Document:

exv10w2

Exhibit 10.2

EVERBANK FINANCIAL CORP

FIRST AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

     1. Purpose, History and Effective Date.

          (a) Purpose. The EverBank Financial Corp 2005 Equity Incentive Plan has two
complementary purposes:

               (i) to attract and retain outstanding individuals to serve as officers, employees, Directors
or consultants; and

               (ii) to increase Shareholder value.

     The Plan shall provide Participants with incentives to increase Shareholder value by offering
the opportunity to acquire shares of the Company’s Stock or receive monetary payments based on the
value of such Stock on the potentially favorable terms that this Plan provides.

          (b) Effective Date. This Plan shall become effective, and Awards may be granted under
this Plan, on and after the Effective Date. This Plan shall terminate as provided for in Section
13.

     2. Definitions. The following capitalized terms used in this Plan shall have the
meanings set forth below:

     “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 promulgated
under the Exchange Act or any successor rule or regulation thereto. For purposes of this Plan, the
term “Affiliate” shall include any subsidiary of the Company and any subsidiary thereof and
shall also include BNY Mortgage Company LLC.

     “AMC Acquisition Stock Plan” means that certain AMC Acquisition, Inc. Employee Stock
Plan dated July 25, 1994, as amended.

     “Associate” shall have the meaning ascribed to such term in Rule 12b-2 promulgated
under the Exchange Act or any successor rule or regulation thereto.

     “Award” means a grant of Options, Stock Appreciation Rights, Performance Shares,
Performance Units, Restricted Stock, Restricted Stock Units or Dividend Equivalent Units.

     “Award Agreement” means a written agreement, contract or other instrument or document
evidencing the grant of an Award in such form as the Committee determines from time to time.

     “Beneficial Owner” means, with respect to a Person’s beneficial ownership of the
Company’s securities:

          (a) a Person or any of such Person’s Affiliates and Associates who has the right to acquire
the Company’s securities (whether such right is exercisable immediately or only after the passage
of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of
conversion rights, exchange rights, rights, warrants or options, or otherwise; provided,
however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own,
securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or
any of such Person’s Affiliates or Associates until such tendered securities are accepted for
purchase;

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          (b) a Person or any of such Person’s Affiliates or Associates, who directly or indirectly, has
the right to vote or dispose of or has Beneficial Ownership of the Company’s securities pursuant to
any agreement, arrangement, understanding or otherwise; or

          (c) a Person who is beneficially owned, directly or indirectly, by any other Person with which
such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or
understanding for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy
as described in subsentence (b) above) or disposing of any voting securities of the Company.

     “Beneficial Ownership” means a Person who is deemed to have beneficial ownership of
the Company’s securities, as determined under Rule 13d-3 under the Exchange Act or any successor
rule or regulation thereto.

     “Board” means the Board of Directors of the Company.

     “Business Combination” means any reorganization, consolidation or merger.

     “Change of Control” means the occurrence of any one of the following events:

          (a) Any Person or a group of any Persons acting in concert becomes the Beneficial Owner of
securities of the Company representing more than fifty percent (50%) of the combined voting power
of the Company’s Voting Securities.

          (b) There shall be consummated:

               (i) a Business Combination of the Company in which the Company is not the continuing or
surviving entity or pursuant to which the Company’s equity securities would be converted into cash,
securities or other property, other than a Business Combination in which the holders of the
Company’s Voting Securities immediately prior to such Business Combination Beneficially Own,
directly or indirectly, more than fifty percent (50%) of the combined voting power of the
then-outstanding voting securities of the entity resulting from such initial Business Combination
entitled to vote generally in the election of directors (or persons performing comparable
functions) in substantially the same proportions as their ownership, immediately prior to such
Business Combination, of the outstanding Company Voting Securities; or

               (ii) except as provided in clause (i), any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of at least sixty percent (60%) of the assets of
the Company, measured by the aggregate Fair Market Value of such assets; or

          (c) The Shareholders of the Company approve any plan or proposal for the liquidation or
dissolution of the Company.

     A Change of Control shall not be deemed to occur on the IPO Date.

     “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a
specific provision of the Code includes any successor provision and the regulations promulgated
under such provision.

     “Committee” means the Compensation Committee of the Board, or a successor committee
with the same or similar authority.

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     “Company” means EverBank Financial Corp, a corporation organized under the laws of the
State of Florida, or any successor thereto.

     “Director” means a member of the Board.

     “Disability” shall have the meaning ascribed to such term in Code Section 22(e)(3), as
determined by the Committee.

     “Disinterested Persons” means the Company’s Non-Employee Directors within the meaning
of Rule 16b-3 as promulgated under the Exchange Act or any successor rule or regulation thereto.

     “Dividend Equivalent Unit” means the right to receive a payment equal to the cash
dividends paid with respect to a Share.

     “EBITDA” means earnings before interest, taxes, depreciation and amortization, as
adjusted.

     “Effective Date” means the date the Shareholders approve this Plan.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference
to a specific provision of the Exchange Act includes any successor provision and the regulations
and rules promulgated under such provision.

     “Fair Market Value” means, per Share on a particular date:

          (a) prior to the IPO Date, the value as determined by the Board in good faith to be reasonable
and in compliance with Section 409A of the Code. To the extent consistent with the preceding
sentence, in determining Fair Market Value, the Board shall consider the price paid for any of the
Company’s securities in a private placement made within the prior twelve (12) months, with
appropriate adjustment for any differences in the rights, preferences or privileges of such
securities as opposed to a Share, and the Board may, but shall not be required to, rely on the most
recent valuation as determined by an independent appraiser;

          (b) on the IPO Date, the price at which a Share is first sold to the public on such date; and

          (c) after the IPO Date:

               (i) if the Stock is listed for trading on the NASDAQ National Market, the last reported sales
price on the date in question as reported in The Wall Street Journal, or if no sales of
Stock occur on the date in question, on the last preceding date on which there was a sale on such
exchange;

               (ii) if the Stock is not listed or admitted to trading on the NASDAQ National Market, the last
reported sales price on the date in question on the principal national securities exchange on which
the Stock is listed or admitted to trading, or if no sales of Stock occur on the date in question,
on the last preceding date on which there was a sale on such exchange;

               (iii) if the Stock is not listed or admitted to trading on any national securities exchange,
the last reported sales price on the date in question in the over-the-counter market, as reported
by NASDAQ or such other system then in use, or if no sales of Stock occur on the date in question,
on the last preceding date on which there was a sale;

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               (iv) if on any such date the Stock is not quoted by any such Person, the last sales price on
the date in question as furnished by a professional market making a market in the Stock selected by
the Board for the date in question, or if no sales of Stock occur on the date in question, on the
last preceding date on which there was a sale; or

               (v) if on any such date no market maker is making a market in the Stock, the price as
determined in good faith by the Committee to be reasonable and in compliance with 409A of the Code.

     “Incentive Stock Option” means an Option that meets the requirements of Code Section
422.

     “IPO” means an initial public offering of the Company’s Voting Shares pursuant to an
effective registration statement filed by the Company under the Securities Act, as amended from
time to time.

     “IPO Date” means the date on which the Voting Shares are first sold to the public
pursuant to an effective registration statement filed by the Company under the Securities Act, as
amended from time to time.

     “NASDAQ” the National Association of Securities Dealers, Inc. Automated Quotations
System and any successor thereto.

     “Non-Employee Director” means a Director who is not also an employee of the Company or
its Affiliates.

     “Option” means the right to purchase Shares at a specified price during a specified
period of time.

     “Participant” means an individual selected by the Committee to receive an Award, and
includes any individual who holds an Award after the death of the original recipient.

     “Payment” means a payment or transfer by the Company under the Plan to or for the
benefit of a Participant.

     “Performance-Based Compensation” means performance-based compensation as determined
under Code Section 162(m).

     “Performance Goals” means any goals established by the Committee that relate to one or
more of the following for such period as the Committee specifies:

          (a) revenue;

          (b) EBITDA, as adjusted;

          (c) income before income taxes and minority interests;

          (d) operating income;

          (e) pre- or after-tax income;

          (f) bank deposits;

          (g) number of mortgage loans;

          (h) the value of the Company’s mortgage loan servicing portfolio;

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          (i) cash flow;

          (j) cash flow per share;

          (k) net earnings;

          (l) basic or diluted earnings per share;

          (m) return on equity;

          (n) return on assets;

          (o) return on capital;

          (p) growth in assets;

          (q) economic value added;

          (r) Share price performance;

          (s) total Shareholder return;

          (t) improvement or attainment of expense levels;

          (u) market share or market penetration;

          (v) business expansion, and/or acquisitions or divestitures; and/or

          (w) completion or implementation of certain business projects or initiatives.

     The Committee may specify at the time of making an Award that the Performance Goals are to be
measured for an individual, the Company, for the Company on a consolidated basis, for any one or
more Affiliates or divisions of the Company and/or for any other business unit or units of the
Company, and/or that the Performance Goals are to be measured either in absolute terms or relative
to the performance of one or more comparable companies or an index covering multiple companies. In
the case of Awards that the Committee determines shall not be considered Performance Based
Compensation, the Committee may establish other Performance Goals not listed in this Plan.

     “Performance Shares” means the right to receive Shares to the extent Performance Goals
are achieved.

     “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and
used in Sections 14(d) and 15(d) thereof.

     “Plan” means this EverBank Financial Corp 2005 Equity Incentive Plan, as may be
amended from time to time.

     “Registration Event” means the date the Company files an effective registration
statement under the Exchange Act, including in connection with an IPO or under Section 12(g) of the
Exchange Act.

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     “Restricted Stock” means Shares that are subject to a risk of forfeiture and/or
restrictions on transfer, which may lapse upon the achievement or partial achievement of
Performance Goals and/or upon the completion of a period of service.

     “Restricted Stock Unit” means a right granted to a Participant to receive Shares (or
the equivalent value in cash or other property if the Committee so provides) in the future, which
right is subject to a risk of forfeiture and/or restrictions on transfer, which may lapse upon the
achievement or partial achievement of Performance Goals and/or upon the completion of a period of
service, certain restrictions and risk of forfeiture.

     “Retirement” means, unless the Committee determines otherwise in an Award Agreement,
termination of employment from the Company and its Affiliates on or after age sixty-five (65) with
five (5) years of continuous service with the Company and its Affiliates.

     “Rule 16b-3” means Rule 16b-3 as promulgated by the United States Securities and
Exchange Commission under the Exchange Act.

     “Section 16 Participants” means Participants who are subject to the provisions of
Section 16 of the Exchange Act.

     “Securities Act” means the Securities Act of 1933, as amended. Any reference to a
specific provision of the Securities Act includes any successor provision and the regulations and
rules promulgated under such provision.

     “Share” means a share of Stock.

     “Shareholder” means a Person that is an owner of Stock on the Company’s books and
records.

     “Stock” means the common stock of the Company.

     “Stock Appreciation Right” or “SAR” means the right to receive a payment equal
to the appreciation of the Fair Market Value of a Share during a specified period of time.

     “Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each such corporation owns stock possessing fifty
percent (50%) or more of the total combined voting power in one of the other corporations in the
chain.

     “Voting Securities” means Stock, the Shareholders of which are presently entitled to
vote for the election of Directors and on certain other matters required by the Florida Business
Corporation Act, as amended.

     3. Administration.

          (a) Committee Administration. In addition to the authority specifically granted to
the Committee in this Plan, the Committee has full discretionary authority to administer this Plan
and all Awards, including, but not limited to, the authority to:

               (i) interpret the provisions of this Plan or any Award Agreement;

               (ii) prescribe, amend and rescind rules and regulations relating to this Plan;

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               (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any
Award or Award Agreement in the manner and to the extent the Committee deems desirable to carry
this Plan, such Award or such Award Agreement into effect; and

               (iv) make all other determinations as may be necessary or advisable to administer this Plan.

          All decisions, interpretations and other actions of the Committee shall be final and binding
on all Participants and any other individual with a right under the Plan or under any Award.

          The Board may reserve to itself any or all of the authority and responsibility of the
Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the
extent the Board has reserved any authority and responsibility or during any time that the Board is
acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and
any reference herein to the Committee (other than in this Section 3(a)) shall include the Board.
To the extent any action of the Board under the Plan conflicts with actions taken by the Committee,
the actions of the Board shall control.

          (b) Delegation to Other Committees or Chief Executive Officer. The Board or the
Committee may, by resolution, expressly delegate to a special committee, consisting of one or more
directors who may but need not be officers of the Company, the authority, within specified
parameters as to the number and terms of Awards, to (i) designate officers and/or employees of the
Company or any of its Affiliates to be recipients of Awards under the Plan, and (ii) to determine
the number of such Awards to be received by any such Participants; provided, however, that such
delegation of duties and responsibilities to an officer of the Company may not be made with respect
to the grant of Awards to eligible participants (a) who are Section 16 Participants at the date of
grant, or (b) who as of the date of grant are reasonably anticipated to be become “covered
employees” (as defined in Code Section 162(m)(3)) during the term of the Award. The acts of such
delegates shall be treated hereunder as acts of the Board and such delegates shall report regularly
to the Board and the Committee regarding the delegated duties and responsibilities and any Awards
so granted.

          (c) Indemnification. In addition to such other rights of indemnification as they may
have as members of the Board or the Committee, the members of the Board and the Committee shall be
indemnified by the Company against all:

               (i) costs and expenses reasonably incurred by them in connection with any action, suit or
proceeding to which they or any of them may be party by reason of any action taken or failure to
act under or in connection with the Plan or any Award; and

               (ii) amounts paid by them in settlement thereof (provided such settlement is approved by
independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in
any such action, suit or proceeding, except a judgment based upon a finding of bad faith.

     This subsection (c) shall apply to members of the Board and the Committee provided
that upon the institution of any such action, suit or proceeding a Board or Committee member shall,
in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and
defend the same before such Committee or Board member undertakes to handle and defend it on such
member’s own behalf.

     4. Eligibility. The Committee may designate any of the following as a Participant
from time to time:

          (a) any officer or other employee of the Company or any of its Affiliates;

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          (b) an individual that the Company or an Affiliate has engaged to become an officer or other
employee;

          (c) a Non-Employee Director; or

          (d) a consultant or advisor who provides bona fide services to the Company or an Affiliate as
an independent contractor.

     The Committee’s designation of a Participant in any year shall not require the Committee to
designate such person to receive an Award in any other year.

     5. Types of Awards. Subject to the terms of this Plan, the Committee may grant any
type of Award to any Participant it selects, but only employees of the Company or an Affiliate may
receive grants of Incentive Stock Options. A Participant who is a service provider to an Affiliate
may be granted Options or SARs only if the Company is an “eligible issuer of service recipient
stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E). Awards may be granted
alone or in addition to, in tandem with, or in substitution for any other Award (or any other award
granted under another plan of the Company or any Affiliate). Awards granted under the Plan shall
be evidenced by an Award Agreement except to the extent the Committee provides otherwise.

     6. Shares Reserved under this Plan.

          (a) Plan Reserve. Subject to adjustment as provided in Section 15, an aggregate of
One Million (1,000,000) Shares are reserved for issuance under this Plan. The number of Shares
reserved for issuance under this Plan shall be reduced only by the number of Shares delivered in
payment or settlement of Awards.

          (b) Replenishment of Shares Under this Plan. If an Award lapses, expires, terminates
or is cancelled without the issuance of Shares under the Award, or if Shares are forfeited under an
Award, then the Shares subject to such Award may again be used for new Awards under this Plan under
Section 6(a). Shares delivered to the Company in payment of the exercise price of an Award may
again be used for new Awards under this Plan under Section 6(a).

          (c) Participant Limitations. Subject to adjustment as provided in Section 15, no
Participant may be granted Awards that could result in such Participant:

               (i) receiving in any calendar year Options for, and/or Stock Appreciation Rights with respect
to, more than two hundred fifty thousand (250,000) Shares;

               (ii) receiving in any calendar year Awards of Restricted Stock relating to more than two
hundred fifty thousand (250,000) Shares;

               (iii) receiving in any calendar year Awards of Performance Shares, the value of which is based
on the Fair Market Value of a Share, for more than two hundred fifty thousand (250,000) Shares;

               (iv) receiving in any calendar year Awards of Performance Units, the value of which is not
based on the Fair Market Value of a Share, that could result in a payment of more than two hundred
fifty thousand dollars ($250,000).

     7. Options. Subject to the terms of this Plan, the Committee shall determine all
terms and conditions of each Option, including, but not limited to, the following:

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          (a) Incentive Stock Option.

               (i) In General. The Committee shall determine whether an Option is an Incentive Stock
Option, or a “nonqualified stock option” that does not meet the requirements of Code Section 422.

               (ii) Fair Market Value of Incentive Stock Option. In the case an Option is an
Incentive Stock Option, if the aggregate Fair Market Value (determined at the time of grant) of the
Shares with respect to which all Incentive Stock Options are first exercisable by the Participant
during any calendar year (under this Plan and under all other Incentive Stock Option plans of the
Company or any Affiliate that is required to be included under Code Section 422) exceeds One
Hundred Thousand Dollars ($100,000), such Option automatically shall be treated as a “nonqualified
stock option” to the extent this limit is exceeded.

          (b) Number Of Shares. The Committee shall determine the number of Shares subject to
the Option.

          (c) Exercise Price. The Committee shall determine the exercise price per Share, which
may not be less than the Fair Market Value of a Share as determined on the date of grant;
provided that:

               (i) no Incentive Stock Option shall be granted to any employee who, at the time the Option is
granted, owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten
percent (10%) of the total combined voting power of all classes of stock of the Company or of any
Subsidiary, unless the exercise price is at least one hundred ten percent (110%) of the Fair Market
Value of a Share on the date of grant; and

               (ii) the exercise price may vary during the term of the Option if the Committee determines
that there should be adjustments to the exercise price relating to achievement of Performance Goals
and/or to changes in an index or indices that the Committee determines is appropriate (but in no
event may the exercise price per Share be less than the Fair Market Value of a Share as determined
on the date of grant).

          (d) Terms And Conditions Of Exercise. The Committee shall determine the terms and
conditions of exercise, which may include a requirement that exercise of the Option is conditioned
upon achievement of one or more Performance Goals or may provide for an acceleration of the
exercisability upon the Participant’s death, Disability or Retirement.

          (e) Termination Date. The Committee shall determine the termination date, except that
each:

               (i) Option must terminate no later than the tenth (10th) anniversary of the date of grant; and

               (ii) Incentive Stock Option granted to any employee who, at the time the Option is granted,
owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company or of any
Subsidiary must terminate no later than the fifth (5th) anniversary of the date of grant.

          (f) Exercise Period. The Committee shall determine the exercise period following a
Participant’s termination of employment or service.

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          (g) Section 409A Limitations. No Option shall (i) include Dividend Equivalent Units
or (ii) provide for the deferral of compensation other than the deferral of recognition of income
until the later of the exercise or disposition of the Option.

     In all other respects, the terms of any Incentive Stock Option should comply with the
provisions of Code Section 422, except to the extent the Committee determines otherwise.

     8. Stock Appreciation Rights. Subject to the terms of this Plan, the Committee shall
determine all terms and conditions of each SAR, including, but not limited to, the following:

          (a) Relation Of SAR To Options.

               (i) In General. The Committee shall determine whether the SAR is granted
independently of an Option or relates to an Option.

               (ii) SAR Grant in Relation to Option. If a SAR is granted in relation to an Option,
then, unless otherwise determined by the Committee, the SAR shall be exercisable or shall mature at
the same time or times, on the same conditions and to the extent and in the proportion, that the
related Option is exercisable and may be exercised or mature for all or part of the Shares subject
to the related Option.

               (iii) Exercise of SARs. Upon exercise of any number of SARs, the number of Shares
subject to the related Option shall be reduced accordingly and such Option may not be exercised
with respect to that number of Shares. The exercise of any number of Options that relate to an SAR
shall likewise result in an equivalent reduction in the number of Shares covered by the related
SAR.

          (b) Number Of Shares. The Committee shall determine the number of Shares to which the
SAR relates.

          (c) Grant Price. The Committee shall determine the grant price, provided that the
grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as
determined on the date of grant.

          (d) Exercise Or Maturity. The Committee shall determine the terms and conditions of
exercise or maturity, which may include a provision that accelerates the exercisability of the SAR
upon the Participant’s death, Disability or Retirement.

          (e) Term. The Committee shall determine the term, provided that an SAR must terminate
no later than the tenth (10th) anniversary of the date of grant.

          (f) Means Of Settlement. The Committee shall determine whether the SAR shall be
settled in cash, Shares or a combination thereof.

          (g) Section 409A Limitations. No SAR shall (i) include Dividend Equivalent Units or
(ii) provide for any feature for the deferral of compensation other than the deferral of
recognition of income until the later of exercise or disposition of the SAR.

     9. Performance Awards. Subject to the terms of this Plan, the Committee shall
determine all terms and conditions of each award of Performance Shares or Performance Units,
including, but not limited to, the following:

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          (a) The number of Shares and/or units to which such Award relates, and with respect to
Performance Units, whether the value of each unit shall be based on the Fair Market Value of one or
more Shares, the average of the Fair Market Value of one or more Shares over such period as the
Committee specifies, or such other value as the Committee specifies in the Award Agreement.

          (b) One or more Performance Goals that must be achieved during such period as the Committee
specifies in order for the Participant to realize the benefit of such Award.

          (c) Whether all or a portion of the Performance Goals subject to an Award are deemed achieved
upon a Participant’s death, Disability or Retirement.

          (d) With respect to Performance Units, whether to settle such Award in cash, Shares, or a
combination of cash and Shares.

     10. Restricted Stock or Restricted Stock Unit Awards. Subject to the terms of this
Plan, the Committee shall determine all terms and conditions of each Award of Restricted Stock or
Restricted Stock Units, including, but not limited to, the following items:

          (a) Number Of Shares. The Committee shall determine the number of Shares to which
such Award relates.

          (b) Lapse Of Restrictions; Vesting.

               (i) In General. The Committee shall determine: (A) the period of time over which the
restrictions imposed on Restricted Stock or Restricted Stock Units shall lapse; and (B) whether, as
a condition for the Participant to realize all or a portion of the benefit provided under the
Award, one or more Performance Goals must be achieved during such period as the Committee
specifies.

               (ii) Award Granted on or after IPO Date. Subject to the provisions of Section 10(c),
an Award granted on or after the IPO Date that is subject to the achievement of Performance Goals
must have a restriction or vesting period of at least one (1) year, and an Award that is not
subject to Performance Goals must have a restriction or vesting period of at least three (3) years.
Notwithstanding the foregoing, if the Committee determines in its sole discretion that an Award of
Restricted Stock or Restricted Stock Units is granted to a Participant in lieu of cash compensation
(including, but not limited to, bonus cash compensation), the Committee may impose such restriction
or vesting period on such Award as it determines and in accordance with Section 409A, to the extent
applicable.

          (c) Acceleration of Lapse or Vesting. The Committee shall determine whether all or
any portion of the restrictions or vesting schedule imposed on the Award shall lapse or be
accelerated upon a Participant’s death, Disability or Retirement; provided that any such
acceleration does not result in a violation of Code Section 409A.

          (d) Means of Settlement. With respect to Restricted Stock Units, the Committee shall
determine whether to settle such Awards in cash, Shares, or a combination of cash and Shares.

          (e) Registration of Certificates. With respect to Restricted Stock, the Committee
shall determine: (i) the manner of registration of certificates for such Shares; and (ii) whether
to hold such Shares in book-entry form or in escrow pending lapse of the restrictions or to issue
such Shares with an appropriate legend referring to such restrictions.

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          (f) Dividends and Voting Rights. The Committee shall specify in each Award whether
dividends paid with respect to an Award of Restricted Stock shall be immediately paid or held in
escrow or otherwise deferred and whether such dividends shall be subject to the same terms and
conditions as the Award to which they relate. Unless the Committee provides otherwise in an Award,
there will be no dividend or voting rights with respect to Restricted Stock prior to vesting.

     11. Dividend Equivalent Units. Subject to the terms and conditions of this Plan, the
Committee shall determine all terms and conditions of each award of Dividend Equivalent Units,
including, but not limited to, whether such Award shall be granted in tandem with another Award,
and the form, timing and conditions of payment. Unless otherwise provided in the Award, Dividend
Equivalents Units will be paid or distributed no later than the 15th day of the
3rd month following the later of (i) the calendar year in which the corresponding
dividends were paid to shareholders, or (ii) the first calendar year in which the Participant’s
right to such Dividend Equivalents Units is no longer subject to a substantial risk of forfeiture.

     12. Transferability. Awards are not transferable other than by will or the laws of
descent and distribution, unless and to the extent the Committee allows a Participant to: (a)
designate in writing a beneficiary to exercise the Award after the Participant’s death; or (b)
transfer an Award.

     13. Termination and Amendment of Plan; Amendment, Modification or Cancellation of
Awards.

          (a) Term of Plan. This Plan shall terminate on the tenth (10th) anniversary of the
Effective Date unless the Board or Committee earlier terminates this Plan pursuant to Section
13(b).

          (b) Termination and Amendment of Plan. The Board or the Committee may amend, suspend
or terminate this Plan at any time, subject to the following limitations:

               (i) the Board must approve any amendment, suspension or termination of this Plan to the extent
the Company determines such approval is required by: (A) action of the Board; (B) applicable
corporate law; (C) the listing requirements of any principal securities exchange or market on which
the Shares are then traded; or (D) any other applicable law;

               (ii) Shareholders must approve any amendment of this Plan if, but only if, the Company
determines such approval is required by: (A) Section 16 of the Exchange Act; (B) the Code; (C) the
listing requirements of any principal securities exchange or market on which the Shares are then
traded; or (D) any other applicable law; and

               (iii) Shareholders must approve any of the following Plan amendments: (A) an amendment to
materially increase any number of Shares specified in Section 6(a) or 6(c) (except as permitted by
Section 15); or (B) an amendment to the provisions of Section 13(e).

          (c) Amendment, Modification or Cancellation of Awards.

               (i) In General. Except as provided in Section 13(e) and subject to the requirements
of this Plan, the Committee may modify or amend any Award or waive any restrictions or conditions
applicable to any Award or the exercise of the Award.

               (ii) Mutual Agreement. The terms and conditions applicable to any Awards may, at any
time, be amended, modified or canceled by mutual agreement between the Committee and the

-12-

 

Participant; provided, that any amendment or modification does not increase the number
of Shares issuable under this Plan (except as permitted by Section 15).

               (iii) No Participant Consent. The Committee shall not be required to obtain
Participant (or other interested Person) consent for the:

                    (A) amendment to or modification or cancellation of an Award pursuant to the provisions of
Section 15(a) or 15(c); or

                    (B) the modification of an Award to the extent deemed necessary to comply with: (I) any
applicable law; (II) the listing requirements of any principal securities exchange or market on
which the Shares are then traded; or (III) to preserve favorable accounting treatment of any Award
for the Company.

          (d) Survival of Authority and Awards. Notwithstanding the foregoing, the authority of
the Board and the Committee under this Section 13 shall extend beyond the date of this Plan’s
termination. Termination of this Plan shall not affect the rights of Participants with respect to
Awards previously granted to them, and all unexpired Awards shall continue in force and effect
after termination of this Plan except as they may lapse or be terminated by their own terms and
conditions.

          (e) Repricing Prohibited. Notwithstanding anything in this Plan to the contrary, and
except for the adjustments provided in Section 15, neither the Committee nor any other Person may
decrease the exercise price for any outstanding Option after the date of grant nor cancel or allow
a Participant to surrender an outstanding Option to the Company as consideration for the grant of a
new Option with a lower exercise price or the grant of another type of Award the effect of which is
to reduce the exercise price of any outstanding Option.

          (f) Foreign Participation. To assure the viability of Awards granted to Participants
employed in foreign countries, the Committee may:

               (i) provide for such special terms as it may consider necessary or appropriate to accommodate
differences in local law, tax policy or custom; and

               (ii) approve such supplements to, or amendments, restatements or alternative versions of, this
Plan as it determines is necessary or appropriate for such purposes.

     Any such amendment, restatement or alternative versions that the Committee approves for
purposes of using this Plan in a foreign country shall not affect the terms of this Plan for any
other country. In addition, all such supplements, amendments, restatements or alternative versions
must comply with the provisions of Section 13(b)(ii).

     14. Taxes.

          (a) Withholding Right. The Company is entitled to withhold the amount of any tax
attributable to any amount payable or Shares deliverable under this Plan, and the Company may defer
making payment or delivery if any such tax may be pending unless and until indemnified to its
satisfaction. To the extent reasonably practicable under the circumstances, the Company will use
reasonable efforts to provide advance notice of withholding.

-13-

 

          (b) Use of Shares to Satisfy Tax Withholding. The Committee may permit a Participant
to satisfy all or a portion of the federal, state and local withholding tax obligations arising in
connection with an Award by electing to:

               (i) have the Company withhold Shares otherwise issuable under the Award;

               (ii) tender back Shares received in connection with such Award; or

               (iii) deliver other previously owned Shares, in each case having a Fair Market Value equal to
the amount to be withheld.

     Notwithstanding the foregoing, the amount to be withheld may not exceed the total minimum
federal, state and local tax withholding obligations associated with the transaction. The election
must be made on or before the date as of which the amount of tax to be withheld is determined and
otherwise as the Committee requires.

     15. Adjustment Provisions; Change of Control.

          (a) Adjustment of Shares.

               (i) Trigger Event; Adjustment. If the Committee determines that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the
Company, issuance of warrants or other rights to purchase Shares or other securities of the
Company, or other similar corporate transaction or event affects the Shares such that the Committee
determines an adjustment to be appropriate to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under this Plan, then, subject to Participants’
rights under Section 15(c), the Committee may, in such manner as it may deem equitable, adjust any
or all of:

                    (A) the number and type of Shares subject to this Plan (including the number and type of
Shares described in Sections 6(a) and 6(c)), and which may after the event be made the subject of
Awards under this Plan;

                    (B) the number and type of Shares subject to outstanding Awards; and

                    (C) the grant, purchase or exercise price with respect to any Award.

     Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding
options or SARs that would constitute a modification or substitution of the stock right under
Section 409A that would be treated as the grant of a new stock right or change in the form of
payment for purposes of Code Section 409A.

               (ii) Cash Payment Provision. Regardless of whether Section 15(a)(i) is triggered, the
Committee may make provision for a cash payment to the holder of an outstanding Award in exchange
for the cancellation of all or a portion of the Award (without the consent of the holder of an
Award) in an amount determined by the Committee effective at such time as the Committee specifies
(which may be the time such transaction or event is effective); provided, that if such
transaction or event constitutes a Change of Control, then such payment shall be at least as
favorable to the holder as the amount the holder could have received in respect of such Award under
Section 15(c). Notwithstanding the foregoing, the

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Committee shall make any payments only in a manner that would not result in a violation of
Code Section 409A.

               (iii) Incentive Stock Options. With respect to Awards of Incentive Stock Options, no
such adjustment may be authorized to the extent that such authority would cause this Plan to
violate Code Section 422(b).

               (iv) Number of Shares. The number of Shares subject to any Award payable or
denominated in Shares must always be a whole number.

               (v) Substitution. Subject to Participants’ rights under Section 15(c), in the event
of any reorganization, merger, consolidation, combination or other similar corporate transaction or
event, whether or not constituting a Change of Control (other than any such transaction in which
the Company is the continuing corporation and in which the outstanding Stock is not being converted
into or exchanged for different securities, cash or other property, or any combination thereof),
the Committee may substitute, on an equitable basis as the Committee determines, for each Share
then subject to an Award, the number and kind of shares of stock, other securities, cash or other
property to which holders of Stock are or shall be entitled in respect of each Share pursuant to
the transaction.

          (b) Issuance or Assumption. Notwithstanding any other provision of this Plan, and
without affecting the number of Shares otherwise reserved or available under this Plan, in
connection with any merger, consolidation, acquisition of property or stock, or reorganization, the
Committee may authorize the issuance or assumption of Awards under this Plan upon such terms and
conditions as the Committee may deem appropriate.

          (c) Change of Control.

               (i) The Committee may specify, either in an Award Agreement or at the time of a Change of
Control, whether an outstanding Award shall become vested and/or payable, in whole or part, as a
result of the Change of Control, and whether such Award shall be cancelled as of, or within a
specified period after, the date of the Change of Control.

               (ii) Without limiting the foregoing, the Committee may specify that:

                    (A) if, in connection with the Change of Control, the Options and SARs issued under the Plan
are not assumed, or if substitute Options and SARs are not issued, or if the assumed or substituted
awards fail to contain similar terms and conditions as the Award prior to the Change of Control or
fail to preserve, to the extent applicable, the benefit to be provided to the Participant as of the
date of the Change of Control, including, but not limited to, if the Change of Control occurs after
the IPO Date, the right of the Participant after the IPO Date to receive shares upon exercise of
the Option or SAR that are registered for sale to the public pursuant to an effective registration
statement filed with the U.S. Securities and Exchange Commission, then each holder of an Option or
SAR that is outstanding as of the date of the Change of Control shall have the right, exercisable
by written notice to the Company (or its successor in the Change of Control transaction) within
thirty (30) days after the Change of Control (but not beyond the Option’s or SAR’s expiration
date), to receive, in exchange for the surrender of the Option or SAR, an amount of cash equal to
the excess of the greater of the Fair Market Value of the Shares determined on the Change of
Control date or the Fair Market Value of the Shares on the date of surrender covered by the Option
or SAR (to the extent vested and not yet exercised) that is so surrendered over the purchase or
grant price of such Shares under the Award. If the Committee so determines prior to the Change of
Control, any such Option or SAR that is not exercised or surrendered prior to the end of such
thirty (30)-day period shall be cancelled.

-15-

 

                    (B) if, in connection with a Change of Control that occurs after the IPO Date, the Shares
issued to a Participant as a result of the accelerated vesting or payment of a Restricted Stock
Award, Performance Share Award, Restricted Stock Unit Award, Performance Unit Award or Dividend
Equivalent Award under this subsection (c) are not registered for sale to the public pursuant to an
effective registration statement filed with the U.S. Securities and Exchange Commission, then each
holder of such Shares shall have the right, exercisable by written notice to the Company (or its
successor in the Change of Control transaction) within thirty (30) days after the Change of
Control, to receive, in exchange for the surrender of such Shares an amount of cash equal to the
greater of the Fair Market Value of a Share on the Change of Control date or the Fair Market Value
of such Share on the date of surrender.

     16. Miscellaneous.

          (a) Other Terms and Conditions. The grant of any Award may also be subject to other
provisions (whether or not applicable to the Award granted to any other Participant) as the
Committee determines appropriate, including, but not limited to, provisions for:

               (i) one or more means to enable Participants to defer the delivery of Shares or recognition of
taxable income relating to Awards or cash payments derived from the Awards on such terms and
conditions as the Committee determines and in accordance with Section 409A, including, but not
limited to:

                    (A) the form and manner of the deferral election;

                    (B) the treatment of dividends paid on the Shares during the deferral period or a means for
providing a return to a Participant on amounts deferred,; and

                    (C) the permitted distribution dates or events (provided that if Shares would have otherwise
been issued under an Award but for the deferral described in this paragraph, then such Shares shall
be treated as if they were issued for purposes of Sections 6(a));

               (ii) the payment of the purchase price of Options by:

                    (A) delivery of cash or other Shares or other securities of the Company (including by
attestation) having a then Fair Market Value equal to the purchase price of such Shares, or

                    (B) delivery (including by fax) to the Company or its designated agent of an executed
irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell
or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly
to the Company to pay for the exercise price;

               (iii) conditioning the grant or benefit of an Award on the Participant’s agreement to comply
with covenants not to compete, not to solicit employees and customers and not to disclose
confidential information that may be effective during or after the Participant’s employment or
service, and/or provisions requiring the Participant to disgorge any profit, gain or other benefit
received in connection with an Award as a result of the breach of such covenant;

               (iv) restrictions on resale or other disposition of Shares, including imposition of a
retention period; and

               (v) compliance with federal or state securities laws and stock exchange requirements.

-16-

 

          (b) Employment or Service. The issuance of an Award shall not confer upon a
Participant any right with respect to continued employment or service with the Company or any
Affiliate, or the right to continue as a Director. Unless determined otherwise by the Committee,
for purposes of the Plan and all Awards, the following rules shall apply:

               (i) a Participant who transfers employment between the Company and any Affiliate of the
Company, or between the Company’s Affiliates, shall not be considered to have terminated
employment;

               (ii) a Participant who ceases to be a Non-Employee Director, consultant or advisor because he
or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased
service as a Director, consultant or advisor with respect to any Award until such Participant’s
termination of employment with the Company and its Affiliates;

               (iii) a Participant who ceases to be employed by the Company or an Affiliate of the Company
and immediately thereafter becomes a Non-Employee Director, a Non-Employee Director of any
Affiliate, or a consultant or advisor to the Company or any Affiliate shall not be considered to
have terminated employment until such Participant’s service as a director of, or consultant or
advisor to, the Company and its Affiliates has ceased; and

               (iv) a Participant employed by an Affiliate of the Company shall be considered to have
terminated employment when such entity ceases to be an Affiliate of the Company.

          (c) No Fractional Shares. No fractional Shares or other securities may be issued or
delivered pursuant to this Plan, and the Committee may determine whether cash, other securities or
other property shall be paid or transferred in lieu of any fractional Shares or other securities,
or whether such fractional Shares or other securities or any rights to fractional Shares or other
securities shall be canceled, terminated or otherwise eliminated.

          (d) Unfunded Plan. This Plan is unfunded and does not create, and should not be
construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does
not establish any fiduciary relationship between the Company and any Participant or other person.
To the extent any person holds any rights by virtue of an Award granted under this Plan, such
rights are no greater than the rights of the Company’s general unsecured creditors.

          (e) Requirements of Law and Securities Exchange. The granting of Awards and the
issuance of Shares in connection with an Award are subject to all applicable laws, rules and
regulations and to such approvals by any governmental agencies or national securities exchanges as
may be required. Notwithstanding any other provision of this Plan or any Award Agreement, the
Company has no liability to deliver any Shares under this Plan or make any payment unless such
delivery or payment would comply with all applicable laws and the applicable requirements of any
securities exchange or similar entity, and unless and until the Participant has taken all actions
required by the Company in connection therewith. The Company may impose such restrictions on any
Shares issued under the Plan as the Company determines necessary or desirable to comply with all
applicable laws, rules and regulations or the requirements of any national securities exchanges.

          (f) Special Provisions Related to Section 409A of the Code.

               (i) General. It is intended that the payments and benefits provided under the Plan
and any Award shall either be exempt from the application of, or comply with, the requirements of
Section 409A of the Code. The Plan and all Awards shall be construed in a manner that effects such
intent.

-17-

 

Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not
warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors,
officers, employees or advisers shall be held liable for any taxes, interest, penalties or other
monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award.

               (ii) Definitional Restrictions. Notwithstanding anything in the Plan or in any Award
to the contrary, to the extent that any amount or benefit that would constitute non-exempt
“deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or
distributable, or a different form of payment (e.g., lump sum or installment) would be effected,
under the Plan or any Award by reason of the occurrence of a Change in Control, or the
Participant’s Disability or separation from service, such amount or benefit will not be payable or
distributable to the Participant, and/or such different form of payment will not be effected, by
reason of such circumstance unless the circumstances giving rise to such Change in Control,
Disability or separation from service meet any description or definition of “change in control
event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code
and applicable regulations (without giving effect to any elective provisions that may be available
under such definition). This provision does not prohibit the vesting of any Award upon a Change in
Control, Disability or separation from service, however defined. If this provision prevents the
payment or distribution of any amount or benefit, such payment or distribution shall be made on the
next earliest payment or distribution date or event specified in the Award that is permissible
under Section 409A, or such later date as may be required under subsection (iii) below. If this
provision prevents the application of a different form of payment of any amount or benefit, such
payment shall be made in the same form as would have applied absent such designated event or
circumstance.

               (iii)  Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan
or in any Award Certificate to the contrary, if any amount or benefit that would constitute
non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be
payable or distributable under this Plan or any Award Certificate by reason of a Participant’s
separation from service during a period in which the Participant is a Specified Employee (as
defined below), then, subject to any permissible acceleration of payment by the Committee under
Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of
interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such non-exempt deferred
compensation that would otherwise be payable during the six-month period immediately following the
Participant’s separation from service will be accumulated through and paid or provided on the first
day of the seventh month following the Participant’s separation from service (or, if the
Participant dies during such period, within 30 days after the Participant’s death) (in either case,
the “Required Delay Period”); and (ii) the normal payment or distribution schedule for any
remaining payments or distributions will resume at the end of the Required Delay Period. For
purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code
Section 409A and the final regulations thereunder, provided, however, that, as permitted in such
final regulations, the Company’s Specified Employees and its application of the six-month delay
rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the
Board or any committee of the Board, which shall be applied consistently with respect to all
nonqualified deferred compensation arrangements of the Company, including this Plan.

               (iv) Allocation among Possible Exemptions. If any one or more Awards granted under
the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg.
Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the
separation pay exemptions, the Company (acting through the Committee or the Head of Human
Resources) shall determine which Awards or portions thereof will be subject to such exemptions.

-18-

 

               (v) Anti-Acceleration Rules. Notwithstanding anything in the Plan, the Committee may
not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of
the Code.

          (g) Governing Law. This Plan, all amendments to this Plan and all agreements under
this Plan, shall be construed in accordance with and governed by the laws of the State of Florida,
without reference to any conflict of law principles. By accepting the issuance of an Award, the
Participant agrees on behalf of himself and his heir, legatees and legal representatives, and the
Company agrees that the exclusive venue for any legal action or proceeding with respect to this
Plan, any Award or any Award Agreement shall be a court sitting in the County of Duval, or the
Federal District Court for the Middle District of Florida sitting in the County of Duval, in the
State of Florida, and further agrees that any such action may be heard only in a “bench” trial, and
agrees to waive its right to assert a jury trial.

          (h) Limitations on Actions. Any legal action or proceeding with respect to this Plan,
any Award or any Award Agreement, must be brought within one year (365 days) after the day the
complaining party first knew or should have known of the events giving rise to the complaint.

          (i) Construction. Whenever any words are used herein in the masculine, they shall be
construed as though they were used in the feminine in all cases where they would so apply; and
wherever any words are used in the singular or plural, they shall be construed as though they were
used in the plural or singular, as the case may be, in all cases where they would so apply. Title
of sections are for general information only, and this Plan is not to be construed with reference
to such titles.

          (j) Severability. If any provision of this Plan or any Award Agreement or any Award:
(i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as
to any person or Award; or (ii) would disqualify this Plan, any Award Agreement or any Award under
any law the Committee deems applicable, then such provision should be construed or deemed amended
to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the
determination of the Committee, materially altering the intent of this Plan, Award Agreement or
Award, then such provision should be stricken as to such jurisdiction, person or Award, and the
remainder of this Plan, such Award Agreement and such Award shall remain in full force and effect.

The foregoing is hereby acknowledged as being the EverBank Financial Corp First Amended and
Restated 2005 Equity Incentive Plan as adopted by the Committee on
December 30, 2008, and effective
as of adoption.

	 	 	 	 	 
	 	 	EVERBANK FINANCIAL CORP
	 
	 	 	 	 
	 

	 	By:	 	/s/ Thomas A. Hajda
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	Senior Vice President
	 

	 	 	 	 

-19-exv10w3

Table of Contents

Exhibit 10.3

 

EVERBANK FINANCIAL, L.P.

INCENTIVE PLAN

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 

	1.

	 	PURPOSES
	 	 	1	 
	2.

	 	DEFINITIONS
	 	 	1	 
	3.

	 	ADMINISTRATION
	 	 	3	 
	4.

	 	ELIGIBILITY
	 	 	3	 
	5.

	 	UNITS
	 	 	4	 
	6.

	 	TERMS AND CONDITIONS
	 	 	4	 
	7.

	 	OPTIONS
	 	 	6	 
	8.

	 	APPRECIATION RIGHTS
	 	 	7	 
	9.

	 	RESTRICTED UNITS
	 	 	9	 
	10.

	 	AMENDMENT OR DISCONTINUANCE OF PLAN
	 	 	9	 
	11.

	 	INDEMNIFICATION OF COMMITTEE
	 	 	9	 
	12.

	 	NO OBLIGATION TO EXERCISE OPTION OR APPRECIATION RIGHT
	 	 	10	 
	13.

	 	EFFECTIVE DATE; DURATION OF THE PLAN
	 	 	10	 
	14.

	 	EFFECT OF PLAN
	 	 	10	 

i

Table of Contents

EVERBANK FINANCIAL, L.P.

INCENTIVE PLAN

1. PURPOSES

     1.1 The purposes of the EverBank Financial, L.P. Incentive Plan are to: (a) provide an
incentive and reward to key employees of the Partnership and its Affiliates who are, and have been,
in a position to contribute materially to expanding and improving the Partnership’s value and
profits; (b) aid in attracting and retaining Employees of outstanding ability; and (c) encourage
ownership of Units by Employees.

     1.2 This Plan was originally adopted as of September 1, 1998 as the Alliance Capital Partners,
L.P. Incentive Plan. In accordance with Section 10.1(a) below, this Plan is hereby amended to
reflect the February 2, 2004 name change from Alliance Capital Partners, L.P. to EverBank
Financial, L.P.

2. DEFINITIONS

     2.1 For purposes of the Plan the following terms shall have the definition which is attributed
to them, unless another definition is clearly indicated by a particular usage and context.

      “Affiliate” means (i) any entity with respect to which the Partnership owns or
controls, directly or indirectly, ownership interests having fifty percent (50%) or more of
the voting power and (ii) the General Partner.

      “Agreement” means the written document issued by the Committee to a Participant
whereby an Award is made to that Participant.

      “Appreciation Rights” means appreciation rights issued to a Participant
pursuant to Section 8 hereof.

      “Appreciation Right Price” means the base value established by the Committee
for an Appreciation Right on the Effective Date of Grant used in determining the amount of
benefit, if any, paid to a Participant.

      “Award” means the issuance pursuant to the Plan of an Option, an Appreciation
Right or Restricted Units.

      “Awarded Units” means Units subject to outstanding Awards.

      “Board” means the General Partner’s Board of Directors.

      “Cause” means theft or destruction of property of the Partnership or an
Affiliate, disregard of the rules or policies of the Partnership or an Affiliate, or conduct
evincing willful or wanton disregard of the interest of the Partnership or an Affiliate.
Such determination shall be made by the Committee based on information presented by the

1

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Partnership and/or the Affiliate and the Employee and shall be final and binding on all
parties hereto.

      “Code” means the Internal Revenue Code of 1986, as amended.

      “Committee” means a committee appointed by the Board pursuant to Section 3
hereof to administer the Plan.

      “Effective Date of Grant” means the effective date on which the Committee makes
an Award.

      “Employee” means any individual who performs services as a common law employee
for the Partnership or an Affiliate, and is included on the regular payroll of the
Partnership or an Affiliate.

      “Fair Market Value” means the value established by the Committee based upon
such factors as the Committee in its sole discretion shall decide including, but not limited
to, a valuation prepared by an independent third party appraiser selected, or approved, by
the Committee. If at any time the Units are traded on an established trading system, it
means the last sale price reported on any exchange or over-the-counter trading system on
which Units are trading on a specified date or, if not so trading, the average of the
closing bid and asked prices for a Unit on a specified date. If no sale has been made on
the specified date, then prices on the last preceding day on which any such sale shall have
been made shall be used in determining fair market value under either method prescribed in
the previous sentence.

      “General Partner” means the general partner of the Partnership.

      “Option” means the right to purchase from the Partnership a stated number of
Units at a specified price.

      “Option Price” means the purchase price per Unit subject to an Option and shall
be fixed by the Committee.

      “Participant” means an Employee who has received an Award under the Plan.

      “Partnership” means EverBank Financial, L.P., a limited partnership organized
under the laws of the State of Delaware, and any successor thereto.

      “Permanent and Total Disability” shall have the same meaning as given to that
term by Code Section 22(e)(3) and any regulations or rulings promulgated thereunder.

      “Plan” means the EverBank Financial, L.P. Incentive Plan, as evidenced herein
and as amended from time to time.

      “Restriction Period” means a period commencing on the Effective Date of Grant
and ending on such date or upon the achievement of such performance or other criteria as

2

Table of Contents

the Committee shall determine. The Restriction Period may, in the sole discretion of
the Committee, be structured to provide for a release of restrictions in installments.

      “Restricted Units” means Units issued to the Participant pursuant to Section 9
hereof which are subject to the restrictions of the Plan and the Agreement.

      “Rule 16b-3” means Rule 16b-3 as promulgated by the Securities and Exchange
Commission under the 1934 Act, or any successor rule or regulation thereto.

      “Securities Registration” means the date on which the Partnership first
registers any class of its securities under Section 12 of the 1933 Act.

      “Units” means an ownership interest in the Partnership of the class or series
designated by the Committee in granting the Award.

      “1933 Act” means the Securities Act of 1933, as amended.

      “1934 Act” means the Securities Exchange Act of 1934, as amended.

3. ADMINISTRATION

     3.1 The Plan shall be administered by a Committee composed of not less than two members of the
Board and shall be appointed by the Board; provided, however, that following any Securities
Registration, each member of the Committee shall be: (a) a “Non-Employee Director” within the
meaning of Rule 16b-3; and (b) an “outside director” within the meaning of Section 162(m)(4)(C)(i)
of the Code. The Board may from time to time remove members from or add members to the Committee.
Vacancies on the Committee, howsoever caused, shall be filled by the Board.

     3.2 The action of a majority of the Committee at which a quorum is present, or an action
approved in writing by a majority of the Committee, shall be the valid action of the Committee.

     3.3 The Committee shall from time to time at its sole discretion designate the key Employees
who shall be Participants, determine all the terms and conditions of Awards as set forth in Section
6.1 of the Plan or otherwise, including the type of Award to be made to each, the exercise period,
expiration date and other applicable time periods for each Award, the number of Units subject to
each Award, and, if applicable, the Option Price or Appreciation Right Price and the general terms
of the Award.

     3.4 The interpretation and construction by the Committee of any provisions of the Plan or of
any Option granted under it and all actions of the Committee shall be final and binding on all
parties hereto. No member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Award granted under it.

4. ELIGIBILITY

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     4.1 Each Employee who is a key Employee shall be a Participant, as selected by the Committee
in its sole discretion from time to time.

     4.2 Participant may hold more than one Award, but only on the terms and subject to the
restrictions set forth in the Plan.

5. UNITS

     5.1 The aggregate number of Units which may be issued under the Plan shall be One Million
(1,000,000) Units, less the number of Units equal to the number of shares issued or subject to
outstanding awards under the AMC Acquisition, Inc. Employee Stock Plan.

     5.2 No Participant shall receive more than five hundred thousand (500,000) Units in the
aggregate from all types of Awards under the Plan.

     5.3 In the event that any outstanding Award under the Plan expires or is terminated for any
reason, and if such expiration or termination occurs prior to the Participant receiving any payment
or other benefit of ownership with respect thereto, the Awarded Units subject to that Award may
again be the subject of an Award under the Plan.

6. TERMS AND CONDITIONS

     6.1 Awards granted pursuant to the Plan shall be authorized by the Committee under terms and
conditions approved by the Committee and shall be evidenced by Agreements in such form as the
Committee shall from time to time approve, which Agreements shall contain or shall be subject to
the following terms and conditions, whether or not such terms and conditions are specifically
included therein:

      (a) Number of Units. Each Agreement shall state the number of Units to which
the Award pertains.

      (b) Date. Each Agreement shall state the Effective Date of Grant.

      (c) Price. With respect to each Award, or portion thereof, which requires
payment of an Option Price, the Agreement shall state the Option Price. With respect to
each Award of an Appreciation Right, the Agreement shall state the Appreciation Right Price.

      (d) Exercise. With respect to each Award of an Option or an Appreciation
Right, the Agreement shall describe the time at which such Option or Appreciation Right may
be exercised, and designate any applicable vesting schedule, as determined by the Committee.

      (e) Method and Time of Payment. With respect to any Award, or portion thereof,
which requires payment of an Option Price, the Option Price shall be payable on the exercise
of the Award and shall be paid in cash, or, with the consent of the Committee, in Units
(including Units acquired pursuant to the Plan), or a combination of

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both. Units transferred in payment of the Option Price shall be valued as of date of
transfer based on their Fair Market Value.

      (f) Transfer of Option or Units. No Option, Appreciation Right, or Restricted
Units (prior to the expiration of the Restriction Period) shall be transferable by the
Participant, except by will or the laws of descent and distribution upon the Participant’s
death and subject to any other limitations of the Plan.

      (g) Recapitalization. The Committee, in its sole and absolute discretion,
shall make appropriate adjustments in: (i) the number of Awarded Units; (ii) the aggregate
number of Units which may be issued under the Plan pursuant to Section 5.1 hereof; or (iii)
the Option Price or Appreciation Right Price, in order to give effect to changes made in the
number of outstanding Units as a result of a merger, consolidation, recapitalization,
reclassification, combination, dividend, split, or other relevant change in the
capitalization of the Partnership. The Committee shall not be obligated to make any such
adjustments; provided, however, with respect to Restricted Units, adjustments will be made
to the same extent provided to holders of Units which are not Restricted Units.

      (h) Investment Purpose.

	 	(i)	 	The Partnership shall not be obligated to sell
or issue any Units pursuant to any Award unless such Units are at that
time effectively registered or exempt from registration under the 1933
Act. The determination of whether a Unit is exempt from registration
shall be made by the Partnership’s legal counsel and its determination
shall be conclusive and binding on all parties hereto.

	 	(ii)	 	Notwithstanding anything in the Plan to the
contrary, each Award under the Plan shall be granted on the condition
that the acquisition of Units thereunder shall be for investment
purposes and not with a view for resale or distribution except that in
the event the Units subject to such Award are registered under the 1933
Act, or in the event of a resale of such Units without such
registration that would otherwise be permissible, such condition shall
be inoperative if, in the opinion of counsel for the Partnership, such
condition is not required under the 1933 Act or any other applicable
law, regulation, or rule of any governmental agency.

      (i) Other Provisions. Awards authorized under the Plan may contain any other
provisions or restrictions as the Committee in its sole and absolute discretion shall deem
advisable including, but not limited to:

	 	(i)	 	Offering Options in tandem with or reduced by
other Options, Appreciation Rights or other employee benefits and
reducing one Award by the exercise of another Option, Appreciation
Right or benefit; or

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	 	(ii)	 	Providing for the issuance to the Participant,
upon exercise of an Option and payment of the exercise price thereof
with previously owned Units, of an additional Award for the number of
Units so delivered, having such other terms and conditions not
inconsistent with the Plan as the Committee shall determine.

     6.2 If any certificate of interest evidencing the ownership of Units is issued, the
Partnership may place such legends on any such certificates as the Partnership, in its sole
discretion, deems necessary or appropriate to reflect restrictions under the Plan, the Agreement,
the Code, the securities laws or otherwise.

     6.3 Notwithstanding any provision herein to the contrary, employment shall be at the pleasure
of the board of directors, or its designees, of the Partnership, or an Affiliate as the case may
be, at such compensation as the appropriate board or designee shall determine. Nothing contained
in this Plan or in any Award granted pursuant to it shall confer upon any Employee any right to
continue in the employ of the Partnership, or an Affiliate as the case may be, or to interfere in
any way with the right of the Partnership or an Affiliate to terminate employment at any time. So
long as the Participant shall continue to be an Employee, the Award shall not be affected by any
change of the Participant’s duties or position except to the extent the Agreement with the
Participant provides otherwise.

     6.4 Any person entitled to exercise an Option or an Appreciation Right may do so in whole or
in part by delivering to the General Partner at its principal office, attention Corporate
Secretary, a written notice of exercise. The written notice shall specify the number of Units for
which an Option or Appreciation Right is being exercised.

      (a) With respect to an Option, the notice shall be accompanied by full payment of the
Option Price for the Units being purchased.

      (b) During the Participant’s lifetime, an Option or Appreciation Right may be exercised
only by the Participant, or on his behalf by the Participant’s legal guardian.

     6.5 With the consent of the Committee, a Participant may be permitted to satisfy the
Partnership’s withholding tax requirements by electing to have the Partnership withhold Units
otherwise issuable to the Participant or to deliver to the Partnership Units having a fair market
value on the date income is recognized pursuant to exercise of an Option equal to the amount
required to be withheld. The election shall be made in writing and shall be made according to such
rules and in such form as the Committee may determine.

7. OPTIONS

     7.1 The Option Price shall be established by the Committee in its sole discretion; provided,
however, that the Option Price shall not be less than 50% of the Fair Market Value of a Unit on the
Effective Date of Grant.

     7.2 An Option may be terminated as follows:

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      (a) During the period of continuous employment with the Partnership or an Affiliate, an
Option will be terminated only if it has been fully exercised or it has expired by its
terms.

      (b) Upon termination of employment, the option will terminate upon the earliest of: (i)
the full exercise of the Option; (ii) the expiration of the Option by its terms; or (iii)
three months following the date of employment termination; provided, however, should
termination of employment (A) result from the death or Permanent and Total Disability of the
Participant, the period referenced in clause (iii) hereof shall be one year or (B) be for
Cause, the Option will terminate on the date of employment termination. For purposes of the
Plan, a leave of absence approved by the Partnership or an Affiliate, as the case may be,
shall not be deemed to be termination of employment.

      (c) Subject to the terms of the Agreement with the Participant, if a Participant shall
die or become subject to a Permanent and Total Disability prior to the termination of
employment with the Partnership or an Affiliate and prior to the termination of an Option,
such Option may be exercised to the extent that the Participant shall have been entitled to
exercise it at the time of death or disability, as the case may be, by the Participant, the
estate of the Participant or the person or persons to whom the Option may have been
transferred by will or by the laws of descent and distribution.

     7.3 Except as otherwise expressly provided in the Agreement with the Participant, in no event
will the continuation of the term of an Option beyond the date of termination of employment allow
the Employee, or his beneficiaries or heirs, to accrue additional rights under the Plan, or to
purchase more Units through the exercise of an Option than could have been purchased on the day
that employment was terminated.

     7.4 A Participant shall have no rights as a partner with respect to any Units subject to an
Option until the date all conditions of exercise have been satisfied. No adjustment shall be made
for distributions, whether in cash, securities or other property or payments or other rights for
which the record date is prior to the date of such exercise, except as provided in Section 6.1(g)
hereof.

8. APPRECIATION RIGHTS

     8.1 The Committee, in its sole discretion, may grant to any Participant an Appreciation Right.
The Committee may impose such conditions or restrictions on the exercise of any Appreciation Right
as it may deem appropriate.

     8.2 The Appreciation Right Price shall be established by the Committee in its sole discretion.
The Appreciation Right Price shall not be less than 50% of Fair Market Value of a Unit on the
Effective Date of Grant.

     8.3 Upon exercise of an Appreciation Right, the Participant shall be entitled, subject to the
terms and conditions of this Plan and the Agreement, to receive the excess for each Unit

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being exercised under the Appreciation Right of (i) the Fair Market Value of such Unit on the date of
exercise over (ii) the Appreciation Right Price for such Unit.

     8.4 At the sole discretion of the Committee, the payment of such excess shall be made in (i)
cash, (ii) Units, or (iii) a combination of both. Units used for this payment shall be valued at
their Fair Market Value on the date of exercise of the applicable Appreciation Right.

     8.5 Units subject to an Award of an Appreciation Right shall be considered Units which may be
issued under the Plan for purposes of Section 5.1 hereof, unless the Agreement making the Award of
the Appreciation Right provides that the exercise of such Appreciation Right results in the
termination of an unexercised Option for the same number of Units.

     8.6 An Appreciation Right may be terminated as follows:

      (a) During the period of continuous employment with the Partnership or an Affiliate, an
Appreciation Right will be terminated only if it has been fully exercised or it has expired
by its terms.

      (b) Upon termination of employment, the Appreciation Right will terminate upon the
earliest of: (i) the full exercise of the Appreciation Right; (ii) the expiration of the
Appreciation Right by its terms; and (iii) not more than three months following the date of
employment termination; provided, however, should termination of employment (A) result from
the death or Permanent and Total Disability of the Participant, the period referenced in
clause (iii) hereof shall be one year or (B) be for Cause, the Appreciation Right will
terminate on the date of employment termination. For purposes of the Plan, a leave of
absence approved by the Partnership or an Affiliate, as the case may be, shall not be deemed
to be termination of employment unless otherwise provided in the Agreement or by the
Partnership on the date of the leave of absence.

      (c) Subject to the terms of the Agreement with the Participant, if a Participant shall
die or become subject to a Permanent and Total Disability prior to the termination of
employment with the Partnership or an Affiliate and prior to the termination of an
Appreciation Right, such Appreciation Right may be exercised to the extent that the
Participant shall have been entitled to exercise it at the time of death or disability, as
the case may be, by the Participant, the estate of the Participant or the person or persons
to whom the Appreciation Right may have been transferred by will or by the laws of descent
and distribution.

      (d) Except as otherwise expressly provided in the Agreement with the Participant, in no
event will the continuation of the term of an Appreciation Right beyond the date of
termination of employment allow the Employee, or his beneficiaries or heirs, to accrue
additional rights under the Plan, have additional Appreciation Rights available for exercise
or to receive a higher benefit than the benefit payable as if the Appreciation Right was
exercised on the date of employment termination.

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     8.7 Upon the termination or lapse for any reason of Units of an Appreciation Right which may
be issued under the Plan, the number of Units of such Appreciation Right that were terminated or
lapsed shall be again available for Award under the Plan.

     8.8 The Participant shall have no rights as a partner with respect to an Appreciation Right.
In addition, no adjustment shall be made for distributions, whether in cash, securities or other
property or payments or rights except as provided in Section 6.1(g) hereof.

9. RESTRICTED UNITS

     9.1 The Committee may award to a Participant Restricted Units under such terms or conditions
as the Committee, in its sole discretion, shall determine and as otherwise provided herein.

     9.2 Restricted Units shall be Units which are subject to a Restriction Period.

     9.3 Unless otherwise specifically provided by the Committee, should the Participant terminate
employment for any reason, all Restricted Units which are still subject to the Restriction Period
shall be forfeited and returned to the Partnership for no payment.

     9.4 Upon such forfeiture, Units representing such forfeited Restricted Units shall again
become available for Award under the Plan.

     9.5 If any certificate of interest evidencing ownership of Restricted Units is issued, the
Committee may require under such terms and conditions as it deems appropriate or desirable that
such certificates for Restricted Units awarded under the Plan may be held by the Partnership or its
designee until the Restriction Period expires. In addition, the Committee may place upon any such
certificate such legend as the Committee deems necessary or appropriate and may require as a
condition of any receipt of Restricted Units that the Participant shall deliver a an assignment
endorsed in blank relating to the Restricted Units.

10. AMENDMENT OR DISCONTINUANCE OF PLAN

     10.1 A majority of the disinterested directors of the General Partner may at any time amend,
suspend or discontinue the Plan.

     10.2 No amendment to the Plan shall alter or impair any Award granted under the Plan without
the consent of the holders thereof.

11. INDEMNIFICATION OF COMMITTEE

     In addition to such other rights of indemnification as they may have as Directors or as
members of the Committee, the members of the Committee shall be indemnified by the Partnership
against the reasonable expenses, including attorneys’ fees, actually incurred in connection with
the defense of any pending, threatened or possible action, suit or proceeding, or in connection
with any pending, threatened or possible appeal therein, to which they or any of them may be a
party by reason of any actual or alleged action taken or failure to act under or in

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connection with the Plan or any option granted thereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by the Partnership) or paid by them in satisfaction
of a judgment in any such action, suit or proceeding, except in relation to matters as to which it
shall be adjudged in such action, suit or proceeding that such
Committee member is liable for gross negligence or willful misconduct in the performance of his duties;
provided that within sixty days after institution of any such action, suit or proceeding a
Committee member shall in writing offer the Partnership the opportunity, at its own expense, to
handle and defend the same.

12. NO OBLIGATION TO EXERCISE OPTION OR APPRECIATION RIGHT

     Except as provided below, the granting of an Option, Appreciation Right or Restricted Unit
shall impose no obligation upon the Participant to exercise such Option or Appreciation Right or
accept such Restricted Unit. So long as the Partnership shall have an Affiliate (“Financial
Institution”) that holds deposits insured by the Federal Deposit Insurance Corporation, if the
Financial Institution is so directed by its primary federal regulator in the event that the
Financial Institution’s capital falls below the minimum requirements, the Committee shall require
that Participants either exercise their Options or forfeit their Options.

13. EFFECTIVE DATE; DURATION OF THE PLAN

     13.1 The Plan was effective as of September 1, 1998.

     13.2 No Award may be made after the tenth anniversary of the effective date of the Plan.

14. EFFECT OF PLAN

     The making of an Award under the Plan shall not give the Participant any right to similar
grants in future years or any right to be retained in the employ of the Partnership, or an
Affiliate, and a Participant shall remain subject to discharge to the same extent as if the Plan
were not in effect.

The foregoing is acknowledged as the EverBank Financial, L.P. Incentive Plan as adopted by a
majority of the disinterested directors of EverBank Financial Corp, the General Partner of EverBank
Financial, L.P., as of February 2, 2004, and effective as of adoption.

	 	 	 	 	 
	 	EverBank Financial Corp, the general partner

of EverBank Financial, L.P.

 	 
	 	By:  	/s/ Thomas A. Hajda 	 
	 	 	Name:  	Thomas A. Hajda 	 
	 	 	Title:  	Senior Vice President 	 
	 

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