Document:

THFF-2013.12.31-10-K EX-10.3

EXHIBIT 10.3 -  Schedule of Director Compensation

Compensation of Directors. Each director of the Corporation is also a director of First Financial Bank (“FFB”), the lead subsidiary bank of the Corporation, and receives directors’ fees from each organization. For 2014 a director of the Corporation and FFB will receive a fee of $750 for each board meeting attended.

Non-employee directors also receive a fee for meetings attended of the Audit Committee of $1,000, the Compensation Committee of $1,000, the Governance/Nominating Committee of $500, and the Loan Discount Committee of $500. Each director also will receive from a quarterly director’s fee of $11,250. No non-employee director served as a director of any other subsidiary of the Corporation.

Directors of the Corporation and FFB who are not yet 70 years of age may participate in a deferred director’s fee program at each institution. Under this program, a director may defer $6,000 of his or her director’s fees each year over a five-year period. When the director reaches the age of 65 or age 70, the director may elect to receive payments over a ten-year period. The amount of the deferred fees is used to purchase an insurance product which funds these payments. Each year from the initial date of deferral until payments begin at age 65 or 70, the Corporation accrues a non-cash expense which will equal in the aggregate the amount of the payments to be made to the director over the ten-year period. The Corporation expects that the cash surrender value of the insurance policy will offset the amount of expenses accrued. If a director fails for any reason other than death to serve as a director during the entire five-year period, or the director fails to attend at least 60 regular or special meetings, the amount to be received at age 65 or 70, as applicable, will be pro-rated appropriately.

Directors also may receive compensation previously accrued under the Corporation’s 2005 Long-Term Incentive Plan, no other benefits may be accrued under this plan. Under this plan, directors received 90, 100 or 110 percent of the director’s “award amount” if the Corporation and FFB attained certain goals established by the Corporation’s Compensation Committee. See Exhibit 10.3 to this Form 10-K for a description of this plan.THFF-2013.12.31-10K EX-10.4

EXHIBIT 10.4 -  Schedule of Named Executive Officers Compensation

On December 17, 2013, the Compensation Committee of First Financial Corporation (the “Corporation”) set the 2014 annual base salaries of the named executive officers. These amounts are set forth in the table below.

	
		
	Name and Principal Position
	2014 Base Salary

	Norman L. Lowery
Vice Chairman, CEO and President of the Corporation; President and CEO of First Financial Bank, NA 
	$630,297

	Steven H. Holliday 
Vice President and CCO of First Financial Bank, NA
	$200,000

	Norman D. Lowery
Vice President and COO of First Financial Bank, NA 
	$200,000

	Rodger A. McHargue
CFO of the Corporation; Vice President and CFO of First Financial Bank, NA 
	$195,909

	Karen L. Milienu
Director of the Branch Banking; Vice President  of First Financial Bank, NA 
	$150,000THIS CONVERTIBLE
PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS NOT TRANSFERABLE EXCEPT UPON THE CONDITIONS
SPECIFIED IN THE EXCHANGE AGREEMENT, AS THAT TERM IS DEFINED
HEREIN.

 

CONVERTIBLE PROMISSORY NOTE

 

	US$260,000.00	 	Reddick, Florida

 

February 19, 2014

 

FOR VALUE RECEIVED, METROSPACES,
INC., a Delaware corporation (the “Maker”), hereby promises to pay to the order of Richard S. Astrom
(the “Payee”), on the Maturity Date (as that term is hereinafter defined) at 11415 NW 123rd Lane, Reddick,
FL 32686, in accordance with the terms herein set forth, the principal amount of TWO HUNDRED SIXTY THOUSAND AND NO/100
DOLLARS (US$260,000.00), together with accrued and unpaid interest thereon. As used herein, the term “Maturity Date”
shall mean the date which is one (1) year after the date hereof.

 

	1.		Interest. This Convertible Promissory Note shall bear interest at the
rate of thirty hundredths of one percent (0.30%) per annum unless and until the occurrence of an Event of Default (as defined
below) occurs. After an Event of default, this Convertible Promissory Note shall bear interest at a floating rate of interest
which shall be ten (10) percentage points over the rate of interest announced from time to time by Citibank, N.A. as the rate
of interest that it charges to its most creditworthy commercial customers. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months and shall accrue and be payable on the Maturity Date. Interest shall be compounded annually after
an Event of Default, but shall not be compounded prior thereto.

	2.		Maturity. The full principal amount of this Convertible Promissory Note,
together with accrued interest thereon, shall be due on the Maturity Date.

	3.		Payment. Payment under this Convertible Promissory Note shall be in
lawful money of the United States and in immediately available funds in accordance with the written instructions of Payee. In
the absence of such instructions, Maker shall make the payment by check timely delivered to Payee at its address set forth above.

	4.		Prepayment. This principal amount of this Convertible Promissory Note
and any accrued and unpaid interest thereon may be prepaid, in whole or in part, at upon ten (10) days’ notice by Maker
without penalty or premium, subject to the provisions of the Exchange Agreement, as that term is hereinafter defined. Partial
prepayments shall be applied first to accrued and unpaid interest and then to principal.

	5.		Covenants.

	a.		Restriction on Major Transactions. Maker shall not, and shall not permit
any person or entity in which it directly or indirectly possesses more than 50% of the voting power (a “Subsidiary”)
without the prior written consent of Payee, to (i) agree to or consummate a merger, consolidation, business combination,
tender offer, exchange of shares, recapitalization, reorganization, redemption or other similar event, as a result of which shares
of its common stock shall be changed into the same or a different number of shares of the same or another class or classes
of stock or securities or other assets of Maker or another entity or (ii) to sell or transfer all or substantially all of its
assets, except to a Subsidiary.

	b.		Conduct of Business; Ownership of Shares and Interests in Subsidiaries.
Maker shall conduct its business and operations, other than financing operations, through one or more Subsidiaries. Maker
shall not sell, transfer, mortgage, pledge or otherwise dispose of any shares or interests in any Subsidiary, nor shall it permit
any Subsidiary to transfer, mortgage, pledge or otherwise dispose of any shares or interests in a Subsidiary held by it, without
the prior written consent of Payee. Maker represents and warrants that it does not own any interest in a person or entity that
is not a Subsidiary.

	c.		Limitation on Amendment of Certificate of Incorporation. Without the
prior written consent of Payee, Maker shall not amend Article VI of its certificate of incorporation, except as specifically contemplated
by the Exchange Agreement; provided, however, that, without the consent of Payee, Maker may amend said Article VI
to provide for (i) a reverse stock split of its existing common stock at a ratio between 1 new share of common stock for as few
as 500, and as many as 5,000, shares of its existing common stock outstanding prior to the filing of said amendment and (ii) the
elimination of its Series A Preferred Stock.

    	 	 	 

    	 

    
	d.		Limitation on Issuance of Securities. Without the prior written consent
of Payee, Maker shall not (i) issue its common stock or issue or grant options, warrants, rights or securities directly or
indirectly exchangeable for, convertible into or otherwise granting the right to acquire common stock of Maker (collectively,
“Convertible Instruments”) or (ii) permit any Subsidiary to issue Convertible Instruments, unless (A) if
such common stock is sold directly for cash and/or tangible property, (1) such tangible property is fairly valued by the Board
of Directors of Maker at the time of such sale and issuance and (2) the per share price at which such common stock is issued is
at least one half of the last price at which such common stock was traded on the trading day immediately prior to the issuance
of such common stock or (B) if such common stock shall be issuable upon the exercise or conversion of a Convertible Instrument
other than this Convertible Promissory Note, (1) the exercise or conversion price is payable in cash upon such exercise or
conversion and (2) the per share price to be paid upon such exercise or conversion shall be at least one half of the price
at which such common stock was traded on the trading day immediately prior to the grant or issuance of such Convertible Instrument;
provided, however, that, without the consent of Payee, Maker may issue Convertible Instruments in exchange for shares
of its common stock and for indebtedness incurred by it and one or more of its Subsidiaries as and to the extent described in
Section 2(f) of the Exchange Agreement.

	6.		Exchange Agreement. THIS CONVERTIBLE PROMISSORY NOTE IS AUTHORIZED
AND ISSUED BY MAKER PURSUANT TO THE PROVISIONS OF THAT CERTAIN PROMISSORY NOTE EXCHANGE AGREEMENT, DATED AS OF FEBRUARY 19, 2014,
BY AND BETWEEN THE MAKER AND THE PAYEE (THE “EXCHANGE AGREEMENT”) AND IS SUBJECT TO THE PROVISIONS THEREOF. THE HOLDER
AND THE MAKER ARE ENTITLED TO THE RIGHTS AND BOUND BY THE OBLIGATIONS SET FORTH THEREIN AND ARE ENTITLED THE BENEFITS ENUMERATED
THEREIN, INCLUDING, WITHOUT LIMITATION, THE PROVISIONS THEREOF RELATING TO CONVERSION, NOTICE AND JURISDICTION.

			This Convertible Promissory Note is convertible into shares of Common Stock, as that
term is defined in the Exchange Agreement, at the Conversion Price set forth in the Exchange Agreement and upon the terms and
conditions, including without limitation, the anti-dilution provisions, set forth in the Exchange Agreement.

			No reference herein to the Exchange Agreement and no provision hereof or thereof shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal hereof and interest hereon
at the Maturity Date.

	7.		Waiver of Demand, Etc. Payee waives demand, presentment, protest and
notice of any kind and consents to the extension of time for payments or other indulgence with respect to this Convertible Promissory
Note, all without notice.

	8.		Remedies. If an Event of Default occurs and is continuing, Payee may,
by written notice given to Maker, declare the principal of and accrued interest on this Convertible Promissory Note to be due
and payable immediately; provided, however, that upon the occurrence of any Event of Default described in Section
9(c), the principal of and accrued interest on this Convertible Promissory Note shall automatically become due and payable immediately
without the requirement notice or any other action on the part of Payee.

	9.		Events of Default. The term “Event of Default”
means the occurrence of any one or more of the following events:

	(a)		Maker shall fail to make full payment of principal or interest on the Maturity Date,
and such failure shall continue unremedied for a period of five (5) days after written notice from Payee;

	(b)		Maker shall default in compliance with any of its obligations (i) under this Convertible
Promissory Note, other than its obligations (A) to pay the principal amount of and the interest accrued on this Convertible Promissory
Note on the Maturity Date and (B) to comply with its covenants made in Section 5 or (B) to comply with its covenants set forth
in Section 4 of the Exchange Agreement, and such default shall continue for a period of fifteen (15) days after written notice
from Payee, provided, however, that in the event that such default cannot with diligence be cured within said period,
Payee shall have such period as is reasonable to cure such default;

	(c)		Maker or any Subsidiary: (i) shall commence a voluntary case under any Bankruptcy
Law (as hereinafter defined); (ii) shall become subject to an involuntary case under any Bankruptcy Law which is not withdrawn,
discharged or stayed within sixty (60) days after the commencement thereof; (iii) shall consent to the appointment of a Custodian
(as hereinafter defined) for a substantial portion of its property; (iv) shall become subject to the appointment of a Custodian
for a substantial portion of its property, which appointment is not withdrawn, discharged or stayed within sixty (60) days after
the appointment thereof; or (v) makes a general assignment for the benefit of its creditors; or

    	 	 	 

    	 

    
	(d)		Maker shall default in compliance with any of its covenants set forth in Section 5
or to comply with its covenants set forth in Section 4 of the Exchange Agreement.

			The term “Bankruptcy Law” means Title 7, Title 11 or Title 13 of the United
States Code or any similar federal or state law for the relief of debtors and the term “Custodian” means any receiver,
trustee, assignee, liquidator or similar official acting, appointed or empowered under any Bankruptcy Law.

	10.		Usury. In no event whatsoever shall the amount of interest paid or agreed
to be paid to Payee exceed the maximum amount permissible under applicable law. If Payee shall receive as interest an amount which
would exceed the highest lawful rate, the amount which would be excessive interest shall be applied to the reduction of the principal
amount outstanding under this Convertible Promissory Note (without prepayment premium or penalty and without the requirement of
notice of prepayment).

	11.		Pledge Agreement. The obligations of Maker under this Convertible Promissory
Note are secured by a Pledge Agreement, dated as of August 13, 2013, by and between Payee and Maker, under its former corporate
name “Strata Capital Corporation.”

	12.		Section Titles. The section titles in this Convertible Promissory Note
have been inserted for reference only and shall not be deemed to be part hereof.

 

IN WITNESS WHEREOF, Maker has executed this Convertible Promissory Note as of
the date first above written.

 

	METROSPACES, INC.
	 	 
	By:	/s/ Oscar Brito
	 	Oscar Brito
	 	President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]