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Exhibit 10.2    
    

	

	Steiner & associates
 MANAGEMENT CONSULTANTS	 	Voice (925) 672-5854      FAX (925) 672-1036

3478 Buskirk Ave. #1000, Pleasant Hill, CA. 94523
	

 
 

CONSULTING AGREEMENT:    
    

This
agreement made and entered into this    th day of January, 2003, by and between First Cornerstone Capital Inc., (hereinafter referred to as "Client"), whose mailing address is
                                         
       TX.            and STEINER & ASSOCIATES (hereinafter referred to as "Consultant"), whose principle office is located at 3478 Buskirk Avenue,
Suite 1000, Pleasant Hill,
California 94523. 

        IN
CONSIDERATION of the mutual agreement herein contained, it is mutually understood and agreed by and between the parties as follows: 

	1.
	NATURE
OF SERVICES 

A.
The consultant is hereby authorized to proceed with the engagement as detailed in EXHIBIT A, which is considered an integral part of this Consulting
Agreement, a copy of which is attached. 

The
exact scheduling and extent of any additional actions relating to the project will be determined by mutual agreement between client and consultant. 

In
addition, the consultant may from time to time be requested to participate in other related activities. In such cases, the consultant and client will mutually agree as to whether they are included
or stand outside this agreement. 

B.
Any direct business expenses incurred by Consultant, including, but not limited to telephone, travel and the like, must be pre-approved
by the client in order to qualify for reimbursement by them. 

C.
Consultant agrees to use his best efforts in conducting all of the activities referred to in this Agreement. 

D.
Nothing contained herein shall be construed to create the relationship of Employer and Employee or Agent and Principal between the Client and Consultant. Consultant shall conduct his business as an
Independent Contractor and shall have no authority to create, alter or amend any agreements or representations on behalf of the Client or to incur any liabilities for the Client. Consultant
acknowledges that he is not an employee of the Client, and said Client is not obligated nor charged with the responsibility of withholding income taxes from any commissions due the Consultant, nor is
the Client obligated to pay Social Security, Taxes, nor FICA taxes upon or for the Consultant. 

E.
Consultant agrees to adhere to fair business principles and comply with all Federal, State and local laws and regulations either existing or pending. Consultant further agrees to file applications
for licensing, bonding or other permits, and to pay all fees pertaining thereto as maybe required by any regulatory body. 

	II.
	SOLICITATION
AND TERMINATION 

A.
Consultant agrees that he will not issue, distribute or circulate any advertising or promotional material, circulars or pamphlets relating to the Client unless and until it has been authorized and
approved in writing by the Client. The Consultant shall withdraw any said material and discontinue its use immediately upon the Client's written request to do so. 

 

B.
This Agreement may be terminated by either party upon written notice. Upon the giving of said notice, the Client shall cause to be paid to Consultant any monies due Consultant, as herein provided,
and Consultant, in turn, shall reimburse the Client for any monies, if any, by it advanced and not earned. 

	III.
	COMPENSATION

In
consideration of the services performed hereunder by Consultant, Client will pay Consultant an amount based upon the work outlined in  EXHIBIT A (attached) not to exceed that amount listed in
EXHIBIT A. The terms and
conditions listed in EXHIBIT A are considered an integral part of this Consulting Agreement. 

        During
the course of the engagement, invoices may be submitted representing progress payments for work completed. Such invoices and any balances thereof, are due within ten (10)
days after presentation. 

        The
above referred to fees shall constitute the only source of compensation to Consultant by Client. 

	IV.
	CONTRACT
ENFORCEMENT 

A.
This agreement constitutes the entire agreement about understandings between the parties and supersedes any and all other agreements between the parties. 

B.
No remedy granted to the parties by virtue of the Agreement shall be exclusive of any other legal or equitable remedy available to the parties existing by laws of statute. 

	V.
	MISCELLANEOUS

A.
The parties agree and intend that all questions concerning this Agreement, including the validity, capacity of parties, effect, interpretation and performance shall be governed by the laws of the
State of California. 

B.
The rights, privileges, duties and obligations of both the Client and Consultant to each other shall be limited to those specifically set forth herein. 

C.
This Agreement and the terms, conditions and obligations herein contained shall be binding upon the parties hereto, their assigns, transferees, heirs and legal representatives. 

D.
This Agreement shall not vest in Consultant, his heirs, estate of legal representatives, any right, title or interest in any assets in the Client itself, its name, good will or other market
business activities other than as set forth in this Agreement and only for so long as the Agreement has not been terminated, and no longer. 

E.
This Agreement and the attached EXHIBIT A, constitutes the complete Agreement between the Consultant and the Client. No representation or
promise, either oral or written have been made except as specifically set forth herein. Should any part of this Agreement be declared invalid, such invalidity shall not affect the remainder of this
Agreement. It is the intention of the parties that they would have executed the remaining portion of this Agreement without herein including any portion, which may hereafter be declared invalid. 

F.
The forbearance or neglect by either party to insist upon the performance of this Agreement, or any part hereof shall not constitute a waiver of any rights or privileges. 

2

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 

        THE
FOREGOING IS HEREBY AGREED TO: 

	BY:	 	 	 	 
	 	 	
	 	 
	DATE:	 	 	 	 
	 	 	
	 	 
	BY: STEINER AND ASSOCIATES	 	 
	 	 	 	 	 
	 	 	
	 	 
	DATE:	 	 	 	 
	 	 	
	 	 

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EXHIBIT A    
    

Overview of Engagement:  

The
basic components of the assignment include the following main elements: 

	•
	General
Consulting (Strategy development)

	•
	Prepare
materials for, and attend, pre-filing meeting(s) with Regulators

	•
	Meet
with proposed Directors to assist in completing their interagency financial and biographical application forms

	•
	Interview
individual Organizers to discuss their duties, responsibilities, etc.

	•
	Develop
the Business Plan (in concert with Management) including the pro-forma projections

	•
	Prepare
the complete new Joint Agency application (revised March 2002) for a Commercial Banking Charter, with the
Texas Department of Banking and FDIC

	•
	Assistance
in the preparation of other required materials including, but not limited to; 

—CRA
Statement 

—State
historical/environmental determination of sites selected for bank facilities 

—Salient
published legal notices 

—Monitor
regulator processing of applications 

—Comply
with all requests by Regulators for clarification and/or additional data 

Terms of Engagement:  

1)    Provide Management/Directors with a course of action required to complete the regulatory applications  

2)    Provide Management with a specific outline of information required for the Texas Department of Banking and FDIC  

3)    Prepare Director/Organizer Interagency Financial and Biographical Forms and other required materials  

—Distribute
and collect all required regulatory "forms" with appropriate supplemental instructions

—Conduct a meeting with Directors/Organizers to review the required information needed to complete all forms

—Answer individual Director/Organizer CONFIDENTIAL questions and consult with their legal counsel if necessary on selected matters

—Review and edit completed Director/Organizer forms for accuracy and completeness

—Follow up with Directors/Organizers for form content clarification and additional information

—Prepare finalized biographical and financial forms for Director/Organizer final review

—Ensure that all fingerprint cards are correctly prepared for both agencies.

—Prepare and review all regulatory release forms

—Examine Director Qualifications and Related Experience

—Prepare Director Job Description and Responsibilities

—Conduct individual Director/Organizer Interviews to review and clarify: 

	*
	Prior
financial institution experience 
	*
	Other
financial field related-experience 

4

 
	*
	Other
organization Board experience 
	*
	Community/Professional
involvement 
	*
	Individual
contribution as a potential board member 
	*
	Other
relevant experience/contacts, etc. 

5)    Prepare Management Section  

        —Assist
Management ("team" if applicable) in presenting his/their separate and combined qualifications 

	*
	Review
résumé's for review, update, and revision 
	*
	Banking
Experience (specifics re: lending, operational, and/or administration background, etc.) 
	*
	Direct
and Indirect Board Experience 
	*
	Independent
Bank and Marketing Experience 
	*
	Prepare
Job Description and Vitae for Senior Management candidates. 

6)    Prepare Facilities Information relating to:  

—Physical
Location

—Site and floor plans

—Tentative purchase/lease agreement(s)

—Tenant improvements

—Purchase/lease of Furniture, Fixtures and Equipment

—Related parties involvement with the premises and/or FF&E

—State-National Historical determination

—Zoning and environmental effect

7)    Develop, with Management, the Business Plan including:  

—Reflection
of Director/Management Philosophy and marketing strategy

—Management expertise and utilization

—Director expertise and utilization

—Market analysis

	•
	overview
of the market and opportunities 
	•
	demographics

	•
	Goals
and Objectives 
	•
	growth
and composition of "target" sectors 

—Proforma
Financials (3 years, by quarters) in concert with Management 

        o
All supporting schedules 

—Peer
Group Comparisons 

—Assumptions
and Footnotes 

8)    Prepare Capital Adequacy Analysis  

9)    Prepare the Required Proposed Market and Economic Information  

—Develop
supportive market information relative to the Strategic Market Plan

—Information in support of regulatory "Convenience and Needs" requirements

—Current area development and projected economic growth data

—Statistics and other information regarding lending needs of the new bank's market(s)

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10)  Prepare Competitor data and analysis:  

—Prepare
competitor/peer group data and trends 

11)  Prepare Miscellaneous Information Regarding:  

—Correspondent
banking relationships

—Guidance in preparing, and review of, regulatory mandated policies manuals

—Director Board and Committee duties and assignments

—Risk Management Coverage (insurance)

—Data Processing plans: vendor, in-house, etc.

—Other relevant information

12)  Summary and Conclusions Regarding the Application's Merit, Strengths, and Market Position  

13)  Miscellaneous and Related Consultant Responsibilities  

—"Packaging"
of the applications (printing, proper format, required number of copies, etc.)

—Interface with Office of Historic Preservation regarding historical determination of sites

—Address zoning and environmental concerns

—Provide required Legal Notices for Newspaper publication

—Coordination with regulatory agencies and other consultants

—Follow-up and monitoring of regulatory agencies

—Provide regulators with clarification of critical issues when requested

—Provide Organizers with regular updates and status reports regarding the application progress 

TIMING  

        TIME IS OF THE ESSENCE. THEREFORE, DUE DATES RELATING TO THE PROJECT TIME LINE ARE DEPENDENT UPON THE TIMELY COMPLETION AND SUBMISSION OF ALL MATERIALS REQUESTED
BY THE CONSULTANT. This being the case, the application could be ready to submit to the regulators within 75 days from the signing of this agreement, the tendering of the initial payment and
the completion of ALL requested Organizer/management data, information and responsibilities. Any delay in the receipt of necessary information or the submission of incomplete or inaccurate data by the
client will cause a delay in the above described application process. It is therefore imperative that all Organizers meet their obligations and respective deadlines. 

FEE SCHEDULE:  

        The fee, for performing the above detailed consulting service is based upon the placement of a head office in Dallas, TX. plus a separate banking office in
another location within the state of Texas, to be mutually agreed upon by the client and consultant, is $85,000. This includes processing a maximum of fifteen (15) organizers, excluding the
senior management. Additional organizers can be included in the application for a fee of $400.00 each. 

Note:
If the number of organizers exceeds fifteen (15) and the Client chooses to gather the required data and complete the obligatory regulatory forms on those Organizers that exceed fifteen
(15), the Consultant will charge a review fee of $300 for each set of forms prepared directly by the Client. The Consultants will review each such set of documents, and advise the Client of all
corrections necessary in order to comply with regulatory guidelines (a copy of which will be supplied to the Client beforehand). It will be the Client's responsibility to make the corrections and
re-submit the documents in final form to the consultants. All completed, Client generated forms must be submitted to the Consultant within 45 days of signing of this Agreement in
order to be included with the regulatory applications. 

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        Payment
#1 of $30,000 is due and payable upon the signing this agreement. Payment #2 of $20,00 is due and payable upon completion of the Business Plan and the financial projections.
Payment #3 of $20,000 (plus any additional review fees as noted above) is due when the Consultants file the applications with the appropriate regulatory agencies. Payment #4 of $15,000 is due and
payable upon the funding of the organizational loan, or five (5) calendar months following the date of this Agreement, whichever occurs first. 

Let it be clearly understood that the consulting service rendered, is not a guarantee that the regulators will approve the application. Therefore, any payment to the Consultant
is not based upon whether the application is accepted or approved by either the TEXAS STATE BANKING DEPARTMENT or the FDIC.

Out-of-pocket expenses:  

Client
will pay for the cost of the postage/delivery, copying and binding of all documents required by the regulators and any additional copies the Client may wish. The consultant will provide, at no
cost to the Client, one copy of each Director/Organizer's personalized and confidential data and one complete copy of the application for the corporate files. 

Travel expense:  

The Consultant will absorb the full cost of travel and lodging for the first three (3) on-site visits during the process of
completing the required application. The Client and Consultant will equally share in the cost of the next two (2) on-site visits, if
necessary, all additional visits will be borne wholly by the Client.

Let
it be further understood that if for any reason the client chooses to or causes the project to abort, fees will be charged on an hourly basis. Such fees will only be charged on that work performed
BEFORE the date of receipt of official notification (verbal, followed by written confirmation) in lieu of the fee schedule described above. Expenses incurred to-date of discontinuance of
work also will be billed. The fee charged under such a condition will be based as follows: 

	•
	Analysis
and preparation of applications, Regulator meetings/Tele-conferences, development of the Business Plan and, economic research/analysis, and Management
consultation, @ $150/hour 
	•
	Preparation
of Director biographical and Financial forms @ $100/hour 
	•
	Coordination,
auditing and validating materials for the application @ $75/hour; 
	•
	Computer
input, proof reading, etc. @ $35/hour. 

As
motivation for BOTH parties to fulfill their duties and responsibilities and ensure that the project will proceed expeditiously, the following terms and conditions are therefore incorporated into
this agreement. 

	•
	The
Organizers will return completed biographical and financial forms to consultant within 15 days of receipt of such forms. 
	•
	The
Organizers will respond to requests for information in a timely manner and will review, sign and return the final submission copies of all documents within 7 days
after the consultant's review and preparation 
	•
	Site
(location) information and tentative lease(s) will be available by the 70 th day from signing this agreement (the FDIC, in particular, reviews the location leases very
closely). 

7

 

To
expedite, facilitate and enhance the application process, Steiner and Associates reserves the right to retain qualified associate consultants, of its choosing, to assist in the preparation of the
various elements of the application, as well as general and specific consulting related to the pre-filing, and post-application phases of this project. The cost of any such
associate consultant will be the borne by Steiner & Associates. 

The details of this Exhibit are hereby acknowledged and agreed to by both parties and are thus an integral part of the foregoing Consulting Agreement.

	

By:	
 	

	
 	

 	
 	

 
	

 	
 	

 	
 	

Date:	
 	

	

For the Client	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	

 	
 	

 	
 	

Date:	
 	

	

For the Client	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	

 	
 	

 	
 	

Date:	
 	

	

For the Consultant	
 	

 	
 	

 

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Exhibit 10.2

CONSULTING AGREEMENT

EXHIBIT AQuickLinks
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EXHIBIT 10.3    
    

 
 

ORGANIZER WARRANT AGREEMENT    
    

        This Warrant Agreement ("Agreement") is executed as of this        day
of                  , 2004 by Sunbelt Bancshares, Inc., a Texas corporation
("Company"), in favor of the organizers listed on Exhibit A (each, an "Initial Holder"), in accordance with the terms and subject to the
conditions set forth in this Agreement. 

        WHEREAS,
the organizers of the Company and Sunbelt Bank ("Bank") have undertaken substantial financial risk in connection with the organization of the Company and the Bank through direct
cash advances made to the Company and guaranties made by these members on behalf of and for the benefit of the Company; and 

        WHEREAS,
in recognition of their efforts in organizing the Company and the Bank and the financial risks undertaken, the Company desires to grant to each organizer and proposed director
warrants to purchase shares of common stock of the Company (each, a "Warrant" and, collectively, the "Warrants") in the amounts set forth herein. 

        NOW,
THEREFORE, in consideration of the foregoing and the agreements hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged, the Company and, by acceptance
of a Warrant, each Holder (as defined herein) agree as follows: 

        1.    Grant of Warrants.    Subject to the terms, restrictions, limitations and conditions stated in this Agreement,
the receipt and sufficiency of which are hereby acknowledged, the Company hereby grants to Initial Holder the number of Warrants set forth beside his name on  Exhibit A. Each Warrant initially shall
be exercisable for one fully paid and nonassessable share of common stock, par value $.01 per share, of
the Company ("Share"), subject to adjustment as provided in Section 11 of this Agreement. The Initial Holders and all subsequent registered holders of the Warrants (each, a "Holder" and,
collectively, the "Holders") shall have the rights and obligations set forth in this Agreement. 

        2.    Warrant Certificates.    Each Warrant shall be evidenced by a warrant certificate, which shall be substantially
in the form attached to this Agreement as Exhibit B ("Warrant Certificate"). Each Warrant Certificate shall have such marks of identification or
designation and such legends or endorsements thereon as the Company deems appropriate, so long as they are not inconsistent with the provisions of this Agreement, or as are required to comply with any
applicable law, rule or regulation applicable to the Company or the Shares. The Warrant Certificates shall be executed on behalf of the Company by the manual, facsimile or imprinted signature of its
Chairman of the Board, its President or any vice president and shall be attested by the manual, facsimile or imprinted signature its Secretary or any assistant secretary. 

        3.    Term of Warrants.    

        (a)   The
term for the exercise of the Warrants shall begin at 9:00 a.m., Arlington, Texas time on the date that the Bank opens for business (the "Issue Date"). The
term for the exercise of the Warrants shall expire at 2:00 p.m., Arlington, Texas time on the earlier to occur of (i) the tenth anniversary of the Issue Date, or (ii) the date
provided in Section 3(b) of this Agreement (the "Expiration Time"). 

        (b)   Notwithstanding
any provision of this Agreement or any Warrant Certificate to the contrary, the Warrants shall expire, to the extent not exercised, within 45 days
following the receipt of notice from the Bank's state or primary federal regulator ("Regulator") that (i) the Bank has not maintained its minimum capital requirements (as determined by the
Regulator); and (ii) the Regulator is requiring exercise or forfeiture of warrants. Upon receipt of such notice from the Regulator, the Company shall promptly notify each Holder that he must
exercise the Warrants granted to him prior to the end of the 45-day period or such earlier period as may be specified by the Regulator or forfeit such Warrant(s). In case of forfeiture, no
Holder shall have any cause of action, of any kind or nature, against the Company, the Bank or any of their respective officers or 

 

directors
with respect to the forfeiture. In addition, the Company shall not be liable to any Holder due to the failure or inability of the Company to provide adequate notice to Holder. 

        4.    Exercise of Warrants.    The purchase price per Share to be paid by a Holder for Shares subject to the Warrants
shall be $10.00, subject to adjustment as set forth in Section 11 of this Agreement (the "Exercise Price"). A Holder may exercise Warrants evidenced by a Warrant Certificate in whole or in part
at any time prior to the Expiration Time by delivering to the secretary of the Company (i) the Warrant Certificate; (ii) a written notice to the Company specifying the number of Shares
with respect to which Warrants are being exercised; and (iii) a check for the full amount of the aggregate Exercise Price of the Shares being acquired. 

        5.    Delivery of Shares; Partial Exercise.    Upon receipt of the items set forth in Section 4, and subject to
the terms of this Agreement, the Company shall promptly deliver to, and register in the name of, the Holder a certificate or certificates representing the number of Shares acquired by exercise of a
Warrant. In the event of a partial exercise of Warrant(s), a new Warrant Certificate evidencing the number of Shares that remain subject to the Warrant shall be issued by the Company to such Holder or
to his duly authorized assigns. 

        6.    Registration of Transfer and Exchange.    

        (a)   The
Company shall keep, or cause to be kept, at its principal place of business or at such other location designated by the Company, a register or registers in which,
subject to such reasonable regulations as the Company may prescribe, the registrar and transfer agent (the "Securities Registrar") shall register the Warrant Certificates and the transfers thereof as
provided herein ("Securities Register"). The initial Securities Registrar shall be the secretary of the Company, and thereafter, the Securities Registrar may be removed and/or appointed as authorized
by the Company. 

        (b)   Upon
surrender for registration of transfer of any Warrant Certificate, the Company shall issue and deliver to the Holder or his duly authorized assigns, one or more new
Warrant Certificates of like tenor and in like aggregate amount. 

        (c)   At
the option of the Holder, Warrant Certificates may be exchanged for other Warrant Certificates of like tenor and in like aggregate amount upon surrender of the
Warrant Certificates to be exchanged. Upon such surrender, the Company shall issue and deliver to the Holder or his duly authorized assigns, one or more new Warrant Certificates of like tenor and in
like aggregate amount. 

        (d)   Every
Warrant Certificate presented or surrendered for registration of transfer or exchange shall be accompanied (if so required by the Company or the Securities
Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Securities Registrar, duly executed by the registered Holder or by such Holder's duly
authorized attorney in writing. 

        7.    Replacement of Warrant Certificates.    

        (a)   Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Warrant Certificate and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, surrender and cancellation of such Warrant Certificate, the
Company shall issue and deliver to the Holder or his duly authorized assigns, one or more new Warrant Certificates of like tenor and in like aggregate amount. In the case of loss, theft or destruction
of a Warrant Certificate, prior to the issuance of a replacement Warrant Certificate, the Company may also require that a bond be posted in such amount as the Company may determine is necessary as
indemnity against any claim that may be made against it with respect to such Warrant Certificate. 

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        (b)   All
Warrants shall be held and owned under the express condition that the provisions of this Section are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Warrant Certificates and shall preclude (to the extent lawful) all other rights and remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

        (c)   Upon
the issuance of any new Warrant Certificate under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Company and its agents and counsel) connected therewith. 

        (d)   Every
new Warrant Certificate issued pursuant to this Section shall constitute an additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other
Warrant Certificates duly issued hereunder. 

        8.    Persons Deemed Holders.    Prior to the due presentment of a Warrant Certificate for registration of transfer or
exchange, the Company, any Securities Registrar and any other agent of the Company may treat the person in whose name such Warrant Certificate is registered in the Securities Register as the sole
Holder of such Warrant Certificate and of the Warrant represented by such Warrant Certificate for all purposes whatsoever, and shall not be bound to recognize any equitable or other claim to or
interest in such Warrant Certificate or in the Warrant represented by such Warrant Certificate on the part of any person and shall be unaffected by any notice to the contrary. 

        9.    Cancellation.    All Warrant Certificates surrendered for the purpose of exercise, exchange or registration of
transfer shall be cancelled by the Securities Registrar, and no Warrant Certificates shall be issued in lieu thereof, except as expressly permitted by the provisions of this Agreement. 

        10.    Fractional Shares.    The Company shall not be required to issue Warrant Certificates exercisable for
fractional Shares or to issue fractional Shares upon the exercise of Warrants. Warrant Certificates exercisable for fractional Shares shall expire as of the Expiration Date, and a Holder of such
Warrant Certificates shall not be entitled to any consideration of any kind or nature in respect of such Warrant or Warrant Certificate. 

        11.    Stock Dividends, Splits, Etc.    

        (a)   If,
prior to the Expiration Time, the Company shall subdivide its outstanding Shares into a greater number of Shares, or declare and pay a dividend of its Shares payable
in additional Shares, the Exercise Price, as then in effect, shall be proportionately reduced, and the Company shall proportionately increase the number of Shares then subject to exercise under this
Warrant (and not previously exercised.) 

        (b)   If,
prior to the Expiration Time, the Company shall combine its outstanding Shares into a lesser number of Shares, the Exercise Price, as then in effect, shall be
proportionately increased, and the Company shall proportionately reduce the number of Shares then subject to exercise under this Warrant (and not previously exercised.) 

        12.    Reorganization, Reclassifications, Consolidation or Merger.    If, prior to the Expiration Time, there shall be
a reorganization or reclassification of the Shares (other than as provided in Section 11 of this Agreement), or any consolidation or merger of the Company with another entity, the Holder shall
be entitled to receive, during the remainder of the term of this Agreement and upon payment of the Exercise Price, the number of shares of stock or other securities or property of the Company or of
the successor entity (or its parent company) resulting from such consolidation or merger, as the case may be, to which a holder of Shares, deliverable upon the exercise of a Warrant, would have been
entitled 

3

 

upon
such reorganization, reclassification, consolidation or merger; and, in any case, the Company shall make appropriate adjustments (as determined by the board of directors of the Company in its
sole discretion) in the application of the provisions with respect to the rights and interests of the Holders so that the provisions set forth in this Agreement (including the adjustment to the
Exercise Price and the number of Shares issuable upon exercise of the Warrants) shall be applicable, as nearly as may be practicable, to any shares or other property thereafter deliverable upon the
exercise of this Warrant. 

        13.    Certificate as to Adjustments; Issuance of New Warrant Certificates.    Within thirty (30) days
following any adjustment provided for in Section 11 or 12 of this Agreement, the Company shall give written notice of the adjustment to the Holders as provided in Section 14(a) of this
Agreement. The notice shall state the Exercise Price as adjusted and the increased or decreased number of shares purchasable upon the exercise of the Warrant(s) and shall set forth in reasonable
detail the method of calculation for each.
Notwithstanding anything to the contrary set forth herein or in the Warrant Certificates, the Company may, at its option, issue new Warrant Certificates evidencing the Warrants, in such form as may be
approved by the Company, to reflect any adjustment or change in the Exercise Price and the number or kind of stock or other securities or property purchasable upon exercise of the Warrants. 

        14.    Miscellaneous.    

        (a)   Any
notice or other communication required or permitted to be made hereunder shall be in writing, duly signed by the party giving such notice or communication and shall
be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid as follows (or at such other address for a party as shall be specified by
like notice): (i) if given to the Company, at its principal place of business; and (ii) if given to a Holder, at the address set forth for the Holder on the books and records of the
Company. A notice given to the Company by a Holder with respect to the exercise of a Warrant shall not be effective until received by the Company. 

        (b)   The
Company shall, at all times, reserve and keep available out of its authorized and unissued Shares or out of any Shares held in treasury that number of Shares that
will from time to time be sufficient to permit the exercise in full of all outstanding Warrants. The Company shall take all such action as may be necessary to ensure that all Shares delivered upon
exercise of any Warrants shall, at the time of delivery of the Warrant Certificates for such Shares, be duly authorized, validly issued, fully paid and nonassessable. 

        (c)   The
Company shall pay when due and payable any and all federal and state transfer taxes and charges (other any applicable income taxes) that may be payable in respect of
the issuance and delivery of Warrant Certificates or of certificates for Shares receivable upon the exercise of any Warrants; provided, however, that the Company shall not be required to pay any tax
that may be payable in respect of the issuance and delivery (i) of any Warrant Certificate or stock certificate registered in a name other than that of the Holder of the Warrant Certificate
that has been surrendered, or (ii) of any Warrant Certificate under Section 7. 

        (d)   No
Holder, in his capacity as such, shall be entitled to vote or receive dividends or shall be deemed from any other purpose the holder of the Shares or other securities
which may at any time be issuable upon the exercise of such Warrant. Nothing contained herein or in any Warrant Certificate shall be construed to confer upon any Holder, in his capacity as such, any
of the rights of a shareholder of the Company, including any right to vote for the election of directors or upon any matter submitted to shareholders of the Company at any meeting thereof, to give or
withhold consent to any corporation action, or to receive notices of meeting or other actions affecting shareholders. 

        (e)   Each
Holder, by accepting a Warrant Certificate, accepts and agrees to the terms of this Agreement. The terms of this Agreement shall be binding upon the Company and the
Holders and 

4

 

their
respective heirs, successors, representatives and permitted assigns. Nothing expressed or referred to herein is intended or will be construed to give any person other than the Company or the
Holders any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provision herein contained, it being the intention of the Company and the Holders that this
Agreement, the assumption of obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole benefit of the Company and the Holders and for
the benefit of no other person. 

        (f)    This
Agreement constitutes the full understanding of the Company and the Holders, a complete allocation of risks between them and a complete and exclusive statement of
the terms and conditions of their agreement relating to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, that may exist between the Company and any
Holder with respect thereto. Except as otherwise specifically provided in this Agreement, no conditions, usage of trade, course of dealing or performance, understanding or agreement purporting to
modify, vary, explain or supplement the terms or conditions of this Agreement will be binding unless hereafter or contemporaneously herewith made in writing and signed by the party to be bound, and no
modification will be effected by the acknowledgment or acceptance of documents containing terms or conditions at variance with or in addition to those set forth in this Agreement. 

        (g)   The
headings contained in this Agreement are for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement. The words
"hereof," "herein" and "hereunder" and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision in this Agreement. Each use
herein of the masculine, neuter or feminine gender will be deemed to include the other genders. Each use herein of the plural will include the singular and vice versa, in each case as the context
requires or as is otherwise appropriate. The word "or" is used in the inclusive sense. References to a person are also to its permitted successors or assigns. No provision of this Agreement is to be
construed to require, directly or indirectly, any person to take any action, or omit to take any action, which action or omission would violate applicable law (whether statutory or common law), rule
or regulation. 

        (h)   This
Agreement shall terminate upon the earlier of (i) the Expiration Time, or (ii) the close of business on the date on which all Warrants shall have been
exercised. 

        (i)    THIS AGREEMENT, EACH WARRANT AND EACH WARRANT CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS
WITHOUT REGARD TO THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. IN THE EVENT OF A DISPUTE INVOLVING THIS AGREEMENT, THE PARTIES IRREVOCABLY AGREE THAT VENUE
FOR
SUCH DISPUTE SHALL LIE EXCLUSIVELY IN A COURT OF COMPETENT JURISDICTION IN TARRANT COUNTY, TEXAS.

        IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized officer as of the date first above written. 

	 	 	SUNBELT BANCSHARES, INC.
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

5

 
 

EXHIBIT A    
    
    LIST OF INITIAL HOLDERS    
    

 
 

EXHIBIT B    
    
    FORM OF WARRANT CERTIFICATE    
    

THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE RESTRICTIONS SPECIFIED IN THAT CERTAIN WARRANT AGREEMENT DATED AS
OF                        , 2004, BY
SUNBELT BANCSHARES, INC., A TEXAS CORPORATION ("COMPANY"), IN FAVOR OF THE ORGANIZERS LISTED ON EXHIBIT A THERETO, AS THE SAME MAY BE AMENDED
FROM TIME TO TIME ("AGREEMENT"). A COPY OF THE FORM OF THE AGREEMENT IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY DURING NORMAL BUSINESS HOURS. THE HOLDER OF THIS
CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF THE AGREEMENT.

	No. W-    	 	 	 	Number of Warrants:          

 
 

SUNBELT BANCSHARES, INC.
  WARRANT CERTIFICATE    
    

        This Warrant Certificate certifies that                        ,
or registered assigns, is the registered holder of a warrant to purchase the number of
fully-paid and non-assessable shares of common stock, $.01 par value of the Company ("Shares") set forth above, at the exercise price, subject to adjustment in certain events
("Exercise Price"), of $10.00 per share ("Warrant"). 

        The
Warrant evidenced by this Warrant Certificate is part of a duly authorized issue of Warrants issued pursuant to the Agreement, which is hereby incorporated by reference in and made a
part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company and the Holder. All terms used,
but not otherwise defined, in this Warrant Certificate shall have the meanings assigned to them in the Agreement. If any provision of this Warrant Certificate conflicts with a provision of the
Agreement, the provision of the Agreement shall supercede. 

        This
Warrant may not be exercised after 2:00 p.m., Arlington, Texas time, on the earlier to occur of (i) the tenth anniversary of the date that Sunbelt Bank opens for
business, or (ii) the date provided in Section 3(b) of the Agreement (the "Expiration Time"). 

        The
Holder may exercise the Warrant evidenced by this Warrant Certificate in whole or in part at any time prior to the Expiration Time by delivering to the secretary of the Company
(i) the Warrant Certificate; (ii) a written notice to the Company specifying the number of Shares with respect to which Warrants are being exercised; and (iii) a check for the
full amount of the aggregate Exercise Price of the Shares being acquired. 

        Upon
receipt of the items set forth above, and subject to the terms of the Agreement, the Company shall promptly deliver to, and register in the name of, the Holder a certificate or
certificates representing the number of Shares acquired by exercise of this Warrant. In the event of a partial exercise of this Warrant, a new Warrant Certificate evidencing the number of Shares that
remain
subject to this Warrant shall be issued by the Company to such Holder or to his duly authorized assigns. 

        The
Agreement provides that upon the occurrence of certain events the Exercise Price and the type and/or number of the Company's securities issuable thereupon may, subject to certain
conditions, be adjusted. In such event, the Company may, at its option, issue a new Warrant Certificate evidencing the adjustment in the Exercise Price and the number and/or type of securities
issuable upon the exercise of the Warrants. 

        Upon
surrender for registration of transfer of this Warrant Certificate, subject to the terms of the Agreement, the Company shall issue and deliver to the Holder or his duly authorized
assigns, one or more new Warrant Certificates of like tenor and in like aggregate amount. 

        Prior
to the due presentment of this Warrant Certificate for registration of transfer or exchange, the Company, any Securities Registrar and any other agent of the Company may treat the
person in whose name this Warrant Certificate is registered in the Securities Register as the sole Holder of this Warrant Certificate and of the Warrant represented by this Warrant Certificate for all
purposes whatsoever, and shall not be bound to recognize any equitable or other claim to or interest in this Warrant Certificate or in the Warrant represented by this Warrant Certificate on the part
of any person and shall be unaffected by any notice to the contrary. 

        The
Holder, in his capacity as such, shall not be entitled to vote or receive dividends or shall be deemed from any other purpose the holder of the Shares or other securities which may
at any time be issuable upon the exercise of this Warrant. Nothing contained in this Warrant Certificate shall be construed to confer upon the Holder, in his capacity as such, any of the rights of a
shareholder of the Company, including any right to vote for the election of directors or upon any matter submitted to shareholders of the Company at any meeting thereof, to give or withhold consent to
any corporation action, or to receive notices of meeting or other actions affecting shareholders. 

        Any
notice or other communication required or permitted to be made by the Holder to the Company shall be in writing, duly signed by the Holder and shall be deemed delivered and effective
when given personally or mailed by first-class registered or certified mail, postage prepaid to the Company, at its principal place of business (or such other address as designated in writing to the
Holder by the Company). A notice given to the Company by a Holder with respect to the exercise of this Warrant shall not be effective until received by the Company. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed under its corporate seal. 

Dated
as of                        , 2004. 

	 	 	SUNBELT BANCSHARES, INC,

a Texas corporation
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	[SEAL]	 	 	 
	

Attest:	

 	
 	

 	

 
	    
	 	 	 
	Name:	    
	 	 	 
	Title:	    
	 	 	 

QuickLinks

EXHIBIT 10.3

ORGANIZER WARRANT AGREEMENT

EXHIBIT A LIST OF INITIAL HOLDERS

EXHIBIT B FORM OF WARRANT CERTIFICATE

SUNBELT BANCSHARES, INC. WARRANT CERTIFICATE

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