Document:

Unassociated Document

    Exhibit
10.1

    

    FORM OF
STOCK PURCHASE AGREEMENT

     

     

    This
Stock Purchase Agreement (“Agreement”) is made and entered into as of April ___,
2010 (“Effective Date”), between Advaxis, Inc. (“Company”) and Numoda Capital
Innovations, LLC (“NCI”), Tax ID# 27-0256095.

     

    WITNESSETH

     

    WHEREAS,
the Company identifies and develops proprietary pharmaceutical products and
transitions them from basic research (discovery) through clinical
trials;

     

    WHEREAS,
the Company and Numoda Corporation (“Numoda”), an affiliate of NCI, have
executed a Project Agreement (“PA”), and two P2C /
Clinical Trial Letters of Intent on April 9, 2009 (the “419/09 P2C CT
LOP’) and June 19, 2009
(the “6/19/09 P2C CT
LOI”), pursuant to which agreements the Company has engaged Numoda to advance
the development of its pharmaceutical product covered by protocols titled “A
Randomized, Active Therapy Controlled Phase 2 Study to Assess the Safety and
Efficacy of ADXS11-001 for the Treatment of Recurrent Cervix Cancer” and “A
Randomized, Single Blind, Placebo Controlled Phase 2 Study to Assess the safety,
Efficacy, and Immunogenicity of Lovaxin C for the Treatment of Cervical
Intraepithelial Neoplasia Grade 2/3” through clinical trials; and

     

    WHEREAS,
the Company desires to have NCI fund a portion of the services performed by
Numoda under the PA, the 419/09 P2C CT L01,
and the 6/19/09 P2C CT LOI in consideration for
issuing Preferred Stock in the Company to NCI;

     

    NOW,
THEREFORE, in consideration of the mutual agreements, promises, and undertakings
hereinafter set forth, the Company and NCI agree as follows:

     

    1. Stock
Purchase. On the Effective Date of this Agreement, Company shall issue to
NCI 3,500,000 shares of Company’s Common Stock at a price per share of USD $0.17
(collectively, the “Shares”). In consideration for the Shares, the Company
accepts NCI funding USD $595,000 in services performed by Numoda Corporation for
the Company in accordance with the July 8, 2009 Project Agreement between Numoda
Corporation and the Company for the studies covered by protocols titled “A
Randomized, Active Therapy Controlled Phase 2 Study to Assess the Safety and
Efficacy of ADXS1I-001 for the Treatment of Recurrent Cervix Cancer” and “A
Randomized, Single Blind, Placebo Controlled Phase 2 Study to Assess the safety,
Efficacy, and Immunogenicity of Lovaxin C for the Treatment of Cervical
Intraepithelial Neoplasia Grade 2/3” and included as Exhibit A to this
agreement. No later than five (5) business days after the Effective Date,
Company shall deliver to NCI a certificate representing the Shares. If NCI
requests, the Company shall also issue a press release announcing NCI’s
investment in the Company in a form satisfactory to NCI. The Shares shall be
registered by the Company within 120 days, such that they may be freely resold
by NCI at any time without any additional registration or qualification and
without violation of the Securities Act, any other federal or state securities
laws or any regulations or requirements promulgated thereunder. As holder of the
Shares, NCI shall be entitled to all of the same rights and privileges,
including, without limitation, dividends and voting rights, as other holders of
Company stock of the same class.

     

    
      
         

      

      
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    2. Notices.
Notifications in connection with this Agreement shall be given or made in
accordance with the requirements below. Any notice required or permitted to be
given hereunder by either party hereunder shall be in writing and may be
delivered personally or by a reputable overnight delivery service, or sent by
registered or certified mail, return receipt requested, postage prepaid to the
following addresses:

     

    If to
NCI: Numoda Capital Innovations, LLC, 601 Walnut Street, 9th
Floor, Philadelphia, PA 19106 USA. Attention: Patrick Keenan, Chief
Counsel.

     

    If to
Advaxis: Advaxis, Inc., 675 US Highway 1, Suite B113, North Brunswick, NJ 08902
USA. Attention: Thomas Moore, Chief Executive Officer.

     

    Notices
shall be effective upon receipt.

     

    3. Representations and
Warranties of the Company. The Company hereby represents and warrants to
Numoda that:

     

    
      	
              (a)  

            	
              Except
      as previously disclosed in the Company’s public securities filings, there
      is not pending or, to the best knowledge of the Company, threatened any
      suit, action or proceeding against or affecting the Company that might
      materially and adversely affect the business, operations, properties,
      assets, prospects or condition, financial or otherwise, of the
      Company.

            

    

    
      	
              (b)  

            	
              Except
      as previously disclosed in the Company’s public securities filings, the
      Company is not a party to or bound by any contract, agreement, order or
      decree which materially adversely affects the business, operations,
      properties, assets, prospects or condition, financial or otherwise, of the
      Company.

            

    

    
      	
              (c)  

            	
              The
      Company has all requisite power and authority to enter into and perform
      this Agreement and to deliver the Shares hereunder. All corporate action
      on the part of Company necessary for the execution of this Agreement, for
      the performance of Company’s obligations hereunder and for the sale of the
      Shares has been taken, and no further consents, licenses, permissions,
      authorizations, registrations or qualifications from or with any party or
      any governmental entity are necessary for the Company to execute this
      Agreement, perform its obligations hereunder and deliver the Shares to
      Numoda. This Agreement is duly executed and delivered by the Company and
      constitutes a legal, valid and binding obligation of the Company,
      enforceable against the Company in accordance with its terms;
      and

            

    

    
      	
              (d)  

            	
              The
      Shares as delivered to Numoda shall be duly and validly issued, fully paid
      and non- assessable, and free of all liens, encumbrances and
      restrictions.

            

    

     

    4. Representations and
Warranties of NCI. NCI hereby represents and warrants to the Company that
NCI has all requisite power and authority to enter into and perform this
Agreement. All corporate action on the part of NCI necessary for the execution
of this Agreement, for the performance of NCI’s obligations hereunder and for
the purchase of the Shares has been taken, and no further consents, licenses,
permissions, authorizations, registrations or qualifications from or with any
party or any governmental entity are necessary for NCI to execute this Agreement
and perform its obligations hereunder. This Agreement is duly executed and
delivered by NCI and constitutes a legal, valid and binding obligation of NCI,
enforceable against NCI in accordance with its terms.

     

    5. Survival. The
representations and warranties set forth in Section 3 and 4 hereof shall survive
for two years and one day after the Effective Date.

     

    
      
         

      

      
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    6. Indemnification. The
Company on one hand and NCI on the other hand each indemnify and hold harmless
the other and its officers, directors, employees and agents, if any (the
“Indemnitee(s)”) from and against all costs, losses, liabilities, damages,
claims, expenses of any nature (including reasonable attorneys’ fees and
disbursements), judgments, fines, settlements, and any other amounts arising
from any and all claims, demands, or proceedings incurred or accrued by an
Indemnitee as a result of a breach by the indemnifying party of its
representations, warranties or obligations under this Agreement. The
indemnification provided by this Section 6 shall be in addition to any other
rights to which the Indemnitee(s) may be entitled under any agreement, as a
matter of law or equity or otherwise, and shall inure to the benefit of the
heirs, successors, assigns and administrators of the Indemnitee(s). Subject to
the foregoing sentence, the provisions of this Section 6 are for the benefit of
the Indemnitee(s) and shall not be deemed to create any rights for the benefit
of any other persons.

     

    7. General Provisions.
This Agreement is intended to set forth the full and complete understanding of
the parties. This Agreement shall be governed by and interpreted in accordance
with the laws of the Commonwealth of Pennsylvania, and exclusive venue for
adjudication of any disputes relating hereto shall be in the federal and state
courts for the County of Philadelphia, Pennsylvania.

     

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Effective
Date.

     

     

    
      
        
          
            
              
                
                  
                    
                      	NUMODA
      CAPITAL INNOVATIONS, LLC	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/	Name
      and Title	
                               

                            	 
	
                               

                            	 	 	
                               

                            	 
	
                               

                            	 	 	
                               

                            	 

                    

                  

                

              

            

          

        

      

    

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        	ADVAXIS,
      INC.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/	Name
      and Title	
                                 

                              	 
	
                                 

                              	 	 	
                                 

                              	 
	
                                 

                              	 	 	
                                 

                              	 

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
         

      

      
        3Unassociated Document

     

    EXHIBIT
10.1
  

    STOCKHOLDERS
AGREEMENT

     

    This
STOCKHOLDERS AGREEMENT, dated as of May 10, 2010 (this “Agreement”), is entered into
by and among Jacksonville Bancorp, Inc., a Florida corporation (“JBI”), Atlantic BancGroup,
Inc., a Florida corporation (“ABI”), and each of the
stockholders of ABI, whose names appear on the signature pages hereto (each a
“Stockholder,” and
together, the “Stockholders”).  Capitalized terms not otherwise defined in this
Agreement shall have meanings given to such terms in the Merger
Agreement.

     

    WHEREAS,
concurrently with the execution and delivery of this Agreement, JBI and ABI are
entering into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant
to which (and on the terms and subject to the conditions set forth in therein),
among other things, ABI will merge with and into JBI (the “Merger”) and each issued and
outstanding share of common stock, par value $0.01 per share, of ABI (the “Common Stock”) will be
converted into the right to receive the Merger consideration set forth in the
Merger Agreement; and

     

    WHEREAS,
as of the date hereof, each Stockholder is the Beneficial Owner (defined below)
of such number of shares of Common Stock as is set forth by the name of such
Stockholder on the signature page hereto, and the Stockholders collectively are
the Beneficial Owners and record owners of, and have the sole right to vote and
dispose of, the aggregate number of shares of Common Stock set forth on the
signature page hereto (the “Owned Shares,” and together
with any shares of Common Stock of which any Stockholder acquires Beneficial
Ownership after the date hereof and prior to the termination hereof, whether
upon purchase or otherwise, are collectively referred to herein as the “Covered Shares”);
and

     

    WHEREAS,
as an inducement and condition to entering into the Merger Agreement, JBI has
required that the Stockholders agree, and the Stockholders have agreed, to enter
into this Agreement.

     

    NOW,
THEREFORE, in consideration of the representations, warranties, covenants and
agreements set forth herein, the parties hereto agree as follows:

     

    ARTICLE
I

     

    VOTING
AGREEMENT

     

    Section
1.01      Agreement to
Vote.  (a)  Each Stockholder undertakes that, prior to any
termination in accordance with Section 4.01 hereof, at such time as ABI conducts
a meeting of, or otherwise seeks a vote or consent of, its stockholders in
connection with the approval and adoption of the Merger Agreement and the Merger
(any such meeting or any adjournment thereof, or such consent process, the
“ABI Stockholders’
Meeting”), such Stockholder shall, and shall cause its Affiliates to,
vote or provide a consent (or cause to be voted or to provide a consent) with
respect to all Covered Shares Beneficially Owned by such Stockholder or its
Affiliates, as the case may be, and over which such Stockholder or one of its
Affiliates has voting power, in favor of the Merger Agreement and the Merger and
each of the other actions contemplated by the Merger Agreement and this
Agreement and actions required in furtherance thereof and
hereof.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)    Without
limiting the foregoing, it is understood that the obligations under this
Section 1.01 shall not be affected by any recommendation of the board of
directors of ABI as to the Merger at the time of any such meeting or consent
solicitation.

     

    (c)     At
any ABI Stockholders’ Meeting or at any adjournment thereof or in any other
circumstances upon which the vote, consent or other approval of ABI’s
stockholders is sought, each Stockholder shall, and shall cause its Affiliates
to, vote or provide a consent (or cause to be voted or to provide a consent)
with respect to all Covered Shares Beneficially Owned by such Stockholder or its
Affiliates, as the case may be, and over which such Stockholder or one of its
Affiliates has voting power, against (i) any Acquisition Proposal or
Acquisition Agreement, including, without limitation, any merger, consolidation
or exchange agreement or merger or exchange (other than the Merger Agreement),
consolidation, combination, sale of substantial assets, reorganization,
recapitalization, dissolution, liquidation or winding up of or by ABI, or
(ii) any amendment of ABI’s articles of incorporation or bylaws or other
proposal or transaction involving ABI, which amendment or other proposal or
transaction would in any manner delay, impede, frustrate, prevent or nullify the
Merger Agreement or the Merger (each of the foregoing in clause (i) or (ii)
above, a “Competing
Transaction”).

     

    ARTICLE
II

     

    REPRESENTATIONS
AND WARRANTIES OF STOCKHOLDERS

     

    Each
Stockholder, severally and not jointly, represents and warrants to JBI as
follows:

     

    Section
2.01      Authority;
Authorization.  (a)  Such Stockholder has all
requisite power and authority to execute and deliver this Agreement and to
perform such Stockholder’s obligations hereunder.

     

    (b)    This
Agreement has been duly and validly authorized, executed and delivered by such
Stockholder and, assuming the authorization, execution and delivery of this
Agreement by JBI and each other Stockholder party hereto, constitutes a legal,
valid and binding obligation of such Stockholder, enforceable against such
Stockholder in accordance with its terms.

     

    (c)     If
such Stockholder is married and the Owned Shares set forth by the name of such
Stockholder on the signature page hereto opposite such Stockholder’s name
constitute property owned jointly with Stockholders’ spouse, this Agreement
constitutes the valid and binding agreement of such Stockholder’s
spouse.  If this Agreement is being executed in a representative or
fiduciary capacity, the Person signing this Agreement has full power and
authority to enter into and perform this Agreement.

     

    Section
2.02      Ownership of
Securities.  (a)  Such Stockholder is, and at all times
during the term of this Agreement will be, the record and Beneficial Owner of
the Covered Shares set forth by the name of such Stockholder on the signature
page hereto, and such Stockholder has, and at all times during the term of this
Agreement will have, good and marketable title (which may include holding in
nominee or “street name”) to all such Covered Shares, free and clear of any Lien
and any other restriction (including any restriction on the right to vote or
otherwise dispose of the Covered Shares) other than as created by this
Agreement.

    
      
         

      

      
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    (b)      Except
for the Covered Shares set forth by the name of such Stockholder on the
signature page hereto, such Stockholder does not Beneficially Own any shares of
the capital stock of ABI.

     

    (c)       For
the purposes of this Agreement, the following terms shall have the meanings
assigned below:

     

    (i)       “Beneficially Owned” or “Beneficial Ownership” has the
meaning given to such term in Rule 13d-3 under the Exchange Act (disregarding
the phrase “within 60 days” in paragraph (d)(1)(i) thereof).  Without
limiting the generality of the foregoing, a person shall be deemed to be the
Beneficial Owner of shares (A) which such person or any of its Affiliates
or associates (as such term is defined in Rule 12b-2 under the Exchange Act)
beneficially owns, directly or indirectly, (B) which such person or any of
its Affiliates or associates (as such term is defined in Rule 12b-2 of the
Exchange Act) has, directly or indirectly, (1) the right to acquire (whether
such right is exercisable immediately or subject only to the passage of time),
pursuant to any agreement, arrangement or understanding or upon the exercise of
consideration rights, exchange rights, warrants, options or otherwise, or (2)
the right to vote pursuant to any agreement, arrangement or understanding or
(C) which are beneficially owned, directly or indirectly, by any other
persons with whom such person or any of its Affiliates or associates has any
agreement, arrangement or understanding for the purpose of acquiring, holding,
voting or disposing of such shares.

     

    (ii)      “Beneficial Owner” means, with
respect to any securities, a Person who has Beneficial Ownership of such
securities.

     

    Section
2.03      Non-Contravention.  (a)  The
execution and delivery of this Agreement by such Stockholder does not, and the
performance of this Agreement by such Stockholder will not, (i) violate,
conflict with, or result in the breach of or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or
result in the termination of, or accelerate the performance required by, or
result in a right of termination or acceleration under, any note, bond,
mortgage, indenture, lease, license, contract, agreement or other instrument or
obligation to which such Stockholder is a party or by which any of his
properties (including the Covered Shares) may be bound, or (ii) violate or
conflict with or require any consent, approval, or notice under, any Order or
Law applicable to such Stockholder or by which any of his respective properties
may be bound.

     

    (b)    There
is no action pending or, to the knowledge of such Stockholder, threatened
against such Stockholder that questions the validity of this Agreement or any
action taken or to be taken by such Stockholder in connection with this
Agreement.

    
      
         

      

      
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    (c)    Without
limiting the generality of the foregoing, all proxies or powers-of-attorney
heretofore given by such Stockholder in respect of any of the Owned Shares, if
any, are not irrevocable and all such proxies and powers-of-attorney have been
properly revoked or are no longer in effect as of the date hereof.

     

    Section
2.04      Reliance by
JBI.  Such Stockholder understands and acknowledges that JBI is
entering into the Merger Agreement in reliance upon such Stockholder’s
execution, delivery and performance of this Agreement.

     

    Section
2.05      No
Broker.  No broker, investment banker, financial adviser or
other Person is entitled to any broker’s, finder’s, financial adviser’s or other
similar fee or commission in connection with the transactions contemplated
hereby based upon arrangements made by or on behalf of the Stockholder in such
capacity.

     

    ARTICLE
III

      

    COVENANTS

      

    Section
3.01      No
Solicitation.  Each of the Stockholders shall not and shall
cause its Affiliates not to directly or indirectly solicit, initiate or
encourage any inquiries or proposals from, discuss or negotiate with, or provide
any non-public information to, any Person relating to, or otherwise facilitate,
any Acquisition Proposal other than the Merger Agreement and the
Merger.  Nothing in this Section 3.01 shall prohibit a Stockholder
from (i) furnishing information (including non-public information) with respect
to ABI to any Person in connection with an Acquisition Proposal or (ii)
participating in negotiations with any Person regarding an Acquisition Proposal,
as permitted (but only as permitted) by Section 7.6 of the Merger
Agreement.  In addition, no Stockholder or any of its Affiliates
shall, directly or indirectly, make any proposal which constitutes, or could
reasonably be expected to lead to, an Acquisition Proposal; provided that,
nothing herein shall prevent a Stockholder from presenting to the other
stockholders of ABI an Acquisition Proposal presented by any Person (other than
such Stockholder or its Affiliates).

     

    Section
3.02      Restrictions on Transfer and
Proxies; Non-Interference.  (a)  Each Stockholder
undertakes that, except as contemplated by this Agreement or the Merger
Agreement, such Stockholder shall not and shall cause its Affiliates not to (i)
grant or agree to grant any proxy or power-of-attorney with respect to any
Covered Shares (except pursuant to this Agreement), (ii) deposit any Covered
Shares into a voting trust or enter into any voting agreement or understanding
with respect to any Covered Shares (except pursuant to this Agreement) or (iii)
Transfer or agree to Transfer any Covered Shares other than with JBI’s prior
written consent.  For purposes of this Agreement, “Transfer” shall mean, with
respect to a security, to offer, sell, contract to sell, pledge or otherwise
dispose of (or enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition of (whether by actual
disposition or effective economic disposition due to cash settlement or
otherwise)), directly or indirectly, any shares of capital stock of ABI or any
securities convertible into, or exercisable or exchangeable for such capital
stock, or publicly announce an intention to effect any such
transaction.

    
      
         

      

      
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    (b)    Each
Stockholder further agrees not to take any action that would or is reasonably
likely to (i) make any representation or warranty contained herein untrue or
incorrect in any material respect or (ii) have the effect of preventing such
Stockholder from performing its obligations under this Agreement.

     

    (c)    ABI
agrees with, and covenants to, JBI that ABI shall not register the transfer of
any certificate representing any of the Covered Shares unless such transfer is
made to JBI or otherwise in compliance with this Agreement.  Each
Stockholder agrees that, upon the request of JBI, such Stockholder will tender
to ABI any and all certificates and instruments representing such Stockholder’s
Covered Shares and ABI will prominently inscribe upon such certificates the
following legend:

     

    THE
SHARES OF COMMON STOCK, $.01 PAR VALUE PER SHARE, OF ATLANTIC BANCGROUP, INC.
(THE “COMPANY”) REPRESENTED BY THIS CERTIFICATE OR HEREAFTER ACQUIRED IN RESPECT
OF SUCH SHARES ARE SUBJECT TO A STOCKHOLDERS AGREEMENT WITH JACKSONVILLE
BANCORP, INC. AND THE COMPANY DATED AS OF MAY 10, 2010, AND NONE OF SUCH SHARES,
NOR ANY INTEREST THEREIN MAY BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR
OTHERWISE TRANSFERRED OR DISPOSED OF, EXCEPT IN ACCORDANCE
THEREWITH.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT THE PRINCIPAL
EXECUTIVE OFFICES OF THE COMPANY.”

    

    Section
3.03      Dissenters’
Rights.  Each Stockholder agrees not to exercise any
dissenters’ or appraisal rights (including, without limitation, under any set
forth in Section 607.1301, et. seq., Florida Statutes) as to any shares of
capital stock of ABI which may arise with respect to the Merger.

     

    Section
3.04      Stop Transfer. 
Each Stockholder agrees that it shall not request that ABI register the transfer
(book-entry or otherwise) of any certificate or uncertificated interest
representing any Covered Shares, unless such transfer is made in compliance with
this Agreement.

     

    Section
3.05      Further Assurances;
Cooperation.  (a)  Each Stockholder, without further
consideration, will (provided that JBI is not in material breach of the terms of
the Merger Agreement), (i) use all reasonable efforts to cooperate with JBI and
ABI in furtherance of the transactions contemplated by the Merger Agreement,
(ii) promptly execute and deliver such additional documents that may be
reasonably necessary in furtherance of the transactions contemplated by the
Merger Agreement, and take such reasonable actions as are necessary or
appropriate to consummate such transactions and (iii) promptly provide any
information, and make all filings, reasonably requested by ABI for any
regulatory application or filing made or approval sought in connection with such
transactions (including filings with any Regulatory Authority).

    
      
         

      

      
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    (b)   Each
Stockholder hereby consents, and shall cause its Affiliates to consent, to the
publication and disclosure in the Proxy Statement and the S-4 Registration
Statement (and, as and to the extent otherwise required by Law or any
Governmental Authority, in any other documents or communications provided by JBI
or ABI to any Governmental Authority or to securityholders of ABI or JBI) of
such Stockholder’s identity and Beneficial Ownership of the Covered Shares, the
nature of such Stockholder’s commitments, arrangements and understandings under
and relating to this Agreement and the Merger Agreement and any additional
requisite information regarding the relationship of such Stockholder and its
Affiliates with JBI and its Subsidiaries and/or ABI and its
Subsidiaries.

     

    ARTICLE IV

     

    MISCELLANEOUS

      

    Section
4.01      Termination.  This
Agreement shall terminate and become null and void upon the earlier of (a) the
Effective Time and (b) the termination of the Merger Agreement in accordance
with its terms.  Any such termination shall be without prejudice to
liabilities arising hereunder before such termination.

     

    Section
4.02      Stockholder
Capacity.  Notwithstanding anything herein to the contrary,
each Stockholder has entered into this Agreement solely in such Stockholder’s
capacity as the Beneficial Owner of Covered Shares and, if applicable, nothing
herein shall limit or affect any actions taken or omitted to be taken at any
time by such Stockholder in his or her capacity as an officer or director of
ABI.

     

    Section
4.03      Amendment;
Waivers.  This Agreement may not be amended, changed, supplemented,
or otherwise modified or terminated, except upon the execution and delivery of a
written agreement executed by the parties hereto; provided, that JBI
may waive compliance by any Stockholder with any representation, agreement or
condition otherwise required to be complied with by such Stockholder under this
Agreement or release such Stockholder from its obligations under this Agreement,
but any such waiver or release shall be effective only if in writing and
executed by JBI and only with respect to such Stockholder.

     

    Section
4.04      Expenses.  Subject
to Section 4.10(c), all costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by the party
incurring such expenses.

     

    Section
4.05      Notices.  All
notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be given (and shall be deemed to have been duly given upon
receipt) by delivery in person, by facsimile or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

    
      
         

      

      
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    (a)    if
to any Stockholder:

     

    c/o Atlantic BancGroup,
Inc.

    1315 South Third Street

    Jacksonville Beach, Florida
32250

    Attention: Barry W. Chandler, President
and Chief Executive Officer

    Facsimile: (904) 247-9402

    

    with an
additional copy (which shall not constitute notice) to:

     

    Smith Hulsey & Busey

    225 Water
Street

    Suite
1800

    Jacksonville,
FL 32202

    Attention:
John Smith, Esquire

    Facsimile:  (904)
359-7708

    

    (b)    if
to ABI:

     

    Atlantic
BancGroup, Inc.

    1315 South Third Street

    Jacksonville Beach, Florida
32250

    Attention: Barry W. Chandler, President
and Chief Executive Officer

    Facsimile: (904) 247-9402

    

    with an
additional copy (which shall not constitute notice) to:

     

    Smith Hulsey & Busey

    225 Water
Street

    Suite
1800

    Jacksonville,
FL 32202

    Attention:
John Smith, Esquire

    Facsimile:  (904)
359-7708

    

    (c)    if
to JBI:

     

    Jacksonville Bancorp, Inc.

    100 North Laura Street

    Jacksonville,
Florida  32202

    Attention:  Gilbert
J. Pomar, III, President

    Facsimile:  (904)
421-2050

    
      
         

      

      
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    with an
additional copy (which shall not constitute notice) to:

     

    McGuireWoods
LLP

    Bank of
America Tower

    50 North
Laura Street , Suite 3300

    Jacksonville,
Florida  32202

    Attention:  Halcyon
E. Skinner, Esquire

    Facsimile:  (904)
360-6324

    

    Section
4.06      Entire Agreement;
Assignment.  This
Agreement constitutes the entire agreement among the parties with respect to the
subject matter hereof and supersedes all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.  Neither this Agreement, nor any of the rights
and obligations under this Agreement, shall be transferred by any party without
the prior written consent of the other parties hereto; provided that JBI may
transfer any of its rights and obligations to any direct or indirect
wholly-owned Subsidiary of JBI, but no such transfer shall relieve JBI of its
obligations hereunder.

     

    Section
4.07      Parties in
Interest.  This Agreement shall be binding upon and inure
solely to the benefit of each party hereto and their respective successors and
permitted assigns.  Nothing in this Agreement, express or implied, is
intended to or shall confer upon any other Person any rights, benefits or
remedies of any nature whatsoever under or by reason of this
Agreement.

     

    Section
4.08      Severability.  Whenever
possible, each provision or portion of any provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable Law but
if any provision or portion of any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable Law or
rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or portion of any provision in such jurisdiction,
and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision or portion of any
provision had never been contained herein.

     

    Section
4.09      Specific Performance;
Remedies.  Each of the Stockholders acknowledges and agrees that in
the event of any breach of this Agreement, JBI would be irreparably and
immediately harmed and could not be made whole by monetary
damages.  It is accordingly agreed that (a) each of the Stockholders
will waive, in any action for specific performance, the defense of adequacy of a
remedy at law, and (b) JBI shall be entitled, in addition to any other remedy to
which it may be entitled at law or in equity, to compel specific performance of
this Agreement.  All rights, powers and remedies provided under this
Agreement or otherwise available in respect hereof at law or in equity shall be
cumulative and not alternative, and the exercise of any right, power or remedy
thereof by any party shall not preclude the simultaneous or later exercise of
any other such right, power or remedy by such party; provided, however, JBI shall
have no right to consequential damages for any alleged breach of this Agreement
by the Stockholders.  The failure of any party hereto to exercise any
right, power or remedy provided under this Agreement or otherwise available in
respect hereof at law or in equity, or to insist upon compliance by any other
party hereto with its obligations hereunder, and any custom or practice of the
parties at variance with the terms hereof, shall not constitute a waiver by such
party of its right to exercise any such or other right, power or remedy or to
demand such compliance.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
4.10      Governing Law;
Jurisdiction.   (a)  This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida,
without giving effect to the choice of law principles thereof.

     

    (b)    Each
of the parties hereto (i) consents to submit itself to the personal
jurisdiction of the courts of the State of Florida or the Federal courts of the
United States of America located in the State of Florida if any dispute arises
under this Agreement or any transaction contemplated by this Agreement,
(ii) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court,
(iii) waives any right to trial by jury with respect to any action, suit or
proceeding related to or arising out of this Agreement or any transaction
contemplated by this Agreement, (iv) waives any objection to the laying of
venue of any action, suit or proceeding arising out of this Agreement or any
transaction contemplated hereby in any such court, (v) waives and agrees
not to plead or claim that any such action, suit or proceeding brought in any
such court has been brought in an inconvenient forum and (vi) agrees that a
final judgment in any such action, suit or proceeding in any such court shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner provided by applicable Law.

     

    (c)    Notwithstanding
any other provision in this Agreement, in the event of any action arising out of
or resulting from this Agreement, the prevailing party shall be entitled to
recover its costs and expenses (including reasonable attorneys’ fees and
expenses) incurred in connection therewith.

     

    Section
4.11      Headings.  The
descriptive headings herein are inserted for convenience of reference only and
are not intended to be part of or to affect the meaning or interpretation of
this Agreement.

     

    Section
4.12      Counterparts.  This
Agreement may be executed in one or more counterparts (including by facsimile),
each of which shall be deemed to constitute an original, but all of which
together shall constitute one and the same instrument.

     

    [SIGNATURE
PAGES FOLLOW]

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly
executed as of the day and year first above written.

     

    
      
        
          
            	
                    JACKSONVILLE
      BANCORP, INC.

                  
	 
      	 
      
	
                    By: 

                  	
                    /s/ Gilbert J. Pomar,
III

                  
	 
      	
                    Name:  Gilbert
      J. Pomar, III

                  
	 
      	
                    Title:    President

                  
	 
      	 
      
	
                    ATLANTIC
      BANCGROUP, INC.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Barry W. Chandler

                  
	 
      	
                    Name:  Barry
      W. Chandler

                  
	 
      	
                    Title:    President
      and Chief Executive
Officer

                  

          

        

      

    

     

    [SIGNATURE
PAGE FOR STOCKHOLDERS FOLLOWS]

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly
executed as of the day and year first above written.

     

    STOCKHOLDERS
OF ATLANTIC BANCGROUP, INC.:

     

    

    
      
        	
                /s/ Dr. Frank J. Cervone

              	 
      	
                /s/ Gordon K. Watson

              
	
                Name:
      Dr. Frank J. Cervone

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  14,740

                Shares
      of Common Stock subject to

                options:  -0-

              	 
      	
                Name:
      Gordon K. Watson

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  80,000

                Shares
      of Common Stock subject to

                options:  -0-

              
	 
      	 
      	 
      
	
                /s/ Barry W. Chandler

              	 
      	
                /s/ Dr. Conrad L.
  Williams

              
	
                Name:  Barry
      W. Chandler

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  16,000

                Shares
      of Common Stock subject to

                options:  -0-

              	 
      	
                Name:  Dr.
      Conrad L. Williams

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  6,120

                Shares
      of Common Stock subject to

                options:  -0-

              
	 
      	 
      	 
      
	
                /s/ Donald F. Glisson, Jr.

              	 
      	
                /s/ Dennis M. Wolfson

              
	
                Name:  Donald
      F. Glisson, Jr.

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  51,451

                Shares
      of Common Stock subject to

                options:  -0-

              	 
      	
                Name:
      Dennis M. Wolfson

                Shares
      of Common Stock Beneficially Owned   (excluding shares
      issuable upon exercise
      of  options):  13,000

                Shares
      of Common Stock subject to

                options:  -0-

              

      

    

    
      
         

      

      
        11

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