Document:

Exhibit
10.29

 

EMPLOYMENT AGREEMENT

 

BETWEEN

 

TEAMBANK, N.A.

 

AND

 

CAROLYN SUE JACOBS

 

 

 

TABLE OF CONTENTS

 

	
  Section

  
	
   

  	
   

  
	
  1.

  	
  Term of Agreement and
  Definitions

  
	
   

  	
   

  
	
  2.

  	
  Entire Agreement

  
	
   

  	
   

  
	
  3.

  	
  Validity

  
	
   

  	
   

  
	
  4.

  	
  Paragraphs and other
  headings

  
	
   

  	
   

  
	
  5.

  	
  Successors

  
	
   

  	
   

  
	
  6.

  	
  Designation of
  beneficiaries

  
	
   

  	
   

  
	
  7.

  	
  Duties

  
	
   

  	
   

  
	
  8.

  	
  Salary, Bonus,
  Benefits, Additional Compensation

  
	
   

  	
   

  
	
  9.

  	
  Protection of
  Company’s Interests

  
	
   

  	
   

  
	
  10.

  	
  Termination
  by Company

  
	
   

  	
   

  
	
  11.

  	
  Termination
  by Executive

  
	
   

  	
   

  
	
  12.

  	
  Consequences
  of Breach

  
	
   

  	
   

  
	
  13.

  	
  Mitigation
  and Offset

  
	
   

  	
   

  
	
  14.

  	
  Tax
  “Gross-Up” Provision

  
	
   

  	
   

  
	
  15.

  	
  Remedies

  
	
   

  	
   

  
	
  16.

  	
  Binding
  Agreement

  
	
   

  	
   

  
	
  17.

  	
  Arbitration

  

 

 

	
  18.

  	
  Amendment;
  Waiver

  
	
   

  	
   

  
	
  19.

  	
  Governing Law

  
	
   

  	
   

  
	
  20.

  	
  Notices

  
	
   

  	
   

  
	
  21.

  	
  Signatures

  

 

 

EMPLOYMENT AGREEMENT

BETWEEN

TEAMBANK, N.A.

AND

CAROLYN SUE JACOBS 

 

This Agreement is made this 1st
day of January, 2003 between TeamBank, N.A., a National

Association located in Pola, Kansas (“Company”) and Carolyn Sue Jacobs  (“Executive”).

A.                                   Executive is employed as Senior Vice
President and Trust Officer and Administrator for the Team Financial, Inc.
Employee Stock Ownership Plan (ESOP) for whom TeamBank, N.A. is the agent, has
rendered valuable services to Company and has acquired an extensive background
in and knowledge of Company’s business.

B.                                     Company desires to continue the services of
Executive, and Executive desires to

continue
to serve Company as Senior Vice President and Trust Officer of TeamBank, N.A.
and Administrator for the ESOP.

 

In consideration of the
foregoing recitals and the agreements set forth herein, Company and Executive
agree as follows:

 

1.                                      Term of Agreement and
Definitions:

 

1.0                               Terms of Agreement: 
Company shall employ Executive and Executive accepts such Employment for
a term 

beginning on the date of
this Agreement and ending the 31st day of December, 2005, subject to
the terms and conditions set 

forth herein, unless earlier
termination of the agreement shall occur in accordance with the subsequent
provisions set forth 

herein.

 

1.1                               Automatic Extension of
Agreement Term:  Notwithstanding the foregoing, if this
Agreement shall not have been terminated in accordance with the provisions
herein on or by the 31st day of December, 2005; the term of this
Agreement shall be extended automatically without further action by either
party such that at every moment of time thereafter, the term shall be one year.

 

Provided, however, during
such period of automatic extension of the term, this Agreement may be
terminated in accordance with the termination provisions of this Agreement as
set forth in Sections 10 and 11.

 

1.2                               Definitions:  The
following definitions shall be used in the interpretation of this Agreement.

 

1.2.1                     Employment on an active full
time basis means the
Executive’s professional services shall be substantially devoted to
Company.  Although prior approval by the
Company of Executive’s employment by third parties is not required, the Company
shall have the right to review any employment of Executive by any entity and
shall have the

 

right to require Executive
to abandon any unsuitable employment as may be determined by Company or any
activities competitive with Company. 
The term “active full time 

 

2

 

basis” includes the
requirement that Executive refrain from any activities which interfere with
Executive’s Company duties.

 

1.2.2                     Year, Month, Week and Day, unless otherwise provided in this agreement,
the word “year” shall be construed to mean a calendar year of 365 days, the
word “month” shall be construed to mean a calendar month, the work “week” shall
be construed to mean a calendar week of 7 days, and the word “day” shall be
construed to mean a period of 24 hours running from midnight to midnight.

 

1.2.3                     Annual Base Salary is the sum of money regularly paid by
Company to Executive each year of the term of this Agreement pursuant to
provisions of Section 8.0 of this Agreement.

 

1.2.4                     Customary payroll practices are those policies and procedures routinely
followed by the Company concerning the time and method of payment of
compensation to its employees as may from time to time be adopted by the
Company during course of this Agreement.

 

1.2.5                     Company policies are those written policies adopted by the
Company and/or customary practices routinely followed by the Company which may
from time to time be adopted by the Company during the course of the
Agreement.  The parties acknowledge the
Company may from time to time reasonably enact new policies or alter existing
policies.

 

1.2.6                     Organization as used herein shall be broadly defined to
include any business, civic or community group or entity.

 

1.2.7                     Wilful Misconduct is any act performed with a designed purpose
or intent on the part of a person to do wrong.

 

1.2.8                     Gross misappropriation of
funds shall be any
misappropriation of company funds by any means which is intentional and not of
an inconsequential nature or amount.

 

2.                                      Entire Agreement

 

2.0                           With respect to the matters specified herein,
this Agreement contains the entire agreement between the parties and supersedes
all prior oral and written agreements, 
under standings and commitments between the parties.  This Agreement shall not affect the
provisions of any other compensation, retirement or other benefit programs of
Company to which Executive is a party or of which Executive is a beneficiary.

 

3.                                      Validity

 

3.0                               In the event that any provision of this
Agreement is held to be invalid, void or unenforceable, the same shall not
affect, in any respect whatsoever, the validity of any other prevision of the
Agreement.

 

4.                                      Paragraphs and other
headings

 

4.0                               Paragraphs and other headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

3

 

5.                                      Successors

 

5.0                               The rights and duties of a party hereunder
shall not be assignable by that party; provided, however, that this Agreement
shall be binding upon and inure to the benefit of any successor of Company, and
any such successor shall be deemed substituted for Company under the terms of
this Agreement.  The term “successor” as
used herein shall include any person, firm, corporation or other business
entity which at any time, by merger, purchase or otherwise, acquires all or
substantially all of the assets or business of Company.

 

6.                                      Designation of beneficiaries

 

6.0                               If Executive should die during the term of
this Agreement all sums due to Executive hereunder shall be paid as designed by
Executive on the attached Beneficiary Designation Form.

 

6.1                               The spouse of the Executive shall join in any designation of a
beneficiary other than the spouse.

 

6.2                               If Executive wholly fails to designate a beneficiary as provided for in
this paragraph, or if the Executive’s spouse at the time of his death shall not
have joined in the designation of a beneficiary, then the sums due Executive
shall be paid to his estate.

 

7.                                      Duties

 

7.0                               Company employs Executive upon an active full-time basis, as Senior
Vice President and Trust Officer and Administrator for the ESOP  subject to the order and direction of the
President of Company.

 

7.1                               During the term of this Agreement Executive shall devote substantially
all of his time, attention, and best efforts to the business of Company.  Executive shall perform such duties and
shall exercise such power and authority as delegated by the President from time
to time, provided that such duties are commensurate with the position of Senior
Vice President and Trust Officer and Administrator for the ESOP.  Executive may engage in other nonbusiness
activities such as charitable, educational, religious and similar types of
activities so long as such activities do not prevent the performance of
Executive’s duties herein or conflict in any material way with the business of
Company.  Notwithstanding the above, Executive
shall be permitted to serve as a Director or Trustee of other organizations, in
accordance with the policies of Company.

 

7.2                               The duties of Executive shall be defined using a written job
definition, developed by the President. 
The President shall consult with Executive in the development of the
written job definition.  Executive and
said written job definition shall be subject to any systematic evaluation
system(s) that the Company may from time to time employ.

 

7.3                               Executive’s duties shall be performed principally at Company’s
headquarters, located in Paola, Kansas. 
During the term of the Agreement it is understood that Company expects
to maintain its principal place of business in Paola, Kansas.

 

4

 

8.                                      Salary, Bonus, Benefits, Additional
Compensation

 

8.0                               Annual Base Salary.

 

Executive shall receive an annual base salary of  $91,690.32 payable according to the
customary  payroll
practices of Company and subject to all required withholding taxes.  The President, in the President’s
discretion, may increase this annual base salary upon relevant
circumstances.  Executive will be
reviewed at least annually.  Any
increase in annual base salary awarded by the President, will constitute a new
annual base salary for the purpose of the Agreement.

 

8.1                               Bonus

 

8.1.1                     Standard Company
Bonuses.  Executive shall be eligible to receive, in
addition to his salary, any contributions or sums specified as additional
compensation through any established plan or policy of Company which is
available to senior executives as compensation over and above established salaries.

 

8.1.2                     Annual Executive Bonus.  In
addition, Executive shall be entitled to receive a yearly annual bonus.  The amount of such bonus shall be based upon
criteria established by the President and may include either or both stock and
cash.  Provided, however, such bonus
shall not exceed fifty percent (50%) of Executive’s annual base salary in
effect for the period for which the bonus is granted.  During the term of this Agreement, the yearly annual bonus shall
be paid not later than January 31 of the calendar year following annual bonus
year.

 

8.2                               Benefits

 

8.2.0                     Executive shall be entitled to receive all benefits generally made
available to executives of Company as may from time to time be in effect.

 

8.2.1                     Executive shall be entitled, in addition to
life insurance coverage in effect for all employees, to a life insurance policy
in the amount of $110,000.00 with all premiums paid by Company.

 

8.2.2                     Executive shall be entitled to participate, during the term of the
Agreement, under the terms and conditions thereof, in any group life, medical,
dental or other health

 

and welfare plans generally available to management personnel of
Company which may be in effect from time to time; provided that nothing herein
shall require the Company to establish or maintain such plans.

 

8.2.3                     Executive Expenses. 
Executive shall be entitled to reimbursement for business expenses.  Executive shall be expected to incur various
business expenses customarily incurred by persons holding like positions,
including but not limited to traveling, entertainment and similar expenses, all
of which are to be incurred by Executive for the benefit of Company.  Executive shall be subject to Company’s
policies regarding the reimbursement and non-reimbursement of said
expense.  Executive acknowledges that
Company policies do not necessarily provide for the reimbursement of all
expenses..

 

5

 

8.2.4                     Accounting. 
Executive shall account to the Company for any reimbursement or payment
of such expenses in such a manner as Company practices may from time to time
require.  Subject to Company’s policy
regarding the payment of reimbursable expenses, Company shall reimburse
Executive for such expenses from time to time, at Executive’s request.

 

8.2.5                     Company shall indemnify and hold Executive harmless for any legal fees
and expenses incurred by Executive in the performance of his duties as a result
of civil or criminal actions against him in accordance with the indemnification
provisions of the Articles of Incorporation and bylaws of Company.

 

8.2.6                     During (i) the term of this Agreement, (ii) the twelve month period
following the termination of this Agreement as a result of death, (iii) the
twelve month period following the termination of this Agreement as a result of
disability, (iv) a three year period following termination of this Agreement by
Executive for material breach or good cause, and (v) a three year period
following a termination of this Agreement by Company without cause, Company
shall pay to Executive, or his estate if he be deceased, a sum as reimbursement
for reasonable out-of-pocket expenses incurred for third-party professional
financial and tax advice provided by a licensed professional of Executive’s
choice.  Provided, however, that in (i)
above, the sum shall not exceed fifteen percent (15%) of Executive’s annual
base salary for that year; (ii) above, the sum shall not exceed twenty five
percent (25%) of Executive’s annual base salary for that year; (iii), (iv), and
(v) above, the sum shall not exceed twenty five percent (25%), each year, of
executive’s annual base salary at the time of his disability or time of
termination.

 

8.3                               Additional Compensation.

 

Executive shall be eligible to receive, in addition to his salary, any
contributions or sums specified for additional compensation through any
established plan or policy of the Company which is available to senior
executives as compensation over and above established salaries, including but not limited to stock options.

 

8.4                               Tax Liability.

 

Any tax liability which these benefits create for Executive will be the
sole responsibility of Executive.

 

9.                                      Protection of Company’s
Interests

 

9.0                               During the term of this
Agreement Executive shall not directly or indirectly engage in competition
with, or not own any interest in any business which competes with, any business
of Company; provided, however, that the provisions of tThis  Section 9 shall not prohibit Executive’s  ownership of not more than five percent (5%)
of voting stock of any publicly held corporation.

 

6

 

9.1                               Except for actions taken in the
course of Executive’s employment hereunder, at no time shall Executive divulge,
furnish or make accessible to any person any information of a confidential or
proprietary nature obtained by him while in the employ of Company.  Upon termination of Executive’s  employment by Company, Executive shall
return to Company all such information which exists in writing or other
physical form and all copies thereof in Executive’s  possession or under Executive’s 
control.

 

9.2                               Company, its successors and assigns, shall, in addition to Executive’s
services, be entitled to receive and own all of the results and proceeds of
said services (including, without limitation, literary material and other
intellectual property) produced or created during the term of Executive’s
employment hereunder.  Executive will,
at the request of Company, execute such assignments, certificates or other
instruments as Company may from time to time deem necessary or desirable to
evidence, establish, maintain, protect, enforce or defend its right or title to
any such material.

 

10.                               Termination by Company

 

10.0                      Company shall have the right to terminate this Agreement under the
following

circumstances:

(i)                                     Upon the death of Executive;

(ii)                                  Upon the disability of Executive;

(iii)                               Upon material breach or good cause;
and

(iv)                              Upon written notice by Company without
cause.

(v)                                 Upon written notice by Company, during
the period of automatic extension of the term, of Company’s intention to
have this Agreement expire in one year.

 

10.1

If Executive dies before his employment with Company is otherwise
terminated, Executive’s designated beneficiary, or in the absence of a
designated beneficiary, the estate of the Executive, will receive all sums due
under the Split Dollar Agreement and Deferred Compensation Agreement between
Executive and TeamBank, N. A. then in existence.  In the event the total amount paid to the beneficiaries or the
estate of Executive is less than $300,000.00, Company shall pay to the
designated beneficiary of Executive, or in the absence of a designated beneficiary,
to the estate of Executive, as soon as reasonably practical, a sum equal to the
difference between the total amount paid under the Split Dollar Agreement and
$300,000.00.  Under this section it is
the intent of the Company and Executive that the Executive’s beneficiary, or in
the absence of a designated beneficiary, to the estate of Executive, receive in
total death benefits shall not be less than $300,000.00. Company may purchase
life insurance to cover all or any part of its obligations contained in this
section. Executive agrees to take a physical examination to facilitate the
Company’s purchase of such insurance. 
In the event that Executive is uninsurable, Company may elect to
disperse any funds owed by Company under this section in equal monthly payments
over the remaining period of the year of Executive’s death, or if less than six
(6) months, over a period of twelve (12) consecutive months.  Executive’s dependents will also be entitled
to:

 

7

 

(i)                                     All Company insured and self insured medical
and dental plans in which Executive was participating immediately prior to
termination, provided, however, that if Company so elects, or such continued
participation is not possible under the general terms and conditions of such
plans or under such policies, Company shall, in lieu of the foregoing, arrange
to have issued for the benefit of Executive’s dependents equivalent benefits
(on an after-tax basis); provided, further that, in no event shall Executive’s
dependents be required to pay any premiums or other charges in an amount
greater than that which Executive would have paid in order to participate in
Company’s plans and policies.

 

Entitlement (i) above shall be maintained in effect for the continued
benefit of Executive’s dependents for a period of six (6) months after the date
of termination due to death.

 

10.2                        For the purposes of this Agreement, Executive shall be deemed to have
become disabled, if, during any year of the term of this Agreement, because of
ill health, physical or mental impairment, or for other causes beyond
Executive’s control, Executive shall have been continuously unable or
unwilling, or shall have failed to perform Executive’s  duties under this Agreement for ninety (90)
consecutive days, or if, during any calendar year of the term of this
Agreement, Executive shall have been unable or unwilling or shall have failed
to perform Executive’s duties for a total period of one hundred eighty (180)
days, irrespective of whether or not such days are consecutive.   With respect to any termination by Company
for disability, the specifics of the basis of termination shall be communicated
to Executive in writing at least thirty (30) days before the date on which the
termination is proposed to take effect. 
Executive shall have until the effective date of the notice to cure or
remedy such disability and or correct the misconception of the disability.  If this Agreement is terminated for
disability, any question as to the existence of the Total and Permanent
disability of Executive as to which Executive and Company cannot agree shall be
determined in writing by a qualified independent physician mutually acceptable
to Executive and Company.  If Executive
and Company cannot agree as to a qualified independent physician, each shall
appoint such a physician and those two physicians shall select a third who
shall make such determination in writing. 
If there is a disagreement between Executive and Company as to the
disability of Executive, the effective date of the termination will be extended
a reasonable time to allow for a determination by a physician, as described
above.  Any refusal by Executive to
submit to a medical examination for the purpose of certifying disability under
this section shall be deemed to constitute evidence of Executive’s disability.  If Executive is disabled before Executive’s
employment with Company is otherwise terminated, Company shall continue to pay
the current annual base salary for the remainder of the contract to the
Executive, or if the Executive is totally incapacitated, to Executive’s
appointed guardian, at the time she is determined to be disabled.  Whenever compensation is payable to
Executive hereunder, during a time when Executive is disabled, pursuant to the
terms of any insurance provided by Company, the compensation payable to
Executive hereunder shall be inclusive of any such disability insurance and
shall not be in addition thereto.  If
this agreement is terminated for disability Executive shall also be entitled
to:

 

(i)                                     All Company
insured and self insured medical and dental plans in which Executive was
participating immediately prior to termination paid for by the company for a
period of one year provided, further that, in no event shall Executive be
required to pay any premiums or other charges in an amount greater than that
which Executive would have paid in order to participate in Company’s plans and
policies..

 

8

 

(ii)                                  The group individual
life insurance policies of Company then in effect for Executive; provided,
further that, in no event shall Executive be required to pay any premiums or
other charges in an amount greater than that which Executive would have paid in
order to participate in Company’s plans and policies.

(iii)                               All such Bonuses and
Other Compensation as provided for in Section 8 above, it being understood,
however, that all such payments due, if made pursuant to this clause shall be
paid in cash within thirty (30) days of the date of termination.  All stock options granted by Company to Executive
under any provision of Section 8 or granted by Company to Executive prior to
the date hereof will accelerate and become immediately exercisable;

 

10.3                        For purposes of this Agreement, material breach and good cause shall
mean willful misconduct in following the legitimate directions of the
President; commission of a significant act of dishonesty, deceit or breach of
fiduciary duty in the performance of Executive’s duties; gross misappropriation
of Company funds or property; habitual drunkenness; excessive absenteeism not
related to illness, sick leave or vacations. 
Provided, however, Executive shall be entitled to notice of any acts
which the President considers to be misconduct or excessive absenteeism as
described in this paragraph.  Such
notice shall include the specifics of the basis for possible termination and
shall be communicated to Executive in writing at least thirty (30) days prior
to any such intended termination.  Prior
to any such termination, if requested before the effective date of the intended
termination, Executive shall be given a reasonable period of time in which to
show that Executive has corrected any specified deficiencies.  Upon the cure or remedy of such
deficiencies, Company shall rescind its notice of termination.  If there is any question about the effective
correction of the deficiencies, a decision will be sought from a lawyer agreed
to by Company and Executive.  If Company
and Executive can not agree on a lawyer, each will pick a lawyer who will
together pick a lawyer who will render a decision.

 

If this Agreement is terminated for material breach or good cause,
Executive shall be entitled to:

(i)                                     All Company insured and self insured medical
and dental plans in which Executive was participating immediately prior to
termination; and

(ii)                                  The group individual life insurance and
disability insurance policies of Company then in effect for Executive;

provided, however, that if Company so elects, or such continued
participation is not possible under the general terms and conditions of such
plans or under such policies, Company shall, in lieu of the foregoing, arrange
to have issued for the benefit of Executive and Executive’s dependents
equivalent benefits (on an after-tax basis); provided, further that, in no
event shall Executive be required to pay any premiums or other charges in an
amount greater than that which Executive would have paid in order to
participate in Company’s plans and policies.

Entitlements of (i) and (ii) of this section shall be maintained in
effect for the continued benefit of the Executive and his dependents for a
period of six (6) months after the date of termination or until the
commencement of each equivalent benefit from Executive’s new employer, but not
to be provided longer than six (6) months.

 

10.4                           Company shall be entitled to terminate this
Agreement without cause upon ninety (90) days written notice to Executive.  If Company shall so terminate this
agreement, Executive shall be entitled to:

(i)                                     All Company insured and self insured medical
and dental plans in which Executive was participation immediately prior to
termination; and

(ii)                                  The group individual life insurance and
disability insurance policies of

 

9

 

Company then in effect for Executive;

provided, however, that if Company so elects, or such continued
participation is not possible under the general terms and conditions of such
plans or under such policies, Company shall, in lieu of the foregoing, arrange
to have issued for the benefit of Executive and Executive’s dependents
equivalent benefits (on an after-tax basis); provided, further that, in no
event shall Executive be required to pay any premiums or

 

other charges in an amount greater than that which Executive would have
paid in order to participate in Company’s plans and policies.

 

Entitlements of (i) and (ii) of this section shall be maintained in
effect for the continued benefit of Executive and his dependents for a period
of two (2) years after the date of termination or until the commencement of
each equivalent benefit from Executive’s new employer, but not to be provided
longer than two (2) years after the date of termination.

(iii)                               A cash payment equal to the present value
(based on a discount rate of

9%) of Executive’s annual base salary hereunder for the remainder of
the term of the Agreement, or for one (1) year, which ever is longer, payable
within thirty (30) days of the date of such termination;

(iv)                              All such Bonuses and Other Compensation as
provided for in Section 8

above, it being understood, however, that all such payments due, if
made pursuant to this clause shall be paid in cash within thirty (30) days of
the date of termination.  All stock
options granted by Company to Executive under any provision of Section 8 or
granted by Company to Executive prior to the date hereof will accelerate and
become immediately exercisable;

(v)                                 A sum as reimbursement for reasonable
out-of-pocket expenses incurred for third-party professional financial and tax
advice provided by a licensed professional of Executive’s choice for a period
of one (1) year after date of termination, sum not to exceed twenty five
percent (25%) of Executive’s annual base salary, as provided in Section 8:

(vi)                              A sum as reimbursement for reasonable
our-of-pocket expenses incurred for out-placement advice and counseling
provided by a professional placement agency and/or recruiter of Executive’s
choice for a period of twelve (12) months after date of termination, sum not to
exceed fifty percent (50%) of Executive’s annual base salary, as provided in
Section 8;

 

10.5                        Company shall be entitled to terminate this Agreement during the period
of automatic extension of the term as set forth in Section 1.1, by giving
written notice to Executive of the Company’s intention to have the term of this
Agreement expire one year from the date of such notification.  If company shall so terminate this
agreement, Executive shall be entitled only to those benefits provided under
existing law.

 

10.6                        Company may purchase life insurance to cover all or any part of its
obligations contained in this paragraph and Executive agrees to take a physical
examination to facilitate the placement of such insurance.  In the event that Executive is uninsurable,
Company may elect to disperse the funds due in equal monthly payments over the
remaining period of the year due, or if less than six (6) months, over a period
of twelve (12) consecutive months.

 

11.                               Termination by Executive

 

10

 

11.0                        Executive shall have the right to terminate
this Agreement under the following circumstances:

(i)                                     Upon material breach or good cause;
and

(ii)                                  Upon written notice to the President
without cause.

 

11.01                 For
purposes of this Agreement, a material breach by Company of the terms of this
Agreement shall entitle Executive, upon written notice to Company, to terminate
his services under this Agreement effective thirty (30) days from and after
receipt of such notice by Company.  Such
notice shall include a specific description of such breach and Company shall
have until the effective date of the notice to cure or remedy such breach. Upon
the cure or remedy of such breach, Executive shall rescind Executive’s notice
of termination.  For purposes of this Agreement,
a termination for good cause by Executive shall be based upon the following
action by the Company: a failure, without good cause to continue Executive as
Senior Vice President and Trust Officer and Administrator of the ESOP; a
failure, without good cause to continue to vest Executive with the power and
authority of Senior Vice President and Trust Officer and Administrator of the
ESOP; the loss, without good cause or Executive’s consent, of any significant
duties or responsibilities attending such offices.  Provided, however, Executive’s title, duties and responsibilities
shall be deemed to be altered with good cause by the President if Company is
(or substantially all of its assets are) sold to or combined with another
entity and Executive shall thereafter continue to have the same significant
duties and responsibilities with respect to Company’s continuing business and
with a like Agreement, for a term no less than that of this Agreement.  Upon the occurrence of any happening which
would authorize Executive to terminate Executive’s employment for good cause,
Executive shall notify the President in writing within sixty (60) days
following such occurrence or Executive shall be deemed to have waived his right
to terminate this Agreement for such occurrence.  The President shall have until the effective date of the notice
to cure or remedy such good cause occurrence. 
Upon the cure or remedy of such good cause occurrence, the Executive
shall rescind Executive’s notice of termination.  Upon termination of employment by Executive for material breach
or good cause, Executive shall be entitled to:

(i)                                     All Company insured and self insured medical
and dental plans in which Executive was participating immediately prior to
termination; and

(ii)                                  The group individual life insurance and
disability insurance policies of Company than in effect for Executive;

provided, however, that if company so elects, or such continued
participation is not possible under the general terms and conditions of such
plans or under such policies, Company shall, in lieu of the foregoing, arrange
to have issued for the benefit of Executive and Executive’s dependents
equivalent benefits (on an after-tax basis); provided, further that, in no
event shall Executive be required to pay any premiums or other charges in an
amount greater than that which Executive would have paid in order to
participate in Company’s plans and policies.

 

Entitlements of (i) and (ii) of this section shall be maintained in
effect for the continued benefit of Executive and Executive’s dependents for a
period of one (1) year after the date of termination or until the commencement
of each equivalent benefit from Executive’s new employer, but not to be
provided longer than one (1) year after the date of termination.

(iii)                               A cash payment equal to the present value (based
on a discount rate of

 

11

 

9%) of Executive’s base salary hereunder for the remainder of the term
of the Agreement, or for one (1) year, which ever is longer, payable within
thirty (30) days of the date of such termination;

(iv)                              All such Bonuses and Other Compensation as
provided for in Section 8 above, it being understood, however, that all such
payments due, if made pursuant to this clause shall be paid in cash within
thirty (30) days of the date of termination. 
All stock options granted by Company to Executive under any provision of
Section 8 or granted by Company to Executive prior to the date hereof will
accelerate and become immediately exercisable;

(v)                                 A sum as reimbursement for reasonable out-of-pocket
expenses incurred for third-party professional financial and tax advice
provided by a licensed professional of Executive’s choice for a period of one
(1) year after date of termination, sum not to exceed twenty five percent (25%)
of Executive’s annual base salary, as provided in Section 8;

(vi)                              A sum as reimbursement for reasonable
out-of-pocket expenses incurred for out-placement advice and counseling
provided by a professional placement agency and/or recruiter of Executive’s
choice for a period of twelve (12) months after date of termination, sum not to
exceed fifty percent (50%) of Executive’s annual base salary, as provided in
Section 8;

 

11.02                 Executive
shall be entitled to terminate this Agreement without cause upon ninety (90)
days written notice to Company.  If
Executive shall so terminate this agreement, Executive shall be entitled only
to those benefits provided under existing law.

 

11.4                        If Company is (or substantially all of its assets are) sold to or
combined with another entity, Executive shall have the exclusive right and
option to approve any resulting salary, benefits, title, duties and/or
responsibilities of Executive if the entity offers Executive continuing
employment with the entity or in the alternative Executive shall be entitled to
terminate this Agreement for good cause and shall have all of the entitlements
set forth in Section 11.1 (i) through (ix) except the entitlement provided for
in (iv) which shall be void in these circumstances and the following shall be
substituted therefore; “(iv) A cash payment equal to the present value (based
upon a discount rate of 9%) of Executives base after-tax salary hereunder for
the remainder of the term of this Agreement, or for three (3) years, which ever
is longer, payable within thirty days of the date of such termination.”

Executive shall also be entitled to:

(i)                                     All Company insured and self insured medical
and dental plans in which Executive was participating immediately prior to
termination; and

(ii)                                  The group individual life insurance and
disability insurance policies of Company then in effect for  Executive; provided, however, that if
Company so elects, or such continued participation is not possible under
the  general terms and conditions of
such plans or under such policies, Company shall, in lieu of the foregoing,
arrange ] to have issued for the benefit of Executive and Executive’s
dependents equivalent benefits (on an after-tax basis); rovided, further that,
in no event shall Executive be required to pay any premiums or other charges in
an amount  greater than that which
Executive would have paid in order to participate in Company’s plans and
policies.

 

Entitlement of (i) and (ii) of this section shall be maintained in
effect for the continued benefit of Executive and his dependents for a period
of three (3) years after the date of 

 

12

 

termination or until the commencement of each equivalent benefit from
Executive’s new employer, but not to be provided longer than three (3) years
after the date of termination.

 

(iii)                               All such Bonuses and Other Compensation as
provided for in Section 8 above, it being understood, however, that all such
payments due, if made pursuant to this clause shall be paid in cash within
thirty (30) days of the date of termination. 
All stock options granted by Company to Executive under any provision of
Section 8 or granted by Company to Executive prior to the date hereof will
accelerate and become immediately exercisable;

(iv)                              A sum as reimbursement for reasonable out-of-pocket
expenses incurred for third-party professional financial and tax advice
provided by a licensed professional of Executive’s choice for a period of three
(3) years after the date of termination, sum not to exceed, in any one year,
twenty-five percent (25%) and in the aggregate, seventy-five percent (75%) of
Executive’s base salary, as provided in Section 8;

(v)                                 A sum as reimbursement for reasonable
out-of-pocket expenses incurred for out-placement advice and counseling
provided by a professional placement agency and/or recruiter of Executive’s
choice for a period of twelve (12) months after date of termination, sum not to
exceed fifty percent (50%) of Executive’s base salary, as provided in Section
8;

 

12.                               Consequences of Breach

 

12.0                        If this Agreement is terminated pursuant to
Section 11.01 hereof, or if Company shall terminate Executive’s employment
under this Agreement in any other way that is a breach of this Agreement by
Company, the following shall apply:

(i)                                     The parties believe that because of the
limitations of Section 11 the payments to Executive do not constitute “Excess
Parachute Payments” under Section 280G of the Internal Revenue Code of 1954, as
amended (the “Code”).  Notwithstanding
such belief, if any benefit under the preceding paragraph is determined to be
an “Excess Parachute Payment” Company shall pay Executive an additional amount
(“Tax Payment”) such that (x) the excess of all Excess Parachute Payments
(including payments under this sentence) over the sum of excise tax thereon under
section 4999 of the Code and income tax thereon under Subtitle A of the Code
and under applicable state law is equal to (y) the excess of all Excess
Parachute Payments (excluding payments under this sentence) over income tax
thereon under Subtitle A of the Code and under applicable state law.

 

13.                               Mitigation and Offset

 

13.0                        Executive shall not be required to mitigate the amount of any
payment  provided for in this Agreement
by seeking employment or otherwise, nor to offset the amount of any payment provided
for in this Agreement by amounts earned as a result of Executive’s employment
or self-employment during the period he is entitled to such payment.

 

14.                               Tax “Gross-Up” Provision

 

14.0                        If any payment due Executive under this Agreement results in Executive’s
liability for an excise tax (“parachute tax”) under Section 49 of the Internal
Revenue Code of 1986, as amended (the “Code”), the Company will pay to
Executive, after deducting any Federal, state or local income tax imposed on
the payment, an amount 

 

13

 

sufficient to fully satisfy the “parachute tax” liability.  Such payment shall be made to Executive no
later than thirty (30) days prior to the due date of the “parachute tax.”

 

15.                               Remedies

 

15.0                        Company recognizes that because of Executive’s special talents, stature
and opportunities in the financial services industry, in the event of
termination by Company hereunder (except under Section 10.0), or in the event
of termination by Executive under Section 11, before the end of the agreed
term, Company acknowledges and agrees that the provisions of this Agreement
regarding further payments of base salary, bonuses and the exerciseability of
stock options constitute fair and reasonable provisions for the consequences of
such termination, do not constitute a penalty, and such payments and benefits
shall not be limited or reduced by amounts Executive might earn or be able to
earn from any other employment or ventures during the remainder of the agreed
term of this Agreement.

 

16.                               Binding Agreement

 

16.0                        This agreement shall be binding upon and inure to the benefit of
Executive, Executive’s heirs, distributes and assigns and company, its
successor and assigns.  Executive may
not, without the express written permission of the Company assign or pledge any
right or obligations hereunder to any person, firm or corporation.

 

17.                               Arbitration

 

17.0                        Company and Executive agree that any dispute or claim concerning this
Agreement, or the terms and conditions of employment under this Agreement,
shall be settled by arbitration.  The
arbitration proceedings will be conducted under the Commercial Arbitration
Rules of the American Arbitration Association in effect at the time a demand for
arbitration under the Rules is made.  The
decision of the arbitrators, including determination of the amount of any
damages suffered, will be exclusive, final and binding on Company and
Executive, their heirs, executors, administrators, successors and assigns.  Each party will bear that party’s own
expenses in the arbitration proceedings for arbitrators’ fees and attorney
fees, for that party’s witnesses, and other expenses of presenting the
case.  Other arbitration costs,
including administrative fees and fees for records or transcripts, will be
borne equally by Company and Executive.

 

18.                               Amendment; Waiver

 

18.0                        This instrument contains the entire agreement of the parties with
respect to the employment of Executive by Company and supersedes any prior
Agreement between Company and Executive (it being understood, however, that
this agreement shall not affect any stock options granted to Executive prior to
the date hereof).  No amendment or
modification of this Agreement shall be valid unless evidenced by a written
instrument executed by the parties hereto. 
No waiver by either party of any breach by the other party of any
provision or condition of this Agreement shall be deemed a waiver of any
similar or dissimilar provision or condition at the same or any prior or
subsequent time.

 

19.       Governing Law

 

19.0                        This Agreement shall be governed by and construed in accordance with
the laws of thee State of Kansas.

 

20.       Notices

 

14

 

20.0                        All notices which a party is required or may
desire to give to the other party under or in connection with this Agreement
shall be given in writing by addressing the same to the other party as follows:

If to Executive, to:

Carolyn Sue Jacobs

807 East Osage

Paola, Kansas 66071

 

If to Company, to:

TeamBank, N.A.

President

One South Pearl, P.O. Box 369

Paola, Kansas 66071

 

or at such other place as may be designated in writing by like
notice.  Any notice shall be deemed to
have been given within forty-eight (48) hours after being addressed as required
herein and deposited, first-class postage prepaid, in the United States mail.

 

IN WITNESS THEREOF, the parties have executed this agreement
this            day of
                   ,
2003, effective as of the day and year first above written.

 

 

	
   

  	
  TeamBank, N.A. (Company)

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
  Carolyn Sue Jacobs

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  

 

Executive

 

This Agreement made this
                      
Day of
                           ,
19   , by and between Team Financial, Inc. (TFI), a Kansas
Corporation, (“Company”) and TeamBank, N.A., a National Association (“Agent”).

 

Company, an ESOP organization, is engaged in
the business of providing financial services and desires to engage the Agent
for the Administration of the Team Financial, Inc. ESOP Plan (Plan).

 

In consideration of the mutual terms, conditions and covenants
hereinafter set forth, the parties agree as follows:

 

The Company engage the Agent for the purpose of administration of the
Plan.

 

The duties and responsibilities of the Agent shall be to provide or
arrange to be provided all administrative services  associated with the timely administration of the Plan and the
Agent shall devote such time and effort as are required  to effectively satisfy all assigned duties
and responsibilities.  The specific
duties, responsibilities and reporting 
obligations are assigned in the matrix of responsibilities derived by
the Advisory Board of the Trustee which are 
attached as a separate document.

 

This Agreement shall continue in full force and effect until terminated,
in writing, by either party.  This
agreement may be terminated by either party: (i) Agent may terminate this
agreement during the ninety  (90) day
period  following the annual company
meeting and at no other time, with written notice to Company, certified mail,
return  receipt requested; (ii) Company
may terminate this agreement at any time with thirty (30) days’ written notice
of  the Agent, certified mail, return
receipt requested.

 

For the services performed hereunder the Agent shall receive a fee as
annually negotiated by Company and Agent.

 

The Agent shall not represent any company engaged in the same business
as the Company during the term of this agreement not for a period of twelve
(12) months thereafter if the Agent terminates this agreement.

 

Agent shall continue to employ SVP Trust Officer, Carolyn Jacobs, to
accomplish the purposes of this agreement. 
Said employee or any other Agent employee shall not be deemed to be an
employee of Company and Agent shall be responsible for all aspects of
employment and compensation of said employees.

 

The SVP Trust Officer shall be authorized to contract all outside
services for Company that are needed to successfully carry out the
administration of Plan.  Company shall
provide Agent a budget sufficient to accomplish assigned duties and responsibilities.

 

It is intended that Agent shall be an independent contractor.  Nothing contained in this agreement is
intended or shall be construed to constitute the Agent as a partnership, joint
venture, or employee relationship between Company and Agent.

 

Nothing contained in this agreement shall be construed to relieve
Company of its responsibilities of satisfying the terms and conditions of the
Plan.

 

Intending to be legally bound, the parties have signed this Agreement as
of the date first above written.

 

	
   

  	
   

  
	
   

  	
   

  	
  Team Financial, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Robert Weatherbie

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TeamBank, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Rick BartleyEXHIBIT
10.1

 

FIFTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS FIFTH
AMENDMENT
TO LOAN AND SECURITY AGREEMENT (hereinafter, this “Amendment”)
is executed effective as of May 7, 2003, by and among BANCTEC, INC., a Delaware
corporation (“BancTec”), BTI Technologies L.P., a Texas limited
partnership (“BIT Tech” and jointly and collectively with BancTec, the “Borrower”),
the financial institution(s) listed on the signature pages hereof, and their
respective successors and Eligible Assignees (each individually as “Lender”
and collectively “Lenders”) and HELLER FINANCIAL, INC., a Delaware
corporation, in its capacity as Agent for the Lenders (“Agent”), to be
effective as of the respective date hereinafter specified.

 

RECITALS

 

WHEREAS, Borrower, Agent and Lenders are
parties to that certain Loan and Security Agreement, dated as of May 30,
2001, (as amended, supplemented or otherwise modified, the “Loan Agreement”);
and

 

WHEREAS, Borrower, Agent and Lenders desire
to amend the Loan Agreement in the manner, and subject to the terms and
conditions, provided below.

 

NOW, THEREFORE, in consideration of the
premises herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties,
intending to be legally bound, agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.01        Capitalized
terms used in this Amendment, to the extent not otherwise defined herein, shall
have the same meaning as in the Loan Agreement, as amended hereby.

 

ARTICLE
II

AMENDMENTS
TO LOAN AGREEMENT; OTHER AGREEMENTS

 

2.01        Amendment to Section 2.1(B)
of the Loan Agreement.

 

(a)           Effective as of the date hereof, the
second sentence of Section 2.1(B) of the Loan Agreement is hereby
amended by deleting it in its entirety and substituting the following sentence
therefor:

 

“The aggregate amount of the Revolving Loan Commitment
shall not 

exceed at any time $40,000,000.”

 

	
  Fifth Amendment to Loan
  Agreement

  	
  9140.117:234729

  

 

1

 

(b)           Effective as of the date hereof , the
definition of “Borrowing Base” contained in Section 2.1(B) of the
Loan Agreement is hereby amended and restated in its entirety to read as
follows:

 

“‘Borrowing Base’ means, as of any date of
determination, an amount equal to the sum of (a) 85.00% of Eligible Accounts
less Dilution Reserves, plus (b) 50.00% of Eligible Accrued Unbilled
Accounts less Dilution Reserves; plus (c) the lesser of (i)
$20,000,000, or (ii) 85.00% of the net orderly liquidation value of Eligible
Inventory (net orderly liquidation value to be determined in a manner and
pursuant to documentation satisfactory to Agent, in its reasonable credit
judgment) or (iii) 50.00% of Eligible Inventory, plus (d) the lesser
of (i) 40,000,000, or (ii) 100.00% of the fair market value of Eligible
Cash Collateral, and less, in each case, such reserves as Agent in its
reasonable credit judgment may elect to establish.  ‘Dilution Reserve’ means, as of any date of determination, a
reserve for the amount by which the total dilution of Accounts exceeds five
percent (5%); with dilution referring to all actual and potential offsets to an
Account, including, without limitation, customer payment and/or volume
discounts, write-offs, credit memoranda, returns and allowances, and billing
errors.  The Dilution Reserve shall be
adjusted after each field examination audit of the Collateral conducted by
Agent or any authorized representative designated by Agent.”

 

2.02        Amendment to
Section 2.1(H) of the Loan Agreement.  Effective as of the date hereof, the second
sentence of Section 2.1(H)(1) of the Loan Agreement is hereby
amended by deleting it in its entirety and substituting the following sentence
therefor:

 

“The aggregate amount of Letter of Credit Liability
with respect to all Lender Letters of Credit outstanding at any time shall not
exceed $40,000,000.00.”

 

2.03        Amendment to
the Signature Page of the Loan Agreement.  Effective as of the date hereof, the
signature page of the Loan Agreement is hereby amended such that the reference
to the dollar amount of the Revolving Loan Commitment thereon shall be
“$40,000,000.00”.

 

ARTICLE
III

CONDITIONS
PRECEDENT

 

3.01        Conditions
to Effectiveness. 
Notwithstanding anything herein to the contrary, the effectiveness of
this Amendment is subject to the satisfaction of the following conditions
precedent, unless specifically waived in writing by Agent:

 

(a)           Agent shall have received, in form
and substance satisfactory to Agent and duly executed by Borrower,
(i) this Amendment and (ii) such additional documents, instruments and
information as Agent or its legal counsel, Patton Boggs LLP, may request; and

 

(b)           All corporate proceedings taken in
connection with the transactions contemplated by this Amendment and the
agreements described in clause (a) above and all documents, instruments
and other legal matters incident thereto shall be satisfactory to Agent and its
legal counsel, Patton Boggs LLP.

 

2

 

ARTICLE
IV

NO
WAIVER

 

4.01        Nothing
contained herein shall be construed as a waiver by Agent or any Lender of any
covenant or provision of the Loan Agreement, the other Loan Documents, this
Amendment, or of any other contract or instrument between Borrower, Agent
and/or any Lender, and Agent’s or any Lender’s failure at any time or times
hereafter to require strict performance by Borrower of any provision thereof
shall not waive, affect or diminish any right of Agent and/or any Lender to
thereafter demand strict compliance therewith. 
Agent and Lenders hereby reserve all rights granted under the Loan
Agreement, the other Loan Documents, this Amendment and any other contract or
instrument between Borrower, Agent and/or any Lender.

 

ARTICLE
V

RATIFICATIONS,
REPRESENTATIONS AND WARRANTIES

 

5.01        Ratifications.  The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions set
forth in the Loan Agreement and the other Loan Documents, and except as
expressly modified and superseded by this Amendment, the terms and provisions
of the Loan Agreement and the other Loan Documents are ratified and confirmed
and shall continue in full force and effect. 
Borrower, Agent and Lenders agree that the Loan Agreement and the other
Loan Documents, as amended hereby, shall continue to be legal, valid, binding
and enforceable in accordance with their respective terms.

 

5.02        Representations
and Warranties. 
Borrower hereby represents and warrants to Agent and Lenders that
(a) the execution, delivery and performance of this Amendment and any and
all other Loan Documents executed and/or delivered in connection herewith have
been authorized by all requisite corporate action on the part of Borrower and
will not violate the Certificate of Incorporation or Bylaws of Borrower;
(b) the representations and warranties contained in the Loan Agreement, as
amended hereby, and any other Loan Document are true and correct on and as of
the date hereof and on and as of the date of execution hereof as though made on
and as of each such date; (c) no Event of Default or Default under the
Loan Agreement has occurred and is continuing, unless such Event of Default or
Default has been specifically waived in writing by Lenders; and
(d) Borrower is in full compliance with all covenants and agreements
contained in the Loan Agreement and the other Loan Documents, as amended
hereby.

 

ARTICLE
VI

MISCELLANEOUS
PROVISIONS

 

6.01        Survival of Representations and
Warranties.  All
representations and warranties made in the Loan Agreement or any other Loan
Document, including, without limitation, any document furnished in connection
with this Amendment, shall survive the execution and delivery of this Amendment
and the other Loan Documents, and no investigation by Agent or any Lender or
any closing shall affect the representations and warranties or the right of
Agent or any Lender to rely upon them.

 

6.02        Reference to
Loan Agreement.  Each
of the Loan Documents, including the Loan Agreement and any and all other
agreements, documents or instruments now or hereafter executed

 

3

 

and delivered pursuant to the terms hereof or pursuant to the terms of
the Loan Agreement, as amended hereby, are hereby amended so that any reference
in such Loan Documents to the Loan Agreement shall mean a reference to the Loan
Agreement, as amended hereby.

 

6.03        Expenses of
Agent.  As provided in
the Loan Agreement, Borrower agrees to promptly pay all fees, costs and
expenses incurred by Agent (including attorneys’ fees and expenses, the
allocated cash of Agent’s internal legal staff and fees of environmental
consultants, accountants and other professionals retained by Agent) incurred in
connection with the review, negotiation, preparation, documentation and
execution of this Amendment.

 

6.04        Severability.  Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

 

6.05        Successors
and Assigns.  This
Amendment is binding upon and shall inure to the benefit of Agent and Lenders
and Borrower and their respective successors and assigns, except Borrower may
not assign or transfer any of its rights or obligations hereunder without the
prior written consent of Agent and Lenders.

 

6.06        Counterparts.  This Amendment may be executed in one or
more counterparts, each of which when so executed shall be deemed to be an
original, but all of which when taken together shall constitute one and the
same instrument.

 

6.07        Effect of
Waiver.  No consent or
waiver, express or implied, by Agent or any Lender to or for any breach of or
deviation from any covenant or condition by Borrower shall be deemed a consent
to or waiver of any other breach of the same or any other covenant, condition
or duty.

 

6.08        Headings.  The headings, captions, and arrangements
used in this Amendment are for convenience only and shall not affect the
interpretation of this Amendment.

 

6.09        Applicable Law.  THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS
EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE
PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF ILLINOIS.

 

6.10        Final Agreement.  THE LOAN DOCUMENTS, AS AMENDED HEREBY,
REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT
MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED.  THE LOAN DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NOT UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.  NO
MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS
AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY BORROWER,
LENDERS AND AGENT.

 

[The
Remainder of this Page Intentionally Left Blank]

 

4

 

IN WITNESS WHEREOF, this Amendment has been duly
executed as of the date first written above.

 

 

	
   

  	
  BANCTEC,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Brian R. Stone

  
	
   

  	
  Title:  
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BTI
  TECHNOLOGIES, L.P.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  BANCTEC,
  INC., its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian R. Stone

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HELLER
  FINANCIAL, INC.,

  
	
   

  	
  as Agent and Sole Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

	
   

  	
  Fifth Amendment to Loan
  and Security Agreement

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5

 

CONSENT AND RATIFICATION

 

Each of the undersigned hereby consents to the terms
of the within and foregoing Amendment, confirms and ratifies the terms of its
guaranty agreement relating to the Obligations and each Loan Document it has
executed in connection with the Obligations (collectively, the “Loan
Documents”) and acknowledges that the Loan Documents to which it is a party
are in full force and effect and ratifies the same, that it has no defense,
counterclaim, set-off or any other claim to diminish its liability under
such Loan Documents, that its consent is not required to the effectiveness of
the within and foregoing Amendment, and that no consent by it is required for
the effectiveness of any future amendment, modification, forbearance or other
action with respect to the Loans, the collateral securing the Obligations, or
any of the other Loan Documents.

 

	
   

  	
   

  	
  WELSH, CARSON, ANDERSON & STOWE VIII, L.P.,

  
	
   

  	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  WCAS VIII Associates, L.L.C., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BTC INTERNATIONAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian R. Stone

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANCTEC (PUERTO RICO), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANCTEC UPPER-TIER HOLDING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

 

 

	
   

  	
   

  	
  BANCTEC INTERMEDIATE HOLDING, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

	
  Fifth Amendment to Loan
  Agreement

  	
  9140.117:234729

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]