Document:

ex103.htm

    

    
      	
               

            	
              EXHIBIT 10.3

            	
               

            

    

     

     

    THIRD
AMENDED AND RESTATED

    EMPLOYMENT
AGREEMENT

    

    This
Third Amended and Restated Employment Agreement (“Agreement”) is made by and
between ubroadcast, inc., a duly organized Delaware corporation (“Employer”),
and David Loflin, a resident of the State of Louisiana
(“Employee”).

    

    W I T N E
S S E T H:

    

    WHEREAS,
Employee has, since executing his Second Amended and Restated Employment
Agreement, served as Executive Vice President of Employer, without being paid
any compensation, having only accrued salary; and

    

    WHEREAS,
Employer desires to reward Employee for his performing above and beyond his
required duties as Executive Vice President of Employer with having been paid
under his Second Amended and Restated Employment Agreement;

    

    WHEREAS,
this Third Amended and Restated Employment Agreement is intended to replace al
prior agreements between Employer and Employee; and

    

    WHEREAS,
Employee is, throughout the term of this Agreement, willing to be employed by
Employer, and Employer is willing to employ Employee, on the terms, covenants
and conditions hereinafter set forth; and

    

    NOW,
THEREFORE, in consideration of such employment and other valuable consideration,
the receipt and adequacy of which is hereby acknowledged, Employer and Employee
hereby agree as follows:

    

    SECTION
I. EMPLOYMENT OF EMPLOYEE

    

    Employer
hereby employs, engages and hires Employee as Executive Vice
President of Employer, and Employee hereby accepts and agrees to such
hiring, engagement and employment, subject to the direct supervision of the
president of Employer and the general supervision of the Board of Directors of
Employer. Employee shall perform duties as are customarily performed by one
holding such position in other, same or similar businesses or enterprises as
that engaged in by Employer, and shall also additionally render such other and
unrelated services and duties as may be reasonably assigned to him from time to
time by Employer. Employee shall devote all necessary efforts to the performance
of his duties as Executive Vice
President of Employer.

    

    SECTION
II. EMPLOYEE’S PERFORMANCE

    

    Employee
hereby agrees that he will, at all times, faithfully, industriously and to the
best of his ability, experience and talents, perform all of the duties that may
be required of and from him pursuant to the express and implicit terms hereof,
to the reasonable satisfaction of Employer.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
III. COMPENSATION OF EMPLOYEE

    

    Employer
shall pay Employee, and Employee shall accept from Employer, in full payment for
Employee’s services hereunder, compensation as follows:

    

    
      	
               
      

            	
              A.

            	
              Bonus. Employee
      shall be issued, as and for a bonus, 1,760,000 shares of Employer’s $.001
      value common stock, which shall be valued at $.025 per share, the closing
      price of the common stock, as reported by the OTC Bulletin Board, on
      August 28, 2009, or $44,000, in the
aggregate.

            

    

    

    
      	
               
      

            	
              B.

            	
              Prior
      Agreement. Under Employer’s prior agreement with Employee, Employer
      would owe Employee approximately $325,000 on terms that have been
      determined by the board of directors of Employer to be an impediment to
      Employer’s securing capital. Employee has advised Employer that he is
      amenable to entering into this Agreement, in order to assist Employer in
      its attempts to secure capital. In consideration of Employee’s changing
      his legal position and entering into this Agreement, Employer shall issue
      to Employee 7,000,000 restricted shares of Employer’s common
      stock.

            

    

    

    
      	
               
      

            	
              C.

            	
              Salary.
      Employee shall be paid as and for a salary the sum of $11,000 per calendar
      month, which salary shall be payable on the 1st day of each calendar
      month, in advance, subject to deduction of lawful and required
      withholding; provided, however, that, for the first month of the initial
      term of this Agreement, Employee shall be paid the sum of $50,000 and
      that, for the second month of the initial term of this Agreement, Employee
      shall be paid the sum of $15,000.

            

    

    

    Employee’s
unpaid salary shall accrue until paid by Employer. Employee shall have the
right, but not the obligation, to be paid all or a portion of his accrued and
unpaid salary in shares of Employer’s common stock, on the following
basis:

    

    on the
15th day of each calendar month, should Employee desire to convert his accrued
and unpaid salary from the immediately preceding month into shares of Employer’s
common stock, Employee shall deliver to Employer a written notice (a “Salary
Conversion Notice”) of his intent to have Employer pay such accrued and unpaid
salary in shares of Employer’s common stock. Each Salary Conversion Notice shall
set forth (1) the amount of accrued and unpaid salary to be converted into
shares of Employer’s common stock and (2) the number of shares of Employer’s
common stock which are to be issued to Employee based on the following
formula:

    

    Amount of
accrued and unpaid salary from the immediately preceding month divided by the
Applicable Share Price (defined below) equals the number of shares to be issued
to Employee. By way of example only, if Employee’s accrued and unpaid salary
totals $5,000 and the Applicable Share Price is $.05, Employer would issue
100,000 shares of its common stock to Employee ($5,000 divided by $.05 equals
100,000 shares).

    

    “Applicable
Share Price” shall mean the average closing sale price of Employer’s common
stock, as reported by the OTC Bulletin Board, for the three trading days
immediately preceding the 15th day of each month.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              D.

            	
              Cellular Phone.
      Employer shall provide Employee with a cellular phone for his use in
      performing his responsibilities with Employer. In the alternative,
      Employer shall pay Employee’s cellular phone
  expense.

            

    

    

    
      	
               
      

            	
              E.

            	
              Automobile.
      Employer shall provide Employer with an automobile for Employee’s use in
      performing his responsibilities with
Employer.

            

    

    

    
      	
               
      

            	
              F.

            	
              Insurance and Other
      Benefits. As further consideration for his covenants contained
      herein, Employer will add Employee, including Employee's family, with such
      health, dental and vision insurance as it offers other employees and other
      benefits, including a 401(k) plan, as may be established by Employer from
      time to time with respect to its employees in accordance with Employer's
      established procedures. Employee shall be entitled to Directors' and
      Officers' indemnification insurance coverage to the same extent as is
      provided to other persons employed as officers of
  Employer.

            

    

    

    
      	
               
      

            	
              G.

            	
              Other Compensation
      Plans. Employee shall be entitled to participate, to the same
      extent as is provided to other persons employed by Employer, in any future
      stock bonus plan, stock option plan or employee stock ownership plan of
      Employer.

            

    

    

    
      	
               
      

            	
              H.

            	
              Other Expenses.
      Employee agrees that he shall be responsible for all expenses incurred in
      his performance hereunder, unless Employer shall have agreed, in advance
      and in writing, to reimburse Employee for any such
    expenses.

            

    

    

    
      	
               
      

            	
              I.

            	
              Vacations.
      During the term of this Agreement, Employee shall be entitled to three (3)
      weeks of vacation.

            

    

    

    SECTION
IV. INDEMNIFICATION OF EMPLOYEE

    

    Employer
and Employee specifically agree that the existing Indemnity Agreement, Agreement
Not to Compete and Confidentiality Agreement, each dated September 5, 2004,
shall remain of full force and effect, to survive the expiration of this
Agreement.

    

    SECTION
V. COMPANY POLICIES

    

    Employee
agrees to abide by the policies, rules, regulations or usages applicable to
Employee as established by Employer from time to time and provided to Employee
in writing.

    

    SECTION
VI. TERM AND TERMINATION

    

    
      	
               
      

            	
              A.

            	
              Term. The
      initial term of this Agreement shall be a period of three years,
      commencing on April 15, 2009. This Agreement shall renew for an additional
      three-year period, provided neither party hereto submits a written notice
      of termination within ninety (90) days prior to the termination of the
      initial term hereof.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              B.

            	
              Termination.
      Employer agrees not to terminate this Agreement except for “just cause”.
      For purposes of this Agreement, “just cause” shall mean (1) the willful
      failure or refusal of Employee to implement or follow the written policies
      or directions of Employer’s Board of Directors, provided that Employee’s
      failure or refusal is not based upon Employee’s belief in good faith, as
      expressed to Employer in writing, that the implementation thereof would be
      unlawful; (2) conduct which is inconsistent with Employee’s position with
      Employer and which results in a material adverse effect (financial or
      otherwise) or misappropriation of assets of Employer; (3) conduct which
      violates the provisions contained in the existing Confidentiality
      Agreement or the Non-Competition Agreement between Employer and Employee;
      (4) the intentional causing of material damage to Employer’s physical
      property; and (5) any act involving personal dishonesty or criminal
      conduct against Employer.

            

    

    

    Although
Employer retains the right to terminate Employee for any reason not specified
above, Employer agrees that if it discharges Employee for any reason other than
just cause, as is solely defined above, Employee will be entitled to full
compensation hereunder. If Employee should cease his employment hereunder
voluntarily for any reason, or is terminated for just cause, all future
compensation and benefits payable to Employee shall thereupon, without any
further writing or act, cease, lapse and be terminated. However, all salary and
reimbursements which accrued prior to Employee’s ceasing employment or
termination will become immediately due and payable and shall be payable to
Employee’s estate should his employment cease due to death.

    

    SECTION
VII. COMPLETE AGREEMENT

    

    This
Agreement contains the complete agreement concerning the employment arrangement
between the parties hereto and shall, as of the effective date hereof, supersede
all other agreements between the parties, including all other employment
agreements. The parties hereto stipulate that neither of them has made any
representation with respect to the subject matter of this Agreement or any
representations including the execution and delivery hereof, except such
representations as are specifically set forth herein and each of the parties
hereto acknowledges that he or it has relied on his or its own judgment in
entering into this Agreement. The parties hereto further acknowledge that any
payments or representations that may have heretofore been made by either of them
to the other are of no effect and that neither of them has relied thereon in
connection with his or its dealings with the other.

    

    SECTION
VIII. WAIVER; MODIFICATION

    

    The
waiver by either party of a breach or violation of any provision of this
Agreement shall not operate as, or be construed to be, a waiver of any
subsequent breach hereof. No waiver or modification of this Agreement or of any
covenant, condition or limitation herein contained shall be valid unless in
writing and duly executed by the party to be charged therewith and no evidence
of any waiver or modification shall be offered or received in evidence of any
proceeding or litigation between the parties hereto arising out of, or
affecting, this Agreement, or the rights or obligations of the parties
hereunder, unless such waiver or modification is in writing, duly executed as
aforesaid, and the parties further agree that the provisions of this Section
VIII may not be waived except as herein set forth.

    

    SECTION
IX. SEVERABILITY

    

    All
agreements and covenants contained herein are severable, and in the event any
one of them, with the exception of those contained in Sections I, III, IV and V
hereof, shall be held to be invalid in any proceeding or litigation between the
parties, this Agreement shall be interpreted as if such invalid agreements or
covenants were not contained herein.

    

    SECTION
X. NOTICES

    

    Any and
all notices will be sufficient if furnished in writing, sent by registered mail
to his last known residence, in case of Employee, or, in case of Employer, to
its principal office address.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
XI. REPRESENTATIONS OF EMPLOYER

    

    The
execution of this Agreement by Employer has been approved by the Board of
Directors of Employer.

    

    SECTION
XII. REPRESENTATIONS OF EMPLOYEE

    

    Employee
hereby represents to Employer that he is under no legal disability with respect
to his entering into this Agreement.

    

    SECTION
XIII. COUNTERPARTS

    

    This
Agreement may be executed in duplicate counterparts, each of which shall be
deemed an original and, together, shall constitute one and the same agreement,
with one counterpart being delivered to each party hereto.

    

    SECTION
XIV. BENEFIT

    

    The
provisions of this Agreement shall extend to the successors, surviving
corporations and assigns of Employer and to any purchaser of substantially all
of the assets and business of Employer. The term “Employer” shall be deemed to
include Employer, any joint venture, partnership, limited liability company,
corporation or other juridical entity, in which Employer shall have an interest,
financial or otherwise.

    

    SECTION
XV. ARBITRATION

    

    The
parties agree that any dispute arising between them related to this Agreement or
the performance hereof shall be submitted for resolution to the American
Arbitration Association for arbitration in the San Diego, California, office of
the Association under the then-current rules of arbitration. The Arbitrator or
Arbitrators shall have the authority to award to the prevailing party its
reasonable costs and attorneys fees. Any award of the Arbitrators may be entered
as a judgment in any court competent jurisdiction.

    

    Notwithstanding
the provisions contained in the foregoing paragraph, the parties hereto agree
that Employer may, at its election, seek injunctive or other equitable relief
from a court of competent jurisdiction for a violation or violations by Employee
of the existing Confidentiality Agreement or the Non-Competition
Agreement.

    

    SECTION
XVI. LEGAL REPRESENTATION

    

    Employer
and Employee both acknowledge that each has utilized separate legal counsel with
respect to this Agreement. Specifically, Employee acknowledges that the law firm
of Newlan & Newlan has drafted this Agreement on behalf of Employer.
EMPLOYEE IS ADMONISHED TO SEEK HIS OWN LEGAL COUNSEL.

    

    SECTION
XVII. GOVERNING LAW

    

    It is the
intention of the parties hereto that this Agreement and the performance
hereunder and all suits and special proceedings hereunder be construed in
accordance with and under and pursuant to the laws of the State of Delaware, and
that, in any action, special proceeding or other proceeding that may be brought
arising out of, in connection with or by reason of this Agreement, the laws of
the State of Delaware shall be applicable and shall govern to the exclusion of
the law of any other forum, without regard to the jurisdiction in which any such
action or special proceeding may be instituted.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the 28th
day of August, 2009.

    

    
      
        	 
      	
                UBROADCAST,
      INC.

              
	 
      	 
      	 
      
	 
      	
                By:
      /s/

              	
                JOHN
      L. CASTIGLIONE

              
	 
      	 
      	
                John
      L. Castiglione

              
	 
      	 
      	
                President

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                /s/
      DAVID LOFLIN

              
	 
      	
                David
      Loflin, individually

              
	 
      	 
      	 
      
	 
      	
                Address
      of Employee:EMPLOYMENT
AGREEMENT

    BY
AND BETWEEN

    PROBANK

    AND

    Erin B.
Sjostrom

    

    THIS EMPLOYMENT AGREEMENT
(“Agreement”) is entered into this    5th  day of March, 2007, by
ProBank (“Employer” or “Bank”) and Erin B. Sjostrom
(“Employee”).  Employer and Employee are collectively referred to
herein as the “Parties”.

    

    RECITALS

    

    WHEREAS, Employer wishes to
retain Employee as ProBank’s Senior Vice President and Senior Credit Officer to
perform the duties and responsibilities as are described in this Agreement and
as Employer’s Chief Executive Officer (“CEO”) may assign to Employee from time
to time; and

    

    WHEREAS, Employee desires to
be employed by the Employer as the Employer’s Senior Vice President
and  Senior Credit Officer in accordance with the terms and provisions
of this Agreement.

    

    NOW, THEREFORE, in
consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto represent, warrant, undertake, covenant and
agree as follows:

    

    OPERATIVE
TERMS

    

    1.           Employment
and Term.  Employer shall
employ Employee pursuant to the terms of this Agreement to perform the services
specified in Section 2 herein.  The initial term of employment shall
be for a period of one year, commencing on March 5th, 2007
(“Effective Date”).  This Agreement shall be renewed automatically on
an annual basis thereafter for one additional year, unless either party provides
notice prior to the automatic renewal that the Agreement will not be
renewed.

    

    2.           Position,
Responsibilities and Duties.  During the term
of this Agreement, Employee shall serve as the Bank’s Senior Vice President and
Senior Credit/Loan Administration Officer through election by the
Board.  In such capacity, Employee shall have the same powers, duties
and responsibilities of supervision and management of the Bank usually accorded
to the Senior Vice President and Senior Credit/Loan Administration Officer of
similar financial institutions.  Employee shall devote her full
business time and attention and use her best efforts to accomplish and fulfill
her duties and responsibilities as Senior Vice President and including duties
assigned to Employee from time to time by the CEO.  The duties which
the Chief Executive Officer has assigned to Employee at this time are set forth
in the Employment Description Schedule attached hereto.  This schedule
may be modified by the CEO from time to time provided the duties as modified are
consistent with duties performed by the Senior Vice President and Senior
Credit/Loan Administration Officer of a similar financial
institution.  Employee shall, at all times, conduct himself in a
manner that will reflect positively upon the Employer.  Employee shall
obtain and maintain such licenses, certificates, accreditations and professional
memberships and designations as the Employer may reasonably
require.  Employee shall notify Employer prior to any significant
participation by him in any trade association or similar
organization.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    3.           Compensation.  During the term
of this Agreement, Employee shall be compensated as described in the
Compensation Schedule.  The Compensation Schedule may be amended by
the parties as needed and such amended Compensation Schedule shall become part
of this Agreement, if dated and executed by the parties, without further action
by the parties.

    

    4.           Payment
of Business Expenses.  Employee is
authorized to incur reasonable expenses in performing her duties
hereunder.  Employer will reimburse Employee for
authorized

    expenses
according to the Employer’s established policies, promptly after Employee’s
presentation of an itemized account of such expenditures.

    

    5.           Termination.

    

    a.           Death.  This
Agreement shall immediately terminate upon Employee’s death, in which instance
Employer shall pay to Employee’s estate any compensation accrued, but not yet
paid.

    

    b.           Termination for
Cause.  The Employer shall have the right, at any time, upon
written notice of termination satisfying the requirements of Section 7 herein,
to terminate Employee’s employment hereunder.  A termination for Cause
shall be effective immediately upon effectiveness of a notice of
termination.  For the purpose of this Agreement, termination for
“Cause” shall mean termination for personal dishonesty,
incompetence  insubordination, misconduct or conduct which may
negatively reflect upon the Employer, drug or excessive alcohol use on the job,
breach of fiduciary duty, failure to perform the duties stated in this
Agreement, violation of any law, rule or regulation (other than minor traffic
violations or similar offenses), violation of a final cease-and-desist order,
illness or incapacity for a period of longer than three months, or personal
default on indebtedness which is not corrected within 30 days from the date of
default. In the event Employee is terminated for Cause, Employee shall have no
right to compensation or other benefits for any period after such date of
termination, other than compensation which was accrued, but not yet
paid.

    

    c.           Other Termination by
Employer.  If Employee is terminated by Employer other than for
Cause, Employee’s right to severance under this Agreement shall be as set forth
in Section 5(g).

    d.           Change-in-Control.  A
“Change-in-Control” of the Employer shall mean the first to occur of any
one or more of the following:

    

    
      	
               
      

            	
              (1)

            	
              any
      transaction, whether by merger, consolidation, asset sale,
      recapitalization, reorganization, combination, stock purchase, tender
      offer, reverse stock split, or otherwise, which results in the acquisition
      of, or beneficial ownership (as such term is defined under rules and
      regulations promulgated under the Securities Exchange Act of 1934, as
      amended) by any person or entity or any group of persons or entities
      acting in concert, of 50% or more of the outstanding shares of common
      stock of the Employer, or its parent company, ProFinancial Holdings, Inc.
      or

            

    

    
      
         

      

      
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              (2)

            	
              the
      sale of all or substantially all of the assets of the Employer,
      or

            

    

    

    
      	
               
      

            	
              (3)

            	
              the
      liquidation of the Employer or a material amount of Employer’s assets,
      or

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      takeover or control of all or substantially all of the operations of
      Employer, through any of the means specified
  above.

            

    

    

    If Employee has actual knowledge of an
anticipated “Change-in-Control” at least ninety (90) days prior to the event
which causes a Change-in-Control, Employee shall be entitled at any time up to
thirty (30) days prior to the event which will effect such Change-in-Control
(the “Change-in-Control Date”), to give a notice of termination (as defined in
Section 8) and terminate her employment as of the Change-in-Control Date, and
Employee shall be paid, in addition to all accrued but unpaid compensation, a
lump sum cash payment (the “Change-in-Control Payment”). The Change-in-Control
Payment shall be equal to one (1) times the Employee’s Average Base Salary (as
defined in Compensation Schedule) for the last three years preceding the
Change-in-Control, plus any
accrued Performance Bonus.  The Change-in-Control Payment shall
be paid without setoff of any kind and in cash, not later than ten days after
the Change-in-Control date.  Additionally, prior to the
Change-in-Control Date, Employer shall notify representatives of the acquiring
or successor entity, as the case may be, of Employee’s rights and Employer’s
obligations under this Agreement, and without affecting Employer’s obligations
to pay Employee hereunder, any such acquiring or successor entity shall become
obligated to forthwith pay to Employee for such part of the Change-in-Control
Payment as has not been paid by the Employer as of the Change-in-Control
Date.

    

    In the event a Change-in-Control occurs
without Employee having the actual prior knowledge described above, Employee
shall have the right to give a notice of termination (as defined in Section 7)
to Employer no later than ten (10) days following a Change-in-Control during the
term of this Agreement.

    

    If the Employee is not employed at the
time of the Change-in-Control, but was terminated by the Employer for reasons
which do not constitute Cause under Section 5b of this Agreement or by the
Employee with Good Reason as defined in Section 5e of this Agreement within 1
year prior to the Change-in-Control, the Employee shall also be entitled to a
Change-in-Control Payment. However, the Change-in-Control Payments shall be
reduced to the extent Employee has received any severance payment.

    

    Upon receipt of Employee’s timely
notice of termination under this Section 5 of this Agreement, Employer or its
successor in interest, may deliver notice to Employee that it is requesting that
Employee continue employment for a specified transition period of up to six (6)
months within thirty days of receipt of the Employee’s notice of
termination.  During such post-change in control employment, Employee
shall receive the base compensation and benefits he was receiving under this
Agreement at ProBank immediately prior to the change in control, but shall be an
employee for the period specified in the notice, shall perform some or all the
duties specified in paragraph 2 of this Agreement and shall otherwise perform
reasonable executive, management, or professional duties as the new employer may
request, and shall perform her post-termination obligations under paragraph 8 of
this Agreement.  No other provision of this Agreement shall apply to
such post-change in control employment.

    
      
         

      

      
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    e.           Termination for Good
Reason.  Employee may terminate her employment hereunder for
Good Reason by delivering a notice of termination (as defined in Section
7).  For purposes of this Agreement, “Good Reason” shall mean a
failure by ProBank to comply with any material provision of this Agreement,
which failure has not been cured within fifteen (15) business days after a
notice of such noncompliance has been given by the Employee to
ProBank.  If Employee terminates her employment for Good Reason,
Employee’s right to severance under this Agreement shall be as set forth in
Section 5(g).

    

    f.           Termination by
Employee.  Employee may terminate her employment hereunder and
this Agreement for any reason other than Good Reason, by providing a notice of
termination (as defined in Section 7).  In the event that Employee
terminates her employment without Good Reason, Employee shall have no right to
severance, compensation or other benefits after the date of termination, except
for accrued but unpaid compensation.

    

    g. Severance
Payment.  If Employee is entitled to severance under Sections
5(c) or (e), Employee shall be paid, as severance, the total Base Salary (as
defined in Compensation Schedule) due for a period of twelve
months.  Any such payment shall be made in substantially equal
semi-monthly installments on the 15th and last days of each month until paid in
full and shall only be paid subject to Employee’s execution of a full release in
favor of the Employer for any potential claims related to this Agreement or to
Employee’s employment with the Employer.

    

    6.           Regulatory
Provisions.  Employer and
Employee acknowledge that the laws and regulations governing the Parties require
that the employment of Employee be governed by certain standards contained in
those laws and regulations.  To that end, the Parties agree to be
bound by the following provisions:

    

    a.           Suspension/Temporary
Prohibition.  If the Employee is suspended and/or temporarily
prohibited from participating in the conduct and affairs of ProBank by a notice
served under Sections 8(e) or (g)(1) of the Federal Deposit Insurance Act (12
U.S.C. §1818[e][3] and [g][1]) ProBanks obligations under this Agreement shall
be suspended as of the date of such service unless stayed by appropriate
proceedings.  If the charges and the notice are dismissed, ProBank may
in its discretion:

    

    
      	
               
      

            	
              (1)

            	
              pay
      the Employee all or part of her compensation withheld while the
      obligations under this Agreement are suspended;
  and

            

    

    

    
      	
               
      

            	
              (2)

            	
              reinstate
      (in whole or part) any of ProBanks obligations which were
      suspended.

            

    

    
      
         

      

      
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    b.           Permanent
Prohibition.  If the Employee is removed and/or permanently
prohibited from participating in the conduct and affairs of ProBank by an order
issued under Sections 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12
U.S.C. §1818[e][4] or [g][1]), all of Employer’s obligations under this
Agreement shall terminate as of the effective date of the order, but the
Employee’s vested rights, if any shall not be affected.

    

    c.           Default Under
FDIA.  If ProBank is in default (as defined in Section 3[x][1]
of the Federal Deposit Insurance Act), all obligations under this Agreement
shall terminate as of the date of default, but this subsection of this Agreement
shall not affect the Employee’s vested rights if any.

    

    7.           Notice of
Termination.

    

    a.           Specificity.  Any termination of
Employee’s employment by Employer or by Employee shall be communicated by
written notice of termination to the other Party.  For purposes of
this Agreement, a “notice of termination” shall mean a dated notice which shall:
(i) indicate the specific relevant termination provision in the Agreement; (ii)
set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Employee’s employment under the provision; and (iii)
set forth the date of termination, which shall be not less than 30 days nor more
than 45 days after such notice of termination is given, unless another Section
of the Agreement requires or permits a different effective date.

    

    b.           Delivery
of Notices.  All notices or resignations given or required to
be given herein shall be in writing, sent by United States first-class certified
or registered mail, postage prepaid, by way of overnight carrier, or by hand
delivery.  If to Employee (or to the Employee’s spouse or estate upon
the Employee’s death) notice shall be sent to Employee’s last-known address, and
if to Employer, notice shall be sent to the Employer’s corporate
headquarters.  All such notices shall be effective five days after
having been deposited in the mail if sent via first-class certified or
registered mail, or upon delivery if by hand delivery or if sent via overnight
carrier.  Either Party, by notice in writing, may change or designate
the place for receipt of all such notices.

    

    8.           Post-Termination
Obligations.  Employer shall
pay to Employee such severance payments as are required pursuant to this
Agreement; provided, however, any such severance payments shall be subject to
Employee’s post-termination cooperation.  Such cooperation shall
include the following:

    

    a.           Employee
shall furnish such information and assistance as may be reasonably required by
Employer in connection with any litigation or settlement of any dispute between
Employer and a customer or other third parties (including without limitation
serving as a witness in court or other proceedings);

    

    b.           Employee
shall provide such information or assistance to Employer in connection with any
regulatory examination by any state or federal regulatory
agency;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    c.           Employee
shall keep the Employer’s trade secrets and other proprietary or confidential
information secret to the fullest extent practicable, subject to compliance with
all applicable laws;

    

    d.           Employee
shall return all Employer’s property, including, but not limited to, keys,
credit cards, manuals and other written materials;

    

    e.           Employee
shall comply with restrictive covenants;

    

    f.           Employee
shall comply with any other reasonable request of Employer.

    

    Upon
submission of pre-approved receipts, Employer shall promptly reimburse Employee
for any reasonable expenses incurred by Employee in complying with the
provisions of this Section.

    

    9.           Indebtedness.  If during the
term of this Agreement, Employee becomes indebted to Employer for any reason,
Employer may, at its election, set off and collect any sums due Employee out of
any amounts which Employer may owe Employee pursuant to the terms of this
Agreement.  Furthermore, upon the termination of this Agreement, all
sums owed to Employer by Employee shall become immediately due and
payable.  The prevailing party shall be entitled to judgment for all
expenses and Attorneys’ Fees actually or necessarily incurred in connection with
any collection proceeding for Employee’s
indebtedness.  Notwithstanding any of the foregoing, any indebtedness
to Employer secured by a mortgage on Employee’s residence shall not be subject
to the foregoing provisions, but shall be governed by the loan documents
evidencing such indebtedness.

    

    10.         Confidentiality. Executive shall not at any
time or in any manner, during or after the term of employment, either directly
or indirectly, use, divulge, disclose or communicate to any person, firm or
corporation in any manner whatsoever any information concerning any matters
affecting the business of Bank, including without limiting the generality of the
foregoing, the identity of its customers, its manner of operation, its plans,
processes, or other data without regard to whether all of the foregoing matters
will be deemed confidential, material, or important, the parties hereto
stipulating that as between them, the same are important, material, and
confidential and gravely affect the effective and successful conduct of the
business of Bank, and Bank’s good will, and that any breach of the terms of this
paragraph shall be a material breach of this Agreement.

    

    All records, files, manuals, lists of
customers, blanks, forms, materials, supplies, computer programs, and other
materials furnished to the Employee by Bank, used by the Employee on its behalf,
or generated or obtained by Employee during the course of Employee’s employment,
shall be and remain the property of Bank.  Employee shall be deemed
the bailee thereof for the use and benefit of Bank and shall safely keep and
preserve such property, except as consumed in the normal business operations of
Bank.  Employee acknowledges that this property is confidential and is
not readily accessible to Bank’s competitors.  Upon termination of the
employment relationship, the Employee shall immediately deliver to Bank or its
authorized representative all such property, including all copies, remaining in
Employee’s possession and control.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    11.         Restrictive
Covenants.

    

    a.           Legitimate Business
Interests.  Bank is entitled to protection of its legitimate
business interests, and the parties agree that these interests include without
limitation: Bank’s confidential business and professional information; and
Bank’s substantial relationships with existing or specific prospective customers
and referral sources.  The parties further agree that Bank has a
legitimate business interest in customer referral goodwill associated with its
trade name and its marketing area with a fifty (50) mile radius of its offices
and branches.

    

    b.           Necessity.  The
parties agree that a restrictive covenant is reasonably necessary to protect
these legitimate business interests.

    

    c.           Nonsolicitation/Nonacceptance.  During
the term of this Agreement and for a period of one (1) years from Employee’s
termination pursuant to Paragraph 5, Employee agrees to refrain from and not to,
directly or indirectly, as independent contractor, employee, consultant, agent,
partner, joint venture, or otherwise

    

    (1)             solicit
or counsel any third person, partnership, joint venture, company, corporation,
association or other organization that knows or reasonably should know is a
customer or was a customer of Bank within the preceding twenty-four (24) month
period, regardless of such person’s or entity’s location, to terminate any
business relationship with Bank and/or commence a similar business relationship
with any other individual or business entity,

    

    (2)             accept,
with or without solicitation, any business from any third person, partnership,
joint venture, company, corporation, association or other organization that
Employee knows or reasonably should know is a customer or was a customer of Bank
within the preceding twenty-four (24) month period, regardless of such person’s
or entity’s location, provided, however, that it shall not be a violation of
this subsection if any such person or entity elects, of their own volition, to
do business with the same institution at which Employee is employed and Employee
is not such person’s or entity’s primary contact person at such institution;
or

    

    (3)             solicit
any of the employees, affiliates, or agents of Bank regardless of such person’s
or entity’s location, to terminate any business relationship with
Bank.

    

    For purposes of this Agreement,
Employee acknowledges that informing existing customers or prospects that
Employee is or may be leaving the Bank prior to leaving the employment of the
Bank shall be deemed to constitute prohibited solicitation under this
Agreement.

    

    d.           Organizing Competitive Business,
Soliciting Bank’s Employees.  Employee agrees that so long as
she is working for Bank, Employee will not undertake the planning or organizing
of any business activity competitive with the work Employee
performs.  Employee agrees that she will not for a period of one (1)
years following termination of her employment relationship with the Bank,
directly or indirectly solicit any of the Bank’s employees to work for Employee
or any other competitive business.  Employee acknowledges and agrees
that all activities under this paragraph shall be presumed to be in aid of
prohibited solicitation under the terms of this Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    e.           Non-Competition.  Employee
agrees that during the term of the Employee’s employment with Bank and for a
period of one (1) year immediately following termination of employment, Employee
will not directly or indirectly own, manage, operate, control, be employed by,
act as an agent for, participate in or be connected in any manner with the
ownership, management, operation or control of any business which is engaged in
businesses which are or may be competitive to the business of
Bank.  Employee agrees that this restrictive covenant shall encompass
a geographic area within fifty (50) miles of any office or branch of the
Bank.

    

    f.    Construction.  These
Restrictive Covenants shall be construed in favor of providing reasonable
protection to Bank’s legitimate business interests.  Furthermore,
Employee agrees that if any portion of the covenants set forth herein are held
to be unreasonable, arbitrary or against public policy, then such portion of the
covenants shall be considered divisible as to time, geographic area or
condition.  If any court of competent jurisdiction determines the
specified time period or the specified geographic area to be unreasonable,
arbitrary or against public policy, then a lesser time period or geographical
area, which is determined to be reasonable, not arbitrary and not against public
policy, may be enforced against Employee.  Employee agrees that the
foregoing covenants are appropriate and reasonable when considered in light of
the nature and extent of the business of Bank and Employee’s
employment.  The waiver by Bank of Employee’s breach of any provision
of the foregoing covenants shall not be construed as a waiver of any other
provisions hereof or of any subsequent breach by Employee.

    

    g.    Notice to Subsequent
Employer.  Employee shall fully disclose the terms of the
Restrictive Covenants contained in this Agreement to any person, corporation or
other entity with whom the Employee is employed or to which the Employee renders
services after termination of the relationship with Bank until such time as all
of Employee’s obligations hereunder have been fully
performed.  Employee further agrees to make such disclosure prior to
performing any services for such individuals or entities.  Employee
further agrees that the Bank may provide within its sole discretion copies of
part or all of this Agreement to any future employer of or party contracting
with Employee or otherwise make provisions of this Agreement known to such
employer or contracting

    party
until such time as Employee has fully performed all obligations
hereunder.  Employee waives any right to assert any claim for damages
against Bank or any officer.

    

    Employee hereby agrees that the
duration of the restrictive covenants set forth herein is reasonable, and that
its geographic scope is not unduly restrictive.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              12.

            	
              Remedies
      for Breach.

            

    

    

    a.           Arbitration. The Parties agree
that, except for the specific remedies for Injunctive Relief as contained in
Section 12(b), herein, any controversy or claim arising out of or relating to
this Agreement, or any breach thereof, including, without limitation, any claim
that this Agreement or any portion thereof is invalid, illegal or otherwise
voidable, shall be submitted to binding arbitration before and in accordance
with the Rules of the American Arbitration Association.  Judgment upon
the determination and/or award of such arbitrator may be entered in any court
having jurisdiction thereof; provided, however, that this clause shall not be
construed to permit the award of punitive damages to either
Party.  The prevailing party to said arbitration shall be entitled to
an award of reasonable Attorneys’ Fees.  The venue for arbitration
shall be in Leon County, Florida.

    

    b.           Injunctive
Relief.  The Parties acknowledge and agree that the services to
be performed by Employee are special and unique and that money damages cannot
fully compensate Employer in the event of Employee’s violation of the provisions
of Sections 10 and 11 of this Agreement.  Thus, in the event of a
breach of any of the provisions of such Section, Employee agrees that Employer,
upon application to a court of competent jurisdiction, shall be entitled to an
injunction restraining Employee from any further breach of the terms and
provision of such Section.  Employee’s sole remedy, in the event of
the wrongful entry of such injunction, shall be the dissolution of such
injunction and recovery of Attorneys’ Fees.  Employee hereby waives
any and all claims for damages by reason of the wrongful issuance of any such
injunction.

    

    c.           Cumulative
Remedies.  Notwithstanding any other provision of this
Agreement, the injunctive relief described in Section 12(b) herein and all other
remedies provided for in this Agreement which are available to Employer as a
result of Employee’s breach of this Agreement, are in addition to and shall not
limit any and all remedies existing at law or in equity which may also be
available to Employer.

    

    13.          Assignment.  The rights and
obligations of the Bank under this Agreement, specifically inclusive of the
restrictive covenants, may be assigned by Bank and shall inure to the benefit of
and be enforceable by the successors and assigns of the Bank and Employee
expressly consents to any assignment of this Agreement.  This Agreement, including the
restrictive covenants, shall not be binding upon Employee if at any time during
Employee’s employment: (a) Employee’s salary or benefits are reduced (but not
including a reduction that applies to all employees of the Bank); (b) Employee’s
title is diminished; or (c) Employee’s office location is moved outside Leon
County.

    

    14.          Attorneys’
Fees. In
the event that any claim or controversy hereunder is the subject of any
litigation or arbitration between the Parties, the prevailing Party shall be
entitled to an award of all reasonable costs, including Attorneys’
Fees.

    

    15.          Miscellaneous.

    

    a.           Amendment of
Agreement.  Unless as otherwise provided herein, this Agreement
may not be modified or amended except in writing signed by the
Parties.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    b.           Certain
Definitions.  For purposes of this Agreement, the following
terms whenever capitalized herein shall have the following
meanings:

    

    
      	
               
      

            	
              (1)

            	
              “Person”
      shall mean any natural person, corporation, partnership (general or
      limited), trust, association or any other business
  entity.

            

    

    

    
      	
               
      

            	
              (2)

            	
              “Attorneys’
      Fees” shall include the reasonable legal fees and disbursements charged by
      attorneys and their related travel and lodging expenses, court costs,
      paralegal fees, etc. incurred in arbitration, mediation, settlement
      negotiations, discovery, trial, appeal or bankruptcy
      proceedings.

            

    

    

    c.           Headings for Reference
Only.  The headings of the Sections and the Subsections herein
are included solely for convenient reference and shall not control the meaning
of the interpretation of any of the provisions of this Agreement.

    

    d.           Governing
Law/Jurisdiction.  This Agreement shall be construed in
accordance with and governed by the laws of the State of Florida.  Any
litigation involving the Parties and their rights and obligations hereunder
shall be brought in the appropriate court in Leon County, Florida.

    

    e.           Severability.  If
any of the provisions of this Agreement shall be held invalid for any reason,
the remainder of this Agreement shall not be affected thereby and shall remain
in full force and effect in accordance with the remainder of its
terms.

    

    f.           Entire
Agreement.  This Agreement and all other documents incorporated
or referred to herein, contain the entire agreement of the Parties and there are
no representations, inducements or other provisions other than those expressed
in writing herein.  No modification, waiver or discharge of any
provision or any breach of this Agreement shall be effective unless it is in
writing signed by both Parties.  A Party’s waiver of the other Party’s
breach of any provision of this Agreement, shall not operate, or be construed,
as a waiver of any subsequent breach of that provision or of any other provision
of this Agreement.

    

    g.           Waiver.  No course
of conduct by Employer or Employee and no delay or omission of Employer or
Employee to exercise any right or power given under this Agreement shall: (i)
impair the subsequent exercise of any right or power, or (ii) be construed to be
a waiver of any default or any acquiescence in, or consent to, the curing of any
default while any other default shall continue to exist, or be construed to be a
waiver of such continuing default or of any other right or power that shall
theretofore have arisen. Any power and/or remedy granted by law and by this
Agreement to any Party hereto may be exercised from time to time, and as often
as may be deemed expedient.  All such rights and powers shall be
cumulative to the fullest extent permitted by law.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    h.           Pronouns. As used herein,
words in the singular include the plural, and the masculine include the feminine
and neuter gender, as appropriate.

    

    i.           Recitals.  The
Recitals set forth at the beginning of this Agreement shall be deemed to be
incorporated into this Agreement by this reference as if fully set forth herein,
and this Agreement shall be interpreted with reference to and in light of such
Recitals.

    

    j.           Amendment and
Restatement.  This Agreement amends and completely restates any
other employment agreements by and between Employee and ProBank.  By
executing this Agreement, Employee and ProBank release each other from any
obligations under any such other Agreements.

    

    IN WITNESS WHEREOF, the
Parties hereto have executed this Agreement as of the day and year first written
above.

    

    
      
        
          	
                  EMPLOYEE

                	 	 
      	
                  BANK

                	 
      
	 
      	 	 
      	 
      	 
      
	
                         /s/ Erin
      B. Sjostrom

                	 	
                  By:

                	
                         /s/
      Bryan Robinson

                	 
      
	
                  Erin
      B. Sjostrom

                	 	 
      	
                    Bryan
      Robinson, President/CEO

                	 
      

        

      

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    COMPENSATION
SCHEDULE

    

    1.           Base
Salary:  Employee shall
receive an annual salary of $110,000.00 (the Base Salary).

    

    Employer may adjust the Base Salary
from time to time based upon the Board’s evaluation of Employee’s
performance.  In no event, however, will the Base Salary be reduced
without Employee’s written concurrence.

    

    2.           Performance
Bonuses: Employee
may receive performance bonuses at the discretion of the President/CEO and the
Board of Directors.

    

    3.           Vacation: Employee is entitled to
three weeks vacation time per year as permitted by the Employer’s vacation
policy applicable to executive employees of the Bank.

    

    4.           Medical
Benefits and Other Plans: Employee medical, dental and
life insurance will be paid by ProBank for employee. Employee shall also be
permitted to participate in all other benefit plans offered to Bank
officers.

    

    5.           Continuing
Education:
Employer will reimburse Employee for admission or attendance fees for
pre-approved educational meetings or seminars offered by such organizations as
the Florida Bankers Association.

    

    6.           Stock
Options:  Once the Bank
opens, and once the Company has adopted a Stock Option Plan (the “Plan”), the
Company shall grant Employee an option to purchase 10,000 shares of the
Company’s common stock at $10.00 per share.  The option will vest over
a 4 year period, whereby one-fourth of the shares will vest on each anniversary
date following the grant until fully vested.  The option will be
subject to the approval of the Plan by the Company’s shareholders.

    

    Dated this       5th  day of    March       ,
2007.

    

    
      
        	
                EMPLOYEE

              	 	 
      	
                BANK

              	 
      
	 
      	 	 
      	 
      	 
      
	
                      /s/ Erin B.
      Sjostrom

              	 	
                By:

              	
                      /s/ Bryan
      Robinson

              	 
      
	
                Erin
      B. Sjostrom

              	 	 
      	
                Bryan
      Robinson, President/CEO

              	 
      

      

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    EMPLOYMENT
DESCRIPTION SCHEDULE

    

    Senior
Credit Officer

    

    
      	
              ·

            	
              Direct
      overall administration of the banks Credit Underwriting and Loan
      Administration Division.

            

    

    

    
      	
              ·

            	
              Manage
      the Credit Underwriting for the Banks loan portfolio, and all employees
      within the Underwriting and Loan Administration Division, and coordinate
      all activities in accordance with established policies and
      procedures.

            

    

    

    
      	
              ·

            	
              Develop
      incentive goals/plans each year for the Credit Underwriting and Loan
      Administration Division.

            

    

    

    
      	
              ·

            	
              Support
      other areas of the bank when needed and in developing additional business
      through cross-sales that may not directly impact the Credit Underwriting
      and Loan Administration Division.

            

    

    

    
      	
              ·

            	
              Develop
      and implement Credit Underwriting and Loan Administration loan policy and
      operation policies and procedures.

            

    

    

    
      	
              ·

            	
              When
      requested to do so, act as CEO in the absence of the Chief Executive
      Officer.

            

    

    

    
      	
              ·

            	
              Analyze
      operational problems and develop procedures for their
      resolution.

            

    

    

    
      	
              ·

            	
              Develop
      and maintain manuals and references, as well as participate in staff
      training to effectively implement Credit Underwriting and Loan
      Administration banking policies and
procedures.

            

    

    

    
      	
              ·

            	
              Recommend
      equipment changes and reviews and approves equipment
      expenditures.

            

    

    

    
      	
              ·

            	
              Monitor
      and ensure control procedures within the Credit Underwriting and Loan
      Administration Division and other services as
  necessary.

            

    

    

    
      	
              ·

            	
              Controls
      all costs associated with the Bank’s Credit Underwriting and Loan
      Administration Division.

            

    

    

    
      	
              ·

            	
              Assemble,
      hire and train staff as necessary to implement the Bank’s
      plan.

            

    

    

    
      	
              ·

            	
              Conform
      to and support all rules, regulations, laws and policies regarding
      employment, Community Reinvestment Act, banking practices and any other
      governing bodies now and as they may change from time to
    time.

            

    

    

    
      	
              ·

            	
              Perform
      other duties as required.

            

    

    
      
         

      

      
        13

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