Document:

Restricted Shares Agreement between Jeff Bradley & H.I.G. SteelCo Holdings, Inc.

 Exhibit 10.9 
 RESTRICTED SHARES AGREEMENT 
 THIS RESTRICTED SHARES AGREEMENT (the “Agreement”) is
entered into as of the 8th day of July, 2005, by and between H.I.G. SteelCo Holdings, Inc. (the “Company”), and Jeff Bradley (the “Employee”). 
 RECITALS: 
 WHEREAS, the Company’s Board of Directors (“Board”) has authorized the
issuance to the Employee of 6,712 shares (the “Restricted Shares”) of the Company’s common stock, par value $.001 per share, subject to forfeiture and the other restrictions set forth in this Agreement; and 
 WHEREAS, any capitalized term used herein and not otherwise defined shall have the meaning set forth in the Employment Agreement dated June 23, 2005
between the Employee and the Company (“Employment Agreement”). 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein and intending to be legally bound, the Employee and the Company agree as follows: 
 1. Restrictions. 
 The Employee shall have all rights and privileges of a stockholder of the Company as to the Restricted Shares, except that the following restrictions
shall apply: 
 (a) None of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during
any applicable “Restriction Period” (as defined below). 
 (b) The Restricted Shares are subject to forfeiture during the
Restriction Periods in accordance with Section 2 of this Agreement. 
 (c) As security for the faithful performance of this
Agreement, the Employee agrees that the certificate representing the Restricted Shares shall be delivered to the Secretary of the Company to be held in custody by the Secretary of the Company until the end of the applicable Restriction Period as set
forth in Section 2. Such certificate shall be subject to such stop-transfer orders and other restrictions as the Board may deem advisable, and the Board may cause a legend or legends to be placed on such certificate or certificates to
make appropriate reference to such restrictions. The Employee hereby irrevocably appoints the Secretary of the Company (or such Secretary’s designee) as escrow agent for the Restricted Shares and as the Employee’s attorney-in-fact to sell,
assign and transfer to the Company, all of the Restricted Shares that are subject to forfeiture. 
 2. Term of Restrictions.

 (a) Restriction Period/Time-Vesting Shares. Subject to the provisions of Section 2(c) hereof, 3,356 of the Restricted
Shares (the “Time-Vesting Restricted Shares”) shall vest and cease to be subject to the restrictions set forth in Section 1 in accordance with the following schedule (the period during 

 
which the restrictions set forth in Section 1 apply to the Time-Vesting Restricted Shares being the “Restriction Period” applicable to
such Shares): the restrictions on 839 of the Time-Vesting Restricted Shares shall lapse on June 23, 2006; the restrictions on 839 of the Time-Vesting Restricted Shares shall lapse on June 23, 2007; the restrictions on 839 of the
Time-Vesting Restricted Shares shall lapse on June 23, 2008 and the restrictions on the remaining 839 of the Time-Vesting Restricted Shares shall lapse on June 23, 2009. 
 (b) Restriction Period/Performance-Vesting Shares. Subject to the provisions of Section 2(c) hereof, 3,356 of the Restricted Shares
(the “Performance-Vesting Restricted Shares”) shall vest and cease to be subject to the restrictions set forth in Section 1 in accordance with the following schedule (the period during which the restrictions set forth in
Section 1 apply to the Performance-Vesting Restricted Shares being the “Restriction Period” applicable to such Shares): the restrictions on 839 of the Performance-Vesting Restricted Shares shall lapse on June 30, 2006; the
restrictions on 839 of the Performance-Vesting Restricted Shares shall lapse on June 30, 2007; the restrictions on 839 of the Performance-Vesting Restricted Shares shall lapse on June 30, 2008; and the restrictions on the remaining 839 of
the Performance-Vesting Restricted Shares shall lapse on June 30, 2009, subject in each case to achievement by CitiSteel, Inc. (“CitiSteel”) of EBITDA for the Fiscal Year of CitiSteel that ends on the applicable June 30 which
equals or exceeds Target EBITDA for such Fiscal Year. 
 (c) Forfeiture of Restricted Shares. 
 (i) If the Employee’s employment by the Company is terminated for any reason, then any Restricted Shares held by the Employee shall automatically be
forfeited and shall be deemed to have been transferred to the Company. In addition, if, at the end of any Fiscal Year, EBITDA did not equal or exceed Target EBITDA, the Performance-Vesting Restricted Shares which would otherwise have vested on the
applicable June 30th shall automatically be forfeited and shall be deemed to have been transferred to the Company. 
 (ii) In the event
of a Change of Control, if the Employee is employed on the effective date of such Change of Control, all of the Employee’s Restricted Shares (other than any Performance-Vesting Restricted Shares that have previously been forfeited) shall vest
and cease to be subject to the restrictions set forth in Section 1 immediately prior to the effective date of such Change of Control. For purposes of this Agreement, “Change of Control” shall have the meaning set forth in
Section 6(a) of the Employment Agreement, but without regard to the limitation in Section 6(a)(z). 
 (d) Lapse of
Restrictions. Upon the lapse of any restrictions as to all or a portion of the Restricted Shares pursuant to Section 2(a), 2(b) or 2(c), (i) such Restricted Shares shall no longer be subject to forfeiture and shall no longer be
“Restricted Shares” and (ii) the Secretary of the Company shall deliver or cause to be delivered to Employee a certificate or certificates representing the shares of Common Stock that are no longer subject to forfeiture (such shares
hereinafter the “Vested Shares;” the Vested Shares and Restricted Shares, the “Shares”). 
  

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 3. Legend. The share certificate evidencing the Shares shall be endorsed with the following legend
(in addition to any legend required under applicable securities laws): 
 THE TRANSFERABILITY OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS
SUBJECT TO THE TERMS AND CONDITIONS OF A RESTRICTED SHARES AGREEMENT ENTERED INTO BY AND BETWEEN H.I.G. STEELCO HOLDINGS, INC. AND THE HOLDER OF THIS CERTIFICATE. COPIES OF SUCH AGREEMENT ARE ON FILE WITH THE SECRETARY IN THE OFFICES OF H.I.G.
STEELCO HOLDINGS, INC. 
 4. Restriction on Transfer of Shares. 
 (a) Except as otherwise provided in (b) or (c) below, the Employee shall not sell or otherwise transfer any Shares (including any transfer by
gift or operation of law) prior to a Change of Control. 
 (b) Notwithstanding the above, the Employee shall be permitted to effect a
transfer of any or all of the Shares during the Employee’s lifetime or on the Employee’s death by will or intestacy to the Employee’s spouse, parents, children, brothers and sisters or any custodian or trustee for the account of the
Employee or any of the foregoing persons (each such transferee, a “Permitted Transferee”); provided, that any such transfer shall be in an amount of not less than 1,000 Shares; and provided further, that, as a condition of such transfer,
any such Permitted Transferee first executes a Joinder to this Agreement in form and substance satisfactory to the Company agreeing to be bound by all the terms of this Agreement as if the Permitted Transferee were the Employee (provided, that no
Permitted Transferee shall be permitted to make any further transfers of Shares except to the Employee and any Permitted Transferee of the Employee). 
 (c) The restrictions on transfer of Shares set forth in this Section 4 shall terminate upon the registration by the Company of its Common Stock under Section 12 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). 
 5. Right of Repurchase. 
 (a) In the event that Employee shall cease to be employed by the Company for any reason, the Company shall have the right and option (the “Repurchase
Option”), within 90 days after the date that the Employee ceases to be employed by the Company, to purchase from the Employee any Vested Shares as of the date of termination. Except for a termination of the Employee’s employment by the
Company for Cause, such repurchase shall be made at the then fair market value per Share as determined by the Board of Directors. In the case of a termination of the Employee’s employment by the Company for Cause, such repurchase shall be made
at a price per Share equal to $1.00 divided by the number of Shares being repurchased (i.e., the total amount paid for all Shares in such instance shall be $1.00). (The price per Share to be paid in either case shall be hereinafter referred to as
the “Repurchase Price Per Share.”) 
 (b) Unless the Company notifies the Employee within 90 days from the date of termination of
the Employee’s employment that it does not intend to exercise its Repurchase Option with respect to some or all of the Vested Shares, the Repurchase Option shall be deemed automatically exercised by the Company as of the 90th day following such
termination, provided that the Company may notify the Employee that it is exercising its Repurchase Option as of a date prior to such 90th day. Unless the 

  

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Employee is otherwise notified by the Company pursuant to the preceding sentence that the Company does not intend to exercise its Repurchase Option as to
some or all of the Vested Shares, execution of this Agreement by the Employee constitutes written notice to the Employee of the Company’s intention to exercise its Repurchase Option with respect to all Vested Shares. The Company, at its option,
may satisfy its payment obligation to the Employee with respect to exercise of the Repurchase Option by either (i) delivering a check to the Employee in the amount of the Repurchase Price per Share for each Vested Share being repurchased, or
(ii) in the event the Employee is indebted to the Company, canceling an amount of such indebtedness equal to the Repurchase Price Per Share for each Vested Share being repurchased, or (iii) by a combination of (i) and (ii) so
that the combined payment and cancellation of indebtedness equals the aggregate Repurchase Price. In the event of any deemed automatic exercise of the Repurchase Option pursuant to this Section 5 in which the Employee is indebted to the
Company, such indebtedness equal to the aggregate Repurchase Price of the Shares being repurchased shall be deemed automatically canceled as of the 90th day following termination of the Employee’s employment unless the Company otherwise
satisfies its payment obligations. As a result of any repurchase of Vested Shares pursuant to this Section 2(b), the Employee shall cease to have any rights with respect to such Vested Shares and the Company shall become the legal and
beneficial owner of such Vested Shares and shall have all rights and interest therein or related thereto. The Company shall have the right to transfer to its own name the number of Vested Shares being repurchased by the Company, without further
action by the Employee. 
 6. Voting Agreement and Proxy; Tagalong Right; Right of Redemption. 
 (a) The Employee hereby agrees to vote the Shares in accordance with the recommendation of the Board of Directors of the Company. Without in any way
limiting the generality of the foregoing voting agreement, in the event of an Approved Sale (as defined below), the Employee agrees (i) to vote all Shares then owned by the Employee at any regular or special meeting of stockholders (or consent
pursuant to a written consent in lieu of such meeting) in favor of such Approved Sale, and to raise no objections against the Approved Sale or the process pursuant to which the Approved Sale was arranged, (ii) to waive any and all
dissenters’, appraisal or similar rights with respect to such Approved Sale, and (iii) if the Approved Sale is structured as a sale of equity securities by the stockholders of the Company (or by the stockholders of the Company other than
H.I.G. Capital LLC, Inc. (“H.I.G. Capital”)), to sell the Shares then owned by the Employee on the terms and conditions of such Approved Sale. “Approved Sale” means a Change of Control which has been approved by the Board
of Directors of the Company (and/or the Board of Directors of H.I.G. Capital, as applicable) and the holders of a majority of the Company’s (and/or H.I.G. Capital’s) outstanding capital stock. The Employee will take all actions requested
by the Company in connection with the consummation of an Approved Sale, including, without limitation, entering into an agreement reflecting the terms of the Approved Sale, surrendering stock certificates, giving customary and reasonable
representations and warranties, and executing and delivering customary certificates or other documents. 
 (b) As security for the
Employee’s obligations hereunder, the Employee hereby grants to Sami Mnaymneh, with full power of substitution and resubstitution, an irrevocable proxy to vote all Shares, at all meetings of the stockholders of the Company held or taken after
the date of this Agreement, or to execute any written consent in lieu thereof. This proxy shall be deemed to be coupled with an interest and shall be irrevocable; provided, however, that this proxy shall terminate upon the earlier of the tenth
anniversary of this Agreement or an initial public offering of the Company’s common stock. The Employee hereby irrevocably appoints Sami Mnaymneh as the Employee’s attorney-in-fact with authority to sign any documents with respect to any
such vote, any actions by written consent of the stockholders taken after the date of this Agreement or in connection with an Approved Sale. 
  

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 (c) The Company hereby agrees, on behalf of itself and H.I.G. Capital, that it will not cause any
Approved Sale structured as a sale of equity securities by the stockholders of the Company (or by the stockholders of the Company other than H.I.G. Capital) to occur unless, in connection with such Approved Sale, the Employee is permitted to sell
the Shares then owned by the Employee on the terms and conditions of such Approved Sale, with such terms and conditions as applicable to the Employee’s Shares being comparable to the terms and conditions applicable to the other Company shares
(or, if applicable, to the shares of H.I.G. Capital) being transferred in connection with such Approved Sale. 
 (d) In the case of any
Approved Sale in which only the shares of H.I.G. Capital are transferred, all of the Employee’s Shares shall, no later than thirty (30) days following the Closing of such Approved Sale, be repurchased by the Company (the
“Redemption”) at an aggregate price (the “Redemption Price”) equal to (x) the aggregate Net Proceeds of such Approved Sale divided by the percentage of the Company’s stock not owned by the Employee at the time of the
Approved Sale, minus (y) the aggregate Net Proceeds of such Approved Sale. The Company, at its option, may satisfy its payment obligation to the Employee with respect to the Redemption by either (i) delivering a check to the Employee in
the amount of the Redemption Price, or (ii) in the event the Employee is indebted to the Company, canceling an amount of such indebtedness equal to the Redemption Price or (iii) by a combination of (i) and (ii) so that the
combined payment and cancellation of indebtedness equals the aggregate Redemption Price. As a result of any Redemption pursuant to this Section 6(d), the Employee shall cease to have any rights with respect to such Shares and the Company shall
become the legal and beneficial owner of such Shares and shall have all rights and interest therein or related thereto. The Company shall have the right to transfer to its own name the number of Shares being redeemed by the Company, without further
action by the Employee. 
 7. Withholding. The Company may withhold from any cash amount payable hereunder or any other cash payments
due from the Company to the Employee all taxes, including social security taxes, which the Company is required or otherwise authorized to withhold with respect to the Shares. 
 8. Adjustments to Number of Shares. Any shares issued to the Employee with respect to the Restricted Shares in the event of any change in the
number of outstanding shares of Common Stock through the declaration of a stock dividend or a stock split or combination of shares or any other similar capitalization change shall be deemed to be Restricted Shares subject to all the terms set forth
in this Agreement. 
 9. No Right to Continued Employment; Effect on Benefit Plans. This Agreement shall not confer upon the Employee
any right with respect to the continuance of his employment, nor shall it interfere in any way with the right of the Company to terminate his employment at any time. Income realized by the Employee pursuant to this Agreement shall not be included in
the Employee’s earnings for the purpose of any benefit plan of the Company in which the Employee may be enrolled or for which the Employee may become eligible unless otherwise specifically provided for in such plan. 
 10. Market Standoff Agreement. In connection with any underwritten public offering of its Common Stock (“Offering”) and upon request of
the Company or the underwriters managing the Offering, the Employee shall not be permitted to sell, make any short sale of, loan, grant any option for the purchase 

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of, or otherwise directly or indirectly dispose of any Shares without the prior written consent of the Company or such underwriters, as the case may be, for
such period of time (not to exceed 180 days) from the effective date of the registration statement with respect to such Offering as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as
may be requested by the underwriters in connection with such Offering. 
 11. Employee’s Representations. In connection with the
issuance of the Restricted Shares, the Employee represents to the Company the following: 
 (a) The Employee understands that the Shares have
not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Employee’s investment intent as expressed herein. 
 (b) The Employee understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, the Employee must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Employee acknowledges that the Company has no obligation to register or qualify the Shares for resale. The Employee further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on
various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and requirements relating to the Company which are outside of the Employee’s control, and which the Company is under no
obligation to and may not be able to satisfy. 
 (c) The Employee hereby acknowledges that the Employee has been informed that, with respect
to the issuance of the Shares, an election may be filed by the Employee with the Internal Revenue Service, within thirty days of the issuance of such Shares, electing pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended
(the “Code”), to be taxed currently on the fair market value of such Shares on the date of purchase. The Employee acknowledges that the Employee has sought the advice of the Employee’s own tax advisors in connection with the issuance
of the Shares and the advisability of filing of such Election under Section 83(b) of the Code. THE EMPLOYEE ACKNOWLEDGES THAT IT IS THE EMPLOYEE’S SOLE RESPONSIBILITY TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) AND THAT THE COMPANY HAS
NO OBLIGATIONS WITH RESPECT THERETO. 
 (d) The Employee has reviewed with the Employee’s own tax advisors the federal, state, local and
foreign tax consequences of this Agreement and the transactions contemplated hereby. The Employee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Employee understands that the
Employee (and not the Company) shall be responsible for the Employee’s own tax liability that may arise as a result of this Agreement and the transactions contemplated hereby. 
 12. Miscellaneous. 
 (a) Governing
Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware other than any laws that would cause the laws of another jurisdiction to apply. 
  

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 (b) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be
binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. 
 (c) Entire Agreement;
Amendment. This Agreement and the Employment Agreement contain the entire understanding between the parties hereto with respect to the subject matter of this Agreement and supersede all prior and contemporaneous agreements and understandings,
inducements or conditions, express or implied, oral or written, with respect to the subject matter of this Agreement. This Agreement may not be amended or modified without the written consent of the Company and Employee. 
 (d) Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which when so executed and delivered shall
be taken to be an original and all of which together shall constitute one document. 
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 IN WITNESS WHEREOF, the parties have executed this Restricted Shares Agreement as of the date first above
written. 
  

			
	H.I.G. STEELCO HOLDINGS, INC.
		
	 By:
	 	 /s/ Sami Mnaymneh

		
		 	President
	
	EMPLOYEE
		
	By:	 	 /s/ Jeffrey Bradley

	
	Print Name: Jeffrey BradleyExhibit 10.2

INCENTIVE STOCK OPTION AGREEMENT

SUMMIT BANCSHARES, INC.
 2006 LONG-TERM INCENTIVE PLAN

          1.          Grant of Option.  Pursuant to the Summit Bancshares, Inc. 2006 Long-Term Incentive Plan (the “Plan”), Summit Bancshares, Inc., a Texas corporation (the “Company”)  grants to

	
  
 
  
	
  

  
	
  
(the   “Participant”),
  

who is an employee of the Company, an option to purchase shares of Common Stock (“Common Stock”) of the Company as follows:

	
  
On the date hereof, the   Company grants to the Participant an option (the “Option” or “Stock Option”) to   purchase ___________________ (__________) full shares (the “Optioned Shares”)   of Common Stock at an Option Price equal to $________ per share (being the   Fair Market Value per share of the Common Stock on this Date of Grant or 110%   of such Fair Market Value, in the case of a ten percent (10%) or more   shareholder as provided in Code Section 422).  The Date of Grant of this Stock Option is _________________,   2006.
  

The “Option Period” shall commence on the Date of Grant and shall expire on the date immediately preceding the tenth (10th) anniversary of the Date of Grant (or the date immediately preceding the fifth (5th) anniversary of the Date of Grant, in the case of a ten percent (10%) or more shareholder as provided in Code Section 422).  The Stock Option is intended to be an Incentive Stock Option.

          2.          Subject to Plan.  The Stock Option and its exercise are subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan.  The Stock Option is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing. 

          3.          Vesting; Time of Exercise.  Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the Optioned Shares shall be vested and the Stock Option shall be exercisable as follows:

	
  
 
  	
  
              a.        __________ percent (___%) of the total Optioned   Shares shall vest and that portion of the Stock Option shall be exercisable   on the Date of Grant.
  
	
 
	
 

	
  
 
  	
  
              b.     An   additional __________ percent (___%) of the total Optioned Shares shall vest   and that portion of the Stock Option shall become exercisable on the first   anniversary of the Date of Grant, provided the Participant is employed by the   Company or a Subsidiary on that date.
  
	
 
	
 

	
   
  	
  
              c.     An   additional __________ percent (___%) of the total Optioned Shares shall vest   and that portion of the Stock Option shall become exercisable on the second   anniversary of the Date of Grant, provided the Participant is employed by the   Company or a Subsidiary on that date.
  

	
  
 
  	
  
              d.     An   additional __________ percent (___%) of the total Optioned Shares shall vest   and that portion of the Stock Option shall become exercisable on the third   anniversary of the Date of Grant, provided the Participant is employed by the   Company or a Subsidiary on that date.
  
	
 
	
 

	
  
 
  	
  
              e.     The   remaining __________ percent (___%) of the total Optioned Shares shall vest   and that portion of the Stock Option shall become exercisable on the fourth   anniversary of the Date of Grant, provided the Participant is employed by the   Company or a Subsidiary on that date.
  

Notwithstanding the foregoing, the vesting of all Optioned Shares shall automatically accelerate in full upon the occurrence of a Change in Control (as defined in the Plan).  

          4.          Term; Forfeiture.

	
  
 
  	
  
              a.              Except   as otherwise provided in this Agreement, to the extent the unexercised   portion of the Stock Option relates to Optioned Shares which are not vested   on the date of the Participant’s Termination of Service, the Stock Option   will be terminated on that date.  The   unexercised portion of the Stock Option that relates to Optioned Shares which   are vested will terminate and be forfeited at the first of the following to   occur:
  

	
  
 
  	
  
                      i.          5   p.m. on the date the Option Period terminates;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                      ii.          5   p.m. on the date which is twelve (12) months following the date of the   Participant’s Termination of Service due to death or Total and Permanent Disability;
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                      iii.          5   p.m. on the date of the Participant’s Termination of Service by the Company   for cause (as defined herein);
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                      iv.          5   p.m. on the date which is ninety (90) days following the date of the   Participant’s Termination of Service for any reason not otherwise specified   in this Section 4.a.;
  
	
   
  	
   
  
	
   
  	
                        v.          5   p.m. on the date the Company causes any portion of the Option to be forfeited   pursuant to Section 7 hereof.
  

	
  
 
  	
  
              b.              For   purposes hereof, “cause” shall mean the Participant’s Termination of Service   upon the occurrence of any of the following events:  (i) any act of fraud, misappropriation or embezzlement by the   Participant with respect to any aspect of the Company’s business; (ii) the   material breach by the Participant of any provisions in his or her employment   agreement,  which, if curable, the   Participant fails to cure in all material respects within thirty (30) days   after written notice thereof from the Board or its designee; (iii) the   conviction of the Participant by a court of competent jurisdiction of a   felony or a crime involving moral turpitude; (iv) the intentional failure by   the Participant to perform in all material respects his or her duties and
responsibilities (other than as a result of death or Total and Permanent   Disability) and the failure of the Participant to cure the same in
all   material respects within thirty (30) days after written notice thereof from   the Board or its designee; or (v) the illegal use of drugs by the Participant   during the term of his or her employment that, in the determination of the   Board, substantially interferes with the Participant’s performance of his or   her duties.
  

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          5.          Who May Exercise.  Subject to the terms and conditions set forth in Sections 3 and 4 above, during the lifetime of the Participant, the Stock Option may be exercised only by the Participant, or by the Participant’s guardian or personal or legal representative.  If the Participant’s Termination of Service is due to his or her death prior to the date specified in Section 4.a.i. hereof, or Participant dies prior to the termination dates specified in Sections 4.a.i., ii., iii., iv. or v. hereof, and the Participant has not exercised the Stock Option as to the maximum number of vested Optioned Shares as set forth in Section 3 hereof as of the date of death, the following persons may exercise the exercisable portion of the Stock Option on behalf of the Participant at any time prior to the
earliest of the dates specified in Section 4 hereof:  the personal representative of his or her estate, or the person who acquired the right to exercise the Stock Option by bequest or inheritance or by reason of the death of the Participant; provided that the Stock Option shall remain subject to the other terms of this Agreement, the Plan, and applicable laws, rules, and regulations.

          6          No Fractional Shares.  The Stock Option may be exercised only with respect to full shares, and no fractional share of stock shall be issued.

          7.          Manner of Exercise.  Subject to such administrative regulations as the Committee may from time to time adopt, the Stock Option may be exercised by the delivery of written notice to the Committee setting forth the number of shares of Common Stock with respect to which the Stock Option is to be exercised, the date of exercise thereof (the “Exercise Date”) which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon, and whether the Optioned Shares to be exercised will be considered as deemed granted under an Incentive Stock Option as provided in Section 11.  On the Exercise Date, the Participant shall deliver to the Company consideration with a value equal to the total Option Price of the shares to be purchased, payable as follows: 
(a) cash, check, bank draft, or money order payable to the order of the Company, (b) Common Stock (including Restricted Stock) owned by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the Exercise Date, (c) if the Optioned Shares are no longer Nonpublicly Traded, by delivery (including by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the shares of Common Stock purchased upon exercise of the Stock Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any other form of valid consideration that is acceptable to the Committee in its sole discretion.  In the
event that shares of Restricted Stock are tendered as consideration for the exercise of a Stock Option, a number of shares of Common Stock issued upon the exercise of the Stock Option with an Option Price equal to the value of Restricted Stock used as consideration therefor shall be subject to the same restrictions and provisions as the Restricted Stock so tendered.  For example, if 250 shares of Restricted Stock valued at $2.00 per share are used to purchase 500 Optioned Shares at an Option Price of $1.00 per share, all 500 Optioned Shares shall be Restricted Stock.

          Upon payment of all amounts due from the Participant, the Company shall cause certificates for the Optioned Shares then being purchased to be delivered to the Participant (or the person exercising the Participant’s Stock Option in the event of his or her death) at its principal business office within ten (10) business days after the Exercise Date. The obligation of the Company to deliver shares of Common Stock shall, however, be subject to the condition that if at any time the Company shall determine in its discretion that the listing, registration, or qualification of the Stock Option or the Optioned Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Stock Option or the issuance or purchase of shares of Common Stock thereunder, then the Stock Option may not be
exercised in whole or in part unless such listing,
registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee.

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          If the Participant fails to pay for any of the Optioned Shares specified in such notice or fails to accept delivery thereof, then the Stock Option, and right to purchase such Optioned Shares may be forfeited by the Company.

          8.          Nonassignability.  The Stock Option is not assignable or transferable by the Participant except by will or by the laws of descent and distribution.

          9.          Rights as Shareholder.  The Participant will have no rights as a shareholder with respect to any shares covered by the Stock Option until the issuance of a certificate or certificates to the Participant for the Optioned Shares.  Except as otherwise provided in Section 10 hereof, no adjustment shall be made for dividends or other rights for which the record date is prior to the issuance of such certificate or certificates.

          10.          Adjustment of Number of Optioned Shares and Related Matters.  The number of shares of Common Stock covered by the Stock Option, and the Option Prices thereof, shall be subject to adjustment in accordance with Articles 11 - 13 of the Plan.

          11.          Incentive Stock Option.  Subject to the provisions of the Plan, this Stock Option is an Incentive Stock Option.  To the extent the number of Optioned Shares exceeds the limit set forth in Section 6.3 of the Plan, such Optioned Shares shall be deemed granted pursuant to a Nonqualified Stock Option.  Unless otherwise indicated by the Participant in the notice of exercise pursuant to Section 7, upon any exercise of this Stock Option, the number of exercised Optioned Shares that shall be deemed to be exercised pursuant to an Incentive Stock Option shall equal the total number of Optioned Shares so exercised multiplied by a fraction, (i) the numerator of which is the number of unexercised Optioned Shares that could then be exercised pursuant to an Incentive Stock Option and (ii) the denominator of which is the
then total number of unexercised Optioned Shares.

          12.          Disqualifying Disposition. In the event that Common Stock acquired upon exercise of this Stock Option is disposed of by the Participant in a “Disqualifying Disposition,” such Participant shall notify the Company in writing within thirty (30) days after such disposition of the date and terms of such disposition.  For purposes hereof, “Disqualifying Disposition” shall mean a disposition of Common Stock that is acquired upon the exercise of this Stock Option (and that is not deemed granted pursuant to a Nonqualified Stock Option under Section 11) prior to the expiration of either two years from the Date of Grant of this Stock Option or one year from the transfer of shares to the Participant pursuant to the exercise of this Stock Option.

          13.          Voting.  The Participant, as record holder of some or all of the Optioned Shares following exercise of this Stock Option, has the exclusive right to vote, or consent with respect to, such Optioned Shares until such time as the Optioned Shares are transferred in accordance with this Agreement; provided, however, that this Section shall not create any voting right where the holders of such Optioned Shares otherwise have no such right.

          14.          Community Property.  Each spouse individually is bound by, and such spouse’s interest, if any, in any Optioned Shares is subject to, the terms of this Agreement.  Nothing in this Agreement shall create a community property interest where none otherwise exists.

          15.          Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance.  The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

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          16.          Participant’s Representations.  Notwithstanding any of the provisions hereof, the Participant hereby agrees that he or she will not exercise the Stock Option granted hereby, and that the Company will not be obligated to issue any shares to the Participant hereunder, if the exercise thereof or the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority.  Any determination in this connection by the Company shall be final, binding, and conclusive.  The obligations of the Company and the rights of the Participant are subject to all applicable laws, rules, and regulations.

          17.          Investment Representation.  Unless the Common Stock is issued to him or her in a transaction registered under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be purchased hereunder will be acquired by the Participant for investment purposes for his or her own account and not with any intent for resale or distribution in violation of federal or state securities laws.  Unless the Common Stock is issued to him or her in a transaction registered under the applicable federal and state securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal
and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.

          18.          Participant’s Acknowledgments.  The Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.

          19.          Law Governing.  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas (excluding any conflict of laws rule or principle of Texas law that might refer the governance, construction, or interpretation of this agreement to the laws of another state).

          20.          No Right to Continue Service or Employment.  Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an employee or as a consultant or as an outside director, or interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an employee, consultant or outside director at any time.

          21.          Legal Construction.  In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a Court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.

          22.          Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that is set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

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          23.          Entire Agreement.  This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter.  All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement.  Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of
any force or effect.

          24.          Parties Bound.  The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein. 

          25.          Modification.  No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties; provided, however, that the Company may change or modify this Agreement without Individual’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  

          26.          Headings.  The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.

          27.          Gender and Number.  Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

          28.          Notice.  Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:

	
  
 
  	
  
a.
  	
  
Notice to the Company   shall be addressed and delivered as follows:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
Summit Bancshares, Inc.
   3880 Hulen Street, Suite 300
   Fort Worth, TX  76107-7256
  
	
  
 
  	
  
 
  	
  
Attn:  Chief Financial Officer
  
	
   
  	
  
 
  	
  
Facsimile: (___)   ______________
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
b.
  	
  
Notice to the Participant   shall be addressed and delivered as set forth on the signature page.
  

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          29.          Tax Requirements.  The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement.  The Company or, if applicable, any Subsidiary (for purposes of this Section 29, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts hereunder paid in cash or other form, any Federal, state, local, or other taxes required by law to be withheld in connection with this Award.  The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this
Award.  Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock.  Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the exercising Participant to the Company of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be
delivered upon the exercise of the Stock Option, which shares so withheld have an aggregate fair market value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii).  The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.

* * * * * * * *

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          IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

	
  
 
  	
  
COMPANY:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
SUMMIT   BANCSHARES, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	

  
  PARTICIPANT:

	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  

  
	
  
 
  	
  
Signature
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Name:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Address:
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
   
  	
  

  

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