Document:

exv10w7

 

EXHIBIT 10.7

REVOLVING CREDIT NOTE

	 		
	$7,500,000
	 	June 30, 2006

     On the Revolving Credit Maturity Date, FOR VALUE RECEIVED, North Pointe Holdings Corporation,
a Michigan corporation (“Company”) promises to pay to the order of Fifth Third Bank (“Bank”) care
of Comerica Bank, as Agent, at 500 Woodward Avenue, Detroit, MI 48226, in lawful money of the
United States of America, the sum of Seven Million Five Hundred Thousand Dollars ($7,500,000), or
so much of said sum as may from time to time have been advanced and then be outstanding hereunder
pursuant to the Second Amended and Restated Credit Agreement dated as of June 30, 2006, made by and
among the Company, certain banks, including the Bank, and Comerica Bank as Agent for such banks, as
the same may be amended from time to time (the “Agreement”), together with interest thereon as
hereinafter set forth.

     Each of the Advances made hereunder shall bear interest at the Applicable Interest Rate from
time to time applicable thereto under the Agreement or as otherwise determined thereunder, and
interest shall be computed, assessed and payable as set forth in the Agreement.

     This Note is a note under which advances (including refundings and conversions), repayments
and readvances may be made from time to time, but only in accordance with the terms and conditions
of the Agreement. This Note evidences borrowings under, is subject to, is secured in accordance
with, and may be accelerated or matured under, the terms of the Agreement, to which reference is
hereby made. Definitions and terms of the Agreement are hereby incorporated by reference herein.

     This Note shall be interpreted and the rights of the parties hereunder shall be determined
under the laws of, and enforceable in, the State of Michigan.

     Company hereby waives presentment for payment, demand, protest and notice of dishonor and
nonpayment of this Note and agrees that no obligation hereunder shall be discharged by reason of
any extension, indulgence, release, or forbearance granted by any holder of this Note to any party
now or hereafter liable hereon or any present or subsequent owner of any property, real or
personal, which is now or hereafter security for this Note.

i

 

     Nothing herein shall limit any right granted Bank by any other instrument or by law.

	 	 	 	 	 	 	 
	 	 	NORTH POINTE HOLDINGS 
CORPORATION, a Michigan corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 

	 	 

iiexv10w8

 

EXHIBIT 10.8

REVOLVING CREDIT NOTE

	 	 	
	$7,500,000
	 	June 30, 2006

     On the Revolving Credit Maturity Date, FOR VALUE RECEIVED, North Pointe Holdings Corporation,
a Michigan corporation (“Company”) promises to pay to the order of JPMorgan Chase Bank N.A.
(“Bank”) care of Comerica Bank, as Agent, at 500 Woodward Avenue, Detroit, MI 48226, in lawful
money of the United States of America, the sum of Seven Million Five Hundred Thousand Dollars
($7,500,000), or so much of said sum as may from time to time have been advanced and then be
outstanding hereunder pursuant to the Second Amended and Restated Credit Agreement dated as of June
30, 2006, made by and among the Company, certain banks, including the Bank, and Comerica Bank as
Agent for such banks, as the same may be amended from time to time (the “Agreement”), together with
interest thereon as hereinafter set forth.

     Each of the Advances made hereunder shall bear interest at the Applicable Interest Rate from
time to time applicable thereto under the Agreement or as otherwise determined thereunder, and
interest shall be computed, assessed and payable as set forth in the Agreement.

     This Note is a note under which advances (including refundings and conversions), repayments
and readvances may be made from time to time, but only in accordance with the terms and conditions
of the Agreement. This Note evidences borrowings under, is subject to, is secured in accordance
with, and may be accelerated or matured under, the terms of the Agreement, to which reference is
hereby made. Definitions and terms of the Agreement are hereby incorporated by reference herein.

     This Note shall be interpreted and the rights of the parties hereunder shall be determined
under the laws of, and enforceable in, the State of Michigan.

     Company hereby waives presentment for payment, demand, protest and notice of dishonor and
nonpayment of this Note and agrees that no obligation hereunder shall be discharged by reason of
any extension, indulgence, release, or forbearance granted by any holder of this Note to any party
now or hereafter liable hereon or any present or subsequent owner of any property, real or
personal, which is now or hereafter security for this Note.

i

 

     Nothing herein shall limit any right granted Bank by any other instrument or by law.

	 	 	 	 	 	 	 
	 	 	NORTH POINTE HOLDINGS
 CORPORATION, a Michigan corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 

	 	 

iiexv10w9

 

EXHIBIT 10.9

NORTH POINTE HOLDINGS CORPORATION

EQUITY INCENTIVE PLAN

NON-EMPLOYEE DIRECTORS RESTRICTED STOCK AWARD

Dear Director:

You have been granted an award of shares of common stock of North Pointe Holdings Corporation (the
“Company”) constituting a Restricted Stock annual award under the North Pointe Holdings Corporation
Equity Incentive Plan (the “Plan”) with the following terms and conditions:

	 	 	 
	Grant Date:
	 	 
	 
	 	 
	Number of Restricted Shares:
	 	 
	 
	 	 
	Vesting Schedule:

	 	Your Restricted Shares will vest on the second
(2nd) anniversary of the Grant Date, provided
you are serving as a director of the Company on such date.
	 
	 	 
	 

	 	If your services as a director terminate prior to the
second (2nd) anniversary of the Grant Date as a
result of death or Disability, your Restricted Shares will
become fully vested on such date. The term “Disability”
means your inability to perform your services as a director
as a result of a medically-determinable physical or mental
impairment which can be expected to result in death or
which has lasted or can be expected to last for a period of
at least 12 months, as determined by the Committee. The
Committee may require you to submit such medical evidence
or to undergo a medical examination by a doctor selected by
the Committee as the Committee determines is necessary in
order to make a determination hereunder.

 

 

	 	 	 
	 

	 	If you serving as a director on the date of a Change of
Control, your Restricted Shares will become fully vested on
such date.
Upon any other termination of service prior to the date the
Restricted Shares are vested, you will forfeit the
Restricted Shares.
	 
	 	 
	Escrow of Certificates

	 	Your Restricted Shares will be held in escrow by the
Company, as escrow agent. The Company will give you a
receipt for the Shares held in escrow that will state that
the Company holds such Shares in escrow for your account,
subject to the terms of this Award, and you will give the
Company a stock power for such Shares duly endorsed in
blank which will be used in the event such Shares are
forfeited in whole or in part. As soon as practicable
after the vesting date, the Restricted Shares will cease to
be held in escrow, and certificate(s) for such number of
Shares will be delivered to you or, in the case of your
death, to your estate.
	 
	 	 
	Transferability of
Restricted Shares:

	 	You may not sell, transfer or otherwise alienate or
hypothecate any of your Restricted Shares until they are
vested. In addition, by accepting this Award, you agree
not to sell any Shares acquired under this Award at a time
when applicable laws, Company policies (including, without
limitation, the Company’s Insider Trading Policy) or an
agreement between the Company and its underwriters prohibit
a sale.
	 
	 	 
	Voting and Dividends:

	 	While the Restricted Shares are subject to forfeiture, you
may exercise full voting rights and will receive all
dividends and other distributions paid with respect to the
Restricted Shares, in each case so long as the applicable
record date occurs before you forfeit such Shares. If,
however, any such dividends or distributions are paid in
Shares, such Shares will be subject to the same risk of
forfeiture, restrictions on transferability and other terms
of this Award as are the Restricted Shares with respect to
which they were paid.
	 
	 	 
	Transferability of Award:

	 	You may not transfer or assign this Award for any reason,
other than under your will or as required by intestate
laws, or pursuant to a beneficiary designation filed with
the Secretary of the Company prior to the date of your
death on the form provided by the Committee for this
purpose. Any attempted transfer or assignment in violation
of this provision will be null and void.
	 
	 	 
	Amendment:

	 	This Restricted Stock Award may be amended only by written
consent of the Company and the Recipient, unless the
amendment is not to the detriment of the Recipient.
	 
	 	 
	Counterparts:

	 	This Restricted Stock Award may be executed in counterparts.
	 
	 	 
	Governing Law:

	 	The provisions of Section 9(f) of the Plan apply to this
Restricted Stock Award.

2

 

This Restricted Stock Award is granted under and governed by the terms and conditions of the Plan.
Additional provisions regarding your Award and definitions of capitalized terms used and not
defined in this Award can be found in the Plan.

BY SIGNING BELOW AND ACCEPTING THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND
CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

NORTH POINTE HOLDINGS CORPORATION

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 

3<PAGE>
                                Agreement between
                             EvergreenBancorp, Inc.
                                       and
                                 Bette J. Floray

This Agreement ("Agreement") is made and entered into between EvergreenBancorp,
Inc. (the "Company") and Bette J. Floray (Interim Chief Financial Officer).

                                    Recitals

      A.    The Company desires to retain the services of the Interim Chief
            Financial Officer to perform for the Company on an as-needed basis
            functions similar to those of the Company's Chief Financial Officer.

      B.    Interim Chief Financial Officer desires to perform, and the Company
            is willing to have Chief Financial Officer perform, such services as
            an independent contractor for the Company.

                                    Agreement

Now, therefore, the parties hereto hereby agree as follows:

      1.    Effective date. August 3, 2006

      2.    Services. Interim Chief Financial Officer agrees to serve on an
            as-needed basis.

      3.    Compensation. As compensation for the performance of the Services,
            the Company shall pay Interim Chief Financial Officer one hundred
            fifty dollars ($150) per hour.

      4.    Expenses. The Company shall reimburse Interim Chief Financial
            Officer for any expenses incurred by Interim Chief Financial Officer
            in performing the Services subject to Interim Chief Financial
            Officer providing receipts or other documentation that evidences
            such expenses.

      5.    Termination. Either party hereto shall have the right to terminate
            this Agreement in the event of a breach by the other party if such
            breach continues uncured for a period of five days after the
<PAGE>

            breaching party is given written notice thereof by the non-breaching
            party. Notwithstanding the foregoing sentence, the Company may
            immediately terminate this Agreement if Interim Chief Financial
            Officer breaches any provision of Section 7 below. The election by
            the Company to terminate this Agreement shall not be deemed an
            election of remedies, and all other remedies provided by this
            Agreement or available at law or in equity shall survive any such
            termination.

      6.    Relationship of parties.

            1.    Independent Contractor. Interim Chief Financial Officer is an
                  independent contractor and is not an agent, partner, or
                  employee of the Company. Interim Chief Financial Officer shall
                  perform the Services under the general direction of the
                  Company, but Interim Chief Financial Officer shall determine,
                  in Interim Chief Financial Officer's sole and exclusive
                  discretion, the manner and means by which the Services are
                  accomplished, subject to the requirement that Interim Chief
                  Financial Officer shall, at all times, comply with applicable
                  law.

            2.    Employment Taxes and Contributions. Interim Chief Financial
                  Officer shall report as income all compensation received by
                  Interim Chief Financial Officer under this Agreement. The
                  Company shall not withhold any federal, state or local taxes,
                  or make any contributions on behalf of Interim Chief Financial
                  Officer relating to the compensation received by Interim Chief
                  Financial Officer under this Agreement.

            3.    No Benefits. Because Interim Chief Financial Officer is
                  engaged an independent contractor and not an employee of the
                  company, the company shall not provide Interim Chief Financial
                  Officer with any form or type of benefits, including, but not
                  limited to, health, life, or disability insurance.

      7.    Confidential Information

            1.    Confidential Information. For purposes of this Agreement, the
                  term "Confidential Information" shall include, but not be
                  limited to: (i) information concerning the operation, business
                  and finances of the Company; (ii) the identity and financial
                  information and records of customers of the Company; and (iii)
                  information regarding regulatory examinations and other
                  information regarding the Company not generally known other
                  than by the Company and its agents, employees, and other
                  representatives.

            2.    Maintenance of Confidentiality. Interim Chief Financial
                  Officer acknowledges that maintaining the confidentiality of
                  all Confidential information is critically important to the
                  Company and that Interim Chief Financial Officer has a
                  fiduciary duty to maintain the confidentiality of the
                  Confidential Information. In addition, Interim Chief Financial
                  Officer understands that agreement to maintain the
                  confidentiality of all Confidential Information is a material
                  inducement to the Company in executing this agreement.

            3.    Restriction on Removal and Duplication. Interim Chief
                  Financial Officer agrees not to remove, reproduce, summarize
                  or copy any Confidential Information except as expressly
                  required by the Company in connection with the performance of
                  her Services under this Agreement. Interim Chief Financial
                  Officer agrees to return all Confidential Information once
                  such Confidential Information is no longer required for
                  Interim Chief Financial Officer to perform services for the
                  Company.

      8.    Arbitration

            1.    Arbitration. At either party's request, the parties must
                  submit any dispute, controversy, or claim arising out of or in
                  connection with, or relating to, this Agreement or any breach
                  or alleged breach of this Agreement, to arbitration under the
                  American Arbitration Association's rules then in effect.

<PAGE>

            2.    Governing Law. All proceedings will be held at a place
                  designated by the arbitrator in King County, Washington. The
                  arbitrator, in rendering a decision as to any state law
                  claims, will apply Washington law.

In witness whereof, the parties have signed this Agreement as of the date first
set forth above.

EvergreenBancorp, Inc.                Interim Chief Financial Officer

/s/ Gerald O. Hatler                  /s/ Bette J. Floray
------------------------              ---------------------------
Gerald O. Hatler                      Bette J. Floray
Chief Executive Officer

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