Document:

ex10-2.htm

Exhibit 10.2

 

FIRST AMENDMENT

TO

COMMERCE UNION BANCSHARES, INC.

INCENTIVE STOCK OPTION AGREEMENT

 

 

THIS FIRST AMENDMENT TO COMMERCE UNION BANCSHARES, INC. INCENTIVE STOCK OPTION AGREEMENT (this “Amendment”) is dated as of the 25th day of July, 2017, by and between Commerce Union Bancshares, Inc., a Tennessee corporation (the “Company”), and William R. DeBerry (the “Optionee”).

 

WHEREAS, the Company and the Optionee entered into that certain Commerce Union Bancshares, Inc. Incentive Stock Option Agreement dated July 26, 2016 (the “Agreement”); 

 

WHEREAS, a committee of the Board of Directors directed to administer the Commerce Union 2015 Equity Incentive Plan (the “Plan”) has full authority to determine the terms and conditions of the grants and the terms of the Agreement entered into with the Optionee in connection with the Plan; 

 

WHEREAS, the parties hereto desire to amend the Agreement to provide that if the Optionee’s employment with the Company terminates as a result of the Optionee’s Retirement, the Optionee shall be allowed to exercise his Option (as defined below) any time prior to the close of business on the Expiration Date;

 

WHEREAS, the parties hereto acknowledge that such amendment will cause the Option not to qualify as an Incentive Stock Option within the meaning of Code Section 422; and

 

WHEREAS, the parties hereto desire that the provisions of the Agreement remain otherwise unaltered, excepting those specific changes noted below.

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged, the Company and the Optionee, intending to be legally bound hereby, agree as follows:

 

1.     Capitalized Terms. All capitalized terms used herein but not defined herein shall have the meaning given to such terms in the Agreement.

 

2.     Type of Option. As a result of the amendment below of Section 6(c) of the Agreement, the Option will no longer qualify as an Incentive Stock Option as defined in Code Section 422. Accordingly, Paragraphs 2, 8, and 9 of the Agreement are hereby deleted in their entirety and Paragraph 2 is replaced with the following:

 

2. Type and Grant of Option. Subject to the terms and conditions of this Agreement and the Plan, the Optionee shall have the right and option to purchase 2,500 shares of Company common stock, par value of $1.00 per share (the “Company Stock”), at the Option Price specified in Paragraph 3 below (the “Option”). The Option is intended to be a Non-qualified Stock Option and not an Incentive Stock Option within the meaning of Code Section 422. Except as otherwise indicated by the context, the term “Optionee,” as used in this Agreement, shall be deemed to include any person who acquires the right to exercise this Option validly under the terms of this Agreement and the Plan.

 

8.     [Intentionally omitted].

 

 

 

 

 

9.     [Intentionally omitted].

 

3.     Exercise of Option. Subparagraph 6(c) of the Agreement is hereby deleted in its entirety and amended as follows:

 

(c)     Except as provided in subparagraphs 6(c) and 6(d) below, in the event the Optionee is no longer employed by either the Company, or any Affiliate thereof, via voluntarily or involuntarily termination, including without limitation in the event of the Retirement (as defined in the Plan) of the Optionee, the Optionee may exercise any vested portion of the Option, but such exercise shall not occur later than the Expiration Date

 

(d)     Binding Effect. This Amendment shall be binding upon and shall inure to the benefit of Company, Optionee and their respective heirs, executors, administrators, successors, and assigns.

 

6.     Governing Law. This Amendment is to be construed and enforced in accordance with and governed by the procedural provisions and substantive law of the State of Tennessee, including, without limitation, that state’s law of privilege, without giving effect to its conflicts of law principles.

 

7.     Effect on Agreement.      Except as amended by this Amendment, all other provisions of the Agreement shall remain in full force and effect.

 

8.     Entire Agreement. The Agreement, as amended hereby, sets forth the entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, and memoranda or other writings being merged herein and replaced and being without effect hereon.

 

 

[signature page follows]

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned parties have executed this Amendment as of the date first written above. 

 

 

 

	
COMMERCE UNION BANCSHARES, INC. 
	
 
	
OPTIONEE

	
 
	
 
	
 

	
 
	
 
	
 

	
/s/ DeVan D. Ard, Jr.  
	
 
	
/s/ William DeBerry

	
DeVan D. Ard, Jr.
	
 
	
William DeBerry

	
President and CEO
	
 
	
 

 

 

3Exhibit
10.1

 

SIXTH
AMENDMENT TO NOTE AND SECURITY AGREEMENT

 

THIS
SIXTH Amendment (THE
“SIXTH AMENDMENT”) DATED July 20, 2017 to THE Note and Security Agreement
(THE “AGREEMENT”) dated AS OF March 31, 2010, and as amended on March
14, 2011 (the “First Amendment”), July 29, 2011 (the “Second amendment”), MAY 30, 2012 (THE “tHIRD
AMENDMENT”), April 8, 2013 (the “Fourth Amendment”), AND July 27, 2015 (THE “FIFTH AMENDMENT”) AMONG
NON-INVASIVE MONITORING SYSTEMS, INC. (THE “BORROWER”) AND FROST GAMMA INVESTMENTS TRUST (“FROST GAMMA”)
AND HSU GAMMA INVESTMENTS, L.P. (“HSU GAMMA” AND, TOGETHER WITH FROST GAMMA, “LENDER”). THE AGREEMENT,
ALONG WITH THE FIRST AMENDMENT, SECOND AMENDMENT, THIRD AMENDMENT, FOURTH AMENDMENT, FIFTH AMENDMENT, AND SIXTH AMENDMENT SHALL
BE REFERRED TO HEREIN AS THE AMENDED AGREEMENT.

 

RECITALS

 

WHEREAS,
Borrower and Lender (collectively, the “Parties”) are parties to the Agreement which became effective on March 31,
2010 and which was amended by the First Amendment on March 14, 2011, by the Second Amendment on July 29, 2011, by the Third Amendment
on May 30, 2012, by the Fourth Amendment on April 8, 2013, and by the Fifth Amendment on July 27, 2015; and

 

WHEREAS,
the Borrower and Lender entered into the Fourth Amendment which extended the Maturity Date (as originally defined in the Agreement)
until July 31, 2017, and

 

WHEREAS,
the Borrower and Lender which to extend the Maturity Date from July 31, 2017 until July 31, 2018, and

 

NOW
THEREFORE, in consideration of the mutual covenants and promises contained in the Agreement and this Sixth Amendment and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:

 

AMENDMENT

 

1.
Section 3 of the Amended Agreement is hereby amended and restated in its entirety as follows:

 

Payments
of Obligations, including Principal and Interest The principal amount of the Loan evidenced hereby, together with any accrued
and unpaid interest, and any and all the Obligations, including unpaid costs, fees and expenses accrued, such as Lender’s
Expenses, shall be due and payable in full on July 31, 2018 (the “Maturity Date”). 

 

    	 	 	 

    	 

    

 

2.
Governing Law. This Sixth Amendment shall be governed by the laws of the State of Florida without regard to its conflict of
laws rules or principles.

 

3.
Amendments. Except as expressly amended hereby, the Agreement, the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment, and Fifth Amendment shall remain unmodified and in full force and effect.

 

4.
Entire Agreement. This Sixth Amendment and the Amended Agreement and any schedules or exhibits attached to the Agreement constitute
the entire agreement of the Parties with respect to the subject matter hereof and supersede all prior understandings and writings
between the Parties relating thereto.

 

5.
Interpretation. Any capitalized terms used in this Sixth Amendment but not otherwise defined shall have the meaning provided
in the Agreement.

 

6.
Counterparts. This Sixth Amendment may be executed manually, electronically in Adobe® PDF file format, or by facsimile
by the Parties, in any number of counterparts, each of which shall be considered one and the same amendment and shall become effective
when a counterpart hereof shall have been signed by each of the Parties and delivered to the other Party.

 

IN
WITNESS WHEREOF, Borrower has duly executed this Sixth Amendment to the Note and Security Note as of the day and year first
above written.

 

	 	NON-INVASIVE MONITORING SYSTEMS, INC.
	 	 	 
	 	By:	/s/
    James J. Martin
	 	Name:	James
    J. Martin
	 	Title:	Chief
    Financial Officer

 

	Agreed
    and Accepted:	 
	 	 
	FROST
    GAMMA INVESTMENTS TRUST	 
	 	 	 
	By:	/s/
    Phillip Frost	 
	Name:	Phillip
    Frost, M.D.	 
	Title:	Trustee	 
	 	 	 
	HSU
GAMMA INVESTMENTS, L.P.	 
	 	 	 
	By:	/s/
    Jane H. Hsiao	 
	Name:	Jane
    H. Hsiao, Ph.D.	 
	Title:	General
    Partner	 

 

    	 	- 2-Exhibit
10.2

 

Third
AMENDMENT TO Promissory note

 

THIS
Third Amendment (THE
“THIRD AMENDMENT”) DATED July 20, 2017, shall amend the Promissory note
(THE “NOTE”) dated AS OF september 12, 2011 and AS amended on july
31, 2013 (the “first amendment”), AND ON JULY 27, 2015 (THE “SECOND AMENDMENT”) AMONG NON-INVASIVE
MONITORING SYSTEMS, INC. (THE “MAKER”) AND FROST GAMMA INVESTMENTS TRUST (THE “PAYEE”) AS NOTED BELOW.
THE NOTE, THE FIRST AMENDMENT, THE SECOND AMENDMENT, AND THE THIRD AMENDMENT SHALL BE REFERRED TO AS THE AMENDED NOTE.

 

RECITALS

 

WHEREAS,
Maker and Payee (collectively, the “Parties”) are parties to the Note which became effective on September 12, 2011;

 

WHEREAS,
on July 27, 2015, the Parties amended the Note to extend the Maturity Date from July 31, 2015 until July 31, 2017; and

 

WHEREAS,
the Parties wish to extend the Maturity Date from July 31, 2017 to July 31, 2018.

 

NOW
THEREFORE, in consideration of the mutual covenants and promises contained in the Note and this Third Amendment and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

AMENDMENT

 

1.
Section 1 of the Note is hereby amended and restated in its entirety as follows:

 

The
principal amount of the loan evidenced hereby, together with any accrued and unpaid interest, and any and all unpaid costs, fees
and expenses accrued, shall be due and payable on July 31, 2018 (the “Maturity Date”).

 

2.
Governing Law. This Third Amendment shall be governed by the laws of the State of Florida without regard to its conflict
of laws rules or principles.

 

3.
Amendments. Except as expressly amended hereby, the Note shall remain unmodified and in full force and effect.

 

4.
Entire Agreement. This Third Amendment and the Amended Note constitute the entire agreement of the Parties with respect to
the subject matter hereof and supersede all prior understandings and writings between the Parties relating thereto.

 

    	 	 	 

    	 

    

 

5.
Interpretation. Any capitalized terms used in this Third Amendment but not otherwise defined shall have the meaning provided
in the Note.

 

6.
Counterparts. This Third Amendment may be executed manually, electronically in Adobe® PDF file format, or by facsimile
by the Parties, in any number of counterparts, each of which shall be considered one and the same amendment and shall become effective
when a counterpart hereof shall have been signed by each of the Parties and delivered to the other Party.

 

IN
WITNESS WHEREOF, Borrower has duly executed this Third Amendment to the Note and Security Note as of the 20th day of July,
2017.

 

	 	NON-INVASIVE
    MONITORING SYSTEMS, INC.
	 	 	 
	 	By:	/s/
    James J. Martin
	 	Name:	James
    J. Martin
	 	Title:	Chief
    Financial Officer

 

	Agreed
    and Accepted:	 
	 	 
	FROST
    GAMMA INVESTMENTS TRUST	 
	 	 	 
	By:	/s/
    Phillip Frost	 
	Name:	Phillip
    Frost, M.D.	 
	Title:	Trustee	 

 

    	 	- 2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]