Document:

exv10wxky

 

Exhibit 10(k)

DEFERRAL ELECTION FORM FOR

RESTRICTED PERFORMANCE SHARES

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Print Name
 	 	Social	 	Security	 	Number

 

Residence Address

 

ELECTION TO DEFER

Your election relates only to amounts that become vested in calendar years
after the year you file this election, as further designated below. Amounts
deferred are subject to the claims of the Westamerica Bancorporation’s
creditors in the event of bankruptcy or insolvency.

Please check one box:

	 	 	 
	

 

	 	I elect to defer payment of the Restricted Performance Shares in which I vest
during the next calendar year to April 1 of the second following calendar year.
	 
	 	 
	

 

	 	I elect to defer payment of the Restricted Performance Shares in which I vest
during the next calendar year until the first day of the month following my
termination of employment.
	 
	 	 
	

 

	 	I elect to defer payment of the Restricted Performance Shares in which I vest
during the next calendar year until the first day of the first month following
the calendar year in which I terminate employment.

 

WITHHOLDING TAXES

	 	 	 
	

 

	 	Stock withholding. I irrevocably authorize the Corporation when making
payment to me to withhold from the shares otherwise distributable that number
of shares necessary to satisfy federal and state (or other) taxes owed on the
distribution at the minimum rate determined by the Corporation.

 

SIGNATURE

I hereby make the elections designated in this form.

	 	 	 
	 

	 	 
	Signature

	 	    Date

Corporation Use

Rec’d:

 

By:exv10w1

 

Exhibit 10.1

Restricted Stock Agreement

     This Restricted Stock Agreement (this “Agreement”) is entered into
effective as of the                      day of                                         , 2006 (the “Issue Date”), between Tarragon
Corporation, a Nevada corporation (the “Company”), and                                         , an individual
(the “Grantee”).

     Whereas, the Company has adopted, with the approval of its stockholders,
the Tarragon Corporation Amended and Restated Omnibus Plan (such Plan, as same may hereinafter be
amended, is referred to as the “Plan”), a copy of which will be provided to Grantee at any time
upon request; and

     Whereas, Grantee is a member of the Board of Directors of the Company.

     Accordingly, in consideration of the foregoing premises, the mutual
promises hereinafter set forth, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and Grantee agree as follows:

     1. Grant
of Restricted Stock. Subject to the terms and conditions of this
Agreement and the Plan, the Company hereby grants to Grantee 500 shares (the “Restricted Shares”)
of the Company’s common stock, par value $0.01 per share (“Common Stock”) as of the Issue Date.
The Restricted Shares shall be fully paid and nonassessable and shall be represented by a
certificate or certificates registered in the name of Grantee. Certificates evidencing Restricted
Shares, and any certificates for Common Stock issued as dividends on, in exchange of, or as
replacements for, certificates evidencing Restricted Shares, shall bear legends referring to the
restrictions set forth herein and any other restrictive legends as the Company’s counsel may deem
necessary or advisable. It is intended that the Restricted Shares be fully vested effective as of
the Issue Date and therefore the Vesting Date is the Issue Date.

     2. Agreement to Hold Restricted Shares. The Grantee hereby agrees to continue to hold
record and beneficial ownership of the Restricted Shares until such time as the Grantee is no
longer a member of the Board of Directors of the Company. Without the prior approval of the Board
of Directors of the Company, the Grantee hereby agrees not to sell or otherwise transfer the
Restricted Shares until such time as the Grantee is no longer a member of the Board of Directors of
the Company.

     3. Dividend, Voting and Other Rights. Grantee shall have all of the rights of a
stockholder with respect to the Restricted Shares, including the right to vote the Restricted
Shares and receive any dividends that may be paid thereon; provided, however, that any additional
shares of Common Stock or other securities that Grantee may become entitled to receive pursuant to
a share dividend or a merger or reorganization in which the Company is the surviving corporation or
any other change in the capital structure of the Company shall be subject to the restrictions set
forth in Section 2.

     4. Defined Terms. Terms utilized in this Agreement that are not otherwise defined
herein have the same meaning as set forth in the Plan.

 

 

Exhibit 10.1

     5. Notices. Any notices required or permitted to be given pursuant to this Agreement
must be given in writing and mailed by first class mail or be hand delivered. All notices to the
Company shall be effective only upon receipt by the Secretary of the Company and any notices given
by the Company shall be deemed to be received by Grantee on the third day after the date of such
notice.

     6. Parties Bound. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns, and all references herein to either
the Company or the Grantee shall be deemed to include any successor or successors, whether
immediate or remote.

     7. Captions. The headings or captions of this Agreement and the Plan have been
included for ease of reference only and are not to be considered in the construction or
interpretation of this Agreement or the Plan or any section or clause contained herein or therein.

     8. Interpretation. The interpretation and construction of this Agreement by the
Committee appointed by the Board of Director’s of the Company to administer and interpret the Plan
shall be final and conclusive. In the event of any conflict between the Plan and this Agreement,
the provisions of the Plan shall control. Grantee agrees that any dispute or disagreement which
shall arise under or as a result of or pursuant to this Agreement or the Plan shall be determined
by the Committee in its reasonable discretion, and that any good faith determination,
interpretation or other action by the Committee, or in its absence, by the Board of Directors of
the Company, relating to this Agreement or the Plan shall be final, binding and conclusive for all
purposes and upon all parties, including Grantee.

     9. Amendment In Writing. This Agreement may be amended as provided in the Plan;
provided, however, that all such amendments must be in writing to be enforceable.

     10. Integration. The Restricted Shares are granted pursuant to the Plan.
Notwithstanding anything in this Agreement to the contrary, this Agreement is subject to all of the
terms and conditions of the Plan, a copy of which is available upon request and which is
incorporated herein by reference. As such, this Agreement and the Plan embody the entire agreement
and understanding of the Company and Grantee and supersede any prior understandings or agreements,
whether written or oral, with respect to the Restricted Shares.

     11. Severance. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof and the remaining
provisions hereof shall continue to be valid and fully enforceable.

     12. Governing Law. This Agreement is governed by and shall be construed and enforced
in accordance with the laws of the United States of America and the State of Nevada.

 

 

Exhibit
10.1

     13. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same
instrument.

     In Witness Whereof, this Agreement has been executed and delivered by a
duly authorized representative of the Company as of the day and year first above written.

	 	 	 	 	 
	 	Tarragon Corporation, 

a Nevada corporation

 	 
	 	By:  	
 	 
	 	 	William S. Friedman, 	 
	 	 	Chief Executive Officer 	 
	 

The undersigned Grantee acknowledges receipt of an executed original of this Agreement and accepts
the Restricted Shares subject to the applicable terms and conditions of the Plan and the terms and
conditions hereinabove set forth.

	 	 	 
	 
	 

	 	 
	 

	 	Granteeexv10w2

 

Exhibit 10.2

Beachwold Partners, L.P.

1775 Broadway, 23rd Floor

New York, NY 10019

March 6, 2006

Tarragon Corporation

1775 Broadway, 23rd Floor

New York, NY 10019

     Re:     
$30,000,000 Revolving Line of Credit

Gentlemen:

     This is to confirm the terms of the revolving credit facility (the “Loan”) pursuant to which
Beachwold Partners, L.P. (“Lender”) has been and will continue to lend funds to Tarragon
Corporation (“Borrower”) on a revolving basis:

	 	1.	 	Maximum Amount of Facility: $30,000,000 outstanding at any
time. Advances which have been repaid will be re-advanced by Lender during
the Loan term in accordance with Paragraph 3 below.
	 
	 	2.	 	Maturity Date: January 2, 2008
	 
	 	3.	 	Advances: Advances will be made to Borrower upon request by
Borrower from time-to-time, but not more frequently than monthly, upon not
less than five business days’ notice to Lender.
	 
	 	4.	 	Interest Rate: Advances will bear interest at the lesser of
(a) an adjustable rate equal to one hundred basis points over thirty day
LIBOR in effect at the time of each advance, as reasonably determined by
Lender, with adjustments made at the end of every thirty day period, or (b)
the lowest interest rate for an unsecured loan offered to the Borrower in
writing by an institutional lender.
	 
	 	5.	 	Payments: Interest only, payable on demand, no more
frequently than monthly during the term of the facility.
	 
	 	6.	 	Prepayment: Prepayments may be made without penalty or
premium, in whole or in part, at any time.
	 
	 	7.	 	Final Payment: All outstanding principal, plus interest
accrued thereon, and all other sums owed under the Loan, shall be due and
payable on the Maturity Date.

 

 

Exhibit 10.2

	 	8.	 	Default: Upon any failure by Borrower to make any payment to
Lender within five (5) business days after the date it is due, Borrower shall
be in default under this facility and Lender shall have the right to declare
the entire indebtedness immediately due and payable. Following any such
default, interest shall, at Lender’s option, accrue and be payable at the
lesser of four percent (4%) per annum above the interest rate set forth in
Paragraph 4 above, or the highest interest rate permitted by law.
	 
	 	9.	 	Promissory Note and Further Documentation: Borrower shall
execute a Promissory Note in the form attached hereto as Exhibit A
(the “Note”) to evidence its indebtedness under the Loan. Advances and
repayments shall be recorded on the books and records of Lender, which shall
be deemed correct absent manifest error. Borrower shall execute such further
documentation as Lender may require, from time-to-time to confirm the terms
and/or status of the Loan.
	 
	 	10.	 	Renewal and Extension: The Loan is a renewal and extension
of that certain $20,000,000 unsecured line of credit facility previously
extended by Lender to Borrower, which matured by its terms on January 2, 2006
(the “Original Loan”). This letter agreement and the Note shall replace and
supercede any prior agreements, whether written or oral, between Lender and
Borrower concerning the Loan or the Original Loan.
	 
	 	11.	 	Costs/Attorneys Fees: Borrower shall be responsible for and
shall pay to Lender on demand, all of Lender’s costs and expenses incurred in
connection with the Loan, including without limitation, attorneys fees.

     Kindly indicate your agreement with, and acceptance of, the foregoing terms by countersigning
a copy of this letter agreement where indicated below and returning it to the undersigned.

	 	 	 	 	 
	 	Beachwold Partners, L.P. 

 	 
	 	By:  	                /s/ William S. Friedman
 	 
	 	 	Williams S. Friedman 	 
	 	 	General Partner 	 
	 

Agreed and Accepted:

Tarragon Corporation

	 	 	 	 	 
	By:

	 	/s/ Robert P. Rothenberg
	 	 
	 

	 	 	 	 
	 

	 	Name: Robert P. Rothenberg

Title: President

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