Document:

Written Agreement between TIB Financial Corp and the Federal Reserve Bank

 Exhibit 10.6 
 UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE 
 FEDERAL RESERVE
SYSTEM WASHINGTON, D.C. 
  
  

					
	Written Agreement by and between	  	)	  	
		  	)	  	
		  	)	  	
	TIB FINANCIAL CORPORATION	  	)	  	Docket No. 10-172-WA/RB-HC
	    Naples, Florida	  	)	  	
		  	)	  	
	and	  	)	  	
		  	)	  	
	FEDERAL RESERVE BANK OF ATLANTA	  	)	  	
	    Atlanta, Georgia	  	)	  	
		  	)	  	

  
  

WHEREAS, TIB Financial Corporation, Naples, Florida (“TIB”), a registered bank holding company, owns and controls TIB Bank,
Naples, Florida (the “Bank”), a state-chartered nonmember bank; 
 WHEREAS, it is the common goal of TIB and the
Federal Reserve Bank of Atlanta (the “Reserve Bank”) to maintain the financial soundness of TIB so that TIB may serve as a source of strength to the Bank; 
 WHEREAS, TIB and the Reserve Bank have mutually agreed to enter into this Written Agreement (the “Agreement”); and 
 WHEREAS, on September 13, 2010, the board of directors of TIB, at a duly constituted meeting, adopted a resolution authorizing and directing Thomas J. Longe to enter into this Agreement on behalf of
TIB, and consenting to compliance with each and every provision of this Agreement by TIB and its institution-affiliated parties, as defined in sections 3(u) and 8(b)(3) of the Federal Deposit Insurance Act, as amended (the “FDI Act”)(12
U.S.C. §§ 1813(u) and 1818(b)(3)) 
 NOW, THEREFORE, TIB and the Reserve Bank agree as follows: 

Source of Strength 
 1.
The board of directors of TIB shall take appropriate steps to fully utilize TIB’s financial and managerial resources, pursuant to section 225.4(a) of Regulation Y of the Board of Governors of the Federal Reserve System (the “Board of
Governors”) (12 C.F.R. § 225.4(a)), to serve as a source of strength to the Bank, including, but not limited to, taking steps to ensure that the Bank complies with the Consent Order entered into with the FDIC and the State of Florida
Office of Financial Regulation on July 2, 2010, and any other supervisory action taken by the Bank’s federal or state regulator. 

 Dividends and Distributions 
 2. (a) TIB shall not declare or pay any dividends without the prior written approval of the Reserve Bank and the Director of the Division of Banking Supervision and Regulation (the “Director”)
of the Board of Governors. 
 (b) TIB shall not directly or indirectly take dividends or any other form of
payment representing a reduction in capital from the Bank without the prior written approval of the Reserve Bank. 
 (c) TIB and its nonbank subsidiaries shall not make any distributions of interest, principal, or other sums on subordinated debentures or trust preferred securities without the prior written
approval of the Reserve Bank and the Director. 
 (d) All requests for prior approval shall be received by the
Reserve Bank at least 30 days prior to the proposed dividend declaration date, proposed distribution on subordinated debentures, and required notice of deferral on trust preferred securities. All requests shall contain, at a minimum, current
and projected information on TIB’s capital, earnings, and cash flow; the Bank’s capital, asset quality, earnings, and allowance for loan and lease losses; and identification of the sources of funds for the proposed payment or distribution.
For requests to declare or pay dividends, TIB must also demonstrate that the requested declaration or payment of dividends is consistent with the Board of Governors’ Policy Statement on the Payment of Cash Dividends by State Member Banks and
Bank Holding Companies, dated November 14, 1985 (Federal Reserve Regulatory Service, 4-877 at page 4-323). 
 Debt and Stock Redemption

 3. (a) TIB and any nonbank subsidiary shall not, directly or indirectly, incur, increase, or guarantee any debt without
the prior written approval of the Reserve Bank. All requests for prior written approval shall contain, but not be limited to, a statement regarding the purpose of the debt, the terms of the debt, and the planned source(s) for debt repayment, and an
analysis of the cash flow resources available to meet such debt repayment. 
 (b) TIB shall not, directly or
indirectly, purchase or redeem any shares of its stock without the prior written approval of the Reserve Bank. 
 Capital Plan

 4. Within 60 days of this Agreement, TIB shall submit to the Reserve Bank an acceptable written plan to maintain
sufficient capital at TIB on a consolidated basis. The plan shall, at a minimum, address, consider, and include: 

(a) The consolidated organization’s and the Bank’s current and future capital requirements, including compliance
with the Capital Adequacy Guidelines for Bank Holding Companies: Risk-Based Measure and Tier 1 Leverage Measure, Appendices A and D of Regulation Y of the Board of Governors (12 C.F.R. Part 

  
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225, App. A and D) and the applicable capital adequacy guidelines for the Bank issued by the Bank’s federal regulator; 

(b) the adequacy of the Bank’s capital, taking into account the volume of classified credits, its risk profile, the
adequacy of the allowance for loan and lease losses, current and projected asset growth, and projected earnings; 

(c) the source and availability of additional funds necessary to fulfill the consolidated organization’s and the
Bank’s future capital requirements on a timely basis; 
 (d) supervisory requests for additional capital at
the Bank or the requirements of any supervisory action imposed on the Bank by its federal or state regulator; and 
 (e) the requirements of section 225.4(a) of Regulation Y of the Board of Governors that TIB serve as a source of strength to the Bank. 

5. TIB shall notify the Reserve Bank, in writing, no more than 45 days after the end of any quarter in which any of TIB’s capital
ratios fall below the approved plan’s minimum ratios. Together with the notification, TIB shall submit an acceptable written plan that details the steps that TIB will take to increase TIB’s capital ratios to or above the approved
plan’s minimums. 
 Compliance with Laws and Regulations 
 6. (a) In appointing any new director or senior executive officer, or changing the responsibilities of any senior executive officer so that the officer would assume a different senior executive officer
position, TIB shall comply with the notice provisions of section 32 of the FDI Act (12 U.S.C. § 1831i) and Subpart H of Regulation Y of the Board of Governors (12 C.F.R. §§ 225.71 et seq.). 

(b) TIB shall comply with the restrictions on indemnification and severance payments of section 18(k) of the FDI Act (12
U.S.C. § 1828(k)) and Part 359 of the Federal Deposit Insurance Corporation’s regulations (12 C.F.R. Part 359). 
 Progress Reports

 7. Within 30 days after the end of each calendar quarter following the date of this Agreement, the board of directors
shall submit to the Reserve Bank written progress reports detailing the form and manner of all actions taken to secure compliance with the provisions of this Agreement and the results thereof, and a parent company only balance sheet, income
statement, and, as applicable, report of changes in stockholders’ equity. 
 Approval and Implementation of Plan 

8. (a) TIB shall submit a written capital plan that is acceptable to the Reserve Bank within the applicable time period set forth in
paragraph 4 of this Agreement. 

  
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 (b) Within 10 days of approval by the Reserve Bank, TIB shall adopt the
approved capital plan. Upon adoption, TIB shall promptly implement the approved plan, and thereafter fully comply with it. 
 (c) During the term of this Agreement, the approved capital plan shall not be amended or rescinded without the prior written approval of the Reserve Bank. 

Communications 
 9. All
communications regarding this Agreement shall be sent to: 
  

	 	(a)	Mr. Steve Wise 

	 	 	Vice President 

	 	 	Federal Reserve Bank of Atlanta 

	 	 	1000 Peachtree Street, NE 

	 	 	Atlanta, Georgia 30309 

  

	 	(b)	Mr. Thomas J. Longe 

	 	 	Chief Executive Officer 

	 	 	TIB Financial Corporation 

	 	 	599 Ninth Street, North, Suite 101 

	 	 	Naples, Florida 34102 

 Miscellaneous

 10. Notwithstanding any provision of this Agreement, the Reserve Bank may, in its sole discretion, grant written
extensions of time to TIB to comply with any provision of this Agreement. 
 11. The provisions of this Agreement shall be
binding upon TIB and its institution-affiliated parties, in their capacities as such, and their successors and assigns. 
 12.
Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Reserve Bank. 
 13. The provisions of this Agreement shall not bar, estop, or otherwise prevent the Board of Governors, the Reserve Bank or any other federal or state agency from taking any other action affecting
TIB, the Bank, any nonbank subsidiary of TIB, or any of their current or former institution-affiliated parties and their successors and assigns. 
 14. Pursuant to section 50 of the FDI Act (12 U.S.C. § 1831aa), this Agreement is enforceable by the Board of Governors under section 8 of the FDI Act (12 U.S.C. § 1818). 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the 13th day
of September, 2010. 
  

									
	TIB FINANCIAL CORPORATION	 		 	FEDERAL RESERVE BANK OF ATLANTA
					
	By:	 	/s/ Thomas J. Longe	 		 	By:	 	/s/ Steve Wise
		 	Thomas J. Longe	 		 		 	Steve Wise
		 	Chief Executive Officer	 		 		 	Vice President

  
 - 5 -First Amendment to Investment Agreement, January 14, 2011

 Exhibit 10.11 
 FIRST AMENDMENT TO INVESTMENT AGREEMENT 
 THIS FIRST AMENDMENT TO
INVESTMENT AGREEMENT (this “First Amendment”) is made and dated as of January 14, 2011 by and among Capital Bank Corporation, a corporation organized under the laws of the State of North Carolina (the
“Company”), Capital Bank, a North Carolina state-chartered banking corporation and a banking subsidiary of the Company (the “Bank”), and North American Financial Holdings, Inc., a Delaware corporation
(“Purchaser”). The Company, the Bank and Purchaser are collectively referred to herein as the “Parties”. 
 RECITALS 
 WHEREAS, the Parties entered into an Investment Agreement
dated as of November 3, 2010 (the “Investment Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Investment Agreement); and 

WHEREAS, the Parties now desire to amend the Investment Agreement. 

NOW, THEREFORE, in consideration of the premises, covenants and agreements set forth herein and of other good and valuable
consideration, the receipt and legal sufficiency of which they hereby acknowledge, and intending to be legally bound hereby, the Parties hereby agree as follows: 

1. Amendments to Investment Agreement. The Investment Agreement shall be, and it hereby is, amended as follows:

 (a) Section 4.5 of the Investment Agreement is hereby amended and restated in its entirety to read as
follows: 
 “4.5 Officers, Employees and Benefit Plans. 

“(a) It is the intention of Purchaser to maintain in place the management team of the Bank, subject to the
establishment of, and acceptance of, performance criteria in accordance with Purchaser’s anticipated business plan. Notwithstanding the foregoing, nothing in this Agreement, including this Section 4.5, shall be construed to guarantee or
extend any offer of employment to, or to prevent the termination of employment of any employee or the amendment or termination of any particular Benefit Plan to the extent permitted by its terms. 

(b) The Company and the Bank shall, prior to the Closing Date, take all necessary actions (including obtaining the
consents of the affected participants, as applicable) to (i) amend the Capital Bank Defined Benefit Supplemental Executive Retirement Plan (the “SERP”) to, with respect to unvested amounts (determined as of immediately prior to
the Closing Date) only, 

 
waive any “change in control” provision and corresponding entitlement to change in control benefits with respect to the transactions contemplated by this Agreement or any subsequent
transaction or series of transactions (including a reorganization, share exchange, merger or consolidation) that result in the ownership of the outstanding voting securities of the Company or total voting power of the Company being transferred to or
acquired by an entity that is an affiliate of Purchaser and that would otherwise be considered a change in control for purposes of the SERP, and (ii) subject to Purchaser’s written consent replace the SERP (which may be accomplished by
amending the SERP), with respect to unvested amounts (determined as of immediately prior to the Closing Date) only, with a substantially identical Benefit Plan to be effective immediately following the Closing; provided, however, that
the new Benefit Plan or the amended SERP, as applicable, will not provide for enhanced benefits or accelerated vesting upon a “change in control” that are triggered by a transaction or series of transactions (including a reorganization,
share exchange, merger or consolidation) that result in the ownership of the outstanding voting securities of the Company or total voting power of the Company being transferred to or acquired by any entity that is an affiliate of Purchaser.

 (c) Purchaser, the Company and the Bank agree, subject to any legal or regulatory restrictions or
limitations, immediately following the Closing to pay the change in control payments described in Section 4.5(c) of the Company Disclosure Schedule; it being understood and agreed that in no event will the amounts payable in respect of
previously vested and accrued SERP benefits exceed the amounts set forth on such Schedule, except for any change in amounts solely due to a change in discount rate or valuation date of the previously vested and accrued SERP benefits or solely due to
any additional vesting pursuant to the requirements of the SERP in the event of a delay in the Closing Date to a date after January 31, 2011. In addition, Purchaser and the Company acknowledge and agree that, at Closing, all options to purchase
Company common stock and all Company restricted stock awards shall fully vest pursuant to their terms to the extent permitted by Sections 111 and 302 of EESA or other applicable law.” 

(b) Section 2.2(s)(1)(A) of the Company Disclosure Schedule is hereby amended by adding the following thereto:

 “28. Amendment to the Amended and Restated Employment Agreement with B. Grant Yarber, dated as of
January 14, 2011 
 29. Amendment to the Employment Agreement with Michael Moore, dated as of
January 14, 2011 
 30. Amendment to the Amended and Restated Employment Agreement with Mark Redmond, dated
as of January 14, 2011 
 31. Amendment to the Employment Agreement with David Morgan, dated as of
January 14, 2011” 

  
 2 

 (c) Section 4.5(c) of the Company Disclosure Schedule is hereby amended
and restated in its entirety to read as provided on Schedule 4.5(c) hereto. 
 (d) Section 6.11 of the
Investment Agreement is hereby amended and restated in its entirety to read as follows: 
 “6.11 No Third
Party Beneficiaries. Nothing contained in this Agreement, express or implied, including Section 4.5(a) hereof, is intended to confer upon any person other than the parties hereto, any benefit, right or remedies, except that the provisions of
Sections 3.6, 4.1(b), 4.1(c), 4.5(b) and 4.5(c) shall inure to the benefit of the persons referred to in such Sections.” 
 (e) Exhibit B to the Investment Agreement is hereby amended by deleting the words “in exchange for an aggregate cash purchase price equal to fifty percent (50%) (or such greater amount as
Purchaser, in its sole discretion, may consent in writing) of the sum of (i) the aggregate liquidation value of the outstanding Series A Preferred and (ii) the amount of accrued but unpaid dividends on the Series A Preferred” therein.

 2. Reference to and Effect on the Investment Agreement. 

(a) From and after the effective date hereof each reference in the Investment Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Investment Agreement, and each reference in any agreement to be delivered in connection with the Closing under the Investment Agreement to the “Investment
Agreement”, “Agreement”, “thereunder”, “thereof” or words of like import referring to the Investment Agreement, shall mean and be a reference to the Investment Agreement as amended hereby. 

(b) Except as specifically amended above, the Investment Agreement shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed. 
 3. Execution in Counterparts. This First Amendment may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
instrument. 
 4. Governing Law. This First Amendment shall be governed by, construed and enforced in
accordance with the laws of the State of North Carolina without regard to any applicable conflicts of law. 
 [Signature page
follows] 

  
 3 

 IN WITNESS WHEREOF, the Parties have caused this First Amendment to be signed by their
respective officers thereunto duly authorized as of the date first written above. 
  

					
	CAPITAL BANK CORPORATION
		
	By:	 	/s/ B. Grant Yarber
		 	Name:	 	B. Grant Yarber
		 	Title:	 	President and Chief Executive Officer

  

					
	CAPITAL BANK
		
	By:	 	/s/ B. Grant Yarber
		 	Name:	 	B. Grant Yarber
		 	Title:	 	President and Chief Executive Officer

  

					
	 NORTH AMERICAN FINANCIAL
 HOLDINGS, INC.

		
	By:	 	/s/ Christopher G. Marshall
		 	Name:	 	Christopher G. Marshall
		 	Title:	 	Chief Financial Officer

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