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Exhibit 10.2
SENIOR EXECUTIVE OFFICER WAIVER
To the undersigned
senior executive officers
Gentlemen:
Monarch Financial Holdings, Inc. (the "Company") anticipates
entering into a Securities Purchase Agreement (the "Securities
Purchase Agreement") with the United States Department of the
Treasury (the "Treasury") that provides for the Company’s
participation in the Treasury’s TARP Capital Purchase Program
(the "CPP"). If the Company does not participate or ceases at any
time to participate in the CPP, this letter shall be of no further
force and effect.
For the Company to participate in the CPP and as a condition to
the closing of the investment contemplated by Section 1.2(d)(v) of
the Securities Purchase Agreement, each of the Company’s
senior executive officers, as defined in subsection 111(b)(3) of
the Emergency Economic Stabilization Act of 2008, must deliver a
written waiver to the Treasury releasing the Treasury from certain
claims relating to any modification of that executive’s
compensation arrangement resulting from the Company’s
participation in the CPP. To comply with this requirement, and in
consideration of the benefits that you will receive as a result of
the Company’s participation in the CPP, you agree as
follows:
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