October 2, 2015Share Purchase and Rights Offering Backstop Agreement • October 2nd, 2015 • Community Shores Bank Corp • State commercial banks • Michigan
This Share Purchase and Rights Offering Backstop Agreement (this “Letter Agreement”) is entered into by Community Shores Bank Corporation (“Community Shores”) and Thornapple River Capital – Financial Services Industry Fund LLC, a Michigan limited liability company (the “Backstop Party”). This Letter Agreement sets forth the parties’ respective obligations with respect to an offering, described herein (the “Rights Offering”), of rights to purchase shares of Common Stock of Community Shores (“Common Stock”). Subject to the terms and conditions of this Letter Agreement, Community Shores intends the Rights Offering to provide for anticipated gross proceeds of up to $6,550,000.
October 2, 2015Share Purchase and Rights Offering Backstop Agreement • October 2nd, 2015 • Community Shores Bank Corp • State commercial banks • Michigan
This Share Purchase and Rights Offering Backstop Agreement (this “Letter Agreement”) is entered into by Community Shores Bank Corporation (“Community Shores”) and the persons listed on Exhibit A (each, a “Backstop Party”, and collectively, the “Backstop Parties”). This Letter Agreement sets forth the parties’ respective obligations with respect to an offering, described herein (the “Rights Offering”), of rights to purchase shares of Common Stock of Community Shores (“Common Stock”). Subject to the terms and conditions of this Letter Agreement, Community Shores intends the Rights Offering to provide for anticipated gross proceeds of up to $6,550,000.
DEBT CONVERSION AGREEMENTDebt Conversion Agreement • October 2nd, 2015 • Community Shores Bank Corp • State commercial banks • Michigan
THIS DEBT CONVERSION AGREEMENT (this “Agreement”) is made and effective as of October 2, 2015 (the “Effective Date”), by and between Community Shores Bank Corporation, a Michigan corporation (“Community Shores”) and 1030 Norton LLC, a Michigan limited liability company (“1030 Norton”) and the individuals identified on Exhibit A (each a “Registered Holder” and collectively, the “Registered Holders”). Community Shores, 1030 Norton, and the Registered Holders are sometimes referred to collectively herein as the “Parties”.
