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(4)
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Includes
3,000 shares owned jointly by Mr. David and his daughter; 3,000 shares owned
jointly by Mr. David and his sister; and 2,834 shares Mr. David has the right
to acquire under vested stock options that Mr. David has not exercised.
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(5)
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Includes
320,638 shares held by a company Mr. Evans controls; 449,959 shares held
individually; 21,562 shares held individually by his wife; 76,923 shares held
by a company his wife controls; and 11,055 shares held as tenants in common
with his spouse.
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(6)
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Includes
7,250 shares Mr. Jacobson has the right to acquire under vested stock options
that Mr. Jacobson has not exercised.
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(7)
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Includes
2,834 shares Mr. Loring has the right to acquire under vested stock options
that Mr. Loring has not exercised.
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(8)
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Includes
289,602 owned jointly by Mr. Lynch and his spouse; 2,570 shares owned jointly
by his spouse and children; 30,770 shares held in trust for his children
under which he has voting and investment power as trustee; and 2,834 shares
Mr. Lynch has the right to acquire under vested stock options that Mr. Lynch
has not exercised.
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(9)
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Includes
22,339 owned jointly by Mr. Marino and his spouse; 14,923 shares held in an
investment company controlled by Mr. Marino; and 175,566 shares Mr. Marino
has the right to acquire under vested stock options that Mr. Marino has not
exercised.
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(10)
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Includes
2,834 shares Mr. Morrison has the right to acquire under vested stock options
that Mr. Morrison has not exercised.
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(11)
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Includes 940
shares owned by Mr. Orlando as custodian for his grandchildren; 31,278 shares
held in an investment company controlled by Mr. Orlando; and 175,566 shares
Mr. Orlando has the right to acquire under vested stock options that Mr.
Orlando has not exercised.
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(12)
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Includes
3,669 shares owned by Mr. Schupp jointly with his children; and 175,566
shares Mr. Schupp has the right to acquire under vested stock options that
Mr. Schupp has not exercised.
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(13)
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Includes
6,042 owned jointly by Mr. Spute and his spouse; and 15,000 shares Mr. Spute
has the right to acquire under vested stock options that Mr. Spute has not
exercised.
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(14)
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Includes
215,874 shares held in family limited partnerships; and 2,834 shares Mr.
Veccia has the right to acquire under vested stock options that Mr. Veccia
has not exercised.
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(15)
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Based solely
on Schedule 13G filed with the SEC on September 23, 2009, Sy Jacobs and
Jacobs Asset Management, LLC reported that they each were the beneficial
owner of 1,242,000 shares, including shared voting and dispositive power of
1,242,000 shares. Their address is One Fifth Avenue, New York, NY 10003.
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(16)
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Based solely
on Schedule 13D filed with the SEC on September 18, 2009, Patriot Financial
Partners GP, LLC reported that it is the beneficial owner of 1,245,000
shares, including shared voting and dispositive power of 1,245,000 shares.
The following are members of the Patriot Financial Group: each of Patriot Financial
Partners, L.P. and Patriot Financial Partners Parallel, L.P. (together, the
Funds), Patriot Financial Partners GP, L.P., the general partner of the
Funds (Patriot GP), Patriot Financial Partners, GP, LLC, general partner of
Patriot GP (Patriot LLC) and each of W. Kirk Wycoff, Ira M. Lubert, and
James J. Lynch, general partners of the Funds and Patriot GP and members of
Patriot LLC. Accordingly, securities owned by the Funds may be regarded as
being beneficially owned by Patriot GP, Patriot LLC, and each of W. Kirk
Wycoff, Ira M. Lubert, and James J. Lynch. Their address is Circa
Centre, 2929 Arch Street, 27
th
Floor, Philadelphia, PA 19104.
|
PROPOSAL 1
AMENDMENT OF RESTATED ARTICLES OF
INCORPORATION, AS AMENDED,
TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK
FROM 30,000,000 TO 60,000,000
Our
Amended and Restated Articles of Incorporation currently authorize 35,000,000 shares
of capital stock, 30,000,000 of which are currently designated as Common Stock
and 5,000,000 of which are currently designated as preferred stock to be issued
in one or more series, which the Board of Directors has the authority to
establish, in its discretion from time to time, the voting rights and other
designations, preferences, rights, qualifications, limitations and
restrictions.
As
of November 6, 2009, the record date for the Special Meeting, there were
24,770,231 shares of Common Stock outstanding, held by approximately 551
shareholders of record. In addition, as of November 6, 2009, we had the
authority to issue options to purchase up to 1,181,712 shares of Common Stock
pursuant to our 2008 Stock Option Plan, and options to purchase 193,900 shares
of Common Stock had been granted and were outstanding under the 2008 Stock
Option Plan (or predecessor plans). Finally, we have granted options to
purchase an additional 2,454,321 shares of Common Stock to Messrs. Orlando,
Schupp, and Marino pursuant to their employment agreements.
The
Board of Directors has unanimously approved and adopted, subject to shareholder
approval, a proposed Amendment to our Amended and Restated Articles of
Incorporation, providing for an increase in the authorized number of shares of
Common Stock from 30,000,000 to 60,000,000.
If
this proposal is approved by our shareholders at the Special Meeting, the
Amendment to our Amended and Restated Articles of Incorporation will become
effective upon the filing of Articles of Amendment with the Florida Department
of State, which filing would be expected to take place as soon as practicable
following the Special Meeting.
The
Board of Directors believes that an increased level of authorized capital stock
would benefit us in our ability to pursue strategies intended to support our
planned growth and to enhance shareholder value by ensuring that we have a
sufficient number of authorized but unissued shares of Common Stock available
for future use. Our Board of Directors considers the proposed increase in the
number of authorized shares of Common Stock desirable because it would give us
the necessary flexibility to issue Common Stock in connection with stock
dividends and splits, equity financings, acquisitions, and for other general
corporate purposes. We currently have no oral or written plans, arrangements,
or understandings for the issuance of the additional shares of Common Stock to
be authorized pursuant to this proposal. The additional authorized shares of
Common Stock will be part of the existing class of Common Stock, not affect the
terms of the Common Stock or the rights of the holders of Common Stock, and
have the same rights and privileges as the shares of Common Stock presently
outstanding.
Any
future issuance of Common Stock may, among other things, have a dilutive effect
on earnings per share and on the equity and voting rights of those holding
Common Stock at the time the additional shares are issued. Our shareholders do
not have any preemptive or other rights to subscribe for any shares of Common
Stock that we might issue in the future.
As
is the case with the shares of Common Stock that currently are authorized but
unissued, if this amendment to our Amended and Restated Articles of
Incorporation is adopted by our shareholders, the Board of Directors will have
authority to issue the additional shares of Common Stock from time to time
without the expenses and delay of a special meeting of shareholders or other
shareholder action, except as may be required by applicable law.
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The Board of Directors unanimously
recommends that the shareholders vote FOR
the proposal to amend our Amended and Restated Articles of Incorporation.
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1st United Bancorp, Inc. Notice of Special Meeting and Proxy
Statement
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6
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SHAREHOLDER
PROPOSALS
Shareholder
proposals that are to be included in the Proxy Statement for the 2010 annual
meeting must be received by December 16, 2009. Shareholder proposals for the
2010 annual meeting that are not intended to be included in the Proxy Statement
for that meeting must be received by February 16, 2010. These time limits also
apply in determining whether notice is timely for purposes of rules adopted by
the SEC relating to the exercise of discretionary voting authority. Proposals
must comply with the proxy rules and be submitted in writing to our
Corporate Secretary at our principal offices.
DIRECTOR
NOMINATIONS
Any
shareholder entitled to vote generally in the election of directors may
recommend a candidate for nomination as a director. A shareholder may recommend
a director nominee by submitting the name and qualifications of the candidate
the shareholder wishes to recommend, pursuant to Article I, Section 15 of our
Bylaws, to:
1
st
United Bancorp, Inc.
One North Federal Highway
Boca Raton, FL 33432
Attention: Corporate Secretary
To
be considered, recommendations with respect to an election of directors to be
held at an annual meeting must be received no earlier than 180 days and no
later than 120 days prior to April 15, 2010, the first anniversary of this
years Notice of Annual Meeting date. In other words, director nominations must
be received no earlier than October 17, 2009, and no later than December 16,
2009, to be nominated for consideration at the 2010 Annual Meeting.
Recommendations with respect to an election of directors to be held at a
special meeting called for that purpose must be received by the 10th day
following the date on which notice of the special meeting was first mailed to
shareholders. Recommendations meeting these requirements will be brought to the
attention of the Governance Committee. Candidates for director recommended by
shareholders are afforded the same consideration as candidates for director identified
by our directors, executive officers, or search firms, if any, employed by us.
HOUSEHOLDING
We
have adopted a procedure approved by the Securities and Exchange Commission
known as householding. Under this procedure, shareholders of record who have
the same address and last name will receive only one copy of our Notice of
Special Meeting, Proxy Statement, and Annual Report, unless one or more of
these shareholders notifies our transfer agent that they wish to continue
receiving individual copies. This procedure will reduce our printing costs and
postage fees. If you wish to receive your own copy of these materials, you may
contact our transfer agent, American Stock Transfer & Trust Company, in
writing, by telephone, or on the Internet:
American Stock Transfer & Trust Company
59 Maiden Lane, Plaza Level
New York, NY 10038
(800) 937-5449 (U.S. and Canada)
(718) 921-8124 (International)
www.amstock.com
Shareholders
who participate in householding will continue to receive separate proxy cards.
If you are eligible for householding, but you and other shareholders of record
with whom you share an address currently receive multiple copies of our Notice
of Special Meeting, Proxy Statement, and Annual Report, or if you hold stock in
more than one account, and in either case you wish to receive only a single
copy of each document for your household, please contact our transfer agent as
indicated above. Beneficial owners can request information about householding
from their banks, brokers, or other nominees.
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7
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1st United
Bancorp, Inc. Notice of Special Meeting and Proxy Statement
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SPECIAL MEETING OF SHAREHOLDERS OF
1ST UNITED BANCORP, INC.
December 8, 2009
NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL
:
The Notice of Meeting, proxy
statement and proxy card
are available at www.snl.com/IRWebLinkx/GenPage.aspx?IId=4056712&gkp=1073743318
Please sign, date and mail
your proxy card in the
envelope provided as soon
as possible.
ê
Please detach along
perforated line and mail in the envelope provided.
ê
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THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR
PROPOSAL 1.
PLEASE SIGN, DATE AND RETURN
PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK
AS SHOWN HERE
x
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To change the address on your
account, please check the box at right and indicate your new address in the address
space above. Please note that changes to the registered name(s) on the account
may not be submitted via this method.
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o
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FOR
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AGAINST
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ABSTAIN
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1.
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The approval of an amendment to the
Companys Amended and Restated Articles of Incorporation to increase the number
of authorized shares of Common Stock of the Company from 30,000,000 shares to
60,000,000 shares.
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o
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o
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o
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THIS PROXY WILL BE VOTED AS
DIRECTED, BUT IF NO DIRECTIONS ARE GIVEN ON THE PROXY, THE SHARES REPRESENTED
BY THE PROXY WILL BE VOTED FOR PROPOSAL 1 AND AS DETERMINED BY THE PROXIES ON
ANY OTHER MATTER WHICH MAY PROPERLY BE BROUGHT AT THE MEETING.
The undersigned
shareholder(s) hereby acknowledges receipt of the Notice of Special Meeting and
Proxy Statement.
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ELECTRONIC ACCESS TO FUTURE DOCUMENTS
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If you would like to receive
future shareholder communications over the Internet exclusively and no longer
receive any material by mail, please visit http://www.amstock.com. Click on
Shareholder Account Access to enroll. Please enter your account number and tax
identification number to log in, then select Receive Company Mailings via
E-Mail and provide your e-mail address.
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Please mark here
if you intend to attend Special Meeting of Shareholders.
o
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Signature of Shareholder
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Date:
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Signature of Shareholder
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Date:
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Note:
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Please sign exactly as
your name or names appear on this Proxy. When shares are held jointly, each
holder should sign. When signing as executor, administrator, attorney, trustee
or guardian, please give full title as such. If the signer is a corporation,
please sign full corporate name by duly authorized officer, giving full title
as such. If signer is a partnership, please sign in partnership name by
authorized person.
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SPECIAL MEETING OF SHAREHOLDERS OF
1ST UNITED BANCORP, INC.
December 8, 2009
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PROXY VOTING INSTRUCTIONS
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INTERNET
-
Access
www.voteproxy.com
and follow
the on-screen instructions. Have your proxy card available when you access the web page, and
use the Company Number and Account Number shown on your proxy card.
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TELEPHONE
-
Call toll-free
1-800-PROXIES
(1-800-776-9437) in the
United States or
1-718-921-8500
from foreign countries from any touch-tone telephone and follow the instructions.
Have your proxy card available when you call and use the Company Number and Account Number shown on your proxy card.
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Vote online or by phone until 11:59 PM EST the day before the meeting.
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MAIL
-
Sign, date and mail
your proxy card in the envelope provided as soon as possible.
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IN PERSON
-
You may vote your shares in person
by attending the Special Meeting.
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COMPANY NUMBER
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ACCOUNT NUMBER
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NOTICE OF INTERNET AVAILABILITY
OF PROXY MATERIAL
: The Notice of meeting, proxy statement and proxy
card are available
at www.snl.com/IRWebLinkx/GenPage.aspx?IId=4056712&gkp=1073743318
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ê
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Please detach along perforated line and mail in the envelope provided
IF
you are not voting via telephone or the Internet.
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ê
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THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR
PROPOSAL 1.
PLEASE SIGN, DATE AND RETURN
PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK
AS SHOWN HERE
x
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To change the address on your
account, please check the box at right and indicate your new address in the address
space above. Please note that changes to the registered name(s) on the account
may not be submitted via this method.
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o
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FOR
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AGAINST
|
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ABSTAIN
|
|
1.
|
The approval of an amendment to the
Companys Amended and Restated Articles of Incorporation to increase the number
of authorized shares of Common Stock of the Company from 30,000,000 shares to
60,000,000 shares.
|
o
|
|
o
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|
o
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THIS PROXY WILL BE VOTED AS
DIRECTED, BUT IF NO DIRECTIONS ARE GIVEN ON THE PROXY, THE SHARES REPRESENTED
BY THE PROXY WILL BE VOTED FOR PROPOSAL 1 AND AS DETERMINED BY THE PROXIES ON
ANY OTHER MATTER WHICH MAY PROPERLY BE BROUGHT AT THE MEETING.
The undersigned
shareholder(s) hereby acknowledges receipt of the Notice of Special Meeting and
Proxy Statement.
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|
ELECTRONIC ACCESS TO FUTURE DOCUMENTS
|
|
If you would like to receive
future shareholder communications over the Internet exclusively and no longer
receive any material by mail, please visit http://www.amstock.com. Click on
Shareholder Account Access to enroll. Please enter your account number and tax
identification number to log in, then select Receive Company Mailings via
E-Mail and provide your e-mail address.
|
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|
Please mark here
if you intend to attend the Special Meeting of
o
Shareholders.
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Signature of Shareholder
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Date:
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Signature of Shareholder
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Date:
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Note:
|
Please sign exactly as
your name or names appear on this Proxy. When shares are held jointly, each
holder should sign. When signing as executor, administrator, attorney, trustee
or guardian, please give full title as such. If the signer is a corporation,
please sign full corporate name by duly authorized officer, giving full title
as such. If signer is a partnership, please sign in partnership name by
authorized person.
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Dear Shareholder,
Your vote
is important. Please read both sides of the attached Proxy Card. You can vote
your shares through the Internet, by telephone or by marking, signing, and
dating and returning your card. If you vote through the Internet or by
telephone, there is no need to mail your card.
You are
invited to attend the Special Meeting of Shareholders on Tuesday, December 8,
2009, at 2:00 p.m. at the Boca Raton Historical Society located at 71 North
Federal Highway, Boca Raton, Florida. If you plan to attend the Annual Meeting,
you should either mark the box provided on the Proxy Card or signify your
attendance when you access the Internet or telephone voting system.
We
urge you to vote your shares.
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Warren S.
Orlando
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Chairman of the Board
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1ST UNITED BANCORP, INC.
One North Federal Highway
Boca Raton, FL 33432
PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
1ST UNITED BANCORP, INC. FOR THE SPECIAL MEETING OF SHAREHOLDERS
DECEMBER 8, 2009
KNOW ALL MEN BY THESE PRESENTS that I, the undersigned shareholder of
1st United Bancorp, Inc. (the Company), Boca Raton, Florida, do hereby nominate,
constitute and appoint John Marino, Warren S. Orlando and Rudy E. Schupp
(collectively, the Proxies), or any one of them (with full power to act
alone), my true and lawful attorneys and proxies with full power of
substitution, for me and in my name, place and stead to vote all the shares of
Common Stock of the Company that the shareholder signing this Proxy Card is
entitled to vote at the special meeting of its shareholders to be held at 71
North Federal Highway, Boca Raton, Florida, on Tuesday, December 8, 2009, at
2:00 P.M., and at any adjournments or postponements thereof, as instructed on
the reverse side of this Proxy Card and in the Proxies discretion on other
matters.
All proxies previously given or executed by
the shareholder signing this Proxy Card are hereby revoked.
(Continued and to be signed on the reverse
side.)
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