Document:

Exhibit 4.5
    

    
      BANK OF FLORIDA CORPORATION
STOCK PURCHASE WARRANT
TO
      PURCHASE SHARES OF COMMON STOCK, $0.01 PAR VALUE
    

    

    

    
                This is to certify that, for value received, _________________
      (the “Holder”), or the Holder’s permitted successors, is entitled, upon
      the due exercise hereof at any time, subject to Section 2 hereof, during
      the period commencing on June 23, 2009 (the “Commencement Date”) and
      terminating at 5:00 p.m., Eastern time, on June 22, 2014 (the
      “Termination Date”), to purchase _____ shares (subject to adjustment as
      provided herein) of the $0.01 par value common stock (“Common Stock”) of
      Bank of Florida Corporation (the “Company”) at $_____ per share (subject
      to adjustment as provided in Section 7 of this Warrant) and to exercise
      the other rights, powers and privileges hereinafter provided, all on the
      terms and subject to the conditions specified herein.
    

    

    

    
      Section 1. Non-Transferability. This Warrant is not
      transferable other than by will or pursuant to the laws of descent and
      distribution.
    

    

    

    
      Section 2. Exercise of Warrant. The Holder may, at any
      time on or after the Commencement Date, but prior to the Termination
      Date, exercise this Warrant. The Holder may exercise this Warrant, in
      whole or in part, by delivering to the Company at its main office: (a) a
      written notice of such Holder’s election to exercise this Warrant, which
      notice shall specify the number of shares to be purchased; (b) this
      Warrant; and (c) a sum equal to the Exercise Price therefore in cash or
      by certified or cashier’s check.
    

    
      The date of delivery of such items to the Company shall be referred to
      as the “Exercise Date.” Upon delivery thereof, the Company shall, as
      promptly as practicable and in any event within ten business days after
      the Exercise Date, cause to be executed and delivered to such Holder a
      certificate or certificates representing the aggregate number of shares
      of Common Stock issuable upon such exercise.
    

    
      The certificate or certificates for shares of Common Stock so delivered
      shall be in such denominations as may be specified in said notice, but
      in no case less than 100 shares, and shall be registered in the name of
      the Holder. Such certificate or certificates shall be deemed to have
      been issued and the Holder shall be deemed to have become a holder of
      record of such shares, and to have become entitled, to the extent
      permitted by law, to the right to vote such shares or to consent or
      receive notice as a stockholder, as of the Exercise Date. If this
      Warrant shall have been exercised only in part, the Company shall, at
      the time of delivery of said certificate or certificates, deliver to
      such Holder a new warrant dated the date it is issued, evidencing the
      rights of such Holder to purchase the remaining shares of Common Stock
      issuable pursuant to this Warrant, which new warrant shall in all other
      respects be identical with this Warrant, or, at the request of such
      Holder, appropriate notation may be made on this Warrant and the Warrant
      returned to such Holder.
    

    
      The Company shall pay all expenses, transfer taxes and other charges
      payable in connection with the preparation, issuance and delivery of
      stock certificates under this Section 2.
    

    
      Section 3. Restricted Shares. The shares of Common
      Stock to be issued upon the exercise of a Warrant may not be registered
      with the Securities and Exchange Commission and, therefore, may be
      considered restricted securities and may bear an appropriate legend. Any
      registration of such shares of Common Stock with the Securities and
      Exchange Commission shall be at the sole discretion of the Company.
    

    
      
        

        

      

      
        
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      Section 4. Warrant Registration. At all times while any
      portion of this Warrant remains outstanding and exercisable, the Company
      shall keep and maintain at its principal offices a register in which the
      ownership and any permitted exchange of this Warrant shall be recorded.
      The Company shall not at any time, except upon the dissolution,
      liquidation or winding up of the Company, close such register so as to
      result in the prevention or delay of the proper exercise of this Warrant.
    

    
      Section 5. Exchange. This Warrant is exchangeable upon its
      surrender by the Holder to the Company for a new Warrant or Warrants, in
      such denominations as Holder shall designate at the time of surrender
      for exchange, of like tenor and date, representing in the aggregate the
      right to subscribe for and purchase the number of shares which may be
      subscribed for and purchased hereunder. Each of the new Warrants shall
      represent the right to subscribe for and purchase not less than 100
      shares of common stock (except to the extent necessary to reflect the
      balance of the number of shares purchasable hereunder).
    

    
      Section 6. Representations and Covenants of Issuer.
    

    
      (a) The Company hereby represents to the Holder: (i) the Company is a
      corporation duly organized and validly existing and in good standing
      under the laws of the State of Florida; and (ii) the Company has the
      corporate power and authority to execute and deliver this Warrant and to
      perform the terms hereof, including the issuance of shares of common
      stock issuable upon exercise hereof. The Company has taken all action
      necessary to authorize the execution, delivery and performance of this
      Warrant and the issuance of the shares of common stock issuable upon
      exercise hereof. This Warrant has been duly authorized and executed by
      the Company and constitutes the legal, valid and binding obligation of
      the Company, enforceable against the Company in accordance with its
      terms, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization, moratorium or similar laws or equitable
      principles relating to or limiting creditors’ rights generally.
    

    
      (b) The Company covenants and agrees that all shares of common stock
      which may be issued upon the exercise of this Warrant will, upon
      issuance, be fully paid and nonassessable and free from all taxes, liens
      and charges (other than taxes in respect of any transfer occurring
      contemporaneously with such issuance).
    

    
      Section 7. Adjustments to Exercise Price and Number of Shares
      Purchasable. The Exercise Price and number of shares of Common
      Stock which may be purchased pursuant to this Warrant shall be subject
      to adjustment from time to time as follows:
    

    
      (a) In the event the Company shall at any time exchange, as a whole, by
      division or combination in any manner or by the making of a stock
      dividend, the number of shares of Common Stock then outstanding into a
      different number of shares, with or without par value, then thereafter
      the number of shares of Common Stock which the Holder shall be entitled
      to purchase pursuant to this Warrant (calculated immediately prior to
      such change), shall be increased or decreased, as the case may be, in
      direct proportion to the increase or decrease in the number of shares of
      outstanding Common Stock of the Company by reason of such change. The
      Exercise Price after such change shall, in the event of an increase in
      the number of shares of Common Stock outstanding, be proportionately
      reduced, and in, the event of a decrease in the number of shares of
      Common Stock outstanding, be proportionately increased.
    

    
      
        

        

      

      
        
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      (b) In the event of any reclassification or change of outstanding shares
      of Common Stock, other than a change in par value, or from par value to
      no par value, or from no par value to par vale, or as a result of a
      subdivision, combination or stock dividend as provided for in Section
      7(a) herein, or in the event of any consolidation of the Company with or
      merger of the Company into, another corporation, or in the event of any
      sale of all or substantially all of the property, assets, business and
      goodwill of the Company, the Company, or such successor or purchasing
      corporation, as the case may be, shall provide that the Holder of this
      Warrant shall thereafter be entitled to purchase, by exercise of this
      Warrant, the kind and amount of shares of stock and other securities and
      property receivable upon such reclassification, change, consolidation,
      merger or sale. Any such successor corporation, thereafter, shall be
      substituted for the Company for purposes of this Warrant.
    

    
      Section 8. Notices. If there shall be any adjustment as
      provided in Section 7 herein, or if securities or property other than
      shares of Common Stock of the Company shall become purchasable in lieu
      of shares of Common Stock upon exercise of this Warrant, then the
      Company shall forthwith cause written notice thereof to be sent by
      registered mail, postage prepaid, to the Holder at the address of such
      Holder shown on the books of the Company. Such notice shall be
      accompanied by an explanation setting forth in reasonable detail the
      basis for the Holder’s becoming entitled to purchase such shares and the
      number of shares which may be purchased and the exercise price thereof,
      or the facts requiring any such adjustment and the exercise price and
      number of shares purchasable subsequent to such adjustment, or the kind
      and amount of any such securities or property so purchasable upon the
      exercise of this Warrant, or the number of Warrants called under the
      call option, as the case may be. At the request of the Holder and upon
      surrender of this Warrant, the Company shall reissue this Warrant in a
      form conforming to such adjustments.
    

    
      Section 9. Cash in Lieu of Fractional Shares. The Company
      shall not be required to issue fractional shares upon the exercise of
      this Warrant. If, by reason of any change made pursuant to Section 7
      herein, the Holder of this Warrant would be entitled, upon the exercise
      of any rights evidenced hereby, to receive a fractional share, the
      Company shall, upon such exercise, pay to the Holder an amount in cash
      equal to the market value of such fractional interest, determined by the
      Board of Directors of the Company as of the Exercise Date.
    

    
      Section 10. Lost, Stolen, Mutilated, or Destroyed Warrants.
      If this Warrant shall become lost, stolen, mutilated, or destroyed, the
      Company shall, upon receipt of a bond, affidavit or other item that
      would provide sufficient indemnity from the Holder, issue a new warrant
      or like denomination, tenor, and date as the Warrant so lost, stolen,
      mutilated, or destroyed.
    

    
      Section 11. Limitation of Liability. No provision hereof,
      in the absence of affirmative action by the Holder hereof to purchase
      shares of Common Stock, and no enumeration herein of the rights or
      privileges of the Holder, shall give rise to any liability of such
      Holder for the purchase price of the shares or as a stockholder of the
      Company, whether such liability is asserted by the Company or by
      creditors of the Company.
    

    
      
        

        

      

      
        
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      Section 12. Applicable Law. The validity, interpretation,
      and performance of this Warrant shall be governed by the laws of the
      State of Florida and venue for any action concerning the terms hereof
      shall lie exclusively in the courts located in Collier County, Florida.
    

    
      Section 13. Successors and Assigns. This Warrant and the
      rights evidenced hereby shall inure to the benefit of and be binding
      upon the permitted successors and permitted assigns of the Company and
      the Holder hereof.
    

    
      Section 14. Headings. Headings of the paragraphs in this
      Warrant are for convenience of reference only and shall not, for any
      purpose, be deemed a part of this Warrant.
    

    
      IN WITNESS WHEREOF, the Company has caused this Warrant to be
      executed this 23rd day of June, 2009, by its duly authorized
      officer.
    

    

    

    
      BANK OF FLORIDA CORPORATION
    

    

    

    
      By:     ______________________________
    

    
      Michael L. McMullan
Chief Executive Officer and President
    

    

    

    

    

    
      THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED WITHOUT
      BENEFIT OF REGISTRATION UNDER FEDERAL AND STATE SECURITIES LAWS, AND
      PURSUANT TO CERTAIN EXEMPTIONS THERETO. THEY MAY NOT BE RESOLD UNLESS
      THEY ARE SUBSEQUENTLY REGISTERED OR IN TRANSACTIONS PURSUANT TO
      EXEMPTIONS UNDER SUCH SECURITIES LAWS.
    

    

    

    

    

    
      4THIRD AMENDMENT

TO THE

EMPLOYMENT AGREEMENT

(Joseph M. Redling)

THIS THIRD AMENDMENT, dated as of June 30, 2009 (the "Third Amendment"), is between NutriSystem, Inc., a Delaware corporation (the "Company"), and Joseph M. Redling (the "Executive").

RECITALS

WHEREAS, the Company and the Executive previously entered into an Employment Agreement, dated August 6, 2007, as amended April 7, 2008 and December 29, 2008 (the "Employment Agreement"), that sets forth the terms and conditions of the Executive's employment with the Company;

WHEREAS, the Executive is entitled to receive a Minimum Bonus (as defined in the Employment Agreement) for the fiscal year ending December 31, 2009, in cash in an amount equal to 100% of the Executive's Salary (as defined in the Employment Agreement);

WHEREAS, the Company and Executive desire to amend the Employment Agreement to grant the Executive restricted stock in lieu of  the Minimum Bonus for the fiscal year ending December 31, 2009;

WHEREAS, Section 14 of the Employment Agreement provides that the Employment Agreement may be amended pursuant to a written amendment executed between the Executive and the Company.

NOW, THEREFORE, the Company and the Executive, each intending to be legally bound hereby, agree that the Employment Agreement is amended as follows:

A.Stock Grant in Lieu of 2009 Minimum Bonus.  The Minimum Bonus for the fiscal year ending December 31, 2009 is hereby eliminated, and in lieu thereof the Executive shall receive, on the date of this Third Amendment, a restricted stock grant of 66,712 shares in accordance with the terms and conditions set forth in the Stock Award Agreement attached hereto as Appendix A. This restricted stock grant shall vest in three tranches of 50%, 25% and 25%, respectively, on the first, second and third anniversaries of the date of grant as set forth in Appendix A; provided that the Executive is employed by the Company on each such vesting date. In furtherance of the foregoing, Section 4 of the Employment Agreement is hereby amended in part to delete the Company's requirement to pay the Executive the Minimum Bonus for the fiscal year ending December 31, 2009.

B.Confidential Information, Non-Competition and Non-Solicitation. The Grantee affirms his obligations under the original Nondisclosure and Noncompete Agreement for Management Employees signed at the commencement of employment.

C.Effect on Employment Agreement.  In all respects not modified by this Amendment, the Employment Agreement is hereby ratified and confirmed.

 

IN WITNESS WHEREOF, the Company and the Executive agree to the terms of the foregoing Third Amendment, effective as of the date first written above.

 

EXECUTIVENUTRISYSTEM, INC.

/s/ Joseph M. Redling___ By:/s/ David D. Clark

Joseph M. RedlingAuthorized Officer

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