SETTLEMENT AND I~ ELEASK AGIU:EMENT 

This Settlement and Relt:asc Agreement ("Agreement") is made by, between, and among 

the following undersigned parties: 

T he PlaintiiTFedcral Deposit Insurance Corporation as Receiver for Coloni al Dank 

("FDIC-H.") and VRG Appraisels, Inc. ("VRG") acting on behalf of itself and appraiser Jennifer 

Akins CAkins") (individually, the FDIC-R, VRG and Akins may be referred to herein as "Pat1y" 

and collectively as the "Parties'} 

RECITALS 

WHEREAS: 

Prior to August 14, 2009, Colonial Bank ("Bank") was a depository institution organized 

and existing under the laws of Alabama. 

On August 14, 2009, the Alabama State Banking Department closed the Bank and 

pursuant to 12 U.S.C. § 1821 (c), the Federal Deposit Insurance Corporation was appointed 

Receiver. In accordance with 12 U.S.C. § 1821(d), the FDlC-R succeeded to all rights, titles, 

powers and privileges of the Bank, including those with respect to its assets. 

Among the assets to which the FDIC-R succeeded were the Rank's claims, demands, and 

causes of action that are the subject ofthis Agreement. 

On August 10, 20 I 2, the FDIC-R tiled a complaint for money damages against VR(/ and 

Akins. Those claims for damages arc now pending in the United States Distl'ict Court for the 

Middle D istrict of florida in Federul Deposit Insurance C01poration as Receiver for Colonial 

Hank v. YRG Appmisels, Inc., et al., Case No.8: 12-cv-0 1814-MSS-T(iW ("Action"). VRG and 

Akins have denied liability in the Action. 

The undersigned Parties deem it in their best interests to enter into this Agreement to 

a void the uncct1ainty and ex pensc or tln1hcr I itigation. 

NOW, THEREFORE, in consideration of the promises, undertakings, payments, and 

releases stated herein, the suffic iency of which consideration is hereby acknowledged, the 
undersigned Pat1ics agree, each with the other, as follows: 

SECTION I: Payment to FDIC-R 

I\. As an essential covenant and condition to this Agreement, on or before thirty (30) 

calendar days following the date the FDIC-R t:xcL:utcs this Agreement, VRG agrees to pay the 

FDIC-R the sum of one hundred thirty-seven thousand five hundred dollars ($137 ,500) ("the 

Settlement Payment"). 

B. VRG shaiJ ddiver the Settlement Payment to the FDIC-R by either check made 

payable to, or direct wire transfer into, Wclbaum Guernsey's Trust Account. 

ln the event that the Settlement Payment is not delivered to the FDrC-R (or its counsel) 

by thirty (30) calendar days following the date the FDIC-R executes this Agreement, interest 

shall accrue on all unpaid amounts at the rate of 5% per annum from thirty (30) calendar days 

following the date the .FDIC-R executes this Agreement until the date of payment. 

C. If the FDIC-H .. does not receive the Settlement Payment in full on or before the 

date determined by subsection A above, then the FDlC-R, in its sole discretion, shall have the 

right at any time prior to receipt of the Settlement Payment in full (including all accrut:d interest) 

to: 

I. Extend the period of time tot· the Settlement Payment, including interest 

accruing fmm the date determined by subsection A above, through the date of payment at a rate 

calculated in accordance with 26 U.S.C. § 662l(a)(3); or 

2. Enforce this Agreement, in which event VRG and Akins shall consent to 

jurisdiction in United States District Comt for the Middle District of Florida and to pay, all of the 

FDIC-R 's reasonable attorney's fees and costs expended in enforcing the terms of this 

Agreement; or 

3. Terminate the Agreement, move to vacate any dismissal order, to which 

VRG and Akins shall consent, and t·e-institute an action on the FDIC-R's claims. VRG and 

Akins hereby waive any dctcnsc based on any statute of limitations that would bar any of the 

FDJC-R's claims <tnd waive all objections, defenses, claims or counterclaims, and covenant and 

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agree not to assert any objections, defenses, claims or counterclaims that did not exist or were 

otherwise unavailable as o f the date this Agreement was fu lly executed; and/or 

4. Seek an y other relief available to it in Jaw or equity. 

Any extension of time under Section I.C.I fo r delivery of the Settlement Payment or 

acceptance of a portion ofthe Settlement Payment shall not prejudice the .FDIC-R's rights to take 

any of the actions set forth in Section I.C.2 through LC.4 at any time prior to receipt of 

Settlement Payment (including all accrued interest) in full. 

SECTION II: Stipulation and Dismissal 

Within ten business days after the latter of (1) full execution of this Agreement by all of 

the Parties, and (2) receipt of the Settlement Payment, plus any accrued interest, the FD IC-R 

shall file a stipulation of dismissal with prejudice, executed by the attorneys for all Parties 

hereto, in the form attached hereto as Exhibit A, in the Action. 

SECTION III: Releases 

A. The FDIC-R's Releases. 

Upon receipt of the Settlement Payment in full and except as provided in Section III.D., 

the FDIC-R, for itself and its successors and assigns, hereby releases and discharges VRG and 

Akins, and their respective heirs, executors, trustees, administrators, representatives, successors, 

insurers, officers, directors, employees and assigns, from any and all claims, demands, 

obligations, damages, actions, and causes of action, direct or indirect, in law or in equity, 

belonging to the .FDlC-R, that arise from or relate to the causes of action alleged in the Action. 

B. VR(I and Akins's Releases. 

Effective simultaneously with the release granted in Section liLA. above, VRG and 

Akins, on behalf of themselves and their respective heirs, executors, trustees, administrators, 

agents, representatives, attorneys, successors, and assigns, he reby releases and discharges the 

.FDIC-R, and its employees, ofticers, directors, representatives, attorneys, successors and assigns, 

from any and all claims, demands, obligations, damages, actions, and causes of action, direct or 

indirect, in law or in equity, that arise trom or relate to the causes of action alleged in the Action. 

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C. Exceptions fi·om Releases by FDIC-R. 

I. Notwithstanding any other provision of this Agreement, the FDIC-R does 

not release, and expressly preserves fhlly and to the same extent as irthis Agreement had not 

been executed, any claims or causes of action: 

a. Against the VRG, Akins, or any other person or entity for liability, 

if any, incurred as the maker, endorser or guarantor of any promissory note or indebtedness 

payable or owed by them to FDIC-R, the Bank, other financial institutions, or any other person 

or entity, including without limitation any such claims acquired by FDIC-R as successor in 

interest to the Bank ot· any person or entity other than Hank; and 

b. Against any person or entity not expressly released by the FDIC-R 

in this Agreement. 

2. Notwithstanding any other provision of this Agreement, nothing in this 

Agreement shall be construed or interpreted as limiting, waiving, releasing, or compromising the 

jurisdiction and authority of the Federal Deposit Insurance Corporation in the exercise of its 

supervisory or regulatory authority or to diminish its ability to institute administrative 

enforcement or other proceedings seeking removal, prohibition, or any other relief it is 

authorized to seek pursuant to its supervisory or regulatory authority against any person. 

3. Notwithstanding any other provision of this Agreement, this Agreement 

docs not purport to waive, or intend to waive, any claims that could be brought by the United 

States through the Department of Justice, the United States Attorney's Office for any federal 

judicial district, or any other department or agency of the United States as defined by 18 U.S.C. 

§ 6. In addition, the FDIC-R specif.ically reserves the right to seek court-ordered restitution 

pursuant to the relevant provisions of the Mandatory Victims Restitution Act, 18lJ.S.C. §§ 3322 

and 3663 et seq., if appropriate. 

S.Jl.:C'HON lV: l~e1wesentations und Acknowledgements 

1\. 1\ uthorized S i gnatorics. 1\ II of the undersigned persons represent and warrant that 

they are Parties hereto or arc authorized to sign this Agreement on behalf of the respective Party, 

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and that they have the full power and authority to bind such Party to each and every provision of 

this Agreement. This Agreement shall be binding upon and inure to the benefit of th~ 

undersigned Parties and their respective heirs, executors, trustees, administrators, representatives, 

successors and assigns. 

B. Advice of Counsel. Each Party hereby acknowledges that he, she, or it has 

consulted with and obtained the advice of counsel prior to executing this Agreement, and that 

this Agreement has been explained to that Party by his or her counsel. 

SECTION V: Reasonable Cooperation 

The Parties agree to cooperate in good faith to effectuate all the terms and conditions of 

this Agreement, including doing, o1· causing their agents and attorneys to do, whatever is 

reasonably necessary to effectuate the signing, delivery, execution, filing, recording, and entry, 

of any documents necessary to conclude the Action and to otherwise perform the terms of this 

Agreement. 

SECTION VI: Other Matters 

A. No Admission of Liability. The undersigned Pm1ies each acknowledge and agree 

that the matters set forth in this Agreement constitute the settlement and compromise of disputed 

claims and dufcnscs, that this Agreement is not an admission or evidence of liability or infirmity 

by any of them regarding any claim or defense, and that the Agreement shaH not be offered or 

received in evidence by or against any Party except to enforce its terms. 

I3. Execution in Counterparts. This Agreement may be executed in counterpatts by 

one or more of the Parties and al1 such counterparts when so executed shall together constitute 

the final Agreement, as if one document had been signed by all Parties; and each such 

counterpart, upon execution and delivery, shall he deemed a complete original, binding the 

Parties subscribed thereto upon the execution by all Parties to this Agreement. 

C. Choice of ~a~. This Agreement shall be interpreted, construed and enforced 

according to applicable federal law, or in its absence, the laws of the State of Florida. 

D. Notices. Any notices required hereunder shall be sent by registered mail, first 

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cla~s, return receipt requested, and by email, to the following: 

lfto the FI>lC-R: Michael Rune, Wclbaum Gucrsncy, 901 Ponce De Leon Boulevard, 

Penthouse Suite, Miami, Florida 33134; Phone: (305) 441-8900; Email:! ''•••••••••••••••••••••••••••••••••••••••••••••••••I••• •mom ,(.P)(§) 

Ifto VRG and Akins: YucLing Lee, Cole, Scott & Kissam~, P.A., 4301 West Boy Scout 

Blvd., Suite 400, Tampa, FL 33607; (813) 289-9300; Email: L.I ____ ········-········-········-········-········-········-·······-..... --J.and ...................................... (P)('?.) 

(b )(6) .JL.. _______ ____. 

E. Entire Agreement and Amendments. This Agreement constitutes the entire 

agreement and understanding between and among the undersigned Patties conceming the matters 

set forth herein and supersedes any prior agreements or understandings. This Agreement may 

not be amended or modi tied, nor may any of it~ provisions be waived, except in writing signed 

by the Parties bound thereby, or by their n:spectivc authorized attorncy(s), or other 

reprcscn tativc( s). 

F. Titles and Captions. AJI section titles and captions contained in this Agreement 

are for convenience only and shall not affect the interpretation of this Agreement. 

G. No Confidentiality. The undersigned Parties acknowledge that this Agreement 

shall not be confidential and will be disdosed pursuant to the Federal Deposit Insurance 

Corporation's applicable policies, procedures, and other legal requirements. 

IN WITNESS WHEREOF, the P::trtics hereto have caused this Agreement to be executed by 

each of them or their duly authorized representatives on the dates hereinafter subscribed. 

FEDERAL DFPOSIT INSURANCE CORPORATION AS 

RECEIVER FOR COLONIAL BANK 

BY: 

TITLE: 

l (~)(Ell 

L...-U-6-v 11.1'---.-sw- . .........--F-b-1 c-------' 

PRINT NAME: 7/ftJMA- 'S -:1 . 0 • f3!Ltt;<A) 

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VRG APPRAISEL~. INC. 

_ I ----+-----~ 6) 

~ Dt? BY: 

...... (~)(~) 

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