Document:

Unassociated Document

    Exhibit
10.3

    AMENDMENT
TO

    CHANGE
IN CONTROL SEVERANCE AGREEMENT

     

    This Amendment to Change in Control
Severance Agreement is made effective as of March 6, 2009, by and among First Place Bank (“Bank”), a
federally chartered savings association; First Place Financial Corp.
(“FPFC” or the “Corporation”); and _______________ (“Executive”);
and amends that Change in Control Severance Agreement among the parties made
effective as of ________________, (the “Agreement”).

     

    WHEREAS, the parties are required to
amend the Agreement in order to make changes to comply with certain executive
compensation restrictions imposed on the Bank and FPFC in connection with
participation in the Capital Purchase Program (“CPP”) of the U.S. Department of
Treasury’s (the “Treasury”) Troubled Asset Relief Program and specifically
Section 111 of the Emergency Economic Stabilization Act of 2008 (the “EESA”), as
amended by Section 7001 of the American Recovery and Reinvestment Act of 2009
(the “ARRA”);

     

    NOW
THEREFORE, in consideration of the mutual agreements herein contained, and upon
the other terms and conditions hereinafter provided, the parties agree as
follows:

     

    1.         New
Section 21 is hereby added to the Agreement as follows:

     

    21.           Compliance with the Troubled
Asset Relief Program (“TARP”)

     

    (A)           Notwithstanding
any provision to the contrary herein, during the period that any obligation
arising from financial assistance provided to the Corporation under the TARP
remains outstanding pursuant to the TARP Capital Purchase Program (“CPP”)
(excluding any period in which the Federal Government only holds warrants to
purchase common stock of the Corporation), Executive will not receive and will
not be entitled to receive any payment or compensation pursuant to this
Agreement if the receipt of such payment or compensation alone or when added to
any other payment or compensation received or to be received by Executive from
the Corporation would cause Executive to receive a “golden parachute payment”
within the meaning of Section 111 of the Emergency Economic Stabilization Act of
2008 (the “EESA”), as amended by Section 7001 of the American Recovery and
Reinvestment Act of 2009 (the “ARRA”) or any of the rules and regulations
promulgated under the EESA or ARRA. The Corporation and the Bank shall retain
the exclusive and final authority, without the consent of Executive, to cancel,
reduce or otherwise eliminate any compensation or other payments pursuant to
this Agreement so as to comply with the EESA, as amended by ARRA and the rules
and regulations promulgated thereby, as then in effect. Any compensation or
other payments canceled, reduced or eliminated pursuant to the preceding
sentence, will be forever forfeited by Executive and he shall not be entitled to
or have any claim against the Corporation and/or the Bank to receive such
payments at anytime.

     

    (B)           Notwithstanding
any provision to the contrary herein, Executive shall make prompt and immediate
repayment to the Corporation or the Bank, as the case may be, of the full amount
of any payment made or credited to Executive under this Agreement during the
period that any obligation arising from financial assistance provided to the
Corporation under the TARP remains outstanding pursuant to the CPP (excluding
any period in which the Federal Government only holds warrants to purchase
common stock of the Corporation) or any other TARP program involving the
Corporation and/or the Bank where such entity received financial assistance
provided under TARP, if such compensation or other payment(s) are determined at
any time by the Corporation and/or the Bank or their federal bank regulator to
have been: (i) calculated or based on materially inaccurate financial
statements or any other materially inaccurate performance metric criteria or
(ii) compensation or payments that are incentive, retention or bonus
compensation that is not permitted by EESA as amended by ARRA or the rules and
regulations promulgated thereunder. The Corporation shall retain the exclusive
and final authority as to all such determinations under this subparagraph (B),
so as to ensure compliance with applicable requirements of EESA, as amended by
ARRA and the rules and regulations as are promulgated thereby, as then in
effect. Any compensation or other payments returned to the Corporation or the
Bank pursuant to the preceding sentence shall be forever forfeited by Executive
and he shall not be entitled to or have any claim against the Corporation and/or
the Bank for repayment or return of any such amounts repaid by Executive at
anytime.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    2.           The
Change in Control Severance Agreement, as amended by this Amendment, constitutes
the entire agreement among the Parties and supersedes any prior understandings,
agreements or representations by or among the Parties, written or oral, with
respect to the subject matter of the Change in Control Severance
Agreement.

     

    3.           In
the event of a conflict or inconsistency between the terms, conditions and
provisions of the Agreement and those of this Amendment, the terms, conditions
and provisions of this Amendment shall control and govern the rights and
obligations of the Parties.

     

    4.           Except
to the extent amended hereby or inconsistent herewith, all of the terms,
conditions and provisions of the Change in Control Severance Agreement shall
remain in full force and effect.

     

    IN
WITNESS WHEREOF, this First Amendment has been executed as of the date first
above written.

     

    
      
        
          
            	
                    FIRST
      PLACE BANK

                  	 
      	
                    EXECUTIVE

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                    FIRST
      PLACE FINANCIAL CORP.

                  	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

     

    
      
         

      

      
        8[FRONT
OF CERTIFICATE]

    

    NOT VALID
UNLESS COUNTERSIGNED BY TRANSFER AGENT

     

    INCOPRATED
UNDER THE LAWS OF THE STATE OF NEVADA

    

    CUSIP No.
65337E 10 6

     

    NEXT
1 INTERACTIVE, INC.

    AUTHORIZED
COMMON STOCK: 200,000,000 SHARES

    PAR
VALUE: $0.00001

    

    THIS
CERTIFIES THAT ________________________________

     

    IS THE
RECORD HOLDER OF ___________________________

    

    Shares of
Next 1 Interactive, Inc. Common Stock

     

    Transferrable
on the books of the Corporation in person or by duly authorized attorney upon
surrender of this Certificate properly endorsed.  This Certificate is
not valid until countersigned by the Transfer Agent and registered by the
Registrar.

     

    Witness the facsimile seal of the
Corporation and the facsimile signatures of its duly authorized
officers.

     

    Dated:

    NXOI

    Corporate
Seal

    

    

    
      
        
          
            	
                    /s/

                  	 	
                    /s/ William Kerby

                  
	
                    Secretary

                  	 	
                    President

                  

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [BACK
OF CERTIFICATE]

     

    The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations

    

      
        
          
            	
                    TEN
      COM

                  	
                    —as
      tenants in common

                  	 
      	
                    UNIF
      MIN ACT

                  	
                    —Custodian
      under Uniform Gives to Minor Act [State]

                  
	
                    TEN
      ENT

                  	
                    —as
      tenants by the entireties

                  	 
      	 
      	 
      
	
                    JT
      TEN

                  	
                    —as
      joint tenants with the right of survivorship and not as tenants in
      common

                  	 
      	 
      	 
      

          

        

      

    

     

    Additional
abbreviations may also be used though not in the above list

     

    FOR VALUE
RECEIVED ________________ hereby sell, assign and transfer into

     

      
        

      

    

    Please
print or typewrite name and address, including zip code, of
assignee

     

    __________Shares
of the capital stock represented by the written Certificate, and do hereby
irrevocably constitute and appoint

     

    ____________
Attorney to transfer the said stock on the books of the within named Corporation
with full power of substitutions in the premises..

     

    Dated:

     

    Signature:
________________________

     

    Signature
Guarantee by: ______________________EXHIBIT
A

    

    CERTIFICATE
OF DESIGNATIONS

    OF

    SERIES
A 10% CUMULATIVE CONVERTIBLE PREFERRED STOCK

    OF

    NEXT
1 INTERACTIVE, INC.

    a
Nevada Corporation

    

    Pursuant
to NRS 78.1955

     

    NEXT 1
INTERACTIVE, INC., a Company organized and existing under the Business Law of
the State of Nevada (the “Company”),

     

    RESOLVED,
that pursuant to the authority vested in the Board of Directors of Next 1
Interactive, Inc., a Nevada corporation (the “Corporation”) by the Articles of
Incorporation of the Corporation, a series of preferred stock of the Corporation
be, and it hereby is, created out of the authorized but unissued shares of the
Preferred Stock of the Corporation, such series to consist of 3,000,000 shares,
par value $.01 per share and designated as Series A 10% Cumulative Convertible
Preferred Stock (the “Series A Preferred Stock”).  The voting powers,
designations, preferences, limitations, restrictions and relative rights of the
Series A Preferred Stock are as follows:

    

    1.           Dividend
Provisions.  The holders of the Series A Preferred Stock shall
be entitled to receive cash dividends, out of any assets legally available
therefor, prior and in preference to any declaration or payment of any dividend
on any other class of Preferred Stock and Common Stock of the Corporation at an
annual rate of 10% of the $1.00 liquidation preference per share (equal to $.10
per share per annum) payable as, when and if declared by the Board of
Directors.  Dividends shall accrue on each share of Series A Preferred
Stock from the date of issuance thereof, whether such dividends are declared or
not or whether paid or not, and shall be cumulative.  Such dividends
shall be payable on the first day of each April, July, October and January,
commencing with respect to each share of Series A Preferred Stock, on the first
of such dates to occur after the issuance of such share (each such date a
“Dividend Payment date”) to the holders of record at the close of business on
the fifteenth day of each March, June, September and December.  All
dividends paid with respect to shares of Series A Preferred Stock shall be paid
pro rata to the holders entitled thereto.  Dividends on the Series A
Preferred Stock shall be paid pro rata to the holders entitled
thereto.  Dividends, if paid, or if declared and set apart for
payment, must be paid, or declared and set apart for payment, on all outstanding
shares of Series A Preferred Stock contemporaneously.  Dividends on
the Series A Preferred Stock shall be cumulative.  If any dividend
shall not be paid or declared on a Dividend Payment Date, for any reason, the
right of the holders to receive such dividend shall not lapse or terminate but
each such dividend shall accrue and be paid to such holders, when, as and if
authorized by the Board of Directors, subject to the conversion provisions of
Section 4 (b) below.  No dividend shall be paid to the holders of any
other shares until all dividends, including accrued dividends, then owing to the
holders of Series A Preferred Stock, shall have been paid in
full.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              2.

            	
              Liquidation
      Preference.

            

    

    

    
       
a.
In
the event of any liquidation, dissolution or winding up of this Corporation,
either voluntary
or involuntary (any of the foregoing, a “liquidation”), holders of Series A
Preferred Stock shall be entitled to receive, prior and in preference to any
distribution of any of the assets of this Corporation to the holders of the
Common Stock or any other series of Preferred Stock by reason of their ownership
thereof an amount per share equal to $1.00 for each share (as adjusted for any
stock dividends, combinations or splits with respect to such shares) of Series A
Preferred Stock held by each such holder, plus the amount of accrued and unpaid
dividends thereon (whether or not declared) from the beginning of the dividend
period in which the liquidation occurred to the date of
liquidation.  After payment of the full amount of the liquidating
distributions to which they are entitled pursuant to the preceding paragraph,
the holders of Series A Preferred Shares will have no right or claim to any of
the remaining assets of the Corporation.  In the event that, upon any
such liquidation the available assets of the Corporation are insufficient to pay
the full amount of the liquidating distributions on all outstanding Series A
Preferred Shares, then the holders of the Series A Preferred Shares shall share
ratably in any such distribution of assets in proportion to the full liquidating
distributions to which they otherwise respectively would be
entitled.

    

    

    
       
b.
A
consolidation or merger of this Corporation with or into any other corporation
or corporation
(other than a wholly-owned subsidiary or parent corporation) or a sale,
conveyance or disposition of all or substantially all of the assets of this
Corporation or the effectuation by this Corporation of a transactions or series
of related transactions in which more than 50% of the voting power of this
Corporation is disposed of, shall be deemed to be a liquidation within the
meaning of this Section 2.

    

    

    3.           Notice of Record
Date.  In the event of any taking by this Corporation of a
record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend (other than a cash
dividend) or other distribution, any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, this Corporation shall mail to each
applicable holder of Preferred Stock, at least 20 days prior to the date
specified therein, a notice specifying the date on which such record is to be
taken for the purpose of such dividend, distribution or right, and the amount
and character of such dividend, distribution or right.

    

    
      	
               
      

            	
              4.

            	
              Redemption and
      Conversion.

            

    

    

    a.           The
Series A Preferred Stock is redeemable at the rate of $1.00 for each Series A
Preferred Stock.

    

    b.           Subject
to the availability of authorized and unissued shares of Series A Preferred
Stock, the holders of Series A Preferred Stock may, by written notice to the
Corporation, elect to convert all or part of any unpaid accrued cumulative
dividend into additional shares of Series A Preferred Stock, at the rate of
$0.50 for each additional share of Series A Preferred Stock.  From the
date of issuance thereof, all Series A Preferred Stock issued as a result of
conversion of unpaid dividends shall have the same terms, rights and privileges
as other shares of Series A Preferred Stock.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    c.           Except
as hereinafter provided, each holder of Series A Preferred Stock may elect to
convert all or any part of such holder’s shares into Common Stock at a
conversion rate of $.50 per share. A holder of Series A Preferred Stock electing
to convert in accordance with this Section 4c shall notify the Corporation in
writing (a “Conversion Notice”).  Within ten (10) days after receipt
of such notice the Corporation shall notify such holder, in writing, either (i)
that the Corporation accepts the notice of conversion and, within ten (10) days
of surrender of the certificates evidencing the shares of Series A Preferred
Stock to be converted, shall issue such certificated evidencing the share of
Common Stock into which the Series A Preferred Stock have been converted, or
(ii) notify the converting holder (a “Denial Notice”) that the Board of
Directors has determined that it is in the best interest of the Corporation to
not permit conversion of the Series A Preferred Stock in order to retain
sufficient authorized, but unissued shares of Common Stock for purposes of
acquiring additional equity funding of the Corporation in which case the Series
A Preferred Stock which were the subject of the Conversion Notice shall continue
to be outstanding and entitled to all other rights and benefits under this
Certificate of Designations.  Unless otherwise expressly permitted by
a resolution of the board of Directors of the Corporation, a holder of Series A
Preferred Shares who has received a Denial Notice may not send the Corporation
another Conversion Notice until at least six (6) months following receipt of a
Denial Notice.

    

    d.           Except
as hereinafter provided, each holder of the Series A Preferred Stock may elect
to convert all or part of such holder’s shares (excluding any shares issued
pursuant to Section 4 (b) upon conversion of unpaid dividends) into debt
obligations of the Corporations (the “Converted Debt”), secured by a security
interest in all of the Corporation and its subsidiaries, at the rate of $0.50 of
debt for each share of Series A Preferred Stock.  Notice of such
election (a “Debt Conversion Notice”) shall be given to the Corporation in
writing.  The Converted Debt shall be evidenced by a promissory note
from the Corporation to the converting holder, secured by a security interest in
all goods, accounts, chattel paper, deposit accounts, general intangibles,
document, instruments and investment property now owned or hereafter acquired by
the Corporation or its subsidiaries, pursuant to a security agreement, each in a
commercially reasonable form, replacing any prior note for the same debt and
providing for interest on the Converted Debt at the rate of eighteen percent
(18%) per annum, with principal and accrued interest payable upon demand at any
time after the date which is six (6) months after the date of the Debt
Conversion Notice.  The converting holder shall be entitled to file
financing statements perfecting the security interest granted by the security
agreement provided for in this Section 4(d) at the Corporation’s
expense.  The Corporation shall execute and authorize such other
documents, agreements and instruments as are reasonably necessary to document
the Converted Debt and the security interests provided herein and in the
security agreement.  Notwithstanding the foregoing, (i) the Converted
Debt with respect to any Series A Preferred Stock shall not exceed the amount of
a holder’s Officer Debt or Officer Guaranty Compensation (each as hereinafter
defined) in conversion of which such holder’s Series A Preferred Stock was
originally issued, and (ii) a conversion pursuant to this Section 4(d) shall not
be permitted with respect to any Series A Preferred Stock issued in
consideration of Officer Guaranty Compensation to the extent the Supporting
Guaranty and/or the Supporting Collateral (each as hereinafter defined) have
been released.  As used herein, “Officer Debt” means the dollar amount
previously loaded to the Corporation by a holder of the Series A Preferred
Shares, and in conversion of which the Corporation, has issued such officer his
or her shares of Series A Preferred Shares.  As used herein, “Officer
Guaranty Compensation” means the dollar amount of debt or other obligations of
the Corporation for which a holder of Series A Preferred Stock has previously
provided a personal guaranty (a “Supporting Guaranty”) and/or pledged personal
assets as security (the “Supporting Collateral”), and in consideration for which
the Corporation has issued such holder his or her Shares B Preferred
Shares.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5.           Voting
Rights.    The holders of record of shares of Series
A Preferred Stock shall be entitled to vote on all matters submitted to a vote
of the shareholders of  the Corporation and shall be entitled to one
hundred (100) votes of each share of Series A Preferred Stock.

    

    6.           Security Interest. As
security for the payment and performance of all obligations of the Corporation
under this Certificate of Designations, and for so long as any share of Series A
Preferred Stock is outstand, the Corporation hereby grants to each holder of
Series A Preferred Stock ratably a security interest in all goods, accounts,
chattel paper, deposit accounts, general intangibles, documents, instruments and
investment property now owned or hereafter acquired by the Corporation or its
subsidiaries. The Corporation authorizes the filing of such financing statements
and other instruments or documents as may be reasonably necessary to perfect the
security interest granted herein.  In the event of a default by the
Corporation under any of the provisions of this Certificate of Designations, the
holders of the Series A Preferred Stock shall have all the rights, benefits and
obligations of a secured party under applicable law, including, without
limitation, the Nevada Uniform Commercial Code, as amended from time to
time.

    

    7.           Restriction on
Transfer. Except for a
transfer or assignment to a family member, a trust for the benefit of a holder,
a transfer by bequest or inheritance or to an entity controlled by a holder, the
holder of the Series A Preferred Shares shall not be entitled to transfer,
encumber or assign such shares or any interest therein without the prior consent
of the Corporation.

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