Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE AND WAIVER OF CLAIMS 

This Separation Agreement and Release and Waiver of Claims (the “Agreement”) is between ISMAIL DAWOOD
(“you”), Santander Consumer USA Inc., and Santander Consumer USA Holdings Inc. (collectively, “SC”). 
 1.
Termination and Resignation. You hereby resign as Chief Financial Officer of Santander Consumer USA Inc. and Santander Consumer USA Holdings Inc., effective as of September 29, 2017 (the “Termination Date”). As of the
Termination Date, you will cease to be an employee and officer of Santander Consumer USA Inc., Santander Consumer USA Holdings Inc. and each of their respective parents, subsidiaries and affiliates. SC agrees that your resignation will be treated as
a termination without cause for all purposes, including for purposes of your letter agreement with Santander Consumer USA Inc. and Santander Consumer USA Holdings Inc., dated December 1, 2016 (the “Letter Agreement”), as the
same may have been modified from time to time, and all of your equity, option, bonus, compensation, deferred compensation and other agreements and plans relating to your employment and benefits. 

2. Separation and Accrued Benefits. In consideration for your signing and not timely revoking this Agreement, you will be entitled to
the benefits described in Section 8 of the Letter Agreement, as follows, which are conditioned on your signing and not timely revoking this Agreement (provided that the following constitutes a recitation of the benefits to which you are
entitled under the Letter Agreement and will not result in any duplication of those benefits): 
 (a) a lump sum cash payment of $2,367,563
(representing 225% of your annual base salary as of the Termination Date), to be paid on December 1, 2017 (the regular payroll date closest to the 65th day following the Termination Date); 

(b) a lump sum cash payment of $20,745 (representing 12 months of company-paid healthcare coverage for your and your dependents), to be paid on
December 1, 2017 (the regular payroll date closest to the 65th day following the Termination Date); 
 (c) full vesting, as of the
Termination Date, of the 56,911 remaining unvested RSUs under your Sign-on RSU Award (as defined in the Letter Agreement), which RSUs will be settled and paid as soon as practicable following, and contingent upon the occurrence of, the Effective
Date, provided that all shares received in settlement of such RSUs will remain subject to the terms and conditions of your applicable Restricted Stock Unit Award Agreement, dated as of December 16, 2015, under the Santander Consumer USA
Holdings Inc. Omnibus Incentive Plan, as amended (the “Omnibus Plan”); and 
 (d) the deferred and unearned cash award (and
any related interest), and the deferred and unearned RSUs, granted to you in settlement of the deferred portion of your annual bonus for the 2016 performance year will continue to become earned and payable under and subject to the terms and
conditions of your Award Agreement, dated March 1, 2017, under the Omnibus Plan, only without regard to whether you continue in service with the Company or an Affiliate (in each case as defined in the Omnibus Plan). 

If you sign and do not timely revoke this Agreement, you will be deemed to have satisfied any and all requirements for executing any release or other
separation document that might otherwise be required as a condition for receiving benefits under any “Company Arrangement” (as defined in the Letter Agreement). 

 In addition to the separation benefits listed above, upon the Termination Date, you will also be entitled to
prompt payment or provision of the following accrued amounts and benefits: 
 (a) base salary through the Termination Date; and 

(b) other or additional benefits (other than benefits that are duplicative of the benefits provided under other provisions of this Agreement)
in accordance with the applicable terms of any applicable Company Arrangements. 
 Except as specifically provided in this Agreement, you will not be
entitled to any further compensation or benefits from SC or any affiliate following the Termination Date. 
 3. Your Release of
Claims. 
 (a) In consideration for the separation benefits under the Letter Agreement described in Section 2 of this Agreement, you
agree, on behalf of yourself and your successors and assigns (together, the “Releasing Parties”), to release and forever discharge SC and their subsidiaries, parent and affiliated companies, employees, officers and directors, and
their respective assigns (together, the “SC Releasees”), from any and all manner of claims, debts, demands, damages, liabilities and causes of action, whether known or unknown, from the beginning of time, relating to or arising out
of your employment relationship or the termination of said relationship (collectively, the “Released Claims”) including, but not limited to, causes of action for libel, slander, breach of contract, impairment of economic
opportunity, intentional infliction of emotional distress or any other tort, or claims under federal, state or local constitutions, statutes, regulations, ordinances or common law, including, but not limited to, the Employee Retirement Income
Security Act of 1974; the Civil Rights Acts of 1866, 1871, 1964 and 1991; the Age Discrimination in Employment Act of 1967; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; and the Americans with Disabilities Act of 1990. 

You understand that the claims released under this Section 3(a) will also include any and all Released Claims that any of the Releasing Parties have or
may have had under the Age Discrimination in Employment Act, including the Older Workers Benefit Protection Act, on or before the Effective Date, as that term is defined in below. You acknowledge that the consideration for this waiver is in addition
to any other payment to which you may be entitled and that you are not and would not be entitled to the separation benefits described in Section 2 of this Agreement if you do not execute this Agreement. 

Attached to this Agreement as Exhibit A is additional information regarding employees who, together with you, were affected by the applicable employment
termination decision. SC is providing you with this information in accordance with the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act. 

(b) Notwithstanding the foregoing, the release granted under Section 3(a) specifically excludes: 

        (i) any rights to unemployment or disability benefits pursuant to the terms of
applicable law; 
         (ii) any rights that any of the Releasing Parties have as
a holder of securities issued by of any of the SC Releasees; 
         (iii) any
rights based on any violation of any federal, state or local statutory and/or public policy entitlement that, by applicable law, may not be waived; 

        (iv) any rights that arise under, or are preserved by, the termination
provisions of the Letter Agreement; 

         (v) any rights to
indemnification, advancement or contribution; and 
         (vi) any claim that is
based on any act or omission that occurs after the date you deliver your signature on this Agreement to SC. 
 (c) In addition to the
foregoing, nothing in this Agreement will prevent or prohibit you from filing a claim with a government agency, such as the U.S. Securities and Exchange Commission or Equal Employment Opportunity Commission, which is responsible for enforcing a law
on behalf of the government. 
 (d) You understand that you have been given a period of at least 45 days to consider this Agreement. If you
decide to sign this Agreement before the 45-day consideration period ends, then you are doing so knowingly and voluntarily, under no pressure from SC. 

(e) You understand that you have the right to revoke this Agreement within seven calendar days after the date you sign it and deliver your
signature to SC, by providing written notice of your revocation to Santander Consumer USA Inc., Human Resources, Attn: Lisa VanRoekel, 1601 Elm Street, Suite 800, Dallas, Texas 75201. If your written notice of revocation is not actually received by
SC before the close of business (i.e., 5:00 p.m., CST) on the seventh (7th) calendar day following the day you sign this Agreement and deliver your signature to SC, then there will be no
revocation and this Agreement will become fully effective and enforceable. If you revoke this Agreement in accordance with this Section 3(e), you will not be entitled to receive the benefits under the Letter Agreement that are described in
Section 2 above. This Agreement will become effective and enforceable on the first business day following the expiration of the seven-day revocation period (the “Effective Date”), provided you have not revoked it in accordance
with this Section 3(e). 
 (f) You acknowledge that this Agreement is written in a manner designed to be understood by you and that you
have read it carefully and understand its terms. You understand and acknowledge that you have been advised by SC to consult with the attorney(s) of your choice prior to signing this Agreement. After having consulted with your attorney(s) (or
declining SC’s advice to seek such consultation), you represent that you understand the release and you are voluntarily entering into it of your own free will. You represent and agree that SC has made no representations to you regarding this
release other than those contained in this Agreement and in the Letter Agreement. 
 4. No Admission. Nothing contained in this
Agreement constitutes an admission of liability by SC or you concerning any aspect of your employment with or separation from SC. 
 5.
Confidentiality. 
 (a) You acknowledge that, during the course of the employment relationship, you were privy to confidential and
proprietary business information belonging to SC, the unauthorized disclosure of which could cause serious and irreparable injury to SC and its affiliates. You agree to hold and safeguard the confidential information in trust for SC, its successors
and assigns, and agree that you will not, at any time, misappropriate, use for your own advantage, disclose or otherwise make available to anyone who is not an officer of SC, for any reason, any of the confidential information, regardless of whether
the confidential information was developed or prepared by you or others. You agree not to remove any writings containing confidential information from SC’s premises or possession without SC’s express written consent. You agree to promptly
return to SC all confidential information in your possession or under your control (whether in original, copy, or disk form). Before disclosing any confidential information under compulsion of legal process, you agree to promptly give notice to SC
of the fact that you have been served with legal process pursuant to which the disclosure of confidential 

 
information may be requested. To the extent reasonably practicable, such notice must be given within sufficient time to permit SC to intervene in the matter or to take such other actions as may
be necessary or appropriate to protect its interests in it confidential information. Notwithstanding the forgoing, nothing in this Agreement or elsewhere will prohibit or restrict you from (a) retaining and using appropriately
(x) documents and information relating to your personal entitlements and obligations or (y) copies of your rolodex (and electronic equivalents); (b) making truthful statements, and disclosing documents and information, (i) when
compelled by law, court order, subpoena or the like, (ii) when requested by any governmental or self-governing organization or body, or (iii) as reasonably necessary in connection with enforcing or defending your rights under this
Agreement, the Letter Agreement, or otherwise; or (c) making disclosures in confidence to an attorney or other professional adviser for the purpose of securing professional advice. 

(b) You acknowledge that SC has provided you with the following notice of immunity rights in compliance with the requirements of the Defend
Trade Secrets Act of 2016: (i) you will not be held criminally or civilly liable under any federal, state or local trade secret law for the disclosure of confidential information that is made in confidence to a federal, state or local
government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (ii) you will not be held criminally or civilly liable under any federal, state or local trade secret law for the
disclosure of confidential information that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (iii) if you file a lawsuit for retaliation by SC for reporting a suspected
violation of law, you may disclose the confidential information to your attorney and use the confidential information in the court proceeding, if you file any document containing the confidential information under seal, and do not disclose the
confidential information, except pursuant to court order. 
 (c) This Agreement does not in any way restrict or impede you from exercising
protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such
compliance does not exceed that required by the law, regulation or order. You must promptly provide written notice of any such order to SC. 

6. Cooperation. Subject to prompt payment (or reimbursement) by SC of any costs and expenses that you reasonably incur, and upon
reasonable request by SC, you agree to cooperate with SC and its counsel with respect to any matter (including litigation, investigation or governmental proceeding) that relates to matters with which you were involved during the term of your
employment with SC. Such cooperation may include appearing from time to time at the offices of SC or SC’s counsel for conferences and interviews and in general providing SC and its counsel with the benefit of your knowledge with respect to any
such matter. 
 7. Litigation. Except as provided above, you agree that (i) you shall not communicate with anyone (other than
your own attorneys) — except in connection with performing your duties under this Agreement, as required by law, or in connection with defending your own rights and interests — concerning the facts or subject matter of any pending or
potential investigation, litigation, or regulatory or administrative proceeding involving SC or any of its affiliated companies, other than any litigation or other proceeding in which you are a party-in-opposition, without giving prior notice to SC
or SC’s General Counsel; and (ii) in the event that any other party to any such litigation or proceeding attempts to obtain information or documents from you with respect to matters relating to such litigation or other proceeding, you
shall promptly notify SC’s General Counsel before providing such information or documents. Notwithstanding anything in this Agreement or elsewhere to the contrary, you may report any violation of federal law or regulation to any governmental
department or agency and otherwise make any disclosure protected by any applicable whistleblower law or statute. 

 8. Rights upon Breach. For breach of any provision of this Agreement, the parties will
have such rights and remedies as are customarily available at law or in equity subject to Sections 9 and 11 below. In any dispute concerning the provisions of Sections 3 through 17 of this Agreement, the party that substantially prevails will be
entitled to prompt payment (or reimbursement) of any and all costs and expenses (including, without limitation any attorney fees) that it reasonably incurred in connection with such dispute. 

9. Injunctive Relief. You agree that if you breach Section 5, 6, 7, or 8 of this Agreement, SC may, in addition to other rights
and remedies it may have and notwithstanding anything in this Agreement or elsewhere to the contrary, seek temporary or permanent injunctive relief or other equitable remedy for such breach in a court of competent jurisdiction. 

10. Ineligibility for Future Employment. You agree that you will not seek re-employment with SC or any of its affiliates. You further
agree that this agreement will constitute a legitimate, non-discriminatory basis for declining to hire you or, if you have already been hired, for terminating your employment. 

11. TEXAS LAW AND JURISDICTION. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS,
WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF. SC AND YOU AGREE TO SUBMIT ANY ACTION TO ENFORCE THIS AGREEMENT AND ANY OTHER ACTION ARISING OUT OF OR RELATED TO YOUR EMPLOYMENT WITH SC, OTHER THAN AN ACTION FOR INJUNCTIVE RELIEF
UNDER SECTION 9 OF THIS AGREEMENT, TO BINDING ARBITRATION UNDER THE LETTER AGREEMENT AND THE ARBITRATION POLICY SET OUT IN EXHIBIT C TO THE LETTER AGREEMENT. 

12. Advice of Counsel. You are herein advised to discuss this Agreement with an attorney of your choice before signing it. 

13. Entire Agreement. This Agreement, and the rights preserved under it, represent the full understanding between you, Holdings, and SC
concerning your separation from employment. There will be no contractual or similar restrictions on your post-employment activities other than those expressly set forth in this Agreement, the Letter Agreement (including Exhibit B to the Letter
Agreement) and any applicable agreement under the Omnibus Plan. For the avoidance of doubt, this Agreement will not cancel or otherwise supersede any agreements under the Omnibus Plan. 

14. Void Provisions. If any provision of this Agreement is found by an arbitrator, a court or other tribunal of competent jurisdiction
to be partially or wholly invalid or unenforceable, the remainder of this Agreement will be enforceable and binding on the parties, and the invalid or unenforceable provision will be modified or restricted to the extent and in the manner necessary
to render the same valid and enforceable. If such provision cannot under any circumstance be so modified or restricted, it will be excised from this Agreement without affecting the validity or enforceability of any of the remaining provisions. The
parties agree that any such modification, restriction or excision may be accomplished by their mutual written agreement, or alternatively, by disposition of a court or other tribunal. 

15. Headings. The headings of the sections in this Agreement are included solely for convenience. If the headings and the text of this
Agreement conflict, the text will control. 
 16. Construction. Each party has participated in negotiating and drafting this
Agreement, so if any ambiguity or question of intent arises, this Agreement is to be construed as if the parties had drafted it jointly, as opposed to being construed against a party because it was responsible for drafting one or more provisions of
this Agreement. 

 17. Miscellaneous. The provisions of the Letter Agreement relating to amendments and
waivers, SC’s representations, successors, counterparts and delivery of signatures will be deemed incorporated into this Agreement as if set forth fully in it, except that references in them to the “letter agreement” will be
deemed to be references to this Agreement. 
 ACCEPTANCE 

You hereby agree to the terms and conditions of this Agreement. You hereby state that you know and understand that by accepting the separation benefits
described herein and signing the release, you are giving up any right you might have to bring a claim against the SC Releasees related to your employment or the termination of your employment with SC. You have been given at least 45 days to consider
this Agreement and you have chosen to execute this Agreement on the date below. You intend that this Agreement will become a binding agreement if you do not revoke your acceptance within seven days after you sign. 

 

			
	ISMAIL DAWOOD
		
	By:	 	/s/ Ismail Dawood
	Date:	 	October 3, 2017
	
	SANTANDER CONSUMER USA INC.
		
	By:	 	/s/ Lisa VanRoekel
	Name:	 	Lisa VanRoekel
	Title:	 	Chief Human Resources Officer
	Date:	 	October 3, 2017
	
	SANTANDER CONSUMER USA HOLDINGS INC.
		
	By:	 	/s/ Lisa VanRoekel
	Name:	 	Lisa VanRoekel
	Title:	 	Chief Human Resources Officer
	Date:	 	October 3, 2017

 Exhibit A 

REQUIRED SEPARATION PROGRAM INFORMATION 
 1. The
decisional unit consists of the Chief Executive Officer and the Chief Financial Officer. 
 2. All employees within the decisional unit whose positions were
being eliminated were offered severance pursuant to a severance agreement and release of all claims, which contained consideration to which they were not otherwise entitled in exchange for a confidential Separation and Release of Claims Agreement
(“Agreement”). 
 3. All persons who are being offered consideration under an Agreement and receiving this Exhibit A must sign the
Agreement and return it to Lisa VanRoekel, 1601 Elm Street, Suite 800, Dallas, Texas 75201, within 45 days of receiving the Agreement in order to accept the Agreement. The Employee has seven days after signing the Agreement to revoke it. 

4. The following is a list of the ages and job titles of the employees who were and were not selected for termination and offered consideration in exchange
for signing an Agreement: 
  

							
	 Job Title
	 	 Age
	 	 Selected
	 	 Not Selected

	 Chief Executive Officer
	 	46	 	X	 	
	 Chief Financial Officer
	 	45	 	Xex_96047.htm

Exhibit 10.1

 

VOTING AGREEMENT

 

This Voting Agreement (this “Agreement”) is entered into as of the 16th day of August, 2017, by and between National Commerce Corporation, a Delaware corporation (“NCC”), and the undersigned holder (“Shareholder”) of Common Stock (as defined herein).

 

WHEREAS, as of the date hereof, Shareholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) and is entitled to dispose of (or to direct the disposition of) and to vote (or to direct the voting of) the number of shares of voting common stock, $0.01 par value per share (the “Common Stock”), of FirstAtlantic Financial Holdings, Inc., a Florida corporation (“FFHI”), indicated on the signature page of this Agreement under the heading “Total Number of Shares of Common Stock Initially Subject to this Agreement” (which, for the avoidance of doubt, do not include any shares of Common Stock underlying unexercised FFHI Options and FFHI Warrants); such shares of Common Stock, together with any other shares of Common Stock the voting power over which is acquired by Shareholder during the period from and including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms, are collectively referred to herein as the “Shares”;

 

WHEREAS, NCC and FFHI propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”; for purposes of this Agreement, capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement), pursuant to which, among other things, FFHI will merge with and into NCC (the “Merger”); and

 

WHEREAS, as a condition to the willingness of NCC to enter into the Merger Agreement, Shareholder is executing this Agreement.

 

NOW, THEREFORE, in consideration of, and as a material inducement to, NCC entering into the Merger Agreement and proceeding with the transactions contemplated thereby, and in consideration of the expenses incurred and to be incurred by NCC in connection therewith, Shareholder and NCC, intending to be legally bound, hereby agree as follows:

 

1.     Agreement to Vote Shares. Shareholder agrees that, while this Agreement is in effect, at any meeting of shareholders of FFHI, however called, or at any adjournment thereof, or in any other circumstances in which Shareholder is entitled to vote, consent or give any other approval, except as otherwise agreed to in writing in advance by NCC, Shareholder shall:

 

(a)     appear at each such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

 

(b)     vote (or cause to be voted), in person or by proxy, all the Shares as to which Shareholder has, directly or indirectly, the right to vote or direct the voting (i) in favor of adoption and approval of the Merger Agreement and the transactions contemplated thereby (including, without limitation, any amendments or modifications of the terms thereof adopted in accordance with the terms thereof); (ii) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of FFHI contained in the Merger Agreement or of Shareholder contained in this Agreement; and (iii) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could reasonably be expected, to impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect consummation of the transactions contemplated by the Merger Agreement or this Agreement.

 

 

 

 

Shareholder further agrees not to vote or execute any written consent to rescind or amend in any manner any prior vote or written consent, as a shareholder of FFHI, to approve or adopt the Merger Agreement unless this Agreement shall have been terminated in accordance with its terms.

 

2.      No Transfers. While this Agreement is in effect, Shareholder agrees not to, directly or indirectly, sell, transfer, pledge (other than any pledge arrangement in existence as of the date of this Agreement and described on the signature page hereto), assign or otherwise dispose of, or enter into any contract option, commitment or other arrangement or understanding with respect to the sale, transfer, pledge, assignment or other disposition of, any of the Shares or any other shares of Common Stock over which Shareholder has or shares dispositive power; provided, however, that the following transfers shall be permitted: (a) transfers by will or operation of law, in which case this Agreement shall bind the transferee; (b) transfers pursuant to any pledge agreement, subject to the pledgee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (c) transfers in connection with estate and tax planning purposes, including transfers to relatives, trusts and charitable organizations, subject to each transferee agreeing in writing, prior to such transfer, to be bound by the terms of this Agreement; (d) disposing of or surrendering Shares in connection with the vesting, settlement or exercise of FFHI Options or FFHI Warrants for the payment of taxes thereon or the exercise price as permitted pursuant to the Merger Agreement; and (e) such transfers as NCC may otherwise permit in its sole discretion. Any transfer or other disposition in violation of the terms of this Section 2 shall be null and void.

 

3.     Representations and Warranties of Shareholder. Shareholder represents and warrants to and agrees with NCC as follows:

 

(a)     Shareholder has all requisite capacity and authority to enter into and perform his, her or its obligations under this Agreement.

 

(b)     This Agreement has been duly executed and delivered by Shareholder, and assuming the due authorization, execution and delivery by NCC, constitutes a valid and legally binding obligation of Shareholder, enforceable against Shareholder in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity.

 

(c)     The execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of his, her or its obligations hereunder and the consummation by Shareholder of the transactions contemplated hereby will not, violate or conflict with, or constitute a default under, any agreement, instrument, contract or other obligation or any order, arbitration award, judgment or decree to which Shareholder is a party or by which Shareholder is bound, or any statute, rule or regulation to which Shareholder is subject or, in the event that Shareholder is a corporation, limited liability company, partnership, trust or other entity, any charter, bylaw or other organizational document of Shareholder.

 

(d)     Shareholder is the beneficial owner of the Shares. Shareholder does not own, of record or beneficially, any shares of capital stock of FFHI other than the Shares or any other securities convertible into or exercisable or exchangeable for such capital stock, other than any FFHI Options or FFHI Warrants disclosed in the Merger Agreement. Shareholder has the right to vote the Shares, and none of the Shares is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Shares, except as contemplated by this Agreement.

 

2

 

 

4.     No Solicitation. From and after the date hereof until the termination of this Agreement pursuant to Section 7 hereof, Shareholder, in his, her or its capacity as a shareholder of FFHI, shall not, nor shall Shareholder authorize any shareholder, member, partner, officer, director, advisor or representative of Shareholder or any of his, her or its Affiliates to (and, to the extent applicable to Shareholder, such Shareholder shall use commercially reasonable efforts to not permit any of his, her or its representatives or Affiliates to), (a) initiate, solicit, induce or knowingly encourage, or knowingly take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any person (other than NCC) any information or data with respect to FFHI or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle, letter of intent, memorandum of understanding or similar arrangement with respect to an Acquisition Proposal, (d) solicit proxies with respect to an Acquisition Proposal (other than the Merger and the Merger Agreement) or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, or (e) initiate a shareholders’ vote or action by consent of FFHI’s shareholders with respect to an Acquisition Proposal, except in the cases of clauses (b) through (e), inclusive, of this Section 4 to the extent that at such time FFHI is expressly permitted to take such action pursuant to Section 7.5 of the Merger Agreement. For avoidance of doubt, the parties acknowledge and agree that nothing in this Agreement shall limit or restrict Shareholder or any of his, her or its Affiliates who is or becomes during the term hereof a member of the Board of Directors or an officer of FFHI or any of its Subsidiaries from acting, omitting to act or refraining from taking any action, solely in such person’s capacity as a member of the Board of Directors or as an officer of FFHI (or as an officer or director of any of its Subsidiaries), in a manner consistent with his or her fiduciary duties in such capacity under applicable Law.

 

5.     Proxy. Subject to the last sentence of this Section 5, by execution of this Agreement, Shareholder does hereby appoint NCC with full power of substitution and resubstitution, as Shareholder’s true and lawful attorney and proxy, to the full extent of Shareholder’s rights with respect to the Shares, to vote each of such Shares that Shareholder shall be entitled to so vote with respect to the matters set forth in Section 1 hereof at any meeting of the shareholders of FFHI, and at any adjournment or postponement thereof, and in connection with any action of the shareholders of FFHI taken by written consent. Shareholder hereby revokes any proxy previously granted by Shareholder with respect to the Shares. Notwithstanding anything contained herein to the contrary, this proxy shall automatically terminate and be revoked upon the termination of this Agreement.

 

3

 

 

6.     Specific Performance; Remedies; Attorneys’ Fees. Shareholder acknowledges that it is a condition to the willingness of NCC to enter into the Merger Agreement that Shareholder execute and deliver this Agreement and that it will be impossible to measure in money the damage to NCC if Shareholder fails to comply with the obligations imposed by this Agreement and that, in the event of any such failure, NCC will not have an adequate remedy at law or in equity. Accordingly, Shareholder agrees that injunctive relief or other equitable remedy is the appropriate remedy for any such failure and will not oppose the granting of such relief on the basis that NCC has an adequate remedy at law. In addition, NCC shall have the right to inform any third party that NCC reasonably believes to be, or to be contemplating, participating with Shareholder or receiving from Shareholder assistance in violation of this Agreement, of the terms of this Agreement and of the rights of NCC hereunder, and that participation by any such third party with Shareholder in activities in violation of Shareholder’s agreement with NCC set forth in this Agreement may give rise to claims by NCC against such third party. In any legal action or other proceeding relating to this Agreement and the transactions contemplated hereby or if the enforcement of any provision of this Agreement is brought against either party, the prevailing party in such action or proceeding shall be entitled to recover all reasonable expenses relating thereto (including reasonable attorneys’ fees and expenses, court costs and expenses incident to arbitration, appellate and post-judgment proceedings) from the party against which such action or proceeding is brought, in addition to any other relief to which such prevailing party may be entitled.

 

7.     Term of Agreement; Termination. The term of this Agreement shall commence on the date hereof. This Agreement may be terminated at any time prior to consummation of the transactions contemplated by the Merger Agreement by the written consent of the parties hereto, and this Agreement shall be automatically terminated upon termination of the Merger Agreement or the consummation of the Merger. Upon such termination, no party shall have any further obligations or liabilities hereunder; provided, however, that such termination shall not relieve any party from liability for any willful breach of this Agreement prior to such termination.

 

8.     Entire Agreement; Amendments. This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof. This Agreement may not be amended, supplemented or modified, and no provision hereof may be modified or waived, except by an instrument in writing signed by each party hereto. No waiver of any provision hereof by either party shall be deemed a waiver of any other provision hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

9.     Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision that, insofar as practical, implements the purpose and intents of this Agreement. 

 

10.     Capacity as Shareholder. This Agreement shall apply to Shareholder solely in his, her or its capacity as a shareholder of FFHI, and it shall not apply in any manner to Shareholder in any capacity as a director, officer or employee of FFHI or its Subsidiaries or in any other capacity, and shall not limit or affect any actions taken by Shareholder in such capacity. Without limiting the foregoing, any vote by Shareholder in his or her capacity as a director of FFHI in connection with actions taken by FFHI that are permissible under Section 7.5 of the Merger Agreement shall not serve as the basis for a violation of Section 1 of this Agreement.

 

11.     Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Florida, without regard to any applicable conflicts of law principles or any other principle that could require the application of the law of any other jurisdiction.

 

4

 

 

12.     WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.

 

13.     Waiver of Appraisal Rights; Further Assurances. To the extent permitted by applicable Law, Shareholder hereby waives any rights of appraisal or rights to dissent from the Merger or to demand fair value for his, her or its Shares in connection with the Merger, in each case, that Shareholder may have under applicable Law. Shareholder further agrees not to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against NCC, FFHI or any of their respective successors relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the Merger. From time to time prior to the termination of this Agreement, at NCC’s request and without further consideration, Shareholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to effect the actions and consummate the transactions contemplated by this Agreement.

 

14.     Disclosure. Shareholder hereby permits NCC and FFHI to publish and disclose in the Proxy Statement/Prospectus and the S-4 Registration Statement (including, without limitation, all related documents and schedules filed with the Securities and Exchange Commission) his, her or its identity and ownership of shares of Common Stock and the nature of Shareholder’s commitments, arrangements and understandings pursuant to this Agreement. 

 

15.     Counterparts. This Agreement may be executed in counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered by facsimile or other electronic transmission.

 

 

 

[Signature page follows.]

 

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IN WITNESS WHEREOF, NCC has caused this Agreement to be duly executed, and Shareholder has duly executed this Agreement, all as of the day and year first above written.

 

	 	
			NATIONAL COMMERCE CORPORATION

			
	 	 
	 	
			By:                                                                         

			
	 	 
	 	
			 

			
			Its:                                                                         

			

			 

			 

			
	 	 
	 	 
	 	
			SHAREHOLDER:

			
	 	 
	 	
			                                                                     

			
	 	
			[signature]

			
	 	 
	 	                                                                     
	 	
			[printed name]

			

 

 

Total Number of Shares of Common Stock

Initially Subject to this Agreement:

 

__________________

 

 

 

Description of any pledge arrangements in existence

on the date of this Agreement:

 

 

 

 

 

 

 

Signature Page to Shareholder Voting Agreement

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