Document:

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        Wuhan Dong Feng Paper Company Limited Sino-Foreign Joint Venture
               Sino-Foreign Investment Important Meeting's Issues

Time:    April 19th, 1999 afternoon
Venue:   Wuhan City Tian An Holiday Inn Hotel
Present: Wuhan Dong Feng Paper Mill Company's (Chinese party) Secretary and
Head of Paper Mill,
Wuhan Dong Feng Paper Company Limited's Vice-President Tang Si Hung,
Orient Packaging Holdings Limited's Director Danny Wu,
Orient Packaging Holdings Limited's Director Lawrence Hon,
Orient Packaging Limited's (Foreign party) Operation Director and Wuhan Dong
Feng Paper Company Limited's Director Albert Cheng,
Wuhan Dong Feng Paper Company Limited's Senior Manager Tong Yi Seng

1.    The Foreign party informed the Chinese party that the restructuring of
      share rights and the transfer of management controlling rights were
      basically completed. The Chinese party showed their acceptance and will
      continue to support the Joint Venture. The Foreign party was appreciated
      and thankful for their support.

2.    Both parties cooperatively formed the Wuhan Dong Feng Paper Company
      Limited Joint Venture in 1997. Since then, both parties have been working
      together to create a suitable and profitable environment for the Joint
      Venture. Both parties hope the Joint Venture can continue to be successful
      which will offer the society and investors benefits.

      The Joint Venture is still at its sprout period. After the influence of
      two years of poor market conditions, the Wuhan City flooding in 1998 and
      other reasons, the operation and business plans of the Joint Venture
      cannot be smoothly carried out and executed.

      However, both parties are willing to work together to overcome the
      obstacles and move forward.

3.    Both parties agreed on the suggestion to improve the plant operation which
      Wuhan Dong Feng Paper Company Limited's Senior Manager Tong Yi Seng
      proposed. The proposal "Creating better conditions and promoting growth"
      of January 22, 1999 suggested some ways to cut cost and improve the
      operation.

4.    Both parties exchanged different opinions and ideas regarding the
      unreasonable operation cost and expense, receivable accounts and capital
      injection issues. The following resolution are made:

     a.   The Chinese party agreed to bear part of the 1998 production cost and
          operating expenses. The Chinese party further agreed to adjust and
          settle part of the receivables for the Joint Venture. These
          adjustments will be made on the 1998 year end financial statements.

     b.   The Chinese party agreed to adjust and paid for those unreasonable
          cost which are prolonged to 1999.

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     c.   Based on the Chinese party willingness to settle and paid for all the
          related cost and expenses mentioned, the Foreign party agreed to
          inject capital to the Joint Venture according to the production and
          operation need and the injection plan to ensure the Joint Venture will
          develop smoothly.

5.    Both parties agreed to hold regular meeting to discuss future development
      plans for the Joint Venture to ensure future success of the Joint Venture.<PAGE>

                            FIRST AMENDMENT TO THE
                          METROCORP BANCSHARES, INC.

                    NON-EMPLOYEE DIRECTOR STOCK BONUS PLAN

         This First Amendment to the MetroCorp Bancshares, Inc. Non-Employee
Stock Bonus Plan (the "Plan") was approved by the Board of Directors of
MetroCorp Bancshares, Inc. (the "Company") on and is effective as of April 7,
1999.

SECTION 1. AMENDMENT. Pursuant to Section 6.1 of the Plan, the Plan is hereby
amended in the following respects:

         a. Section 2.4 of the Plan regarding the definition of Non-Employee
Director is hereby amended and shall read in its entirety as follows:

         SECTION 2.4. "Non-Employee Director" means a member of the Board who is
         not an employee of the Company or any of its subsidiaries.

         b. Section 4.3 of the Plan regarding the committee responsible for
administration of the Plan is hereby amended and shall read in its entirety as
follows:

         SECTION 4.3. The Non-Employee Director Bonus Committee (the
         "Committee") of the Board of Directors shall be responsible for the
         administration of the Plan; PROVIDED, HOWEVER, that such Committee
         shall be composed solely of members of the Board who are also employees
         of the Company or its subsidiaries. The Committee, by majority action
         of its members, is authorized to interpret the Plan, prescribe, amend,
         and rescind rules and regulations relating to the Plan, provide for
         conditions and assurances deemed necessary or advisable to protect the
         interests of the Company, and make all other determinations necessary
         or advisable for the administration of the Plan, but only to the extent
         not contrary to the express provisions of the Plan. The determinations,
         interpretations, and other actions of the Committee pursuant to the
         provisions of the Plan shall be binding and conclusive for all purposes
         and on all persons.

SECTION 2. RATIFICATION. Except as hereby amended, the Plan shall remain
unchanged and is ratified and confirmed in all respects.

SECTION 3. DEFINED TERMS. All terms used in this First Amendment that are
defined in the Plan shall have the same meaning as in the Plan.

<PAGE>

         IN WITNESS WHEREOF, the Board of Directors of the Company has caused
this First Amendment to be executed as of the date first above written.

                                            METROCORP BANCSHARES, INC.
                                            BOARD OF DIRECTORS

         Signature                                    Title
         ---------                                    -----

/s/ Don J. Wang                             Chairman of the Board, President and
------------------------                    Chief Executive Officer
Don J. Wang

/s/ Helen F. Chen                           Director
------------------------
Helen F. Chen

/s/ Tommy F. Chen                           Director
------------------------
Tommy F. Chen

/S/ May P. Chu                              Director
------------------------
May P. Chu

/s/ Jane W. Kwan                            Director
------------------------
Jane W. Kwan

/s/ George M. Lee                           Director
------------------------
George M. Lee

/s/ John Lee                                Director
------------------------
John Lee

/s/ David Tai                               Director
------------------------
David Tai

/s/ Joe Ting                                Director
------------------------
Joe Ting

                                       -2-<PAGE>

                            SECOND AMENDMENT TO THE
                          METROCORP BANCSHARES, INC.
                    NON-EMPLOYEE DIRECTOR STOCK BONUS PLAN

         This Second Amendment to the MetroCorp Bancshares, Inc. Non-Employee
Stock Bonus Plan (the "Plan") was approved by the Board of Directors of
MetroCorp Bancshares, Inc. (the "Company") on and is effective as of November 3,
1999.

SECTION 1. AMENDMENT. Pursuant to Section 6.1 of the Plan, the Plan is hereby
amended in the following respects:

         a.       Section 4.1(iv) of the Plan regarding the division of the
shares of Common Stock issuable to the eligible Non-Employee Directors is hereby
amended and shall read in its entirety as follows:

         SECTION 4.1

         (iv)     The total shares issuable to the eligible Non-Employee
                  Directors as a group for any calendar year (as determined
                  pursuant to subparagraph 4.1(iii) above) shall be divided
                  among such Non-Employee Directors depending upon each person's
                  performance as a Non-Employee Director during such calendar
                  year, including, but not limited to, the number of meetings
                  attended, the number of Company and MetroBank, N.A. events
                  attended, the number of Board Committees served on and
                  involvement in any special projects.

SECTION 2. RATIFICATION. Except as hereby amended, the Plan shall remain
unchanged and is ratified and confirmed in all respects.

SECTION 3. DEFINED TERMS. All terms used in this Second Amendment that are
defined in the Plan shall have the same meaning as in the Plan.

<PAGE>

         IN WITNESS WHEREOF, the Board of Directors of the Company has caused
this Second Amendment to be executed as of the date first above written.

                                            METROCORP BANCSHARES, INC.
                                            BOARD OF DIRECTORS

         Signature                                        Title
         ---------                                        -----

/s/ Don J. Wang                             Chairman of the Board, President and
------------------------                    Chief Executive Officer
Don J. Wang

/s/ Helen F. Chen                           Director
------------------------
Helen F. Chen

/s/ Tommy F. Chen                           Director
------------------------
Tommy F. Chen

/s/ May P. Chu                              Director
------------------------
May P. Chu

/s/ Jane W. Kwan                            Director
------------------------
Jane W. Kwan

/s/ George M. Lee                           Director
------------------------
George M. Lee

/s/ John Lee                                Director
------------------------
John Lee

/s/ Daivd Tai                               Director
------------------------
David Tai

/s/ Joe Ting                                Director
------------------------
Joe Ting

                                       -2-

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