FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER
FOR INDYMAC BANK, F.5.B.

By:

Its:

MICHAEL J, PARSONS

()(6)



FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER
FOR INDYMAC BANK, F.S.B.

(b)(6)

By: Re a havd S. Gill

‘
Iss Couwse |

MICHAEL J. PARSONS


RELEASE AGREEMENT

This Release Agrecment (“Agreement”) is executed and effective the date that it
is executed by the Claimant, Federal Deposit Josurance Corperation, as Receiver for
Indy Mac Bank, F.S.B., as set forth below.

DEFINITIONS

The term “Claimant” refers to Federal Deposit Insurance Corporation, as
Receiver for IndyMac Bank, F.S.B, and includes not only the named entity, but also its
fiduciaries, administrators, representatives, assigns, predecessors, successors, related
entities, parent companies, owners, shareholders, and subsidiaries.

The term “Alleged Tortfeasor” refers to Michael J. Parsons () his heirs,
fiduciaries, executors, administrators, representatives, successors, assigns, or any other
person, firm, corporation or entity charged or chargeable with responsibility for his acts
or omissions, and Gi) the predecessors, successors, assigns, past or present employees,
servants, agents, partners, fiduciaries, insurers and any other person, firm, corporation or
entity charged or chargeable with responsibility for his acts or omissions.

The term “Lawsuit” refers to the following action filed in the United States
District Court for the Eastern District of Michigan: Federal Deposit insurance
Corporation, as Receiver for IndvMac Bank, FS.B. v. Michael J. Parsons, et. al., Case
No. 2:09-cv-12614.

The term “Claims” refers to all claims which the Claimant may have or might
possess against the Alleged Tortfeasor arising out of any and all real property appraisal
services performed by or on behalf of Alleged Tortfeasor.

The term “Parties” refers to the Claimant and the Alleged Tortfeasor.
TERMS

L Settlement of Claims. The Parties have agreed that further litigation of the
Claimant's Claims would not be in the best interest of the Claimant or the Alleged
Tortfeasor, As a result, the Parties have agreed to amicably resolve and settle all Claims
which have been or which could be brought or asserted by Claimant against the Alleged
Tortfeasor as a result of professional services performed by the Alleged Tortfeasor m
connection with loans funded by IndyMac Bank, F.S.B.

2. Consideration. The sole and full consideration to be given by and on behalf of the
Alleged Tortleasor in exchange for the agreements, promises and acknowledgments of
the Claimant expressed herein, shall be payment of Two Hundred Seventy Five
Thousand ($275,000.00) Dollars, which shall be paid on behalf of the Alleged
Tortfeasor forthwith to the Claimant's attorneys, which shall be fully inclusive of all

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interest, costs and fees which are or might be taxable. The payment of the consideration
shall be paid as follows: $274,500.00 by Liberty Surplus Insurance Corporation and
$500.00 by Michael J. Parsons.

3. Dismissal of Alleged Tortfeasor, Upon the execution of this Agreement and the
payment of the consideration set forth in Paragraph 2 of this Agreement, the Parties agree
to execute and prepare such documents as are necessary to effectuate the dismissal of the
Lawsuit as to the Alleged Tortfeasor with prejudice and without costs.

4. Release by Claimant. In consideration of the payments and agreements made
herein, the Claimant hereby releases and discharges the Alleged Tortfeasor of and from
any and all claims, actions, causes of action, demands, rights, damages, costs, loss of
services, expenses, and compensation whatsoever on account of, or because of, or in any
way growing out of the Claims or the events related to any and all services performed by
the Alleged Tortfeasor in connection with loans funded by IndyMac Bank, F.S.B. It is
understood and agreed that this Agreement is intended to effect a complete release of all
Claims or actions of any type which the Claimant now has or may hereafter acquire
against the Alleged Tortfeasor for damages and losses arising out of the professional
services performed by the Alleged Tortfeasor. The Claimant understands and agrees that
this is a release in full and that, with the exception of enforcing this Agreement, it will
never again be able to recover damages, monies, or benefits of any type from the Alleged
Tortfeasor as result of services performed by the Alleged Tortfeasor, even though its
damages or injuries may be greater or more extensive than currently anticipated.

5. Express Reservation from Release by Claimant, It is expressly understood by the
parties that the release by Claimant in. this Agreement applies only to Pederal Deposit
insurance Corporation in its capacity as receiver for IndyMac Bank, F.S.B., and the
Claimant does not release, and expressly preserves fully and to the same extent as if the
Agreement had not been executed, any claims or causes of action which Federal Deposit
Insurance Corporation has or may hereafter acquire in any capacity other than as receiver
for IndyMac Bank, F.S.B. as a result of services performed by the Alleged Tortfeasor.

6. Release by Alleged Tortleasor. In consideration of the terms and conditions of
this Agreement, the Alleged Torifeasor hereby releases and discharges the Claimant of
and from any and all claims, actions, causes of action, demands, rights, damages, costs,
loss of services, expenses, and compensation whatsoever on account of, or because of, or
in any way growing out of the Claims or the events related to any and all services
performed by the Alleged Tortfeasor. It is understood and agreed that this Agreement is
intended to effect a complete release of all Claims or actions of any type which the
Alleged Tortfeasor now has or may hereafter acquire against the Claimant for darnages
and losses arising out of the Claims or the events related to any and all services
performed by the Alleged Tortfeasor. The Alleged Tortfeasor understands and agrees
that this is a release in full and that, with the exception of enforcing this Agreement, it
will never again be able t recover damages, monies, or benefits of any type from the
Claimant as a result of the Claims or the events related to any and all services performed

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by the Alleged Tortfeasor, even though its damages or injuries may be greater or more
extensive than currently anticipated.

7. Representations by Claimant. Claimant represents and warrants to the Alleged
Tortfeasor that no person or entity other than the Claimant presently has any terest in
the claims, damages, rights, causes of action, or other matters to which this Agreement
applies; that the Claimant has the sole right and authority to execute this Agreement and
covenants that it has not sold, assigned, transferred, conveyed, or otherwise disposed of
any of the claims, demands, rights, or causes of action referred to, compromised, or
surrendered in this Agreement.

8 Non-Admission of Liability. Claimant acknowledges that this settlement is a
compromise of a disputed claim, and that the payment made by or on behalf of the
Alleged Tortfeasor is not to be construed as an admission of liability on the part of the
Alleged Tortfeasor, by whom liability is expressly denied.

9 Advice Concerning Settlement. The Parties acknowledge and represent that,
before deciding to enter into this Agreement and signing this Agreement, they obtained
the advice of counsel. The Parties executed this Agreement knowingly and voluntarily
without relying on any statements or representations by any other Party, person or entity
other than the statements or representations contained in this Agreement.

10 Binding Effect. All the terms and conditions of this Agreement shall be binding
upon and inure to the benefit of the Parties, their successors and assigns.

11. Authority to Execute Agreement. The Parties represent that they are legally
competent and have full authority to enter into this Agreement.

12. Counterpart Execution. This Agreement may be executed in two or more
counterparts, cach of which shall be deemed an original, but all of which together shall
constitute one in the same instrument.

13. Entire Agreement. Except as otherwise provided, this Agreement contains the
entire understanding among the Parties with respect to the subject matter of this
Agreement and supersedes all prior and contemporaneous Agreements, understandings
and/or negotiations. No parol evidence of prior or contemporaneous agreements,
understandings, and/or negotiations shall be used to modify this Agreement. No
modification or alteration shall be deemed effective unless in writing and signed by all of
the Parties.

14. Michigan Law Applies. The Parties agree that Michigan law governs and

controls this Agreement and any disputes to be resolved hereunder.