Document:

EXHIBIT 10 | GREATER CHINA ACQUISITION CORP.

EXHIBIT 10.1

SHARE PURCHASE AGREEMENT

This Agreement made as of the     day of February, 2008 (“Agreement”), by and between William Tay, with an address at 305 Madison Avenue, Suite 1166, New York, NY 10165 USA ("Seller"), and Shaun Morgan, with an address at  ("Purchaser").

W I T N E S S E T H:

WHEREAS, Seller is the record owner and holder of 31,040,000 Common Shares, par value $.0001 par value (the “Shares”), of GREATER CHINA ACQUISITION CORP., a Delaware corporation ("Corporation”), which Corporation has 31,340,000 shares of common stock, issued and outstanding as of the date of this Agreement, as more fully described in the attached Exhibit A.  

WHEREAS, Purchaser desires to purchase 30,713,200 of the Shares from Seller, which constitutes 98% of the Corporation’s issued and outstanding shares as of the date of this Agreement and Seller desires to sell such Shares upon the terms and conditions hereinafter set forth;   

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained in this Agreement, and in order to consummate the purchase and sale of the Corporation’s Shares, it is hereby agreed, as follows:

1.

PURCHASE AND SALE OF SHARES.  Subject to the terms and conditions of this Agreement, Purchaser agrees to purchase at the Closing and the Seller agrees to sell to Purchaser at the Closing, 30,713,200 of Seller’s Shares for a total price of Seventy-Nine Thousand Nine Hundred and 00/100 U.S. dollars (US$79,900.00) (the “Purchase Price”).

2.

GOOD FAITH DEPOSIT.  At the signing of this Agreement, Purchaser agrees to wire transfer to an account to be designated by Seller, the sum of Seven Thousand Nine Hundred Ninety and 00/100 U.S. dollars (US$7,990.00) as an initial deposit to Seller.  At the Closing, as defined below, Purchaser will pay the balance of the Purchase Price, Seventy-One Thousand Nine Hundred Ten and 00/100 U.S. dollars (US$71,910.00) to Seller by wire transfer.

3.

CLOSING.  The purchase and sale of the Shares shall take place on or before February 18, 2008; at such time and place as the Purchaser and Seller mutually agree upon orally or in writing (which time and place are designated as the “Closing”).  At Closing, Purchaser shall deliver to Seller, in cash, by wire transfer to an account to be designated by Seller, the balance of the Purchase Price in the amount of Seventy-One Thousand Nine Hundred Ten and 00/100 U.S. dollars (US$71,910.00), and Seller will immediately deliver the following to Purchaser: (A) the certificates representing the Shares transferred hereunder, duly endorsed for transfer to the Purchaser or accompanied by appropriate stock powers, (B) the original of the Certificate of Incorporation and bylaws, (C) all corporate books and records (including all accounting records and SEC filings to date); and (D) written resignations of incumbent directors and officers of the Corporation.

4.

REPRESENTATIONS AND WARRANTIES OF SELLER.  Seller, as sole director and officer of Corporation, hereby represents and warrants to Purchaser that: 

(i)

Corporation is a corporation duly organized and validly existing and in good standing under the laws of the State of Delaware and has the corporate power and authority to carry on the business it is now being conducted.  Corporation and/or Seller do not require any consent and/or authorization, declaration or filing with any government or regulatory authority to undertake nay actions herein;

(ii)

Corporation has filed with the United States Securities and Exchange Commission (‘SEC”) a registration statement on Form 10-SB effective pursuant to the Securities Exchange Act of 1934 and is a reporting company pursuant to Section 12(g) thereunder.

(iii)

Corporation has timely filed and is current on all reports required to be filed by it pursuant to Sections 13 and 15 of the Securities Exchange Act of 1934.

(iv)

Corporation is newly formed with no financial information available other than the financial information included in its SEC filings; 

(v)

There are no legal actions, suits, arbitrations, or other administrative, legal or governmental proceedings threatened or pending against the Corporation and/or Seller or against the Seller or other employee, officer, director or stockholder of Corporation.  Additionally, Seller is not aware of any facts which may/might result in or form a basis of such action, suit, arbitration or other proceeding on any basis whatsoever; 

(vi)

The Corporation has no subsidiaries or any direct or indirect ownership interest in any other corporation, partnership, association, firm or business in any manner;

(vii)

The Corporation and/or Seller does not have in effect nor has any present intention to put into effect any employment agreements, deferred compensation, pension retirement agreements or arrangements, options arrangements, bonus, stock purchase agreements, incentive or profit–sharing plans; 

(viii)

No person or firm has, or will have, any right, interest or valid claim against the Corporation for any commission, fee or other compensation in connection with the sale of the Shares herein as a finder or broker or in any similar capacity as a result of any act or omission by the Corporation and/or Seller or anyone acting on behalf of the Corporation and/or Seller;

(ix)

The business and operation of the Corporation has and will be conducted in accordance with all applicable laws, rules, regulations, judgments.  Neither the execution, delivery or performance of this Agreement (A) violates the Corporation’s by-laws, Certificate of Incorporation, Shareholder Agreements or any existing resolutions; and, (B) will cause the Corporation to lose any benefit or any right or privilege it enjoys under the Securities Act (“Act”) or other applicable state securities laws;  

(x)

Corporation has not conducted any business and/or entered into any agreements with third-parties; 

(xi)

This Agreement has been duly executed and delivered by constitutes a valid and binding instrument, enforceable in accordance with its terms and does not conflict with or result in a breach of or in violation of the terms, conditions or provisions of any agreement, mortgage, lease or other instrument or indenture to which Corporation and/or Seller a party or by which they are bound; 

(xii)

Seller is the legal and beneficial owner of the Shares and has good and marketable title thereto, free and clear of any liens, claims, rights and encumbrances;

(xiii)

Seller warrants that the Corporation being transferred shall be transferred with no liabilities and little or no assets, and shall defend and hold Purchaser and the Corporation harmless against any action by any third party against either of them arising out of, or as a consequence of, any act or omission of Seller or the Corporation prior to, or during the closing contemplated by this contract of sale; and,

(xiv)

The information contained on Exhibit A is true and correct.  

5.

REPRESENTATIONS AND WARRANTIES OF PURCHASER.  Purchaser hereby represents and warrants to Seller that:  

(i)

Purchaser has the power and authority to execute and deliver this Agreement, to perform his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by Purchaser and constitutes a valid and binding instrument, enforceable in accordance with its terms;

(ii)

The execution, delivery and performance of this Agreement is in compliance with and does not conflict with or result in a breach of or in violation of the terms, conditions or provisions of any agreement, mortgage, lease or other instrument or indenture to which Purchaser is a party or by which Purchaser is bound;

(iii)

At no time was Purchaser presented with or solicited by or through any leaflet, public promotional meeting, television advertisement or any other form of general solicitation or advertising; and,

(iv)

Purchaser is purchasing the Shares solely for his own account for the purpose of investment and not with a view to, or for sale in connection with, any distribution of any portion thereof in violation of any applicable securities law.

(v)

The Purchaser is an "accredited investor" as defined under Rule 501 under the Securities Act.

(vi)

Purchaser hereby agrees that such shares are restricted pursuant to Rule 144 and therefore subject to Rule 144 resale requirements.  

6.

NOTICES.  Notice shall be given by certified mail, return receipt requested, the date of notice being deemed the date of postmarking. Notice, unless either party has notified the other of an alternative address as provided hereunder, shall be sent to the address as set forth herein:

Seller:

William Tay, President & Dir.

Greater China Acquisition Corp.

305 Madison Avenue, Suite 1166

New York, NY 10165 USA

FAX: 917-591-2648

Purchaser:

Shaun Morgan

_______________________

_______________________

7.

GOVERNING LAW.  This Agreement shall be interpreted and governed in accordance with the laws of the State of Delaware.   The parties herein waive trial by jury.  In the event that litigation results or arise out of this Agreement or the performance thereof, the parties agree that the prevailing party is entitled to reimbursement for the non-prevailing party of reasonable attorney’s fee, costs, expenses, in addition to any other relief to which the prevailing party may be entitled.

8.

CONDITIONS TO CLOSING.  The Closing is conditioned upon the fulfillment by the Seller of the satisfaction of the representations and warranties made herein being true and correct in all material respects as of the date of Closing. 

9.

SEVERABILITY.  In the event that any term, covenant, condition, or other provision contained herein is held to be invalid, void or otherwise unenforceable by any court of competent jurisdiction, the invalidity of any such term, covenant, condition, provision or Agreement shall in no way affect any other term, covenant, condition or provision or Agreement contained herein, which shall remain in full force and effect.  

10.

ENTIRE AGREEMENT.  This Agreement contains all of the terms agreed upon by the parties with respect to the subject matter hereof. This Agreement has been entered into after full investigation.  

11.

INVALIDITY.  If any paragraph of this Agreement shall be held or declared to be void, invalid or illegal, for any reason, by any court of competent jurisdiction, such provision shall be ineffective but shall not in any way invalidate or effect any other clause, Paragraph, section or part of this Agreement.  

12.

GENDER AND NUMBER; SECTION HEADINGS.  Words importing a particular gender mean and include the other gender and words importing a singular number mean and include the plural number and vice versa, unless the context clearly indicated to the contrary.  The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.  

13.

AMENDMENTS.  No amendments or additions to this Agreement shall be binding unless in writing, signed by both parties, except as herein otherwise provided.  

14.

ASSIGNMENT.  Neither party may assign this Agreement without the express written consent of the other party.  Any agreed assignment by the Seller shall be effectuated by all the necessary corporate authorizations and governmental and/or regulatory filings.

15.

CLOSING DOCUMENTS.  Seller and Purchaser agree, at any time, to execute, and acknowledge where appropriate, and to deliver any and all documents/instruments, and take such further action, which may necessary to carry out the terms, conditions, purpose and intentions of this Agreement.  This paragraph shall survive the Closing.

16.

EXCLUSIVE AGREEMENT; AMENDMENT. This Agreement supersedes all prior agreements or understandings among the parties with respect to its subject matter with respect thereto and cannot be changed or terminated orally.

17. 

FACSIMILE SIGNATURES. Execution of this Agreement and delivery of signed copies thereof by facsimile signatures from the parties hereto or their agents is acceptable to the parties who waive any objections or defenses based upon lack of an original signature.

18.

PUBLICITY.   Except as otherwise required by law, none of the parties hereto shall issue any press release or make any other public statement, in each case relating to, connected with or arising out of this Agreement or the matters contained herein, without obtaining the prior approval of the other to the contents and the manner of presentation and publication thereof.

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have signed this Agreement by their duly authorized officers the day and year first above written.  

/s/ Shaun Morgan

_________________________________

Shaun Morgan

PURCHASER

/s/ William Tay

_________________________________

William Tay

SELLER

EXHIBIT A

Greater China Acquisition Corp.

A Delaware Corporation

Greater China Acquisition Corp., a Delaware corporation (“GCAC”), is a fully reporting U.S. public company and its common stock is registered under the U.S. Securities Exchange Act of 1934, as amended.

GCAC’s management believes that there are certain benefits of being a reporting public company, and that certain private company (domestic or foreign) may seek to gain these advantages through a reverse merger with GCAC because its shares may thereby be quoted on the United States secondary markets, such as the NYSE, NASDAQ, Amex, and the NASD OTC Bulletin Board (OTC-BB).

CORPORATE INFORMATION

	Legal Name of Public Shell:

	Greater China Acquisition Corp.

	SEC FILE / CIK Numbers:

	000-52573 / 0001386938

	SEC Reporting Status:

	Public reporting, current in all SEC filings to date.

	SEC Form 10-SB Effective Date

	June 19, 2007

	State of Incorporation and Date of Formation:

	State of Delaware on January 9, 2007

	Net Equity:

	-0-

	Underwriter:

	Self

	Date of fiscal year-end:

	12/31

	Total and pending liabilities:

	None

STOCK INFORMATION (proposed ticker symbol: “GCAC”)

	Classes of Stock

	Preferred Stock, at $0.0001 par value

Common stock, at $0.0001 par value

	Authorized Capital Stock:

	Capitalization: 250,000,000 Common Shares

20,000,000 Preferred Shares

	Issued and Outstanding Shares:

	31,340,000 Common Shares

-0- Preferred Shares, none designated

	Warrants and Options Outstanding:

	None

	OTC-BB Trading Symbol:

	Form 211 (15c2-11) to be filed with NASD Regulations, Inc. (NASDAQ) through a sponsoring market maker upon consummation of business combination.

	Market Makers:

	To be appointed upon consummation of business combination.

	Transfer Agent and Registrar:

	It is anticipated that Holladay Stock Transfer, Inc. of Scottsdale, AZ will act as transfer agent for the Company's common stock. However, the Company may appoint a different transfer agent or act as its own until a merger candidate can be identified.October 1, 2007

Mr. H. William Spute

633 South Federal Highway

Ft. Lauderdale, FL  33301

	
            Re:
 	
            Employment Agreement
 

Dear Mr. Spute:

This letter shall state the terms and conditions of your employment by 1st United Bank (the “Bank”) as an Executive Officer of the Bank (the “Executive”).

1.         Duties.  Commencing as of the day of Closing, you shall be an Executive Officer, and shall in that capacity, report directly to the President of the Bank (the “President”) and shall devote your full time and efforts to the business and affairs of the Bank.

2.         Term of Employment.  The term of your employment under this Agreement (the “Term”) shall be two (2) years to commence on the day of Closing; provided, however, that commencing on the second anniversary of the day of Closing and on each subsequent anniversary of that day, this Agreement shall be automatically renewed for an additional one-year period unless terminated in writing by either party in their sole discretion at least sixty (60) days prior to the expiration date of the then pending term.

3.         Working Facilities.     Your principal place of employment shall be at the Company’s and the Bank’s principal offices which is now and is expected to continue to be at One North Federal Highway, Boca Raton, Florida.

4.         Compensation;
Benefit Plans.

4.1       Base Salary.  Your initial annual base salary for the first year of employment shall be One Hundred Seventy Thousand and 00/100 Dollars ($170,000.00) per annum.  Thereafter, the base salary shall be subject to increase by the Bank in its discretion.  Your base salary shall be paid to you at periodic intervals in accordance with the Bank’s payroll policies for salaried employees.

4.2       Bonus.  Executive shall be entitled to receive a bonus following the end of each fiscal year of the Bank during the Term, in an amount up to twenty percent (20%) of your base salary for such fiscal year, based on the Bank’s performance and your achievement of certain annual goals as shall be mutually agreed upon annually by you and the President.

4.3       Expenses.  The Bank agrees to reimburse you for all reasonable expenses incurred by you on behalf of the Bank in the course of your duties hereunder upon your presentation of appropriate vouchers therefor, all in accordance with the Bank’s then policies.  

Further, the Bank shall provide you with a non-accountable car allowance of Eight hundred and 00/100 Dollars ($800.00) per month during the Term.

4.4       Participation in Benefit Plans.  During the term of this Agreement, you will be entitled to full participation in all benefit plans and programs for which all of the Bank’s senior officers are or shall become eligible including, but not limited to, health and life insurance, to the maximum extent permissible under the provisions of any such plan or program.

4.5       Stock Options.  You will be granted options to purchase thirty thousand (30,000) shares of the 1st United Bancorp common stock exercisable at Fourteen dollars and 50 cents ($14.50) per share under the provisions of the1st United Bancorp Employee Stock Option Plan.  For purposes of this Section 4.5, the time of the grant of your options is deemed to be the date of the Closing.  The right to exercise such options shall vest (1) one fourth (1/4) on the day of Closing; (2) one fourth (1/4) on the first anniversary of this Agreement; (3) one fourth (1/4) on the second anniversary of this Agreement; and (4) one fourth (1/4) on the third anniversary of this Agreement.

4.6       Vacation.  You will be entitled to four (4) weeks paid vacation each year during the term of this Agreement.

5.         Termination
of Employment.

5.1       By the Bank.  The Bank may, by action of the Board and upon written notice to you, your guardian, or similar court appointed caretaker, as the case may be, terminate your employment hereunder for “Disability”, or “Cause”, as defined in Section 5.3, or for a reason other than Disability or Cause.

5.2       By You.  You may voluntarily terminate your employment hereunder at any time by written notice to the Board.

5.3       Definitions:  Disability; Date of Termination; Cause.  For purposes of this Agreement, (i) “Disability” shall mean your inability to perform your duties hereunder for a consecutive period of sixty (60) days, or for an aggregate of ninety (90) days in any consecutive twelve (12) month period, due to a physical or mental illness; (ii) “Date of Termination” shall mean the date set forth in the written notices described in Sections 5.1, 5.2 or 5.3 as the date of termination of employment hereunder or in the case of termination due to your death, the date of death; (iii) “Cause” shall include termination because of your personal dishonesty, willful misconduct, breach of fiduciary duty, intentional failure to perform stated duties, willful violation of any law, rule, or
regulation (other than traffic violations or similar offenses) or final removal and prohibition order, final cease-and-desist order, or material breach of any provision of this Agreement or any event that would make you ineligible for employment by an insured depository institution under Section 19 of the Federal Deposit Insurance Act, as amended.

6.         Compensation
Upon Termination of Employment.

6.1       Disability, Cause or Death.  If your employment hereunder is terminated by the Bank for Cause, or if you terminate your employment for reasons other than a breach of 

this Agreement by the Bank, or if you or the Bank provides notice of non-renewal under Section 2, the Bank shall pay to you your then base salary for all periods through the Date of Termination at the annual rate then in effect and the Bank shall have no further obligations to you hereunder.  If your employment hereunder is terminated by the Bank for disability or by reason of your death, (i) the Bank shall pay to you, your guardian, or similar court appointed caretaker of your estate, as the case may be, your then base salary for all periods through the Date of Termination at the annual rate in effect, plus earned but unused vacation time, and (ii) you, your guardian, or similar court appointed caretaker of your estate, as the case may be, shall have the  right to exercise vested (but unexercised) stock options in accordance with the provisions of the 1st United Bancorp, Inc. Officers’ and
Employees’ Stock Option Plan, and the Bank shall have no further obligations to you hereunder.

6.2       Other.  If your employment hereunder is terminated by the Bank other than for Cause or other any of the other reasons specified in Section 6.1, the Bank shall pay you as liquidated damages and in complete satisfaction of all obligations to you hereunder (i) your accrued base salary as provided in Section 4.1 hereof then in effect through the Date of Termination, (ii) within thirty (30) days following the Date of Termination, an amount equal to twelve (12) months of your then base salary, (iii) reimburse you up to $1,000 per month for continuation of health coverage for you under COBRA for a period of twelve (12) months after the Date of Termination, and (iv) within thirty (30) days following the Date of Termination, an amount equal to the average bonus paid to you pursuant to Section 4.2 with
respect to the two (2) immediately preceding fiscal years of the Bank.

6.3       Change in Control.  Upon the closing of a Change on Control, the Bank shall pay you liquidated damages and in complete satisfaction of all obligations to you hereunder (i) your accrued base salary as provided in Section 4.1 hereof then in effect through the Date of Termination; (ii) within thirty (30) days following the Date of Termination, an amount equal to twelve (12) months of your base salary; (iii) within thirty (30) days after the close of the calendar year during which your employment termination occurs, an amount equal to the average bonus with respect to the two (2) immediately preceding fiscal years of the Bank; and (iv) reimburse you up to $1,000 per month for continuation of health coverage for you under COBRA for a period of twelve (12) months after the Date of Termination.
“Change in Control” shall be defined hereunder as the acquisition by any “person”, as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (“Exchange Act”) (other than Bank or any subsidiary of Bank or any Bank employee benefit plan, including its trustee) of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of 50 percent or more of the combined voting power of the then outstanding securities of 1st United Bancorp, Inc. entitled to vote generally in the election of directors.

6.4       Regulatory Restriction.  No payment shall be required to be made under Sections 6.2 or 6.3 if such payment would violate 12 CFR Part 359, Rules of the Federal Deposit Insurance Corporation.

7.         Non-Compete; Non-Solicitation.  You acknowledge that the Bank has a legitimate business interest in maintaining its customer base and goodwill.  This provision is enforceable by the Bank in a court of law and will be mandatory and binding on you.  Accordingly, you agree 

that for a period of two (2) years after the termination of your employment either by you or by the Bank (the “Restrictive Period”):

(i)        you will not, without the prior written consent of the Bank, enter the employ of, or have any interest in, directly or indirectly (either as executive, partner, director, officer, consultant, principal, agent or employee), any other bank or other financial institution, which either accepts deposits or makes loans, whether presently existing or subsequently established, and which has an office located within Miami-Dade County, Broward County or Palm Beach County, Florida; and

(ii)       you will not, without prior written consent of the Bank (1) contact directly or indirectly any customer of the Bank, or of any subsidiary of the Bank, in regard to offering or providing banking services or related services on behalf of you or anyone else; (2) hire for any other employer (including yourself) any employee of the Bank, or any subsidiary of the Bank, or any person who was an employee of the Bank or a subsidiary within twelve (12) months prior to such solicitation of employment; or (3) undertake a business opportunity that came to your attention through your employment hereunder which you had not previously offered in writing to the Bank and which the Bank had not rejected in writing;

provided, however, that the Restrictive Period shall only be one (1) year after the termination of your employment if such termination is due to the Bank providing notice of non-renewal under Section 2 or the Bank terminates your employment without Cause; and provided further, that the restrictions in Section 7 shall not apply in the event of a closing of a Change in Control.  

8.         Confidentiality Confidential Data.  You recognize and acknowledge that the customer list, vendor list, shareholder list, contracts, and programs, as they may exist from time to time, trade secrets, financial data, future plans, records and other information (collectively “information”) relating to the operation of the Bank, subsidiaries or profit centers undertaken by the Bank or any of their affiliates are valuable, special and unique assets of the Bank.  At no time during or after the Term will you disclose any such information, or any part thereof, to any person, corporation, association or other entity for any reason or purpose whatsoever, except as may be necessary in the performance of your duties hereunder or to your attorney in conjunction with litigation or as may be
required by applicable laws or the determination by any duly constituted administrative agency.  In the event of a breach or threatened breach by you of the provisions of this Section, the Bank, any subsidiaries or any of their affiliates shall be entitled to an injunction restraining you from disclosing in whole or in part, such information, or from rendering any services to any person, firm, corporation, association or other entity to whom such information, in whole or in part, has been disclosed or is threatened to be disclosed.  Nothing herein shall be construed as prohibiting the Bank or subsidiaries or any of their affiliates from pursuit of any other remedies available to them for such breach or threatened breach, including recovery of damages from you.

9.         Miscellaneous.  This Agreement may not be modified or amended, and no provision hereof may be waived, except by an instrument in writing signed by the parties hereto.  This Agreement has been executed and delivered in the State of Florida, and its validity, interpretation, performance, and enforcement shall be governed by the internal laws of Florida, except to the extent such laws are superseded by applicable federal law.  This Agreement is 

personal to you and you may not assign or delegate any of your rights or obligations hereunder but shall be binding upon and insure to the benefit of any successor of the Bank and the heirs, executors, administrators and legal and personal representatives of your estate.  Section headings are for convenience only and, being no part of this Agreement, shall not be used to interpret or modify the same.  This Agreement represents our entire understanding with respect to the subject matter of this Agreement, and supersedes all other discussions.

10.       Notices.  Notices must be in writing and delivered by certified mail return receipt, a recognized national overnight courier service or by facsimile to:

If to the Bank:

1st United Bank

741 U.S. Highway One

North Palm Beach, FL  33408

Attn:  Rudy Schupp

Facsimile:  (561) 840-9663

If to the Executive:

Mr. H. William Spute

6978 N.W. 62nd Terrace

Parkland, FL  33067

Facsimile:  (954) 752-5598

or to such other address as any party may designate by notice complying with the terms of this Section.  Each such notice shall be deemed delivered (a) on the date delivered, if by messenger or courier service; (b) on the date of the confirmation of receipt, if by fax; and (c) either upon the date of receipt or refusal of delivery, if mailed.

11.       Regulatory Approval.  You and the Bank acknowledge that this Agreement or portions thereof may be subject to approval by or consent of bank regulatory authorities.  If any required regulatory approval or consent is not obtained with respect to a portion of this Agreement, the parties agree that such portion of the Agreement shall be null and void.

12.       Specific Performance.  Each of the parties acknowledges that the parties will be irreparably damaged (and damages at law would be an inadequate remedy) if this Agreement is not specifically enforced.  Therefore, in the event of a breach or threatened breach by any party of any provision of this Agreement, then the other parties shall be entitled, in addition to all other rights or remedies which may be available at law or in equity, to an injunction restraining such breach, without being required to show any actual damage or to post an injunction bond, and/or to a decree for specific performance of the provisions of this Agreement.

13.       Severability.  If any provision of this Agreement or any other agreement entered into pursuant hereto is contrary to, prohibited by or deemed invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given 

full force and effect so far as possible.  If any provision of this Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or unenforceable and another of which would render the provision valid and enforceable, such provision shall have the meaning which renders it valid and enforceable.   Without limiting the generality of the foregoing, in the event the duration, scope or geographic area contemplated by this Agreement are determined to be unenforceable by a court of competent jurisdiction, the parties agree that such duration, scope or geographic area shall be deemed to be reduced to the greatest scope, duration or geographic area which will be enforceable.

14.       Enforcement Costs.  If any civil action, arbitration or other legal proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs and all expenses (including, without limitation, all such fees, taxes, costs and expenses incident to arbitration, appellate, bankruptcy and post judgment proceedings), incurred in that civil action, arbitration or legal proceeding, in addition to any other relief to which such party or parties may be entitled.  Attorneys’ fees shall include, without limitation, paralegal fees, investigative fees, and all other cost and
expenses billed by the attorney to the prevailing party.

THE PROVISIONS OF SECTIONS 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 SHALL SURVIVE THE TERM.

If the foregoing accurately states the terms of our understanding, please sign this letter in the space provided below to so indicate, whereupon this letter shall become a binding agreement between us.

	 	Very truly yours,
	 	 
	 	1st United Bank
	 	 
	 	 
	 	 
	 	By: 	/s/ Rudy Schupp	 
	 	 	Rudy Schupp	 
	
       
 	
   
 	President and Chief Executive
        Officer 	 
	 	 

Accepted and Agreed to this day 1

of October, 2007.

	
  /s/ H. William Spute
 	 
	H. William Spute

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