Document:

ex_425146.htm

Exhibit 10.1

 

Retention Bonus Letter

 

This Retention Bonus Letter (“Award Letter”) is made and entered into effective as of September 1, 2022 (the “Effective Date”) between Republic First Bank, Inc. d/b/a Republic Bank, a Pennsylvania corporation (the “Company”), in favor of [●] (“Employee”).

 

WHEREAS, the Company desires to award a bonus opportunity to Employee to incentivize Employee to remain employed with the Company through the Retention Date (defined below), and to continue to perform in a highly effective manner and to contribute to the success of the Company and its subsidiaries;

 

NOW, THEREFORE, in consideration thereof and of the covenants hereafter set forth, the Company hereby agrees as follows:

 

Provided that Employee has continuously remained an active full-time employee of the Company and its affiliates in good standing from the Effective Date of this Award Letter through September 1, 2023 (the “Retention Date”), Company shall pay to Employee an amount equal to two-thirds (2/3) % of Employee’s annual base salary in effect immediately prior to the Retention Date in two payments: the first to be made as of on March 1, 2023 and the second to be made as of September 1, 2023 (each, a “Payment Date”), each on the first regular payroll date (and no later than 30 days) following the applicable Payment Date (collectively, the “Retention Payments”). The Retention Payments will be reduced by any applicable withholding taxes on such payments.

 

In the event Employee’s employment with the Company is terminated for any reason prior to the Retention Date, the portion of the Retention Payment not paid will be forfeited and will not be payable to Employee. In addition, the Employee must be employed on a full-time basis and in good standing through the applicable Payment Date.

 

Any question as to whether there has been a termination of Employee’s employment shall be determined by an officer of Company other than Employee. Company is authorized to offset payments under this Award Letter by any amounts otherwise due and owing to Company or its subsidiaries by Employee to the extent such offset would not result in additional taxes imposed by Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

 

This Award Letter is intended, and its terms shall be interpreted as necessary, to comply with the short-term deferral exception to Section 409A.

 

Employee understands and acknowledges that Employee’s employment with the Company is “at-will,” that the Company may terminate Employee at any time for any reason or no reason and that this Award Letter does not entitle Employee to be employed by the Company under any particular terms or conditions or for any period of time. The provisions of this Award Letter shall bind and inure to the benefit of the Company and its successors and assigns. The term “successors” as used in this Award Letter shall include any corporation or other business entity which shall, by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and assets of the Company, and successors of any such corporations or other business entities. Where appropriate, the term “Company” as used in this Award Letter shall also include any successor that assumes the Award Letter.

 

 

 

 

All questions arising with respect to the provisions of this Award Letter will be determined by application of the laws of the Commonwealth of Pennsylvania, without giving effect to any conflict of law provisions thereof.

 

REPUBLIC FIRST BANK d/b/a REPUBLIC BANK

 

	By:                                                      	                                             
	 	 
	
			Name:   Harry D. Madonna

			Title:      Interim CEO

				[●]Exhibit 10.1

 

EXECUTION
VERSION

 

AMENDMENT NO. 4 TO

MASTER REPURCHASE AGREEMENT

 

THIS AMENDMENT NO. 4 TO MASTER
REPURCHASE AGREEMENT, dated as of September 15, 2022 (this “Amendment”) is made by and among WALKER &
DUNLOP, LLC, a Delaware limited liability company (“Seller”) and JPMORGAN CHASE BANK, N.A., a national banking
association (the “Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to
them in the Repurchase Agreement (as defined below).

 

WHEREAS,
the Seller and the Buyer are parties to that certain Master Repurchase Agreement, dated as of August 26, 2019 (as amended
by that certain Correction of Master Repurchase Agreement dated July 23, 2020, as further amended by that certain Amendment No. 1
to Master Repurchase Agreement, dated as of August 24, 2020, as further amended by that certain Amendment No. 2 to Master Repurchase
Agreement, dated as of August 23, 2021, as further amended by that certain Amendment No. 3 to Master Repurchase Agreement, dated
as of September 30, 2021 and as amended hereby and as may be further amended, restated, supplemented or otherwise modified from time
to time, the “Repurchase Agreement”); and

 

WHEREAS, the Seller and the
Buyer have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein.

 

NOW THEREFORE, in consideration
of the premises and the other mutual covenants contained herein, the parties hereto agree as follows:

 

SECTION 1.          Amendments.
Effective as of the Effective Date (as defined below), the Repurchase Agreement is hereby amended as follows:

 

1.1          Section 2(a) of
the Repurchase Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing
it with the following:

 

“Termination Date”
means the earliest of (i) the Business Day, if any, that Seller or Buyer designates as the Termination Date by written notice given
to the other Party, (ii) the date of Declaration of the Termination Date pursuant to Section 11(b)(i) and (iii) September 14,
2023.

 

SECTION 2.          Effective
Date. This Amendment shall become effective as of the date of this Amendment (the “Effective Date”) so long as
the Buyer shall have received executed counterparts of this Amendment, executed by each of the parties hereto.

 

SECTION 3.          Miscellaneous.

 

3.1          References
to Repurchase Agreement. Upon the effectiveness of this Amendment, each reference in the Repurchase Agreement to “this Agreement”,
 “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Repurchase
Agreement as amended hereby, and each reference to the Repurchase Agreement in any other Transaction Document or any other document, instrument
or agreement, executed and/or delivered in connection with any Transaction Document shall mean and be a reference to the Repurchase Agreement
as amended hereby.

 

     

     

    

 

3.2          Representations,
Warranties and Covenants. Each of the Seller and the Parent hereby represent and warrant to Buyer, as of the date hereof and as of
the Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Transaction Document
to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing.
Each of the Seller and the Parent hereby confirm, reaffirm and ratify its representations, warranties and covenants contained in each
Transaction Document to which it is a party.

 

3.3          Acknowledgements
of Seller. Each of the Seller and the Parent acknowledges that Buyer is in compliance with its undertakings and obligations under
the Repurchase Agreement and the other Transaction Documents.

 

3.4          Waivers.
(a) Each of the Seller and the Parent acknowledges and agrees that it has no defenses, rights of setoff, claims, counterclaims or
causes of action of any kind or description against Buyer arising under or in respect of the Repurchase Agreement or any other Transaction
Document and any such defenses, rights of setoff, claims, counterclaims or causes of action which may exist as of the date hereof are
hereby irrevocably waived, and (b) in consideration of Buyer entering into this Amendment, Seller hereby waives, releases and discharges
Buyer and Buyer’s officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action,
claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected
to the extent that any of the foregoing arise out of or from or in any way relating to or in connection with the Repurchase Agreement
or the other Transaction Documents, including, but not limited to, any action or failure to act under the Repurchase Agreement or the
other Transaction Documents on or prior to the date hereof, except, with respect to any such Person being released hereby, any actions,
causes of action, claims, demands, damages and liabilities arising out of such Person’s gross negligence or willful misconduct in
connection with the Repurchase Agreement or the other Transaction Documents.

 

3.5          Effect
on Repurchase Agreement. Except as expressly amended and modified by this Amendment, the Repurchase Agreement and each of the other
Transaction Documents shall continue to be, and shall remain, unmodified and in full force and effect in accordance with their respective
terms.

 

3.6          No
Novation, Effect of Agreement.  The Seller, the Parent and the Buyer have entered into this Amendment solely to amend the terms
of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the
transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by the Seller or the Parent
under, or in connection with, the Repurchase Agreement or any of the other Transaction Documents.   It is the intention of each
of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the obligations of the
Seller and the Parent under the Repurchase Agreement and the other Transaction Documents are preserved, (ii) the liens and security
interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement
in any such Transaction Document shall be deemed to also reference this Amendment.

 

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3.7          No
Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of
any Person under the Repurchase Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute
a waiver of any provision contained therein.

 

3.8          Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

3.9          Counterparts;
Electronic Transmission.

 

(a)          This
Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract.

 

(b)          Delivery
of an executed counterpart of a signature page of this Amendment or any other Transaction Document by telecopy, emailed pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Amendment. The words “execution”, “signed”, “signature”, “delivery”
and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on
the Uniform Electronic Transactions Act; provided that nothing herein shall require Buyer to accept electronic signatures in any form
or format without its prior written consent.

 

3.10        Headings.
The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof.

 

3.11        Governing
Law; Consent to Jurisdiction.

 

(a)          This
Amendment shall be governed by and construed in accordance with the internal laws of the State of New York, but giving effect to federal
law applicable to national banks.

 

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(b)          Seller
hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the United States District
Court for the Southern District Of New York and of any New York state court sitting in the City of New York for purposes of all legal
proceedings arising out of or relating to this Amendment or the Transactions contemplated hereby, or for recognition or enforcement of
any judgment, and each Party hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may (and any such claims, cross-claims or third party claims brought against Buyer may only) be heard and determined in such state court
or, to the extent permitted by law, in such federal court. Seller hereby irrevocably waives, to the fullest extent it may effectively
do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any
claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Nothing in this Section 3.11
shall affect the right of Buyer to bring any action or proceeding against Seller or its Property in the courts of other jurisdictions.
Each Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each Party consents to the service of any and all process in any such
action or proceeding by the mailing of copies of such process to it at its address for notices hereunder specified in Section 14
of the Repurchase Agreement.

 

[Remainder of page left intentionally blank]

 

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IN
WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed as of the date first above written.

 

	SELLER:	 
	 	 
	WALKER & DUNLOP, LLC,
as Seller	 
	 	 
	 	 
	By:	/s/ Issa
M. Bannourah                                        	 
	Name: 	Issa M. Bannourah	 
	Title:   	Treasurer	 
	 	 
	WALKER & DUNLOP, INC.,
as Parent	 
	 	 
	 	 
	By:   	/s/ Issa M. Bannourah                                        	 
	Name:  	Issa M. Bannourah	 
	Title:    	Treasurer	 
	 	 
	BUYER:	 
	 	 
	JPMORGAN CHASE BANK, N.A., as Buyer	 
	 	 
	 	 
	By:  	/s/ Laura Carter	 
	Name:    	Laura Carter	 
	Title:  	Authorized Officer	 

 

[Signature Page to Amendment No. 4 to Master Repurchase
Agreement (JPM – Walker & Dunlop)]

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