Document:

Second Modification Agreement

 

EXHIBIT 10.1

Prepared By:

E. Kamensky, Esq.

Page, Scrantom, Sprouse,

Tucker & Ford, P.C.

P.O. Box 1199

Columbus, Georgia 31902

SECOND MODIFICATION AGREEMENT 

___________________, __________COUNTY

     THIS SECOND MODIFICATION AGREEMENT made and entered into as of the 28th day of February,
2005, by and between BANKATLANTIC BANCORP, INC., a Florida corporation (hereinafter referred to
as “Borrower”) and COLUMBUS BANK AND TRUST COMPANY, a Georgia banking corporation, whose address
is 1148 Broadway, Columbus, Georgia 31901 (hereinafter referred to as “Bank”).

WITNESSETH THAT:

     WHEREAS, Borrower and Bank entered into a loan agreement dated September 17, 2001 (the
“Loan Agreement”) and related loan documents (the “Loan Documents”) identified therein under the
terms of which Bank established a line of credit on a revolving basis for Borrower under which
Borrower was permitted to borrow up to $55,000,000.00 through a date certain in 2002 and up to
$30,000,000.00 thereafter (the “Loan”), said Loan being evidenced by a note from Borrower to
Bank dated September 17, 2001, in the maximum principal amount of $55,000,000.00 (the “Original
Note”); and

     WHEREAS, pursuant to the terms of the Original Note and the Loan Agreement from and after
March 15, 2002, the outstanding principal balance of the Note shall never exceed $30,000,000.00;
and

     WHEREAS, the Original Note had a maturity date of September 1, 2004 and Borrower and Bank
entered into that certain First Modification Agreement dated as of January 23, 2004 (the “First
Modification”) whereby the maturity date of the Original Note was extended from September 1,
2004 to March 1, 2005 (the Original Note as amended and modified by the First Modification
Agreement being referred to herein as the “Note”); and

     WHEREAS, Borrower has now requested that the maturity date of the Note be extended from March
1, 2005 to March 1, 2007; and

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     WHEREAS, Bank has agreed to modify the Note to extend the maturity date of the Note from March
1, 2005 to March 1, 2007 subject to the terms and conditions contained in this Second Modification
Agreement; and

     WHEREAS, Borrower agrees that the modification of the Loan pursuant to the terms hereof will
be of direct and substantial benefit to Borrower: and

     NOW, THEREFORE, for and in consideration of the foregoing benefits and the sum of Ten ($10.00)
Dollars in hand paid by Borrower to Bank, the receipt and sufficiency of which is hereby
acknowledged, Borrower and Bank do hereby agree that:

     1. Preamble. The above and foregoing preamble is acknowledged by the parties to be
true and correct and incorporated herein by reference.

     2. Modification of Existing Note. From and after the date hereof the Note is hereby
amended and modified to delete paragraph (c) found on page 1 of the Note and to substitute the
following in lieu thereof:

	 	(c)  	The outstanding principal balance, plus all accrued but unpaid interest
thereon shall be due and payable in full on March 1, 2007.

     The Note is hereby further amended and modified to add the following sentence to the end of
paragraph 1(b) found on page 1 of the Note:

	 	(b)  	From and after March 1, 2005, the outstanding principal balance of this Note shall
never exceed $20,000,000.00.

     3. Modification of Existing Loan Agreement. From and after the date hereof the Loan
Agreement, as modified by the First Modification, is hereby further modified and amended as
follows:

	 	(i)  	Section 2.01 of the Loan Agreement, as said Loan Agreement was amended and
modified by the First Modification, is hereby deleted in its entirety and the
following is substituted in lieu thereof:

Section 2.01. Loan. The Bank agrees on the terms and conditions
hereinafter set forth to extend a line of credit on a revolving basis (the
“Loan”) to the Borrower on the date of this Agreement in the maximum
principal amount of Fifty-Five Million and No/100ths ($55,000,000.00)
Dollars. Subject to the provisions of this Agreement, Borrower shall be
entitled to borrow, repay and re-borrow funds in accordance with the terms
hereof as long as the total principal amount owed Bank under the Note
prior to March 15, 2002 never exceeds $55,000,000.00 and on and after
March 15, 2002 but prior to March 1, 2005 never exceeds

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$30,000,000.00 and on and after March 1 2005 never exceeds $20,000,000.00.

	 	(ii)  	The reference to March 1, 2005 in Section 2.02 of the Loan Agreement, as
amended and modified by the First Modification, is hereby changed to March 1,
2007.

     4. Modification of Loan Documents. All other documents evidencing, securing or
otherwise relating to the Loan, including, without limitation, the Stock Pledge and Security
Agreement between Borrower and Bank dated September 17, 2001 (as heretofore amended and modified,
collectively, the “Other Loan Documents”), are hereby modified and amended to the extent necessary
to reflect the aforesaid amendment and modification to the Note and Loan Agreement and to reflect
and incorporate the change in the maturity date of the Note from March 1, 2005 to March 1, 2007.
The Other Loan Documents, as applicable shall, without limitation, secure the indebtedness and
obligations evidenced by the Note as amended and modified hereby.

     5. Ratification. Except as expressly set forth herein, all terms, covenants and
provisions of the Note and Loan Agreement (as amended and modified by the First Modification) and
all terms, covenants and provisions of the Other Loan Documents shall remain in full force and
effect, and Borrower does hereby expressly ratify and confirm the Note, Loan Agreement and Other
Loan Documents, as amended and modified, and the continuing priority of any of the Other Loan
Documents which secures payment of the Note without the loss of priority or perfection. It is the
intent of the parties hereto that this Second Modification Agreement shall not constitute a
novation.

     6. Waiver of Claims. Borrower does hereby waive any claim or defense which it now has
by virtue of this Second Modification Agreement or any instrument set forth hereunder, and further
agrees not to raise any such claims or defenses in any civil proceeding or otherwise.

     7. Successors and Assigns. This agreement shall be binding upon and shall inure to the
benefit of the parties hereto, their legal representatives, successors, successors-in-title and
assigns.

[SIGNATURE PAGES FOLLOW]

3

 

     IN WITNESS WHEREOF, the parties have caused this agreement to be appropriately executed under
seal, effective as of the day and year first above written.

	 	 	 	 	 
	 	BORROWER:

BANKATLANTIC BANCORP, INC. a Florida corporation

 	 
	 	By:  	 	 
	 	 	Its:  	 
	 	 	 	 
	 

(CORPORATE SEAL)

Signed, sealed and delivered

In the presence of

Witness:

Notary Public

My Commission Expires:

(NOTARIAL SEAL)

	 	 	 	 	 
	 	BANK:

COLUMBUS BANK AND TRUST COMPANY, a

Georgia banking corporation

 	 
	 	By:  	 	 
	 	 	Its:  	 
	 	 	 	 
	 

(CORPORATE SEAL)

Signed, sealed and delivered

In the presence of

Witness:

Notary Public

My Commission Expires:

(NOTARIAL SEAL)

4<PAGE>

                                                                 EXHIBIT 10.22.1

                           TRUSTEE COMPENSATION POLICY

ANNUAL TRUSTEE COMPENSATION SHALL BE AS FOLLOWS:

Non-Employee Trustees

<TABLE>
<CAPTION>
                                                                     2005
                                                                   --------
<S>                                                                <C>
Annual Retainer - Board Members                                    $ 20,000
Annual Retainer - Audit Committee Chairman                         $ 15,000
Annual Retainer - Executive Compensation Committee Chairman        $  7,500
Annual Retainer - Executive Committee Chairman                     $  7,500
Annual Retainer - Governance Committee Chairman                    $  7,500
Annual Retainer - Lead Trustee                                     $  7,500

         Per Board Meeting Attended in Person                      $  1,750*
         Per Board Meeting Attended by Telephone                   $  1,000
Committee Members (other than Chairman)
         Per Committee Meeting Attended in Person                  $  1,250*
         Per Committee Meeting Attended by Telephone               $  1,000
Committee Chairman
         Per Committee Meeting Attended in Person or by Telephone  $  1,750*
</TABLE>

* Plus out of pocket expenses.

Non-employee trustees can elect to receive common shares in lieu of all or a
portion of annual board and committee fees pursuant to the Company's
Non-Employee Trustee Share Plan. Common shares received in lieu of fees under
such plan shall have a fair market value equal to 125% of the amount of fees
foregone.

Non-employee trustees shall also receive an option to purchase 5,000 common
shares upon election to the board, and an additional option to purchase 5,000
common shares following each annual election of trustees that occurs after the
trustee has completed at least one year of service. These options will be issued
under the Company's Second Amended and Restated Employee Share Option and
Restricted Share Plan. The options are to vest in one year after the date of
grant, at an exercise price equal to the fair market value on the day of the
grant.

Non-employee trustees shall further receive a grant of $7,500 of restricted
stock following each annual election of trustees that occurs after the trustee
has completed at least one year of service. This restricted stock will be issued
under the Company's Second Amended and Restated Employee Share Option and
Restricted Share Plan. The restricted stock will be valued based on the fair
market value on the day of the grant and will vest one year after the date of
grant.

Employee trustees are not entitled to any additional compensation for their
service as trustees.

                                       29

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