Document:

ex10_2.htm

Exhibit 10.2

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

July 17, 2009

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms dated of as of the date of this letter agreement (the “Securities Purchase Agreement”) between United States Department of Treasury (“Investor”)
and the company named on the signature page hereto (the “Company”).  Investor and the Company desire to amend the Securities Purchase Agreement as follows:

 

1.           Section 2.1(a) of the Securities Purchase Agreement is amended to read in its entirety as follows:

 

“(a)           [Intentionally Omitted.]”

 

2.           Section 2.1(c) of the Securities Purchase Agreement is amended to read in its entirety as follows:

 

“(c)           “Previously Disclosed” means information set forth or incorporated in the Company’s Annual Report on Form 10-K for the most recently completed fiscal year of the Company filed with the Primary
Federal Securities Regulator prior to the execution and delivery of this Agreement (the “Last Fiscal Year”) or in its other reports and forms filed with or furnished to the Primary Federal Securities Regulator as contemplated under Sections 13(a), 14(a) or 15(d) of the Exchange Act on or after the last day of the Last Fiscal Year and prior to the execution and delivery of this Agreement.  “Primary
Federal Securities Regulator” means the SEC or the primary federal bank regulator with which the Company files its reports, registration statements, proxy statements and other filings under the Exchange Act.  If the Company is required to make filings with a Primary Federal Securities Regulator other than the SEC, all references in this Agreement to the SEC shall be deemed to refer to the Company’s Primary Federal Securities Regulator.”

 

3.           The definition of “Registrable Securities” in Section 4.5(l)(iv) of the Securities Purchase Agreement is amended by adding the following sentence at the end thereof:

“Notwithstanding anything in this Section 4.5(l)(iv) to the contrary, Registrable Securities shall not include any securities of the Company that are referred to in Section 3(a) of the Securities Act; provided, however,
that in the event that the Company’s Primary Federal Securities Regulator is not the SEC, the Company shall take such actions (if any) as are provided for under such Primary Federal Securities Regulator’s rules in order to permit the resale of Registrable Securities by the Holders in accordance with such rules.”

  

  

  

 

From and after the date hereof, each reference in the Securities Purchase Agreement to “this Agreement” or words of like import shall mean and be a reference to the Agreement (as defined in the Securities Purchase Agreement) as amended by this letter agreement and each reference in the Securities Purchase Agreement to “this
Securities Purchase Agreement” or words of like import shall mean and be a reference to the Securities Purchase Agreement as amended by this letter agreement.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed
sufficient as if actual signature pages had been delivered.

 

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In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	  	
UNITED STATES DEPARTMENT OF THE TREASURY

	  	  	  
	  	  	  
	  	
By:
	
/s/ Herbert M. Allison Jr.

	  	  	
Name: Herbert M. Allison, Jr.

	  	  	
Title: Assistant Secretary for Financial Stability

	  	  	  
	  	  	  
	  	
COMPANY:

	  	  	  
	  	
SOUTHCREST FINANCIAL GROUP, INC.

	  	  	  
	  	  	  
	  	
By:
	
/s/ Larry T. Kuglar

	  	  	
Larry T. Kuglar

	  	  	
President and Chief Executive Officerex10_3.htm

Exhibit 10.3

 

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

July 17, 2009

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms dated of as of the date of this letter agreement (the “Securities Purchase Agreement”) between United States Department of Treasury (“Investor”)
and the company named on the signature page hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.

 

The American Recovery and Reinvestment Act of 2009, as it may be amended from time to time (the “Act”), includes provisions relating to executive compensation and other matters that may be inconsistent with the Securities Purchase Agreement, the Warrant and the Certificates
of Designation (the “Transaction Documents”).  Accordingly, Investor and the Company desire to confirm their understanding as follows:

 

1.              Notwithstanding anything in the Transaction Documents to the contrary, in the event that the Act or any rules or regulations promulgated thereunder are inconsistent with any of the terms of the Transaction Documents, the Act and such rules and regulations shall
control.

 

2.              For the avoidance of doubt (and without limiting the generality of Paragraph 1):

 

(a)           the provisions of Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the Act or otherwise from time to time (“EESA”), shall apply to the Company;

 

(b)           the waiver to be delivered by each of the Company’s Senior Executive Officers pursuant to Section 1.2(d)(v) of the Securities Purchase Agreement shall, in addition, be delivered by any additional highly compensated employees required by applicable rules or regulations
under EESA;

 

(c)           the Company’s chief executive officer and chief financial officer shall provide the written certification of compliance by the Company with the requirements of Section 111 of EESA in the manner specified by Section 111(b)(4) thereunder or in any rules or regulations
under EESA; and

 

(d)           the Company shall be permitted to repay preferred shares, and when such preferred shares are repaid, the Investor shall liquidate warrants associated with such preferred shares, all in accordance with the Act and any rules and regulations thereunder.

 

 

 

 

 

From and after the date hereof, each reference in the Securities Purchase Agreement to “this Agreement” or “this Securities Purchase Agreement” or words of like import shall mean and be a reference to the Agreement (as defined in the Securities Purchase Agreement) as amended by this letter agreement.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement, the Securities Purchase Agreement, the Warrant, the Certificate of Designation and any other documents executed by the parties at the Closing constitute the entire agreement of the parties with respect to the subject matter hereof.

Nothing in this letter agreement shall be deemed an admission by Investor as to the necessity of obtaining the consent of the Company in order to effect the changes to the Transaction Documents contemplated by this letter agreement, nor shall anything in this letter agreement be deemed to require Investor to obtain the consent of any other
TARP recipient (as defined in the Act) participating in the Capital Purchase Program (the “CPP”) in order to effect changes to their documentation under the CPP.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed
sufficient as if actual signature pages had been delivered.

 

 

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-2-

 

 

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	 	
UNITED STATES DEPARTMENT OF THE TREASURY

 

	 	
By:
	
/s/ Herbert M. Allison, Jr.
	 
	 	  	
Name: Herbert M. Allison, Jr.
	 
	 	  	
Title: Assistant Secretary for Financial Stability
	 

 

	 	
COMPANY:

	 	  
	 	
SOUTHCREST FINANCIAL GROUP, INC.

	 	  	  	 
	 	
By:
	
/s/ Larry T. Kuglar
	 
	 	  	
Name: Larry T. Kuglar
	 
	 	  	
Title: President and Chief Executive OfficerUnassociated Document

Exhibit 10.4

FORM OF WAIVER

In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or any state or territory thereof or my employer or any of its directors, officers, employees
and agents for any changes to my compensation or benefits that are required in order to comply with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended (“EESA”), and rules, regulations, guidance or other requirements issued thereunder (collectively, the “EESA Restrictions”).

I acknowledge that the EESA Restrictions may require modification of the employment, compensation, bonus, incentive, severance, retention and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements), whether or not in writing, that I have with my employer or in which I participate
as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program and I hereby consent to all such modifications.  I further acknowledge and agree that if my employer notifies me in writing that I have received payments in violation of the EESA Restrictions, I shall repay the aggregate amount of such payments to my employer no later than fifteen business days following my receipt of such notice.

This waiver includes all claims I may have under the laws of the United States or any other jurisdiction related to the requirements imposed by the EESA Restrictions (including without limitation, any claim for any compensation or other payments or benefits I would otherwise receive absent the EESA Restrictions, any challenge to the process
by which the EESA Restrictions were adopted and any tort or constitutional claim about the effect of the foregoing on my employment relationship) and I hereby agree that I will not at any time initiate, or cause or permit to be initiated on my behalf, any such claim against the United States, my employer or its directors, officers, employees or agents in or before any local, state, federal or other agency, court or body.

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In witness whereof, I execute this waiver on my own behalf, thereby communicating my acceptance and acknowledgement to the provisions herein.

	  	
Respectfully,

	  	  
	  	  
	  	  
	  	  
	  	
[NAME]

	  	
[TITLE]

	  	
July 17, 2009

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