Document:

EX-10.16

 

Exhibit 10.16

FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT

          This Fourth Amendment to Revolving Credit and Security Agreement is dated December 4, 2007, by
and among SPI Petroleum LLC, a Delaware limited liability company (the “Parent”), Maxum Petroleum,
Inc. (f/k/a Global Petroleum, Inc.), a Delaware corporation (“MPI”), Pecos, Inc., a California
corporation (“PI”), General Petroleum Corporation, a California corporation (“GPC”), Rainier
Petroleum Corporation, a Washington corporation (“RPC”), Sedro-Woolley Holdings Corporation, a
Washington corporation (“SWHC”), G.P. Atlantic, Inc., a South Carolina corporation (“GPAI”), Simons
Petroleum, Inc., a Texas corporation (“SPI-TX”), Simons Petroleum, Inc., an Oklahoma corporation
(“SPI-OK”), Hartney Fuel Oil Co., an Illinois corporation (“HFOC”), Petroleum Supply Company, Inc.,
an Illinois corporation (“PSCI”), Hartney Brothers, Inc., an Illinois corporation (“HBI”), SPI
Acquisition LLC, a Delaware limited liability company (“SPIA”), ETI Acquisition LLC, a Delaware
limited liability company (“ETIA”), Canyon State Oil Company, Inc., an Arizona corporation
(“CSOC”), Petroleum Products, Inc., a West Virginia corporation (“PPI”), Petroleum Transport, Inc.,
a West Virginia corporation (“PTI”), and Petroleum Fueling, Inc., a West Virginia corporation
(“PFI”) (the Parent, MPI, PI, GPC, RPC, SWHC, GPAI, SPI-TX, SPI-OK, HFOC, PSCI, HBI, SPIA, ETIA,
CSOC, PPI, PTI, and PFI are each, a “Borrower” and collectively, the “Borrowers”), by PNC Bank,
National Association (“PNC”), and the other financial institutions from time to time party thereto
(PNC and the other financial institutions are each, a “Lender” and collectively, the “Lenders”),
PNC as agent for the Lenders (in such capacity, the “Agent”), JPMorgan Chase Bank, N.A.
(“JPMorgan”), Bank of America, N.A. (“BOA”), The CIT Group/Business Credit, Inc. (“CIT”), LaSalle
Business Credit LLC (“LaSalle”), and Wells Fargo Foothill, LLC (“Wells Fargo”), as co-documentation
agents for the Lenders (Wells Fargo, JPMorgan, BOA, CIT and LaSalle are collectively, the
“Co-Documentation Agents”) (the “Fourth Amendment”).

WITNESSETH:

          WHEREAS, the Borrowers (excluding PPI, PTI, and PFI), the Lenders, the Agent and the
Co-Documentation Agents entered into that certain Revolving Credit and Security Agreement, dated
September 18, 2006, as amended by that certain (i) First Amendment, dated October 26, 2006, by and
among the Borrowers (excluding PPI, PTI, and PFI), the Lenders, the Agent and the Co-Documentation
Agents, (ii) Second Amendment to Revolving Credit and Security Agreement, dated May 1, 2007, by and
among the Borrowers, the Lenders, the Agent and the Co-Documentation Agents, and (iii) Third
Amendment to Revolving Credit and Security Agreement, dated October 17, 2007, by and among the
Borrowers, the Lenders, the Agent and the Co-Documentation Agents (as further amended, modified,
supplemented or restated from time to time, the “Loan Agreement”); and

          WHEREAS, the Borrowers desire to amend certain provisions of the Loan Agreement and the
Lenders and the Agent shall permit such amendments pursuant to the terms and subject to the
conditions set forth herein.

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

 

     1. All capitalized terms used herein which are defined in the Loan Agreement shall have
the same meaning herein as in the Loan Agreement unless the context clearly indicates
otherwise.

     2. The reference to “LASALLE BUSINESS CREDIT LLC” is hereby deleted from the cover page of
the Loan Agreement.

     3. The preamble of the Loan Agreement is hereby deleted in its entirety and in its stead
is inserted the following:

     Revolving Credit and Security Agreement dated September 18,
2006 among SPI PETROLEUM LLC, a limited liability company organized
under the laws of the State of Delaware (“Parent”), the
Borrowers listed on Annex A hereto, the financial institutions which
are now or which hereafter become a party hereto (collectively, the
“Lenders” and individually a “Lender”), JPMORGAN
CHASE BANK, N.A., BANK OF AMERICA, N.A., THE CIT GROUP/BUSINESS
CREDIT, INC. AND WELLS FARGO FOOTHILL, LLC, as co-documentation
agents, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent
for Lenders (PNC, in such capacity, the “Agent”).

     4. Section 1.2 of the Loan Agreement is hereby amended by deleting the following
definitions in their entirety and replacing them with the following:

     “Maximum Revolving Advance Amount” shall mean Three
Hundred Thirty Five Million and 00/100 Dollars ($335,000,000.00).

     5. Effective on the Paulson Acquisition Effective Date, Section 1.2 of the Loan Agreement
is hereby amended by deleting the following definitions in their entirety and replacing them
with the following:

     “Acquisition Agreements” shall mean the collective
reference to the Pecos Acquisition Agreement, the Canyon Acquisition
Agreement, the Total Petroleum Acquisition Agreement, the Farmington
Acquisition Agreement, the Paulson Acquisition Agreement and all
other acquisition agreements executed in connection with Permitted
Acquisitions.

     “Management Agreement” shall mean that certain
Professional Services Agreement dated as of September 18, 2006, as
amended by (i) that certain letter dated April 27, 2007, and (ii)
that certain letter agreement, dated on or about December 5, 2007,
by and among NCA II Management, LLC, a Washington limited liability
company, Waud Capital Partners, L.L.C., a Delaware limited liability
company, RBCP Energy Fund Investments, LP, a

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Delaware limited partnership, Holdings, Simons Petroleum, Inc.,
an Oklahoma corporation, and the Parent.

     “Other Documents” shall mean the Revolving Credit Note,
any Guaranty, any Guarantor Security Agreement, any Borrower
Joinder, the Collateral Assignments, the Intercreditor Agreement,
the Mortgages and any and all other agreements, instruments and
documents, including, without limitation, guaranties, pledges,
collateral assignments, powers of attorney, consents, and all other
writings heretofore, now or hereafter executed and delivered by any
Borrower or any Loan Party in favor of Agent or any Lender as
required by this Loan Agreement or any of the foregoing in respect
of the implementation or performance hereof or thereof.

     6. Section 1.2 of the Loan Agreement is hereby amended by inserting the following
definitions:

     “Acquisition Agreements” shall mean the collective
reference to the Pecos Acquisition Agreement, the Canyon Acquisition
Agreement, the Total Petroleum Acquisition Agreement, the Farmington
Acquisition Agreement and all other acquisition agreements executed
in connection with Permitted Acquisitions.

     “Borrower Joinder” shall mean a joinder by a Person as
a Borrower under this Agreement, the Revolving Credit Note and the
other Other Documents in form and substance satisfactory to the
Agent.

     “Collateral Assignments” shall mean the Supply
Agreement Collateral Assignment and all other collateral assignments
executed in connection with Permitted Acquisitions.

     “Culp Disposition” shall mean the disposition of assets
of GPAI as contemplated by the Culp Disposition LOI.

     “Culp Disposition LOI” shall mean the letter of intent
dated May 8, 2007, by and between GPAI and On-Site.

     “Finance Corp Certificate of Merger” shall mean the
Certificate of Merger, merging MMSI with and into MPFC.

     “Finance Corp Merger” shall mean the merger of MMSI
with and into MPFC pursuant to the Finance Corp Certificate of
Merger, the surviving Person of which is MPFC.

     “Fourth Amendment Closing Date” shall mean December 4,
2007.

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     “GPAI” shall mean G.P. Atlantic, Inc., a South Carolina
corporation.

     “Holdings Certificate of Merger” shall mean the
Certificate of Merger, merging Parent with and into MPHI.

     “Holdings Merger” shall mean the merger of Parent with
and into MPHI pursuant to the Holdings Certificate of Merger, the
surviving Person of which is MPHI.

     “IPO” shall mean the initial public offering of the
capital stock of MPHI.

     “MMSI” shall mean Maxum Merger Sub, Inc., a Delaware
corporation.

     “MPFC” shall mean Maxum Petroleum Finance Corp., (f/k/a
Maxum Petroleum, Inc.), a Delaware corporation.

     “MPHI” shall mean Maxum Petroleum Holdings, Inc., a
Delaware corporation.

     “Name Change” shall mean the change of MPI’s name from
Maxum Petroleum, Inc. to “Maxum Petroleum Finance Corp.” (or a name
substantially similar thereto, provided that the Borrowing Agent
gives written notice of such substantially similar name to the Agent
prior to the date of such name change) in connection with the IPO
pursuant to the Name Change Certificate.

     “Name Change Certificate” shall mean the Certificate of
Amendment, changing MPI’s name from “Maxum Petroleum, Inc.” to
“Maxum Petroleum Finance Corp.” (or a name substantially similar
thereto, provided that the Borrowing Agent gives written notice of
such substantially similar name to the Agent prior to the date of
the filing of such Certificate of Amendment).

     “On-Site” shall mean On-Site Fuel Service, Inc., a
Mississippi corporation.

     “Paulson” shall mean Paulson Oil Company, an Indiana
corporation.

     “Paulson Acquisition” shall mean the acquisition by MPI
of all of the capital stock of Paulson pursuant to the terms of the
Paulson Acquisition Agreement, which acquisition shall occur within
ninety (90) days of the Fourth Amendment Closing Date.

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     “Paulson Acquisition Agreement” shall mean the Stock
Contribution and Purchase Agreement, by and among MPI, SPI, the
Paulson Sellers and the Paulson Representative, in form and
substance reasonably satisfactory to the Agent.

     “Paulson Acquisition Effective Date” shall mean the
date on which the Paulson Acquisition is consummated pursuant to the
Paulson Acquisition Agreement.

     “Paulson Representative” shall mean Spell in its
capacity as representative of the Paulson Sellers.

     “Paulson Sellers” shall mean Spell, Robert A. Paulson,
an individual, and Peter E. Paulson, an individual.

     “Spell” shall mean Spell Capital Partners Fund II,
L.P..

     “Fourth Amendment Closing Date” shall mean December 4,
2007.

     7. Effective on the Paulson Acquisition Effective Date, Section 1.2 of the Loan Agreement
is hereby amended by deleting the following definition:

     “Collateral Assignment”

     8. Effective on the Paulson Acquisition Effective Date, Section 1.2 of the Loan Agreement
is hereby amended by inserting the following definitions:

     “Collateral Assignments” shall mean the Paulson
Collateral Assignment, the Supply Agreement Collateral Assignment
and all other collateral assignments executed in connection with
Permitted Acquisitions.

     “Paulson Collateral Assignment” shall mean that certain
Collateral Assignment of Representations, Warranties, Covenants,
Indemnities and Purchase Price Adjustment Rights and Escrow Rights,
executed and delivered by MPI and SPI to the Agent with respect to
the Paulson Acquisition Agreement.

     “Supply Agreement Collateral Assignment” shall mean
that certain Collateral Assignment of Contract Rights, executed and
delivered by PPI to the Agent with respect to the Supply Agreement,
together with all amendments, supplements, modifications,
substitutions and replacements thereto and thereof.

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     9. Section 2.1(a)(y)(i)(A)(1) of the Loan Agreement is hereby deleted in its entirety and
in its stead is inserted the following:

	 	(1)	 	Advances relating to Extended Term Receivables shall not exceed $35,000,000 outstanding at any time and

     10. Section 2.1(a)(y)(ii)(B) of the Loan Agreement is hereby deleted in its entirety and
in its stead is inserted the following:

     (B) $55,000,000.00,

     minus

     11. Section 2.24 of the Loan Agreement is hereby deleted in its entirety and in its stead
is inserted the following:

     2.24. [Reserved].

     12. Section 4.3 of the Loan Agreement is hereby deleted in its entirety and in its stead
is inserted the following:

     4.3 Disposition of Collateral. Each Borrower will
safeguard and protect all Collateral in order to, among other
things, protect the Agent’s interest therein, and no Borrower shall
make any disposition thereof whether by sale, lease or otherwise
except (a) the sale of Inventory in the ordinary course of business;
(b) sale/leaseback transactions relating to which the property that
is the subject of any such transaction was acquired for the purpose
thereof within the past 90 days prior to the consummation of the
sale/leaseback transaction; (c) (i) the sale, lease or other
disposition of assets by a Borrower to another Borrower or (ii) the
sale, lease or other disposition of assets by a Borrower or any
Subsidiary of a Borrower, in each case with respect to this clause
(c) only, in the ordinary course of business, to a Subsidiary of a
Borrower, as long as the transferee of such assets is a secured
Guarantor hereunder subject to agreements, instruments and other
documentation acceptable to Agent in its good faith business
judgment; (d) non-exclusive licenses of intellectual property of the
Borrower and its Subsidiaries in the ordinary course of business;
(e) the sale, exchange or other disposition of Cash Equivalents in
the ordinary course of business; (f) the termination, surrender or
sublease of a real estate lease of the Borrower or any of its
Subsidiaries in the ordinary course of business, provided that
Borrower shall advise Agent in writing of any termination, surrender
or sublease that is material; (g) the disposition or transfer of
obsolete and worn-out Equipment or Equipment that is no longer used
or useful, in each case in the ordinary course of business, during
any fiscal year

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having an aggregate fair market value of not more than
$1,500,000 and only to the extent that (i) the proceeds of any such
disposition are used or allocated, and in fact are subsequently
used, to acquire replacement Equipment which is subject to Agent’s
First-Priority Interest or Second-Priority Interest, as the case may
be, or (ii) the proceeds of which are remitted to Agent to be
applied pursuant to Section 2.21; (h) the disposition of Collateral
pursuant to the Intercreditor Agreement; (i) dispositions of
accounts receivable and related assets under the Securitization
Documents; (j) the disposition that will occur as a result of the
Holdings Merger; and (k) the Culp Disposition (any of the foregoing
is referred to herein as a “Permitted Disposition”).

     13. Section 4.5 of the Loan Agreement is hereby deleted in its entirety and in its stead
is inserted the following:

     4.5 Ownership of Collateral. With respect to the
Collateral, at the time the Collateral becomes subject to Agent’s
security interest: (a) each Borrower shall be the sole owner of
(except that Michel Salbaing and Perot Bissell may own less than
        .0001% of the outstanding capital stock of MPHI) and fully
authorized and able to sell, transfer, pledge and/or grant a
First-Priority Interest or a Second-Priority Interest, as the case
may be, in each and every item of its respective Collateral to Agent
(with the further understanding that the Collateral may also from
time to time be subject to Permitted Encumbrances); and, except for
Permitted Encumbrances, the Collateral shall be free and clear of
all Liens and encumbrances whatsoever; (b) each document and
agreement constituting Collateral executed by each Borrower or
delivered to Agent or any Lender in connection with this Loan
Agreement shall be true and correct in all material respects; (c)
all signatures and endorsements of each Borrower that appear on such
documents and agreements shall be genuine and each Borrower shall
have full capacity to execute same; and (d) each Borrower’s
Equipment and Inventory shall be located at locations specifically
identified on Schedule 4.5 (as Borrower may update from time
to time by giving written notice to Agent thereof, provided
the foregoing ongoing permitted updates of such Schedule shall only
be allowed as to additional locations of such property within the
United States, and such property and any such additional locations
shall remain subject to any and all provisions of this Loan
Agreement and the other Loan Documents) and shall not be removed
from such location(s) without the prior written consent of Agent,
except if in-transit among such locations or out for repair, and
except with respect to the sale of Inventory in the ordinary course
of business and Equipment to the extent permitted in Section 4.3
hereof.

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     14. Effective on the Paulson Acquisition Effective Date, Section 5.5 of the Loan Agreement
is hereby deleted in its entirety and in its stead is inserted the following:

     (a) The pro forma balance sheet of Borrowers and their
consolidated Subsidiaries on a consolidated basis at the Parent
level (the “Pro Forma Balance Sheet”) when furnished to
Agent in accordance herewith shall reflect the consummation of the
transactions contemplated by the Pecos Acquisition Agreement, the
Canyon Acquisition Agreement, the Total Petroleum Acquisition
Agreement and the Paulson Acquisition Agreement, under this
Agreement and under the JPM Credit Agreement (collectively being
referred to herein as the “Transactions”) and shall fairly
reflect in all material respects the financial condition of
Borrowers and their consolidated Subsidiaries on a consolidated
basis as of the Fourth Amendment Closing Date after giving effect to
the Transactions, and is to be prepared in accordance with GAAP
(subject to the absence of footnotes, the application of SFAS 133
and 130 and normal year-end audit adjustments). The Pro Forma
Balance Sheet has been certified as accurate, complete and correct
in all material respects by the President and Chief Financial
Officer on behalf of Parent.

     (b) The annual (x) cash flow projections, (y) income
projections and (z) a projected balance sheet of the Borrowers
prepared on a consolidated basis at the Parent level for the fiscal
year ending June 30, 2008, copies of which are annexed hereto as
Exhibit 5.5(b) (the “Projections”), were prepared by
Parent, are based on underlying assumptions which were believed to
be reasonable as of the date made, and reflect Parent’s judgment,
based on assumptions which were believed to be reasonable at the
time made regarding what was believed to be at such time a
reasonably likely set of results for the projected period,
provided, however, since such Projections are by
their nature prospective and contingent on a wide range of factors,
actual results therefore may vary significantly, provided,
further, nothing has occurred in the interval between the
date of determination of the reasonableness of the assumptions
referenced above and the date of the delivery of the Projections to
Agent to render Parent’s belief regarding the foregoing assumptions
no longer reasonable. The Projections together with the Pro Forma
Balance Sheet, are referred to as the “Pro Forma Financial
Statements”.

     15. Section 6.14 of the Loan Agreement is hereby amended by adding the following new
sentence at the end of such Section 6.14:

Within 90 days (or such longer time period as reasonably determined
by Agent) after the Fourth Amendment Closing Date,

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the Agent shall have received evidence of the filing of
modifications to the Mortgages and title insurance bring-downs and
endorsements with respect thereto, all in form and substance
reasonably satisfactory to the Agent.

     16. Effective on the Paulson Acquisition Effective Date, Section 6.15 of the Loan
Agreement is hereby amended by adding the following new sentence at the end of such Section
6.15:

Within 60 days (or such longer time period as reasonably determined
by Agent) after the Paulson Acquisition Effective Date the Agent
shall have received evidence reasonably satisfactory to the Agent
that Paulson has directed all of its Customers to remit payments to
the Blocked Accounts.

     17. The introductory clause of Section 7.1(a) of the Loan Agreement is hereby deleted in
its entirety and in its stead is inserted the following:

     (a) Enter into any merger, consolidation or other
reorganization with or into any other Person or acquire all or a
substantial portion of the assets or stock of any Person or permit
any other Person to consolidate with or merge with it,
provided however, that (i) any Borrower may merge or
consolidate into another Borrower, (ii) in connection with the IPO,
MMSI may merge with and into MPFC in accordance with the Finance
Corp Certificate of Merger, so long as (1) MPFC survives such
merger, (2) MPFC provides (x) prompt notice to the Agent of such
merger, and (y) a copy of such Finance Corp Certificate of Merger
filed with the Delaware Secretary of State and all other filings, if
any, with respect to such merger, and (3) MPHI executes and delivers
a Borrower Joinder pursuant to Section 16.21 hereof, and (iii) in
connection with the IPO, Parent may merge with and into MPHI,
pursuant to the Holdings Certificate of Merger so long as (1) MPHI
survives such merger and (2) MPHI provides (x) prompt notice to the
Agent of such merger and (y) a copy of such Holdings Certificate of
Merger filed with the Delaware Secretary of State and all other
filings, if any, with respect to such merger; and provided
further that (i) any Borrower may purchase or acquire all or
a substantial portion of the assets or stock of any Person or a
business or division of another Person (a “Permitted
Acquisition”), and (ii) any Borrower may merge or consolidate
with or into any Person if all of the following requirements are met
in connection with such Permitted Acquisition, merger or
consolidation:

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     18. Effective on the Paulson Acquisition Effective Date, Section 7.1(a)(ii)(G) of the Loan
Agreement is hereby deleted in its entirety and in its stead is inserted the following:

          (G) (y) immediately prior to and after giving effect to such
Permitted Acquisition (including the payment of any prospective
portion of the purchase price or earn-outs), merger or
consolidation, except the Total Petroleum Acquisition, the
Farmington Acquisition and the Paulson Acquisition, the Borrowers
shall have in excess of Fifty Million and 00/100 Dollars
($50,000,000.00) of Undrawn Availability, and (z) immediately prior
to and after giving effect to the Paulson Acquisition (including the
payment of any prospective portion of the purchase price or
earn-outs), the Borrowers shall have in excess of Twenty Million and
00/100 Dollars ($20,000,000.00) of Undrawn Availability;

     19. Effective on the Paulson Acquisition Effective Date, Section 7.1(a)(ii)(I) of the Loan
Agreement is hereby deleted in its entirety and in its stead is inserted the following:

          (I) the Aggregate Consideration paid by any such Borrower for
all such Permitted Acquisitions, mergers or consolidations,
excluding the Total Petroleum Acquisition, the Farmington
Acquisition and the Paulson Acquisition, shall not exceed Twenty
Million and 00/100 Dollars ($20,000,000.00) in the aggregate in any
fiscal year of the Borrowers and Fifty Million and 00/100 Dollars
($50,000,000.00) in the aggregate during the Term.

     20. Clause (i) of Section 7.7 of the Loan Agreement is hereby deleted in its entirety and
in its stead is inserted the following:

(i) the payment of the Management Fees including, without
limitation, (x) a fee of three percent (3%) of the aggregate
consideration paid for each Permitted Acquisition, (y) a fee of
three percent (3%) of the gross consideration received for each
Permitted Disposition, and (z) a fee payable in connection with the
sale of the Borrowers equal to three hundredths of one percent
(0.3%) of the enterprise value of the Borrowers realized in any such
sale, in each case in accordance with the terms of the Management
Agreement (plus any amount accrued but unpaid due to a prior Default
or Event of Default), relating to the Borrowers that are due and
owing from Parent as long as no Default or Event of Default has
occurred and is continuing at or as of the date of the proposed
distribution thereof or would otherwise arise upon the making of any
such proposed distribution (and in connection therewith Parent shall
thereupon be permitted to make such Management Fee payments),

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     21. Section 7.8(iv) of the Loan Agreement is hereby deleted in its entirety and in its
stead is inserted the following:

     (iv) Indebtedness owed to Valvoline with respect to Equipment
financing in an aggregate amount not to exceed $5,000,000;

     22. Section 7.15 of the Loan Agreement is hereby deleted in its entirety and in its stead
is inserted the following:

     7.15 Amendment of Organizational Documents. Amend,
modify or waive any term or material provision of its organizational
documents, including, its articles of organization, operating
agreement, Articles of Incorporation or By-Laws, each as applicable,
or change its name, unless required by law, in a manner materially
adverse to Agent and Lenders except with their prior written
consent; provided, however, (x) MPI may amend its organizational
documents in connection with the Name Change to reflect the same, so
long as MPI provides (i) prompt notice to the Agent of such Name
Change, and (ii) a copy of the Name Change Certificate filed with
the Delaware Secretary of State and all other filings, if any, with
respect to such name change; (y) MPFC may amend its organizational
documents in connection with the Finance Corp Merger to reflect the
same; and (z) Parent may amend its organizational documents in
connection with the Holdings Merger to reflect the same. The
parties hereto agree, that (i) upon the effective date of the Name
Change, any and all references to MPI in the Loan Agreement or any
Other Documents shall automatically be deemed to be references to
MPFC without any further action on the part of the Borrowers or the
Agent, and (ii) upon the effective date of the Holdings Merger, any
and all references to Parent in the Loan Agreement or any Other
Documents shall automatically be deemed to be references to MPHI
without any further action on the part of the Borrowers or the
Agent.

     23. Article 7 of the Loan Agreement is hereby amended by inserting the following new
Section 7.21:

     7.21 Amendment of the Management Agreement. Amend,
modify or waive any term or provision of the Management Agreement,
except with the Agent’s and the Lenders’ prior written consent,
provided, however, SPI-OK and the Parent may amend the Management
Agreement solely to change (y) the timing of the payment of the fees
payable thereunder or (z) the allocation of such fees among the
parties thereto.

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     24. The second sentence of Section 9.2 of the Loan Agreement is hereby deleted in its
entirety and in its stead is inserted the following:

If at any time (a) the sum of (y) Undrawn Availability on average
for the most recently ended thirty (30) consecutive days plus (z)
Suppressed Availability on average for the most recently ended
thirty (30) consecutive days is less than $35,000,000, or (b)
Undrawn Availability is less than $20,000,000 for five (5)
consecutive days, Borrowers shall also deliver to Agent on a weekly
basis on Friday of each week relating to the prior week’s activities
(consisting of the seven days commencing on Monday of such prior
week and ending on Sunday of such week): (a) a Borrowing Base
Certificate (which remains subject to review and approval by Agent);
(b) a report regarding sales, collections and credits; (c) an
Inventory report regarding fuel listing amounts in both dollar value
and in gallons quantity for Designated Supply Contracts Locations,
Pathway Network locations, remote site tanks and marine terminal
tanks.

     25. Article 16 of the Loan Agreement is hereby amended by inserting the following new
Section 16.21:

     16.21 Joinder of MPHI. On the date of the filing of
the Finance Corp Certificate of Merger, MPHI shall execute and
deliver to the Agent (i) a Borrower Joinder pursuant to which it
shall join as a Borrower each of the documents to which the
Borrowers are parties; (ii) documents in the forms described in
Section 8.1 hereof, modified as appropriate to relate to MPHI; and
(iii) documents necessary to grant to the Agent for the ratable
benefit of each Lender and perfect (y) continuing first-priority
security interests in and to all of MPHI’s First-Priority Collateral
and (z) continuing second-priority security interests in and to all
of MPHI’s Second-Priority Collateral.

     26. Effective on the Paulson Acquisition Effective Date, Article 16 of the Loan Agreement
is hereby amended by inserting the following new Section 16.22:

     16.22 Joinder of Paulson. On the Paulson Acquisition
Effective Date, Paulson shall execute and deliver to the Agent (i) a
Borrower Joinder pursuant to which it shall join as a Borrower each
of the documents to which the Borrowers are parties; (ii) documents
in the forms described in Section 8.1 hereof, modified as
appropriate to relate to Paulson; and (iii) documents necessary to
grant to the Agent for the ratable benefit of each Lender and
perfect (y) continuing first-priority security interests in and to
all of Paulson’s First-Priority Collateral and (z) continuing

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second-priority security interests in and to all of Paulson’s
Second-Priority Collateral.

     27. Effective on the Paulson Acquisition Effective Date and provided that the Name Change,
the Finance Corp Merger and the Holdings Merger have not been consummated, “Annex
A” to the Loan Agreement is hereby deleted and in its stead is inserted “Annex A”
attached hereto as Attachment B.

     28. Effective on the Paulson Acquisition Effective Date and provided that the Name Change,
the Finance Corp Merger and the Holdings Merger have been consummated, “Annex A” to the
Loan Agreement is hereby deleted and in its stead is inserted “Annex A” attached hereto
as Attachment C.

     29. Effective upon the consummation of the Name Change, the Finance Corp Merger and the
Holdings Merger and provided that the Paulson Acquisition has been consummated,
“Annex A” to the Loan Agreement is hereby deleted and in its stead is inserted the
“Annex A” attached hereto as Attachment D.

     30. Effective upon the consummation of the Name Change, the Finance Corp Merger and the
Holdings Merger and provided that the Paulson Acquisition has not been
consummated, “Annex A” to the Loan Agreement is hereby deleted and in its stead is
inserted the “Annex A” attached hereto as Attachment E.

     31. The following schedules to the Loan Agreement are hereby updated, such that the
information set forth on each of the correspondingly numbered schedules to the Loan Agreement
shall be supplemented by the addition or deletion, as the case may be, thereto of the
information set forth on the correspondingly numbered schedules attached hereto as
Attachment F: Schedule 4.5 — Equipment and Inventory Locations; Schedule 4.15(c) —
Location of Executive Offices; Schedule 4.19(a) — Real Property; Schedule 5.2(b) —
Subsidiaries; Schedule 5.4 — Federal Tax Identification Numbers; Schedule 5.8(d) — Plans;
Schedule 5.9 — Intellectual Property, Source Code Escrow Agreements; and Schedule 7.10 —
Affiliate Transactions.

     32. Effective on the Paulson Acquisition Effective Date the following schedules to the
Loan Agreement are hereby amended, such that the information set forth on each of the
correspondingly numbered schedules to the Loan Agreement shall be supplemented by the addition
thereto of the information set forth on the correspondingly numbered schedules attached hereto
as Attachment G: Schedule 1.2.1 — Mortgaged Properties; Schedule 1.2.2 — Permitted
Encumbrances; Schedule 1.2.3 — Customers Re: Extended Term Receivables; Schedule 1.2.4 —
Designated Supply Contracts; Schedule 4.1 — Commercial Tort Claims; Schedule 4.5 — Equipment
and Inventory Locations; Schedule 4.15(c) — Location of Executive Offices; Schedule 4.19(a) —
Real Property; Schedule 5.2(a) — States of Qualification and Good Standing; Schedule 5.2(b) —
Subsidiaries; Schedule 5.4 — Federal Tax Identification Numbers; Schedule 5.6 — Prior Names;
Schedule 5.7 — Environmental Matters; Schedule 5.8(b) — Litigation; Schedule 5.8(d) — Plans;
Schedule 5.9 — Intellectual Property, Source Code Escrow Agreements; Schedule 5.10 — Licenses
and Permits; Schedule 5.14 — Labor Disputes; Schedule 5.24 — Bailees of Prepaid Fuel
Inventory;

-13-

 

Schedule 7.3 — Guaranties; Schedule 7.4 — Investments; Schedule 7.8 — Indebtedness; and
Schedule 7.10 — Affiliate Transactions.

     33. Effective on the Paulson Acquisition Effective Date, “Exhibit 5.5(b)” to the
Loan Agreement (Financial Projections) is hereby deleted and in its stead is inserted
“Exhibit 5.5(b)” attached hereto.

     34. Effective on the Paulson Acquisition Effective Date, “Exhibit 16.3” to the
Loan Agreement (Commitment Transfer Supplement) is hereby deleted and in its stead is inserted
“Exhibit 16.3” attached hereto.

     35. The provisions of Sections 2 through 34 of this Fourth Amendment shall not become
effective until the Agent has received the following items, each in form and substance
reasonably acceptable to the Agent and its counsel:

               (a) this Fourth Amendment, duly executed by each of the Borrowers and each of the Lenders;

               (b) the documents and conditions listed in the Preliminary Closing Agenda set forth
on Attachment A, attached hereto and made a part hereof, that are required
to be delivered on or before the Fourth Amendment Closing Date as set forth
therein;

               (c) payment of all fees and expenses owed to the Agent and its counsel in
connection with this Fourth Amendment; and

               (d) such other documents as may be reasonably requested by the Agent.

     36. Each Borrower hereby reconfirms and reaffirms each of the representations and
warranties made by it in or pursuant to the Loan Agreement and any related documents to which
it is a party, and each of the representations and warranties made to the Lenders contained in
any certificate, document or financial or other statement furnished at any time under or in
connection with the Loan Agreement or any related agreement, are true and correct in all
material respects on and as of such date as if made on and as of such date, other than such
representations and warranties relating to a specific earlier time and in such case such
representations and warranties shall continue to be true in all material respects as of such
earlier date, except as such representations and warranties may have heretofore been amended,
modified or waived in writing in accordance with the Loan Agreement.

     37. Each Borrower acknowledges and agrees that each and every document, instrument or
agreement, which at any time has secured the Obligations including, without limitation, the
Loan Agreement and the Mortgages hereby continue to secure the Obligations.

     38. Each Borrower hereby represents and warrants to the Lenders and the Agent that (i)
such Borrower has the full power, authority and legal right to enter into this Fourth Amendment
and to perform all its respective Obligations hereunder, (ii) the officers of such Borrower
executing this Fourth Amendment have been duly authorized to execute and

-14-

 

deliver the same and bind such Borrower with respect to the provisions hereof, (iii) the
execution and delivery hereof by such Borrower and the performance and observance by such
Borrower of the provisions hereof and of the Loan Agreement and all documents executed or to be
executed therewith (a) are within such Borrower’s corporate powers, have been duly authorized,
are not in contravention of law or the terms of such Borrower’s by-laws, certificate of
incorporation, operating agreement or other documents relating to such Borrower’s formation,
all as applicable, or to the conduct of such Borrower’s business or of any material agreement
or undertaking to which such Borrower is a party or by which such Borrower is bound, and (b)
will not conflict with nor result in any breach in any of the provisions of or constitute a
default under or result in the creation of any Lien except Permitted Encumbrances upon any
asset of such Borrower under the provisions of any agreement, charter document, operating
agreement, instrument, by-law, or other instrument to which such Borrower is a party or by
which it or its property may be bound, and (iv) this Fourth Amendment, the Loan Agreement and
the documents executed or to be executed by such Borrower in connection herewith or therewith
constitute the legal, valid and binding obligations of such Borrower enforceable in accordance
with their terms, except as such enforceability may be limited by any applicable bankruptcy,
insolvency, moratorium or similar laws affecting creditors’ rights generally.

     39. Each Borrower represents and warrants that (i) no Event of Default has occurred and is
continuing under the Loan Agreement, nor will any occur as a result of the execution and
delivery of this Fourth Amendment or the performance or observance of any provision hereof and
(ii) it presently has no known claims or actions of any kind at law or in equity against the
Lenders or the Agent arising out of or in any way relating to the Loan Agreement or the Other
Documents.

     40. Each reference to the Loan Agreement that is made in the Loan Agreement or any other
document executed or to be executed in connection therewith shall hereafter be construed as a
reference to the Loan Agreement as amended hereby.

     41. The agreements contained in this Fourth Amendment are limited to the specific
agreements made herein. Except as amended hereby, all of the terms and conditions of the Loan
Agreement and the Other Documents shall remain in full force and effect. This Fourth Amendment
amends the Loan Agreement and is not a novation thereof.

     42. This Fourth Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts each of which, when so executed, shall be
deemed to be an original, but all such counterparts shall constitute but one and the same
instrument.

     43. This Fourth Amendment shall be governed by, and shall be construed and enforced in
accordance with, the Laws of the State of New York without regard to the principles of the
conflicts of law thereof. Each Borrower hereby consents to the jurisdiction and venue of any
federal or state court located in the County of New York, State of New York with respect to any
suit arising out of or mentioning this Fourth Amendment.

[INTENTIONALLY LEFT BLANK]

-15-

 

     IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this
Fourth Amendment to be duly executed by their duly authorized officers the day and year first above
written.

	 	 	 	 	 
	 	SPI Petroleum LLC, a Delaware limited liability
company
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Maxum Petroleum, Inc., a Delaware corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Secretary 	 
	 
	 	Simons Petroleum, Inc., a Texas corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Simons Petroleum, Inc., an Oklahoma 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	SPI Acquisition LLC, a Delaware limited 
liability company
 	 
	 	By:  	Maxum Petroleum, Inc. 	 
	 	Its:  	Managing Member 	 

	 	 	 	 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Secretary 	 
	 
	 	ETI Acquisition LLC, a Delaware limited 
liability company
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 

 

	 	 	 	 	 
	 	Hartney Fuel Oil Co., an Illinois corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Hartney Brothers, Inc., an Illinois corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Petroleum Supply Company, Inc., an Illinois 
corporation

 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Canyon State Oil Company, Inc., an Arizona 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Pecos, Inc., a California corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	General Petroleum Corporation, a California 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Rainier Petroleum Corporation, a Washington corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 

 

	 	 	 	 	 
	 	Sedro-Woolley Holdings Corporation, a 
Washington corporation

 	 
	 	By:  	/s/ Michel Salbaing
 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	G.P. Atlantic, Inc., a South Carolina corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Petroleum Products, Inc., a West Virginia 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Petroleum Transport, Inc., a West Virginia 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 
	 	Petroleum Fueling, Inc., a West Virginia 
corporation
 	 
	 	By:  	/s/ Michel Salbaing 	 
	 	 	Name:  	Michel Salbaing 	 
	 	 	Title:  	Treasurer 	 
	 

 

	 	 	 	 	 
	 	PNC Bank, National Association, as Agent and 
as Lender
 	 
	 	By:  	/s/ Terrance McKinney 	 
	 	 	Name:  	Terrance McKinney 	 
	 	 	Title:  	Vice President 	 
	 
	 	JPMorgan Chase Bank, N.A., as Co-
Documentation Agent and as Lender
 	 
	 	By:  	/s/ J. Devin Mock 	 
	 	 	Name:  	J. Devin Mock 	 
	 	 	Title:  	Vice President 	 
	 
	 	Bank of America, N.A., as Co-Documentation 
Agent and as Lender
 	 
	 	By:  	/s/ Philip Nomura 	 
	 	 	Name:  	Philip Nomura 	 
	 	 	Title:  	Vice President 	 
	 
	 	The CIT Group/Business Credit, Inc., as Co-
Documentation Agent and as Lender
 	 
	 	By:  	/s/ Mark J. Long 	 
	 	 	Name:  	Mark J. Long 	 
	 	 	Title:  	Vice President 	 
	 
	 	Wells Fargo Foothill, LLC, as Co-
Documentation Agent and as Lender
 	 
	 	By:  	/s/ David P. Hill 	 
	 	 	Name:  	David P. Hill 	 
	 	 	Title:  	Vice President 	 
	 

 

	 	 	 	 	 
	 	Comerica Bank, as Lender

 	 
	 	By:  	/s/ Keith Nichols 	 
	 	 	Name:  	Keith Nichols 	 
	 	 	Title:  	Vice President 	 
	 
	 	North Fork Business Capital, as Lender
 	 
	 	By:  	/s/ Todd Kemme 	 
	 	 	Name:  	Todd Kemme 	 
	 	 	Title:  	Vice Presidentexv10w1

 

EXHIBIT 10.1

CENTRUE FINANCIAL CORPORATION

EXECUTIVE DEFERRED COMPENSATION PLAN

          Centrue Financial Corporation (the “Company”), hereby adopts the Centrue Financial Corporation
Executive Deferred Compensation Plan (the “Plan”), for the benefit of a select group of executives
of the Company and its affiliated companies. The Plan is an unfunded arrangement for the benefit
of executives. The Plan is effective as of January 1, 2008.

ARTICLE 1.

DEFINITIONS

	1.01	 	Account. The bookkeeping accounts established for each Participant as provided in Section
5.01 hereof. As provided in Section 5.01, separate bookkeeping accounts shall be established
for the Participant’s Deferrals, the “Deferral Account, and the Company Contributions made on
behalf of a Participant, the Company Contributions Account.
	 
	1.02	 	Administrator. Such person or entity as determined by the Board, and in the absence of such
determination, the Company.
	 
	1.03	 	Affiliate. A business entity that is either a wholly owned subsidiary of the Company,
including not by way of limitation, the Bank, or considered to be under common control with
the Company pursuant to the provisions of Code Sections 414(b), (c), (m) or (o) of the Code.
	 
	1.04	 	Bank. Centrue Bank.
	 
	1.05	 	Board. The Board of Directors of the Company.
	 
	1.06	 	Cause. An Executive’s termination of employment
with the Company shall be considered to
occur for Cause upon any of the
following events:

	 	(a)	 	the willful and continued failure by the Executive to perform substantially
the Executive’s duties (other than any such failure resulting from the Executive’s
incapacity due to physical or mental illness or any such failure subsequent to the
delivery to the Executive of a notice of intent to terminate the Executive’s
employment without Cause or subsequent to the Executive’s delivery of a notice of the
Executive’s intent to terminate employment for Constructive Discharge), and such
willful and continued failure continues after a demand for substantial performance is
delivered to the Executive that specifically identifies the manner in which the
Executive has not substantially performed the Executive’s duties

 

 

	 	(b)	 	the Executive is removed or suspended from banking pursuant to Section 8(e)
of the Federal Deposit Insurance Act, as amended (“FDIA”), or any other applicable
state or federal law; or
	 
	 	(c)	 	the willful engaging by the Executive in illegal conduct or gross misconduct
which is materially and demonstrably injurious to the business or reputation of the
Company.

	 	 	For purposes of determining whether “Cause” exists, no act or failure to act on the
Executive’s part shall be considered “willful” unless done, or omitted to be done, by the
Executive in bad faith and without reasonable belief that the action or omission was in, or
not opposed to, the best interests of the Company. Any act, or failure to act, based upon
authority given pursuant to a resolution duly adopted by the Board, based upon the advice
of counsel for the Employer or upon the instructions to the Executive by a more senior
officer shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company. The Company must notify the
Executive of any event constituting Cause within ninety (90) days following its knowledge
of its existence or such event shall not constitute Cause under this Agreement.
	 
	1.07	 	Change of Control. Any one of:

	 	(a)	 	The consummation of the acquisition by any person (as such terms is defined
in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
“1934 Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the 1934 Act) of fifty percent (50%) or more of the combined voting power of the
then outstanding voting securities of the Company;
	 
	 	(b)	 	Within any twelve (12) month period, a majority of the members of the Board
is replaced by individuals whose appointment or election is not endorsed by a majority
of the Board prior to the date of the appointment or election; or
	 
	 	(c)	 	Consummation of: (1) a merger or consolidation to which the Company is a
party if the stockholders of the Company immediately before such merger or
consolidation do not, as a result of such merger or consolidation, own, directly or
indirectly, more than sixty seven (67%) of the combined voting power of the then
outstanding voting securities of the entity resulting from such merger or
consolidation in substantially the same proportion as their ownership of the combined
voting power of the Company’s voting securities outstanding immediately before such
merger or consolidation; or (2) a complete liquidation or dissolution or sale or other
disposition of all or substantially all of the assets of the Company or the Bank.

 

 

	 	 	 	Notwithstanding the foregoing, a Change of Control shall not be deemed to occur
solely because fifty percent (50) or more of the combined voting power of the
Company’s then outstanding voting securities is acquired by: (1) a trustee or other
fiduciary holding securities under one or more employee benefit plans maintained
for employees of the entity; or (2) any corporation which, immediately prior to
such acquisition, is owned directly or indirectly by the stockholders in the same
proportion as their ownership of stock immediately prior to such acquisition.
	 
	 	 	 	Notwithstanding the foregoing, no event described in this Section 1.05 shall be
considered a Change of Control, unless the event also constitutes a change in the
ownership or effective control pursuant to Code Section 409A(a)(2)(A)(v) and the
regulatory guidance promulgated thereunder.

	1.08	 	Code. The Internal Revenue Code of 1986, as amended.
	 
	1.09	 	Company Contributions. The contributions to be credited to an Executive’s Plan accounts as
described in Section 3.02 hereof.
	 
	1.10	 	Company Contribution Date. The last day of the Plan Year for which the Company Contribution
is being made.
	 
	1.11	 	Compensation. The Executives annual base salary and annual incentive bonus.
	 
	1.12	 	Deferrals. The portion of the Compensation that a Participant elects to defer in accordance
with Section 3.01 hereof.
	 
	1.13	 	Deferral Date. The date the Deferrals will be credited to the Executive’s Account, which
date shall be the date it would otherwise have been payable to the Executive.
	 
	1.14	 	Deferral Election. The separate written agreement, submitted to the Administrator, by which
an Executive elects to participate in the Plan and to make Deferrals.
	 
	1.15	 	Disability. A Participant shall be considered disabled if the participant (i) is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months; or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident and health plan
covering employees of the Participant’s employer.
	 
	1.16	 	Effective Date. January 1, 2008.

 

 

	1.17	 	Executive. An executive of the Company or an Affiliate selected by the Board to participate
in the Plan.
	 
	1.18	 	Normal Retirement Date. The date on which the Executive attains age sixty-five (65) with five
(5) or more years of service, as measured under the Company’s 401(k) plan, provided that the Executive has not incurred a
Separation from Service prior to that date. For purposes of this Plan, years of service shall be measured in the same
manner as they are measured under the Centrue Financial Corporation 401(k) and Profit Sharing Plan.

	 
	1.19	 	Participant. An Executive who is a Participant as provided in ARTICLE 2.
	 
	1.20	 	Plan Year. January 1 to December 31.
	 
	1.21	 	Separation from Service. The termination of the Executive’s employment with the Company and
each of its Affiliates for reasons other than death or Disability. Whether a Separation from
Service takes place is determined by the Company based on the facts and circumstances
surrounding the termination of the Executive’s employment and whether the Company and the
Executive intended for the Executive to provide significant services for the Company following
such termination.

	 	(a)	 	A termination of employment will be presumed to constitute a Separation from
Service if the Executive continues to provide services as an employee of the Bank in
an annualized amount that is less than 20% of the services rendered, on average,
during the immediately preceding three years of employment (or, if employed less than
three years, such lesser period).
	 
	 	(b)	 	The Executive will be presumed to have not incurred a Separation from Service
if the Executive continues to provide services to the Bank in an annualized amount
that is 50% or more of the services rendered, on average, during the immediately
preceding three years of employment (or if employed less than three years, such lesser
period).
	 
	 	(c)	 	A Separation from Service will not have occurred if immediately following the
Executive’s termination of employment, the Executive becomes an employee of any
Affiliate of the Company, unless the services to be performed would be in amount that
would result in the presumption that a Separation from Service had occurred.

	1.22	 	Specified Employee. A key employee (as defined in Section 416(i) of the Code without regard
to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an
established securities market or otherwise.

 

 

ARTICLE 2.

ELIGIBILITY AND PARTICIPATION

	2.01	 	Eligible Executives. The Board shall determine in its sole discretion which executives of the
Company and its Affiliates shall be eligible for participation in the Plan. In making this
determination, the Board shall only permit participation in the Plan by an executive who are
members of a select group of management or highly compensated employees who contribute
materially to the continued growth, development, and future business success of the Company.
	 
	2.02	 	Commencement of Participation. Each Executive shall become a Participant in the Plan on the
date the Executive’s Deferral Election first becomes effective.

	 	(a)	 	A Participant who is no longer an Executive shall not be permitted to submit
a Deferral Election and all Deferrals for such Participant shall cease as of the end
of the Plan Year in which such Participant is determined to no longer be an Executive.
	 
	 	(b)	 	Amounts credited to the Participant’s Account described in subsection (a)
shall continue to be held, pursuant to the terms of the Plan and shall be distributed
as provided in ARTICLE 6.

	2.03	 	Deferral Continuance upon Separation from Service. On or after the first day of any Plan
Year, a Participant’s Deferral Election with respect to that Plan Year shall be irrevocable.
A Participant may change a Deferral Election by delivering to the Administrator a written
revocation or modification of such election with respect to Compensation that relate to
services yet to be performed. The revocation or modification of the Deferral Election shall
be effective as of the first day of the Plan Year following the date the Participant delivers
the revocation or modification to the Administrator.

ARTICLE 3.

CONTRIBUTIONS

	3.01	 	Deferrals.

	 	(a)	 	The Company shall credit to the Participant’s Account an amount equal to the
amount designated in the Participant’s Deferral Election for that Plan Year. Such
amounts shall not be made available to such Participant, except as provided in ARTICLE
6, and shall reduce such Participant’s Compensation from the Company or Affiliate in
accordance with the provisions of the applicable Deferral Election; provided, however,
that all such amounts shall be subject to the rights of the general creditors of the
Company and Affiliates as provided in ARTICLE 8.
	 
	 	(b)	 	Each Executive shall deliver a Deferral Election to the Administrator before
any Deferrals may become effective. Except with respect to the deferral of all or a
portion of the Executive’s annual incentive bonus, such

 

 

	 	 	 	Deferral Election shall be void with respect to any Deferral unless submitted
before the beginning of the calendar year during which the amount to be deferred
will be earned. An Executive’s Deferral Election with respect to all or a portion
of the Executive’s annual incentive bonus shall be void with respect to any
Deferral unless submitted by June 30 of the Plan Year, provided that the annual
incentive bonus relates to the Executive’s performance over a period not shorter
than the Plan Year and further provided that the Board has established written
performance goals with respect to the annual incentive program. Notwithstanding
the foregoing, in the year in which an Executive is first eligible to participate,
such Deferral Election shall be filed within thirty (30) days of the date on which
an Executive is first eligible to participate, respectively, with respect to
Compensation earned during the remainder of the calendar year.
	 
	 	(c)	 	Subject to the limitation set forth in Section 3.01, the Deferral Election
shall remain effective until modified or revoked and will contain the following:

	 	(i)	 	the Participant’s designation as to the amount of
Compensation to be deferred;
	 
	 	(ii)	 	the beneficiary or beneficiaries of the Participant; and
	 
	 	(iii)	 	such other information as the Administrator may require.

	 	(d)	 	The maximum amount that may be deferred each Plan Year is fifty percent (50%)
of the Participant’s base salary and one hundred percent (100%) of the Participant’s
annual incentive bonus.

	3.02	 	Company Contributions. The Board may determine for any Plan Year that the Company will make
matching contributions or a Company contribution on behalf of some or all Participants. The
Board may make such determination at such time as during the Plan Year that it determines
appropriate.
	 
	3.03	 	Time of Contributions. Deferrals shall be credited to the Account of the appropriate
Participant as of the Deferral Date. Company Contributions shall be credited to the Account
of the appropriate Participant as of Company Contribution Date.

ARTICLE 4.

VESTING

	4.01	 	Vesting of Deferrals. A Participant shall have a vested right to his Account attributable
to Deferrals and any earnings on the investment of such Deferrals. A Participant shall become
one hundred percent (100%) vested in Company Contributions on the fifth (5th) anniversary of
last day of the Plan Year in which the Company Contribution is credited to the Participant’s
Account, provided that the Executive remains employed by the Company or an Affiliate through
that date

 

 

	 	 	(e.g., all Company contributions credited to a Participant’s Account for the 2008 Plan Year
shall become vested on December 31, 2013), provided the Executive remains employed by the
Company or an Affiliate through that date. Each Company Contribution will become vested
separately. A Participant shall become one hundred percent (100%) upon a Change of Control
of the Company, the Executive’s Normal Retirement Date or the Participant’s death, provided
that the Participant is employed by the Company on the date of the Change of Control,
Normal Retirement Date or the Participant’s death. Upon the Participant’s Separation from
Service, the Participant shall forfeit all Company Contributions that have not yet become
vested under this Section. Upon the Administrator’s determination that the Participant’s
Separation from Service has occurred for Cause, the Participant shall forfeit the
Participant’s entire Company Contributions Account, regardless of whether all or a portion
of such Company Contributions had become vested under this Section. The Board may
accelerate vesting in Company Contributions in its sole discretion.

ARTICLE 5.

ACCOUNTS

	5.01	 	Accounts. The Administrator shall establish and maintain a bookkeeping account in the name
of each Participant. The Participant’s Deferral Account shall be credited with Units, as
defined in Section 5.02(a). To the extent that the Participant directs the investment of all
or a portion of Participant’s Company Contribution Account in Units, such Company Contribution
Account shall be credited with Units in the same manner as the Participant’s Deferral Account.
The Company shall specify additional investment measures, which shall be credited or debited
with investment gains and losses in the manner described in Section 5.02. Each Participant’s
Account shall be debited by any distributions made plus any federal, state and/or local tax
withholding as may be required by applicable law. Distributions under ARTICLE 6 shall be
equal to the Participant’s Account balance as of the date of the applicable distribution
thereunder.
	 
	5.02	 	Investments, Gains and Losses.

	 	(a)	 	The Participant’s Deferral Account and the portion of the Participant’s
Company Contribution Account which the Participant has directed to be invested in
Units will be credited with the hypothetical number of stock units (“Units”),
calculated to the nearest thousandths of a Unit, determined by dividing the amount of
the Deferrals on the Deferral Date or the Company Contribution Date by the closing
market price of the Company’s common stock as reported on the NASDAQ for such date or
if that date is not a trading day, for the trading day immediately preceding such
date. The Participant’s Account will also be credited with the number of Units
determined by multiplying the number of Units in the Participant’s Account by any cash
dividends declared by the Company on its common stock and dividing the product by the
closing market price of the

 

 

	 	 	 	Company’s common stock as reported on the NASDAQ on the related dividend payment
date, and also by multiplying the number of Units in the Participant’s Account by
any stock dividends declared by the Company on its common stock.
	 
	 	(b)	 	The portion of a Participant’s Company Contribution Account that is
investment alternatives made available by the Company other than Units shall be
credited or debited with earnings or losses that the would have been realized had the
Participant actually invested that portion of Participant’s Company Contribution
Account in such alternative investments, as determined by the Administrator.
	 
	 	(c)	 	The Administrator shall adjust the amounts credited to each Participant’s
Account to reflect Deferrals, distributions and any other appropriate adjustments,
including, not by way of limitation appropriate adjustments to reflect any change in
the outstanding common shares of the Company as a result of a merger, reorganization,
stock split, reverse stock split, stock dividend, recapitalization, combination,
reclassification. Such adjustments shall be made as frequently as is administratively
feasible.
	 
	 	(d)	 	The Participant’s Account, established pursuant to Section 5.01, will be
valued by the Administrator on a yearly basis.
	 
	 	(e)	 	Any amounts contributed to a “Rabbi Trust” as provided in Section 8.02 shall
be invested by the trustee of the Rabbi Trust in accordance with written directions
from the Company. Such directions shall provide the trustee with the investment
discretion to invest the above-referenced amounts within broad guidelines established
by Administrator and Company as set forth therein. Notwithstanding the foregoing,
unless required otherwise by applicable law, any purchases of Company common stock
shall occur on the Deferral Date or the dividend payment date the Rabbi Trust Trustee
will, unless such date is not a trading day in which case the purchase shall occur on
the next trading day.
	 
	 	(f)	 	To the extent that the Company contributes amounts to a Rabbi Trust to set
aside assets for the future payment of the Participant’s benefits under this Plan, the
provisions of this Article 5 relating to the adjustment to the Participant’s Account
to reflect investment gains or losses will not apply and instead, the Participant’s
Account will be adjusted for investment gains and losses by reference to the gains in
losses of the Rabbi Trust assets that are attributable to the Participant’s benefit
under this Plan.
	 
	 	(g)	 	The Company shall be responsible for the payment of any income taxes payable
as a result of Rabbi Trust earnings and such taxes shall not be paid from the assets
of the Rabbi Trust unless otherwise required by applicable law.

 

 

ARTICLE 6.

DISTRIBUTIONS

	6.01	 	Payment. Payment of the vested portion of a Participant’s Account shall commence as soon as
administratively feasible immediately following the Participant’s Separation from Service,
provided, however, that if a Participant, prior to commencing participation in the Plan and
prior to any Deferrals being made, executes an irrevocable election to commence payments upon
attainment of age sixty-five (65), payments shall commence as soon as administratively
feasible immediately following the Participant’s attainment of age sixty-five (65). The
Participant may elect, in writing, any one of the following forms of payment, provided that
such election is delivered to the Administrator and is made at the time of the Deferral
Election. Subject to the Administrator’s approval, the Participant may specify a combination
of the distribution forms described in (a) and (b), provided that the Participant designates
the portions of Participant’s Account that will be so distributed in increments of ten percent
(10%).

	 	(a)	 	single lump-sum payment of the value of the Participant’s Account; or
	 
	 	(b)	 	substantially equal annual installments over a period of either five (5)
years or ten (10) years.

	 	 	Notwithstanding any provision of this Plan to the contrary, if the Participant is
considered a Specified Employee at Separation from Service under such procedures as
established by the Company in accordance with Section 409A of the Code, benefit
distributions that are made upon Separation from Service may not, to the extent required by
Section 409A of the Code, commence earlier than six (6) months after the date of
such Separation from Service. Any such distribution or series of distributions to be made
due to a Separation from Service shall commence no earlier than the first day of the
seventh month following the Separation from Service, provided that to the extent permitted
by Section 409A of the Code, only payments scheduled to be paid during the first six (6)
months after the date of such Separation from Service shall be delayed and such delayed
payments shall be paid in a single sum on the first day of the seventh month following the
date of such Separation from Service.
	 
	6.02	 	Commencement of Payment upon Death or Change of Control.

	 	(a)	 	Upon the death of a Participant, all amounts credited to his Account shall be
paid in a single lump sum, as soon as administratively feasible, to his beneficiary or
beneficiaries, as determined under ARTICLE 7.
	 
	 	(b)	 	Upon a Change of Control, all amounts credited to a Participant’s Account
shall be paid in a single lump sum as of the date of the Change of Control, unless the
Participant elects in Participant’s Deferral Election to receive payment in accordance
with the Participant’s election described in Section 6.1 regardless of the occurrence
of a Change of Control. In the case of

 

 

	 	 	 	such election, a Participant’s Separation from Service shall not be considered to
have occurred for purposes of this Plan until the Participant’s Separation from
Service from the successor in interest to the Company or the Affiliate for which
the Executive was employed immediately prior to the Change of Control.

	6.03	 	Form of Payment.

	 	(a)	 	A Participant, former Participant, or deceased Participant’s beneficiary or
legal representative may elect at any time to have any or all payouts, or remaining
payouts, of the Participant’s Account that is invested in Units to be paid out in cash
or in shares of Company common stock. At any time before the end of the calendar year
prior to Separation from Service, an Executive may revise and supersede any or all of
his or her previous elections with respect to the form of payment (cash or shares of
common stock). The portion of a Participant’s Account that is not invested in Units
shall be payable only in cash.
	 
	 	(b)	 	If a Participant’s Account is payable in cash and in installments, the amount
of the first cash installment payment shall be a fraction of the Units in the
Participant’s Account on the date of the initial installment payment, the numerator of
which is one and the denominator of which is the total number of installments elected.
Each subsequent installment shall be calculated in the same manner as of each
subsequent annual payment except that the denominator shall be reduced by the number
of installments which have been previously paid. The amount of cash payable for
Deferrals accounted for as Units based on Company common stock value will be paid, as
described above, based on the number of Units in the Participant’s Account on the
payment date multiplied by the closing market price of the Company’s common stock as
reported on the NASDAQ for such date or, if that date is not a trading day, then for
the trading day immediately preceding such date
	 
	 	(c)	 	If a Participant’s Account is payable in Company common stock and in
installments, the amount of the first installment payment shall be a fraction of the
value of the Units in the Participant’s Account on the date of the initial installment
which is the total number of installments elected. Each of each subsequent annual
payment except that the denominator shall be reduced by the number of installments
which have been previously paid. Except for the final installment
payment, only whole shares shall be payable, and the value of any fractional share payable shall be
retained in the Participant’s Account until the final installment payment, at which
time the value of any fractional share payable shall be paid in cash, based on the
fractional share multiplied by the closing market price of the Company’s common stock
as reported on the NASDAQ for such date, or if that date is not a trading day, for the
trading day immediately preceding such date.

 

 

ARTICLE 7.

BENEFICIARIES

	7.01	 	Beneficiaries. Each Participant may from time to time designate one or more persons (who may
be any one or more members of such person’s family or other persons, administrators, trusts,
foundations or other entities) as his beneficiary under the Plan. Such designation shall be
made on a form prescribed by the Administrator. Each Participant may at any time and from
time to time, change any previous beneficiary designation, without notice to or comment of any
previously designated beneficiary, by amending his previous designation on a form prescribed
by the Administrator. If the beneficiary does not survive the Participant (or is otherwise
unavailable to receive payment) or if no beneficiary is validly designated, then the amounts
payable under this Plan shall be paid to the Participant’s estate. If more than one person is
the beneficiary of a deceased Participant, each such person shall receive a pro rata share of
any death benefit payable unless otherwise designated on the applicable form. If a
beneficiary who is receiving benefits dies, all benefits that were payable to such beneficiary
shall then be payable to the estate of that beneficiary.
	 
	7.02	 	Lost Beneficiary.

	 	(a)	 	All Participants and beneficiaries shall have the obligation to keep the
Administrator informed of their current address until such time as all benefits due
have been paid.
	 
	 	(b)	 	If a Participant or beneficiary cannot be located by the Administrator
exercising due diligence, then, in its sole discretion, the Administrator may presume
that the Participant or beneficiary is deceased for purposes of the Plan and all
unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary
shall be paid to the co-beneficiary or secondary beneficiary designated by the
Participant, or in the absence of a co-beneficiary or secondary beneficiary, to the
Participant’s estate.

ARTICLE 8.

FUNDING

	8.01	 	Prohibition Against Funding. Should any investment be acquired in connection with the
liabilities assumed under this Plan, it is expressly understood and agreed that the
Participants and beneficiaries shall not have any right with respect to, or claim against,
such assets nor shall any such purchase be construed to create a trust of any kind or a
fiduciary relationship between the Company and the Participants, their beneficiaries or any
other person. Any such assets shall be and remain a part of the general, unpledged,
unrestricted assets of the Company, subject to the claims of its general creditors. It is the
express intention of the parties hereto that this arrangement shall be unfunded for tax
purposes. Each Participant and beneficiary shall be required to look to the provisions of
this Plan and to the Company itself for enforcement of any and all benefits due under this

 

 

	 	 	Plan, and to the extent any such person acquires a right to receive payment under this
Plan, such right shall be no greater than the right of any unsecured general creditor of
the Company. The Company shall be designated the owner and beneficiary of any investment
acquired in connection with its obligation under this Plan.
	 
	8.02	 	Deposits. Notwithstanding paragraph 8.01, or any other provision of this Plan to the
contrary, the Company may deposit any amounts it deems appropriate to pay the benefits under
this Plan to a “Rabbi Trust” as established pursuant to Treasury Department Revenue Procedures
92-64 and 92-65.
	 
	8.03	 	Withholding of Executive Deferrals. The Administrator is authorized to make any and all
necessary arrangements with the Company in order to withhold the Participant’s Deferrals under
Section 3.01 hereof from the Participant’s Compensation. The Administrator shall determine
the amount and timing of such withholding.

ARTICLE 9.

CLAIMS ADMINISTRATION

	9.01	 	General. In the event that a Participant or his beneficiary does not receive any Plan
benefit that is claimed, such Participant or beneficiary shall be entitled to consideration
and review as provided in this ARTICLE 9.
	 
	9.02	 	Claim Review. Upon receipt of any written claim for benefits, the Administrator shall be
notified and shall give due consideration to the claim presented. If the claim is denied to
any extent by the Administrator, the Administrator shall furnish the claimant with a written
notice setting forth (in a manner calculated to be understood by the claimant):

	 	(a)	 	The specific reason or reasons for denial of the claim;
	 
	 	(b)	 	A specific reference to the Plan provisions on which the denial is based;
	 
	 	(c)	 	A description of any additional material or information necessary for the
claimant to perfect the claim and an explanation of why such material or information
is necessary; and
	 
	 	(d)	 	An explanation of the provisions of this Article.

	9.03	 	Right of Appeal. A claimant who has a claim denied under Section 9.02 may appeal to the
Administrator for reconsideration of that claim. A request for reconsideration under this
Section 9.03 must be filed by written notice within sixty (60) days after receipt by the
claimant of the notice of denial under Section 9.02.

 

 

	9.04	 	Review of Appeal. Upon receipt of an appeal the Administrator shall promptly take action to
give due consideration to the appeal. Such consideration may include a hearing of the parties
involved, if the Administrator feels such a hearing is necessary. In preparing for this
appeal the claimant shall be given the right to review pertinent documents and the right to
submit in writing a statement of issues and comments. After consideration of the merits of
the appeal the Administrator shall issue a written decision, which shall be binding on all
parties subject to Section 9.06 below. The decision shall be written in a manner calculated
to be understood by the claimant and shall specifically state its reasons and pertinent Plan
provisions on which it relies. The Administrator’s decision shall be issued within sixty (60)
days after the appeal is filed, except that if a hearing is held the decision may be issued
within one hundred twenty (120) days after the appeal is filed.
	 
	9.05	 	Designation. The Administrator may designate any other person of its choosing to make any
determination otherwise required under this Article.
	 
	9.06	 	Arbitration. Each and every dispute or controversy arising pursuant to the Plan or a
Deferral Election shall, after exhaustion of the review procedure set forth in Section 9.04,
be settled exclusively by arbitration, conducted before a single arbitrator sitting in
Chicago, Illinois in accordance with the rules of JAMS then in effect. The costs and expenses
of arbitration, including the fees of the arbitrators, shall recover as expenses all
reasonable attorneys’ fees incurred by it in connection with the arbitration proceeding or any
appeals therefrom.

ARTICLE 10.

GENERAL PROVISIONS

	10.01	 	Administrator: The Administrator:

	 	(a)	 	Is expressly empowered to limit the amount of Compensation that may be
deferred; to deposit amounts in accordance with Section 8.02 hereof; to interpret the
Plan, and to determine all questions arising in the administration, interpretation and
application of the Plan; to employ actuaries, accountants, counsel, and other persons
it deems necessary in connection with the administration of the Plan; to request any
information from the Company it deems necessary to determine whether the Company would
be considered insolvent or subject to a proceeding in bankruptcy; and to take all
other necessary and proper actions to fulfill its duties as Administrator.
	 
	 	(b)	 	Shall not be liable for any actions by it hereunder, unless due to its own
negligence, willful misconduct or lack of good faith.
	 
	 	(c)	 	Shall be indemnified and saved harmless by the Company, if the Administrator
is not the Company, from and against all personal liability to which it may be subject
by reason of any act done or omitted to be done

 

 

	 	 	 	in its official capacity as Administrator in good faith in the administration of
the Plan, including all expenses reasonably incurred in its defense in the event
the Company fails to provide such defense upon the request of the Administrator.
The Administrator is relieved of all responsibility in connection with its duties
hereunder to the fullest extent permitted by law, short of breach of duty to the
beneficiaries.

	10.02	 	No Assignment. Benefits or payments under this Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors of the Participant or the Participant’s beneficiary, whether
voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign,
pledge, encumber, attach or garnish the same shall not be valid, nor shall any such benefit or
payment be in any way liable for or subject to the debts contracts, liabilities, engagement or
torts of any Participant or beneficiary, or any other person entitled to such benefit or
payment pursuant to the terms of this Plan, except to such extent as may be required by law.
If any Participant or beneficiary or any other person entitled to a benefit or payment
pursuant to the terms of this Plan becomes bankrupt or attempts to alienate, sell, transfer,
assign, pledge, encumber, attach or garnish any benefit or payment under this Plan, in whole
or in part, or if any attempt is made to subject any such benefit or payment, in whole or in
part, to the debts, contracts, liabilities, engagements or torts of the Participant or
beneficiary or any other person entitled to any such benefit or payment pursuant to the terms
of this Plan, then such benefit or payment, in the discretion of the Administrator, shall
cease and terminate with respect to such Participant or beneficiary, or any other such person.
	 
	10.03	 	No Rights to Remain an Employee. Participation in this Plan shall not be construed to
confer upon any Participant the legal right to be retained as a employee of the Company or an
Affiliate, or give a Participant or beneficiary, or any other person, any right to any payment
whatsoever, except to the extent of the benefits provided for hereunder. The Company’s or an
Affiliate’s right to terminate the employment of a Participant shall continue to the same
extent as if this Plan had never been adopted.
	 
	10.04	 	Incompetence. If the Administrator determines that any person to whom a benefit is payable
under this Plan is incompetent by reason of physical or mental disability, the Administrator
shall have the power to cause the payments becoming due to such person to be made to another
for his benefit without responsibility of the Administrator to see to the application of such
payments. Any payment made pursuant to such power shall, as to such payment, operate as a
complete discharge of the Company and the Administrator, if the Administrator is not the
Company.
	 
	10.05	 	Identity. If, at any time, any doubt exists as to the identity of any person entitled to
any payment hereunder or the amount or time of such payment, the Administrator shall be
entitled to hold such sum until such identity or amount or time is determined or until an
order of a court of competent jurisdiction is

 

 

	 	 	obtained. The Administrator shall also be entitled to pay such sum into court in accordance
with the appropriate rules of law. Any expenses incurred by the company or the
Administrator incident to such proceeding or litigation shall be charged against the
Account of the affected Participant.
	 
	10.06	 	No Liability. No liability shall attach to or be incurred by any manager of the Company, or
any Administrator under or by reason of the terms, conditions and provisions contained in this
Plan, or for the acts or decisions taken or made thereunder or in connection therewith; and as
a condition precedent to the establishment of this Plan or the receipt of benefits thereunder,
or both, such liability, if any, is expressly waived and released by each Participant and by
any and all persons claiming under or through any Participant or any other person. Such
waiver and release shall be conclusively evidenced by any act or participation in or the
acceptance of benefits or the making of any election under this Plan.
	 
	10.07	 	Expenses. All expenses incurred in the administration of the Plan, whether incurred by the
Company or the Plan, shall be paid by the Company.
	 
	10.08	 	Insolvency. Should the Company be considered insolvent, the Company, through its Board and
chief executive officer, shall give immediate written notice of such to the Administrator of
the Plan, if the Company is not the Administrator. Upon receipt of such notice, the
Administrator shall cease to make any payments to Participants and their beneficiaries and
shall hold any and all assets attributable to the Company for the benefit of the general
creditors of the Company.
	 
	10.09	 	Amendment and Termination.

	 	(a)	 	The Company may unilaterally terminate this Plan at any time. Except as
provided in this Section, the termination of this Plan shall not cause a distribution
of benefits under this Plan. Rather, upon such termination benefit distributions will
be made at the time specified in ARTICLE 6.
	 
	 	(b)	 	If the Company terminates the Plan within thirty (30) days before, or twelve
(12) months after a Change in Control, distributions may be made provided that all
distributions are made no later than twelve (12) months following such termination of
the Plan and further provided that all of the Company’s plans that would be aggregated
with this Plan under Code Section 409A or the regulations thereunder are
terminated so that all participants in the similar arrangements are required to
receive all amounts of compensation deferred under the terminated Plans within twelve
(12) months of the termination of the Plans.
	 
	 	(c)	 	The Company may terminate the Plan upon the Company’s dissolution or with the
approval of a bankruptcy court provided that the amounts deferred under the Plan are
included in the Executive’s gross income in the latest of (i) the calendar year in
which the Agreement terminates; (ii) the

 

 

	 	 	 	calendar year in which the amount is no longer subject to a substantial risk of
forfeiture; or (iii) the first calendar year in which the distribution is
administratively practical.
	 
	 	(d)	 	The Company may terminate the Plan and all other Plans required to be
aggregated with this Plan under Section 409A of the Code or the regulations
thereunder), provided such termination does not occur proximate to a downturn in the
financial health of the Company, and further provided that all distributions are made
no earlier than twelve (12) months and no later than twenty-four (24) months following
such termination, and the Company does not adopt any new non-account balance plans for
a minimum of three (3) years following the date of such termination
	 
	 	(e)	 	Any funds remaining after the termination of the Plan, and satisfaction of
all liabilities to Participants and others, shall be returned to the Company.

	10.10	 	Company Determinations. Any determinations, actions or decisions of the Company (including
but not limited to, Plan amendments and Plan termination) shall be made by the Board or a
properly delegated committee thereof in accordance with its established procedures.
	 
	10.11	 	Construction. All questions of interpretation, construction or application arising under or
concerning the terms of this Plan shall be decided by the Administrator, in its sole and final
discretion, whose decision shall be final, binding and conclusive upon all persons.
	 
	10.12	 	Governing Law. This Plan shall be governed by, construed and administered in accordance
with the laws of the State of Illinois, other than its laws respecting choice of law.
	 
	10.13	 	Headings. The Article headings contained herein are inserted only as a matter of
convenience and for reference and in no way define, limit, enlarge or describe the scope or
intent of this Plan, nor in any way shall they affect this Plan or the construction of any
provision thereof.
	 
	10.14	 	Terms. Capitalized terms shall have meanings as defined herein. Singular nouns shall be
read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate.
	 
	10.15	 	Compliance with Code Section 409A. The Company intends that this Plan comply with the
applicable provisions of applicable law, including, by way of example and not limitation,
Section 409A of the Code and the regulations promulgated thereunder. Any provision of this
Plan which is not in compliance with such laws shall be deemed amended in such manner as is
necessary to comply with applicable law and the Participant’s rights under this Plan shall be
subject to the provisions of the Plan so amended.

 

 

          IN WITNESS WHEREOF, the Company has adopted this Plan as of the date indicated below.

	 	 	 	 	 
	 	CENTRUE FINANCIAL CORPORATION

 	 
	Dated: December 12, 2007 	By:  	/s/ Thomas Daiber
 	 

	 	 	 	 	 	 	 
	 

	 	Its:
	 	President and CEO

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