Document:

exv10w15

Exhibit
10.15

TRANSFER AND GOVERNANCE AGREEMENT

     THIS TRANSFER AND GOVERNANCE AGREEMENT (this “Agreement”) is dated as of July 21,
2008, by and among EVERBANK FINANCIAL CORP, a Florida corporation (the “Company”), and
SAGEVIEW PARTNERS L.P., a Delaware limited partnership (the “Investor”):

W I T N E S S E T H:

     WHEREAS, pursuant to that certain Investment Agreement, dated as of July 21, 2008, by and
among the Company and the Investor (the “Investment Agreement”), the Company shall issue
and sell to the Investor 92,500 shares of 4% Series B Cumulative Participating Perpetual Pay In
Kind Preferred Stock (the “Series B Preferred Stock”).

     NOW THEREFORE, in consideration of the foregoing and the mutual benefits to be derived from
the covenants and agreements herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

	1)	 	Definitions.

     “Affiliate” means with respect to any specified Person, any other Person directly or
indirectly Controlling, Controlled, by or under common Control with such specified Person.

     “Agreement” means this Transfer and Governance Agreement, as amended, modified,
supplemented or restated from time to time.

     “Applicable Law” means any and all applicable federal, state, local, municipal,
foreign, international or multinational constitution, code, law, statute, ordinance, regulation,
rule, standard, administrative ruling, principle of common law, legal doctrine, treaty or process
applicable to a Person or its assets, liabilities, or business, including those promulgated,
interpreted, or enforced by any regulatory authority, including, but not limited to, the Federal
Trade Commission, the United States Department of Justice, the Board of the Governors of the
Federal Reserve System, the Federal Deposit Insurance Company, the Office of Thrift Supervision,
the Internal Revenue Service, all state regulatory agencies having jurisdiction over the Company
and/or its Subsidiaries, the National Association of Securities Dealers, Inc., the Securities and
Exchange Commission and the National Labor Relations Board.

     “Board of Directors” means the Board of Directors of the Company.

     “Clements Agreement” means the Stock Transfer Agreement dated as of the date hereof by
and between Robert M. Clements, the Robert M. Clements Grantor Retained Annuity Trust and the
Investor.

     “Common Stock” means the common stock of the Company, par value $0.01 per share.

     “Company” has the meaning set forth in the Preamble.

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     “Company First Refusal Notice” means the written notice to be mailed to the Investor
by the Company which shall describe in adequate detail the terms and conditions on which the
Company proposes to sell additional equity securities, including, if applicable, the terms and
conditions offered by, and the identity of, a bona fide prospective purchaser for such stock.

     “Control,” “Controlling” or “Controlled” means, when used with respect
to any specified Person, the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise.

     “Dispose of” or “Disposition” means any lifetime transfer or assignment,
whether voluntary or involuntary to another Person other than a Permitted Transferee, whether by
sale, exchange, pledge, encumbrance, judicial attachment, contribution to a trust or other entity,
or otherwise. “Dispose of” or “Disposition” shall not include: (a) a pledge of
Shares to a responsible financial institution in the United States, as collateral security for a
bona fide loan made by such financial institution, provided that such financial institution agrees
in writing that any disposition of the pledged Shares for the account of the Investor in the event
of any default by the Investor shall be subject to the obligations imposed on the Investor by this
Agreement and by the Stockholders Agreement, including, but not limited to, the right of first
refusal granted to the Company and the other holders of outstanding capital stock of the Company
thereunder; or (b) a conversion of convertible Shares or any other securities of the Company into
any other series or class of Shares.

     “Initial Public Offering” means any firm commitment underwritten offering by the
Company of Common Stock to the public pursuant to an effective registration statement under the
Securities Act.

     “Investment Agreement” shall have the meaning set forth in the Recitals.

     “Investor Director” shall have the meaning set forth in Section 5(b) of this
Agreement.

     “Management Investor” shall have the same meaning ascribed to such term in the
Stockholders Agreement.

     “Observer” shall have the meaning set forth in Section 5(c) of this Agreement.

     “Permitted Transferee” means: (a) the direct or indirect equity owners of the
Investor; (b) a Person who is an Affiliate of the Investor; or (c) with the consent of the
Company’s Board of Directors, which may be withheld in its sole discretion, any Person that is
affiliated with the Investor even though such Person does not meet the definition of an Affiliate;
provided, however, that no Person shall become a “Permitted Transferee” without first
agreeing to be bound by the terms of this Agreement and the Stockholders Agreement in a manner
satisfactory to the Board of Directors.

     “Person” means any individual, partnership, corporation, limited liability company,
trust or other entity.

     “Purchased Shares” means the shares of Series B Preferred Stock acquired by the
Investor pursuant to the Investment Agreement and any additional shares of Series B Preferred

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Stock or shares of Common Stock into which such Purchased Shares may be converted (including
as a result of recapitalization, share exchange or similar event) or that are issued with respect
to such Purchased Shares, including, without limitation, with respect to any stock split or stock
dividend.

     “Qualified Public Offering” means any firm commitment underwritten offering by the
Company of Common Stock to the public pursuant to an effective registration statement under the
Securities Act (i) for which aggregate cash proceeds to be received by the Company from such
offering (without deducting underwriting discounts, expenses and commissions) are at least $125
million, (ii) as a result of which at least 20% of the Company’s outstanding equity securities on a
fully diluted basis are issued and (iii) pursuant to which such shares of Common Stock are
authorized and approved for listing on the New York Stock Exchange, the Nasdaq Stock Exchange or
other national stock exchange.

     “Securities Act” shall mean the Securities Act of 1933, as amended, and any successor
statute thereto and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder.

     “Series B Preferred Stock” has the meaning set forth in the Recitals.

     “Stockholders Agreement” means the Company’s Amended and Restated Stock Redemption and
Shareholder Agreement, dated as of the date hereof, by and among the Company and the holders of its
outstanding capital stock signatory thereto.

     “Threshold Amount” means 10% of the aggregate number of shares of Series B Preferred
Stock purchased by the Investor pursuant to the Investment Agreement or the Common Stock equivalent
thereof (as appropriately adjusted for stock splits, reverse stock splits, recapitalization and
similar transactions).

	2)	 	Transfer of Securities. Prior to the earlier to occur of (i) the second anniversary
of the date of this Agreement and (ii) an Initial Public Offering, and except with respect to
a Disposition (x) to a Permitted Tranferee or (y) in connection with a “tag-along” Disposition
pursuant to the Stockholders Agreement or the Clements Agreement, the Investor shall not
Dispose of Purchased Shares in a single transaction or series of transactions, which would,
immediately after such transaction or transactions, result in any Person or group of related
Persons not Affiliates of the Investor owning, in the aggregate, Common Stock or securities
convertible into Common Stock representing greater than 9.9% of the outstanding Common Stock
on a fully-diluted basis. Any purported Disposition of Purchased Shares in violation of any
provisions of this Agreement shall be void and ineffective and shall not operate to transfer
any interest or title in such Purchased Shares to the purported transferee.

	3)	 	Preemptive Rights.

	 	a)	 	Right of First Refusal for Purchase of Securities Sold by the Company. If, at any time
prior to a Qualified Public Offering, the Company shall propose to sell any additional
shares or equity securities of the Company (including securities convertible into equity
securities) (collectively, the “New Securities”), the Company shall send the

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	 	 	 	Investor a Company First Refusal Notice in respect of such New Securities and the
Investor is granted a preemptive right to purchase all or any part of its pro rata share
of New Securities at the price and on the terms applicable to such proposed sale of New
Securities. A pro rata share of New Securities for purposes of this Section 3 as to the
Investor shall mean the percentage expressed by the ratio between (i) the number of
shares of Common Stock held by the Investor (including, for purposes of this Section
3(a), the number of shares of Common Stock attributable to shares of Series B Preferred
Stock upon a conversion) at the date of determination and (ii) the number of all shares
of Common Stock issued and outstanding at the date of determination, determined on a
fully-diluted basis (excluding any restricted stock of the Company not then vested and
any securities issuable pursuant to the exercise of stock options or similar rights that
are not then vested). Notwithstanding the foregoing, the Investor shall have no
preemptive rights with respect to (i) a sale of securities approved by the Board of
Directors to a Management Investor or a director of the Company (or either of such
Person’s permitted transferees pursuant to the Stockholders Agreement) or to a Person
who, immediately following such sale, will become a Management Investor or a director of
the Company at a price determined by such Board of Directors, in its reasonable
discretion, to be not less than the fair market value of such securities, using such
valuation methods (which need not include an outside appraisal) as the Board of
Directors shall determine are appropriate under the circumstances; (ii) the issuance of
equity securities to Management Investors pursuant to any incentive plan approved by a
majority of the disinterested directors of the Company; (iii) the sale of equity
securities approved by the Board of Directors for a consideration other than money or an
unconditional promise to pay money; or (iv) shares issued in respect of an Initial
Public Offering.

	 	b)	 	Time for Election to Purchase. If the Investor wishes to purchase any of the New
Securities so offered for purchase, the Investor shall notify the Company of that election
within the number of days after the date of mailing of the Company First Refusal Notice
specified in the Company First Refusal Notice, which shall be a reasonable number of days
in light of the circumstances (and in any even not less than 10 business days from the
mailing date of the Company First Refusal Notice). Such notice shall specify the number of
New Securities that the Investor is willing to purchase.
	 
	 	c)	 	Sale of Remaining Securities. Any securities for which a purchase right has not been
exercised hereunder may be sold: (i) upon substantially the same terms and conditions as
described in the Company First Refusal Notice; (ii) within sixty (60) days after the
expiration of the foregoing first refusal period; and (iii) on the condition that the
purchaser execute and agree to be bound by the terms of this Agreement. If any such
securities are not sold within the sixty (60) day period described in the preceding
sentence, the Company must send a new Company First Refusal Notice under the terms of this
Agreement if the Company desires to sell such securities.
	 
	 	d)	 	Closing of Purchase. If the Investor elects to purchase any such securities offered
for sale by the Company, the securities shall be delivered at the closing free and clear of
all liens and encumbrances, other than any purchase money liens taken back by the

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	 	 	 	Company at the closing, if applicable. The closing thereof shall be held at the
principal business office of the Company within thirty (30) days after the expiration of
the first refusal period granted herein to the Investor.

	 	e)	 	Waiver of Rights. If the Investor elects to exercise or affirmatively waive its
preemptive rights under the Stockholders Agreement, such election shall be deemed a waiver
of this Section 2. Investor may exercise rights under Section 3 of the Stockholders
Agreement or under this Section 2, but not both.

	4)	 	No Affiliate Arrangements. The Company will not, and will not permit any of its
subsidiaries to, enter into, make or modify any transaction, contract or agreement with any of
the Persons listed on Exhibit A to this Agreement (or their Permitted Transferees as such term
is defined in the Stockholders Agreement) or any Affiliates of such Person (an “Affiliate
Transaction”) unless such Affiliate Transaction is on terms that are not materially less
favorable to the Company or its relevant subsidiary than those that would have been obtained
in a comparable transaction with an unrelated Person on an arm’s-length basis;
provided that the term “Affiliate Transaction” shall not include this Agreement or any
other agreement between the Company and the Investor that is in effect as of the date hereof.
	 
	5)	 	Election of Directors/Board Observer.

	 	a)	 	From and after the date of this Agreement and until such time as the Investor and its
Affiliates no longer own in the aggregate a number of Purchased Shares at least equal to
the Threshold Amount, the Company shall take all necessary actions within its control
(including, without limitation, nominating directors, calling special Board of Directors
and stockholder meetings, and amending the Company’s By-laws), in order to give effect to
the provisions of this Section 5 and Section 14 of the Stockholders Agreement.
	 
	 	b)	 	Designation and Election of the Investor Director.

	 	i)	 	So long as the Investor and its Affiliates own in the aggregate a number of
Purchased Shares at least equal to the Threshold Amount, then one representative
designated by the Investor shall be elected to the Board of Directors (the
“Investor Director”), subject to satisfaction of all legal requirements
regarding service as a director of the Company and, solely in respect of any proposed
Investor Director other than Scott Stuart, Ned Gilhuly and any other principal of the
Investor, to the reasonable approval of any nominating or corporate governance
committee to the Board of Directors (such approval not to be unreasonably withheld or
delayed). If the Investor and its Affiliates no longer hold the minimum number of
Purchased Shares specified in the prior sentence, the Investor will have no further
rights under this Section 5 and, at the written request of the Board of Directors,
shall use its commercially reasonable efforts to cause the Investor Director to resign
from the Board of Directors as promptly as reasonably practicable thereafter. So long
as the Investor is entitled to nominate an Investor Director, the Investor shall also
be entitled to have the Investor Director serve on the board of directors of

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	 	 	 	EverBank, and to serve as a member of any executive or compensation committee of the
Board of Directors or of the EverBank board of directors.

	 	ii)	 	Pursuant to the Stockholders Agreement, the Investor Director may be removed
from the Board of Directors or a subsidiary board or a committee thereof, with or
without cause, solely upon the written request of the Investor and under no other
circumstances. In the event of such removal, or if the Investor Director dies,
resigns, or otherwise ceases to serve for any reason, the Investor will have the right
to designate another Investor Director to fill such vacancy in accordance with Section
14(b) of the Stockholders Agreement and Section 5(b) hereof.
	 
	 	iii)	 	Within five (5) days after a record date is set for any meeting at which
members of the Board of Directors are to be nominated or elected or for the mailing of
any consent solicited for such purpose, the Secretary of the Company shall notify the
Investor of the upcoming election and anticipated date thereof and request that the
Investor take all necessary action to designate its candidate. Unless earlier notice
shall be required in order to comply with applicable law, the Investor shall notify the
Secretary of the Company at least five (5) days before such election of its candidate.
A failure by the Investor to provide such notification shall be deemed to be a
designation by the Investor of the same candidate as last designated by the Investor.
Any designation pursuant to this Section 5 shall be made in writing.

	 	c)	 	Designation of Board Observer. So long as the Investor and its Affiliates own in the
aggregate a number of Purchased Shares at least equal to the Threshold Amount, then one
representative designated by the Investor at any time and from time to time may act as a
non-voting observer to the Board of Directors (an “Observer”). The Company shall
provide such Observer with written notice of each meeting of the Board of Directors, at the
same time and in the same manner as notice is provided to the directors, and permit the
Observer to attend, as a non-voting observer, all such meetings, either in person or by
telephone conference. The Observer shall be entitled to receive all written materials and
other information provided to the members of the Board of Directors in connection with such
meetings at the same time such materials and information are provided to such directors,
including, without limitation, any written materials and other information provided to the
directors in connection with written consents of directors in lieu of a meeting. If the
Investor Director is a representative on the board of EverBank, the Observer shall be
entitled to the same rights with respect to the board of EverBank as he has with respect to
the Board of Directors.
	 
	 	d)	 	Expenses of Directors/Observers. The Company shall pay all reasonable out-of-pocket
expenses incurred by the Investor Director and the Observer in connection with the
performance of his or her duties as a director or an Observer and in connection with his or
her attendance at any meeting of the Board of Directors and any committee thereof.

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	6)	 	Miscellaneous

	 	a)	 	Specific Performance. The parties agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with
their specific terms. It is accordingly agreed that the parties shall be entitled to seek
specific performance of the terms hereof, this being in addition to any other remedies to
which they are entitled at law or equity.
	 
	 	b)	 	Recapitalizations. The provisions of this Agreement regarding Purchased Shares shall
apply to any and all equity securities of the Company or any successor or assigns of the
Company (whether by merger, consolidation, sale of assets, reorganization or otherwise)
which may be issued in respect of, in exchange for, or in substitution of the Purchased
Shares by reason of any stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, merger, consolidation or otherwise. Upon
the occurrence of any such events, amounts hereunder shall be appropriately adjusted.
	 
	 	c)	 	Entire Agreement; Assignment; Successors and Assigns

	 	i)	 	This Agreement (including the Exhibits, Schedules and Disclosure Schedules
hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the
parties, with respect to the subject matter hereof.
	 
	 	ii)	 	This Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto, including, without limitation, any
Permitted Transferee of the Investor. Nothing expressed or mentioned in this Agreement
is intended or shall be construed to give any Person other than the parties hereto and
their respective successors and permitted assigns any legal or equitable right, remedy
or claim under, in or in respect of this Agreement or any provision herein contained.

	 	d)	 	Waiver and Amendment. This Agreement may be amended, modified or supplemented only by
a written mutual agreement executed and delivered by the Company and the Investor. Except
as otherwise provided herein, any failure of any party to comply with any obligation,
covenant, agreement or condition herein may be waived by the party entitled to the benefits
thereof only by a written instrument signed by the party granting such waiver, but such
waiver or any failure to insist upon strict compliance with such obligations, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with respect to, any
subsequent or other failure.
	 
	 	e)	 	Notices. Any notice, request, instruction or other document to be given hereunder by
any party to the other will be in writing and will be deemed to have been duly given (a) on
the date of delivery if delivered personally or by telecopy or facsimile, upon confirmation
of receipt, (b) on the first business day following the date of dispatch if delivered by a
recognized next-day courier service, or (c) on the third business day following the date of
mailing if delivered by registered or certified mail, return receipt

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	 	 	 	requested, postage prepaid. All notices hereunder shall be delivered as set forth below,
or pursuant to such other instructions as may be designated in writing by the party to
receive such notice.

If to the Investor:

Sageview Capital L.P.

55 Railroad Avenue

Greenwich, Connecticut 06830

Attn: Scott M. Stuart

Telephone:

Fax:

with a copy (which copy alone shall not constitute notice):

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attn: Sean Rodgers

Telephone: (212) 455-2000

Fax: (212) 455-2502

If to the Company:

EverBank Financial Corp.

501 Riverside Avenue

Jacksonville, Florida 32202

Attn: Thomas A. Hajda

Telephone: (904) 623-8199

Fax: (904) 623-8190

with a copy (which copy alone shall not constitute notice):

Alston & Bird LLP

1201 West Peachtree Street

Atlanta, Georgia 30309

Attn: Christopher C. Frieden

Telephone: (404) 881-7457

Fax: (404) 253-8255

	 	f)	 	Invalid Provision. The invalidity or unenforceability of any particular provision of
this Agreement shall not affect the other provisions hereof, and this Agreement shall be
construed in all respects as if such invalid or unenforceable provisions were omitted.
	 
	 	g)	 	Company Records: Conflict with Bylaws. A copy of this Agreement shall be filed in the
records of the Company. In the event of a conflict in the provisions of this

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	 	 	 	Agreement and the bylaws of the Company, the provisions of this Agreement shall govern
over the provisions of the bylaws in conflict herewith.

	 	h)	 	Governing Laws. This Agreement will be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed entirely
within such State.
	 
	 	i)	 	Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the exclusive
jurisdiction of the courts of the State of New York and the federal courts of the United
States of America located in the Borough of Manhattan, State of New York, and appropriate
appellate courts therefrom, over any dispute arising out of or relating to this Agreement
or any of the transactions contemplated hereby, and each party hereby irrevocably agrees
that all claims in respect of such dispute or proceeding may be heard and determined in
such courts. The parties hereby irrevocably waive, to the fullest extent permitted by
applicable law, any objection which they may now or hereafter have to the laying of venue
of any dispute arising out of or relating to this Agreement or any of the transactions
contemplated hereby brought in such court or any defense of inconvenient forum for the
maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such
dispute may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. This consent to jurisdiction is being given solely for purposes of
this Agreement and is not intended to, and shall not, confer consent to jurisdiction with
respect to any other dispute in which a party to this Agreement may become involved.
	 
	 	 	 	Each of the parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action, or proceeding of the nature specified in the paragraph
above by the mailing of a copy thereof in the manner specified by the provisions of
subsection (e) of this Section 6.
	 
	 	 	 	EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.
	 
	 	j)	 	Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, and all of which shall together constitute one and the
same instrument. Executed signature pages may be delivered by facsimile and such
facsimiles will be deemed sufficient as if actual signature pages had been delivered.

[Remainder of Page Intentionally Blank]

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     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement on the date opposite their name.

	 	 	 	 	 
	 	EverBank Financial Corp

 	 
	 	By:  	/s/ Thomas A. Hajda
 	 
	 	 	Name:  	Thomas A. Hajda 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	Sageview Partners L.P.

 	 
	 	By:  	Sageview Capital GenPar, Ltd., its general partner
 	 
	 	 	 	 
	 	By:  	                                              /s/ Scott M. Stuart
 	 
	 	 	Name:  	Scott M. Stuart 	 
	 	 	Title:  	Director 	 
	 

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EXHIBIT A

Arena Capital Investment Fund, L.P.

Lovett Miller Venture Fund II, Limited Partnership

Lovett Miller Venture Fund III, Limited Partnership

David M. Hicks

Russell B. Newton, III

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Exhibit
10.19

AMENDED AND RESTATED

TRANSFER RESTRICTION AND VOTING AGREEMENT

     AMENDED AND RESTATED TRANSFER RESTRICTION AND VOTING AGREEMENT (the
“Agreement”), dated as of this 22nd day of November, 2002, among ALLIANCE CAPITAL
PARTNERS, L.P. (the “Partnership”), ALLIANCE CAPITAL PARTNERS, INC. (the “General
Partner”), ARENA CAPITAL INVESTMENT FUND, L.P.
(“Arena”), LOVETT MILLER VENTURE PARTNERS
III, LIMITED PARTNERSHIP (“Lovett Miller”), LOVETT MILLER VENTURE FUND II, LIMITED
PARTNERSHIP (“Lovett Miller II” and collectively with Lovett Miller, the “Lovett
Miller Funds”) and the stockholders of the General Partner indicated on the signature
pages hereto (the “Stockholders”).

RECITALS:

     WHEREAS, simultaneously with the execution and delivery of this Agreement, Arena and
Lovett Miller are purchasing common units of limited partnership interest in the Partnership
(“Units”) pursuant to the Securities Purchase Agreement, dated as of the date hereof, by and
among the Partnership, Arena and Lovett Miller (the
“2002 Purchase Agreement”); and

     WHEREAS, in connection with the purchase of Units pursuant to the Securities
Purchase Agreement dated as of October 27, 2000 (the “2000 Purchase Agreement”),
Arena and Lovett Miller II, an affiliate of Lovett Miller, entered into that Transfer Restriction
and Voting Rights Agreement, dated as of October 27, 2000 (the “2000 Agreement”); and

     WHEREAS, the parties hereto desire to amend and restate the 2000 Agreement in
connection with the 2002 Purchase Agreement to reflect the relative rights and obligations
of the parties hereto; and

     WHEREAS, the execution and delivery of this Agreement is a condition precedent to the
performance of the obligations of Arena, Lovett Miller and the Partnership under the 2002
Purchase Agreement.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and
agreements herein contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1. CERTAIN DEFINITIONS

     As used herein, the following terms, unless the context clearly indicates
otherwise, shall have the following meanings:

     “Affiliate” or “affiliate” shall mean, with respect to any Person, any other Person
that, directly or indirectly, controls or is controlled by or is under common control with
such Person. As used in this definition of “Affiliate”, the term “control” and any
derivatives

 

 

thereof mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through ownership of voting securities, by
contract, or otherwise.

     “Business Day” shall mean any day, other than a Saturday, Sunday or legal holiday under the
Federal laws of the United States.

     “GCL” shall mean the General Corporation Law of the State of Delaware.

     “Person” shall mean an individual, corporation, limited liability company, partnership, joint
venture, trust or unincorporated organization, or a government or any agency or political
subdivision thereof.

     “Shares” shall mean any shares of capital stock of the General Partner which may be voted in
the election of directors of the General Partner, at any time outstanding

     “Transfer” shall mean any transfer, sale, assignment, pledge, hypothecation or other
disposition, whether voluntary, involuntary or by operation of law.

2. ELECTION OF DIRECTORS

     2.1. Election; Removal. Subject to Section 2.4, all the Shares held by the
Stockholders, whether owned now or hereafter acquired, shall be voted in accordance with the
provisions hereof on all of the following matters on which the stockholders of the General Partner
vote.

          (a) Arena shall have the right (i) to designate one individual to serve as a
member of the Board of Directors of the General Partner (the
“Board”) (which shall
either
be Rupinder Sidhu or an individual in lieu of Mr. Sidhu, but who shall not serve at the
same time as Mr. Sidhu subject to receipt of the approval described in clause (ii)) and (ii)
in
the event of approval of such matter by the Office of Thrift Supervision, to designate a
second individual to serve as a member of the Board. The Stockholders and the General
Partner shall take all action within their respective powers, including, but not limited to
the
nomination of the candidate as specified by Arena, the voting of Shares and the giving of
consents, required to cause the Board to include the director designated by Arena.

          (b) Immediately upon receiving notice of any stockholders’ meeting at
which members of the Board are to be elected, or upon receipt of a notice requesting a
Stockholder’s consent to the election of members of the Board, Arena shall have the right
to designate one member (or two, pursuant to the terms of Section 2.1(a)(ii) above) for
election to the Board. On the date hereof, Arena designates Rupinder Sidhu as its designee
to the Board.

          (c) In the event any director designated for election to the Board by
Arena dies, resigns, is removed or otherwise ceases to serve as a member of the Board, the

2

 

General Partner shall give notice thereof to Arena and Arena shall as soon as practicable
designate a successor and notify the Board of its selection, and the Board shall act promptly to
fill the vacancy with such designee in accordance with Section 223 of the GCL.

          (d) Within five (5) days after a record date is set for any annual meeting
for the election of directors or any meeting at which members of the Board are to be
elected or for the mailing of any consent solicited for such purpose, the Secretary of the
General Partner shall notify Arena of the upcoming election and anticipated date thereof
and request that Arena take all necessary action to designate its candidate. Arena shall
notify the Secretary of the General Partner at least five (5) days before such election of its
candidate. A failure by Arena to provide such notification shall be deemed to be a
designation by Arena of the same candidate as last designated by Arena. Any designation
pursuant to this Section 2 shall be made in writing.

          (e) The parties hereto agree to cast their votes for, or give their written
consent to, the removal of a designee of Arena on the Board at any time upon receipt of
instructions in writing to such effect, signed by Arena, in accordance with Section 141(k) of
the GCL. No director designated by Arena shall be removed as a director of the General
Partner without the consent of Arena except for cause.

          (f) The Board shall have no right to fill any vacancy on the Board for
which Arena has the right to designate a candidate unless such vacancy is filled by the
designee of Arena.

          (g) The parties hereto agree to cast their votes for, or give their written
consent to, any and all such actions as may be necessary to give effect to the provisions of
this Section 2.1 from time to time, including without
limitation, the amendment of the By-laws of the Company.

     2.2. Board Observer Rights. The General Partner will give to one Person
designated by Arena and one Person designated by the Lovett Miller Funds collectively (the
“Observers”) notice of all regular meetings and all special meetings of the Board at
the
same time and in the same manner notice is given to the directors, whether such meetings
are held in person or by telephone, will permit such Observers to attend such meetings as
an observer (but with no voting rights), and will provide such Observers with all written
materials and other information provided to directors of the General Partner (including all
written consents of directors in lieu of a meeting) or to members of any committees of the
Board at the same time and in the same manner such information is provided to the
directors and members.

     2.3. Transferees. A Stockholder shall not be permitted to Transfer Shares held by
such Stockholder unless the transferee thereof agrees to be bound by the provisions of this
Agreement.

     2.4. Expiration of Rights. The provisions of this Article 2 shall automatically
terminate and be of no further force and effect as to Arena at such time as Arena owns less

3

 

than 20% of the aggregate Units purchased by Arena pursuant to the 2000 Purchase Agreement and the
2002 Purchase Agreement. The provisions of this Article 2 shall automatically terminate and be of
no further force and effect as to the Lovett Miller Funds at such time as the Lovett Miller Funds
collectively own less than 20% of the aggregate Units purchased by the Lovett Miller Funds pursuant
to the 2000 Purchase Agreement and the 2002 Purchase Agreement.

3. NO TRANSFER OF SECURITIES

     3.1. General Prohibition. Until October 27, 2003, Arena shall not Transfer any
Units purchased pursuant to the 2000 Purchase Agreement, or enter into any agreement to Transfer
any Units purchased pursuant to the 2000 Purchase Agreement, without the consent of the General
Partner, except to an Affiliate of Arena. Until the second anniversary of the date hereof, Arena
shall not transfer any Units purchased pursuant to the 2002 Purchase Agreement, or enter into any
agreement to transfer any Units purchased pursuant to the 2002 Purchase Agreement, without the
consent of the General Partner, except to an Affiliate of Arena. No transfer of Units by Arena,
including transfers to Affiliates, shall be effective unless such transferee agrees to be bound by
the terms and restrictions of this Section 3.1. Any purported Transfer in violation of any
provision of this Agreement shall be void and ineffective and shall not operate to Transfer any
interest or title to the purported transferee. The prohibitions set forth in this Section 3.1
shall include, but shall not be limited to, any agreement to limit, restrict or grant any voting
rights with respect to the Units. The terms of this Section 3.1 shall be in addition to, and not
in lieu of, the provisions of Article 11 of the Agreement of Limited Partnership of the
Partnership, as in effect from time to time.

4. MISCELLANEOUS

     4.1. Specific Performance. The parties hereby declare that it is impossible to
measure in money the damages which will accrue to a party hereto by reason of a failure to perform
any of the obligations under this Agreement. Therefore, all parties hereto shall have the right to
specific performance of the obligations of the other parties under this Agreement, and if any
party hereto shall institute any action or proceeding to enforce the provisions hereof, any person
against whom such action or proceeding is brought hereby waives the claim or defense therein that
such party has or have an adequate remedy at law, and such person shall not urge in any such
action or proceeding the claim or defense that such remedy at law exists.

     4.2. Notices. All notices or other communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered personally or sent by facsimile transmission,
by recognized overnight courier marked for overnight delivery, or by registered or certified mail,
postage prepaid, addressed as follows: (a) if to Arena, 540 Madison Avenue, 25th Floor,
New York, New York 10022, fax (212) 885-8585, or at such other address or fax number as Arena
shall have furnished to General Partner in writing,

4

 

(b) if to the Lovett Miller Funds, One Independent Drive, Suite 1600, Jacksonville, Florida 32202,
fax (904) 634-0633, or at such other address or fax number as the Lovett Miller Funds shall have
furnished to the General Partner in writing, and (c) if to the Partnership or the General Partner,
1013 Centre Road, Wilmington, Delaware 19805, fax
(904) 281-6145, or such other addresses as shall
be furnished by like notice by such party. All such notices and communications shall, when sent by
facsimile transmission (and receipt thereof is confirmed), be effective when sent by facsimile
transmission, or if sent by nationally recognized overnight courier service, be effective one
Business Day after the same has been delivered to such courier service marked for overnight
delivery, or, if mailed, be effective when received.

     4.3. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner so as to be effective and valid under applicable law, but if any
provision of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement. If any provision contained in this Agreement is determined by a court of
competent jurisdiction to be invalid, illegal or unenforceable as written, a court of
competent jurisdiction shall, at any party’s request, reform the terms of this Agreement to
the extent necessary to cause such otherwise invalid provisions to be enforceable under
applicable law.

     4.4. Amendment and Waiver. This Agreement may be amended only by written
instruments signed by the General Partner and Arena; provided that Sections 2.2 and 2.4
may be amended as to the Lovett Miller Funds only by written instrument signed by the
Lovett Miller Funds. No waiver of any right or remedy granted in one instance shall be
deemed to be a continuing waiver under the same or similar circumstances thereafter
arising.

     4.5. Section Headings. The captions to the Sections in this Agreement are for
reference only and shall not affect the meaning or interpretation hereof.

     4.6. Choice of Law. All questions concerning the construction, validity and
interpretation of this Agreement and the performance of the obligations imposed by this
Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without application of the conflicts of laws principles thereof.

     4.7. Multiple Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which will constitute
one and the same instrument.

     4.8. Complete Agreement. Except as set forth herein, this Agreement contains the
complete agreement between the parties and controls and supersedes any
prior
understandings, agreements or representations by or between the parties, written or oral,
which conflicts with, or may have related to, the subject matter hereof in any way.

5

 

Notwithstanding the foregoing, this Agreement is not intended to supersede the 2002 Securities
Purchase Agreement or 2000 Securities Purchase Agreement, or any other agreement entered into
pursuant to the 2002 Securities Purchase Agreement or 2000 Securities Purchase Agreement.

6

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day, month and
year first written above.

	 	 	 	 	 	 	 

	 	 	ALLIANCE CAPITAL PARTNERS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert M. Clements
 

Robert M. Clements
	 	 
	 

	 	Title:
	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ALLIANCE CAPITAL PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Alliance Capital Partners, Inc.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert M. Clements
 

Robert M. Clements
	 	 
	 

	 	Title:
	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STOCKHOLDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ David M. Hicks	 	 
	 	 	 	 	 
	 	 	David M. Hicks	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Russell B. Newton, Jr.	 	 
	 	 	 	 	 
	 	 	Russell B. Newton, Jr.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Robert M. Clements	 	 
	 	 	 	 	 
	 	 	Robert M. Clements	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Robert T. Shircliff	 	 
	 	 	 	 	 
	 	 	Robert T. Shircliff	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Charles E. Commander, III	 	 
	 	 	 	 	 
	 	 	Charles E. Commander, III	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Gary A. Meeks	 	 
	 	 	 	 	 
	 	 	Gary A. Meeks	 	 

Amended and Restated Transfer Restriction and Voting Agreement

 

 

	 	 	 	 	 	 	 	 	 

	 	 	ARENA CAPITAL
INVESTMENT FUND, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Arena Equity Partners, LLC

Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:

Name:
	 	/s/ Sunil Khanna
 

Sunil Khanna
	 	 
	 

	 	 	 	Title:
	 	Managing Member	 	 

Amended and Restated Transfer Restriction and Voting Agreement

 

 

	 	 	 	 	 	 	 

	 	 	LOVETT MILLER VENTURE PARTNERS III,

LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Lovett Miller Venture Fund III, LLC,

its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. Radford Lovett II
 

W. Radford Lovett II
	 	 
	 

	 	 	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	LOVETT MILLER VENTURE FUND II, LIMITED

PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Lovett Miller Venture Partners II, LLC,

its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. Radford Lovett II
 

W. Radford Lovett II
	 	 
	 

	 	 	 	Managing Director

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