EXHIBIT A WARRANT AGREEMENT
EXHIBIT
99.1
EXHIBIT A
THIS WARRANT AGREEMENT is made as of July 26, 2005, by and between Xxxxxx Financial
Corporation, a Pennsylvania corporation (“Xxxxxx”) and Columbia Bancorp, a Maryland corporation
(“Columbia”).
W I T N E S S E T H:
WHEREAS, Xxxxxx and Columbia have entered into an Agreement and Plan of Merger, dated July 26,
2005 (the “Merger Agreement”); and
WHEREAS, in connection with Xxxxxx’x entry into the Merger Agreement and in consideration of
such entry, Columbia has agreed to issue to Xxxxxx, on the terms and conditions set forth herein, a
warrant entitling Xxxxxx to purchase up to an aggregate of 1,881,809 shares of Columbia’s common
stock, $.01 par value per share (the “Common Stock”);
NOW, THEREFORE, in consideration of the execution of the Merger Agreement and the premises
herein contained, and intending to be legally bound, Xxxxxx and Columbia agree as follows:
1. Issuance of Warrant. Concurrently with the execution of this Agreement, Columbia
shall issue to Xxxxxx a warrant in the form attached as Exhibit A hereto (the “Warrant”, which term
as used herein shall include any warrant or warrants issued upon transfer or exchange of the
original Warrant) to purchase up to 1,881,809 shares of Common Stock, subject to adjustment as
provided in this Agreement and in the Warrant. The Warrant shall be exercisable at a purchase
price of $37.26 per share, subject to adjustment as provided in the Warrant (the “Exercise Price”).
So long as the Warrant is outstanding and unexercised, Columbia shall at all times maintain and
reserve, free from preemptive rights, such number of authorized but unissued shares of Common Stock
as may be necessary so that the Warrant may be exercised, without any additional authorization of
Common Stock, after giving effect to all other options, warrants, convertible securities and other
rights to acquire shares of Common Stock. Columbia represents and warrants that it has duly
authorized the execution and delivery of the Warrant and this Agreement and the issuance of Common
Stock upon exercise of the Warrant. Columbia covenants that the shares of Common Stock issuable
upon exercise of the Warrant shall be, when so issued, duly authorized, validly issued, fully paid
and nonassessable and subject to no preemptive rights. The Warrant and the shares of Common Stock
to be issued upon exercise of the Warrant are hereinafter collectively referred to, from time to
time, as the “Securities.” So long as the Warrant is owned by Xxxxxx, the Warrant will in no event
be exercised for more than that number of shares of Common Stock equal to 1,881,809 (subject to
adjustment as provided in the Warrant) less the number of shares of Common Stock at the time owned
by Xxxxxx.
2. Assignment, Transfer, or Exercise of Warrant. Xxxxxx will not sell, assign,
transfer or exercise the Warrant, in whole or in part, without the prior written consent of
Columbia except upon or after the occurrence of any of the following: (i) a breach of any
representation,
warranty, or covenant set forth in the Merger Agreement by Columbia which would permit a
termination of the Merger Agreement by Xxxxxx pursuant to Section 8.1(b)(i) thereof following an
offer or filing described in subparagraph (iv) below; (ii) the failure of Columbia’s stockholders
to approve the Merger Agreement at a meeting called for such purpose if at the time of such meeting
there has been an announcement by any Person (other than Xxxxxx) of an offer or proposal to acquire
25% or more of the Common Stock (before giving effect to any exercise of the Warrant), or to
acquire, merge or consolidate with Columbia, or to purchase all or substantially all of Columbia’s
assets (including, without limitation, any shares of any subsidiary of Columbia or all or
substantially all of any such subsidiary’s assets) and, within ten business days after such
announcement, the Board of Directors of Columbia either fails to recommend against acceptance of
such offer by Columbia’s stockholders or takes no position with respect thereto; (iii) the
acquisition by any Person of Beneficial Ownership of 25% or more of the Common Stock (before giving
effect to any exercise of the Warrant); (iv) any Person (other than Xxxxxx) shall have commenced a
tender or exchange offer, or shall have filed an application with an appropriate bank regulatory
authority with respect to a publicly announced offer, to purchase or acquire securities of Columbia
such that, upon consummation of such offer, such Person would have Beneficial Ownership of 25% or
more of the Common Stock (before giving effect to any exercise of the Warrant) and, within 12
months from such offer or filing, such person consummates an acquisition described in subparagraph
(iii) above; (v) Columbia shall have entered into an agreement, letter of intent or other
understanding (except for a confidentiality agreement which would be permitted by Section 5.7(a)(x)
of the Merger Agreement) with any Person (other than Xxxxxx) providing for such Person (A) to
acquire, merge, consolidate or enter into a statutory share exchange with Columbia or to purchase
all or substantially all of Columbia’s assets (including without limitation any shares of any
subsidiary of Columbia or all or substantially all of any such subsidiary’s assets); or (B) to
negotiate with Columbia with respect to any of the events or transactions mentioned in the
preceding clause (A) except for those negotiations which would be permitted by Section 5.7(a)(y) of
the Merger Agreement; or (vi) termination, or attempted termination, of the Merger Agreement by
Columbia under Section 8.1(c)(iii) of the Merger Agreement. As used in this Paragraph 2, the terms
“Beneficial Ownership” and “Person” shall have the respective meanings set forth in Paragraph 7(f).
The Warrant shall terminate in accordance with its terms.
3. Registration Rights. If, at any time within two years after the Warrant may be
exercised or sold, Columbia shall receive a written request therefor from Xxxxxx, Columbia shall
prepare and file a shelf registration statement (the “Registration Statement”) under the Securities
Act of 1933, as amended (the “Securities Act”), covering the Warrant (provided that no such
registration shall be required with respect to the Warrant following the termination of the Warrant
in accordance with its terms) and/or the Common Stock issued or issuable upon exercise of the
Warrant (the “Securities”), and shall use its best efforts to cause the Registration Statement to
become effective and remain current for such period not in excess of 180 days from the day such
registration statement first becomes effective as may be reasonably necessary to affect such sale
or other disposition. Without the prior written consent of Xxxxxx, neither Columbia nor any other
holder of securities of Columbia may include such securities in the Registration Statement.
4. Duties of Columbia upon Registration. If and whenever Columbia is required by the
provisions of Paragraph 3 of this Agreement to effect the registration of any of the Securities
under the Securities Act, Columbia shall:
(a) prepare and file with the Securities and Exchange Commission (the “SEC”) such amendments
to the Registration Statement and supplements to the prospectus contained therein as may be
necessary to keep the Registration Statement effective and current;
(b) furnish to Xxxxxx and to the underwriters of the Securities being registered such
reasonable number of copies of the Registration Statement, the preliminary prospectus and final
prospectus contained therein, and such other documents as Xxxxxx or such underwriters may
reasonably request in order to facilitate the public offering of the Securities;
(c) use its best efforts to register or qualify the Securities covered by the Registration
Statement under the state securities or blue sky laws of such jurisdictions as Xxxxxx or such
underwriters may reasonably request;
(d) notify Xxxxxx, promptly after Columbia shall receive notice thereof, of the time when the
Registration Statement has become effective or any supplement or amendment to any prospectus
forming a part of the Registration Statement has been filed;
(e) notify Xxxxxx promptly of any request by the SEC for the amending or supplementing of the
Registration Statement or the prospectus contained therein, or for additional information;
(f) prepare and file with the SEC, promptly upon the request of Xxxxxx, any amendments or
supplements to the Registration Statement or the prospectus contained therein which, in the opinion
of counsel for Xxxxxx, are required under the Securities Act or the rules and regulations
promulgated by the SEC thereunder in connection with the public offering of the Securities;
(g) prepare and promptly file with the SEC such amendments of or supplements to the
Registration Statement or the prospectus contained therein as may be necessary to correct any
statements or omissions if, at the time when a prospectus relating to such Securities is required
to be delivered under the Securities Act, any event shall have occurred as the result of which such
prospectus as then in effect would include an untrue statement of a material fact or would omit to
state any material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
(h) advise Xxxxxx, promptly after Columbia shall receive notice or obtain knowledge of the
issuance of any stop order by the SEC suspending the effectiveness of the Registration Statement,
or the initiation or threatening of any proceeding for that purpose, and promptly use its best
efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order
should be issued; and
(i) at the request of Xxxxxx, furnish on the date or dates provided for in the underwriting
agreement: (i) an opinion or opinions of counsel for Columbia for the purposes of
such registration, addressed to the underwriters and to Xxxxxx, covering such matters as such
underwriters and Xxxxxx may reasonably request and as are customarily covered by issuer’s counsel
at that time; and (ii) a letter or letters from the independent accountants for Columbia, addressed
to the underwriters and to Xxxxxx, covering such matters as such underwriters or Xxxxxx may
reasonably request, in which letters such accountants shall state (without limiting the generality
of the foregoing) that they are independent accountants within the meaning of the Securities Act
and that, in the opinion of such accountants, the financial statements and other financial data of
Columbia included in the Registration Statement or any amendment or supplement thereto comply in
all material respects with the applicable accounting requirements of the Securities Act.
5. Expenses of Registration. With respect to the registration requested pursuant to
Paragraph 3 of this Agreement, (a) Columbia shall bear all registration, filing and NASD fees,
printing and engraving expenses, fees and disbursements of its counsel and accountants and all
legal fees and disbursements and other expenses of Columbia to comply with state securities or blue
sky laws of any jurisdictions in which the Securities to be offered are to be registered or
qualified; and (b) Xxxxxx shall bear all fees and disbursements of its counsel and accountants,
underwriting discounts and commissions, transfer taxes for Xxxxxx and any other expenses incurred
by Xxxxxx.
6. Indemnification. In connection with any Registration Statement or any amendment or
supplement thereto:
(a) Columbia shall indemnify and hold harmless Xxxxxx, any underwriter (as defined in the
Securities Act) for Xxxxxx, and each person, if any, who controls Xxxxxx or such underwriter
(within the meaning of the Securities Act) from and against any and all loss, damage, liability,
cost or expense to which Xxxxxx or any such underwriter or controlling person may become subject
under the Securities Act or otherwise, insofar as such loss, damage, liability, cost or expense
arises out of or is caused by any untrue statement or alleged untrue statement of any material fact
contained in the Registration Statement, any prospectus or preliminary prospectus contained therein
or any amendment or supplement thereto, or arises out of or is based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that Columbia will not be liable in any such case to the extent that
any such loss, damage, liability, cost or expense arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in conformity with
information furnished by Xxxxxx, such underwriter or such controlling person in writing
specifically for use in the preparation thereof.
(b) Xxxxxx shall indemnify and hold harmless Columbia, any underwriter (as defined in the
Securities Act), and each person, if any, who controls Columbia or such underwriter (within the
meaning of the Securities Act) from and against any and all loss, damage, liability, cost or
expense to which Columbia or any such underwriter or controlling person may become subject under
the Securities Act or otherwise, insofar as such loss, damage, liability, cost or expense arises
out of or is caused by any untrue or alleged untrue statement of any material fact contained in the
Registration Statement, any prospectus or preliminary prospectus contained
therein or any amendment or supplement thereto, or arises out of or is based upon the omission
or the alleged omission to state therein a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances in which they were made, not
misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was so made in reliance upon and in
conformity with written information furnished by Xxxxxx specifically for use in the preparation
thereof.
(c) Promptly after receipt by any party which is entitled to be indemnified, pursuant to the
provisions of subparagraph (a) or (b) of this Paragraph 6, of any claim in writing or of notice of
the commencement of any action involving the subject matter of the foregoing indemnity provisions,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party pursuant to the provisions of subparagraph (a) or (b) of this Paragraph 6, promptly notify
the indemnifying party of the receipt of such claim or notice of the commencement of such action,
but the omission to so notify the indemnifying party will not relieve it from any liability which
it may otherwise have to any indemnified party hereunder. In case any such action is brought
against any indemnified party and it notifies the indemnifying party of the commencement thereof,
the indemnifying party shall have the right to participate in and, to the extent that it may wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel satisfactory to such indemnified party; provided, however, that if the defendants in any
action include both the indemnified party or parties and the indemnifying party and there is a
conflict of interest which would prevent counsel for the indemnifying party from also representing
any indemnified party, such indemnified party shall have the right to select separate counsel to
participate in the defense of such indemnified party. After notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, the indemnifying party
will not be liable to such indemnified party, pursuant to the provisions of subparagraph (a) or (b)
of this Paragraph 6, for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof, other than reasonable costs of investigation, unless
(i) such indemnified party shall have employed separate counsel in accordance with the provisions
of the preceding sentence, (ii) the indemnifying party shall not have employed counsel satisfactory
to the indemnified party to represent the indemnified party within a reasonable time after the
notice of the commencement of the action, or (iii) the indemnifying party has authorized the
employment of counsel for the indemnified party at the expense of the indemnifying party.
(d) If recovery is not available under the foregoing indemnification provisions, for any
reason other than as specified therein, any party entitled to indemnification by the terms thereof
shall be entitled to obtain contribution with respect to its liabilities and expenses, except to
the extent that contribution is not permitted under Section 11(f) of the Securities Act. In
determining the amount of contribution to which the respective parties are entitled there shall be
considered the parties’ relative knowledge and access to information concerning the matter with
respect to which the claim was asserted, the opportunity to correct and/or prevent any statement or
omission, and any other equitable considerations appropriate under the circumstances. Xxxxxx and
Columbia agree that it would not be equitable if the amount of such contribution were determined by
pro rata or per capita allocation even if the underwriters and Xxxxxx as a group were considered a
single entity for such purpose.
7. Redemption and Repurchase Rights.
(a) From and after the date on which any event described in Paragraph 2 of this Agreement
occurs which permits the exercise of the Warrant, the Holder as defined in the Warrant (which shall
include a former Holder), who has exercised the Warrant in whole or in part shall have the right to
require Columbia to redeem some or all of the shares of Common Stock for which the Warrant was
exercised at a redemption price per share (the “Redemption Price”) equal to the highest of: (i)
110% of the Exercise Price, (ii) the highest price paid or agreed to be paid for any share of
Common Stock by an Acquiring Person (as defined below) during the one year period immediately
preceding the date of redemption, and (iii) in the event of a sale of all or substantially all of
Columbia’s assets or all or substantially all of a subsidiary of Columbia’s assets: (x) the sum of
the price paid in such sale for such assets and the current market value of the remaining assets of
Columbia as determined by a recognized investment banking firm selected by such Holder, divided by
(y) the number of shares of Common Stock then outstanding. If the price paid consists in whole or
in part of securities or assets other than cash, the value of such securities or assets shall be
their then current market value as determined by a recognized investment banking firm selected by
the Holder and reasonably acceptable to Columbia.
(b) From and after the date on which any event described in Paragraph 2 of this Agreement
occurs which permits the exercise of the Warrant, the Holder as defined in the Warrant (which shall
include a former Holder), shall have the right to require Columbia to repurchase all or any portion
of the Warrant at a price (the “Warrant Repurchase Price”) equal to the product obtained by
multiplying: (i) the number of shares of Common Stock represented by the portion of the Warrant
that the Holder is requiring Columbia to repurchase, times (ii) the excess of the Redemption Price
over the Exercise Price.
(c) The Holder’s right, pursuant to this Paragraph 7, to require Columbia to repurchase a
portion or all of the Warrant, and/or to require Columbia to redeem some or all of the shares of
Common Stock for which the Warrant was exercised, shall expire on the close of business on the 60th
day following the occurrence of any event described in Paragraph 2 which permits the exercise of
the Warrant.
(d) The Holder may exercise its right, pursuant to this Paragraph 7, to require Columbia to
repurchase all or a portion of the Warrant, and/or to require Columbia to redeem some or all of the
shares of Common Stock for which the Warrant was exercised, by surrendering for such purpose to
Columbia, at its principal office within the time period specified in the preceding subparagraph,
the Warrant and/or a certificate or certificates representing the number of shares to be redeemed
accompanied by a written notice stating that it elects to require Columbia to repurchase the
Warrant or a portion thereof and/or to redeem all or a specified number of such shares in
accordance with the provisions of this Paragraph 7. As promptly as practicable, and in any event
within five business days after the surrender of the Warrant and/or such certificates and the
receipt of such notice relating thereto, Columbia shall deliver or cause to be delivered to the
Holder: (i) the applicable Redemption Price (in immediately available funds) for the shares of
Common Stock which it is not then prohibited under applicable law or regulation from redeeming,
and/or (ii) the applicable Warrant Repurchase Price, and/or (iii) if the
Holder has given Columbia notice that less than the whole Warrant is to be repurchased and/or
less than the full number of shares of Common Stock evidenced by the surrendered certificate or
certificates are to be redeemed, a new certificate or certificates, of like tenor, for the number
of shares of Common Stock evidenced by such surrendered certificate or certificates less the number
shares of Common Stock redeemed and/or a new Warrant reflecting the fact that only a portion of the
Warrant was repurchased.
(e) To the extent that Columbia is prohibited under applicable law or regulation, or as a
result of administrative or judicial action, from repurchasing the Warrant and/or redeeming the
Common Stock as to which the Holder has given notice of repurchase and/or redemption, Columbia
shall immediately so notify the Holder and thereafter deliver or cause to be delivered, from time
to time to the Holder, the portion of the Warrant Repurchase Price and/or the Redemption Price
which it is no longer prohibited from delivering, within five business days after the date on which
Columbia is no longer so prohibited; provided, however, that to the extent that Columbia is at the
time and after the expiration of 25 months, so prohibited from delivering the Warrant Repurchase
Price and/or the Redemption Price, in full (and Columbia hereby undertakes to use its best efforts
to obtain all required regulatory and legal approvals as promptly as practicable), Columbia shall
deliver to the Holder a new Warrant (expiring one year after delivery) evidencing the right of the
Holder to purchase that number of shares of Common Stock representing the portion of the Warrant
which Columbia is then so prohibited from repurchasing, and/or Columbia shall deliver to the Holder
a certificate for the shares of Common Stock which Columbia is then so prohibited from redeeming,
and Columbia shall have no further obligation to repurchase such new Warrant or redeem such Common
Stock; and provided further, that upon receipt of such notice and until five days thereafter the
Holder may revoke its notice of repurchase of the Warrant and/or redemption of Common Stock by
written notice to Columbia at its principal office stating that the Holder elects to revoke its
election to exercise its right to require Columbia to repurchase the Warrant and/or redeem the
Common Stock, whereupon Columbia will promptly redeliver to the Holder the Warrant and/or the
certificates representing shares of Common Stock surrendered to Columbia for purposes of such
repurchase and/or redemption, and Columbia shall have no further obligation to repurchase such
Warrant and/or redeem such Common Stock.
(f) As used in this Agreement the following terms have the meanings indicated:
(1) “Acquiring Person” shall mean any “Person” (hereinafter defined) who or which
is the “Beneficial Owner” (hereinafter defined) of 25% or more of the Common Stock
(before giving effect to any exercise of the Warrant);
(2) A “Person” shall mean any individual, firm, corporation or other entity and
shall also include any syndicate or group deemed to be a “Person” by operation of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended;
(3) A Person shall be a “Beneficial Owner”, and shall have “Beneficial Ownership,”
of all securities:
(i) which such Person or any of its Affiliates (as hereinafter defined)
beneficially owns, directly or indirectly; and
(ii) which such Person or any of its Affiliates or Associates has (1) the right
to acquire (whether such right is exercisable immediately or only after the passage
of time or otherwise) pursuant to any agreement, arrangement or understanding or
upon the exercise of conversion rights, exchange rights, warrants or options, or
otherwise, or (2) the right to vote pursuant to any proxy, power of attorney, voting
trust, agreement, arrangement or understanding; and
(4) “Affiliate” and “Associate” shall have the respective meanings ascribed to such
terms in Rule 12b-2 of the regulations promulgated by the SEC under the Securities and
Exchange Act of 1934, as amended.
8. Remedies. Without limiting the foregoing or any remedies available to Xxxxxx, it
is specifically acknowledged that Xxxxxx would not have an adequate remedy at law for any breach of
this Warrant Agreement and shall be entitled to specific performance of Columbia’s obligations
under, and injunctive relief against any actual or threatened violation of the obligations of any
Person subject to, this Agreement.
9. Limitation of Holder’s Profit
(a) Notwithstanding any other provision of the Warrant, this Agreement or the Merger
Agreement, in no event shall Holder’s Total Profit (as defined below) exceed $21,900,000 (“Maximum
Profit”), and, if it otherwise would exceed such amount, Holder, at its sole discretion, shall
either (i) reduce the number of shares subject to the Warrant, (ii) deliver to Columbia, for
cancellation, shares of Common Stock, (iii) pay cash to Columbia, (iv) reduce the amount of the
consideration paid pursuant to Section 7 of this Agreement or (v) any combination of the foregoing,
so that Holder’s actually realized Total Profit shall not exceed the Maximum Profit after taking
into account the foregoing actions. Notwithstanding any other provision of the Warrant, this
Agreement or the Merger Agreement, the Warrant may not be exercised for a number of shares as
would, as of the date of exercise, result in a Notional Total Profit (as defined below) of more
than the Maximum Profit and, if exercise of the Warrant would otherwise result in the Notional
Total Profit exceeding such amount, Holder, in its discretion, may take any of the actions
specified in this Section 9(a) so that the Notional Total Profit shall not exceed the Maximum
Profit; provided, however, that nothing in this sentence shall restrict any subsequent exercise of
the Warrant which at such time complies with this sentence.
(b) For purposes of this Agreement, “Total Profit” shall mean: (i) the aggregate amount
(before taxes) of (A) the excess of (x) the net cash amounts or fair market value of any property
received by Holder pursuant to a sale of shares of Common Stock issued upon exercise of the Warrant
(“Warrant Shares”), other than to a wholly-owned Subsidiary of Holder, or a repurchase of Warrant
Shares by Columbia pursuant to Section 7 of this Agreement, after payment of applicable brokerage
or sales commissions and discounts, over (y) Holder’s aggregate purchase price for such Warrant
Shares, plus (B) all amounts received by Holder upon the repurchase of the Warrant by Columbia
pursuant to Section 7 of this Agreement, minus (ii)
all amounts of cash previously paid to Columbia pursuant to Section 9(a) plus the value of the
Warrant Shares previously delivered to Columbia for cancellation pursuant to Section 9(a), which
value shall be deemed to be the aggregate Exercise Price paid for such Warrant Shares. For
purposes of this Agreement, “Notional Total Profit” with respect to any number of shares as to
which Holder may propose to exercise the Warrant shall be the Total Profit, determined as of the
date of such proposed exercise assuming that the Warrant were exercised on such date for such
number of shares, and assuming that such shares, together with all other Warrant Shares held by
Holder and its affiliates as of such date, were sold for cash at the closing market price for the
Common Stock as of the close of business on the preceding trading day (less customary brokerage
commissions). For purposes of this Section 9, transactions by a wholly-owned Subsidiary transferee
of Holder in respect of the Warrant or Warrant Shares transferred to it shall be treated as if made
by Holder.
10. Miscellaneous.
(a) The representations, warranties, and covenants of Columbia set forth in the Merger
Agreement are hereby incorporated by reference in and made a part of this Agreement, as if set
forth in full herein.
(b) This Agreement, the Warrant and the Merger Agreement set forth the entire understanding
and agreement of the parties hereto and supersede any and all prior agreements, arrangements and
understandings, whether written or oral, relating to the subject matter hereof and thereof. No
amendment, supplement, modification, waiver, or termination of this Agreement shall be valid and
binding unless executed in writing by both parties.
(c) This Agreement shall be deemed to have been made in, and shall be governed by and
interpreted in accordance with the substantive laws of, the Commonwealth of Pennsylvania.
(d) The covenants in this Agreement are severable, and if any covenant or portion thereof is
held to be invalid or unenforceable for any reason, such covenant or portion thereof shall be
modified or adjusted by a court or other tribunal exercising its equitable powers to the extent
necessary to cure such invalidity or unenforceability, and all other covenants and provisions shall
remain valid and enforceable.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
duly authorized officers as of the day and year first above written.
| Xxxxxx Financial Corporation | ||||
| By: | /s/ XXXXX X. XXXXXX, XX. | |||
| Xxxxx X. Xxxxxx, Xx. | ||||
| Chairman and Chief Executive Officer | ||||
| Attest: | /s/ XXXXXX X. XXXX | |||
| , | ||||
| Xxxxxx X. Xxxx, Secretary | ||||
| Columbia Bancorp | ||||
| By: | /s/ XXXX X. XXXX, XX. | |||
| Xxxx X. Xxxx, Xx. | ||||
| President and Chief Executive Officer | ||||
| Attest: | /s/ XXXXX X. XXXXXXXX | |||
| Xxxxx X. Xxxxxxxx | ||||
| Secretary | ||||
