Document:

Fourth Amended and Restated Promissory Note

 Exhibit 10.9 

FOURTH AMENDED AND RESTATED PROMISSORY NOTE 

 

			
	$500,000.00	  	July 30, 2010

  

	1.	COVENANT TO PAY. 

1.1. Promise to Pay. FOR VALUE RECEIVED, PLAINSCAPITAL CORPORATION, a Texas corporation (herein called
“Maker”, whether one or more), promises to pay to the order of JPMORGAN CHASE BANK, NA, a national banking association [successor by merger to Bank One, NA (Illinois)] with its main office in Chicago, Illinois and with a
banking office located at 420 Throckmorton Street, Suite 400, Fort Worth, Texas 76102 [herein, together with all subsequent holders of this Fourth Amended and Restated Promissory Note (this “Note”), called “Payee”],
on or before the Maturity Date (as defined below), as hereinafter provided, the principal sum of FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00), or so much thereof as may actually be outstanding hereunder, together with interest on
the unpaid principal balance from time to time outstanding at the rate herein specified and otherwise in strict accordance with the terms and provisions hereof. 
  

	2.	INTEREST RATE COMPUTATION. 

2.1. Interest Rate. Except as otherwise provided herein, interest on the principal balance of this Note outstanding from
time to time shall accrue at the lesser of (a) the Applicable Rate (as defined herein) or (b) the Maximum Lawful Rate (as defined herein). 

2.2. Default Rate. Upon the occurrence of an Event of Default hereunder, at the option of the Payee, the principal balance
of this Note then outstanding shall bear interest for the period beginning with the date of the occurrence of such Event of Default at the Default Rate (as defined herein). 

2.3. Definitions. As used in this Note and the Loan Documents (as defined herein), the following terms shall have the
respective meanings indicated below: 
 “Adjusted CB Floating Rate” means the sum of (i) the CB Floating
Rate, plus (ii) one-quarter of one percent per annum (0.25%). 
 “Adjusted One Month LIBOR Rate” means the
sum of (i) two and one-half percent (2.50%) per annum plus (ii) the quotient of (a) the interest rate determined by the Payee by reference to the Page to be the rate at approximately 11:00 a.m. London time, on such date or, if
such date is not a Business Day, on the immediately preceding Business Day for dollar deposits with a maturity equal to one (1) month, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to dollar deposits
in the London interbank market with a maturity equal to one (1) month. 
 “Applicable Rate” shall mean, at
any time, and as applicable to all or a portion of the principal balance hereof, the rate of interest per annum equal to the Adjusted CB Floating Rate in effect from day to day; provided, however, subject to the limitations stated herein, Maker may
elect in accordance with the procedures set forth below to have interest accrue and be paid on all or a portion of the outstanding principal balance hereof at a rate per annum equal to the LIBOR Adjusted Rate (as defined below). 

 

					
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 “Business Day” means (i) with respect to the Adjusted One Month LIBOR
Rate and any borrowing, payment or rate selection of the LIBOR Adjusted Rate, a day (other than a Saturday or Sunday) on which banks generally are open in Texas and/or New York for the conduct of substantially all of their commercial lending
activities and on which dealings in United States dollars are carried on in the London interbank market and (ii) for all other purposes, a day other than a Saturday, Sunday or any other day on which national banking associations are authorized
to be closed. 
 “CB Floating Rate” means the Prime Rate; provided that the CB Floating Rate shall, on
any day, not be less than the Adjusted One Month LIBOR Rate. The CB Floating Rate is a variable rate and any change in the CB Floating Rate due to any change in the Prime Rate or the Adjusted One Month LIBOR Rate is effective from and including the
effective date of such change in the Prime Rate or the Adjusted One Month LIBOR Rate, respectively. 
 “Charges”
shall have the meaning specified in Section 5.4 hereof. 
 “Default Rate” shall mean the interest
rate equal to the lesser of (i) the CB Floating Rate plus three percent (3%), and (ii) the Maximum Lawful Rate. 

“Event of Default” shall have the meaning specified in Section 4.1 hereof. 

“LIBOR Adjusted Rate” shall mean the LIBOR Rate, plus two and three-quarters percent (2.75%) per annum. 

“LIBOR Increment” shall mean the portion of the outstanding principal balance hereof specified by Maker to Payee in
accordance herewith to accrue interest at the LIBOR Adjusted Rate effective as of the applicable LIBOR Period Commencement Date; provided, however, in no event shall any such LIBOR Increment be less than Five Hundred Thousand and No/100 Dollars
($500,000.00). 
 “LIBOR Period” shall mean a period of ninety (90) days from the LIBOR Period Commencement
Date. Notwithstanding the foregoing, in no event shall any LIBOR Period extend beyond the Maturity Date. 
 “LIBOR Period
Commencement Date” shall mean the proposed commencement of the applicable LIBOR Period. 
 “LIBOR Rate”
shall mean, with respect to a LIBOR Increment, the rate of interest per annum equal to the interest settlement rate for U.S. Dollars as published by the British Bankers Association as of 11:00 a.m. London Time two Business Days before the first day
of such LIBOR Period, for the approximate principal amount of the applicable LIBOR Increment, and for a period comparable to the applicable LIBOR Period. If no such rate is published by the British Bankers Association, then the comparable LIBOR or
Eurodollar rate published in The Wall Street Journal shall be utilized and if such rate is not available then no LIBOR Adjusted Rate may be elected pursuant to this Note. 

“Loan Agreement” shall mean that certain Loan Agreement, dated as of October 27, 2004, by between Payee, as lender,
and Maker, as borrower, as the same may have been amended, modified or restated from time to time. 
 “Loan
Documents” shall have the meaning specified in Section 5.1 hereof. 
  

					
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 “Maturity Date” shall mean the date on which this Note matures, whether by
acceleration, lapse of time or otherwise; provided, that such date shall be October 27, 2015, unless earlier accelerated as permitted herein, in the Loan Agreement or in any other Loan Document. 

“Maximum Lawful Rate” shall have the meaning specified in Section 5.4 hereof. 

“Page” means Reuters Screen LIBOR01, formerly known as Page 3750 of the Moneyline Telerate Service (together with any
successor or substitute, the “Service”) or any successor or substitute page of the Service providing rate quotations comparable to those currently provided on such page of the Service, as determined by the Payee from time to time
for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market. 

“Prime Rate” means the rate of interest per annum announced from time to time by the Payee as its prime rate. The Prime
Rate is a variable rate and each change in the Prime Rate is effective from and including the date the change is announced as being effective. THE PRIME RATE IS A REFERENCE RATE AND MAY NOT BE THE PAYEE’S LOWEST RATE. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect
and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Reserve Requirement” means the maximum aggregate reserve requirement (including all basic, supplemental, marginal and
other reserves) which is imposed under Regulation D. 
 All other capitalized terms used herein and not otherwise defined shall have the
meaning given such terms in the Loan Agreement. 
 2.3. Interest Limitation Recoupment. Notwithstanding anything
in this Note to the contrary, if at any time (i) interest at the Applicable Rate, and (ii) the Charges computed over the full term of this Note, exceed the Maximum Lawful Rate, then the rate of interest payable hereunder, together with all
Charges, shall be limited to the Maximum Lawful Rate; provided, however, that any subsequent reduction in the Applicable Rate shall not cause a reduction of the rate of interest payable hereunder below the Maximum Lawful Rate until the total amount
of interest earned hereunder, together with all Charges, equals the total amount of interest which would have accrued at the Applicable Rate if such interest rate had at all times been in effect. Changes in the Applicable Rate resulting from a
change in the Prime Rate shall be subject to the provisions of this paragraph. 
 2.4. Computation Period.
Interest on the indebtedness evidenced by this Note shall be computed on the basis of a 360-day year and shall accrue on the actual number of days any principal balance hereof is outstanding. 

2.5. LIBOR Election. If Maker elects to have the LIBOR Adjusted Rate apply, it shall advise Payee in writing by delivery to
Payee of the LIBOR Election Notice attached hereto as Exhibit “A”, of its election and the LIBOR Period and LIBOR Increment for which Maker desires said rate to apply not later than 10:00 a.m., Central Standard Time or Central
Daylight Time (as applicable), two (2) Business Days prior to the LIBOR Period Commencement Date. Any such election may be made only while no Event of Default is in existence. After Maker has designated a LIBOR Increment to which the LIBOR
Adjusted Rate shall apply, such rate shall apply to the LIBOR Increment for the duration of the LIBOR Period. If Maker elects the LIBOR Adjusted Rate, but the applicable LIBOR Period will 

 

					
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commence on a date which is not a Business Day, such LIBOR Period shall be deemed to commence on the next Business Day after it would otherwise commence, and any interest which accrues hereunder
in the interim shall accrue at the Applicable Rate. At any one time during the term hereof, no more than five (5) LIBOR Increments may be outstanding under this Note. 

2.5.1 Failure of Election. Notwithstanding anything herein to the contrary, if the Maker elects the LIBOR
Adjusted Rate to apply, but Payee would be unable for any reason to obtain funds or a quote for funds in accordance with the terms of this Note in the amount of the LIBOR Increment elected for the applicable LIBOR Period and LIBOR Period
Commencement Date elected, interest on the outstanding principal balance of this Note shall accrue at the CB Floating Rate unless and until an election, in accordance with the provisions hereof, of a new LIBOR Adjusted Rate, LIBOR Increment, LIBOR
Period and LIBOR Period Commencement Date is made by Maker, and Payee is then able to obtain such funds or a quote for funds in accordance with the terms of this Note. In the absence of an effective election by Maker of the LIBOR Adjusted Rate in
accordance with the above procedures prior to the expiration of the then current LIBOR Period with respect to any LIBOR Increment, interest on such LIBOR Increment shall accrue at the CB Floating Rate, effective immediately upon the expiration of
such LIBOR Period. 
 2.5.2 Illegality. Notwithstanding any other provision of this Note to the
contrary, if it becomes unlawful for Payee to honor its obligation to allow all or a portion of the outstanding principal balance hereof to accrue interest based on the LIBOR Rate, then Payee shall promptly notify Maker thereof and Payee’s
obligation to allow interest to accrue based on the LIBOR Rate shall be suspended until such time as Payee may again allow interest to accrue based upon the LIBOR Rate. If the obligation of Payee to allow interest to accrue based upon the LIBOR Rate
is so suspended, all indebtedness evidenced hereby then accruing interest based upon the LIBOR Rate shall automatically convert to interest based on the CB Floating Rate on the last days(s) of the then current LIBOR Period(s) for such indebtedness
or on such earlier date as Payee may specify to Maker. 
  

	3.	PAYMENTS. 

 3.1.
Payment Schedule. Interest, calculated on a daily basis, shall be payable quarterly in arrears on the first day of each December, March, June and September, commencing on September 1, 2010, and continuing on the first day of each
successive December, March, June and September thereafter until the Maturity Date, at which time all accrued and unpaid interest hereon shall be due and payable in full. Commencing on September 1, 2011, and continuing on the first day of each
successive December, March, June and September thereafter until the Maturity Date, in addition to and not in lieu of each interest installment due hereunder, principal shall be due and payable in quarterly installments of $25,000.00 each. The
aggregate outstanding principal balance under the Note plus all accrued but unpaid interest thereon shall be due and payable in full on the Maturity Date. 

3.2. Application. All payments on this Note shall, prior to an Event of Default, be applied in the following order:
(i) the payment of accrued but unpaid interest hereon, (ii) the payment or reimbursement of any expenses, costs or obligations (other than the principal hereof and interest hereon) for which Maker shall be obligated or Payee entitled
pursuant to the provisions hereof or of the other Loan Documents, and (iii) the payment of all or any portion of the principal balance then outstanding hereunder, in either the direct, or inverse, order of maturity. After an Event of Default,
all payments on the Note shall, at the sole option of Payee, be applied from time to time and in any order, to the foregoing items. 
  

					
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 3.3. Place. All payments hereunder shall be made to Payee at JP MORGAN CHASE
BANK, N.A., 10 South Dearborn Street, MC: IL1-1235, Chicago, Illinois 60603-2003, or as Payee may from time to time designate in writing to Maker. 

3.4. Business Days. If any payment of principal or interest on this Note shall become due and payable on a Saturday, Sunday
or any other day on which Payee is not open for normal business, such payment shall be made on the next succeeding business day of Payee. Any such extension of time for payment shall be included in computing interest which has accrued and shall be
payable in connection with such payment. 
 3.5. Legal Tender. All amounts payable hereunder are payable in lawful
money or legal tender of the United States of America. 
 3.6. Prepayments. Maker shall not have the right to
prepay the Loan in part or in whole except as provided in Section 2.1 of the Loan Agreement and, thereafter, as follows: 

3.6.1 Maker shall have the right prior to the Maturity Date, upon ten (10) days’ prior written notice and
upon receipt of any required regulatory approval, to prepay all or any portion (except any portion constituting a LIBOR Increment during its applicable LIBOR Period) of the principal balance owing hereunder from time to time; provided, however, that
(a) if such prepayment is only a partial payment of the then outstanding principal balance hereof, such prepayment shall be accompanied by the payment of all accrued but unpaid interest on the portion of the outstanding principal balance of the
Note being so paid through the date the prepayment is made, and (b) for same day credit all monies shall be received at Payee’s office as specified in Section 3.3 hereof on or before 12:00 noon, Central Standard Time or Central
Daylight Time (as applicable). All monies received after this time shall be deemed received on the following day and shall continue to accrue interest at the Applicable Rate to the date funds are deemed received. 

3.6.2 Maker shall have the right to prepay any LIBOR Increment only upon payment to Payee, at the time of such
prepayment, of an amount equal to all costs, fees and penalties which would be incurred in the breaking of a LIBOR contract (whether then actually in existence or a hypothetical contract similar to the typical LIBOR contracts then in existence) by
Payee in connection with such prepayment, such amounts to include that sum which is equal to the excess of (i) the interest that would have been payable by Maker for such LIBOR Increment for the remainder of the applicable LIBOR Period at the
applicable LIBOR Rate had such prepayment not been made by Maker, over (ii) the interest to be earned on sums equal to the amount of such LIBOR Increment for the remainder of the applicable LIBOR Period as invested by Payee in an interest
bearing obligation of Payee’s selection, in its sole and absolute discretion. In addition, in any such event, the provisions of the immediately preceding sentence (relating to the obligation of Maker to pay to Payee certain amounts in the event
of the prepayment of a LIBOR Increment prior to the last day of the applicable LIBOR Period) shall apply with respect to any LIBOR Increment prepaid by Maker prior to the last day of the applicable LIBOR Period as a result of the acceleration by
Payee of the outstanding principal balance hereof 
 3.7. Late Charge. In addition to the payments otherwise
specified herein, subject to the provisions of Section 5.4 hereof, if Maker fails, refuses or neglects to pay, in full, any installment or portion of the indebtedness evidenced hereby, within ten (10) days after same shall be due
and payable, then Maker shall be obligated to pay to Payee a late charge equal to five percent (5%) of the amount of such delinquent payment to compensate Payee for Maker’s default and the additional costs and administrative efforts
required by reason of such default; provided, however, Payee will apply any late charge fee collected from Maker to the amount of interest charged at the Default Rate which covers the period for which such late charge was collected. 

 

					
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	4.	DEFAULT AND REMEDIES. 

4.1. Default. An Event of Default shall occur hereunder if (i) Maker shall fail, refuse or neglect to pay, in
full, any installment or portion of the indebtedness evidenced hereby, within ten (10) days after the same shall become due and payable, whether at the due date thereof as stipulated herein, or upon acceleration (but without any grace period),
or (ii) an Event of Default (as defined and used in any of the other Loan Documents) shall occur under any of the other Loan Documents. 

4.2. Remedies. If an Event of Default shall occur under this Note, then Payee may, at its option, without notice or demand,
declare the unpaid principal balance of, and the accrued but unpaid interest on, this Note immediately due and payable, foreclose all liens and security interests securing payment hereof, pursue any and all other rights, remedies and recourses
available to Payee or pursue any combination of the foregoing. All remedies hereunder, under the Loan Documents and at law or in equity shall be cumulative. 

4.3. Waiver. Except as specifically provided in the Loan Documents, Maker and any endorsers or guarantors hereof severally
waive presentment and demand for payment, notice of intent to accelerate maturity, notice of acceleration of maturity, protest and notice of protest and nonpayment, bringing of suit and diligence in taking any action to collect any sums owing
hereunder or in proceeding against any of the rights and collateral securing payment hereof. Maker and any endorsers or guarantors hereof agree (i) that the time for any payments hereunder may be extended from time to time without notice and
consent, (ii) to the acceptance of further collateral, and/or (iii) the release of any existing collateral for the payment of this Note, all without in any manner affecting their liability under or with respect to this Note. No extension
of time for the payment of this Note or any installment hereof shall affect the liability of Maker under this Note or any endorser or guarantor hereof even though the Maker or such endorser or guarantor is not a party to such agreement. 

4.4. No Waiver. Failure of Payee to exercise any of the options granted herein to Payee upon the happening of one or more
of the events giving rise to such options shall not constitute a waiver of the right to exercise the same or any other option at any subsequent time in respect to the same or any other event. The acceptance by Payee of any payment hereunder that is
less than payment in full of all amounts due and payable at the time of such payment shall not constitute a waiver of the right to exercise any of the options granted herein to Payee at that time or at any subsequent time or nullify any prior
exercise of any such option without the express written acknowledgment of the Payee. 
 4.5. Collection Costs.
Maker agrees to pay all reasonable costs of collection hereof when incurred, including reasonable attorneys’ fees, whether or not any legal action shall be instituted to enforce this Note. 

 

	5.	MISCELLANEOUS. 

5.1. Loan Documents. This Note is issued pursuant to the Loan Agreement, and is the note defined therein as the
“Note”. This Note is secured, inter alia, by a Pledge and Security Agreement (the “Security Agreement”) dated as of December 19, 2007, executed by Maker in favor of Payee covering certain collateral, as
more particularly described therein (this Note, the Loan Agreement and Security Agreement, and all the other documents evidencing, securing or pertaining to the transaction in which the indebtedness evidenced hereby was incurred are, collectively,
referred to as the “Loan Documents”). 
  

					
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 5.2. Notices. All notices, requests, demands or other communications required
or permitted to be given pursuant to this Agreement shall be in writing and given by (i) personal delivery, (ii) expedited delivery service with proof of delivery, or (iii) United States mail, postage prepaid, registered or certified
mail, return receipt requested, sent to the intended addressee at the address set forth below or to such different address as the addressee shall have designated by written notice sent pursuant to the terms hereof and shall be deemed to have been
received either, in the case of personal delivery, at the time of personal delivery, in the case of expedited delivery service, as of the date of first attempted delivery at the address and in the manner provided herein, or in the case of mail, upon
deposit in a depository receptacle under the care and custody of the United States Postal Service. Either party shall have the right to change its address for notice hereunder to any other location within the continental United States by notice to
the other party of such new address at least thirty (30) days prior to the effective date of such new address. For purposes of such notices, the addresses of the parties shall be as follows: 

 

			
	Payee:	  	If intended for Payee and to be delivered in person, to:
		
		  	JPMORGAN CHASE BANK, NA
		  	420 Throckmorton Street, Suite 400
		  	Fort Worth, Texas 76102
		  	Attn.:    James W. Aldridge
		
		  	If intended for Payee and to be delivered by mail, to:
		
		  	JPMORGAN CHASE BANK, NA
		  	Mail Code TX1-1275
		  	P.O. Box 2050
		  	Fort Worth, Texas 76113-2050
		  	Attn:    James W. Aldridge
		
	Maker:	  	PLAINSCAPITAL CORPORATION
		  	2323 Victory Avenue, Suite 1400
		  	Dallas, Texas 75219
		  	Attn:    Jeff Isom

5.3. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND
THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS NOTE IS PERFORMABLE IN TARRANT COUNTY, TEXAS. Any action or proceeding under or in connection with this Note against Maker or any other party ever liable for payment of any sums of money
payable on this Note may be brought in any state court located in Fort Worth, Tarrant County, Texas, or any federal court in Tarrant County, Texas. Maker and each such other party hereby irrevocably (i) submits to the nonexclusive jurisdiction
of such courts, and (ii) waives any objection it may now or hereafter have as to the venue of any such action or proceeding brought in such court or that such court is an inconvenient forum. 

5.4. Interest Limitation. It is expressly stipulated and agreed to be the intent of Maker and Payee at all times to comply
with the applicable Texas law governing the maximum rate or amount of interest payable on this Note or the indebtedness (“Indebtedness”) evidenced hereby or evidenced or secured by the other Loan Documents (or applicable United
States Federal law to the extent that it permits Payee to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law). If the applicable law is ever judicially interpreted so as to render usurious any amount
called for under this Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Indebtedness, or Payee’s exercise of the option to accelerate the maturity of

  

					
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this Note, or any prepayment by Maker results in Maker having paid or Payee having received any interest in excess of that permitted by applicable law, then it is Maker’s and Payee’s
express intent that all excess amounts theretofore collected by Payee be credited on the principal balance of this Note and all other Indebtedness (or, if this Note and all other Indebtedness have been or would thereby be paid in full, refunded to
Maker), and the provisions of this Note and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply
with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee
agree that Payee shall, with reasonable promptness after Payee discovers or is advised by Maker that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Maker or credit such excess interest
against any other Indebtedness then owing by Maker to Payee. Maker hereby agrees that as a condition precedent to any claim seeking usury penalties against Payee, that Maker will provide written notice to Payee, advising Payee in reasonable detail
of the nature and amount of the violation, and Payee shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Maker or crediting such excess interest
against any other indebtedness then owing by Maker to Payee. All sums contracted for, charged or received by Payee for the use, forbearance or detention of the Indebtedness shall, to the extent permitted by applicable law, be amortized or spread,
using the actuarial method, throughout the stated term of the Indebtedness until payment in full so that the rate or amount of interest on account of the Indebtedness does not exceed the Maximum Lawful Rate from time to time in effect and applicable
to the Indebtedness for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the Indebtedness.
Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Payee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned
interest at the time of such acceleration. As used herein, the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved by Payee in accordance with
the applicable laws of the State of Texas (or applicable United States Federal law to the extent that it permits Payee to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into account all
Charges (as herein defined) made in connection with the transaction evidenced by this Note and the other Loan Documents. As used herein, the term “Charges” shall mean all fees and charges, if any, contracted for, charged, received,
taken or reserved by Payee in connection with the transactions relating to this Note and the other Loan Documents or the Indebtedness, which are treated as interest under applicable law. To the extent that Payee is relying on the Texas Finance
Code to determine the Maximum Lawful Rate payable on the Indebtedness, Payee will utilize the “weekly ceiling” specified in Chapter 303 as the applicable ceiling, after taking into consideration all sums paid or agreed to
be paid to Payee outside the provisions of this Note for the use, forbearance or detention of the Indebtedness. To the extent United States federal law permits Payee to contract for, charge or receive a greater amount of interest, Payee will rely on
United States federal law instead of the Texas Finance Code, for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereinafter in effect, Payee may, at its option and from time to
time, implement any other method of computing the Maximum Lawful Rate under the Texas Finance Code as supplemented by the Texas Credit Code, as amended, or under other applicable law by giving notice, if required, to Maker as provided by applicable
law now or hereafter in effect. Maker and Payee hereby agree that any and all suits alleging the contracting for, charging or receiving of usurious interest shall lie in Tarrant County, Texas, and each irrevocably waive the right to venue in any
other county. 
 5.5. Captions. The article and section headings used in this Note are for convenience of
reference only and shall not affect, alter or define the meaning or interpretation of the text of any article or section contained in this Note. 
  

					
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 5.6. Joint and Several Liability. If this Note is executed by more than one
party, each such party shall be jointly and severally liable for the obligations of Maker under this Note. If Maker is a partnership, each general partner of Maker shall be jointly and severally liable hereunder. and each such general partner hereby
waives any requirement of law that in the event of a default hereunder Payee exhaust any assets of Maker before proceedings against such general partner’s assets. 

5.7 AMENDMENT AND RESTATEMENT. THIS NOTE IS A RENEWAL, AS WELL AS AN AMENDMENT AND RESTATEMENT IN ITS ENTIRETY, BUT NOT AN
EXTINGUISHMENT, OF THAT CERTAIN THIRD AMENDED AND RESTATED PROMISSORY NOTE DATED AS JUNE 19, 2009, IN THE MAXIMUM PRINCIPAL AMOUNT OF $500,000.00 EXECUTED BY BORROWER AND PAYABLE TO LENDER’ PREDECESSOR. 

5.8. NO ORAL AGREEMENTS. THIS NOTE AND ALL THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT OF MAKER AND PAYEE AND
SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF MAKER AND PAYEE. THERE ARE NO ORAL AGREEMENTS BETWEEN MAKER AND PAYEE. The provisions of this Note and the Loan Documents may be amended or revised only by an instrument in writing signed by the Maker
and Payee. 
  

					
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 EXECUTED as of the date and year first above written. 

 

			
	MAKER:
	
	 PLAINSCAPITAL CORPORATION,

a Texas corporation

		
	By:	 	 /s/ Jeff Isom

	Name:	 	Jeff Isom
	Title:	 	Executive Vice President and Chief Accounting Officer

  

					
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 EXHIBIT A 

NOTICE OF LIBOR FUNDING ELECTION 

JP Morgan Chase Bank, N.A. 
 10 South Dearborn
Street 
 MC: IL1-1235 
 Chicago,
Illinoi 60603-2003 
 Attn.: Timothy Johnson 

Date:
                                , 200     

Gentlemen: 
 Reference is made
to the Fourth Amended and Restated Promissory Note dated as of July         , 2010 (the “Note”). The undersigned hereby give notice pursuant to Section 2.5 of the Note of its desire for a
LIBOR FUNDING ELECTION of a portion of the proceeds of the loan evidenced by the Note. 
 The following are the details of the
LIBOR funding election to be set up as of the commencement date specified below: 
  

					
	1.	  	The LIBOR funding commencement date is:	 	  

	2.	  	The LIBOR funding period expires:	 	  

	3.	  	The LIBOR funding principal amount is:	 	  

	4.	  	The LIBOR funding rate is LIBOR plus 2.75%, or	 	  

		
		  	The sources for the above LIBOR are as follows (choose as appropriate):
			
		  	Promissory Note Outstanding Balance:	 	  

		  	 Advance Request Dated                 

	 	  

		  	 Current LIBOR maturing:
	 	  

		  	 Current LIBOR maturing:
	 	  

		  	 Total:
	 	  

     The next LIBOR FUNDING ELECTION NOTIFICATION date is
                                        .

 The undersigned represents and warrants that the LIBOR Funding Election requested hereby complies with the requirements of
Section 2.5 of the Note. 
  

	
	MAKER:
	
	 PLAINSCAPITAL CORPORATION,
 a
Texas corporation

	
	By:                             
                                         
                         
	Name:                             
                                         
                   
	Title:                            
                                         
                      

  

					
	Fourth Amended and Restated Promissory Note	 	11	 	
	DALLAS\417996Form of Nonemployee Director Restricted Stock Agreement

 Exhibit 10.2 

RESTRICTED STOCK AGREEMENT 

Non-transferable 

Grant to: 

[NAME] 

(“Grantee”) 

by 
 TradeStation
Group, Inc., a Florida corporation (the “Company”), 
 of 

[insert number] shares of its common stock, $0.01 par value, 

pursuant to and subject to the provisions of the TradeStation Group, Inc. Nonemployee Director Incentive Stock Plan (the “Plan”) and to
the terms and conditions of this non-transferable Restricted Stock Agreement (this “Agreement”), effective as of the [insert third trading day after the earnings release for the quarter in which the Participant was initially
elected or was re-elected] (the “Effective Date”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan. 

RECITALS 

WHEREAS, the Company desires to issue to Grantee, as a non-employee director of the Company, [spell out number] ([insert
number]) shares (the “Shares”) of the Company’s common stock, $0.01 par value (“Common Stock”); and 

WHEREAS, Grantee desires to accept the issuance of the Shares subject to all of the terms and conditions of this Agreement and the Plan,
and is eligible to receive the Shares. 
 AGREEMENT 

NOW, THEREFORE, in consideration of Grantee’s agreement to continue to serve as a member of the Board of Directors of the Company
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Grantee hereby agree as follows: 

1. Grant of Shares. The Company hereby grants the Shares to Grantee, subject to all of the restrictions and the other terms and
conditions set forth in the Plan and in this Agreement. Unless sooner vested in accordance with Section 3 hereof, and provided that Grantee is then a director of the Company on the respective dates indicated below, the restrictions imposed
under Section 2 hereof on the Shares will expire and the Restricted Shares (as hereinafter defined) shall vest as to the number of the Restricted Shares as set forth below on each of the respective dates as set forth below: 

 

						
	 Number of Shares
	  	 Date
	  	Cumulative Percentage	 
			
	 [insert number]
	  	[1st anniversary
 of grant date]	  	33.3	% 
	 [insert number]
	  	[2nd anniversary
 of grant date]	  	33.3	% 
	 [insert number]
	  	[3rd anniversary
 of grant date]	  	33.4	% 

 Upon each of the foregoing dates, the number of Restricted Shares indicated above shall
cease to be subject to the restrictions described herein. For the purposes of this Agreement, the term “vesting” shall have the effect of converting Restricted Shares into unrestricted Shares. 

2. Restrictions. The Shares are subject to each of the restrictions set forth in this Section 2 and “Restricted
Shares” means those Shares that are subject to the restrictions imposed hereunder which have not then expired or terminated. Except as provided in Section 12(a) of the Plan, Restricted Shares may not be sold, transferred, exchanged,
assigned, pledged, hypothecated or otherwise encumbered; provided, however, that, notwithstanding the foregoing, Grantee may transfer all or part of the Restricted Shares to one or more trusts for the benefit of Grantee’s immediate family
members (which for purposes hereof shall be limited to the Grantee’s children, grandchildren and spouse) or partnerships in which such immediate family members and/or trusts are the only partners or beneficiaries, as the case may be; provided
that any such transfer of Restricted Shares shall remain subject to all of the restrictions and other terms and conditions hereof and the transferee shall execute any and all documents required by the Company to confirm the foregoing. If
Grantee’s service as a member of the Board of Directors of the Company terminates for any reason other than as set forth in paragraphs (b) or (c) of Section 3 hereof, then Grantee shall forfeit, without the payment or providing
of any consideration or other amounts of any kind whatsoever to Grantee, all of Grantee’s right, title and interest in and to the Restricted Shares as of and after the date of such termination and such Restricted Shares shall automatically
revert to the Company immediately following the event of forfeiture. The restrictions imposed under this Section 2 shall apply to all shares of Common Stock or other securities issued with respect to Restricted Shares hereunder in connection
with any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, business combination or other change in corporate structure or otherwise directly or indirectly in any way affecting the Common Stock. 

3. Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on the earliest to occur
of the following (the period prior to such expiration being referred to herein as the “Restricted Period”): 

(a) As to the number of Restricted Shares as and to the extent indicated on the respective dates specified in Section 1 hereinabove;
provided, however, that Grantee on those respective dates is then still a member of the Board of Directors of the Company; 
  

 2 

 (b) As to all of the unvested Restricted Shares, on the date of termination of
Grantee’s service as a member of the Board of Directors of the Company by reason of death or “Disability” or “Retirement” if Grantee has served on the Board of Directors for at least one year. For the purposes
of this Agreement, “Disability” shall mean permanent disability as determined by the Board under the Plan, in its sole and absolute discretion, and “Retirement” shall mean Grantee’s termination of service as a
member of the Board of Directors of the Company after age 70 or at any time with the consent of the Board of Directors of the Company; or 

(c) As to all of the unvested Restricted Shares, upon the occurrence of a “Change in Control” (as such term is defined
below). For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following: (i) any person or entity unaffiliated with the Company is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended from time to time), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then
outstanding securities; (ii) a merger or consolidation of the Company with any other corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, provided, however, that a merger or consolidation effected to implement a reorganization or recapitalization of the Company (or similar transaction) in which no person or
entity acquires more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control of the Company; or (iii) the consummation of the sale or disposition by
the Company directly or indirectly, of all or substantially all of the Company’s assets or accounts other than (x) the sale or disposition of all or substantially all of the assets of the Company to a subsidiary of the Company or to a
person or persons who beneficially own, directly or indirectly, at least fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale or (y) pursuant to a spin-off
type transaction, directly or indirectly, of such assets to the stockholders of the Company. 
 Notwithstanding the foregoing,
in no event shall a Change in Control be deemed to have occurred, with respect to Grantee, if Grantee is part of a purchasing group which consummates a transaction causing a Change in Control. Grantee shall be deemed “part of a purchasing
group” for purposes of the preceding sentence if Grantee is a direct or indirect equity participant in the purchasing company or group; provided, however, that Grantee shall not be considered part of a purchasing company or group if Grantee
owns, directly or indirectly, 1% or less of the outstanding securities of the purchasing company or group. 
  

 3 

 4. Delivery of Shares. 

(a) Delivery to Grantee. The Restricted Shares will be issued to Grantee as of the Grant Date and will be held by Grantee during
the Restricted Period in certificated form. Such certificate or certificates for the Shares shall bear a restrictive legend under Rule 144 promulgated under the Securities Act of 1933, as amended, as and in such form as required by the Company and
during the Restricted Period shall bear the following legend in substantially the following form (in addition to any additional legends required under federal and/or applicable state securities laws): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN FORFEITURE AND RETRANSFER OBLIGATIONS,
RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET FORTH IN A RESTRICTED STOCK AGREEMENT (THE “AGREEMENT”) BETWEEN TRADESTATION GROUP, INC., A FLORIDA CORPORATION, AND [Name of Grantee] EFFECTIVE AS OF [Date of
Agreement], A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. ANY TRANSFER, PLEDGE OR OTHER DISPOSITION OF ANY KIND IN CONFLICT WITH, OR IN DEROGATION OF, THE AGREEMENT IS VOID AND OF NO LEGAL FORCE, EFFECT OR VALIDITY
WHATSOEVER.” 
 Stock certificates for the Shares, without the above legend, shall be delivered to Grantee or, subject to
compliance with federal and/or applicable state securities laws, Grantee’s designee upon request of Grantee after the expiration of the Restricted Period (or from time to time with respect and up to that portion of the Restricted Shares which
is deemed to have vested at such time and becomes unrestricted Shares hereunder), but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply, if deemed advisable by the Company, with
registration requirements under the Securities Act of 1933, as amended, listing requirements under the rules of any stock exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares. 

(b) Delivery to Company Upon Forfeiture. As set forth above, all Restricted Shares forfeited pursuant to the terms hereof shall be
automatically transferred to the Company by Grantee or the holder thereof without any further action or act. In furtherance of the foregoing and immediately upon the request of the Company, Grantee shall deliver and/or execute all certificates and
other instruments necessary to effectuate the transfer of the Restricted Shares to the Company, including, without limitation, a stock power, all in such form and substance as acceptable to the Company in the Company’s sole and absolute
discretion. 
  

 4 

 5. Voting and Dividend Rights. Grantee, as beneficial owner of the Restricted Shares,
shall have full voting rights with respect to the Shares during and after the Restricted Period. In addition, Grantee shall, during and after the Restricted Period, be entitled to receive any dividends on the Shares; provided, however, that,
notwithstanding the foregoing, in the event any Restricted Shares are forfeited for any reason, Grantee shall, within ten (10) days of such forfeiture, repay to the Company an amount equal to the dividends previously paid on those Restricted
Shares. Notwithstanding anything to the contrary contained herein, if Grantee forfeits any rights to Restricted Shares he may have under this Agreement in accordance with Section 2, Section 4(b) or otherwise, Grantee shall no longer have
any rights as a shareholder with respect to the Restricted Shares or any interest therein so forfeited and Grantee shall no longer be entitled to vote or receive dividends on the Restricted Shares so forfeited. In the event that for any reason
Grantee shall have received dividends upon such Restricted Shares after such forfeiture, Grantee shall immediately repay to the Company an amount equal to such dividends. 

6. Changes in Capital Structure. The provisions of the Plan shall apply in the case of a change in the capital structure of the
Company. Without limiting the foregoing, in the event of a subdivision of the outstanding Common Stock (stock-split), a declaration of a dividend payable in Common Stock, or a combination or consolidation of the outstanding Common Stock into a
lesser number of shares, the Shares then subject to this Agreement shall automatically be adjusted proportionately. 
 7.
Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”). To effect such election,
Grantee may file an appropriate election with the Internal Revenue Service within thirty (30) days after award of the Shares and otherwise in accordance with applicable regulations of the United States Treasury promulgated under the Code. In
all events, Grantee will, no later than the date as of which any amount related to any of the Shares first becomes includable in Grantee’s gross income for federal income tax purposes, notify the Company of that fact and pay to the Company, or
make other arrangements satisfactory to the Company, regarding payment of, any federal, state and local taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under this Agreement will be
conditional on such notification and payment or arrangements, and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind hereafter due, owing or payable to Grantee. 

8. Amendment. The Company may amend, modify or terminate this Agreement without approval of Grantee; provided, however, that such
amendment, modification or termination shall not, without Grantee’s consent, reduce or diminish the value of this award with respect to any current, future or potential benefit that exists on the date of such amendment, modification or
termination. 
 9. Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Agreement
and this Agreement shall be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall be
controlling and determinative. 
  

 5 

 10. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of Grantee and Grantee’s heirs, personal and legal representatives and permitted assigns and to the benefit of the Company and its successors and assigns. 

11. Severability. If any one or more of the provisions contained in this Agreement is deemed to be invalid, illegal or
unenforceable, the other provisions of this Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included. 

12. Notice. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given (i) when faxed (with a written confirmation of receipt) or actually delivered, or (ii) three (3) business days after being mailed by United States registered or certified mail,
return receipt requested, postage prepaid, addressed to the respective addresses set forth on the signature page of this Agreement, provided that all notices to the Company shall be directed to the attention of the General Counsel of the Company, or
to such other address as any party may have furnished to the other in writing in accordance herewith. Notice of change of address shall be effective only upon receipt. 

13. Governing Law. This Agreement sets forth the final and entire agreement with respect to its subject matter and shall be
governed and construed in accordance with the internal laws of the State of Florida without giving effect to the choice of law principles thereof. 

14. Pronouns. Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall
include the singular and the plural, and pronouns stated in the masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter. 

[Signatures on the following page.] 
  

 6 

 IN WITNESS WHEREOF, TradeStation Group, Inc., acting by and through its duly authorized
officers, has caused this Agreement to be executed as of the Effective Date. 
  

			
	 TRADESTATION GROUP, INC.,

	 a Florida corporation

		
	 By:
	 	  

			
	 Name:
	 	 Marc J. Stone, Vice President

The undersigned hereby accepts and agrees to, and to be bound by and to comply with, all of the terms and provisions of the foregoing Agreement.

  

	
	  

	[Name of Grantee]
	[Address of Grantee]

  

 7

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