Document:

EXHIBIT 10.15

WAIVER

In consideration for the benefits I will receive as a
result of my employer’s participation in the United States Department of the
Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim
against the United States or any state or territory thereof or my employer or
any of its directors, officers, employees and agents for any changes to my
compensation or benefits that are required in order to comply with Section
111(b) of the Emergency Economic Stabilization Act of 2008, as amended (“EESA”), and rules, regulations, guidance
or other requirements issued thereunder (collectively, the “EESA Restrictions”).

I acknowledge that the EESA Restrictions may require
modification of the employment, compensation, bonus, incentive, severance,
retention and other benefit plans, arrangements, policies and agreements
(including so-called “golden parachute” agreements), whether or not in writing,
that I have with my employer or in which I participate as they relate to the
period the United States holds any equity or debt securities of my employer
acquired through the TARP Capital Purchase Program and I hereby consent to all
such modifications. I further acknowledge and agree that if my employer
notifies me in writing that I have received payments in violation of the EESA
Restrictions, I shall repay the aggregate amount of such payments to my
employer no later than fifteen business days following my receipt of such
notice.

This waiver includes all claims I may have under the
laws of the United States or any other jurisdiction related to the requirements
imposed by the EESA Restrictions (including without limitation, any claim for
any compensation or other payments or benefits I would otherwise receive absent
the EESA Restrictions, any challenge to the process by which the EESA
Restrictions were adopted and any tort or constitutional claim about the effect
of the foregoing on my employment relationship) and I hereby agree that I will
not at any time initiate, or cause or permit to be initiated on my behalf, any
such claim against the United States, my employer or its directors, officers,
employees or agents in or before any local, state, federal or other agency,
court or body. 

In witness whereof, I execute this waiver on my own
behalf, thereby communicating my acceptance and acknowledgement to the
provisions herein.

Respectfully,

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
Title:

	
 

	
Date:Exhibit 10.16

         

        UST Sequence No. 669

         

        UNITED STATES DEPARTMENT OF THE TREASURY

        1500 Pennsylvania Avenue, NW

        Washington, D.C. 20220

         

        
            	
                         

                    	
                        February 26, 2009

                    

        

         

        Ladies and Gentlemen:

         

        Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms dated of as of the date of this letter agreement (the “Securities Purchase Agreement”) between United States Department of Treasury
        (“Investor”) and the company named on the signature page hereto (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.

        The American Recovery and Reinvestment Act of 2009, as it may be amended from time to time (the “Act”), includes provisions relating to executive compensation and other matters that may be inconsistent with the Securities Purchase Agreement, the Warrant and the Certificate[s] of Designation (the
        “Transaction Documents”). Accordingly, Investor and the Company desire to confirm their understanding as follows:

        1.         Notwithstanding anything in the Transaction Documents to the contrary, in the event that the Act or any rules or regulations promulgated thereunder are inconsistent with any of the terms of the Transaction Documents, the Act and such rules and regulations shall control.

        2.         For the avoidance of doubt (and without limiting the generality of Paragraph 1):

        (a)       the provisions of Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the Act or otherwise from time to time (“EESA”), shall apply to the Company;

        (b)       the waiver to be delivered by each of the Company’s Senior Executive Officers pursuant to Section 1.2(d)(v) of the Securities Purchase Agreement shall, in addition, be delivered by any additional highly compensated employees required by applicable rules or regulations under EESA; and

        (c)       the Company’s chief executive officer and chief financial officer shall provide the written certification of compliance by the Company with the requirements of Section 111 of EESA in the manner specified by Section 111(b)(4) thereunder or in any rules or regulations under EESA.

        From and after the date hereof, each reference in the Securities Purchase Agreement to “this Agreement” or “this Securities Purchase Agreement” or words of like import shall mean and be a reference to the Agreement (as defined in the Securities Purchase Agreement) as amended by this letter agreement.

         

        

        

        

        UST Sequence No. 669

         

        This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

         

        This letter agreement, the Securities Purchase Agreement, the Warrant, the Certificate[s] of Designation and any other documents executed by the parties at the Closing constitute the entire agreement of the parties with respect to the subject matter hereof.

         

        Nothing in this letter agreement shall be deemed an admission by Investor as to the necessity of obtaining the consent of the Company in order to effect the changes to the Transaction Documents contemplated by this letter agreement, nor shall anything in this letter agreement be deemed to require Investor to obtain the consent of any other TARP recipient (as defined in the Act)
        participating in the Capital Purchase Program (the “CPP”) in order to effect changes to their documentation under the CPP.

         

        This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been
        delivered.

        [Remainder of this page intentionally left blank]

         

        -2-

        

        

        

        UST Sequence No. 669

         

        In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

        
            	
                         

                    	
                        UNITED STATES DEPARTMENT OF

                    
	 	  THE TREASURY
	 	 
	 	By: 	/s/ Neel Kashkari 
	 	 	Name: Neel Kashkari
	 	 	Title: Interim Assistant Secretary for Financial Stability
	 	 	 
	 	COMPANY:
	 	1ST UNITED BANCORP, INC.
	 	 	 
	 	By:	/s/ John Marino
	 	 	Name: John Marino
	 	 	Title: President

        

         

         

         

        SIGNATURE PAGE TO LETTER AGREEMENTFederal Home Loan Bank of San Francisco

Exhibit 4.1

March 12, 2009

Special Attention Bulletin No. 1319

Amendments to the Bank's Capital Plan 

Dear Chief Executive Officer:

The Bank is making several amendments to its Capital Plan, which will become effective on March 19, 2009. 

The Capital Plan amendments clarify our stock retention requirements in situations where a member's membership in the Bank has been terminated as a result of:

	the appointment of a receiver or conservator for the member,
	member merger into a nonmember, or
	member self-liquidation.

The Capital Plan amendments also:

	revise the definition of a "Former Member" to include institutions that have been newly chartered under the control of a conservator or a deposit insurance agency, 
	clarify that exercise of the Bank's secured creditor rights with respect to Bank capital stock pledged as additional security for outstanding advances will not be considered a capital stock "repurchase" under the Capital Plan, and  
	make other technical changes, such as changing references to the Federal Housing Finance Board to reflect the name of the Bank's new regulator, the Federal Housing Finance Agency. 

The attached Overview of Capital Plan Amendments summarizes the revisions. We also invite you to review the revised Capital Plan and Summary of the Capital Plan on our website. Blacklined versions of these documents are available on the Bank's member website in the Capital Plan section. 

Please note that these Capital Plan amendments are independent of any decision the Bank's Board of Directors may make with respect to the repurchase of excess capital stock. If you have any questions, please contact your Relationship Manager. 

Sincerely,

/s/ Dean Schultz

Dean Schultz

President and Chief Executive Officer

cc:Chief Financial Officer

 

 

Overview of Capital Plan Amendments Effective March 19, 2009

(All capitalized terms are defined in the Capital Plan, as amended and restated effective March 19, 2009.)

1.Membership Termination as a Result of Appointment of Receiver (Capital Plan, page 5)

The definition of "Minimum Stock Retention Requirement" has been changed. A Former Member whose membership has been involuntarily terminated as the result of the appointment of a conservator or receiver will only be required to retain capital stock equal to its Activity-Based Stock Retention Requirement. 

2.Membership Termination as a Result of Merger with a Nonmember (Capital Plan, page 20)

Capital stock not required to meet a Former Member's Minimum Stock Retention Requirement is treated as Excess Stock, subject to Repurchase by the Bank in accordance with the Bank's policies for repurchase of surplus and excess stock. The change to this section clarifies that the Minimum Stock Retention Requirement can be recalculated as of the time that the Former Member's charter is cancelled, allowing the Bank to set the Membership Stock Retention Requirement to zero if the Former Member no longer has any membership assets. 

3.Voluntary Termination as a Result of a Self-Liquidation (Capital Plan, page 21)

To clarify the capital stock retention requirement of a member whose charter is cancelled pursuant to a self-liquidation, ending its corporate existence, new language states that capital stock that is not required to meet a self-liquidating member's Minimum Stock Retention Requirement will be treated as Excess Stock and subject to Repurchase by the Bank in accordance with the Bank's policies for repurchase of surplus and excess stock. Calculation of the Minimum Stock Retention Requirement is done as of the time that the Former Member's charter is cancelled, allowing the Bank to set the Membership Stock Retention Requirement to zero if the Former Member no longer has any membership assets. This section has also been amended to clarify that the termination of Bank membership under such circumstances occurs automatically.

4.Former Member as Newly Chartered Entity in Conservatorship (Capital Plan, page 4)

The definition of "Former Member" is amended to include institutions that have acquired some or all of the assets of a member and are newly chartered under the control of a conservator or deposit insurance agency. 

5.Clarification Re: Liquidation vs. Repurchase of Bank Stock (Capital Plan, page 7)

The definition of "Repurchase" is clarified to explicitly exclude situations where the Bank exercises its secured creditor rights against a member's capital stock in the Bank. This change is made to ensure that the Bank's ability to liquidate capital stock pledged as additional security for outstanding advances will not be constrained in any way under the Capital Plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]