Document:

EXHIBIT 4.5

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY
THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DEUTSCHE BANK AG, LONDON BRANCH TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF BT GLOBENET NOMINEES LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DEUTSCHE BANK AG, LONDON BRANCH (AND ANY PAYMENT HEREON IS MADE TO BT GLOBENET NOMINEES LIMITED OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DEUTSCHE BANK AG, LONDON BRANCH), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, BT GLOBENET NOMINEES LIMITED, HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DEUTSCHE BANK AG, LONDON BRANCH OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

HONEYWELL INTERNATIONAL INC.

2.250% Senior Note Due 2028

 

	REGISTERED No.	€

Registered CUSIP: 438516 BH8

Registered ISIN: XS1366026919

Common Code No.: 136602691

 

HONEYWELL INTERNATIONAL INC.,
a Delaware corporation (the “Company,” which term includes any successor corporation under the Indenture described
herein), for value received, hereby promises to pay to BT GLOBENET NOMINEES LIMITED or its registered assigns, the principal sum
of                         EUROS (€                          ) on February 22, 2028 (the “Maturity Date”), and to pay interest on said principal sum annually in
arrears on February 22 of each year, commencing February 22, 2017 (each such date on which the Company is required to pay interest
being referred to herein as an “Interest Payment Date”), at the rate of 2.250% per annum from February 22, 2016, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of said principal sum
has been made or duly provided for. Interest payable on any Interest Payment Date, Redemption Date (as defined below) or Maturity
Date shall be the amount of interest accrued from, and including, the next preceding Interest Payment Date in respect of which
interest has been paid or duly provided for (or from and including the original issue date of this Note, if no interest has been
paid or duly provided for) to, but excluding, such Interest Payment Date, Redemption Date or Maturity Date, as the case may be.
This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets
Association. If any Interest Payment

    	 

    	

    

Date falls on a day that is not
a Business Day, the interest payment will be made on the next succeeding day that is a Business Day, but no additional interest
will accrue as a result of the delay in payment. If the Maturity Date or any Redemption Date falls on a day that is not a Business
Day, the related payment of principal, premium, if any, and interest will be made on the next succeeding Business Day as if it
were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after
such date to the next succeeding Business Day. The rights of holders of beneficial interests of Notes (as defined below) to receive
the payments of interest on such Notes are subject to the applicable procedures of Clearstream Banking, société
anonyme (“Clearstream”), and Euroclear Bank, S.A./N.V. (“Euroclear”).

 

The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the person in
whose name this Note (or one or more predecessor Notes) is registered at the close of business on the 15th calendar
day (whether or not a Business Day) immediately preceding the related Interest Payment Date or, if the Notes are represented by
one or more Global Securities, the close of business on the Business Day (for this purpose a day on which Clearstream and Euroclear
are open for business) immediately preceding such Interest Payment Date (each being referred to herein as a “Regular Record
Date”); provided, however, that interest payable on the Maturity Date or any Redemption Date shall be payable to the person
to whom the principal shall be payable. As used herein, “Business Day” means any day, other than a Saturday or Sunday,
(1) which is not a day on which banking institutions in The City of New York or The City of London are authorized or required by
law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system
(the TARGET2 system), or any successor thereto, operates.

 

The payments of interest, principal
and premium, if any, will be made at the office or agency of the Company maintained for that purpose in London, England, which
shall initially be Deutsche Bank Trust Company Americas; provided, however, that at the option of the Company, payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided further, that all payments of interest, principal and premium, if any, with respect to the Notes of this series represented
by one or more Global Securities deposited with, or on behalf of, a common depositary, and registered in the name of the nominee
of the common depositary for the accounts of Clearstream and Euroclear shall be made through the facilities of the common depositary.

 

All payments of interest, principal
and premium, if any, will be made in euros. If the euro is unavailable to the Company due to the imposition of exchange controls
or other circumstances beyond its control or if the euro is no longer being used by the then member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the
international banking community, then all payments in respect of this Note will be made in U.S. dollars until the euro is again
available to the Company or so used. The amount payable on any date in euros will be converted into U.S. dollars at the rate mandated
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or,
in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro
exchange rate published in The Wall Street Journal on or prior to the second Business Day prior

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to the relevant payment date.
Any payments in respect of the Notes so made in U.S. dollars will not constitute an event of default under the terms of this Note
or the Indenture.

 

Initially, Deutsche Bank Trust
Company Americas will be the Paying Agent and the Registrar (the “Note Registrar”) for this Note. The Company reserves
the rights at any time to remove any Paying Agent or Note Registrar without notice, to appoint additional or other Paying Agents
and other Note Registrars without notice and to approve any change in the office through which any Paying Agent or Note Registrar
acts; provided, however, that there will at all times be a Paying Agent in London.

 

This Note is one of the duly
authorized series (the “Series”) of debt securities of the Company (hereinafter called the “Securities”),
issued and to be issued under an indenture dated March 1, 2007 (the “Indenture”) between the Company and Deutsche Bank
Trust Company Americas, as trustee (the “Trustee”), to which Indenture and all other indentures supplemental thereto
reference is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Securities and
of the rights, obligations and duties of the Company, the Trustee and the Paying Agent for this Note, and the terms upon which
the Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or more series, which different
series may be issued in various principal amounts, may mature at different times, may bear interest, if any, at different rates,
may be subject to different redemption provisions, if any, may be subject to different covenants and Events of Default and may
otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities designated as 2.250% Senior
Notes Due 2028 (herein called the “Notes”), initially limited in aggregate principal amount to €750,000,000.

 

Each capitalized term used herein
and not otherwise defined herein shall have the meaning assigned thereto in the Indenture.

 

The Company may, without the
consent of the Holders of the Notes, reopen this Series of Notes and issue additional Notes on separate dates, which shall form
a single series and shall have the same terms.

 

The Notes will be redeemable,
in whole or in part, at any time and from time to time at the Company’s option, at a redemption price equal to the greater
of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted
to the date of redemption (the “Redemption Date”) on an annual basis (ACTUAL/ACTUAL (ICMA)), at the applicable Comparable
Government Bond Rate described below plus 30 basis points, plus accrued and unpaid interest on the principal amount of the Notes
to be redeemed to the date of redemption. The Company will calculate the redemption price.

 

“Comparable Government
Bond Rate” means, with respect to any Redemption Date, the rate per annum equal to the yield to maturity, expressed as a
percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third Business Day prior to the date fixed
for redemption, calculated in accordance with customary financial practice in pricing new issues of comparable corporate debt securities
paying interest on an annual basis

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(ACTUAL/ACTUAL (ICMA)) of the
Comparable Government Bond (as defined below), assuming a price for the Comparable Government Bond (expressed as a percentage of
its principal amount) equal to the Comparable Government Bond Price for such Redemption Date.

 

“Comparable Government
Bond” means, in relation to any Comparable Government Bond Rate calculation, the German government bond (Bundesanleihe) selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of euro-denominated corporate debt securities of a comparable maturity to the remaining term of such Notes.

 

“Independent Investment
Banker” means one of the Reference Government Bond Dealers selected by the Company.

 

“Comparable Government
Bond Price” means, with respect to any Redemption Date, (1) the arithmetic average of the Reference Government Bond Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such Reference Government Bond Dealer Quotations, or
(2) if the Company obtains fewer than four such Reference Government Bond Dealer Quotations, the arithmetic average of all such
quotations.

 

“Reference Government
Bond Dealer” means each of (i) Barclays Bank PLC, Citigroup Global Markets Limited, Goldman, Sachs & Co. and Merrill
Lynch International or any of their affiliates that are primary European government securities dealers, and their respective successors;
provided that if any of the foregoing or any of their affiliates shall cease to be a primary European government securities dealer
(“Primary Dealer”), the Company shall substitute therefor another Primary Dealer and (ii) three other Primary Dealers
selected by the Company.

 

“Reference Government
Bond Dealer Quotations” means, with respect to each Reference Government Bond Dealer and any Redemption Date, the arithmetic
average, as determined by the Company, of the bid and asked prices for the Comparable Government Bond (expressed in each case as
a percentage of its principal amount) quoted in writing to the Company by such Reference Government Bond Dealer at 11:00 a.m.,
Brussels time, on the third Business Day preceding such Redemption Date.

 

Notice of any redemption will
be mailed at least 30 days but not more than 60 days before the Redemption Date to each holder of Notes to be redeemed. If the
Company elects to redeem fewer than all the Notes, the trustee will select the particular Notes to be redeemed by such method that
the trustee deems fair and appropriate; provided that if the Notes are represented by one or more Global Securities, beneficial
interests therein will be selected for redemption by Clearstream and Euroclear in accordance with their respective applicable procedures
therefor; and provided, further, that no Notes of a principal amount of €100,000 or less will be redeemed in part.

 

Unless the Company defaults
in payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof
called for redemption.

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On or before a Redemption Date,
the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest
on the Notes to be redeemed on that date. This Note will not be subject to any sinking fund.

 

Subject to the exceptions and
limitations set forth below, the Company will pay as additional interest on the Notes such additional amounts as are necessary
in order that the net payment by the Company or a Paying Agent of the principal, premium and interest with respect to the Notes
to a holder that is not a United States person (as defined below), after withholding or deduction for any present or future tax,
assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less
than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional
amounts will not apply:

 

		1.	to any tax, assessment or other governmental charge that would not have been imposed but for the
holder, a fiduciary, settlor, beneficiary, member or shareholder of the holder, or a person holding a power over an estate or trust
administered by a fiduciary holder, being treated as:

 

		a.	being or having been present in, or engaged in a trade or business in, the United States, being
treated as having been present in, or engaged in a trade or business in, the United States, or having or having had a permanent
establishment in the United States;

 

		b.	having a current or former connection with the United States (other than a connection arising solely
as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of any rights
under the indenture), including being or having been a citizen or resident of the United States or treated as being or having been
a resident thereof;

 

		c.	being or having been a personal holding company, a passive foreign investment company or a controlled
foreign corporation for U.S. federal income tax purposes, a foreign tax exempt organization, or a corporation that has accumulated
earnings to avoid United States federal income tax;

 

		d.	being or having been a “10-percent shareholder,” as defined in section 871(h)(3) of
the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision, of the Company;
or

 

		e.	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered
into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any successor provision;

 

		2.	to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or
that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect
to the fiduciary, a beneficial owner or member of the partnership or limited liability company would not have been entitled to
the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or
distributive share of the payment;

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		3.	to any tax, assessment or other governmental charge that would not have been imposed but for the
failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning
the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance
is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty
to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;

 

		4.	to any tax, assessment or other governmental charge that is imposed otherwise than by withholding
by the Company or a paying agent from the payment;

 

		5.	to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property
tax or similar tax, assessment or other governmental charge;

 

		6.	to any tax, assessment or other governmental charge that would not have been imposed but for the
presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date
on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

		7.	to any tax, assessment or other governmental charge required to be withheld or deducted that is
imposed on a payment pursuant to Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that
is substantively comparable and not materially more onerous to comply with), any Treasury regulations promulgated thereunder, or
any other official interpretations thereof (collectively, “FATCA”), any agreement (including any intergovernmental
agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction
implementing FATCA or an intergovernmental agreement in respect of FATCA;

 

		8.	any tax, assessment or other governmental charge that is imposed or withheld solely by reason of
a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment
becomes due or is duly provided for, whichever occurs later;

 

		9.	any tax, assessment or other governmental charge imposed by reason of the failure of the beneficial
owner to fulfill the statement requirements of Section 871(h) or Section 881(c) of the Code;

 

		10.	any tax imposed pursuant to Section 871(h)(6) or 881(c)(6) of the Code (or any amended or successor
provisions); or

 

		11.	in the case of any combination of items (1) through (10).

 

Except as specifically provided
above, the Company will not be required to pay additional amounts in respect of any tax, assessment or other governmental charge.
References in this Note to any payment on the Notes include the related payment of additional amounts, as applicable.

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The term “United States”
means the United States of America, any state thereof, and the District of Columbia, and the term “United States person”
means (i) any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, (ii) a corporation,
partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of
Columbia (other than a partnership that is not treated as a United States person for U.S. federal income tax purposes), (iii) any
estate the income of which is subject to U.S. federal income taxation regardless of its source, or (iv) any trust if a U.S. court
can exercise primary supervision over the administration of the trust and one or more United States persons can control all substantial
trust decisions, or if a valid election is in place to treat the trust as a United States person.

 

If, as a result of any change
in, or amendment to, the laws of the United States or the official interpretation thereof that is announced or becomes effective
on or after February 15, 2016, the Company becomes or, based upon a written opinion of independent counsel selected by the Company,
will become obligated to pay additional amounts as described above with respect to the Notes, then the Company may at any time
at the Company’s option redeem, in whole, but not in part, the Notes of this series on not less than 30 nor more than 60
days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the
Notes to be redeemed to the date of redemption.

 

If an Event of Default with
respect to the Note shall occur and be continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Notes may declare the principal of all the Notes due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series
to be affected thereby (voting as a class). The Indenture also contains provisions permitting the Holders of a majority in aggregate
principal amount of the Securities of each series to be affected at the time Outstanding, on behalf of the Holders of all Securities
of each such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

Except as provided below in
the case of a defeasance, no reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed.

 

Under the terms of the Indenture,
the Company may satisfy and discharge its obligations with respect to the Notes by depositing in trust for the Holders of the Outstanding
Notes an

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amount in cash or the equivalent
in securities of the government which issued the currency in which the Notes are denominated or government agencies backed by the
full faith and credit of such government sufficient to pay and discharge the entire indebtedness on the Notes for principal of
and premium, if any, and interest then due or to become due to the Stated Maturity of the principal of the Notes (a “defeasance”).
In such event, a Company will be released and discharged from its obligations to pay interest on the Notes and to pay the principal
thereof at its Maturity.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Note Register of the Company
upon surrender of this Note for registration of transfer at the office or agency of the Company in London duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Note Registrar duly executed by, the
Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes in registered form, of authorized
denominations and for the same aggregate principal amount, will be issued in the name or names of the designated transferee or
transferees and delivered at the office of the Note Registrar in London, or mailed, at the request, risk and expense of such transferee
or transferees, to the address or addresses shown in the Note Register for such transferee or transferees.

 

Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee, the Note Registrar and any agent of the Company, the Trustee
or the Note Registrar may treat the person in whose name this Note is registered as the owner hereof for all purposes, whether
or not this Note is overdue, and neither the Company, the Trustee, the Note Registrar nor any such agent shall be affected by notice
to the contrary.

 

This Note is issuable only in
fully registered form, without coupons, in minimum denominations of €100,000 and any integral multiple of €1,000 in excess
thereof.

 

No service charge will be made
for a transfer or exchange of the Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

This Note (the “Global
Note”) is a Global Security as referred to in the Indenture and is not exchangeable for one or more certificated Notes; provided,
however, that if at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository or if
at any time the Depository shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended,
or any other applicable statute or regulation, the Company shall appoint a successor Depository. If a successor Depository is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company
will execute, and the Trustee or its agent, upon receipt of a Corporation Order for the authentication and delivery of individual
Notes of this series in exchange for this Global Note, will authenticate and deliver, individual Notes of this series in an aggregate
principal amount equal to the principal amount of this Global Note in exchange for this Global Note.

 

In addition, the Company may
at any time and in its sole discretion determine that the Notes represented by this Global Note shall no longer be represented
by this Global Note. In such event the Company will execute, and the Trustee or its agent, upon receipt of a Corporation

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Order for the authentication
and delivery of individual Notes of this series in exchange for this Global Note, will authenticate and deliver, individual Notes
of this series in an aggregate principal amount equal to the principal amount of this Global Note in exchange for this Global Note.

 

This Note and all the obligations
of the Company hereunder are direct, senior unsecured and unsubordinated obligations of the Company and rank pari passu
with all other senior unsecured and unsubordinated indebtedness of the Company from time to time outstanding.

 

This Note shall be construed
in accordance with and governed by the laws of the State of New York.

 

Unless the certificate of authentication
hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits
under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, HONEYWELL
INTERNATIONAL INC. has caused this Note to be manually executed under its corporate seal.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	[Seal]	 	 	HONEYWELL INTERNATIONAL  INC.
	 	 	 	 	 
	 	 	 	By:

	 	 	 	Name: 	John J. Tus
	 	 	 	Title: 	Vice President and Treasurer
	ATTEST:	 	 	 
	 	 	 	 	 
	By:
	 	 	 
	Name: 	Alison Zoellner	 	 	 
	Title: 	Assistant Secretary	 	 	 

    	 

    	

    

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations.

 

TEN COM–as tenants in common

 

	UNIF GIFT MIN ACT–
	Custodian

 

Under Uniform Gifts to Minors Act

 

 

 

TEN ENT–as tenants by the entireties

 

JT TEN–as joint tenants with right
of survivorship and not as tenants in common

 

Additional abbreviations may
also be used though not in the above list.

 

FOR THE VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

Please Insert Social Security or Other

Identifying Number of Assignee:

 

 

 

 

 

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

INCLUDING ZIP CODE OF ASSIGNEE:

 

 

 

 

 

 

 

 

 

 

the within Note and all rights thereunder, hereby
irrevocably constituting and appointing ___________ attorney to transfer said Note on the books of the Company, with full power
of substitution in the premises.

 

	Dated:
	 

NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within instrument in every particular, without alteration or enlargement, or any
change whatever.

    	 

    	

    

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose

 

	Dated:	 	CERTIFICATE OF AUTHENTICATION
	 	 	 
	 	 	This is one of the Securities of the series designated therein referred
    to in the within-mentioned Indenture.
	 	 	 
	 	 	Deutsche Bank Trust Company Americas, as Trustee
	 	 	 
	 	 	By: Deutsche Bank National Trust Company

 

		By:
	  
	 	 	Name:	 
	 	 	Title:Exhibit

EMPLOYMENT AGREEMENT

This Employment Agreement ("Agreement") is made by and between EverBank Financial Corp ("Company"), a Delaware corporation, and James R. Hubbard ("Employee"), as of August 10, 2015 (the “Effective Date”).

Recitals

A.    Company is engaged in the business of providing financial products and services.

B.    Employee and Company desire to enter into an employment agreement that provides Employee with certain rights and benefits during the term of his employment with Company and in the event of termination of his employment with the Company.

C.    The Company wishes to protect its competitive business interests by providing certain express restrictions on Employee's activities after termination.

NOW, THEREFORE, Company and Employee do hereby covenant and agree as follows:

AGREEMENT

1.    Employment. The Company hereby employs Employee and Employee hereby accepts employment upon the terms and conditions set forth in this Agreement.

2.    Duties and Responsibilities. The Employee is engaged by the Company in an executive capacity as Executive Vice President, General Counsel and Secretary, with such officer appointment to be approved at the next meeting of the Company’s Board of Directors (the "Board").  Employee is subject to the direction and control of the Board and shall perform duties as the Board of the Company may from time to time reasonably request. Employee shall report to the Chairman and Chief Executive Officer of the Company.  Employee agrees that he will serve the Company faithfully and to the best of his ability and devote his full working time to the business affairs of the Company and the promotion of its business in accordance with the Company's reasonable directions and specifications. 

3.    Term. The term of employment hereunder shall begin on the Effective Date and end on the second anniversary of the Effective Date (the “Initial Employment Term”), provided that the Initial Employment Term shall be automatically extended for additional terms of successive one (1) year periods (each, an “Additional Employment Term”) unless the Company or Employee gives written notice to the other at least ninety (90) days prior to the expiration of the Employment Term or then-current Additional Employment Term that the Employee’s employment shall not be so extended.  The Initial Employment Term and each Additional Employment term shall be referred to herein as the “Employment Term.”

4.    Compensation and Benefits.  During the term of this Agreement, in consideration of services rendered hereunder, Employee shall receive:

(a)    Salary. An annual base salary ("Base Salary") equal to the amount of $327,000 and payable at such intervals during the month as the Company regularly pays its other employees, for the period during which the Employee is employed, through and including the date of termination of employment in accordance with the termination provisions of this Agreement. Company shall review Employee's Base Salary at least annually, with the approval of the Board, and may adjust the Base Salary in accordance with historical norms and prevailing economic conditions and considering Employee's job performance.

(b)    Bonus. An incentive bonus in accordance with any incentive bonus plan for executive employees of Company in effect at that time (the "Incentive Bonus Plan") which currently provides Employee with an opportunity to receive a targeted amount of up to fifty percent (60%) of his Base Salary (40% of which will be based upon satisfaction of specified Company performance goals and 20% of which will be based upon satisfaction of specified individual performance goals); provided, however, that the Incentive Bonus Plan may be redesigned or altered by the Board to reflect new corporate objectives, new measurement devices, current economic conditions and any new responsibilities then assigned to Employee. Employee shall be eligible to participate in any redesigned Incentive Bonus Plan to the same extent as other executive employees with comparable responsibilities.

(c)    Fringe Benefits. Employee shall be eligible to participate in employee benefits provided by Company on the same basis as its other executive employees.

(d)    Regulations. The provisions of 12 CFR Section 563.39 shall be deemed by Company and Employee to be incorporated into and made a part of this Employment Agreement. Any payments made to Employee pursuant to this Employment Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 USC Section 1828(k) and FDIC regulation 12 CFR Part 359, Golden Parachute and Indemnification Payments.

5.    Termination by Company for Cause. Company shall have the right at any time to terminate the employment of the Employee for Cause.  If Employee is terminated for Cause, Employee's Base Salary and other benefits provided in Section 4 hereof shall terminate as of the effective date of termination and Employee shall forfeit all rights to any other payments provided under this Agreement).  For purposes of this Agreement, "Cause" means:

(a)    Willful Failure to Perform Duties. The willful and substantial failure or refusal of Employee (unless Employee shall be ill or disabled) to perform duties assigned to Employee consistent with his executive position, which failure or refusal is not remedied by Employee within thirty (30) days after written notice of such failure or refusal from the Board or the Chief Executive Officer;

(b)    Material Breach of Fiduciary Duties.  A material breach of Employee's fiduciary duties to the Company (such as obtaining secret profits from the Company), where such breach constituted an act or omission performed or made willfully, in bad faith and without a reasonable belief that such act or omission was within the scope of the Employee's employment hereunder;

(c)    Gross Negligence or Willful Misconduct. Gross negligence or willful misconduct by Employee in the execution of Employee's professional duties which is materially injurious to the Company; or

(d)    Illegal Conduct. Employee's engaging in illegal conduct (other than traffic violations or other minor offenses) which results in a conviction of a felony (or a no contest or nolo contendere plea thereto) which is not subject to further appeal and which is materially injurious to the business or public image of the Company.

6.    Termination by Employee.

         (a)     Good Reason. Employee may terminate this Agreement for Good Reason at any time upon thirty (30) days' prior written notice to Company. "Good Reason" shall exist upon the occurrence of any of the following events:

(i)    Duties Inconsistent with Those Contemplated Herein.  The Company assigns to Employee duties inconsistent with Employee's duties as contemplated under this Agreement; excluding for this purpose an isolated action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Employee;

(ii)    Adverse Change in Duties. An adverse change in Employee's position as a result of significant diminution in Employee's duties or responsibilities, other than an isolated change not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Employee;

(iii)    Reduction in Compensation. The Company reduces the Base Salary of Employee and/or target bonus opportunity under the Incentive Bonus Plan, other than an isolated reduction not occurring in bad faith and which is not remedied by the Company promptly after notice given by Employee or any redesign or alteration of the Incentive Bonus Plan made by the Board to reflect new corporate objectives, new measurement devices or current economic conditions;

(iv)    Relocation of Principal Office. The Company shall require Employee to relocate Employee's principal office beyond a radius of fifty (50) miles from Employee's principal office as of Effective Date (which principal office shall be deemed to be located at 501 Riverside Avenue, Jacksonville, Florida 32202); or

(v)    Company's Breach of Material Obligations. The Company fails to satisfy or perform any of its material obligations set forth in this Agreement.

(b)    Rights and Obligations Upon Termination for Good Reason. In the event of such termination for Good Reason: (1) the Company and Employee shall be released from any and all further obligations under this Agreement, except those stated in Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants) hereof; and (2) Employee shall be entitled to the following severance benefits and rights.

(i)    Payment. Company shall pay Employee an amount equal to his annual Base Salary in effect  immediately preceding his termination, plus the Employee's target bonus in effect immediately preceeding his termination (collectively, the “Cash Severance Payments”).  The Cash Severance Payments shall be payable in equal installments over a twelve (12) month period (the “Severance Payment Period”), per the normal payroll practices of the Company, less applicable payroll deductions.  Each such payment shall be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as described in Treas. Reg. Section 1.409A-2(b)(2).  The Cash Severance Payments will be made only if Employee signs a valid general release of claims against the Company and any of its agents or principals on a form provided by the Company and if Employee complies with the terms of Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants), provided, however, that the general release of claims shall not include a release of relating to Employee’s rights hereunder or any claims related to the vesting, exercisability, acceleration, sale or valuation of Employee's Company stocks, stock options or restricted stock.

(ii)    Benefits. The Company shall pay Employee the cost the Company would have incurred had Employee continued group medical, dental, and hospitalization coverage for himself and his eligible dependents under the group health plan(s) sponsored by Company covering the Employee and his eligible dependents at the time of the Employee’s termination of employment (the “Health Coverage”) for twelve (12) months; provided, however, that (A) such Health Coverage shall be provided at the same level of benefits as is generally available to similarly situated employees and is subject to any modifications made to the same health coverage provided to similarly situated employees, including but not limited to termination of the group health plans sponsored by Company; (B) the Company shall pay the excess of the COBRA cost of such coverage over the amount that Employee would have had to pay for such coverage if he had remained employed during the applicable twelve (12) month period and paid the active employee rate for such coverage (the “Monthly COBRA Cost”); and (C) the time during which the Employee receives the Health Coverage shall run concurrently with any period for which the Employee is eligible to elect health coverage under COBRA.  If Employee becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise (including self-employment and coverage available to Employee’s spouse), the Company’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law.  -In order to receive these benefits, Employee must sign a valid general release of claims against the Company and any of its agents or principals (as described in subsection 6(b)(i) above) and comply with the terms of Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants).

(c)    Employee’s Failure to Renew Employment Term.  A notice by Employee of a non-renewal of the Employment Term pursuant to Section 3 hereof shall be deemed to be a voluntary termination of employment by Employee without Good Reason as of the end of the Employment Term, unless Employee has otherwise terminated this Agreement for Good Reason pursuant to Section 6 hereof.

7.    Termination by Company Without Cause. Company may terminate this Agreement without Cause (as defined in Section 5), upon thirty (30) days' prior written notice to Employee. In the case of such termination by the Company, the Company and Employee shall be released from any and all further obligations under this Agreement, except those stated in Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants) herein, and Employee shall be entitled to the following severance benefits and rights.

(a)    Payment. Company shall pay Employee an amount equal to the Cash Severance Payments payable in equal installments over the Severance Payment Period, per the normal payroll practices of the Company, less applicable payroll deductions.  Each such payment shall be treated as a separate payment for purposes of Section 409A of the Code, as described in Treas. Reg. Section 1.409A-2(b)(2).  The Cash Severance Payments will be made only if Employee signs a valid general release of claims against the Company and any of its agents or principals on a form provided by the Company and if Employee complies with the terms of Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants) herein; provided however that the general release of claims shall not include a release of relating to Employee’s rights hereunder or any claims related to the vesting, exercisability, acceleration, sale or valuation of Employee's Company stocks, stock options or restricted stock.

(b)    Benefits. The Company shall pay Employee the cost the Company would have incurred had Employee continued Health Coverage for himself and his eligible dependents at the time of the Employee’s termination of employment for  twelve (12) months; provided, however, that (A) such Health Coverage shall be provided at the same level of benefits as is generally available to similarly situated employees and is subject to any modifications made to the same health coverage provided to similarly situated employees, including but not limited to termination of the group health plans sponsored by Company; (B) the Company shall pay the Monthly COBRA Cost; and (C) the time during which the Employee receives the Health Coverage shall run concurrently with any period for which the Employee is eligible to elect health coverage under COBRA.  If Employee becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise (including self-employment and coverage available to Employee’s spouse), the Company’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law. In order to receive these benefits, Employee must sign a valid general release of claims against the Company and any of its agents or principals (as described in subsection 7(a) above) and comply with the terms of Sections 9 (Duties Upon Termination) and 10 (Restrictive Covenants).

(c)    Company’s Failure to Renew Employment Term.  A notice by Company of a non-renewal of the Employment Term pursuant to Section 3 hereof shall be deemed an involuntary termination of Employee by the Company without Cause as of the end of the Employment Term, but Employee may terminate at any time after the receipt of such notice and shall be treated as if he was terminated without Cause as of such date.

8.    Termination Upon Death or Disability. This Agreement shall terminate automatically upon Employee's death or disability. For purposes of the Agreement, Employee shall be deemed disabled if he is physically or mentally unable to discharge his duties hereunder for a period of ninety (90) consecutive days or one hundred twenty (l20) non-consecutive days in any one hundred eighty (180) day period. In the event of Employee's death or disability, Employee's Base Salary shall terminate as of the effective date of termination because of death or disability, and the Company shall pay to Employee or his designated beneficiary or estate the prorated portion (based on the effective date of his termination) of the payment Employee would have received under the Incentive Bonus Plan for the year of Employee's termination. Such payment shall be made at the time the payment would have been made absent death or disability.

9.    Duties Upon Termination. In the event the employment of Employee is terminated for any reason whatsoever, Employee shall deliver immediately to Company all manuals, mailing lists, customer lists, advertising materials, ledgers, supplies, equipment, checks, petty cash, Company credit cards, and all other materials and records containing confidential information of any kind of the Company or its affiliates that may be in Employee's possession or under his control which belong to the Company or its affiliates or have been obtained from the Company or its affiliates by the Employee, including any and all copies of such items previously described in this section.

10.    Restrictive Covenants.

(a)    Acknowledgements.  Subject to the limitations of reasonableness imposed by law, Employee shall be subject to the restrictions set forth in this Section 10.

(b)    Definitions.  The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms:

“Competitive Services” means the provision of services on behalf of any person or entity principally engaged in the banking, commercial mortgage banking or investment banking business in the capacity of a director, consultant or an executive or officer at a senior level within such entity.  For the avoidance of doubt, providing legal services in the Restricted Territory during the Restricted Period, subject to applicable ethical rules of conduct, shall not constitute Competitive Services.
“Confidential Information” means all information regarding the Company, its activities, business or clients that is the subject of reasonable efforts by the Company to maintain its confidentiality and that is not generally disclosed by practice or authority to persons not employed by the Company, but that may not rise to the level of a Trade Secret under applicable law.  “Confidential Information” shall include, but is not limited to, financial plans and data concerning the Company; management planning information; business plans; operational methods; market studies; marketing plans or strategies; customer lists; customer files, data and financial information, details of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business referral sources; business acquisition plans; and new personnel acquisition plans.  “Confidential Information” shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company.  This definition shall not limit any definition of “confidential information” or any equivalent term under applicable law.
“Person” means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise.
“Principal or Representative” means a principal, owner, partner, stockholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant.
“Protected Customers” means any Person to whom the Company sold its products or services or solicited to sell its products or services during the course of Employee’s employment and (i) with whom Employee had business dealings on behalf of the Company; (ii) for whom Employee supervised or coordinated the dealings with the Company; or (iii) about whom Employee obtained Trade Secrets or Confidential Information (as defined herein) as a result of his employment.

“Protected Employees” means employees of the Company who were employed by the Company at any time during the course of Employee’s employment and (i) with whom Employee had a supervisory relationship; (ii) with whom Employee worked or communicated on a regular basis; or (iii) about whom Employee obtained Trade Secrets or Confidential Information as a result of his association with the Company.
“Restricted Period” means the duration of Employee’s employment with the Company and a period of one (1) year from the termination of such employment for any reason whatsoever. 
“Restricted Territory” means the United States of America and any foreign country or territory located within 100 miles of Jacksonville, Florida.

“Trade Secret” means all information, without regard to form, including, but not limited to, technical or nontechnical data, source codes and object codes for Company software, compilations, formulas, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product plans, distribution lists or lists of actual or potential customers, advertisers or suppliers, which is not commonly known by or available to the public and which information: (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.  Without limiting the foregoing, Trade Secret means any item of confidential information that constitutes a “trade secret(s)” under applicable common law or statutory law.
(c)    Restrictions on Disclosure and Use of Confidential Information and Trade Secrets.  Employee understands and agrees that the Confidential Information and Trade Secrets constitute valuable assets of the Company, and may not be converted to Employee’s own use.  Accordingly, Employee hereby agrees that he shall not, directly or indirectly, at any time during the Restricted Period, reveal, divulge, or disclose to any Person not expressly authorized by the Company any Confidential Information, and Employee shall not, directly or indirectly, at any time during the Restricted Period, use or make use of any Confidential Information in connection with any business activity other than that of the Company. Throughout the course of his employment and at all times after the date that his employment terminates for any reason, Employee shall not directly or indirectly transmit or disclose any Trade Secret to any Person, and shall not make use of any such Trade Secret, directly or indirectly, for himself or for others, without the prior written consent of the Company.  The Parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Employee’s obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices.

Anything herein to the contrary notwithstanding, Employee shall not be restricted from disclosing or using Confidential Information that is required to be disclosed by law, court order or other legal process; provided, however, that in the event disclosure is required by law, Employee shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Employee.

(d)    Nonrecruitment of Protected Employees.  Employee understands and agrees that the relationship between the Company and each of its Protected Employees constitutes a valuable asset of the Company and may not be converted to Employee’s own use.  Accordingly, Employee hereby agrees that during the Restricted Period, Employee shall not, without the prior written consent of the Company, directly or indirectly, on Employee’s own behalf or as a Principal or Representative of any Person, solicit or induce or attempt to solicit or induce any Protected Employee to terminate his relationship with the Company or to enter into a relationship with any other Person.

(e)    Nonsolicitation of Protected Customers.  Employee understands and agrees that the relationship between the Company and each of its Protected Customers constitutes a valuable asset of the Company and may not be converted to Employee’s own use.  Accordingly, Employee hereby agrees that during the Restricted Period, Employee shall not, without the prior written consent of the Company, directly or indirectly, on Employee’s own behalf or as a Principal or Representative of any Person, solicit, divert, take away or attempt to solicit, divert or take away a Protected Customer for the purpose of providing services similar to those provided by the Company.

(f)    Noncompetition.  Employee hereby agrees that during the Restricted Period, Employee will not, without prior written consent of the Company, directly or indirectly, engage in, sell or otherwise provide Competitive Services within the Restricted Territory on his own behalf or as a Principal or Representative of any other Person; provided, however, that the parties acknowledge and agree the provisions of this Section 10(f) shall not be deemed to prohibit the ownership by Employee of not more than five percent (5%) of any class of securities of any corporation having a class of securities registered pursuant to the Securities Exchange Act of 1934, as amended.

(g)    Covenant to Return Property and Information.  Employee agrees to return all of the Company’s property within seven (7) days following the cessation of his employment for any reason, or at any other time when a demand for such property is made by the Company. Such property includes, but is not limited to, the original and any copy (regardless of the manner in which it is recorded) of all information provided by the Company to Employee, or which Employee has developed or collected in the scope of Employee’s employment with the Company, as well as all Company-issued equipment, supplies, accessories, vehicles, keys, instruments, tools, devices, computers, cell phones, pagers, materials, documents, plans, records, notebooks, drawings, or papers; provided, however, that Employee shall be entitled to retain a copy of this Agreement and any documents relating to his income received from the Company or expenses incurred on behalf of the Company or other information which pertains to his personal income tax returns.

(h)    Remedies for Violation of Restrictive Covenants.  The parties hereto specifically acknowledge and agree that the covenants contained in this Section 10 (the “Restrictive Covenants”) are made and given by Employee in connection with his continued employment with the Company and the goodwill associated therewith and that the remedy at law for any breach of the foregoing would be inadequate.  In the event Employee breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Company shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily and permanently, Employee from violating or threatening to violate the Restrictive Covenants and to have the Restrictive Covenants specifically enforced by any court or tribunal of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company.  Such right and remedy shall be independent of any others and severally enforceable, and shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity.  Employee agrees that the pendency of any claim whatsoever against the Company shall not constitute a defense to the enforcement of any Restrictive Covenant by the Company.

(i)    Severability.  Employee acknowledges and agrees that each of the Restrictive Covenants is reasonable and valid in time, scope of protected activity, geographic area, and in all other respects.  Each of the Restrictive Covenants shall be considered and construed as separate and independent covenants.  Should any part or provision of any of the Restrictive Covenants be held invalid, void or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement or of this Section 10. 

(j)    Reformation.  If any portion of the Restrictive Covenants is found to be invalid or unenforceable because the duration, the territory, or any other provision thereof is considered to be invalid or unreasonable in scope, the invalid or unreasonable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and Employee in agreeing to the Restrictive Covenants will not be impaired and the provision in question shall be enforceable to the fullest extent of applicable law.

11.    Limitation of Benefits.

(a)    Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any benefit, payment or distribution by the Company to or for the benefit of Employee (whether payable or distributable pursuant to the terms of this Agreement or otherwise) (such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, be subject to the excise tax (the "Excise Tax") imposed by Section 4999 of the Code, then the aggregate present value of the Payments shall be reduced (but not below zero) to an amount expressed in present value that maximizes the aggregate present value of the Payments without causing the Payments or any part thereof to be subject to the Excise Tax and therefore nondeductible by the Company because of Section 280G of the Code (the "Reduced Amount").  For purposes of this Section 11, present value shall be determined in accordance with Section 280G(d)(4) of the Code.  The reduction of the Payments due hereunder, if applicable, shall be made in such a manner as to maximize the economic present value of all Payments actually made to Employee, determined by the Determination Firm (as defined in Section 11(b) below) as of the date of the applicable change in control using the discount rate required by Section 280G(d)(4) of the Code.  

(b)    All determinations required to be made under this Section 11, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Employee (the "Determination Firm") which shall provide detailed supporting calculations both to the Company and Employee within 15 business days of the receipt of notice from Employee that a Payment is due to be made, or such earlier time as is requested by the Company.  All fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall be binding upon the Company and Employee.  As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily limited by this Section 11 ("Underpayment"), consistent with the calculations required to be made hereunder.  The Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Employee together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code, but no later than December 31 of the year after the year in which the Underpayment is determined to exist.  

(c)    In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 11 shall be of no further force or effect.

12.    Entire Agreement. This Agreement sets forth the entire understanding between the parties with respect to the terms of Employee's employment.  Notwithstanding the forgoing, the terms of the EverBank Profit Sharing and Savings Plan (or any successor plan or plans) and any Option or Restricted Unit Agreements relating thereto to which Employee is a party, and any other benefit plans shall govern the subject matters thereof to the extent not specifically provided otherwise herein. In the event of any inconsistency between any such other agreement and this Agreement, the provisions of this Agreement shall control.  This Agreement cannot be amended except by a writing signed by both parties.

13.    No Waiver.  No waiver of any term or provision of this Agreement shall be deemed to be a waiver of any subsequent breach of such term or provision of this Agreement.

14.    Applicable Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Florida.

15.    Notices.  Any notice which may be given, hereunder, shall be sufficient if in writing and delivered to Employee at 9611 Todd Drive, Cincinnati, Ohio 45242, and to the Company at 501 Riverside Avenue, Jacksonville, Florida 32202, Attention: Mark Baum , Senior Vice President and Deputy General Counsel, or at such place as either party by written notice designates. Notices shall be effective upon receipt, unless delivery is refused, in which case notice shall be effective on the date of such refusal.

16.    Heirs And Assigns.  This Agreement may be assigned by Company only, and shall be binding upon the parties hereto, their successors and heirs, wherever the context admits or requires.

17.    Severability Clause.  The parties agree that each provision of this Agreement is severable and the invalidity or unenforceability of any one or more of the provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

18.    Inducement or Coercion for Employment.  Employee has executed this Agreement without coercion by Company and pursuant to the advice of Employee's own independent counsel, and no representations or inducements of any kind have been made or provided by Company to obtain Employee's execution of this Agreement other than those specifically contained in this written document.

19.    Disputes.  Except as provided in Section10(h), any dispute relating to or arising under or in connection with this Agreement shall be submitted to mandatory arbitration in Duval County, Florida, in accordance with the Commercial Rules of the American Arbitration Association then in effect, and judgment upon the award rendered pursuant to such arbitration may be entered in any court of competent jurisdiction. In addition to any damages awarded to Employee by the arbitrators, Employee shall be entitled to an award of all fees and expenses of arbitration, including costs and reasonable attorney's fees. If Employee is entitled to be paid or reimbursed for any fees and expenses under this Section 19, the amount reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred.  Employee’s rights to payment or reimbursement of expenses pursuant to this Section 19 shall expire at the end of ten (10) yearsafter the date of termination and such rights shall not be subject to liquidation or exchange for another benefit.
    
20.    Code Section 409A. 

(a)    This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code (“Section 409A”) and applicable advice and regulations issued thereunder. 

(b)    The intent of the parties is that payments and benefits under this Agreement comply with Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  Notwithstanding anything herein to the contrary: (i) if at the time of the Employee’s termination of employment with the Company, the Employee is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Employee) until the date that is six (6) months following the Employee’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); (ii) if any other payments of money or other benefits due to the Employee hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board that does not cause such an accelerated or additional tax; (iii) to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, the Employee shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to the Employee under this Agreement until the Employee would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A; and (iv) each amount to be paid or benefit to be provided to the Employee pursuant to this Agreement, which constitute deferred compensation subject to Section 409A, shall be construed as a separate identified payment for purposes of Section 409A.  To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to the Employee under this Agreement shall be paid to the Employee on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to the Employee) during any one year may not effect amounts reimbursable or provided in any subsequent year; provided, however, that with respect to any reimbursements for any taxes which the Employee would become entitled to under the terms of this Agreement, the payment of such reimbursements shall be made by the Company no later than the end of the calendar year following the calendar year in which the Employee remits the related taxes. The Company shall consult with the Employee in good faith regarding the implementation of the provisions of this Section 20(b); provided that neither the Company nor any of its employees or representatives shall have any liability to the Employee with respect to thereto.
(c)    Whenever in this Agreement the provision of payment or benefit is conditioned on Employee’s execution and non-revocation of a waiver and release of claims, such waiver and release must be executed, and all revocation periods must have expired, within sixty (60) days after the date of termination of Employee’s employment, but the Company may elect to commence payment at any time during such sixty (60)-day period, provided, however, to the extent that the payment or benefit is “deferred compensation” within the meaning of and subject to Section 409A, such payment shall be made in the later year if the sixty (60) day period spans two taxable years.

(signatures on following page)

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

EVERBANK FINANCIAL CORP

By:                            Date:                    
Robert M. Clements
Chairman and Chief Executive Officer

By:                            Date:                    
James R. Hubbard

-1-

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