Exhibit 10.3
AMENDMENT TO STOCK ESCROW AGREEMENT
AMENDMENT TO STOCK ESCROW AGREEMENT, dated as of April 7, 2005
("Amendment"), by and among COASTAL BANCSHARES ACQUISITION CORP., a Delaware
corporation ("Company"), XXXX X. XXXXXXXX, COASTAL ACQUISITION, LLC, W. XXXXXX
XXXXXXX, XXXXX XXXXXXX, XXXXXXX X. XXXXXXXX, and XXXX X. XXXXXXX (collectively
"Initial Stockholders"), XXXXXXXX XXXXXX ("Xxxxxx") and CONTINENTAL STOCK
TRANSFER & TRUST COMPANY ("Escrow Agent").
WHEREAS, the Company, the Initial Stockholders and the Escrow Agent have
previously entered into a Stock Escrow Agreement, dated February 18, 2005 (the
"Stock Escrow Agreement"), pursuant to which the Initial Stockholders agreed as
a condition of the sale of the units in the Company's initial public offering,
to deposit their shares of common stock of the Company, as set forth opposite
their respective names in Exhibit A attached thereto (collectively "Escrow
Shares");
WHEREAS, Xxxx X. Xxxxxxx has resigned as a member of the Board of Directors
of the Company, effective of even date herewith, and agreed to forfeit his
ownership of the Escrow Shares;
WHEREAS, Xxxxxx has been elected by the Board of Directors of the Company
to fill the vacancy created by the resignation of Xxxxxxx and Xxxxxx has
accepted and agreed to serve as a member of the Board of Directors of the
Company;
WHEREAS, the Company has agreed to grant 40,000 restricted shares of common
stock of the Company to Xxxxxx (the "Restricted Stock");
WHEREAS, I-Bankers Securities Incorporated and Newbridge Securities
Corporation, the representatives of the underwriters in the Company's initial
public offering, have consented to the resignation of Xxxx X. Xxxxxxx, the
election of Xxxxxx and the issuance of the Restricted Stock;
WHEREAS, the Company, the Initial Stockholders, Xxxxxx and the Escrow Agent
hereby agree to amend the Escrow Agreement as follows:
NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Defined Terms. Unless otherwise defined herein, capitalized terms used
herein shall have the meanings, if any, assigned to them in the Stock
Escrow Agreement.
2. Acceptance of Stock Escrow Agreement. Xxxxxx does hereby accept and agree
to be bound by all of the terms and conditions of the Stock Escrow
Agreement.
3. Amendment of Exhibit A. Exhibit A to the Stock Escrow Agreement is hereby
amended to reflect (i) the removal of Xxxxxxx as an Initial Stockholder,
(ii) the admission of Xxxxxx as an Initial Stockholder and (iii) the
issuance of 40,000 restricted shares of common stock to Xxxxxx.
4. Ratification of the Registration Rights Agreement. Except as specified
hereinabove, all other terms and provisions of the Stock Escrow Agreement
shall remain unchanged and are hereby ratified and confirmed.
5. Facsimile; Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original and all of which
counterparts together shall constitute one agreement with the same effect
as if the parties had signed the same signature page.
6. Headings. The titles to the sections of this Amendment are solely for the
convenience of the parties and shall not be used to explain, modify aid in
the interpretation of the provisions of this Amendment.
WITNESS the execution of this Agreement as of the date first above written.
COASTAL BANCSHARES ACQUISITION CORP.
By: /s/ Xxxx X. Xxxxxxxx
------------------------------
Xxxx X. Xxxxxxxx
Co-Chief Executive Officer
INITIAL STOCKHOLDERS:
/s/ Xxxx X. Xxxxxxxx
------------------------------
Xxxx X. Xxxxxxxx
/s/ Xxxx X. Xxxxxxxx
------------------------------
Coastal Acquisition, LLC
By: Xxxx X. Xxxxxxxx, Manager
/s/ W. Xxxxxx Xxxxxxx
------------------------------
W. Xxxxxx Xxxxxxx
/s/ Xxxxx Xxxxxxx
------------------------------
Xxxxx Xxxxxxx
/s/ Xxxxxxx X. Xxxxxxxx
------------------------------
Xxxxxxx X. Xxxxxxxx
/s/ Xxxx X. Xxxxxxx
------------------------------
Xxxx X. Xxxxxxx
XXXXXX:
/s/ Xxxxxxxx Xxxxxx
------------------------------
Xxxxxxxx Xxxxxx
CONTINENTAL STOCK TRANSFER & TRUST
COMPANY
By: /s/ Xxxxxx Xxxxxx
--------------------------
Name: Xxxxxx Xxxxxx
Title: President
EXHIBIT A
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Name and Address of Initial Stockholder Number of Shares Stock Certificate Number
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Xxxx X. Xxxxxxxx 282,500 1
0000 Xxxx Xxxxxxx, Xxxxx 000, Xxxxxxx,
Xxxxx 00000.
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Coastal Acquisition, LLC 300,000 2
0000 Xxxx Xxxxxxx, Xxxxx 000, Xxxxxxx,
Xxxxx 00000.
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W. Xxxxxx Xxxxxxx 242,500 3
American Prudential Capital, Inc.
00000 Xxxxxxxxx Xxxx., Xxxxx 000
Xxxxxxx, Xxxxx 00000
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Xxxxx Xxxxxxx 85,000 4
0000 Xxxx Xxxxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
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Xxxxxxxx Xxxxxx 40,000 7
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
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Xxxxxxx X. Xxxxxxxx 50,000 6
RSTW Partners
0000 Xxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
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