Document:

exv10w29

Exhibit
(10) - 29

EXCHANGE AGREEMENT

by and among

SUPERIOR BANCORP,

SUPERIOR CAPITAL TRUST II

AND

THE UNITED STATES DEPARTMENT OF THE TREASURY

Dated as of December 11, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	THE CLOSING; THE EXCHANGE OF CAPITAL SECURITIES FOR SERIES PREFERRED STOCK

	 
	 	 	 	 
	Section 1.1 The Capital Securities

	 	 	1	 
	Section 1.2 The Closing

	 	 	1	 
	Section 1.3 Interpretation

	 	 	3	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	EXCHANGE

	 
	 	 	 	 
	Section 2.1 Exchange

	 	 	3	 
	Section 2.2 Exchange Documentation

	 	 	4	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY

	 
	 	 	 	 
	Section 3.1 Existence and Power

	 	 	4	 
	Section 3.2 Authorization and Enforceability

	 	 	4	 
	Section 3.3 Valid Issuance of Capital Securities and Debentures

	 	 	4	 
	Section 3.4 Non-Contravention

	 	 	5	 
	Section 3 5 Representations and Warranties Regarding the Trust

	 	 	6	 
	Section 3.6 No Company Material Adverse Effect

	 	 	6	 
	Section 3.7 Offering of Securities

	 	 	6	 
	Section 3.8 Brokers and Finders

	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	COVENANTS

	 
	 	 	 	 
	Section 4.1 Commercially Reasonable Efforts

	 	 	6	 
	Section 4.2 Expenses

	 	 	7	 
	Section 4.3 Exchange Listing

	 	 	7	 
	Section 4.4 Access, Information and Confidentiality

	 	 	7	 
	Section 4.5 Executive Compensation

	 	 	7	 
	Section 4.6 Certain Notifications Until Closing

	 	 	8	 
	Section 4.7 Tax Status of Debentures

	 	 	8	 
	Section 4.8 TIA Qualification

	 	 	8	 
	Section 4.9 Monthly Lending Reports

	 	 	9	 
	Section 4.10 Recapitalization

	 	 	9	 

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	 	 	Page	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	ADDITIONAL AGREEMENTS
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Unregistered Capital Securities

	 	 	9	 
	Section 5.2 Legend

	 	 	10	 
	Section 5.3 Certain Transactions

	 	 	10	 
	Section 5.4 Transfer of Capital Securities

	 	 	10	 
	Section 5.5 Registration Rights

	 	 	10	 
	Section 5.6 Restriction on Dividends and Repurchases

	 	 	11	 
	Section 5.7 Repurchase of Investor Securities

	 	 	12	 
	Section 5.8 Qualified Equity Offering

	 	 	12	 
	Section 5.9 Bank or Thrift Holding Company Status

	 	 	12	 
	Section 5.10 Compliance with Employ American Workers
Act

	 	 	12	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Termination

	 	 	12	 
	Section 6.2 Survival of Representations and
Warranties

	 	 	13	 
	Section 6.3 Amendment

	 	 	13	 
	Section 6.4 Waiver of Conditions

	 	 	13	 
	Section 6.5 Governing Law Submission to
Jurisdiction, Etc.

	 	 	13	 
	Section 6.6 Notices

	 	 	13	 
	Section 6.7 Definitions

	 	 	14	 
	Section 6.8 Assignment

	 	 	15	 
	Section 6.9 Severability

	 	 	15	 
	Section 6.10 No Third-Party Beneficiaries

	 	 	15	 
	Section 6.11 Entire Agreement, Etc.

	 	 	16	 
	Section 6.12 Counterparts and Facsimile

	 	 	16	 

ii

 

 

	 	 	 
	Defined Terms
	 	 
	 
	 	 
	Affiliate

	 	Section 6.7(b)
	Agreement

	 	Preamble
	Bank

	 	Section 1.2(d)(iii)
	Base Indenture

	 	Section 1.2(d)(iii)
	Benefit Plans

	 	Section 1.2(d)(vii)
	Capital Securities

	 	Recitals
	Capitalization Date

	 	Section 3.1(b)
	Closing

	 	Section 1.2(a)
	Closing Date

	 	Section 1.2(a)
	Common Securities

	 	Recitals
	Common Stock

	 	Section 4.10
	Company

	 	Preamble
	Company Material Adverse Effect

	 	Section 6.7(c)
	Company Subsidiaries

	 	Section 4.4(a)
	Compensation Regulations

	 	Section 1.2(d)(vii)
	Debentures

	 	Recitals
	Delaware Statutory Trust Act

	 	Preamble
	EAWA

	 	Section 5.10
	EESA

	 	Section 1.2(d)(vii)
	Exchange

	 	Recitals
	First Supplemental Indenture

	 	Section 1.2(d)(iii)
	Governing Agreements

	 	Section 1.2(d)(iii)
	Governmental Entities

	 	Section 1.2(c)
	Guarantee Agreement

	 	Section 1.2(d)(iii)
	Indenture

	 	Section 1.2(d)(iii)
	Information

	 	Section 4.4(c)
	Investor

	 	Preamble
	Junior Stock

	 	Section 5.6(c)
	Parity Stock

	 	Section 5.6(c)
	Permitted Repurchases

	 	Section 5.6(a)(ii)
	Previously Disclosed

	 	Section 6.7(d)
	Relevant Period

	 	Section 1.2(d)(vii)
	SEC

	 	Section 4.10
	Section 4.5 Employee

	 	Section 4.5(b)
	Securities Purchase Agreement

	 	Recitals
	Senior Executive Officers

	 	Section 1.2(d)(vii)
	Series A Preferred Stock

	 	Recitals
	Series A Shares

	 	Section 2.1
	Share Dilution Amount

	 	Section 5.6(a)(ii)
	Targeted Completion Date

	 	Section 4.10
	Transfer

	 	Section 5.4
	Trust

	 	Preamble
	Trust Agreement

	 	Section 1.2(d)(iii)
	Trust Indenture Act

	 	Section 4.9

iii

 

 

     EXCHANGE AGREEMENT, dated as of December 11, 2009 (this “Agreement”) by and among
Superior Bancorp, a Delaware corporation (the “Company”), Superior Capital Trust II (the
“Trust”), a Delaware statutory trust created under the Delaware Statutory Trust Act (as
defined in the Trust Agreement), and the United States Department of the Treasury (the
“Investor”). All capitalized terms used herein and not otherwise defined shall have the
respective meanings ascribed to them in the Securities Purchase Agreement.

BACKGROUND

     WHEREAS, the Investor is, as of the date hereof, the beneficial owner of 69,000 shares
of the Company’s preferred stock designated as “Fixed Rate Cumulative Perpetual Preferred Stock,
Series A”, having a liquidation amount of $1,000 per share (the “Series A Preferred
Stock”);

     WHEREAS, the Company issued the Series A Preferred Stock pursuant to a Securities Purchase
Agreement, dated December 5, 2008 (the “Securities Purchase Agreement”), between
the Company and the Investor;

     WHEREAS, the Company, the Trust and the Investor desire to exchange 69,000 newly issued
capital securities of the Trust (the “Capital Securities”), with a liquidation amount of
$1,000 per capital security, for the 69,000 shares of the Series A Preferred Stock beneficially
owned and held by the Investor, on the terms and subject to the conditions set forth herein (the
“Exchange”); and

     WHEREAS, in connection with the Exchange, the Trust proposes to use the Series A Preferred
Stock, together with the proceeds of the issuance and sale by the Trust to the Company of $
100,000 aggregate liquidation amount of its Fixed Rate Common Securities (the “Common
Securities”), to purchase $69,100,000 aggregate principal amount of the Debentures (as defined
in the First Supplemental Indenture).

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties hereby agree as follows:

ARTICLE I

THE CLOSING; THE EXCHANGE OF CAPITAL SECURITIES FOR SERIES PREFERRED STOCK

     Section 1.1 The Capital Securities.

     The Capital Securities are being issued to the Investor in the Exchange pursuant to Article
II hereof. The shares of Series A Preferred Stock exchanged for the Capital Securities pursuant to
Article II hereof are being reacquired by the Company and shall have the status of authorized but
unissued shares of preferred stock of the Company undesignated as to series and may be designated
or redesignated and issued or reissued, as the case may be, as part of any series of preferred
stock of the Company; provided that such shares shall not be reissued as shares of Series A
Preferred Stock.

     Section 1.2 The Closing.

     (a) The closing of the Exchange (the “Closing”) will take place at the offices of
Haskell Slaughter Young & Rediker, LLC, 1400 Park Place Tower, 2001 Park Place North, Birmingham,
Alabama 35203, at 9:00 a.m., CST on the business day after the day on which all of the conditions
set forth in Sections 1.2(c) and (d) are satisfied or waived (other than those conditions that by
their terms must be satisfied on the Closing Date, but subject to the satisfaction or waiver of
those conditions), or at such other place, time and date as shall be agreed between the Company
and the Investor. The time and date on which the Closing occurs is referred to in this Agreement
as the “Closing Date”.

1

 

     (b) Subject to the fulfillment or waiver of the conditions to the Closing in this Section 1.2,
at the Closing (i) the Trust will deliver the Capital Securities to the Investor, as evidenced by
one or more certificates dated the Closing Date and registered in the name of the Investor or its
designee(s), (ii) the Investor will deliver the certificate representing the Series A Shares to the
Trust, (iii) the Trust will use the Series A Shares, together with the proceeds of the issuance and
sale by the Trust to the Company of $100,000 aggregate liquidation amount of Common Securities to
purchase $69,100,000 aggregate principal amount of the Debentures and (iv) the Company will deliver
to the Trust Debentures having an aggregate principal amount of $69,100,000.

     (c) The respective obligations of each of the Investor, the Trust and the Company to
consummate the Exchange are subject to the fulfillment (or waiver by the Company, the Trust and the
Investor, as applicable) prior to the Closing of the conditions that (i) any approvals or
authorizations of all United States and other governmental, regulatory or judicial authorities
(collectively, “Governmental Entities”) required for the consummation of the Exchange shall
have been obtained or made in form and substance reasonably satisfactory to each party and shall be
in full force and effect and all waiting periods required by United States and other applicable
law, if any, shall have expired and (ii) no provision of any applicable United States or other law
and no judgment, injunction, order or decree of any Governmental Entity shall prohibit consummation
of the Exchange as contemplated by this Agreement.

     (d) The obligation of the Investor to consummate the Exchange is also subject to the
fulfillment (or waiver by the Investor) at or prior to the Closing of each of the following
conditions:

     (i) (A) the representations and warranties of the Company set forth in (x) Sections
3.4 and
3.6 of this Agreement shall be true and correct in all respects as though made on and as of
the Closing Date and (y) Sections 3.1, 3.2, 3.3, 3.5, 3.7 and 3.8 of this Agreement shall
be true and correct in all material respects as though made on and as of the Closing Date
(other than representations and warranties that by their terms speak as of another date,
which representations and warranties shall be true and correct in all material respects as
of such other date) and (B) the Company shall have performed in all material respects all
obligations required to be performed by it under this Agreement at or prior to the Closing;

     (ii) the Investor shall have received a certificate signed on behalf of the Company by
a senior executive officer certifying to the effect that the conditions set forth in
Section 1.2(d)(i) have been satisfied;

     (iii) the Investor shall have received an amount equal to all accrued and unpaid
dividends on the Series A Shares to, but excluding, the Closing Date in cash to an account
designated by the Investor;

     (iv) the Company shall have delivered to the Investor the Amended and Restated
Declaration of Trust and Trust Agreement, in substantially the form attached hereto as
Annex A (the “Trust Agreement”), among the Company, The Bank of New York
Mellon Trust Company, N.A., a national banking association, as property trustee (the
“Bank”), BNY Mellon Trust of Delaware, a Delaware banking corporation, as Delaware
trustee, and James A. White, an individual, and William H. Caughran, an individual, as
administrative trustees, and the several Holders (as defined in the Trust Agreement), the
Guarantee Agreement, in substantially the form attached hereto as Annex B (the
“Guarantee Agreement”), between the Company and the Bank, as guarantee trustee, and
the First Supplemental Indenture, in substantially the form attached hereto as Annex C (the
“First Supplemental Indenture”), between the Company and the Bank, as
trustee, which amends and supplements the Indenture in substantially the form attached
hereto as Annex C (the “Base Indenture”), between the Company and the Bank; the
Base Indenture and the First Supplemental Indenture are together referred to herein as the
“Indenture”; the Trust Agreement, the Guarantee Agreement and the Indenture are
collectively referred to herein as the “Governing Agreements”;

     (v) the Trust shall have delivered certificates in proper form or, with the prior
consent of the Investor, evidence in book-entry form, evidencing the Capital Securities to
the Investor or its designee(s);

     (vi) the Company shall have delivered to the Investor written opinions from outside
counsel to the Company, addressed to the Investor and dated as of the Closing Date, in
substantially the forms attached hereto as Annexes D-1 and D-2; and

2

 

     (vii) (A) the Company shall have effected such changes to its compensation, bonus,
incentive and other benefit plans, arrangements and agreements (including golden parachute,
severance and employment agreements) (collectively, “Benefit Plans”) with respect
to its Senior Executive Officers (and to the extent necessary for such changes to be
legally enforceable, each of its Senior Executive Officers shall have duly consented in
writing to such changes), as may be necessary, during the period beginning with the
Company’s receipt of any “financial assistance” (as such term is defined in the
Compensation Regulations), and ending on the last date upon which any obligation of the
Company arising from such financial assistance remains outstanding (disregarding any
warrants to purchase common stock of the Company that the Investor may be holding) (such
period, the “Relevant Period”), in order to comply with Section 111 of the
Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and
Reinvestment Act of 2009, or otherwise from time to time (“EESA”), as implemented
by any guidance, rule or regulation thereunder, as the same shall be in effect from time to
time (collectively, the “Compensation Regulations”) and (B) the Investor shall have
received a certificate signed on behalf of the Company by a senior executive officer
certifying to the effect that the condition set forth in Section 1.2(d)(vi)(A) has been
satisfied; “Senior Executive Officers “ means the Company’s “senior executive
officers” as defined in Section 111 of the EESA and the Compensation Regulations issued or
to be issued thereunder, including the rules set forth in 31 CFR Part 30 or any rules that
replace 31 CFR Part 30.

     Section 1.3 Interpretation.

     When a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” “Annexes” or
“Schedules” such reference shall be to a Recital, Article or Section of, or Annex or Schedule to,
this Agreement, unless otherwise indicated. The terms defined in the singular have a comparable
meaning when used in the plural, and vice versa. References to
“herein”, “hereof”, “hereunder” and
the like refer to this Agreement as a whole and not to any particular section or provision, unless
the context requires otherwise. The table of contents and headings contained in this Agreement are
for reference purposes only and are not part of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed followed by the words
“without limitation.” No rule of construction against the draftsperson shall be applied in
connection with the interpretation or enforcement of this Agreement, as this Agreement is the
product of negotiation between sophisticated parties advised by counsel. All references to “$” or
“dollars” mean the lawful currency of the United States of America. Except as expressly stated in
this Agreement, all references to any statute, rule or regulation are to the statute, rule or
regulation as amended, modified, supplemented or replaced from time to time (and, in the case of
statutes, include any rules and regulations promulgated under the statute) and to any section of
any statute, rule or regulation include any successor to the section. References to a “business
day” shall mean any day except Saturday, Sunday and any day on which banking institutions in New
York, New York, Birmingham, Alabama or Wilmington, Delaware generally are authorized or required by
law, regulation or executive order to remain closed or are customarily closed.

ARTICLE II

EXCHANGE

     Section 2.1 Exchange.

     On the terms and subject to the conditions set forth in this Agreement, (a) the Company and
the Trust agree to issue the Capital Securities to the Investor in exchange for 69,000 shares of
Series A Preferred Stock beneficially owned and held by the Investor (such shares, the “Series
A Shares”), and (b) the Investor agrees to deliver to the Trust the Series A Shares in
exchange for the Capital Securities.

3

 

     Section 2.2 Exchange Documentation.

     Settlement of the Exchange will take place on the Closing Date, at which time the Investor
will cause delivery of the Series A Shares to the Trust or its designated agent and the Company
and the Trust will cause delivery of the Capital Securities to the Investor or its designated
agent.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     Except as Previously Disclosed, the Company represents and warrants to Investor as of the
date hereof and as of the Closing Date that:

     Section 3.1 Existence and Power.

     (a) Organization,
Authority and Significant Subsidiaries. The Company is duly
organized, validly existing and in good standing under the laws of the State of Delaware and has
all necessary power and authority to own, operate and lease its properties and to carry on its
business as it is being currently conducted, and except as has not, individually or in the
aggregate, had and would not reasonably be expected to have a Company Material Adverse Effect, has
been duly qualified as a foreign corporation for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification; each subsidiary of the Company that is a
“significant subsidiary” within the meaning of Rule 1-02(w) of Regulation S-X under the Securities
Act has been duly organized and is validly existing in good standing under the laws of its
jurisdiction of organization. The Charter and bylaws of the Company, copies of which have been
provided to the Investor prior to the date hereof, are true, complete and correct copies of such
documents as in full force and effect as of the date hereof.

     (b) Capitalization. The authorized capital stock of the Company, and the outstanding
capital stock of the Company (including securities convertible into, or exercisable or exchangeable
for, capital stock of the Company) as of the most recent fiscal month-end preceding the date hereof
(the “Capitalization Date”) is set forth on Schedule A. The outstanding shares of capital
stock of the Company have been duly authorized and are validly issued and outstanding, fully paid
and nonassessable, and subject to no preemptive rights (and were not issued in violation of any
preemptive rights). Except as provided in the Warrant, as of the date hereof, the Company does not
have outstanding any securities or other obligations providing the holder the right to acquire
Common Stock that is not reserved for issuance as specified on Schedule A, and the Company has not
made any other commitment to authorize, issue or sell any Common Stock. Since the Capitalization
Date, the Company has not issued any shares of Common Stock other than (i) shares issued upon the
exercise of stock options or delivered under other equity-based awards or other convertible
securities or warrants which were issued and outstanding on the Capitalization Date and disclosed
on Schedule A and (ii) shares disclosed on Schedule A.

     Section 3.2
Authorization and Enforceability.

     (a) The Company has the corporate power and authority to execute and deliver this Agreement
and the Governing Agreements and to carry out its obligations hereunder and thereunder.

     (b) The execution, delivery and performance by the Company of this Agreement and the Governing
Agreements and the consummation of the transactions contemplated hereby and thereby, have been duly
authorized by all necessary corporate action on the part of the Company and, if any, its
stockholders, and no further approval or authorization is required on the part of the Company. This
Agreement and the Governing Agreements are valid and binding obligations of the Company,
enforceable against the Company in accordance with its and their terms, subject to the Bankruptcy
Exceptions.

     Section 3.3 Valid Issuance of Capital Securities and Debentures.

4

 

     (a) The Capital Securities have been duly and validly authorized by all necessary action, and,
when issued and delivered pursuant to this Agreement, such Capital Securities will be duly and
validly issued and fully paid and nonassessable, will not be issued in violation of any preemptive
rights, will represent nonassessable undivided beneficial interests in the assets of the Trust,
will be entitled to the benefits of the Trust Agreement and the Guarantee Agreement and will not
subject the holder thereof to personal liability.

     (b) The Debentures have been duly and validly authorized by the Company and, when issued and
delivered pursuant to the Indenture, such Debentures will have been duly executed, authenticated,
issued and delivered, will constitute valid and legally binding obligations of the Company,
enforceable against the Company in accordance with their terms, subject to the Bankruptcy
Exceptions, will be in the form contemplated by, and entitled to the benefits of, the Indenture,
and will have the ranking set forth in the Indenture.

     Section 3.4 Non-Contravention.

     (a) The execution, delivery and performance by the Company of this Agreement, the Governing
Agreements, and the consummation of the transactions contemplated hereby and thereby, and
compliance by the Company with the provisions hereof and thereof, will not (A) violate, conflict
with, or result in a breach of any provision of, or constitute a default (or an event which, with
notice or lapse of time or both, would constitute a default) under, or result in the termination
of, or accelerate the performance required by, or result in a right of termination or acceleration
of, or result in the creation of, any lien, security interest, charge or encumbrance upon any of
the properties or assets of the Company or any Company Subsidiary under any of the terms,
conditions or provisions of (i) its organizational documents or (ii) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the
Company or any Company Subsidiary is a party or by which it or any Company Subsidiary may be bound,
or to which the Company or any Company Subsidiary or any of the properties or assets of the Company
or any Company Subsidiary may be subject, or (B) subject to compliance with the statutes and
regulations referred to in the next paragraph, violate any statute, rule or regulation or any
judgment, ruling, order, writ, injunction or decree applicable to the Company or any Company
Subsidiary or any of their respective properties or assets except, in the case of clauses (A)(ii)
and (B), for those occurrences that, individually or in the aggregate, have not had and would not
reasonably be expected to have a Company Material Adverse Effect.

     (b) Other than the filing of any current report on Form 8-K required to be filed with the SEC,
such filings and approvals as are required to be made or obtained under any state “blue sky” laws
and such consents and approvals that have been made or obtained, no notice to, filing with,
exemption or review by, or authorization, consent or approval of, any Governmental Entity is
required to be made or obtained by the Company in connection with the consummation by the Company
of the Exchange except for any such notices, filings, exemptions, reviews, authorizations, consents
and approvals the failure of which to make or obtain would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect.

     (c) Except as would not, individually or in the aggregate, reasonably be expected to have a
Company Material Adverse Effect, (A) the execution, delivery and performance by the Company of this
Agreement and the consummation of the transactions contemplated hereby (including for this purpose
the consummation of the Exchange) and compliance by the Company with the provisions hereof will not
(1) result in any payment (including any severance payment, payment of unemployment compensation,
“excess parachute payment” (within the meaning of the Code), “golden parachute payment” (as defined
in the EESA, as implemented by the Compensation Regulations) or forgiveness of indebtedness or
otherwise) becoming due to any current or former employee, officer or director of the Company or
any Company Subsidiary from the Company or any Company Subsidiary under any benefit plan or
otherwise, (2) increase any benefits otherwise payable under any benefit plan, (3) result in any
acceleration of the time of payment or vesting of any such benefits, (4) require the funding or
increase in the funding of any such benefits or (5) result in any limitation on the right of the
Company or any Company Subsidiary to amend, merge, terminate or receive a reversion of assets from
any benefit plan or related trust and (B) neither the Company nor any Company Subsidiary has taken,
or permitted to be taken, any action that required, and no circumstances exist that will require
the funding, or increase in the funding, of any benefits or resulted, or will result, in any
limitation on the right of the Company or any Company Subsidiary to amend, merge, terminate or
receive a reversion of assets from any benefit plan or related trust.

5

 

     Section 3.5 Representations and Warranties Regarding the Trust.

     (a) The Trust has been duly created, is validly existing in good standing as a statutory trust
under the Delaware Statutory Trust Act and is and will be treated as a “grantor trust” for federal
income tax purposes under existing law.

     (b) The Trust has the statutory trust power and authority to conduct its business as
contemplated by this Agreement and the Trust Agreement and is not required to be authorized to do
business in any other jurisdiction.

     (c) The execution, delivery and performance of this Agreement and the Trust Agreement have
been duly authorized by the Trust, and this Agreement and the Trust Agreement will constitute valid
and legally binding instruments of the Trust, enforceable against the Trust in accordance their
terms, subject to the Bankruptcy Exceptions. The Trust is not and will not be a party to or
otherwise be bound by any agreement other than the Governing Agreements and those entered into in
connection with the issuance of the Capital Securities and the Common Securities.

     (d) The administrative trustees of the Trust are officers of the Company and have been duly
authorized by the Company to execute and deliver the Trust Agreement.

     (e) The Trust is not now, nor after giving effect to the transactions contemplated hereby will
be, and the Trust is not controlled by, or acting on behalf of any person which is, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

     Section 3.6 No Company Material Adverse Effect.

     Since September 30, 2009, no fact, circumstance, event, change, occurrence, condition or
development has occurred that, individually or in the aggregate, has had or would reasonably be
likely to have a Company Material Adverse Effect, except as disclosed on Schedule B.

     Section 3.7 Offering of Securities.

     Neither the Company nor any person acting on its behalf has taken any action (including any
offering of any securities of the Company under circumstances which would require the integration
of such offering with the offering of the Capital Securities under the Securities Act and the rules
and regulations of the SEC promulgated thereunder), which might subject the offering, issuance or
sale of the Capital Securities to the Investor pursuant to this Agreement to the registration
requirements of the Securities Act.

     Section 3.8 Brokers and Finders.

     No broker, finder or investment banker is entitled to any financial advisory, brokerage,
finder’s or other fee or commission in connection with this Agreement or the transactions
contemplated hereby based upon arrangements made by or on behalf of the Company or any Company
Subsidiary for which the Investor could have any liability.

ARTICLE IV

COVENANTS

     Section 4.1 Commercially Reasonable Efforts.

     Subject to the terms and conditions of this Agreement, each of the parties will use its
commercially reasonable efforts in good faith to take, or cause to be taken, all actions, and to
do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable
laws, so as to permit consummation of the Exchange as promptly as practicable and otherwise to
enable consummation of the transactions contemplated hereby and shall use commercially reasonable
efforts to cooperate with the other party to that end.

6

 

     Section 4.2 Expenses.

     If requested by the Investor, the Company shall pay all reasonable out-of-pocket and
documented costs and expenses associated with the Exchange, including (i) the reasonable fees,
disbursements and other charges of Venable LLP, as counsel to the Investor, and (ii) the reasonable
fees, disbursements and other charges of the trustees for the Capital Securities and the
Debentures.

     Section 4.3 Exchange Listing.

     If requested by the Investor, the Company and the Trust shall, at the Company’s expense,
cause the Capital Securities, to the extent the Capital Securities comply with applicable listing
requirements, and, after distribution thereof, the Debentures, to be listed on the Nasdaq Global
Market, subject to official notice of issuance, and shall maintain such listing for so long as any
Common Stock is listed on such exchange. At the Investor’s request, the Company agrees to take
such action as may be necessary to change the minimum denominations of the Capital Securities to
$25 or such other amount as the Investor shall reasonably request.

     Section 4.4 Access, Information and Confidentiality.

     (a) From the date hereof until the date when the Investor no longer holds any debt or equity
securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement, the
Company will permit the Investor and its agents, consultants, contractors and advisors (i) acting
through the Company’s Appropriate Federal Banking Agency, to examine the corporate books and make
copies thereof and to discuss the affairs, finances and accounts of the Company and the
subsidiaries of the Company (the “Company Subsidiaries”) with the principal officers of the
Company, all upon reasonable notice and at such reasonable times and as often as the Investor may
reasonably request and (ii) to review any information material to the Investor’s investment in the
Company provided by the Company to its Appropriate Federal Banking Agency.

     (b) From the date hereof until the date when the Investor no longer holds any debt or equity
securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement, the
Company will permit, and will cause the Company Subsidiaries to permit the Investor and its agents,
consultants, contractors access to personnel and any books, papers, records or other data, in each
case, to the extent relevant to ascertaining compliance with the financing terms and conditions.

     (c) The Investor will use reasonable best efforts to hold, and will use reasonable best
efforts to cause its agents, consultants, contractors, advisors, and United States executive branch
officials and employees, to hold, in confidence all non-public records, books, contracts,
instruments, computer data and other data and information (collectively, “Information”)
concerning the Company furnished or made available to it by the Company or its representatives
pursuant to this Agreement (except to the extent that such information can be shown to have been
(i) previously known by such party on a non-confidential basis, (ii) in the public domain through
no fault of such party or (iii) later lawfully acquired from other sources by the party to which it
was furnished (and without violation of any other confidentiality obligation)); provided that
nothing herein shall prevent the Investor from disclosing any Information to the extent required by
applicable laws or regulations or by any subpoena or similar legal process. The Investor
understands that the Information may contain commercially sensitive confidential information
entitled to an exception from a Freedom of Information Act request.

     (d) Nothing in this Section shall be construed to limit the authority that the Special
Inspector General of the Troubled Asset Relief Program, the Comptroller General of the United
States or any other applicable regulatory authority has under law.

     Section 4.5 Executive Compensation.

     (a) Benefit Plans. During the Relevant Period, the Company shall take all necessary
action to ensure that its Benefit Plans comply in all respects with Section 111 of the EESA, as
implemented by the Compensation Regulations, and shall not adopt any
new Benefit Plan (i) that does
not comply therewith or (ii) that does not expressly state and require that such Benefit Plan and
any compensation thereunder shall be subject to any relevant Compensation Regulations adopted,
issued or released on or after the date any such Benefit Plan is adopted. To the

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extent that EESA and/or the Compensation Regulations are amended or otherwise change during
the Relevant Period in a manner that requires changes to then-existing Benefit Plans, the Company
shall effect such changes to its Benefit Plans as promptly as practicable after it has actual
knowledge of such changes in order to be in compliance with this Section 4.5(a) (and shall be
deemed to be in compliance for a reasonable period to effect such changes).

     (b) Additional Waivers. After the Closing Date, in connection with the hiring or
promotion of a Section 4.5 Employee or otherwise, to the extent any Section 4.5 Employee shall not
have executed a waiver with respect to the application to such Section 4.5 Employee of the
Compensation Regulations, the Company shall use its best efforts to (i) obtain from such Section
4.5 Employee a waiver in a form satisfactory to the Investor and (ii) deliver such waiver to the
Investor as promptly as possible, in each case, within sixty days of the Closing Date or, if later,
within sixty days of such Section 4.5 Employee becoming subject to the requirements of this
section. “Section 4.5 Employee” means (A) each Senior Executive Officer and (B)
each additional highly-compensated employee of the Company or its Affiliates subject to the
limitations set forth in subsection 111(b)(3)(D) of the EESA and the Compensation Regulations.

     (c) Clawback. In the event that any Section 4.5 Employee receives a payment in
contravention of the provisions of this Section 4.5, the Company shall promptly provide such
individual with written notice that the amount of such payment must be repaid to the Company in
full within fifteen business days following receipt of such notice or such earlier time as may be
required by the Compensation Regulations and shall promptly inform the Investor (i) upon
discovering that a payment in contravention of this Section 4.5 has been made and (ii) following
the repayment to the Company of such amount and shall take such other actions as may be necessary
to comply with the Compensation Regulations.

     (d) Limitation on Deductions. During the Relevant Period, the Company agrees that it
shall not claim a deduction for remuneration for federal income tax purposes in excess of $500,000
for each Senior Executive Officer that would not be deductible if Section 162(m)(5) of the Code
applied to the Company.

     (e) Amendment to Prior Agreement. The parties agree that, effective as of the date
hereof, Section 4.10 of the Securities Purchase Agreement shall be amended in its entirety by
replacing such Section 4.10 with the provisions set forth in this Section 4.5 and any terms
included in this Section 4.5 that are not otherwise defined in the Securities Purchase Agreement
shall have the meanings ascribed to such terms in this Agreement.

     Section 4.6 Certain Notifications Until Closing.

     From the date hereof until the Closing, the Company shall promptly notify the Investor of (i)
any fact, event or circumstance of which it is aware and which would reasonably be likely to cause
any representation or warranty of the Company contained in this Agreement to be untrue or
inaccurate in any material respect or to cause any covenant or agreement of the Company contained
in this Agreement not to be complied with or satisfied in any material respect and (ii) except as
Previously Disclosed, any fact, circumstance, event, change, occurrence, condition or development
of which the Company is aware and which, individually or in the aggregate, has had or would
reasonably be likely to have a Company Material Adverse Effect; provided, however, that delivery
of any notice pursuant to this Section 4.6 shall not limit or affect any rights of or remedies
available to the Investor; provided, further, that a failure to comply with this Section 4.6 shall
not constitute a breach of this Agreement or the failure of any condition set forth in Section 1.2
to be satisfied unless the underlying Company Material Adverse Effect or material breach would
independently result in the failure of a condition set forth in Section 1.2 to be satisfied.

     Section 4.7 Tax Status of Debentures.

     The Company agrees that, for so long as any Debentures are outstanding, it will not claim a
deduction for interest on the Debentures for federal, state, foreign or other income tax purposes.

     Section 4.8 TIA Qualification.

     In connection with any registration pursuant to Section 5.5, the Company agrees to (i)
qualify the Governing Agreements under the Trust Indenture Act of 1939, as amended, and the rules
and regulations of the SEC

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promulgated thereunder (together, the “Trust Indenture Act”), and (ii) ensure that
the Governing Agreements comply in all material respects with the applicable requirements of the
Trust Indenture Act.

     Section 4.9 Monthly Lending Reports.

     During the Relevant Period, the Company will detail in monthly reports submitted to the
Investor the information required by the CPP Monthly Lending Reports, as published on
www.financialstability.gov from time to time.

     Section 4.10 Recapitalization.

     The Company has informed the Investor that the Company intends to pursue certain other
transactions described below (the “Other Transactions”) each with a target date for consummation
as indicated (a “Targeted Completion Date”):

     (a) the exchange of $12 million in face amount of the outstanding capital securities of
Superior Capital Trust I that are privately held for shares of the Company’s common stock, par
value per share of $.001 (the “Common Stock”) resulting in the extinguishment of the subordinated
debt issued by the Company in connection therewith with a Targeted Completion Date of January 31,
2010;

     (b) the exchange of $10 million in subordinated debt owed by the Company to one creditor for
Common Stock with a Targeted Completion Date of January 31, 2010; and

     (c) a follow-on public offering of Common Stock projected to result in net proceeds to the
Company of approximately $100 million with a Targeted Completion Date of February 28, 2010
(assuming no review by the Securities and Exchange Commission (“SEC”) of the Company’s Registration
Statement on Form S-1) or April 30, 2010 (assuming there is a review by the SEC).

     The Company will use its best efforts to consummate all the Other Transactions by the
applicable Targeted Completion Date. Until all the Other Transactions have been consummated (or the
Company and Investor agree that one or more of the Other Transactions is no longer susceptible to
consummation on terms and conditions that are in the Company’s best interest), the Company shall
provide the Investor with a reasonably detailed written report regarding the status of each of the
Other Transactions at least once every two weeks and more frequently if reasonably requested by the
Investor; provided, however, that if any one or more of the Other Transactions is not consummated
by the time of its Targeted Completion Date, the Company shall, with respect to any such
non-consummated Other Transaction, (x) within five business days after the Targeted Completion Date
for such Other Transaction provide to the Investor a reasonably detailed written description of the
status of such Other Transaction including the Company’s best estimate of the steps and timeline to
complete such Other Transaction (the “Status Report”) and (y) thereafter, no less frequently than
monthly and more frequently if reasonably requested by the Investor until such Other Transactions
have been consummated, provide to the Investor an updated version of the Status Report.

ARTICLE V

ADDITIONAL AGREEMENTS

     Section 5.1 Unregistered Capital Securities.

     The Investor acknowledges that the Capital Securities have not been registered under the
Securities Act or under any state securities laws. The Investor (a) is acquiring the Capital
Securities pursuant to an exemption from registration under the Securities Act solely for
investment with no present intention to distribute them to any person in violation of the
Securities Act or any applicable U.S. state securities laws, (b) will not sell or otherwise dispose
of any of the Capital Securities, except in compliance with the registration requirements or
exemption provisions of the Securities Act and any applicable U.S. state securities laws and (c)
has such knowledge and experience in financial and business matters and in investments of this type
that it is capable of evaluating the merits and risks of the Exchange and of making an informed
investment decision.

9

 

     Section 5.2 Legend.

     (a) The Investor agrees that all certificates or other instruments representing the Capital
Securities will bear a legend substantially to the following effect:

     “THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER
OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY.

     THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY
THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.”

     (b) In the event that any Capital Securities (i) become registered under the Securities Act or
(ii) are eligible to be transferred without restriction in accordance with Rule 144 or another
exemption from registration under the Securities Act (other than Rule 144A), the Company shall
issue new certificates or other instruments representing such Capital Securities, which shall not
contain the applicable legend in Section 5.2(a) above; provided that the Investor surrenders to the
Company the previously issued certificates or other instruments.

     Section 5.3 Certain Transactions.

     The Company will not merge or consolidate with, or sell, transfer or lease all or
substantially all of its property or assets to, any other party unless the successor, transferee
or lessee party (or its ultimate parent entity), as the case may be (if not the Company),
expressly assumes the due and punctual performance and observance of each and every covenant,
agreement and condition of this Agreement and the Governing Agreements to be performed and
observed by the Company.

     Section 5.4 Transfer of Capital Securities.

     Subject to compliance with applicable securities laws, the Investor shall be permitted to
transfer, sell, assign or otherwise dispose of (“Transfer”) all or a portion of the Capital
Securities at any time, and the Company shall take all steps as may be reasonably requested by the
Investor to facilitate the Transfer of the Capital Securities.

     Section 5.5 Registration Rights.

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     The Capital Securities shall be Registrable Securities and, upon their issuance, the
provisions of Section 4.5 of the Securities Purchase Agreement shall be applicable to them,
including with the benefit, to the extent available, of the tacking of any holding period from the
date of issuance of the Series A Preferred Stock.

     Section 5.6 Restriction on Dividends and Repurchases.

     (a) Until such time as the Investor ceases to own any debt or equity securities of the Company
or an Affiliate of the Company acquired pursuant to this Agreement, neither the Company nor any
Company Subsidiary shall, without the consent of the Investor:

     (i) declare or pay any dividend or make any distribution on the Common Stock (other than
(A) regular quarterly cash dividends of not more than the amount of the last quarterly cash
dividend per share declared or, if lower, publicly announced an intention to declare, on the
Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend,
reverse stock split, reclassification or similar transaction, (B) dividends payable solely
in shares of Common Stock and (C) dividends or distributions of rights or Junior Stock in
connection with a stockholders’ rights plan); or

     (ii) redeem, purchase or acquire any shares of Common Stock or other capital stock or
other equity securities of any kind of the Company, or any trust preferred securities
issued by the Company or any Affiliate of the Company, other than (A) redemptions,
purchases or other acquisitions of the Capital Securities (which purchases shall be made on
a pro rata basis, as provided in Section 5.6(b)),
(B) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior
Stock, in each case in this clause (B) in connection with the administration of any employee
benefit plan in the ordinary course of business (including purchases to offset the Share
Dilution Amount pursuant to a publicly announced repurchase plan) and consistent with past
practice; provided that any purchases to offset the Share Dilution Amount shall in no event
exceed the Share Dilution Amount, (C) purchases or other acquisitions by a broker-dealer
subsidiary of the Company solely for the purpose of market-making, stabilization or customer
facilitation transactions in trust preferred securities of the Company or an Affiliate of
the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D)
purchases by a broker-dealer subsidiary of the Company of trust preferred securities or
capital stock of the Company or an Affiliate of the Company for resale pursuant to an
offering by the Company of such trust preferred securities or capital stock underwritten by
such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any
stockholders’ rights plan, (F) the acquisition by the Company or any of the Company
Subsidiaries of record ownership in Junior Stock, Parity Stock or trust preferred securities
of the Company or an Affiliate of the Company for the beneficial ownership of any other
persons (other than the Company or any other Company Subsidiary), including as trustees or
custodians, and (G) the exchange or conversion of Junior Stock for or into other Junior
Stock or of Parity Stock or trust preferred securities of the Company or an Affiliate of the
Company for or into other Parity Stock (with the same or lesser aggregate liquidation
amount) or Junior Stock, in each case set forth in this clause (G), solely to the extent
required pursuant to binding contractual agreements entered into prior to the date hereof or
any subsequent agreement for the accelerated exercise, settlement or exchange thereof for
Common Stock (clauses (C) and (F), collectively, the “Permitted Repurchases”).
“Share Dilution Amount” means the increase in the number of diluted shares
outstanding (determined in accordance with GAAP, and as measured from the date of the
Company’s most recently filed consolidated financial statements prior to the Closing Date)
resulting from the grant, vesting or exercise of equity-based compensation to employees and
equitably adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction.

     (b) Until such time as the Investor ceases to own any Capital Securities, the Company shall
not repurchase any Capital Securities from any holder thereof, whether by means of open market
purchase, negotiated transaction, or otherwise, other than Permitted Repurchases, unless it offers
to repurchase a ratable portion of the Capital Securities then held by the Investor on the same
terms and conditions.

     (c) “Junior Stock” means Common Stock and any other class or series of stock of the
Company the terms of which expressly provide that it ranks junior to the Capital Securities as to
dividend rights and/or as to rights on liquidation, dissolution or winding up of the Company.
“Parity Stock” means any class or series of stock of the Company the terms of which do not
expressly provide that such class or series will rank senior or junior to the

11

 

Capital Securities as to dividend rights and/or as to rights on liquidation, dissolution or
winding up of the Company (in each case without regard to whether dividends accrue cumulatively or
non-cumulatively).

     (d) The parties agree that, effective as of the date hereof, Section 4.8 of the Securities
Purchase Agreement shall be amended in its entirety by replacing such Section 4.8 with the
provisions set forth in this Section 5.6 and any terms included in this Section 5.6 that are not
otherwise defined in the Securities Purchase Agreement shall have the meanings ascribed to such
terms in this Agreement.

     Section 5.7 Repurchase of Investor Securities.

     From and after the date of this Agreement, the agreements set forth in Section 4.9 of the
Securities Purchase Agreement shall be applicable only following the redemption in whole of the
Capital Securities held by the Investor or the Transfer by the Investor of all of the Capital
Securities held by the Investor to one or more third parties not affiliated with the Investor.

     Section 5.8 Qualified Equity Offering.

     The Company and the Investor agree, for the avoidance of doubt, that none of the transactions
contemplated by this Agreement (including, without limitation, the issuance of the Debentures)
shall be deemed a Qualified Equity Offering under the Securities Purchase Agreement or the
Warrant.

     Section 5.9 Bank or Thrift Holding Company Status.

     (a) The Company shall maintain its status as a Savings and Loan Holding Company (or, if
permitted to become a Bank Holding Company in accordance with Subsection (b), such status) for as
long as the Investor owns any debt or equity securities of the Company or an Affiliate of the
Company acquired pursuant to this Agreement.

     (b) The Company may become a Bank Holding Company in accordance with the requirements of the
Bank Holding Company Act and applicable regulations, provided that it has duly fulfilled any
commitments to or other requirements or obligations imposed by the Office of Thrift Supervision.

     Section 5.10 Compliance with Employ American Workers Act.

     Until the Company is no longer deemed a recipient of funding under Title I of EESA or Section
13 of the Federal Reserve Act for purposes of the EAWA, as the same may be determined pursuant to
any regulations or other legally binding guidance promulgated under EAWA, the Company shall
comply, and the Company shall take all necessary action to ensure that its subsidiaries comply, in
all respects with the provisions of the EAWA and any regulations or other legally binding guidance
promulgated under the EAWA. “EAWA” means the Employ American Workers Act (Section 1611 of
Division A, Title XVI of the American Recovery and Reinvestment Act of 2009), Public Law No.
111-5, effective as of February 17, 2009, as may be amended and in effect from time to time.

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Termination.

     This Agreement may be terminated at any time prior to the Closing:

     (a) by either the Investor or the Company if the Closing shall not have occurred by the 30th
calendar day following the date hereof; provided, however, that in the event the Closing has not
occurred by such 30th calendar day, the parties will consult in good faith to determine whether to
extend the term of this Agreement, it being understood that the parties shall be required to
consult only until the fifth day after such 30th calendar day and not be under any obligation to
extend the term of this Agreement thereafter; provided further that the right to

12

 

terminate this Agreement under this Section 6.1(a) shall not be available to any party whose
breach of any representation or warranty or failure to perform any obligation under this Agreement
shall have caused or resulted in the failure of the Closing to occur on or prior to such date;

     (b) by either the Investor or the Company in the event that any Governmental Entity shall have
issued an order, decree or ruling or taken any other action restraining, enjoining or otherwise
prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other
action shall have become final and nonappealable; or

     (c) by the mutual written consent of the Investor and the Company.

     In the event of termination of this Agreement as provided in this Section 6.1, this Agreement
shall forthwith become void and there shall be no liability on the part of either party hereto
except that nothing herein shall relieve either party from liability for any breach of this
Agreement.

     Section 6.2 Survival of Representations and Warranties.

     The representations and warranties of the Company and the Trust made herein or in any
certificates delivered in connection with the Closing shall survive the Closing without
limitation.

     Section 6.3 Amendment.

     No amendment of any provision of this Agreement will be effective unless made in writing and
signed by an officer or a duly authorized representative of each of the Company and the Investor;
provided that the Investor may unilaterally amend any provision of this Agreement to the extent
required to comply with any changes after the date hereof in applicable federal statutes. No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative of any rights or remedies provided by law.

     Section 6.4 Waiver of Conditions.

     The conditions to each party’s obligation to consummate the Exchange are for the sole benefit
of such party and may be waived by such party in whole or in part to the extent permitted by
applicable law. No waiver will be effective unless it is in a writing signed by a duly authorized
officer of the waiving party that makes express reference to the provision or provisions subject
to such waiver.

     Section 6.5 Governing Law; Submission to Jurisdiction, Etc.

     This 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. Each of the parties hereto agrees (a) to submit to the exclusive jurisdiction and venue of
the United States District Court for the District of Columbia and the United States Court of
Federal Claims for any and all civil actions, suits or proceedings arising out of or relating to
this Agreement or the Governing Agreements (except with respect to the Trust Agreement in which
case each of the parties hereto agrees to submit to the non-exclusive jurisdiction of such courts)
or the Exchange contemplated hereby and (b) that notice may be served upon (i) the Company at the
address and in the manner set forth for notices to the Company in Section 6.6 and (ii) the Investor
in accordance with federal law. To the extent permitted by applicable law, each of the parties
hereto hereby unconditionally waives trial by jury in any civil legal action or proceeding relating
to this Agreement or the Governing Agreements or the Exchange contemplated hereby.

     Section 6.6 Notices.

     Any notice, request, instruction or other document to be given hereunder by any party to the
other will be in writing and will be deemed to have been duly given (a) on the date of delivery if
delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business
day following the date of dispatch if delivered

13

 

by a recognized next day courier service. All notices hereunder shall be delivered as set
forth below or pursuant to such other instructions as may be designated in writing by the party to
receive such notice.

If to the Company or the Trust:

Superior Bancorp

17 North Twentieth Street

Birmingham, Alabama 35203

Attention: James A. White

Facsimile: 205-488-3335

email: Jim.white@superiorbank.com

Telephone: (205) 327-3656

Attention: William H. Caughran

Facsimile: 205-488-3335

email: bill.caughran@superiorbank.com

Telephone: (205) 327-3615

With a copy to:

Haskell Slaughter Young & Rediker, LLC 

1400 Park Place Tower

2001 Park Place North

Birmingham, Alabama 35203

Attention: Robert 

E. Lee Garner

Facsimile: (205) 324-1133

email: relg@hsy.com

Telephone: (205) 254-1417

Attention: Kimberly L. Hager

Facsimile: (205) 324-1133

email: klh@hsy.com

Telephone: (205) 254-1473

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Attention: Chief Counsel Office of Financial Stability

Facsimile: (202) 927-9225

email: OFSChiefCounselNotices@do.treas.gov

     Section 6.7 Definitions.

     (a) When a reference is made in this Agreement to a subsidiary of a person, the term
“subsidiary” means any corporation, partnership, joint venture, limited liability company or other
entity (x) of which such person or a subsidiary of such person is a general partner or (y) of which
a majority of the voting securities or other voting interests, or a majority of the securities or
other interests of which having by their terms ordinary voting power to elect a majority of the
board of directors or persons performing similar functions with respect to such entity, is directly
or indirectly owned by such person and/or one or more subsidiaries thereof.

     (b) The term “Affiliate” means, with respect to any person, any person directly or
indirectly controlling, controlled by or under common control with, such other person. For purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) when
used with respect to any person, means the possession, directly or indirectly, of the power to
cause the direction of management and/or policies of such person, whether through the ownership of
voting securities by contract or otherwise.

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     (c) The term “Company Material Adverse Effect” means a material adverse effect on
(i) the business, results of operation or financial condition of the Company and its consolidated
subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not be
deemed to include the effects of (A) changes after the date hereof in general business, economic or
market conditions (including changes generally in prevailing interest rates, credit availability
and liquidity, currency exchange rates and price levels or trading volumes in the United States or
foreign securities or credit markets), or any outbreak or escalation of hostilities, declared or
undeclared acts of war or terrorism, in each case generally affecting the industries in which the
Company and its subsidiaries operate, (B) changes or proposed changes after the date hereof in GAAP
or regulatory accounting requirements, or authoritative interpretations thereof, (C) changes or
proposed changes after date hereof in securities, banking and other laws of general applicability
or related policies or interpretations of Governmental Entities (in the case of each of these
clauses (A), (B) and (C), other than changes or occurrences to the extent that such changes or
occurrences have or would reasonably be expected to have a materially disproportionate adverse
effect on the Company and its consolidated subsidiaries taken as a whole relative to comparable
U.S. banking or financial services organizations), or (D) changes in the market price or trading
volume of the Common Stock or any other equity, equity-related or debt securities of the Company or
its consolidated subsidiaries (it being understood and agreed that the exception set forth in this
clause (D) does not apply to the underlying reason giving rise to or contributing to any such
change); or (ii) the ability of the Company to consummate the Exchange and the other transactions
contemplated by this Agreement and perform its obligations hereunder on a timely basis.

     (d) The term “Previously Disclosed” means information set forth or incorporated in the
Company’s Annual Report on Form 10-K for the most recently completed fiscal year of the Company
filed with SEC prior to the date hereof or in its other reports and forms filed with or furnished
to the SEC under Sections 13(a), 14(a) or 15(d) of the Exchange Act on or after the last day of
the most recently completed fiscal year of the Company and prior to the date hereof.

     (e) To the extent any securities issued pursuant to this Agreement or the transactions
contemplated hereby are registered in the name of a designee of the Investor pursuant to Sections
1.2 or 6.8(c) or transferred to an Affiliate of the Investor, all references herein to the Investor
holding or owning any debt or equity securities of the Company, Capital Securities or Registrable
Securities (and any like variations thereof) shall be deemed to refer to the Investor, together
with such designees and/or Affiliates, holding or owning any debt or equity securities, Capital
Securities or Registrable Securities (and any like variations thereof), as applicable.

     Section 6.8 Assignment.

     Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder
or by reason hereof shall be assignable by any party hereto without the prior written consent of
each other party, and any attempt to assign any right, remedy, obligation or liability hereunder
without such consent shall be void, except (a) an assignment, in the case of a Business Combination
where such party is not the surviving entity, or a sale of substantially all of its assets, to the
entity which is the survivor of such Business Combination or the purchaser in such sale, (b) as
provided in Sections 5.4 and 5.5 and (c) an assignment by the Investor of this Agreement to an
Affiliate of the Investor; provided that if the Investor assigns this Agreement to an Affiliate,
the Investor shall be relieved of its obligations under this Agreement and all rights and
obligations of the Investor hereunder shall be exercised by, and shall be the responsibility of,
such Affiliate.

     Section 6.9
Severability.

     If any provision of this Agreement, or the application thereof to any person or
circumstance, is determined by a court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions hereof, or the application of such provision to persons or
circumstances other than those as to which it has been held invalid or unenforceable, will remain
in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party. Upon such determination, the parties shall negotiate in
good faith in an effort to agree upon a suitable and equitable substitute provision to effect the
original intent of the parties.

     Section 6.10 No Third-Party Beneficiaries.

15

 

     Nothing contained in this Agreement, expressed or implied, is intended to confer upon any
person or entity other than the Company, the Trust and the Investor any benefit, right or remedies,
except that the provisions of Sections 4.4 and 5.5 shall inure to the benefit of the persons
holding Capital Securities during any tacked holding period, as contemplated by that Section.

     Section 6.11
Entire Agreement, Etc.

     This Agreement (including the Annexes and Schedules hereto) constitute the entire agreement,
and supersede all other prior agreements, understandings, representations and warranties, both
written and oral, between the parties, with respect to the subject matter hereof.

     Section 6.12 Counterparts and Facsimile.

     For the convenience of the parties hereto, this 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
Agreement may be delivered by facsimile and such facsimiles will be deemed as sufficient as if
actual signature pages had been delivered.

16

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James A. White
 

James A. White
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SUPERIOR CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 	 	By: SUPERIOR BANCORP, as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James A. White
 

James A. White
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	UNITED STATES DEPARTMENT OF THE TREASURY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Herbert M. Allison, Jr.
 

Herbert M. Allison, Jr.
	 	 
	 

	 	Title:
	 	Assistant Secretary for Financial Stability	 	 

[Signature Page of Exchange Agreement]

17

 

SCHEDULE A

CAPITALIZATION

Common Stock

Par value: $0.001

Total Authorized: 200,000,000 Outstanding: 11,667,794

Subject to warrants, options, convertible securities, etc.: 3,849,439

Reserved for benefit plans and other issuances: 0

Remaining authorized but unissued: 184,482,767

Shares issued after Capitalization Date (other than pursuant to warrants, options, convertible
securities, etc. as set forth above): None

Preferred Stock

Par value: None

Total Authorized: 5,000,000

Outstanding (by series): Series A 69,000

Reserved for issuance: None

Remaining authorized but unissued: 4,931,000

 

 

SCHEDULE B

Response to Section 3.6: Noneexv10w30

Exhibit (10) - 30

EXCHANGE AGREEMENT

and

PLAN OF REORGANIZATION

by and among

SUPERIOR BANCORP

SUPERIOR HOLDINGS, LLC

AND

CAMBRIDGE SAVINGS BANK

Dated as of January 15, 2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

 
	THE SHARE EXCHANGE

	 
	 	 	 	 
	Section 1.1 Share Exchange
	 	 	1	 
	Section 1.2 The Closing
	 	 	2	 
	Section 1.3 Interpretation
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

	 
	 	 	 	 
	Section 2.1 Status 
	 	 	4	 
	Section 2.2 Authorization, Enforceability
	 	 	4	 
	Section 2.3 Ownership
	 	 	4	 
	Section 2.4 Non-Contravention
	 	 	4	 
	Section 2.5 Investor Securities Law Representation
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND SUBSIDIARY

	 
	 	 	 	 
	Section 3.1 Existence and Power
	 	 	6	 
	Section 3.2 Authorization and Enforceability
	 	 	6	 
	Section 3.3 Valid Issuance of Common Shares
	 	 	6	 
	Section 3.4 Non-Contravention
	 	 	6	 
	Section 3.5 No Company Material Adverse Effect
	 	 	7	 
	Section 3.6 Offering of Securities
	 	 	7	 
	Section 3.7 Brokers and Finders
	 	 	7	 
	Section 3.8 Company Financial Statements
	 	 	7	 
	Section 3.9 Proceedings
	 	 	8	 
	Section 3.10 Compliance with Laws; Permits
	 	 	8	 
	Section 3.11 Reports
	 	 	8	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	COVENANTS

	 
	 	 	 	 
	Section 4.1 Commercially Reasonable Efforts
	 	 	9	 
	Section 4.2 Expenses
	 	 	9	 
	Section 4.3 Exchange Listing and Registration
	 	 	9	 
	Section 4.4 Certain Notifications Until Closing
	 	 	9	 
	Section 4.5 Stockholder’s Meeting
	 	 	10	 
	Section 4.6 Publicity
	 	 	10	 
	Section 4.7 Withholding of Tax
	 	 	10	 

i 

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE V

	 
	 	 	 	 
	SECURITIES LAW CONSIDERATIONS

	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	Section 6.1 Termination
	 	 	11	 
	Section 6.2 Survival of Representations and Warranties
	 	 	11	 
	Section 6.3 Amendment
	 	 	11	 
	Section 6.4 Waiver of Conditions
	 	 	12	 
	Section 6.5 Governing Law; Submission to Jurisdiction, Etc.
	 	 	12	 
	Section 6.6 Notices
	 	 	12	 
	Section 6.7 Definitions
	 	 	13	 
	Section 6.8 Assignment
	 	 	14	 
	Section 6.9 Severability
	 	 	14	 
	Section 6.10 No Third-Party Beneficiaries
	 	 	14	 
	Section 6.11 Entire Agreement, Etc.
	 	 	15	 
	Section 6.12 Counterparts and Facsimile
	 	 	15	 
	Section 6.13 Federal Income Tax Treatment
	 	 	15	 

ii 

 

Defined Terms

	 	 	 
	Affiliate

	 	Section 6.7(b)
	Agreement

	 	Preamble
	Bankruptcy or Similar Event

	 	Section 6.7(c)
	Business Combination

	 	Section 6.8
	Capital Securities

	 	Recitals
	Capitalization Date

	 	Section 3.1(b)
	Closing

	 	Section 1.2(a)
	Closing Date

	 	Section 1.2(a)
	Code

	 	Recitals
	Common Securities

	 	Recitals
	Common Shares

	 	Section 1.1
	Common Stock

	 	Recitals
	Company

	 	Preamble
	Company Material Adverse Effect

	 	Section 6.7(d)
	Company 10-K

	 	Section 3.8
	Covered Securities

	 	Section 4.8
	Exchange

	 	Recitals
	Exchange Act

	 	Section 6.7(g)
	Governmental Entities

	 	Section 1.2(c)
	Indenture

	 	Section 1.2(d)(iii)
	Investor

	 	Preamble
	Investor Material Adverse Effect

	 	Section 2.4
	OTS

	 	Section 3.11
	Previously Disclosed

	 	Section 6.7(e)
	Proposals

	 	Section 4.5
	SEC

	 	Section 4.5
	Securities Act

	 	Section 6.7(f)
	Significant Subsidiaries

	 	Section 3.1
	Subsidiary

	 	Preamble
	Transfer

	 	Section 5.4
	Trust

	 	Recitals
	Trust Agreement

	 	Recitals
	Trust Shares

	 	Recitals

iii 

 

     EXCHANGE
AGREEMENT AND PLAN OF REORGANIZATION, dated as of January 15, 2010 (this
“Agreement”) by and among Superior Bancorp, a Delaware corporation (the
“Company”), Superior Holdings, LLC, an Alabama limited liability company (the
“Subsidiary”), and Cambridge Savings Bank, a Massachusetts-chartered savings bank (the
“Investor”).

BACKGROUND

     WHEREAS, the Investor is, as of the date hereof, the beneficial owner of 3,500 shares of
the Trust’s capital securities designated as “Floating Rate Capital Securities”, having a
liquidation amount of $1,000.00 per share (the “Capital Securities”) that were issued
pursuant to the Amended and Restated Declaration of Trust of Superior Capital Trust I, a Delaware
Statutory Trust (the “Trust”), dated as of July 19, 2007 among the Company, Wilmington Trust
Company as the Delaware Trustee and the Institutional Trustee, and the administrators named
therein (the “Trust Agreement”);

     WHEREAS, the Company, the Subsidiary and the Investor desire to exchange newly issued shares
of the voting common stock par value $.001 of the Company (the “Common Stock”) for the
3,500 shares of the Capital Securities beneficially owned and held by the Investor (the “Trust
Shares”), on the terms and subject to the conditions set forth herein, such Trust Shares to be
transferred to the Subsidiary (the “Exchange”);

     WHEREAS, the Subsidiary is a wholly-owned subsidiary of the Company; and

     WHEREAS, the Company, the Subsidiary and the Investor intend the Exchange be treated as a
reorganization pursuant to Section 

368(a)(1)(E) of the Internal Revenue Code of 1981, as amended
(the “Code), each of the parties be a party to a reorganization, as that term is defined in Section
368(b) of the Code, and this Agreement constitute and reflect a “plan of reorganization”, as that
term is defined in Treasury Regulation § 1.368-2(g).

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties do hereby agree as follows:

ARTICLE I

THE SHARE EXCHANGE

     Section 1.1 Share Exchange.

     On the terms and subject to the conditions set forth in this Agreement, (a) the Company
agrees to issue and deliver the number of shares of Common Stock to the Investor with an aggregate
“market value” equal to seventy-seven percent (77%) of the face value of the Trust Shares with the
per share market value of the Common Stock being equal to the lower of (i) the weighted average of
the sales price of all newly issued shares of the Common Stock sold after the date hereof and
before or simultaneously with the Closing or (ii) the weighted average of the sales price of all
newly issued shares of the Common Stock sold simultaneously with or within forty-eight hours prior
to the Closing (the “Common Shares”), and (b) the Investor agrees to cause the transfer to the
Subsidiary as contemplated by the terms of this Agreement the Trust Shares in exchange for the
Common Shares being delivered to the Investor; provided, however, that the foregoing terms of this
Section 1.1 shall be amended to reflect (and to provide the Investor with the benefit of) any
terms (including pricing terms) that would be more favorable to the Investor that are applicable
in another transaction similar to the one contemplated hereby between Superior and another
investor that closes after the date hereof but before or simultaneously with the Exchange
contemplated hereby.

1

 

     Section 1.2 The Closing.

     (a) The closing of the Exchange (the “Closing”) will take place at the offices of
Haskell Slaughter Young & Rediker, LLC, 1400 Park Place Tower, 2001 Park Place North, Birmingham,
Alabama 35203, at 9:00 a.m., CST on the business day after the day on which all of the conditions
set forth in Sections 1.2(c), (d) and (e) are satisfied or waived (other than those conditions that
by their terms must be satisfied on the Closing Date, but subject to the satisfaction or waiver of
those conditions), or at such other place, time and date as shall be agreed between the Company,
the Subsidiary and the Investor. The time and date on which the Closing occurs is referred to in
this Agreement as the “Closing Date”.

     (b) Subject to the fulfillment or waiver of the conditions to the Closing in this Section
1.2, at the Closing (i) the Company will deliver to the Investor the Common Shares, as evidenced
by one or more certificates dated the Closing Date and registered in the name of the Investor or
its designee(s) which certificate or certificates shall be issued without any restrictive legend,
and (ii) the Investor will transfer the Trust Shares, to the Subsidiary as contemplated by the
terms of this Agreement.

     (c) The respective obligations of the Investor and the Company to consummate the Exchange are
subject to the fulfillment (or waiver by the Company and the Investor, as applicable) prior to the
Closing of the following conditions:

     (i)
any approvals or authorizations of all United States and other governmental, regulatory or judicial authorities (collectively, “Governmental Entities”)
required for the consummation of the Exchange shall have been obtained or made in
form and substance reasonably satisfactory to each party and shall be in full force
and effect and all waiting periods required by United States or other applicable
law, if any, shall have expired;

     (ii)
no provision of any applicable United States or other law and no judgment, injunction, order or decree of any Governmental Entity shall prohibit consummation
of the Exchange as contemplated by this Agreement; and

     (iii) the Company shall have obtained the consent of its shareholders to
issue the Common Shares if such consent is required by NASDAQ (see Section 4.5
hereof).

     (d) The obligation of the Investor to consummate the Exchange is also subject to the
fulfillment (or waiver by the Investor) at or prior to the Closing of each of the following conditions:

     (i) completion between the date hereof and June 30, 2010, of the sale (for cash or
in an exchange for any of the Company’s then outstanding trust preferred or capital
securities or an exchange for any of the Company’s then outstanding debt) of at
least $75 million of the Company’s Common Stock in one or more offerings, public or
private (including any sale or exchanges that may close simultaneously with the
Exchange contemplated hereby);

     (ii) (A) the representations and warranties of the Company set forth in Article III
of
this Agreement shall be true and correct in all material respects as though made on
and as of the Closing Date (other than representations and warranties that by their
terms speak as of another date, which representations and warranties shall be true
and correct in all material respects as of such other date), except to the extent
that the failure of such representations and warranties to be so true and correct
(without giving effect to any qualifiers or exceptions relating to materiality or
Company Material Adverse Effect (as defined below)), individually or in the
aggregate or the failure to comply with such covenants, does not have and would not
reasonably be likely to have a Company Material Adverse Effect and (B) the Company
shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or prior to the Closing;

2

 

     (iii) the Investor shall have received a certificate signed on behalf of the
Company by a senior executive officer of the Company certifying to the effect that
the conditions set forth in Section 1.2 (c) and (d)(i) and (ii) have been
satisfied;

     (iv)
the Investor shall have received an amount equal to all accrued and
unpaid distributions on the Trust Shares to, but excluding, the Closing Date in
cash to an account designated by the Investor;

     (v) the Company shall have delivered one or more certificates in proper form
evidencing the Common Shares to the Investor or its designee(s), which certificate or
certificates shall be issued without any restrictive legend;

     (vi) the Company shall have delivered to the Investor written opinions from
outside counsel to the Company, addressed to the Investor and dated as of the
Closing Date, in substantially the form attached hereto as Annex D; and

     (e) The obligation of the Company and the Subsidiary to consummate the Exchange is also
subject to
the fulfillment (or waiver by the Company and the Subsidiary) at or prior to the Closing of each of
the following conditions: (i) the representations and warranties of the Investor set forth in this
Agreement shall be true and correct in all respects as though made on and as of the Closing Date
(other than representations and warranties that by their terms speak as of another date, which
representations and warranties shall be true and correct in all respects as of such other date) and
the covenants of the Investor hereunder shall have been complied with, except to the extent that
the failure of such representations and warranties to be so true and correct (without giving effect
to any qualifiers or exceptions relating to materiality or Investor Material Adverse Effect (as
defined below)), individually or in the aggregate or the failure to comply with such covenants,
does not have and would not reasonably be likely to have an Investor Material Adverse Effect and
(ii) the Investor shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or prior to the Closing.

     Section 1.3 Interpretation.

     When a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” “Annexes”
or “Schedules” such reference shall be to a Recital, Article or Section of, or Annex or Schedule
to, this Agreement, unless otherwise indicated. The terms defined in the singular have a
comparable meaning when used in the plural, and vice versa. References to “herein”, “hereof”,
“hereunder” and the like refer to this Agreement as a whole and not to any particular section or
provision, unless the context requires otherwise. The table of contents and headings contained in
this Agreement are for reference purposes only and are not part of
this Agreement. Whenever the
words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
followed by the words “without limitation.” No rule of construction against the draftsperson shall
be applied in connection with the interpretation or enforcement of this Agreement, as this
Agreement is the product of negotiation between sophisticated parties advised by counsel. All
references to “$” or “dollars” mean the lawful currency of the United States of America. Except as
expressly stated in this Agreement, all references to any statute, rule or regulation are to the
statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and,
in the case of statutes, include any rules and regulations promulgated under the statute) and to
any section of any statute, rule or regulation include any successor to the section. References to
a “business day” shall mean any day except Saturday, Sunday and any day on which banking
institutions in New York, New York, Birmingham, Alabama or Wilmington, Delaware generally are
authorized or required by law, regulation or executive order to remain closed or are customarily
closed.

3

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

     The Investor represents and warrants to the Company as of the date hereof and as of the
Closing Date that:

     Section 2.1 Status.

     The Investor is validly existing and continuing to operate under the laws of the Commonwealth
of Massachusetts, with the necessary power and authority to own its properties and conduct its
business in all material respects as currently conducted.

     Section 2.2
Authorization, Enforceability.

     The Investor has the power and authority to execute and deliver the Transaction Documents to
which it is a party and to carry out its obligations hereunder and thereunder. The execution,
delivery and performance by the Investor of the Transaction Documents to which it is a party and
the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Investor, and no further approval or authorization is required on the part of
the Investor. The Transaction Documents to which the Investor is a party are or will be a valid
and binding obligation of the Investor enforceable against the Investor in accordance with their
respective terms, except as the same may be limited by the Bankruptcy or Similar Exceptions.

     Section 2.3 Ownership.

     (a) The Investor is the record and beneficial owner of the Trust Shares, free and clear of
any lien, security interest, charge or encumbrance and any other limitation or restriction
(including any restriction on the right to vote, sell or otherwise dispose of the Trust Shares)
and will transfer and deliver to the Company at the Closing valid title to the Trust Shares free
and clear of any lien, security interest, charge or encumbrance and any such limitation or
restriction.

     (b) As of the date hereof, the Investor does not beneficially own any of the outstanding
shares of Common Stock. As of the consummation of the Exchange, the Investor will not beneficially
own more than 5% of the outstanding shares of Common Stock or voting power of the Company. The
Investor does not have an agreement, arrangement or understanding with any person (other than the
Company) to acquire, dispose of or vote any securities of the Company.

     Section 2.4 Non-Contravention.

     The execution, delivery and performance by the Investor of this Agreement and the consummation
of the transactions contemplated hereby and compliance by the Investor with the provisions hereof,
will not (a) violate, conflict with, or result in a breach of any provision of, or constitute a
default (or an event which, with notice or lapse of time or both, would constitute a default)
under, or result in the termination of, or accelerate the performance required by, or result in a
right of termination or acceleration of, or result in the creation of, any lien, security interest,
charge or encumbrance upon any of the properties or assets of the Investor under any of the terms,
conditions or provisions of (i) its organizational documents, or (ii) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the
Investor is a party or by which it may be bound, or to which the Investor or any of the properties
or assets of the Investor may be subject, or (b) subject to compliance with the statutes and
regulations referred to in the next paragraph, violate any statute, rule or regulation or any
judgment, ruling, order, writ, injunction or decree applicable to the Investor or its properties or
assets except, in the case of clauses (a)(ii) and (b), for those occurrences that, individually or
in the aggregate, have not had and would not be reasonably likely to have an Investor Material
Adverse Effect. “Investor Material Adverse Effect” means a material adverse effect on the
ability of the Investor to consummate the Exchange and the other transactions contemplated by this
Agreement.

     Other than in connection or in compliance with the provisions of the Securities Act and the
securities or blue sky laws of the various states, to the Investor’s knowledge, without inquiry,
no notice to, filing with, exemption

4

 

or review by, or authorization, consent or approval of, any Governmental Entity is required to be
made or obtained by the Investor in connection with the consummation by the Investor of the
Exchange and the other transactions contemplated by this Agreement, except as would not reasonably
be expected to have a material adverse effect on the ability of the Investor to consummate the
Exchange and other transactions contemplated by this Agreement.

     Section 2.5 Investor Securities Law Representation.

     (a) The Investor has knowledge, skill and experience in financial, business and equity
investments in entities such as the Company and is capable of evaluating the merits and risks of
such investment and protecting the Investor’s interest in connection with the acquisition of the
Common Shares. The Investor understands that the acquisition of the Common Shares is a speculative
investment and involves substantial risks and that the Investor could lose the Investor’s entire
investment in the Common Shares. Further, the Investor has taken full cognizance of and understands
all of the risks related to the purchase of the Common Shares. To the extent deemed necessary by
the Investor, the Investor has retained, at its own expense, and relied upon, appropriate
professional advice regarding the investment, tax and legal merits and consequences of purchasing
and owning the Common Shares. The Investor has the ability to bear the economic risks of the
Investor’s investment in the Company, including a complete loss of the investment, and the Investor
has no need for liquidity in such investment.

     (b) The Investor has been furnished by the Company all information (or provided access to all
information) regarding the business and financial condition of the Company, its expected plans for
future business activities, the attributes of the Common Shares and the merits and risks of an
investment in the Common Shares which the Investor has requested or otherwise believes that the
Investor needs in order to evaluate the investment in the Company.

     (c) In making the Investor’s investment decision, the Investor is relying solely on
investigations made by the Investor and the Investor’s representative(s), if any. The Company’s
offer to exchange the Common Shares was communicated to the Investor in such a manner that the
Investor was able to ask questions of and receive answers from the management of the Company
concerning the terms and conditions of the Exchange, and that at no time was the Investor
presented with or solicited by or through any advertisement, article, leaflet, public promotional
meeting, notice or other communication published in any newspaper, magazine or similar media or
broadcast over television or radio or presented at any seminar or meeting or any other form of
general or public advertising or solicitation.

     (d) The Investor acknowledges that the Investor has been advised that:

     (i) The Common Shares have not been approved or disapproved by the Securities
and Exchange Commission (the “SEC”) or any state securities commission, nor
has the SEC or any state securities commission passed upon the accuracy or adequacy
of any representations by the Company; and

     (ii) In making an investment decision, the Investor must rely on its own
examination of the Company and the terms of the proposed sale to the Investor of
the Common Shares, including the merits and risks involved, The Common Shares have
not been recommended by any federal or state securities commission or other
regulatory authority. Furthermore, the foregoing authorities have not confirmed the
accuracy or determined the adequacy of any representation by the Company.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND SUBSIDIARY

     Except as Previously Disclosed, the Company and, as applicable, the Subsidiary represent and
warrant to Investor as of the date hereof and as of the Closing Date that:

5

 

     Section 3.1
Existence and Power.

     (a) Organization, Authority and Significant Subsidiaries. The Company is duly
organized, validly existing and in good standing under the laws of the State of Delaware and has
all necessary power and authority to own, operate and lease its properties and to carry on its
business as it is being currently conducted, and except as has not, individually or in the
aggregate, had and would not reasonably be expected to have a Company Material Adverse Effect, has
been duly qualified as a foreign corporation for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification; each subsidiary of the Company that is
a “significant subsidiary” within the meaning of Rule 1-02(w) of Regulation S-X under the
Securities Act (“Significant Subsidiary”) including, but not limited to, the Subsidiary, has been
duly organized and is validly existing in good standing under the laws of its jurisdiction of
organization. The Charter and bylaws of the Company, copies of which have been provided to the
Investor prior to the date hereof, are true, complete and correct copies of such documents as in
full force and effect as of the date hereof.

     (b) Capitalization.
The authorized capital stock of the Company, and the outstanding
capital stock of the Company (including securities convertible into, or exercisable or
exchangeable for, capital stock of the Company) as of the most recent fiscal month-end preceding
the date hereof (the “Capitalization Date”) is set forth on Schedule A. The outstanding
shares of capital stock of the Company have been duly authorized and are validly issued and
outstanding, fully paid and nonassessable, and subject to no preemptive rights (and were not
issued in violation of any preemptive rights). Except as provided in the Warrant (described on
Schedule A), as of the date hereof, the Company does not have outstanding any securities or other
obligations providing the holder the right to acquire Common Stock that is not reserved for
issuance as specified on Schedule A, and the Company has not made any other commitment to
authorize, issue or sell any Common Stock. Since the Capitalization Date, the Company has not
issued any shares of Common Stock other than (i) shares issued upon the exercise of stock options
or delivered under other equity-based awards or other convertible securities or warrants which
were issued and outstanding on the Capitalization Date and disclosed on Schedule A and (ii) shares
disclosed on Schedule A.

     Section 3.2 Authorization and Enforceability.

     (a) Each of the Company and the Subsidiary has the corporate power and authority to execute
and deliver this Agreement and to carry out its obligations hereunder.

     (b) The execution, delivery and performance by each of the Company and the Subsidiary of this
Agreement and the Transaction Documents and the consummation of the transactions contemplated
hereby and thereby, have been duly authorized by all necessary corporate action on the part of the
Company and the Subsidiary and, if any, its respective stockholders or members, and no further
approval or authorization is required on the part of the Company or the Subsidiary, subject to the
necessity of obtaining stockholder approval if required by NASDAQ. This Agreement and any related
transaction documents to which the Company or the Subsidiary is a party are valid and binding
obligations of the Company and the Subsidiary, enforceable against the Company and the Subsidiary
in accordance with its and their terms, subject to the Bankruptcy or Similar Exceptions.

     Section 3.3 Valid Issuance of Common Shares.

     The Common Shares have been duly and validly authorized and when issued and delivered
pursuant to this Agreement, such Common Shares will be duly and validly issued and fully paid and
non-assessable and will not be issued in violation of any pre-emptive rights, resale rights,
rights of first refusal or similar rights.

     Section 3.4 Non-Contravention.

     (a) The execution, delivery and performance by the Company of this Agreement, and the
consummation of the transactions contemplated hereby, and compliance by the Company with the
provisions hereof and thereof, will not (i) violate, conflict with, or result in a breach of any
provision of, or constitute a default (or an event which, with notice or lapse of time or both,
would constitute a default) under, or result in the termination of, or accelerate the performance
required by, or result in a right of termination or acceleration of, or result in the creation of,
any lien, security interest, charge or encumbrance upon any of the properties or assets of the
Company or any

6

 

Company subsidiary under any of the terms, conditions or provisions of (A) its organizational
documents or (B) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or
other instrument or obligation to which the Company or any Company Subsidiary is a party or by
which it or any Company Subsidiary may be bound, or to which the Company or any Company Subsidiary
or any of the properties or assets of the Company or any Company Subsidiary may be subject, or (ii)
subject to compliance with the statutes and regulations referred to in the next paragraph, violate
any statute, rule or regulation or any judgment, ruling, order, writ, injunction or decree
applicable to the Company or any Company Subsidiary or any of their respective properties or assets
except, in the case of clauses (i)(B) and (ii)(B), for those occurrences that, individually or in
the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse
Effect.

     (b) Other than the filing of any current report on Form 8-K required to be filed with the
SEC, such
filings and approvals as are required to be made or obtained under any state “blue sky” laws and
such consents and approvals that have been made or obtained, no notice to, filing with, exemption
or review by, or authorization, consent or approval of, any Governmental Entity is required to be
made or obtained by the Company in connection with the consummation by the Company of the Exchange
except for any such notices, filings, exemptions, reviews, authorizations, consents and approvals
the failure of which to make or obtain would not, individually or in the aggregate, reasonably be
expected to have a Company Material Adverse Effect.

     Section 3.5 No Company Material Adverse Effect.

     Since September 30, 2009, no fact, circumstance, event, change, occurrence, condition or
development has occurred that, individually or in the aggregate, has had or would reasonably be
likely to have a Company Material Adverse Effect, except as disclosed on Schedule B.

     Section 3.6 Offering of Securities.

     Neither the Company nor any person acting on its behalf has taken any action (including any
offering of any securities of the Company under circumstances which would require the integration
of such offering with the offering of the Common Shares under the Securities Act and the rules and
regulations of the SEC promulgated thereunder), which might subject the offering, issuance or sale
of the Common Shares to the Investor pursuant to this Agreement to the registration requirements
of the Securities Act.

     Section 3.7 Brokers and Finders.

     No broker, finder or investment banker is entitled to any financial advisory, brokerage,
finder’s or other fee or commission in connection with this Agreement or the transactions
contemplated hereby based upon arrangements made by or on behalf of the Company or any Company
Subsidiary for which the Investor could have any liability.

     Section 3.8 Company Financial Statements.

     (a) The consolidated financial statements of the Company and its consolidated subsidiaries
included or incorporated by reference in the Company’s annual report on Form 10-K for the fiscal
year ended December 31, 2008 (the “Company 10-K”), present fairly in all material respects
the consolidated financial position of the Company and its consolidated subsidiaries as of the
dates indicated therein and the consolidated results of their operations for the periods specified
therein; and except as stated therein, such financial statements were prepared in conformity with
GAAP applied on a consistent basis.

     (b) The Company and its subsidiaries do not have any liabilities or obligations (accrued,
absolute, contingent or otherwise) of a nature that would be required to be accrued or reflected
in a consolidated balance sheet prepared in accordance with GAAP, other than liabilities or
obligations (i) reflected on, reserved against, or disclosed in the notes to, the Company’s
consolidated balance sheet included in the Company 10-K, (ii) that are reflected or disclosed in
any Current Reports on Form 8-K or Quarterly Reports on Form 10-Q or (iii) that otherwise,
individually or in the aggregate, would not be reasonably likely to have a Company Material
Adverse Effect.

7

 

     Section 3.9 Proceedings.

     (a) As of the date of this Agreement, there is no litigation or similar proceeding pending
or, to the Company’s knowledge, threatened to which the Company or any of its subsidiaries is a
party or of which any property of the Company or any of its subsidiaries is the subject which the
Company’s management believes, individually or in the aggregate, has had or would be reasonably
likely to have a Company Material Adverse Effect.

     (b) Neither the Company nor any of its Significant Subsidiaries is a party to any written
agreement or memorandum of understanding with, or a party to any commitment letter or similar
undertaking to, or is subject to any order or directive by or is a recipient of any supervisory
letter from, or has adopted any board resolutions at the request of, any bank regulatory authority
that, in any such case, is currently in effect and has had or would be reasonably expected to have
a Company Material Adverse Effect.

     Section 3.10 Compliance with Laws; Permits.

     (a) The Company is a registered thrift holding company and, as of the date hereof, both it
and all of its depository institution subsidiaries were deemed to be “well capitalized” under
applicable Office of Thrift Supervision statutes and regulations. The Company and each of its
subsidiaries have conducted their businesses in compliance with all applicable federal, state and
foreign laws, regulations and applicable stock exchange requirements, including all laws and
regulations restricting activities of thrift holding companies and thrift organizations, except
for any noncompliance that, individually or in the aggregate, has not had and would not be
reasonably likely to have a Company Material Adverse Effect.

     (b) The Company and each subsidiary have all permits, licenses, authorizations, orders and
approvals of, and have made all filings, applications and registrations with, any Governmental
Entities that are required in order to carry on their business as presently conducted, except
where the failure to have such permits, licenses, authorizations, orders and approvals or the
failure to make such filings, applications and registrations, individually or in the aggregate,
have not had and would not be reasonably likely to have a Company Material Adverse Effect; and all
such permits, licenses, certificates of authority, orders and approvals are in full force and
effect and, to the knowledge of the Company, no suspension or cancellation of any of them is
threatened, and all such filings, applications and registrations are current, except where such
absence, suspension or cancellation, individually or in the aggregate, have not had and would not
be reasonably likely to have a Company Material Adverse Effect.

     Section 3.11 Reports.

     (a) Since December 31, 2006, the Company has complied in all material respects with the
filing requirements of Sections 13(a), 14(a) and 15(d) of the
Exchange Act.

     (b) The Company’s 10-K and any reports or forms (after amendment where applicable) filed with
the SEC pursuant to the requirements of the Securities Act or the Exchange Act on or after January
1, 2009, when they were filed or became effective (taking into account, amendments where
applicable) with the SEC, as the case may be, conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder, and did not when filed (taking into account, amendments where
applicable) with the SEC, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances in which they were made, not misleading.

     (c) Since December 31, 2006, the Company and each subsidiary have filed all material reports,
registrations and statements, together with any required amendments thereto, that it was required
to file with the Office of Thrift Supervision (the “OTS”), the FDIC and any other
applicable federal or state securities or banking authorities, except where the failure to file any
such report, registration or statement, individually or in the aggregate, has not had and would not
be reasonably likely to have a Company Material Adverse Effect. As of their respective dates, each
of the foregoing reports complied with all applicable rules and regulations promulgated by the OTS,
the FDIC and any other applicable foreign, federal or state securities or banking authorities, as
the case may be, except for any failure that, individually or in the aggregate, have not had and
would not be reasonably likely to have a Company Material Adverse Effect.

8

 

     (d) The records, systems, controls, data and information of the Company and the
subsidiaries are
recorded, stored, maintained and operated under means (including any electronic, mechanical or
photographic process, whether computerized or not) that are under the exclusive ownership and
direct control of the Company or the subsidiaries or their accountants (including all means of
access thereto and therefrom). The Company (1) has implemented and maintains disclosure controls and
procedures (as defined in Rule 13a-15(e) under the Exchange Act) to ensure that material
information relating to the Company and its subsidiaries is made known to the chief executive
officer and the chief financial officer of the Company by others within those entities, and (ii)
has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s
outside auditors and the audit committee of the Company’s board of directors (A) any significant
deficiencies and material weaknesses in the design or operation of internal controls over financial
reporting (as defined in Rule 13a-15(f) under the Exchange Act) that are reasonably likely to
adversely affect the Company’s ability to record, process, summarize and report financial
information and (B) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company’s internal controls over financial reporting. To the
knowledge of the Company, there is no reason that its outside auditors and its chief executive
officer and chief financial officer will not be able to give the certifications and attestations
required pursuant to the rules and regulations adopted pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002, without qualification, when next due.

ARTICLE IV

COVENANTS

     Section 4.1 Commercially Reasonable Efforts.

     Subject to the terms and conditions of this Agreement, each of the parties will use its
commercially reasonable efforts in good faith to take, or cause to be taken, all actions, and to
do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable
laws, so as to permit consummation of the Exchange as promptly as practicable and otherwise to
enable consummation of the transactions contemplated hereby and shall use commercially reasonable
efforts to cooperate with the other party to that end.

     Section 4.2 Expenses.

     Unless otherwise provided in this Agreement, each of the parties hereto will bear and pay all
costs and expenses incurred by it in connection with the transactions contemplated under this
Agreement.

     Section 4.3 Exchange Listing and Registration.

     The Company shall, at the Company’s expense, cause, (a) subject to applicable listing rules,
the Common Shares to be listed on the NASDAQ Global Market, subject to official notice of
issuance, and shall maintain such listing for so long as any Common Stock is listed on such
exchange; and (b) if the Common Shares are not freely tradable in the hands of the Investor as
contemplated by Article V hereof, the Common Shares to be issued to the Investor pursuant to a
registration statement filed with the SEC such that the Common Shares will be immediately tradable
in the hands of the Investor.

     Section 4.4 Certain Notifications Until Closing.

     From the date hereof until the Closing, the Company shall promptly notify the Investor of (a)
any fact, event or circumstance of which it is aware and which would reasonably be likely to cause
any representation or warranty of the Company contained in this Agreement to be untrue or
inaccurate in any material respect or to cause any covenant or agreement of the Company contained
in this Agreement not to be complied with or satisfied in any material respect and (b) except as
Previously Disclosed, any fact, circumstance, event, change, occurrence, condition or development
of which the Company is aware and which, individually or in the aggregate, has had or would
reasonably be likely to have a Company Material Adverse Effect; provided, however, that delivery
of any notice pursuant to this Section 4.4 shall not limit or affect any rights of or remedies
available to the Investor.

9

 

     Section 4.5 Stockholder’s Meeting.

     (a) It is currently contemplated by the Company that it may issue a significant number of
shares of its Common Stock in other transactions or offerings between the date of this agreement
and March 31, 2010. The number of shares of Common Stock issued in such transactions or offerings
may be sufficiently great to abrogate any requirement under NASDAQ rules for stockholder approval
of the Exchange. If by March 31, 2010, stockholder approval of the Exchange would still be
required by applicable NASDAQ rules, the Company shall hold a meeting of its stockholders (which
may be its annual meeting or a special meeting) as promptly as practicable to seek approval of the
Exchange and the issuance of the Common Shares pursuant to this Agreement (the “Proposals”). The
Board of Directors shall recommend to the Company’s stockholders that such stockholders vote in
favor of the Proposals. In connection with such meeting, the Company shall prepare (and the
Investor will provide information reasonably required by the Company to be included therein) and
file with the Securities and Exchange Commission (the “SEC”) as promptly as practicable a
preliminary proxy statement. The Company shall use its reasonable best efforts to respond to any
comments of the SEC or its staff thereon and to cause a definitive proxy statement related to such
stockholders’ meeting or consent to be mailed to the Company’s stockholders, and the Company shall
use its reasonable best efforts to solicit proxies for such stockholder approval of the Proposals.
Each of the Investor and the Company agrees promptly to correct any information provided by it or
on its behalf for use in the proxy statement if and to the extent that such information shall have
become false or misleading in any material respect.

     (b) None of the information supplied by the Company for inclusion in any proxy statement in
connection with any such stockholders meeting of the Company or consent will, at the date it is
filed with the SEC, when first mailed to the Company’s stockholders and at the time of any
stockholders meeting, and at the time of any amendment or supplement thereof, contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they are made, not misleading.

     Section 4.6 Publicity. No public release or announcement concerning the
transactions contemplated
hereby shall be issued by either party without the prior consent of the other party (which consent
shall not be unreasonably withheld or delayed), except as such release or announcement may be
required by law or the rules or regulations of any United States or foreign securities exchange,
in which case the party required to make the release or announcement shall, to the extent
reasonably practicable, allow the other party reasonable time to comment on such release or
announcement in advance of such issuance. The provisions of this Section 4.6 shall not restrict
the ability of a party hereto to summarize or describe the transactions contemplated by this
Agreement in any prospectus or similar offering document or other report required by law,
regulation stock exchange or rule so long as the other party is provided a reasonable opportunity
to comment on such disclosure in advance.

     Section 4.7 Withholding of Tax. All payments with respect to the Common Stock issued
in exchange
for, or pursuant to the terms of, any of the foregoing instruments (the “Covered
Securities”) shall be subject to withholding and backup withholding to the extent required by
law. If, prior to making any payment with respect to Covered Securities held by the Investor, the
Company receives from the Investor a duly executed, valid, accurate and properly completed IRS Form
W-9 evidencing the entitlement of such entity to an exemption from backup withholding with respect
to such payment, and the Company does not know, or have reason to know that such exemption is not
available, the Company shall, and shall cause its paying agent to, make such payment with respect
to such Covered Securities (including the transfers by the Company pursuant to the Exchange), free
and clear of backup withholding of United States federal income tax, as supported by such form.

ARTICLE V

SECURITIES LAW CONSIDERATIONS

     The issuance of the Common Shares upon exchange of the Trust Shares is intended to be exempt
from registration pursuant to Section 

3(a)(9) of the Securities Act. Since the Investor has held
the Trust Shares for a sufficient period of time under Rule 144 promulgated pursuant to the
Exchange Act such that the Trust Shares would be freely tradable by the Investor, all the Common
Shares issued to the Investor pursuant to this Agreement

10

 

will be freely tradable under U.S. securities laws by such Investor. The Company shall cooperate
with the Investor to effect any transfer of the Common Shares by the Investor and to facilitate the
timely preparation and delivery of certificates representing Common Shares to be delivered to any
transferee of the Investor, which certificates shall be free, to the extent permitted under law, of
all restrictive legends, and to enable such Common Shares to be in such denominations and
registered in such names as the Investor may reasonably request.

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Termination.

     This Agreement may be terminated at any time prior to the Closing:

     (a) by either the Investor or the Company if the Closing shall not have occurred by June 30,
2010; provided, however, that the right to terminate this Agreement under this Section 6.1(a)
shall not be available to any party whose breach of any representation or warranty or failure to
perform any obligation under this Agreement shall have caused or resulted in the failure of the
Closing to occur on or prior to such date;

     (b) by either the Investor or the Company in the event that any Governmental Entity shall
have issued an order, decree or ruling or taken any other action restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement and such order, decree,
ruling or other action shall have become final and nonappealable;

     (c) by the mutual written consent of the Investor and the Company; or

     (d) by Investor, if the Company has suffered a Company Material Adverse Effect as defined in
Section 6.7(d) hereof;

     In the event of termination of this Agreement as provided in this Section 6.1, this Agreement
shall forthwith become void and there shall be no liability on the part of either party hereto
except that nothing herein shall relieve either party from liability for any breach of this
Agreement.

     Section 6.2 Survival of Representations and Warranties.

     The representations and warranties of the Company made herein or in any certificates
delivered in connection with the Closing shall survive the Closing for a period of one year after
Closing; provided that the representations and warranties made in Sections 3.1, 3.2 or 3.3 shall
survive Closing until the expiration of the applicable statute of limitations. The representations
of the Investor made herein or in any certificates delivered in connection with the Closing shall
survive the Closing for a period of one year after the Closing; provided that the representations
and warranties made in Sections 2.1, 2.2 and 2.5 shall survive Closing until the expiration of the
applicable statute of limitations.

     Section 6.3 Amendment.

     No amendment of any provision of this Agreement will be effective unless made in writing and
signed by an officer or a duly authorized representative of each of the Company, the Subsidiary and
the Investor; provided that the Investor may unilaterally amend any provision of this Agreement to
the extent required to comply with any changes after the date hereof in applicable federal
statutes. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative of any rights or remedies provided by law.

11

 

     Section 6.4 Waiver of Conditions.

     The conditions to each party’s obligation to consummate the Exchange are for the sole benefit
of such party and may be waived by such party in whole or in part to the extent permitted by
applicable law. No waiver will be effective unless it is in a writing signed by a duly authorized
officer of the waiving party that makes express reference to the provision or provisions subject to
such waiver.

     Section 6.5 Governing Law; Submission to Jurisdiction, Etc.

     This 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 Delaware applicable to contracts made and to be performed entirely within such
State. Each of the parties hereto agrees (a) to submit to the jurisdiction and venue of the United
States District Court for the Northern District of Alabama for any and all civil actions, suits or
proceedings arising out of or relating to this Agreement or the Exchange contemplated hereby and
(b) that, to the fullest extent permitted by law, notice may be served upon (i) the Company at the
address and in the manner set forth for notices to the Company in Section 6.6 and (ii) the Investor
in accordance with applicable law. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES
HERETO HEREBY UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY CIVIL LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR THE EXCHANGE CONTEMPLATED HEREBY.

     Section 6.6 Notices.

     Any notice, request, instruction or other document to be given hereunder by any party to the
other will be in writing and will be deemed to have been duly given (a) on the date of delivery if
delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business
day following the date of dispatch if delivered by a recognized next day courier service. All
notices hereunder shall be delivered as set forth below or pursuant to such other instructions as
may be designated in writing by the party to receive such notice.

     If to the Company or the Subsidiary:

Superior Bancorp

17 North Twentieth Street

Birmingham, Alabama 35203

Attention: James A. White

Facsimile: 205-488-3335

email: jim.white@superiorbank.com

Telephone: (205) 327-3656

Attention: William H. Caughran

Facsimile: 205-488-3335

email: bill.caughran@superiorbank.com

Telephone: (205) 327-3615

     With a copy to:

Haskell Slaughter Young & Rediker, LLC

1400 Park Place Tower

2001 Park Place North

 Birmingham, Alabama 35203

Attention: Robert E. Lee Garner

Facsimile: (205) 324-1133

email: relg@hsy.com

Telephone: (205) 254-1417 

Attention: Kimberly L. Hager 

Facsimile: (205) 324-1133

email: klh@hsy.com 

Telephone: (205) 254-1473

12

 

     If to the Investor:

Cambridge Savings Bank

1374 Massachusetts Avenue

Cambridge, MA 02138

Attention: Wayne F. Patenaude, Executive Vice President, Chief Financial Officer and Treasurer

Facsimile: (617) 864-8812

Email: wpatenaude@cambridgesavings.com

Telephone: (617) 441-4183

     With a copy to:

Goodwin Procter LLP

Exchange Place, 53 State Street

Boston, MA-02109

Attention: William P. Mayer, Esq.

Facsimile: (617) 523-1231

email: wmayer@goodwinprocter.com

Telephone: (617) 570-1534

Attention: Eric R. Fischer, Esq.

Facsimile: (617) 523-1231

email: efischer@goodwinprocter.com

Telephone: (617) 570-1522

     Section 6.7 Definitions.

     (a) When a reference is made in this Agreement to a subsidiary of a person, the term
“subsidiary” means any corporation, partnership, joint venture, limited liability company or other
entity (i) of which such person or a subsidiary of such person is a general partner or (ii) of
which a majority of the voting securities or other voting interests, or a majority of the
securities or other interests of which having by their terms ordinary voting power to elect a
majority of the board of directors or persons performing similar functions with respect to such
entity, is directly or indirectly owned by such person and/or one or more subsidiaries thereof.

     (b) The term “Affiliate” means, with respect to any person, any person directly or
indirectly controlling, controlled by or under common control with, such other person. For purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) when used with respect to any person, means the possession, directly
or indirectly, of the power to cause the direction of management and/or policies of such person,
whether through the ownership of voting securities by contract or otherwise.

     (c) The term “Bankruptcy or Similar Exceptions” means as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and general equitable principles, regardless of whether such
enforceability is considered in a proceeding at law or in equity.

     (d) The term “Company Material Adverse Effect” means a material adverse effect on (i)
the business, results of operation or financial condition of the Company and its consolidated
subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not
be deemed to include the effects of (A) changes after the date hereof in general business,
economic or market conditions (including changes generally in prevailing interest rates, credit
availability and liquidity, currency exchange rates and price levels or trading volumes in the
United States or foreign securities or credit markets), or any outbreak or escalation of
hostilities, declared or undeclared acts of war or terrorism, in each case generally affecting the
industries in which the Company and its subsidiaries operate, (B) changes or proposed changes
after the date hereof in GAAP or regulatory accounting requirements, or authoritative
interpretations thereof, (C) changes or proposed changes after date hereof in securities, banking
and other laws of general applicability or related policies or interpretations of Governmental

13

 

Entities (in the case of each of these clauses (A), (B) and (C), other than changes or occurrences
to the extent that such changes or occurrences have or would reasonably be expected to have a
materially disproportionate adverse effect on the Company and its consolidated subsidiaries taken
as a whole relative to comparable U.S. banking or financial services organizations), or (D)
changes in the market price or trading volume of the Common Stock or any other equity,
equity-related or debt securities of the Company or its consolidated subsidiaries (it being
understood and agreed that the exception set forth in this clause (D) does not apply to the
underlying reason giving rise to or contributing to any such change); or (ii) the ability of the
Company to consummate the Exchange and the other transactions contemplated by this Agreement and
perform its obligations hereunder on a timely basis.

     (e) The term “Previously Disclosed” means information set forth or incorporated in
the Company’s Annual Report on Form 10-K for the most recently completed fiscal year of the
Company filed with SEC prior to the date hereof or in its other reports and forms filed with or
furnished to the SEC under Sections 13(a), 14(a) or 15(d) of the Exchange Act on or after the last
day of the most recently completed fiscal year of the Company and prior to the date hereof.

	 	(f)	 	(i)    The term “Securities Act” means the Securities Act of 1933 as amended.
	 
	 	 	 	(ii)    The term “Exchange Act” means the Securities Exchange Act of 1934, as
amended.

     (g) the phrase “simultaneously with” an event means anything that occurs within two business
days of
such event.

     (h) To the extent any securities issued pursuant to this Agreement or the transactions
contemplated
hereby are registered in the name of a designee of the Investor pursuant to Section 6.8(c) or
transferred to an Affiliate of the Investor, all references herein to the Investor holding or
owning any debt or equity securities of the Company, Common Shares or Registrable Securities (and
any like variations thereof) shall be deemed to refer to the Investor, together with such
designees and/or Affiliates, holding or owning any debt or equity securities, Common Shares or
Registrable Securities (and any like variations thereof), as applicable.

     Section 6.8 Assignment.

     Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or
by reason hereof shall, to the fullest extent permitted by law, be assignable by any party hereto
without the prior written consent of each other party, and any attempt to assign any right,
remedy, obligation or liability hereunder without such consent shall be void, except (a) an
assignment, in the case of a Business Combination where such party is not the surviving entity, or
a sale of substantially all of its assets, to the entity which is the survivor of such Business
Combination or the purchaser in such sale, and (c) an assignment by the Investor of this Agreement
to an Affiliate of the Investor; provided that if the Investor assigns this Agreement to an
Affiliate, the Investor shall be relieved of its obligations under this Agreement and all rights
and obligations of the Investor hereunder shall be exercised by, and shall be the responsibility
of, such Affiliate. “Business Combination” means a merger, consolidation, statutory share exchange
or similar transaction that requires the approval of the
Company’s stockholders.

     Section 6.9 Severability.

     If any provision of this Agreement, or the application thereof to any person or circumstance,
is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the
remaining provisions hereof, or the application of such provision to persons or circumstances
other than those as to which it has been held invalid or unenforceable, will remain in full force
and effect and shall in no way be affected, impaired or invalidated thereby, so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination, the parties shall negotiate in good
faith in an effort to agree upon a suitable and equitable substitute provision to effect the
original intent of the parties.

     Section 6.10 No Third-Party Beneficiaries.

     Nothing contained in this Agreement, expressed or implied, is intended to confer upon any
person or entity other than the Company, the Trust and the Investor any benefit, right or remedies,
except that the provisions of

14

 

Sections 4.4 and 5.4 shall inure to the benefit of the persons holding Capital Shares during any
tacked holding period, as contemplated by that Section.

     Section 6.11
Entire Agreement, Etc.

     This Agreement (including the Annexes and Schedules hereto) constitute the entire agreement,
and supersede all other prior agreements, understandings, representations and warranties, both
written and oral, between the parties, with respect to the subject matter hereof.

     Section 6.12
Counterparts and Facsimile.

     For the convenience of the parties hereto, this 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
Agreement may be delivered by facsimile and such facsimiles will be deemed as sufficient as if
actual signature pages had been delivered.

     Section 6.13 Federal Income Tax Treatment.

     The Company, the Subsidiary and the Investor intend the Exchange be treated as a
reorganization pursuant to Section 368(a)(1)(E) of the Code (i.e., a recapitalization of the
Company), each of the parties be a party to a reorganization, as that term is defined in Section
368(b) of the Code, and this Agreement constitute and reflect a “plan of reorganization”, as that
term is defined in Treasury Regulation § 1.368-2(g).

15

 

     IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	SUPERIOR BANCORP

 	 
	 	By:  	/s/ James A. White
 	 
	 	Name:  James A. White 	 
	 	Title:  Chief Financial Officer 	 
	 
	 	SUPERIOR HOLDINGS, LLC

 	 
	 	By:  	Superior Bancorp
 	 
	 	Its:   	Member 	 	 
	 	 	 
	 	By:  	                                     /s/ James A. White
 	 
	 	Name:  James A. White 	 
	 	Title:  Chief Financial Officer 	 
	 
	 	CAMBRIDGE SAVINGS BANK

 	 
	 	By:  	/s/
Wayne F. Patenaude
 	 
	 	Name:  Wayne F. Patenaude 	 
	 	Title:  Executive Vice President and Chief Financial Officer 	 
	 

[Signature Page of Exchange Agreement]

16

 

SCHEDULE A 

CAPITALIZATION

     Common Stock

     Par
value: $0.001

     Total Authorized: 200,000,000 Outstanding: 11,667,794

     Subject to warrants, options, convertible securities, etc.: 3,849,439

     Reserved for benefit plans and other issuances: 0

     Remaining
authorized but unissued: 184,482,767

     Shares issued after Capitalization Date (other than pursuant to warrants, options, convertible
securities, etc. as set forth above): None

     Preferred Stock

     Par value: None

     Total Authorized: 5,000,000

     Outstanding (by series): None.

     Reserved for issuance: None

     Remaining
authorized but unissued: 4,931,000

 

 

SCHEDULE B

     Response to Section 3.5: [to be completed if applicable]

 

 

ANNEX D

FORM OF OPINION

     (a) The Company is duly organized, validly existing and in good standing under the laws of
the State of Delaware. The Subsidiary is organized and validly existing under the Laws of the
State of Alabama.

     (b) Each of the Company and the Subsidiary has the corporate power and authority to execute
and deliver the Exchange Agreement and to carry out its obligations thereunder.

     (c) The execution, delivery and performance by each of the Company and the Subsidiary of the
Exchange Agreement, and the consummation of the transactions contemplated thereby, have been duly
authorized by all necessary corporate action on the part of the Company and the Subsidiary, and no
further approval or authorization is required on the part of the Company and the Subsidiary.

     (d) The Exchange Agreement has been duly executed and delivered by the Company and the
Subsidiary and, assuming the due execution and delivery by the other parties thereto, is a valid
and binding obligation of each of the Company and the Subsidiary, enforceable against the Company
and the Subsidiary in accordance with its terms. The foregoing opinion as to the enforceability of
the Exchange Agreement against the Company and the Subsidiary is subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles,
regardless of whether such enforceability is considered in a proceeding at law or in equity.

     (e) The Company is not or, after giving effect to the issuance of the Common Shares pursuant
to the Exchange Agreement, would be on the date hereof an “investment company” or an entity
“controlled” by an “investment company,” as such terms are defined in the Investment Company Act
of 1940, as amended.

     (f) The issuance by the Company of the Common Shares to the Investor upon exchange of the
Trust Shares as contemplated by the Exchange Agreement will be exempt from the registration
requirements of the Securities Act pursuant to Section 3(a)(9) thereof, and, assuming that the
Investor has held the Trust Shares for more than six months, the Common Shares issued to the
Investor by the Company will be freely tradable under Rule 144 promulgated pursuant to the
Exchange Act.

     (g) The Common Shares to be issued pursuant to the Agreement have been validly authorized
and, upon issuance and delivery against consideration therefor as contemplated by the Agreement,
will be validly issued, fully paid and non-assessable.

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