Document:

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                                                                   EXHIBIT 10.19

                           (ASSET LENDERS GROUP LOGO)

                               ASSET LENDERS GROUP

                            LETTER OF LOAN COMMITMENT

Date: February 2, 2004

TO:      BROOKSHORE LTD
         Jerry Latulippe
         710 South Ocean Blvd.
         Palm Beach, FL 33480

RE: PALM BEACH PROPERTY

Dear Mr. Latulippe

         This gives preliminary loan commitment to borrower, property in the
amount of $ 11,700,000.00.

General Terms as follows:

         Loan Amount: $ 11,700,000.00 Loan Position: First
         Loan Term: 1 Year
         Interest Rate: 11 %

         Additional Expenses: Appraisal, Title, Escrow, Tax Holdbacks, Insurance
                              Holdbacks, Legal fees, On-site.

<PAGE>
                           (ASSET LENDERS GROUP LOGO)

Prior to processing the loan, Borrower must make deposit of an application fee
in the amount of $2,500.00. Application fee is due on acceptance of this Loan
Commitment Letter, and is refundable in the event Lender fails to make the loan
as herein stipulated.

Borrower is responsible for an additional out-of-pocket or third party expenses
incurred by Lender, including but not limited to title reports, appraisal,
credit, engineering, closing expenses, environmental and other related due
diligence reports.

Closing expenses are costs incurred to dose a transaction, including Lender's
legal fees, title insurance, underwriting, processing, review and documentation
fees, etc. and will be applied to Borrower's account.

Funding will be available in a timely fashion following Borrower's acceptance of
this Commitment Letter, subject to the Lender's receipt, verification and
acceptance from Borrower of the following items and conditions:

Lender hereby requests the following items of Borrower:

1.       Borrower's Signature on this Letter of Commitment

2.       $2,500.00 Application Fee to

3.       Completed Uniform Loan Application

4.       Title records on all properties

5.       County tax reports and TAX ill #s on all properties

Conditions:

1.       Lender's ability to encumber properties with clean title

2.       Lender's acceptance and satisfaction of property valuations
         corresponding with Borrower's supplied real estate schedule on January
         21, 2004 stated values as follows:

         Land and Buildings valued at $18,000,000.00

<PAGE>
                           (ASSET LENDERS GROUP LOGO)

     (NOTE: Lender will provide deed releases on each of the corresponding)

Special Considerations At Closing:

1. $3,400,000.00 to be applied to payoff existing First Deed of Trust on the
property, which will leave a $11,700,000.00 Deed of Trust in first position and
Lender in a Second Deed of Trust position.

2. $1,900,000.00 to be applied to outstanding direct and personal indebtedness
of Borrower on the property, which will leave the Lender in a First Deed of
Trust position.

Closing will be at Title Company or at an escrow agent of Lender's choice.

Should you have any questions, please don't hesitate to contact me.

Sincerely,

James L. Morgan
President

Accepted as of this date, February 2, 2004.

By:      /s/ Jerry Latulippe           (Borrower)
   -----------------------------------

                                       (Borrower)
--------------------------------------exv10w17

 

EXHIBIT 10.17

FIRST AMENDMENT

OF

U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN

     The U.S. Bancorp Non-Qualified Retirement Plan (the “Plan Statement”) is
amended as follows:

1.     MONTHLY EARNINGS (Included Items). Effective October 1, 2003,
Section 2.18(a) of the Plan Statement shall be amended to delete item (vii) (the
inclusion of ordinary income from restricted stock), to add the word “and”
before item (vi), and to add a “.” at the end of item (vi).

2.     MONTHLY EARNINGS (Excluded Items). Effective October 1, 2003,
Section 2.18(b) of the Plan Statement shall be amended so that item (vii) reads
in full as follows:

(vii) the value of all stock options and stock appreciation rights (whether
or not exercised), restricted stock, and other similar amounts.

3.     TRANSITION RULES. Effective October 1, 2003, a new Section 2.28 of
the Plan Statement shall be added that reads in full as follows:

2.28.     Transition Rules.

Restricted Stock. Notwithstanding any provision in the Plan (including any plan
incorporated by reference into the Plan) or in any other nonqualified retirement plan
maintained by the Employer to the contrary, the compensation used to determine an Other
Benefit shall not include restricted stock (i) that is granted to an individual on or after
October 1, 2003, or (ii) that was previously granted to an individual in which the individual
becomes fully vested on or after October 1, 2003.

4.     SAVINGS CLAUSE. Save and except as expressly amended, the Plan
Statement shall continue in full force and effect.

 

 

SECOND AMENDMENT

OF

U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN

     The U.S. Bancorp Non-Qualified Retirement Plan (hereinafter referred to as the “Plan
Statement”) is hereby amended in the following respects:

1.     NORMAL FORM OF BENEFIT — WHEN PAYABLE. Effective October 1, 2003,
Section 4.02 of the Plan Statement shall be amended to add a final sentence that reads as
follows:

Notwithstanding the foregoing, the first payment to a Participant who is an employee of the
Employer who becomes an employee of Piper Jaffray Companies or its subsidiaries at the time of
and in connection with the spin-off of U.S. Bancorp Piper Jaffray Inc., pursuant to the Separation
and Distribution Agreement between U.S. Bancorp and Piper Jaffray Companies, shall in no event
be due prior to 30 days after such Participant ceases to be an employee of Piper Jaffray Companies
or its subsidiaries (unless such Participant is entitled to a benefit based on Disability, in which case
this sentence shall not apply).

2.     OTHER BENEFITS — WHEN PAYABLE. Effective October 1, 2003, a new Section
5.06 shall be added to the Plan Statement that reads as follows:

5.06.      Effect of Spin-Off of Piper Jaffray Companies. Notwithstanding the foregoing, solely
for the purpose of determining when a Participant who is an employee of the Employer who becomes
an employee of Piper Jaffray Companies or its subsidiaries at the time of and in connection with the
spin-off of U.S. Bancorp Piper Jaffray Inc., pursuant to the Separation and Distribution Agreement
between U.S. Bancorp and Piper Jaffray Companies, is entitled to commence payment of benefits
under the Plan (including under Appendices to the Plan), such employees shall not be considered to
have a termination of employment, severance from employment, or separation of service under this
Plan (including under the Appendices to the Plan) based on the transfer of that employee’s
employment from the Employer to Piper Jaffray Companies or its subsidiaries.

3.     SAVINGS CLAUSE. Save and except as hereinabove expressly amended, the Plan
Statement shall continue in full force and effect.

 

 

THIRD AMENDMENT

OF

U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN

     The U.S. Bancorp Non-Qualified Retirement Plan (the “Plan Statement”) is amended in the
following respects:

1.     APPENDIX B-12. Effective January 1, 2003, the Plan Statement shall be amended by
the addition of the attached Appendix B-12.

2.     APPENDIX B-13. Effective January 1, 2003, the Plan Statement shall be amended by
the addition of the attached Appendix B-13.

3.     SAVINGS CLAUSE. Save and except as expressly amended above, the Plan
Statement shall continue in full force and effect.

 

 

APPENDIX B-12

SUPPLEMENTAL BENEFITS

This Appendix B-12 summarizes the supplemental benefits payable to the named Participant under the Plan.

	 	 	 
	Participant
	:	Michael J. Doyle
	 
	 	 
	Formula
	:	Fifty-five percent (55%) of the
Participant’s Final Average Monthly Earnings (as defined in Section 2.17 of the Plan) reduced by all of the following (each of which shall be
considered an “offsetting benefit” for purposes of this Appendix B-12): the
Participant’s benefit under the Qualified Plan and the Participant’s Excess Benefit under
this Plan and any retirement benefit paid or payable to the Participant under all
pension plans of his two former employers immediately prior to U.S. Bancorp.
	 
	 	 
	Normal Form of Payment
	:	Life annuity with ten (10) years certain
	 
	 	 
	Vesting Service Start Date
	:	From January 1, 2003
	 
	 	 
	Vesting
	:	100% vested at December 31, 2012, if continuously employed by U.S. Bancorp from the
Vesting Service Start Date through December 31, 2012
	 
	 	 
	Unreduced Retirement Age
	:	62
	 
	 	 
	Early Retirement Reduction
	:	1/180 per month prior to age 62, plus
	 
	 	1/360 per month prior to age 60
	 
	 	 
	Earliest Payout Date
	:	Age 55 and 100% vested

B-12-1

 

APPENDIX B-13

SUPPLEMENTAL BENEFITS

This Appendix B-13 summarizes the supplemental benefits payable to the named Participant under the Plan.

	 	 	 
	Participant
	:	Jennie P. Carlson
	 
	 	 
	Formula
	:	Fifty-five percent (55%) of the
Participant’s Final Average Monthly Earnings (as defined
in Section 2.17 of the Plan) reduced by all of the following (each of which shall be
considered an “offsetting benefit” for purposes of this Appendix B-13): the
Participant’s benefit under the Qualified Plan and the Participant’s Excess Benefit
under this Plan.
	 
	 	 
	Normal Form of Payment
	:	Life annuity with ten (10) years certain
	 
	 	 
	Vesting Service Start Date
	:	From January 1, 2003
	 
	 	 
	Vesting
	:	100% vested at December 31, 2012, if continuously employed by U.S. Bancorp from the Vesting Service Start Date through December 31, 2012
	 
	 	 
	Unreduced Retirement Age
	:	62
	 
	 	 
	Early Retirement Reduction
	:	1/180 per month prior to age 62, plus
	 
	 	1/360 per month prior to age 60
	 
	 	 
	Earliest Payout Date
	:	Age 55 and 100% vested

B-13-1

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