Document:

tibb8k120508ex10_1.htm

    
      

      

    

    Exhibit
10.1

    

    Letter
Agreement

    UNITED STATES DEPARTMENT OF THE TREASURY

    1500
PENNSYLVANIA AVENUE, NW

    WASHINGTON,
D.C. 20220

     

    
      	
               
      

            	
              UST
      Sequence Number:  152

            

    

    

    Dear
Ladies and Gentlemen:

     

    The
company set forth on the signature page hereto (the “Company”) intends to issue in
a private placement the number of shares of a series of its preferred stock set
forth on Schedule A hereto (the “Preferred Shares”) and a
warrant to purchase the number of shares of its common stock set forth on
Schedule A hereto (the “Warrant” and, together with
the Preferred Shares, the “Purchased Securities”) and
the United States Department of the Treasury (the “Investor”) intends to
purchase from the Company the Purchased Securities.

     

    The
purpose of this letter agreement is to confirm the terms and conditions of the
purchase by the Investor of the Purchased Securities.  Except to the
extent supplemented or superseded by the terms set forth herein or in the
Schedules hereto, the provisions contained in the Securities Purchase Agreement
– Standard Terms attached hereto as Exhibit A (the “Securities Purchase
Agreement”) are incorporated by reference herein.  Terms that
are defined in the Securities Purchase Agreement are used in this letter
agreement as so defined.  In the event of any inconsistency between
this letter agreement and the Securities Purchase Agreement, the terms of this
letter agreement shall govern.

     

    Each of
the Company and the Investor hereby confirms its agreement with the other party
with respect to the issuance by the Company of the Purchased Securities and the
purchase by the Investor of the Purchased Securities pursuant to this letter
agreement and the Securities Purchase Agreement on the terms specified on
Schedule A hereto.

     

    This
letter agreement (including the Schedules hereto) and the Securities Purchase
Agreement (including the Annexes thereto) and the Warrant 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.  This letter agreement
constitutes the “Letter Agreement” referred to in the Securities Purchase
Agreement.

     

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

     

    * *
*

    In
witness whereof, this letter agreement has been duly executed and delivered by
the duly authorized representatives of the parties hereto as of the date written
below.

     

                                    

    
      
        	 
      	UNITED
      STATES DEPARTMENT OF THE SECRETARY
      
                 

              	 
      
	
                 

              	
                By:

              	
                  /s/  Neel Kashkari

              	 
      
	 
      	
                Name:

              	
                Neel
      Kashkari

              	 
      
	 
      	
                Title:

              	
                Interim
      Assistant Secretary for Financial Stability

              	 
      
	 
      	 
      	 
      	 
      

      

      	
            	TIB
      FINANCIAL CORP. 
      
               

            	 
      
	
               

            	
              By:

            	
                /s/  Thomas
      J. Longe

            	 
      
	 
      	
              Name:

            	
              Thomas
      J. Longe

            	 
      
	 
      	
              Title:

            	
                    
                Chairman
      and Chief Executive Officer

              

            	 
      
	 
      	 
      	 
      

     

    

    

    

    Date:
December 5,
2008

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    SECURITIES PURCHASE
AGREEMENT

    

    

    Exhibit
10.4 incorporated by reference

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    ADDITIONAL TERMS AND
CONDITIONS

    

    
      	
               
      

            	
              UST
      Sequence Number:  152

            

    

    

    
      	
               
      

            	
              Company
      Information:

            

    

    

    Name of
the Company:  TIB Financial Corp.

    Corporate
or other organizational form:  Corporate

    Jurisdiction
of Organization:  Florida

    Appropriate
Federal Banking Agency:  Federal Reserve Bank of Atlanta

    Notice
Information:                                       Stephen
J.
Gilhooly                                                                           John
P. “Jack” Greeley, Esquire

    EVP & Chief Financial
Officer                                                                                     Smith
Mackinnon, P.A.

    TIB Financial
Corp.                                                                           255
S. Orange Ave.

    599 Ninth Street N., Suite
101                                                                                     Suite
800

    Naples,
Florida 34102                                                                                     Orlando,
Florida 32801

    Telephone:  (239)
659-5876                                                                           Telephone:  (407)
843-7300

    Facsimile:  (239)
263-4543                                                                           Facsimile:  (407)
843-2448

    

    Terms of
Purchase:

    
      	
               
      

            	
              Series
      of Preferred Stock Purchased:

            	
                Fixed
      Rate Cumulative Perpetual Preferred Stock, Series
  A

            

    

     

    Per Share
Liquidation Preference of Preferred
Stock:                                                                                                       One
thousand dollars ($1,000.00)

    Number of
Shares of Preferred Stock Purchased:  37,000

    
      	
               
      

            	
              Dividend
      Payment Dates on the Preferred Stock:  February 15, May 15,
      August 15, and November 15

            

    

     

    Number of
Initial Warrant Shares:  1,063,218

    Exercise
Price of the Warrant:  $5.22 per share

    Purchase
Price:  $37,000,000.00

    Closing:

    Location
of Closing:

    Time of
Closing:

    Date of
Closing:

    Wire
Information for
Closing:                                                                                ABA
Number:

    Bank:  TIB
Bank

    Account Name:  TIB
Financial Corp.

    Account Number:

    Beneficiary:  TIB
Financial Corp.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
B

     

    CAPITALIZATION

     

    
      	
               
      

            	
              UST
      Sequence Number:  152

            

    

    

    

    Capitalization
Date:  November 30, 2008

     

    Common
Stock

     

    
      	
              Par
      value:

            	
              $0.10
      per share

            

    

     

    
      	
              Total
      Authorized:

            	
              40,000,000
      shares

            

    

     

    
      	
               
      

            	
              Outstanding:  14,314,756
      shares

            

    

     

    
      	
               
      

            	
              Subject
      to warrants, options, convertible

            

    

    securities,
etc.:                                  1,897,160
shares

    

    
      	
               
      

            	
              Reserved
      for benefit plans and other

            

    

    
      	
               
      

            	
              issuances:  307,371
      shares

            

    

    

    
      	
               
      

            	
              Remaining
      authorized but unissued:  23,410,123 shares * Remaining shares
      have been reduced by 70,590 shares that are held in treasury shares and
      are considered issued but not
outstanding.

            

    

    

    
      	
               
      

            	
              Shares
      issued after Capitalization Date

            

    

    (other
than pursuant to warrants, options,

    convertible
securities, etc. as set forth

    above):                        None

    

     

    Preferred
Stock

     

    Par
value:  No par value

     

    Total
Authorized:  5,000,000 shares

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Outstanding
(by series):  None

     

    Reserved
for issuance:  None

     

    Remaining
authorized but unissued:  5,000,000 shares

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
C

    UST Seq.
Number 152

    

    

    REQUIRED STOCKHOLDER
APPROVALS

    

    

     Required1                                      % Vote
Required

    

    

    Warrants -- Common Stock
Issuance

    

    Charter
Amendment

    

    

    Stock
Exchange Rules

    

    

    

    [Missing Graphic Reference]

    If no stockholder approvals are
required, please so indicate by checking the box:    
X

    

    

    

    

    

    

    If
stockholder approval is required, indicate applicable class/series of capital
stock that    are required to vote.

    

     

    

     

    SCHEDULE
D

    UST Seq.
Number 152

    

    

    

    LITIGATION

    

    List any
exceptions to the representation and warranty in Section 2.2(l) of the
Securities Purchase Agreement – Standard Terms.

    

    

    

    

    

    

    [Missing Graphic Reference]

    If none, please so indicate by checking
the box:  X .

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    SCHEDULE
E

    UST Seq.
Number 152

    

    

    COMPLIANCE WITH
LAWS

    

    List any
exceptions to the representation and warranty in the second sentence of Section
2.2(m) of the Securities Purchase Agreement – Standard Terms.

    

    

    

    

    

    

    [Missing Graphic Reference]

    If none, please so indicate by checking
the box: X

    

    

    List any
exceptions to the representation and warranty in the last sentence of Section
2.2(m) of the Securities Purchase Agreement – Standard Terms.

    

    

    

    

    

    [Missing Graphic Reference]

    If none, please so indicate by checking
the box: .X

    

    

     

    

     

    

    

    

    

    

    

    

    

    

    

    

    SCHEDULE
F

    UST Seq.
Number 152

    

    REGULATORY AGREEMENTS

    

    

    List any
exceptions to the representation and warranty in Section 2.2(s) of the
Securities Purchase Agreement – Standard Terms.

    

    

    

    

    

    

    

    

    [Missing Graphic Reference]

    If none,
please so indicate by checking the box: .Xtibb8k120508ex10_2.htm

    
      

      

    

    Exhibit
10.2

    

    UST
Sequence Number:152

    

    

    FORM OF
WAIVER

     

    In
consideration for the benefits I will receive as a result of my employer’s
participation in the United States Department of the Treasury’s TARP Capital
Purchase Program, I hereby voluntarily waive any claim against the United States
or my employer for any changes to my compensation or benefits that are required
to comply with the regulation issued by the Department of the Treasury as
published in the Federal Register on October 20, 2008.

     

    I
acknowledge that this regulation may require modification of the compensation,
bonus, incentive and other benefit plans, arrangements, policies and agreements
(including so-called “golden parachute” agreements) that I have with my employer
or in which I participate as they relate to the period the United States holds
any equity or debt securities of my employer acquired through the TARP Capital
Purchase Program.

     

    This
waiver includes all claims I may have under the laws of the United States or any
state related to the requirements imposed by the aforementioned regulation,
including without limitation a claim for any compensation or other payments I
would otherwise receive, any challenge to the process by which this regulation
was adopted and any tort or constitutional claim about the effect of these
regulations on my employment relationship.

    

     

    

    

     

                                                                     

        

      
        	
                Name:

              	
                 

              
	
                  
      Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}]]