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EXHIBIT 10.1
 
     
 a)
    
    Separation PayContinuation of regular gross base compensation (separation pay), through January 9,
2008, payable each regular pay period, subject to all applicable taxes and withholding
(including withholding with respect to the continuation of benefits set forth in (d).b)
    
    Car AllowanceYou will continue to receive your auto allowance through January 9, 2008.c)
    
    BonusYou will receive your 2006 bonus, payable March 9, 2007, calculated consistent with
the EMC Executive Bonus Program and at the sole discretion of the Bank.d)
    
    Health Insurance CoverageContinuation of the medical/dental/vision coverage in effect, in accordance with COBRA,
until such time that you become eligible for benefits through another employer or through
January 9, 2008, whichever is sooner. Please note however that
this continuation period will be considered as part of the 18-month COBRA period, i.e.
this combined coverage will not exceed 18 months from the last day of the month
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of your
Termination of Employment Date, which is defined as the date the Agreement is executed
plus the seven (7) day revocation period. Employee understands that coverage provided
under Employers other health and welfare programs, including long- and short-term
disability and life insurance, shall cease as of the Termination of Employment Date, as
defined above.e)
    
    Stock OptionsAll vested stock options will receive an extended exercise period through May 15, 2007
(pending approval of the Compensation Committees approval). Additionally, all unvested
stock options will be vested with a pro-rata date of January 9, 2008 (pending approval
of the Compensation Committees approval).f)
    
    Discounted MortgageAny employee discounted mortgage loan rate with BankAtlantic will remain in effect for
one year after your date of separation.g)
    
    Discounted Consumer LoanAny discounted BankAtlantic Consumer Loan rate will remain in effect for the term of the
loan.h)
    
    Employee Checking AccountThere will be a continuation of employee checking account classification through your
separation period. The account will then be reclassified as a regular customer account.i)
    
    Discounted Safety Deposit BoxAny discounted safety deposit box rate will remain in effect for the rental term.j)
    
    Neutral Employment ReferenceEmployer agrees to provide Employee with employment
reference which is mutually agreeable to both parties.
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inter alia
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in camera
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Pursuant to the provisions of the Older Workers Benefit Protection Act (OWBPA), which
applies to Employees waiver of rights under the Age Discrimination in Employment Act, Employee has
a period of twenty-one (21) days within which to consider whether to execute this Agreement.
Employee agrees that if he does not execute this Agreement within the twenty-one (21) day period,
the Agreement will be void. Also pursuant to the OWBPA, Employee may revoke the Agreement within
seven (7) days of its execution. It is specifically understood that this Agreement shall not
become effective or enforceable until the seven-day revocation period has expired. Consideration
for this Agreement will not be paid until the end of the seven-day revocation period.
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except for
 EMPLOYEE FURTHER STATES THAT HE HAS CAREFULLY READ THIS AGREEMENT, IT HAS BEEN FULLY
EXPLAINED TO HIM, THAT HE HAS HAD THE OPPORTUNITY TO HAVE IT REVIEWED BY AN ATTORNEY, AND THAT HE
FULLY UNDERSTANDS ITS FINAL AND BINDING EFFECT, AND THAT THE ONLY PROMISES MADE TO HIM TO SIGN THE
AGREEMENT ARE THOSE
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STATED IN THE AGREEMENT, AND THAT EMPLOYEE IS SIGNING THIS AGREEMENT
VOLUNTARILY WITH THE FULL INTENT OF RELEASING EMPLOYER OF ALL CLAIMS.
 th
 By:

/s/ Jay FuchsJay FuchsBankAtlantic
EmployerBy:

/s/ Susan D. McGregorName:
    Susan D. McGregorTitle:
    EVP  Human Resources STATE OF FLORIDA
    
    
    )
)
    
    
    SS:COUNTY OF Broward
    
    
    )
 
 
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