SUN AMERICAN BANCORP 9293 Glades Road Boca Raton, Florida 33434 NOTICE EXTENDING THE EXPIRATION DATE OF THE CLASS A COMMON STOCK PURCHASE WARRANTS
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 Companys 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 |