EX-10.2 5 k80594exv10w2.txt FIRST AMENDMENT TO RATE NOTE - DONALD E. HEGEDUS EXHIBIT 10.2 FIRST AMENDMENT TO COMMUNITY SHORES BANK CORPORATION FLOATING RATE SUBORDINATED NOTE DUE JUNE 30, 2008 AND SUBORDINATED NOTE PURCHASE AGREEMENT August 27, 2003 To the holder of Community Shores Bank Corporation Floating Rate Subordinated Notes named on the signature page of this letter Re Community Shores Bank Corporation Floating Rate Subordinated Notes due June 30, 2008, and related Subordinated Note Purchase Agreements Community Shores Bank Corporation (the "Community Shores") has previously entered into the Subordinated Note Purchase Agreements and issued to you the Floating Rate Subordinated Notes due June 30, 2007 referred to across from your name on Annex I to this letter (collectively "Your Purchase Agreements and Notes", and individually, "Your Purchase Agreements" and "Your Notes"). This letter will confirm the agreement between you and Community Shores, effective August 27, 2003, to extend the maturity of Your Notes from June 30, 2008 to June 30, 2009. The provisions of Your Purchase Agreements shall be deemed concurrently amended, effective August 27, 2003, to reflect the extension of the maturity of Your Notes to June 30, 2009. In connection with the extension of the maturity date, you represent to Community Shores that all of your representations, warranties and agreements set forth in Section 5 of Your Purchase Agreements continue to be true and correct as of the date of this letter. Except for the amendment to Your Purchase Agreements and Notes expressly set forth in this letter, all of the provisions of Your Purchase Agreements and Notes shall continue to be in full force and effect. Please indicate your agreement with the terms of this letter by signing and returning a copy of this letter to Community Shores, in which case this letter shall become a binding agreement between you and Community Shores, effective August 27, 2003. The effectiveness of the agreement set forth in this letter is not effected by any other holder of a Floating Rate Subordinated Note agreeing or not agreeing to enter into a similar amendment. Sincerely, Community Shores Bank Corporation By: ___________________________ Jose' A. Infante Chairman of the Board, President and Chief Executive Officer THE UNDERSIGNED AGREES TO THE ABOVE WITH RESPECT TO THE $500,000 AGGREGATE PRINCIPAL AMOUNT OFF FLOATING RATE SUBORDINATED NOTES DUE JUNE 30, 2008 AND RELATED SUBORDINATED NOTE PURCHASE AGREEMENTS REFERRED TO ACROSS FROM THE UNDERSIGNED'S NAME ON ANNEX I TO THIS LETTER _______________________________________ Donald E. Hegedus --------------------------------------- _______________________________________ (please print name under signature) 2 ANNEX I COMMUNITY SHORES BANK CORPORATION OUTSTANDING FLOATING RATE SUBORDINATED NOTES DUE JUNE 30, 2009
DATE OF FLOATING DATE OF RATE SUBORDINATED PRINCIPAL AMOUNT SUBORDINATED NOTE PURCHASE OF FLOATING RATE NAME OF HOLDER NOTE AGREEMENT SUBORDINATED NOTE -------------- ------------------ ------------------ ----------------- Robert Chandonnet June 28, 2000 June 27, 2000 $ 140,000 Michael Gluhanich June 28, 2000 June 27, 2000 70,000 Donald Hegedus June 28, 2000 June 27, 2000 350,000 Painewebber, Inc., IRA Custodian June 28, 2000 June 27, 2000 525,000 FBO John L. Hilt IRA II Robert Chandonnet September 27, 2000 September 27, 2000 $ 60,000 Michael Gluhanich September 27, 2000 September 27, 2000 30,000 Donald Hegedus September 27, 2000 September 27, 2000 150,000 Painewebber, Inc., IRA September 27, 2000 September 27, 2000 225,000 Custodian FBO John L. Hilt IRA II Community Shores LLC September 27, 2000 September 27, 2000 35,000 Community Shores LLC December 26, 2000 420,000 Community Shores LLC March 28, 2001 March 28, 2001 600,000 Community Shores LLC March 29, 2001 March 29, 2001 250,000 Community Shores LLC April 13, 2001 April 13, 2001 145,000 Community Shores LLC July 12, 2001 July 12, 2001 100,000 Community Shores LLC October 9, 2001 October 9, 2001 100,000 Community Shores LLC December 31, 2001 December 31, 2001 200,000 Community Shores LLC February 25, 2002 February 25, 2002 100,000 Community Shores LLC April 19, 2002 April 19, 2002 100,000 Community Shores LLC Paydown on March 31, 2003 (1,050,000)
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