Document:

exv10w36

 

Exhibit 10.36

Approved by the Board of Directors 2/2/07

NCB EXECUTIVE MANAGEMENT

SHORT TERM INCENTIVE PLAN for 2007

1. GROW CORE PROFITIBILITY (55 Points)

	 	A.	 	10 points for originating $2 billion of transactions during the year
including booked commitments for loans, leases, placements, and deals closed by
referral sources. As an adjustment, one additional point up to a maximum of 5 points
for each $20 million of portfolio loan growth in excess of the budget.
	 
	 	B.	 	20 points for average NCB consolidated budgeted ROE (less NCB Capital Impact
contribution) of 10%.
	 
	 	C.	 	10 points for increasing average non-interest bearing demand deposits in the
fourth quarter 2007 (excluding saleable real estate loan escrow accounts) from average
fourth quarter 2006 level by 50%.
	 
	 	D.	 	10 Points for the average percentage of non-performing assets (non-accruing
and REO) of 1.5% or less of total loans and LC’s plus an additional 5 points if the
ratio is 1% or less with a reduction of 5 points if net charge offs exceed .5%.
	 
	 	E.	 	5 points for satisfactory evaluations from Loan Review, auditors, FCA, and
OTS, including FIDICA compliance.

2. DEVELOP NEW PRODUCTS, MARKETS, AND BUSINESSES (10 Points)

	 	A.	 	10 points for achieving one breakthrough innovation that will generate at
least $5 million of revenue by its third year.

3. SUCCESFULLY IMPLEMENT MISSION BANKING STRATEGY (15 Points)

	 	A.	 	10 points for “best efforts” evaluation and for originating and arranging
low-income transactions of $400 million during the year, plus one point up to a
maximum of 5 points for each $5 million in excess of the goal.
	 
	 	B.	 	5 points for achieving 2007 Mission Banking goals.

4. SUCCESSFULLY IMPLEMENT HUMAN RESOURCES STRATEGY (10 Points)

	 	A.	 	5 points for achieving 2007 Human resources strategy milestones.
	 
	 	B.	 	5 points for meeting goals in HR Strategy for employee retention, diversity,
internal promotions, and Organizational Development.

5. SUCCESSFULLY IMPLEMENT INFORMATION MANAGEMENT STRATEGY (10 Points)

	 	A.	 	10 points for completion of the McCracken upgrade, core systems conversion,
and commercial real estate underwriting system.

 

 

Executive Management Short Term Incentive Plan for 2007

Page 2

AWARD LEVELS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Incentive Award as a Percentage
	 	 	of Year End 2007 Base Salary
	Points	 	 	 	 	 	Executive Council	 	CEO
	55 - 64.9
	 	Up to	 	 	15	%	 	 	20	%
	65 - 79.9
	 	Up to	 	 	25	%	 	 	30	%
	80 - 89.9
	 	Up to	 	 	30	%	 	 	40	%
	90 and over
	 	Up to	 	 	35	%	 	 	45	%

In addition, an “Add-on” award may be earned by exceeding the pretax net income budget
goal. The maximum additional award is 5% of salary for the CEO and 7.5% of salary for the
Executive Council. For each 1% that pretax net income exceeds budget, 1% of salary is
added to the award earned for achievement of the other goals, up to a maximum total award
of 50% of salary for the CEO and 42.5% of salary for the Executive Council.

The CEO determines incentive awards for each Executive Council participant based upon the
results of this plan and the achievement of individual performance objectives. The
Compensation Committee determines the award for the CEO.

PARTICIPANTS

Snyder, Brookner, Connealy, Donovan, Fannon, Hackman, Harris, Hiltz, Kho, Luzik, Reed,
Schofield, and Simonetteexv10w38

 

Exhibit 10.38

Approved by the Board of Directors 2/1/08

NCB EXECUTIVE MANAGEMENT

SHORT TERM INCENTIVE PLAN for 2008

1. Grow Core Profitability

	 	A.	 	Meet pretax net income budget.
	 
	 	B.	 	No award is earned under this plan if pretax net income is below budget.

2. Risk Management

	 	A.	 	No award is earned under this plan if non-performing assets exceed 1.5% of
total consolidated assets at year end.

3. Mission Banking

	 	A.	 	No award is earned under this plan unless “Best Efforts” evaluation is
achieved.

Awards

	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	Incentive Award as a Percentage

	 	 	Of Year End 2008 Base Salary
	Pretax Net Income	 	 	 	 	 	Executive Council	 	CEO
	Budget
	 	Up to	 	 	20	%	 	 	25	%
	$23 Million
	 	Up to	 	 	35	%	 	 	45	%

          The award for the CEO and Executive Council will be adjusted upward proportionately for pretax
net income between budget and the target of $23 million.

          In addition, an “Add-on” award may be earned by exceeding the pretax net income target of $23
million. The maximum additional award is 5% of salary for the CEO and 7.5% of salary for the
Executive Council. For each 1% that pretax net income exceeds the $23 million target, 1% of salary
is added to the award earned, up to a maximum total award of 50% of salary for the CEO and 42.5% of
salary for the Executive Council.

          The CEO determines incentive awards for each Executive Council participant based upon the
results of this plan and the achievement of individual performance objectives. The Compensation
Committee determines the award for the CEO.

          Any awards under the Short Term Incentive Plan shall be paid on February 15, 2009 and only to
participants who are employed by NCB on February 15, 2009.

          PARTICIPANTS

          Snyder, Brookner, Connealy, Fannon, Hackman, Harris, Hiltz, Luzik, and Reedexv10w53

 

Exhibit 10.53

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of October 16, 2006 by
and among NATIONAL CONSUMER COOPERATIVE BANK, D/B/A NATIONAL COOPERATIVE BANK (the “Borrower”),
each of the financial institutions a party hereto (the “Banks”), and SUNTRUST BANK, as Agent (the
“Agent”).

     WHEREAS, the Borrower, the Banks, and the Agent have entered into that certain Credit
Agreement dated as of May 1, 2006 (as in effect immediately prior to the date hereof, the “Credit
Agreement”); and

     WHEREAS, the Borrower, the Banks and the Agent desire to amend certain provisions of the
Credit Agreement on the terms and conditions contained herein;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

     Section 1. Specific Amendments to Credit Agreement. The parties hereto agree that
the Credit Agreement is amended as follows:

     (a) The Credit Agreement is amended by deleting Section 2.1(b)(i) in its entirety and
substituting in its place the following:

     (i) SWING LINE LOANS. Subject to the terms and conditions hereof and relying
on the representations and warranties herein set forth, upon the Borrower’s
request, and subject to the terms and conditions of this Agreement and so long as
the Swing Line Lender does not have actual notice that there exists an Event of
Default or Default, the Swing Line Lender hereby agrees to make Swing Line Loans
to the Borrower from time to time during the Availability Period and upon the
terms provided in this Agreement in an aggregate principal amount that will not
exceed a Swing Line Loan Limit of up to Thirty Million Dollars ($30,000,000.00);
provided, that the Swing Line Lender shall not in any event be permitted to make
any Swing Line Loan if, after giving effect thereto (A) the Revolving Credit
Exposure of all Banks at any time exceeds the Aggregate Revolving Commitment, or
(B) the aggregate outstanding principal balance of Swing Line Loans would exceed
the Swing Line Commitment. Within such limits of time and amount and
subject to the other provisions of this Agreement, the Borrower may borrow, repay
in whole or in part, and reborrow under the Swing Line Loan Limit.
Indebtedness of the Borrower under the Swing Line Loan Limit shall be evidenced by
the Swing Line Note.

 

 

     (b) The Credit Agreement is amended by deleting the introductory clause of Article 5 in its
entirety and substituting in its place the following:

     While any Revolving Commitments are outstanding, and, in the event any Loan
or LC Exposure remains outstanding, and until payment in full of the Notes and
full and complete performance of all of its other obligations arising hereunder,
the Borrower shall deliver each of the following statements, reports, certificates
and notices to the Agent and the Banks; provided, that documents required to be
delivered pursuant to this Article 5 may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date on which the Agent
receives notice from the Borrower that such documents are posted on the Borrower’s
behalf on an Internet or intranet website, if any, to which each Bank and the
Agent have access (whether a commercial, third-party website or whether sponsored
by the Agent). Notwithstanding anything contained herein, (i) the Borrower shall
deliver paper copies of such documents at the request of the Agent and (ii) in
every instance the Borrower shall be required to provide paper copies of the
compliance certificate required by Section 5.5 to the Agent. Except for such
compliance certificate, the Agent shall have no obligation to request the delivery
or to maintain copies of the documents referred to above, and in any event shall
have no responsibility to monitor compliance by the Borrower with any such request
for delivery, and each Bank shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents:

     (c) The Credit Agreement is amended by deleting the final paragraph of Section 5.2 in its
entirety.

     Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to
receipt by the Agent of each of the following, each in form and substance satisfactory to the
Agent:

     (a) A counterpart of this Amendment duly executed by the Borrower and the Majority Banks; and

     (b) Such other documents, instruments and agreements as the Agent may reasonably request.

     Section 3. Representations. The Borrower represents and warrants to the Agent and
the Banks that:

 

 

     (a) Authorization. The Borrower has the right and power, and has taken all necessary
action to authorize it, to execute and deliver this Amendment and to perform its obligations
hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms. This Amendment has been duly executed and delivered by a duly authorized officer
of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment,
is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in
accordance with its respective terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in
effect, relating to or affecting the enforcement of creditors’ rights generally and except that the
remedy of specific performance and other equitable remedies are subject to judicial discretion.

     (b) Compliance with Laws, etc. The execution and delivery by the Borrower of this
Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as
amended by this Amendment, in accordance with their respective terms, do not and will not, by the
passage of time, the giving of notice or otherwise: (i) require the consent, license, approval,
authorization or declaration of any Governmental Authority, bureau or agency, or violate any
applicable laws relating to the Borrower; (ii) conflict with or result in a breach of any court or
Governmental Authority, bureau or agency, domestic or foreign, or any charter or by-laws of the
Borrower (iii) create a default under or breach of any agreement, bond, note or indenture to which
the Borrower is a party, or by which the Borrower is bound or any of its properties or assets is
affected or (iv) result in the imposition of any Lien of any nature whatsoever upon any of the
properties or assets owned by or used in connection with the business of the Borrower.

     (c) No Default. No Default or Event of Default has occurred and is continuing as of
the date hereof nor will exist immediately after giving effect to this Amendment.

     Section 4. Reaffirmation of Representations by Borrower. The Borrower hereby repeats
and reaffirms all representations and warranties made by the Borrower to the Agent and the Banks in
the Credit Agreement and the other Loan Documents to which it is a party on and as of the date
hereof with the same force and effect as if such representations and warranties were set forth in
this Amendment in full.

     Section 5. Certain References. Each reference to the Credit Agreement in any of the
Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this
Amendment.

     Section 6. Expenses. Consistent with and subject to Section 10.1 of the Credit
Agreement, the Borrower shall reimburse the Agent and each Lender upon demand for all reasonable
costs and expenses (including reasonable attorneys’ fees) incurred by the Agent or such Lender in
connection with the preparation, negotiation and execution of this Amendment.

2

 

     Section 7. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

     Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE
FULLY PERFORMED, IN SUCH STATE.

     Section 9. Effect. Except as expressly herein amended, the terms and conditions of
the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments
contained herein shall be deemed to have prospective application only, unless otherwise
specifically stated herein.

     Section 10. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be binding upon all
parties, their successors and assigns.

     Section 11. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to
be executed as of the date first above written.

	 	 	 	 	 
	 	THE BORROWER:	 
	 
	 	NATIONAL CONSUMER COOPERATIVE BANK 

     D/B/A NATIONAL COOPERATIVE BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	THE AGENT AND THE BANKS:

SUNTRUST BANK, AS ADMINISTRATIVE AGENT, 

     AS A BANK, AS ISSUING BANK, AND AS SWING LINE LENDER

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	WACHOVIA BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signatures Continued on Next Page]

 

[Signature Page to First Amendment to Credit Agreement]

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	UNION BANK OF CALIFORNIA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	JP MORGAN CHASE BANK NY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signatures Continued on Next Page]

 

[Signature Page to First Amendment to Credit Agreement]

	 	 	 	 	 
	 	MANUFACTURERS AND TRADERS TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	LASALLE BANK N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	COÖPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A.,
“RABOBANK INTERNATIONAL”, NEW YORK BRANCH

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	MIZUHO CORPORATE BANK (USA)

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	U.S. BANK N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signatures Continued on Next Page]

THE BANK OF NOVA SCOTIA

 

[Signature Page to First Amendment to Credit Agreement]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	TAIPEI FUBON COMMERCIAL BANK,

NEW YORK AGENCY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	FIRST COMMERCIAL BANK, LOS ANGELES BRANCH

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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