Document:

ex10_20.htm

    
      

    

    EXHIBIT 10.20

    

    
      	 
      	
              UBS
      Financial Services Inc.

            

    

    

    
      	 
      	
              ML

            	 
      	 	 
      

    

    

    CLIENT'S
AGREEMENT

    

    
      	
              FULL
      ACCOUNT TITLE

            	 
      
	
              ClearOne
      Communications, Inc

            	 
      

    

    

    
      	
              BRANCH

            	 
      	
              ACCOUNT
      NUMBER

            	 
      	
              BROKER

            
	
              C

            	
              P

            	
              -

            	
              3

            	
              5

            	
              0

            	
              3

            	
              6

            	
              -

            	
              1

            	
              6

            

    

    

    Introduction

    
      	
              1.

            	
              This
      Agreement contains the terms governing an accounts) in my name for the
      purchase or sale of property. In the Agreement, "I," "me" or "my" means
      each person who signs below. "You," "your" or "UBS Financial Services"
      means UBS Financial Services Inc., its successor firms, subsidiaries,
      correspondents or affiliates, or employees. "Property" means all
      securities, including but not limited to monies, stocks, options, bonds,
      notes, futures, contracts, commodities, certificates of deposit’ and other
      obligations, contracts or
securities.

            

    

    

    Applicable
Rules and Regulations

    
      	
              2.

            	
              All
      transactions for me shall be subject to the constitution, rules,
      regulations, bylaws, interpretations, customs and usages of the exchange
      or market and its clearing house, if any, where the transactions are
      executed. Such transactions are also subject, where applicable, to the
      provisions, rules and regulations of the Securities and Exchange
      Commission, the Commodity Futures Trading Commission, the Board of
      Governors of the Federal Reserve System in existence at this time and as
      later amended and supplemented.

            

    

    

    Amendment
or Waiver

    
      	
              3.

            	
              I
      agree that you may change the terms of this agreement at any time upon
      prior written notice to me. By continuing to accept the services offered
      by you, I indicate to you my acceptance of these changes. If I do not
      accept the changes, I must notify you in writing of my refusal and my
      account will be cancelled. However, I will remain liable for any
      outstanding Debits and/or Charges on my
account.

            

    

    

    Transactions
and Settlements

    
      	
              4.

            	
              All
      orders for the purchase and sale of any property will be given by me and
      executed with the distinct understanding that an actual purchase or sale
      is intended and that it is my intention and obligation in every case to
      deliver property to cover any and all sales and in the case of purchases
      to receive and pay for property that I will do so upon your demand. In
      case you make a short sale of any property at my direction or in case I
      fail to deliver to you any property which you have sold at my direction,
      you are authorized to borrow the property necessary to enable you to make
      delivery to the purchaser and I agree to be responsible for the cost or
      loss you may incur, or the cost of obtaining the property if you are
      unable to borrow it. No settlement of my account(s) may occur without your
      first receiving all property for which the account is short and all
      property in which the account(s) are long being paid for in full and the
      property then delivered. You and your correspondents are my constituted
      agents to complete all such transactions and are authorized to make
      advances and expend monies as are
required.

            

    

    

    Marking
Sell Orders Long or Short

    
      	
              5.

            	
              When
      placing with you any sell order for a short account, I will designate it
      as such and hereby authorize you to mark the order as being "short." When
      placing with you any order for a long account, I will designate it as such
      and hereby authorize you to mark the order as being "long." Any sell order
      which I shall designate as being for a long account, is for property which
      is owned by me and, if you are unable to deliver this property from any
      account(s), the placing of the order will constitute my representation
      that the property will be delivered as required and that I will reimburse
      you for any expense incurred.

            

    

    

    Binding
Order

    
      	
              6.

            	
              Any
      order which I give shall be binding upon me, and (my/our) personal
      representative until you receive notice of my death. Such death and notice
      will not affect your right to take any action which you could have taken
      if I had not died.

            

    

    

    Lien
Provisions

    
      	
              7.

            	
              All
      property held or purchased shall be subject to a lien in your favor for
      the discharge of all my indebtedness and any other obligations that I may
      owe to you, however and whenever arising, and may be held by you as
      security for the payment of any such obligations or indebtedness to you in
      any account you maintain for me including any accounts in which I may have
      an interest. You are authorized without notice to me whenever you deem it
      advisable from time to time (a) to transfer interchangeably between any
      accounts I have with you any or all of the Property so held, without
      regard to whether you have in your possession or subject to your control
      other Property of the same kind and amount; (b) in the usual course of
      business pledge, repledge, hypothecate (either for the amount I owe you or
      for a greater or lesser sum) and lend the same to you as broker or to
      others from time to time, separately or commingled with Property carried
      for other clients and you shall not be required to deliver to me the same
      Property but only Property of the same kind and
  amount.

            

    

    

    
      
         

      

      
        ORIGNAL -
PAGE 1 OF 4

        
          

        

      

      
         

      

    

     

    Payment
of Indebtedness Upon Demand

    
      	
              8.

            	
              I
      shall at all times be liable for the payment of any amounts advanced, any
      debit balance or other obligations owing in any of my account(s) with you
      and I shall be liable to you for any deficiency remaining in any such
      account(s) in the event of the liquidation thereof, in whole or in part,
      by you or by me. I shall make payment of any such debit balance,
      obligation, deficiency, - indebtedness, including interest and
      commissions, upon demand and any costs of collection, including attorney's
      fees, if incurred by you.

            

    

    

    Interest
Provision

    
      	
              9.

            	
              All
      amounts advanced and other balances due shall be charged interest in
      accordance with your usual custom, which may include the compounding of
      interest, including any increases in rates which reflect adjustments in
      the UBS Financial Services Base Loan Rate, and such other charges as you
      may make to cover your facilities and extra services. Payment of all
      amounts advanced and other balances due, together with the interest
      thereon, shall be made by me to you at any of your offices which will act
      as my agent for the transmittal of such amounts and other balances due to
      you at New York, New York.

            

    

    

    I
HAVE READ AND UNDERSTAND THE STATEMENT OF CREDIT PRACTICES
DESCRIBING INTEREST CHARGES PRINTED ON THE REVERSE SIDE.

    

    Sub-Agents

    
      	
              10.

            	
              You
      may employ sub-brokers and shall be responsible only for reasonable care
      in their selection. You may deal with market makers or members of any
      exchange known as specialists or known as odd lot dealers and in the
      execution of my orders they may act as sub-brokers for me and may also buy
      or sell the property for themselves as dealers for their own
      account.

            

    

    

    Margin
Requirements

    
      	
              11.

            	
              I
      agree to maintain in account(s) with you such positions and margin as
      required by all applicable statutes, rules, regulations, procedures, and
      customs, or as you deem necessary or advisable, and where applicable, to
      satisfy any and all margin calls issued in connection with such
      business.

            

    

    

    Liquidations
and Covering Positions

    
      	
              12.

            	
              You
      shall have the right in accordance with your general policies regarding
      your margin maintenance requirements in existence at the time or; if in
      your discretion you consider it necessary for your protection to require
      additional collateral or the liquidation of any account of mine, or; in
      the event a petition in bankruptcy, or for appointment of a receiver is
      filed by or against me, or; an attachment is levied against the account(s)
      of mine, or; in the event of my death; to sell any or all property in the
      account(s) of mine with you, whether carried individually or jointly with
      others, to buy any or all property which may be short in such account(s),
      to cancel any open orders and to close any or all outstanding contracts,
      all without demand for margin or additional margin, other notice or sale
      or purchase, or other notice of advertisement. Any such sales or purchases
      may be made at your discretion on any exchange or other market where such
      business is usually transacted, or at public auction or private sale, and
      you may be the purchasers for your own account. It is understood a prior
      demand, or call, or prior notice of the time and place of such sale or
      purchase shall not be considered a waiver of your right to sell or buy
      without demand or notice as herein provided. You shall not be liable to me
      in any way for any adverse tax consequences resulting from the liquidation
      of any appreciated Property in any
account.

            

    

    

    Binding
Notice of Agreement

    
      	
              13.

            	
              I
      expressly agree you will not be bound by any representation or agreement
      made by any of your employees or agents which purports to affect or
      diminish your rights under this
agreement.

            

    

    

    Effect
of Law or Rule Change

    
      	
              14.

            	
              In
      the event any one or more of the provisions contained in this agreement
      shall for any reason be held to be invalid, illegal, or unenforceable in
      any respect, such finding or holding shall only affect the provision(s)
      involved and the remainder of this agreement and the application of all
      other provisions shall not be
affected.

            

    

    

    Address

    
      	
              15.

            	
              My
      address below is and will continue to be a correct address until UBS
      Financial Services receives written notice of any change. Notices and
      communications sent to me at such address will constitute personal
      delivery to me, whether actually received or
  not.

            

    

     

    
      
        
           

        

        
          ORIGNAL -
PAGE 2 OF 4

          
            

          

        

        
           

        

      

    

    

    Client
Representation

    
      	
              16.

            	
              I
      represent to have reached the age of majority according to the laws of the
      state of my residence. I agree to abide by the rules of the regulatory
      agencies and your firm's policy if I am employed by any; exchange or any
      corporation of which any exchange owns a majority of the capital stock;
      member or firm registered on any exchange, bank, trust company, insurance
      company; or any company or individual dealing, either as broker or
      principal, in stocks, bonds, or any other securities, commodities, or
      commercial paper. If during this agreement I become such an employee, you
      will be notified. No one other than me has or will have an interest in any
      account(s) of mine unless you are notified in writing by
    me.

            

    

    

    Jurisdiction

    
      	
              17.

            	
              All
      transactions made for my account(s) shall be governed by the terms of this
      agreement. This agreement and its enforcement shall be construed and
      governed by the laws of the State of New York, and shall be binding upon
      my heirs, executors, administrators, successors, and
    assigns.

            

    

    

    Credit
Review

    
      	
              18.

            	
              An
      investigation of my personal and business credit may be made and, I may
      make written request, within a reasonable time, for disclosure of the
      nature of the investigation.

            

    

    

    ARBITRATION

    
      	
              19.

            	
              THIS
      AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN
      ARBITRATION AGREEMENT THE PARTIES AGREE AS
  FOLLOWS:

            

    

    

    — ARBITRATION IS
FINAL AND BINDING ON THE PARTIES. ALL PARTIES TO THIS AGREEMENT ARE GIVING UP
THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY,
EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS
FILED.

    — THE PARTIES
ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY
TRIAL. ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY'S ABILITY TO
HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY
LIMITED.

    —
PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM
COURT PROCEEDINGS. THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS
STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN
COURT PROCEEDINGS.

    — THE
ARBITRATOR'S AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL
REASONING AND ANY PARTY'S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY
THE ARBITRATORS IS STRICTLY LIMITED. THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE
REASON(S) FOR THEIR AWARD.

    — THE PANEL OF
ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE
AFFILIATED WITH THE SECURITIES INDUSTRY.

    — THE RULES OF
SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN
ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE
BROUGHT IN COURT.

    — THE RULES OF
THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO,
SHALL BE INCORPORATED INTO THIS AGREEMENT.

    — CLIENT AGREES,
AND BY CARRYING AN ACCOUNT FOR YOU UBS FINANCIAL SERVICES INC. AGREES, THAT ANY
AND ALL CONTROVERSIES WHICH MAY ARISE BETWEEN YOU AND UBS FINANCIAL SERVICES
INC. CONCERNING ANY ACCOUNT(S), TRANSACTION, DISPUTE OR THE CONSTRUCTION,
PERFORMANCE, OR BREACH OF THIS OR ANY OTHER AGREEMENT, WHETHER ENTERED INTO
PRIOR, ON OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY ARBITRATION.
ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE HELD UNDER AND PURSUANT TO AND BE
GOVERNED BY THE FEDERAL ARBITRATION ACT, AND SHALL BE CONDUCTED BEFORE AN
ARBITRATION PANEL CONVENED BY THE NEW YORK STOCK EXCHANGE, INC. OR THE NATIONAL
ASSOCIATION OF SECURITIES DEALERS, INC. CLIENT MAY ALSO SELECT ANY OTHER
NATIONAL SECURITY EXCHANGE'S ARBITRATION FORUM UPON WHICH UBS FINANCIAL SERVICES
INC. IS LEGALLY REQUIRED TO ARBITRATE THE CONTROVERSY WITH CLIENT, INCLUDING,
WHERE APPLICABLE, THE MUNICIPAL SECURITIES RULEMAKING BOARD. SUCH ARBITRATION
SHALL BE GOVERNED BY THE RULES OF THE ORGANIZATION CONVENING THE PANEL. CLIENT
MAY ELECT IN THE FIRST INSTANCE THE ARBITRATION FORUM, BUT IF CLIENT FAILS TO
MAKE SUCH ELECTION, BY REGISTERED LETTER OR TELEGRAM ADDRESSED TO UBS FINANCIAL
SERVICES INC. AT 1200 HARBOR BOULEVARD, 10TH FLOOR, WEEHAWKEN, NJ 07086, ATTN:
LEGAL DEPARTMENT, BEFORE THE EXPIRATION OF FIVE DAYS (5) AFTER RECEIPT OF A
WRITTEN REQUEST FROM UBS FINANCIAL SERVICES INC. TO MAKE SUCH ELECTION, THEN UBS
FINANCIAL SERVICES INC. MAY MAKE SUCH ELECTION. THE AWARD OF THE ARBITRATORS, OR
OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD RENDERED
MAY BE ENTERED IN ANY COURT OF COMPETENT JURISDICTION.

     

    
      
         

      

      
        ORIGNAL -
PAGE 3 OF 4

        
          

        

      

      
         

      

    

     

    — NO PERSON
SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO
ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS
INITIATED IN COURT A PUTATIVE CLASS ACTION; WHO IS A MEMBER OF A PUTATIVE CLASS
WHO HAS OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE
PUTATIVE CLASS ACTION UNTIL:

    (I)
THE CLASS CERTIFICATION IS DENIED; (II) THE CLASS IS DECERTIFIED; OR (III) THE
CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT.

    — SUCH
FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER
OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED
HEREIN.

    — CLIENT
EXPRESSLY AGREES THAT SERVICE OF PROCESS IN ANY ACTION SHALL BE SUFFICIENT IF
SERVED BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AT YOUR LAST ADDRESS KNOWN
TO UBS FINANCIAL SERVICES INC.

    

    CLIENT
EXPRESSLY WAIVES ANY DEFENSE TO SERVICE OF PROCESS AS SET FORTH
ABOVE.

    

    Assignment

    
      	
              20.

            	
              This
      agreement may be assigned by you and will inure to the benefit of your
      successors and assigns and you may transfer or assign the account(s) of
      mine to them, which shall be binding on me and my personal
      representatives.

            

    

    

    Accuracy
of Reports

    
      	
              21.

            	
              ALL
      REPORTS OF EXECUTION! OF ORDERS AND ACCOUNT STATEMENTS SHALL BE CONCLUSIVE
      IF NOT OBJECTED TO BY ME IN WRITING IMMEDIATELY BY NOTICE SENT TO YOU BY
      REGISTERED MAIL.

            

    

    

    Joint
and Several Liability and Joint Accounts

    
      	
              22.

            	
              If
      more than one person signs this agreement, our obligations under this
      agreement shall be joint and several. If more than one person signs this
      agreement, you may accept any orders and instructions from each, and upon
      receipt of inconsistent instructions or a court order, may suspend or
      terminate my account.

            

    

    

    Liability
for Costs of Collection

    
      	
              23.

            	
              I
      agree to pay you the reasonable costs and expenses of collection,
      including attorney's fees, for any unpaid Debits, Charges, and other
      amounts owing you.

            

    

    

    Ineligible
Accounts

    
      	
              24.

            	
              Your
      account cannot have margin if it is a UGMA/UTMA, ERISA Plan, Retirement,
      529 Plan or Estate account. Most managed programs cannot have
      margin.

            

    

    

    Suitability

    
      	
              25.

            	
              Margin
      is not suitable for all clients. Please review UBS Financial Service's
      Loan Disclosure Statement carefully for information on the risks involved
      with using margin.

            

    

    

    Loan
Consent

    
      	
              26.

            	
              BY
      SIGNING THIS AGREEMENT, I ACKNOWLEDGE THAT YOU AND YOUR SUCCESSORS AND
      ASSIGNS ARE AUTHORIZED IN THE USUAL COURSE OF BUSINESS TO LEND, RELEND,
      HYPOTHECATE, REHYPOTHECATE, PLEDGE OR REPLEDGE SEPARATELY OR TOGETHER WITH
      THE PROPERTY OF OTHERS EITHER TO YOURSELVES OR TO OTHERS ANY PROPERTY
      WHICH YOU MAY BE CARRYING FOR ME ON MARGIN. THIS AUTHORIZATION SHALL APPLY
      TO ALL ACCOUNTS CARRIED BY YOU FOR ME AND SHALL REMAIN IN FULL FORCE UNTIL
      WRITTEN NOTICE OF REVOCATION IS RECEIVED BY
YOU.

            

    

    

    IN
RETURN FOR YOUR EXTENSION OR MAINTENANCE OF CREDIT IN CONNECTION WITH MY
ACCOUNT, I ACKNOWLEDGE THAT THE SECURITIES IN MY MARGIN ACCOUNT, TOGETHER WITH
ALL ATTENDANT RIGHTS OF OWNERSHIP, MAY BE LENT TO YOU OR LENT OUT TO OTHERS. IN
CONNECTION WITH SUCH LOANS, YOU MAY RECEIVE AND RETAIN CERTAIN BENEFITS TO WHICH
I WILL NOT BE ENTITLED. IN CERTAIN CIRCUMSTANCES,

    

    SUCH
LOANS MAY LIMIT, IN WHOLE OR IN PART, MY ABILITY TO EXERCISE VOTING RIGHTS OF
THE SECURITIES LENT.

    

    BY
SIGNING THIS AGREEMENT THE CUSTOMER ACKNOWLEDGES THAT:

    

    
      	
              1.

            	
              THE
      SECURITIES IN THE CUSTOMER'S MARGIN ACCOUNT MAY BE LOANED TO THE BROKER OR
      LOANED OUT TO OTHERS AND;

            

    

    
      	
              2.

            	
              THAT
      THE CUSTOMER HAS RECEIVED A COPY OF THIS
  AGREEMENT.

            

    

    

    THIS
AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AT PAGE 2 AT PARAGRAPH
19.

    

    
      	
              Do
      you intend to engage in "pattern day trading" as defined by NYSE Rule 431
      *     m Yes          ● No

            

    

    

    *"Day
Trading" means purchasing and selling or selling and purchasing the same
security in the same day in a margin account. "Pattern day trading" means
executing four or more day trades within five business days if the number of day
trades exceeds six percent of the total trades during that period.

    

    
      	
              CLIENT:
      BE

              SURE
      TO RETAIN

              YOUR
      COPY

            

    

    

    

    
      	
              /s/
      Greg LeClaire

            	 
      
	
              Greg LeClaire,
      CFO

            	
              10
      Sep. 2008

            
	
              Signature
      of Principal (Name and title if a corporation)

            	
              Date

            
	 
      	 
      
	
              /s/
      Zee Hakimoglu

            	 
      
	
              Zee Hakimoglu,
      CEO

            	
              10
      Sep. 2008

            
	
              (Signature
      of Second Party, if a joint Account)

            	
              Date

            
	 
      	 
      
	
              5225 Wiley Post Way, Suite
      500                        
      Salt Lake
      City,                                UT                          
      84116

            
	
              No.
      of Street
      Address                                           City
      of
      Town                                State                      Postal
      Code

            

    

    

    

    ORIGINAL-PAGE 4
OF 4RIGHTS
                CERTIFICATE #:

            	
              NUMBER
                OF RIGHTS

            

    

    

    THE
      TERMS
      AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S
      PROSPECTUS

    DATED
      _____ __, 2008 (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE.
      COPIES OF

    THE
      PROSPECTUS ARE AVAILABLE UPON REQUEST FROM T BANCSHARES, INC.

     

    T
      Bancshares, Inc.

    Incorporated
      under the laws of the State of Texas

     

    TRANSFERABLE
      SUBSCRIPTION RIGHTS CERTIFICATE

     

    Evidencing
      Transferable Subscription Rights to Purchase Shares of Common Stock of T
      Bancshares, Inc.

     

    Subscription
      Price: $8.00 per Share

     

    THE
      SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW
      YORK CITY TIME,

    ON
      _______ __, 2008, UNLESS EXTENDED BY T BANCSHARES, INC.

     

    REGISTERED

           
      OWNER:

     

    THIS
      CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner
      of the number
      of
      transferable subscription rights (“Rights”) set forth above. Each whole Right
      entitles the
      holder thereof to subscribe for and purchase one share of Common Stock, with
      a
      par value
      of
      $0.01 per share, of T Bancshares, Inc., a Texas corporation, at a subscription
      price
      of
$8.00
      per
      share (the “Basic Subscription Privilege”), pursuant to a rights offering (the
“Rights
      Offering”), on the terms and subject to the conditions set forth in the
      Prospectus and the “Instructions
      as to Use of T Bancshares, Inc. Subscription Rights Certificates” accompanying
this
      Subscription Rights Certificate. If any shares of Common Stock available for
      purchase
      in
      the Rights Offering are not purchased by other holders of Rights pursuant to
      the
      exercise
      of
      their Basic Subscription Privilege (the “Excess Shares”), any Rights holder that
      exercises its Basic
      Subscription Privilege in full may subscribe for a number of Excess Shares
      pursuant to the terms and
      conditions of the Rights Offering, subject to proration, as described in the
      Prospectus (the “Over-Subscription
      Privilege”). The Rights represented by this Subscription Rights Certificate may
      be exercised
      by completing the appropriate sections on the reverse side hereof and
by
      retuning the full payment of the subscription price for each share of Common
      Stock in accordance
      with the “Instructions as to Use of T Bancshares, Inc. Subscription Rights
      Certificates” that accompany this Subscription Rights Certificate. 

     

    This
      Subscription Rights Certificate is not valid unless countersigned by the
      subscription agent and registered by the registrar. Witness the seal of and
      the
      signatures of its duly authorized officers. 

     

    Dated:
      

    

    
      	 	 	 
	
              PATRICK
                G. ADAMS

            	 	
              _______________,
                Secretary

            
	
              President
                and Chief Executive Officer

            	 	 

    

    

    

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    DELIVERY
      OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE

    Delivery
      to an address other than the address listed below will not constitute valid
      delivery. Delivery
      by facsimile will not constitute valid delivery.

     

    
      	
              By
                Mail or Overnight
                Courier:

            	 	
              By
                Hand:

            
	
              American
                Stock Transfer & Trust Company

            	 	
              American
                Stock Transfer & Trust Company

            
	
              Operations
                Center

            	 	
              Attn:
                Reorganization Department

            
	
              Attn:
                Reorganization Department

            	 	
              59
                Maiden Lane, Plaza Level

            
	
              6201
                15th Avenue

            	 	
              New
                York, NY 10038

            
	
              Brooklyn,
                NY 11219

            	 	
            

    

     

    Telephone
      Number for Confirmation (718) 921-8317

     

    PLEASE
      PRINT ALL INFORMATION CLEARLY AND LEGIBLY 

     

    
      

    

     

    SECTION
      1-EXERCISE OF SUBSCRIPTION RIGHTS

     

    To
      subscribe for shares of Common Stock pursuant to an exercise of all or a portion
      of your Rights, please complete the following and sign under Section
      4
      below.

     

    (a)
      EXERCISE OF BASIC SUBSCRIPTION RIGHTS:      I
      subscribe for ______________ shares at $8.00 each =
      $__________________

                                                                                                                               
       (No. of new shares)       (Subscription
      price)      (Amount enclosed)

     

    (b)
      EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE:  I
      subscribe for ______________ shares at $8.00 each =
      $__________________

                            (No.
      of new shares)       (Subscription
      price)     (Amount enclosed)

     

    NOTE:
      You
      may subscribe for additional shares pursuant to your Over-subscription Privilege
      only if you exercised your Basic Subscription Privilege in full. 

     

    TOTAL
      AMOUNT ENCLOSED: $_______________________ 

     

    METHOD
      OF
      PAYMENT (PLEASE INDICATE):

     

    
      	o	
              CHECK
                ENCLOSED:
                Certified check or cashier’s check drawn upon a U.S. bank, or express
                money order payable to American Stock Transfer & Trust Company, as
                Subscription Agent.

            

    

     

    
      	o	
              FUNDS
                WIRED:
                Wire transfer of immediately available funds directly to the account
                maintained by American Stock Transfer & Trust Company, as Subscription
                Agent, for purposes of the
                Rights Offering at JPMorgan Chase Bank, ABA #021000021, Account
                #___________. (PLEASE
                PROVIDE WIRE REFERENCE
                NUMBER):____________________________

            

    

     

    
      
 

    SECTION
      2-SPECIAL ISSUANCE OR DELIVERY INSTRUCTIONS

     

    To
      be
      completed ONLY if the certificate representing the Common Stock issuable upon
      exercise of the Rights is to be issued in a name other than that of the
      registered holder or is to be
      delivered to an address different from that shown on the face of this
      Subscription Rights Certificate. Complete the following, sign under Section
      4
      and have
      your signature guaranteed
      under Section
      5
      below.

     

    Please
      issue the certificate representing the Common Stock in the following name and
      \or deliver to the following address:

     

    _____________________________________________________________________________________________________________________________________________________

    Print
      Full
      Name and Tax ID or Social Security Number and Address

     

    _____________________________________________________________________________________________________________________________________________________

     

    
      
 

    SECTION
      3-SALE OR TRANSFER OF RIGHTS TO DESIGNATED TRANSFEREE OR THROUGH BANK OR
      BROKER

     

    To
      sell or
      transfer all or a portion of your Rights to another person, complete this
      section and have your signature guaranteed under Section
      5.
      To sell
      your Rights through your bank or
      broker,
      sign below under this Section
      3 and
      have
      your signature guaranteed under Section
      5,
      but
      leave the rest of this Section 3 blank.

     

    For
      value
      received, ____________________ of the Rights represented by this Subscription
      Rights Certificate are assigned to:

     

    _____________________________________________________________________________________________________________________________________________________

    Print
      Full
      Name and Tax ID or Social Security Number and Address of Assignee

     

    _____________________________________________________________________________________________________________________________________________________

     

    Signature(s)
      :
      _____________________________________________________________________________________________________

     

    IMPORTANT:
      The signature(s) must correspond with the name(s) as printed on the reverse
      of
      this Subscription Rights Certificate in every particular, without alteration
      or
      enlargement, or any change whatsoever.

     

    
      
 

    SECTION
      4-SIGNATURE

     

    TO
      SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights
      Offering and I hereby irrevocably subscribe for the number of shares of Common
      Stock indicated above
      on
      the terms and conditions specified in the Prospectus.

     

    Signature(s)
      :
      ___________________________________________________________________________________________________________

     

    IMPORTANT:
      The signature(s) must correspond with the name(s) as printed on the reverse
      of
      this Subscription Rights Certificate in every particular, without alteration
      or
      enlargement, or any change whatsoever.

     

    If
      you are
      signing in your capacity as a trustee, executor, administrator, guardian,
      attorney-in-fact, agent, officer of a corporation or another acting in a
      fiduciary or representative capacity,
      please provide the following information:

     

    Name:
      _____________________________________________________________________________________________________________________

     

    Capacity:
      _______________________________________________Tax ID or Social Security Number:
      ________________________________________

     

    
      
 

    SECTION
      5-SIGNATURE GUARANTEE

     

    YOU
      MUST
      HAVE YOUR SIGNATURE(S) GUARANTEED IF YOU HAVE COMPLETED ANY PORTION OF SECTION
      2
      OR SECTION 3

     

    Signature
      Guaranteed:
      ____________________________________________________________________________________________________

    (Name
      of
      Bank or Firm)

     

    By:
      __________________________________________________________________________________________________________________

    (Signature
      of Officer)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IMPORTANT:
      Your signature(s) must be guaranteed by an eligible guarantor institution (for
      example, a bank, stockbroker, savings & loan association or credit union)
      with membership
      in an
      approved signature guarantee medallion program pursuant to Rule 17Ad-15 of
      the
      Securities Exchange Act of 1934, and amended.

     

    
      
 

    PLEASE
      CONSULT THE “INSTRUCTIONS AS TO THE USE OF T BANCSHARES, INC. SUBSCRIPTION
      RIGHTS CERTIFICATES” ACCOMPANYING THIS SUBSCRIPTION RIGHTS CERTIFICATE. IF YOU
      HAVE QUESTIONS, PLEASE CONTACT AMERICAN STOCK TRANSFER & TRUST COMPANY, THE
      SUBSCRIPTION AGENT, AT (718) 921-8200 OR YOUR BANK OR BROKER.

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