILY CHARITABLE TRUST
    
	
 
    	
 
    	
 
    
	
By:  
    	
/s/ Laurence A. Schiffer
    	
 
    	
/s/ Andrew Sproule   Love, Jr.
    
	
 
    	
Name: Laurence A. Schiffer
    	
 
    	
 
    
	
 
    	
Title: President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BANK OF AMERICA AND   ANDREW S. LOVE, JR., AS TRUSTEES U/T/W OF ANDREW SPROULE LOVE FBO   ANDREW SPROULE LOVE, JR.
    	
 
    	
ANDREW S. LOVE, JR.
    
	
 
    	
/s/ Andrew S.   Love, Jr.
    
	
 
    	
 
    	
 
    
	
Bank of America
    	
 
    	
LAURENCE A. SCHIFFER
    
	
 
    	
 
    	
 
    
	
By:  
    	
/s/ Cathy S. Meeks
    	
 
    	
/s/ Laurence A.   Schiffer
    
	
 
    	
Name: Cathy S. Meeks
    	
 
    	
 
    
	
 
    	
Title: SVP Bank of America, Trustee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Andrew S. Love, Jr.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MCDONNELL FAMILY:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
JAMES S. MCDONNELL III
    	
 
    	
JOHN F. MCDONNELL
    
	
 
    	
 
    	
 
    
	
/s/ James S. McDonnell   III
    	
 
    	
/s/ John F. McDonnell
    

 

[SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT]

 

 

ANNEX A

 

LSHC SHAREHOLDERS

 

	
SHAREHOLDER
    	
 
    	
MAILING ADDRESS, 
   FACSIMILE, EMAIL 
   ADDRESS
    	
 
    	
CONSIDERATION 
   RECEIVED IN 
   MERGER 
   (ESTIMATED)*
    	
 
    	
CONSIDERATION 
   RECEIVED IN 
   MERGER 
   (ACTUAL)*
    
	
Love Group, LLC
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Love Investment Company
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Love Real Estate Company
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bank of America and Andrew S. Love, Jr.,   as Trustees U/T/W of Andrew Sproule Love FBO Andrew Sproule Love, Jr.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Andrew Sproule Love, Jr. as Trustee of the Love   Family Charitable Trust
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Andrew S. Love, Jr.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Laurence A. Schiffer
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

*                 Shares of Acquiror Common Stock received are valued based on the Per Share Acquiror Stock Valuation.

 

 

ANNEX B

 

MCDONNELL FAMILY

 

	
SHAREHOLDER
    	
 
    	
MAILING ADDRESS, FACSIMILE, 
   EMAIL ADDRESS
    
	
James S. McDonnell III
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
John F. McDonnellExhibit 10.20

 

FINAL VERSION

 

NONCOMPETITION AGREEMENT

 

THIS NONCOMPETITION AGREEMENT (this “Agreement”) is made and entered into as of April 7, 2014 (the “Agreement Date”), by and between MIDLAND STATES BANCORP, INC., an Illinois corporation (“Acquiror”), and ANDREW S. LOVE, an individual resident of the State of Missouri (the “Restricted Person,” and together with Acquiror, the “Parties”); provided, however, that this Agreement shall become effective only upon the date of consummation of the Merger (the “Effective Date”), and if the Merger Agreement is terminated prior to the Merger being consummated, this Agreement shall be null and void and the Parties shall have no further obligations hereunder.

 

RECITALS

 

A.                                    Pursuant to an Agreement and Plan of Merger, of even date herewith (the “Merger Agreement”), among Acquiror, HB Acquisition LLC, a wholly-owned subsidiary of Acquiror (“Merger Sub”), and Love Savings Holding Company, a Missouri corporation (“LSHC”), Midland has agreed to acquire LSHC by means of a merger (the “Merger”) of LSHC with and into Merger Sub.

 

B.                                    The Restricted Person is a director and/or executive officer of LSHC and certain of its subsidiaries and has become familiar with the customers of and related customer information for LSHC and its subsidiaries, including Heartland Bank.

 

C.                                    The Restricted Person is a principal shareholder of LSHC and will, therefore, benefit substantially from the consideration paid by Acquiror to consummate the Merger.

 

D.                                    Acquiror would not have entered into the Merger Agreement and agreed to pay the cash and stock consideration to LSHC’s shareholders without the Restricted Person’s agreement to the terms of this Agreement, including the non-competition and non-solicitation covenants contained herein, and it is a condition to Acquiror’s obligations under the Merger Agreement that this Agreement be in full force and effect on the Effective Date.

 

E.                                    The Restricted Person believes it is in his best interest as well as the best interest of LSHC to consummate the Merger.

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants of the Parties set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby covenant and agree as follows:

 

AGREEMENTS

 

Section 1.                                          Payment.  In consideration of the Restricted Person’s covenants set forth in Section 3 and Section 4, Acquiror shall pay the Restricted Person during the Restricted Period (as defined in Section 3(a)) an annual payment of Two Hundred Fifty Thousand Dollars ($250,000), payable in equal monthly installments of Twenty Thousand Eight Hundred Thirty-Three Dollars ($20,833) each, in advance, with the first installment to be paid on the first Business Day (as defined in the Merger Agreement) of the first month immediately following the

 

 

Effective Date, together with such sum as is due for a partial month between the Effective Date and such first Business Day, with each additional installment to be paid on the first Business Day of each succeeding month through the end of the Restricted Period.  The Restricted Person agrees that he shall not be entitled to receive during the Restricted Period (provided the payments required by this Section 1 are made) any fees for any service as a director of Acquiror, provided, however, that the Restricted Person, if he is serving as a director of Acquiror, will be compensated for service, if any, on more than one (1) committee of the board of directors pursuant to the compensation policy of Acquiror for such committee service.

 

Section 2.                                          Confidentiality.  For purposes of this Agreement, “Confidential Information” shall mean records, files, documents, data, trade secrets and information that are not available to the public regarding Acquiror and its Affiliates, including information about LSHC and its subsidiaries that will become information regarding Acquiror after the Effective Date; provided, however, that such term shall not include any such records, files, documents, data, trade secrets or information that relate solely to the Non-Banking Business and other assets of LSHC that are subject to the Internal Restructuring and the Distribution (as such capitalized terms are defined in the Merger Agreement).  The Restricted Person acknowledges that the nature of the Restricted Person’s position with LSHC and its subsidiaries has given him access to Confidential Information.  The Restricted Person shall hold in confidence and not directly or indirectly disclose any Confidential Information to third parties unless disclosure becomes reasonably necessary in connection with the performance of his duties as a member of the board of directors of Acquiror, or the Confidential Information lawfully becomes available to the public from other sources, or the Restricted Person is authorized in writing by Acquiror to disclose it or the Restricted Person is required to disclose it by law. All Confidential Information that the Restricted Person prepares shall be the sole property of Acquiror.  The restrictions contained in this Section 2 shall extend to any personal computers or other electronic devices of the Restricted Person.  The Restricted Person shall promptly return all originals and copies of any Confidential Information to Acquiror if reasonably requested by Acquiror, except as retention may be required for purposes of income tax filings and as required by Applicable Law and Regulation.  Nothing in this Section 2 shall relate to information provided to, or documents or materials prepared by, the Restricted Person in his capacity as a director of Acquiror.

 

Section 3.                                          General Noncompetition and Nonsolicitation Covenants.

 

(a)                     The primary service area of Acquiror’s business extends separately to an area that encompasses a fifty (50)-mile radius from each banking and other office location of Acquiror and its Affiliates and a fifty (50)-mile radius from Acquiror’s main office in Effingham, Illinois (collectively, the “Restricted Area”).  As an essential ingredient and in consideration of this Agreement and the Merger Agreement, the Restricted Person shall not, for a period beginning with the Effective Date and ending on the third (3rd) anniversary of the Effective Date (the “Restricted Period”), directly or indirectly compete with the business of Acquiror, including by doing any of the following (the “Restrictive Covenant”):

 

(i)                         engage or invest in, own, manage, operate, control, finance, participate in the ownership, management, operation or control of, be employed by, associate with or in any manner be connected with, serve as an employee, officer or director of or consultant to, lend the Restricted Person’s name or any similar name to, lend the Restricted

 

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Person’s credit to, or render services or advice to any person, firm, partnership, corporation, trust or other entity that owns or operates a bank, savings and loan association, credit union or similar financial institution (a “Financial Institution”) with any office located, or to be located at an address identified in a filing with any regulatory authority, within the Restricted Area;

 

(ii)                      directly or indirectly, for the Restricted Person or any Financial Institution:  (A) induce or attempt to induce any employee of Acquiror or its Affiliates to leave the employ of Acquiror or its Affiliates; (B) in any way interfere with the relationship between Acquiror or its Affiliates and any such employee; (C) employ, or otherwise engage as an employee, independent contractor or otherwise, any such employee; or (D) induce or attempt to induce any customer, supplier, licensee or business relation of Acquiror or its Affiliates to cease doing business with Acquiror or its Affiliates or in any way interfere with the relationship between Acquiror or its Affiliates and any of their respective customers, suppliers, licensees or business relations; or

 

(iii)                   directly or indirectly, for the Restricted Person or any Financial Institution, solicit the business of any person or entity known to the Restricted Person to be a customer of Acquiror or its Affiliates where the Restricted Person had personal contact with such person or entity with respect to products, activities or services that compete in whole or in material part with the products, activities or services of Acquiror or its Affiliates.

 

(b)                     The foregoing Restrictive Covenant, and the the Restricted Person’s obligations pursuant to Section 4, shall not (i) prohibit the Restricted Person from directly or indirectly owning capital stock or similar securities that are listed on a securities exchange or quoted on the National Association of Securities Dealers Automated Quotation System that do not represent more than five percent (5%) of the outstanding capital stock of any Financial Institution or any entity described in Section 4, and (ii) be applicable in the event of the termination of this Agreement by Acquiror.

 

Section 4.                                          Specific Noncompetition Covenant.  Notwithstanding anything contained herein to the contrary, and in addition to the Restricted Person’s obligations pursuant to Section 3, during the Restricted Period, the Restricted Person shall not engage or invest in, own, manage, operate, control, finance, participate in the ownership, management, operation or control of, be employed by, associate with or in any manner be connected with, serve as an employee, officer or director of or consultant to, lend the Restricted Person’s name or any similar name to, lend the Restricted Person’s credit to, or render services or advice to any person, firm, partnership, corporation, trust or other entity that owns or operates a business anywhere in the United States of America that competes with the business operations of Love Funding Corporation, a subsidiary of Heartland Bank, or Heartland Business Credit Corporation, also a subsidiary of Heartland Bank.

 

Section 5.                                          Nondisparagement.  From the Agreement Date until the later of (i) the end of the Restricted Period or (ii) such time as the Restricted Person no longer has a designee serving on Acquiror’s board of directors pursuant to Section 7.8(a) of the Merger Agreement, other than as may be necessary or appropriate in any adversarial proceeding or claim arising between LSHC and Acquiror under the Merger Agreement, between the LSHC Parties and Acquiror pursuant to the Indemnification Agreement to be delivered pursuant to Section 6.18 of

 

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the Merger Agreement or between the D&O Indemnified Parties and Acquiror with respect to the D&O Indemnified Parties seeking to enforce their rights under Section 7.12 of the Merger Agreement, the Restricted Person shall not engage in any vilification of Acquiror or any of its Affiliates, and the Restricted Person shall refrain from making any false, negative, critical or disparaging statements, implied or expressed, concerning Acquiror or any of its Affiliates or any of their respective directors, officers, employees, shareholders or agents, including management style, methods of doing business, the quality of products and services, role in the community or treatment of employees.   Neither the Restricted Person nor Acquiror shall do anything that would damage the business reputation or goodwill of the other party or any of their respective Affiliates.

 

Section 6.                                          Remedies for Breach.  The Restricted Person has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Restricted Person acknowledges that the covenants contained herein are reasonable with respect to their duration, geographical area and scope.  The Restricted Person further acknowledges that he will receive substantial benefits from the Merger, the restrictions contained in this Agreement are reasonable and necessary for the protection of the legitimate business interests of Acquiror, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to Acquiror and its interests, that Acquiror would not have agreed to enter into this Agreement or the Merger Agreement without receiving the Restricted Person’s agreement to be bound by these restrictions and that such restrictions were a material inducement to Acquiror to enter into this Agreement and the Merger Agreement.  During the Restricted Period, Acquiror, after advance notice to the Restricted Person of its intentions, shall have the right to communicate the existence and provisions of this Agreement to any third party with whom the Restricted Person may seek or obtain future employment or other similar arrangement.  In addition, in the event of any violation or threatened violation of the restrictions contained in this Agreement, Acquiror, in addition to and not in limitation of, any other rights, remedies or damages available to Acquiror under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Restricted Person and any and all persons directly or indirectly acting for or with the Restricted Person, as the case may be.  If the Restricted Person violates the Restrictive Covenant and Acquiror brings legal action for injunctive or other relief, Acquiror shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant.  Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restricted Period began to run and the date of the first violation of the Restrictive Covenant by the Restricted Person, as the date of such first violation is determined by judicial proceeding.

 

Section 7.                                          General Provisions.

 

(a)                     Indemnification.  The Restricted Person shall indemnify and hold harmless Acquiror and its directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising solely from or in connection with:  (i) any reckless or intentionally wrongful act of the Restricted Person; and (ii) any material breach by the Restricted Person of any of the terms of this Agreement. Acquiror shall indemnify and hold harmless the Restricted Person from and against all taxes,

 

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losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising solely from or in connection with (i) any reckless or intentionally wrongful act of Acquiror, its employees, directors and officers, and (ii) any material breach by Acquiror of any of the terms of this Agreement.

 

(b)                     Amendment.  Except as set forth explicitly herein, this Agreement may not be amended or modified except by written agreement signed by the Restricted Person and Acquiror.

 

(c)                      Affiliate.  For purposes of this Agreement, “Affiliate” means, with respect to Acquiror:  (i) any person or entity that directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control with Acquiror; and (ii) each person that serves as a director, officer, partner, executor or trustee of Acquiror or any of its Affiliates (or in a similar capacity).

 

(d)                     Successors and Assigns.  This Agreement is not assignable except that Acquiror’s rights, duties and obligations under this Agreement may be assigned to any of its subsidiaries.  The covenants, terms and provisions of this Agreement shall inure to the benefit of and be enforceable by both Parties and their respective successors, assigns and personal representatives.  Any attempted assignment of this Agreement in violation of this Section shall be null and void.

 

(e)                      Entire Agreement.  This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements and arrangements with respect thereto, whether written or oral.

 

(f)                       Severability.  The various covenants and provisions of this Agreement are intended to be severable and to constitute independent and distinct binding obligations.  If any covenant or provision of this Agreement is determined to be void or unenforceable, in whole or in part, it shall not be deemed to affect or impair the validity of any other covenant or provision or part thereof, and such covenant or provision or part thereof shall be deemed modified to the extent required to permit enforcement.  Without limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent, such covenant shall be enforced to the maximum extent permitted by law, and such scope may be judicially modified accordingly.

 

(g)                     Survival.  The provisions of Section 2 through Section 7 shall survive the expiration or termination of this Agreement for any reason.

 

(h)                     Governing Law; Choice of Venue and Consent to Jurisdiction.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Missouri without giving effect to any choice or conflict of law provision that would cause the application of laws of any jurisdiction other than those of the State of Missouri, except to the extent that the federal laws of the United States apply.  Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the courts of the State of Missouri located in the County of St. Louis, or, if it has or can acquire jurisdiction, in the United States District Court serving the City of St. Louis,

 

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Missouri, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.  The Parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(i)                        WAIVER OF JURY TRIAL.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT:  (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

(j)                        Other Waivers.  The waiver by an aggrieved party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by the other party or any of the aggrieved party’s rights hereunder with respect to other breaches by the other party.

 

(k)                     Notices.  Notices pursuant to this Agreement shall be in writing and shall be deemed given when received; and, if mailed, shall be mailed by United States registered or certified mail, return receipt requested, postage prepaid; and if to Acquiror, addressed to the principal headquarters of Acquiror, attention: Chief Executive Officer; and if to the Restricted Person, to the address for the Restricted Person as most currently reflected in the corporate records or to such other address as the Restricted Person has most recently provided to Acquiror.

 

(l)                        Construction.  This Agreement shall be deemed drafted equally by the Parties.  Any presumption or principle that the language of this Agreement is to be construed against any Party shall not apply.  Furthermore, in this Agreement, unless otherwise stated or the context otherwise requires, the following uses apply: (i) actions permitted under this Agreement may be taken at any time and from time to time in the actor’s reasonable discretion; (ii) references to a statute shall refer to the statute and any successor statute, and to all regulations promulgated under or implementing the statute or its successor, as in effect at the relevant time; (iii) “including” means “including, but not limited to”; (iv) all references to sections are to sections of this Agreement unless otherwise specified; (v) all words used in this Agreement will be construed to be of such gender or number as the circumstances and context require; (vi) the captions and headings of sections appearing in this Agreement have been

 

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inserted solely for convenience of reference and shall not be considered a part of this Agreement nor shall any of them affect the meaning or interpretation of this Agreement or any of its provisions; and (vii) any reference to a document or set of documents in this Agreement, and the rights and obligations of the Parties under any such documents, shall mean such document or documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof.

 

(m)                 Acknowledgments.  The Restricted Person is executing this Agreement voluntarily and without any duress or undue influence by Acquiror or anyone else.  The Restricted Person has carefully read this Agreement and has asked any questions needed for the Restricted Person to understand the terms, consequences and binding effect of this Agreement and fully understands them.  The Restricted Person has had the opportunity to seek the advice of an attorney of the Restricted Person’s choice before signing this Agreement.

 

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[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Agreement Date.

 

	
MIDLAND   STATES BANCORP, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Leon J.   Holschbach
    	
 
    	
/s/ Andrew S.   Love, Jr.
    
	
 
    	
Name:
    	
Leon J.   Holschbach
    	
 
    	
ANDREW   S. LOVE, JR.
    
	
 
    	
Title:
    	
Presdient & CEO
    	
 
    	
 
    

 

[SIGNATURE PAGE TO NONCOMPETITION AGREEMENT]

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