Document:

PanAmerican Bancorp

Exhibit 4.2

CLASS D WARRANT CERTIFICATE TO PURCHASE

SHARES OF COMMON STOCK

OF

PANAMERICAN BANCORP INCORPORATED

UNDER THE LAWS OF THE STATE OF DELAWARE

	WD __________

	____ Warrants

	 	CUSIP 697938 11 6

This certifies that ________________________ is the owner of ______________________.

Purchase of Shares:  Subject to the terms and conditions set forth in this Warrant, the holder of the Warrant is entitled, upon surrender of this Warrant at the principal office of the Corporation (or at such place as the Corporation may notify the holder in writing), to purchase from the Corporation fully paid and non-assessable shares of the Common Stock of the Corporation, as more fully described in Schedule A annexed hereto and made a part hereof.

Purchase Price:  The per share purchase price for the Shares is $4.00, per share.

Exercise Period:  (a)  Exercise Date. This Warrant may be exercised at any time at the sole discretion of the Purchaser (subject to the conditions of this Warrant).

(b)  Termination Date. The Warrant shall terminate, if not duly exercised, no later than May 13, 2009.

(c)  The Warrants May be Called. The Corporation may call and cancel this Warrant upon thirty days’ written notice to the holder if all of the following conditions have been met:

(1)  the Common Stock of the Corporation underlying the warrant has been registered with the United States Securities and Exchange Commission;

(2)  a public market has been established for the Common Stock of the Corporation and the Common Stock Price has been at least $5.60 per share as set by the public market for no less than five consecutive trading days; and

(3)  the Corporation shall pay to the holder consideration of $.50 per Warrant.

Upon the Corporation’s exercise of its call rights, the holder may not exercise its Warrant and purchase Common Stock of the Corporation as set forth herein unless the Corporation has terminated its call of the Warrant.  For purposes of computing the Common Stock Price, the price shall be the average of the closing bid and ask prices in the market in which the Common Stock is traded or the closing price quoted on any exchange on which the Common Stock is listed, whichever is applicable.

Method of Exercise:  While this Warrant remains outstanding and exercisable in accordance with Paragraph 1 above, the holder of this Warrant may exercise the purchase rights evidenced by this Warrant, in whole or in part, by delivering the following to the Secretary of the Corporation at its principal office: a. this Warrant together with a completed Election to Purchase; and b. collected funds payable to the Corporation in an amount equal to the aggregate Exercise Price for the number of Shares purchased.

Adjustment in Number of Shares:  The number of and kind of securities subject to exercise of this Warrant will be subject to adjustment. If the Corporation at any time prior to the termination of the Warrant subdivides its Common Stock, combines its Common Stock or issues additional shares of its Common Stock as a dividend or distribution with respect to any shares of its Common Stock, the number of Shares issuable on the exercise of the Warrant will be proportionately increased in the case of a subdivision of shares or decreased in the case of a combination. When any adjustment is made as set forth above, the Corporation must notify the holder of such event and the number of shares of Common Stock subject to purchase upon exercise of this Warrant.

No Fractional Shares:  No fractional shares will be issued upon the exercise of this Warrant, but, in lieu of such fractional shares the Corporation will make cash payment therefor on the basis of the Exercise Price then in effect.

No Stockholder Rights:  Prior to the exercise of this Warrant, the holder of this Warrant will not be entitled to any rights of a shareholder. However, if the Warrant holder otherwise owns the Common Stock of the Corporation such rights as a shareholder will not be effected.

Amendments and Waivers:  Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived with the written consent of the Corporation and the Purchaser. Nevertheless, the Corporation may, in its sole discretion, amend the Warrant by reducing its exercise price and extending its term. Any waiver or amendment will be binding upon the Purchaser, each holder of any Shares purchased under this Warrant at the time outstanding and each future holder of all such Shares, and the Corporation.

Governing Law:  This Warrant will be governed by the laws of the State of Delaware.

Replacement Warrant:  On receipt of evidence reasonably satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft, or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Corporation, or in case of mutilation, on surrender and cancellation of this Warrant, the Corporation at its expense will execute and deliver, in lieu of this Warrant, a new Warrant of like tenor and amount.

	Dated: _____________________

	PanAmerican Bancorp

___________________________

President

___________________________

SecretaryPanAmerican Bancorp

Exhibit 4.3

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF AN UNDERWRITING AGREEMENT, DATED AS OF May 13, 2004, THE PROVISIONS OF WHICH ARE INCORPORATED HEREIN BY REFERENCE.  A COPY OF SUCH UNDERWRITING AGREEMENT IS AVAILABLE FROM THE COMPANY UPON REQUEST.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD EXCEPT IN A TRANSACTION REGISTERED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT.

UNDERWRITER’S WARRANT CERTIFICATE

PanAmerican Bancorp

	No. WB-___

	______ Underwriter’s Warrants

	May 13, 2004

	 

This Warrant Certificate certifies that ___________________________, (the “Underwriter”) or registered assigns, is the registered holder of __________________________________ (______) Warrants.  Each Underwriter’s Warrant entitles the owner thereof to purchase at any time on or prior to the Expiration Date, one (1) fully paid and nonassessable share of Common Stock, par value $0.001 per share (the “Common Stock”) and two (2) Common Stock Purchase Warrants (the “Purchase Warrants” and together with the Common Stock, a “Unit”), of PanAmerican Bancorp, a Delaware corporation (together with its successors and assigns, the “Company”), at a Purchase Price equal to 125% of the Offering Price (as defined in the Underwriting Agreement) per Unit upon presentation and surrender of this Warrant Certificate with a form of election to purchase duly executed and delivery to the Company of the payment of the Purchase Price in the manner set forth in the Warrant Agreement.

The Underwriter’s Warrants are issued pursuant to the Warrant Agreement (as it may from time to time be amended or supplemented, the “Warrant Agreement”), dated as of May 13, 2004, among the Company and the Underwriter, and are subject to all of the terms, provisions and conditions thereof, which Warrant Agreement is hereby incorporated herein by reference and made a part hereof and to which Warrant Agreement reference is hereby made for a full description of the rights, obligations, duties and immunities of the Company and the holders of the Warrant Certificates.  Capitalized terms used, but not defined, herein have the respective meanings ascribed to them in the Warrant Agreement.

Except as otherwise set forth in, and subject to, the Warrant Agreement, the Expiration Date of this Warrant Certificate is 5:00 PM Eastern Standard Time (EST), on May 13, 2009.

This Warrant Certificate shall be exercisable, at the election of the holder, either as an entirety or, subject to the conditions set forth in the Warrant Agreement, in part from time to time on any Business Day (but not, in the case of any exercise in part, as to a fractional Warrant).  If this Warrant Certificate shall be exercised in part, the holder shall be entitled to receive, upon surrender hereof, another Warrant Certificate or Warrant Certificates for the number of Warrants not exercised.  This Warrant Certificate, with or without other Warrant Certificates, upon surrender in a manner set forth in the Warrant Agreement, may be exchanged for another Warrant Certificate or Warrant Certificates of like tenor evidencing Underwriter’s Warrants entitling the holder to purchase a like aggregate number of shares of Common Stock as the Underwriter’s Warrants evidenced by the Warrant Certificate or Warrant Certificates surrendered shall have entitled such holder to purchase.

Except as expressly set forth in the Warrant Agreement, no holder of this Warrant Certificate shall have any right as a stockholder of the Company prior to the exercise of the Warrants represented by such Warrant Certificate and payment of the Purchase Price therefor.  Notwithstanding the foregoing, the holders of the Underwriter’s Warrants shall have the rights set forth in the Warrant Agreement in respect of the payment of certain Dividends by the Company.  Prior to the exercise of the Underwriter’s Warrants evidenced hereby, the holder of this Warrant Certificate shall not have any obligation or any liability as a stockholder of the Company, whether such obligation or liabilities are asserted by the Company or by creditors of the Company, but shall have the obligations set forth in the Warrant Agreement.

The holder of this Warrant Certificate shall have the put rights with respect to this Warrant Certificate and Units received upon exercise of this Warrant Certificate, the Warrant Agreement.

THIS WARRANT CERTIFICATE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE COMPANY AND THE HOLDER HEREOF SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF FLORIDA.

WITNESS the signature of a proper officer of the Company as of the date first above written.

PanAmerican Bancorp

By:   

Name:   Michael Golden

Title:     President

2

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