Notice of Extension of Expiration Date for Sun American Bancorp Class A Common Stock Purchase Warrants
Sun American Bancorp has extended the expiration date for its Class A Common Stock Purchase Warrants. All holders of these warrants now have until 5:00 p.m. Eastern time on December 30, 2008, to exercise their rights to purchase shares of the company's common stock at $10.00 per share, subject to certain adjustments. This extension applies to all 922,625 outstanding Class A Warrants, covering a total of 369,050 shares. The notice is issued by the company's board of directors and signed by the President and CEO.
EXHIBIT 10.1
SUN AMERICAN BANCORP
9293 Glades Road
Boca Raton, Florida 33434
NOTICE EXTENDING THE EXPIRATION DATE OF THE CLASS A
COMMON STOCK PURCHASE WARRANTS
November 15, 2007
Dear Class A Warrant Holder:
On November 15, 2007, the board of directors of Sun American Bancorp (the “Company”) authorized the extension of the expiration date of the Company’s Class A Common Stock Purchase Warrants (the “Class A Warrants”) until 5:00 p.m. Eastern time on December 30, 2008 (the “Extension”). The Extension shall apply to all 922,625 Class A Warrants outstanding, representing the right to purchase an aggregate of 369,050 shares of common stock of the Company at an exercise price of $10.00 per share, subject to adjustment for stock splits, reverse stock splits and other events of recapitalization.
BY ORDER OF THE BOARD OF DIRECTORS:
| SUN AMERICAN BANCORP | |
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| By: | /s/ MICHAEL E. GOLDEN |
| Name: | Michael E. Golden |
| Title: | President and Chief Executive Officer |
