Document:

Exhibit 10.3

CONSULTING
AGREEMENT

This Agreement (this “Agreement”) is entered into as
of the 30th day of June, 2007, by and between Solera
National Bancorp, Inc. f/k/a Patria Corporation,
a corporation organized under the laws of the State of Delaware (the “Company”),
and Mark J. Martinez, an adult individual residing in the State of Colorado
(the “Consultant”).

WHEREAS, the Company and the
Consultant previously entered into a consulting agreement as of October 19,
2005, which agreement expired by its terms on June 30, 2006; and

WHEREAS, the Company and the
Consultant executed an additional agreement effective the 1st day of July, 2006, which agreement expired by
its terms on September 1, 2006; and

WHEREAS, the Company and the
Consultant executed an additional agreement effective the 1st day of September, 2006, which agreement
expired by its terms on April 1, 2007; and

WHEREAS, the Company and the
Consultant executed an additional agreement effective the 1st day of April, 2007 which agreement expired by
its terms on June 30, 2007; and

WHEREAS, the Company desires to
enter into this Agreement with the Consultant to retain the services of the
Consultant on the terms and conditions as provided herein,

NOW, THEREFORE, in consideration
of the mutual promises and covenants set forth in this Agreement, the parties
hereto agree as follows:

1.             Engagement.
 The Company hereby engages the
Consultant and the Consultant hereby agrees to render, at the request of the
Company, independent advisory and consulting services for the Company in
connection with the organization of a proposed bank (the “Bank”), upon the
terms and conditions hereinafter set forth.

2.             Term.
 The term of this Agreement shall
begin as of the date of this Agreement and shall terminate on the earlier of (i)
August 31, 2007; (ii) the date on which the Bank receives (and satisfies all
conditions to opening for business under) its authorization to commence its
banking business (the “Certificate of Authority”) from the Office of the
Comptroller of the Currency and approval of Insurance of Accounts from the
Federal Deposit Insurance Corporation; (iii) the date on which the Company
advises the Consultant that it has abandoned its effort to obtain the
Certificate of Authority; (iv) the date on which the Consultant receives
written notice from the Company that it is terminating this Agreement “for
cause” as hereafter defined; or (v) the death or disability of the Consultant
(as used herein, the disability of the Consultant shall be deemed to have
occurred when he has been unable to perform his services under this Agreement
for a period of forty-five (45) consecutive days or the Consultant has made any
claim under any disability insurance policy.) As used herein, “for cause” shall
be defined as follows:  (i) the Consultant’s
failure to use diligent and good faith efforts to perform the services
requested by the Company under this Agreement (which failure is not cured
within five (5) days following written notice to the Consultant); (ii) the
Consultant’s willful misconduct or gross negligence in the performance of his
services hereunder; (iii) the Consultant’s conviction of a crime or involvement
in any conduct which could, in the judgment of the Company, adversely impact on
the reputation of the Company or the Bank or the prospects of the Bank
receiving its Certificate of Authority; (iv) receipt by the Company of any
notification from the Office of the Comptroller of the Currency or the Federal
Deposit Insurance Corporation indicating that the Consultant would not be an acceptable
candidate to be Regional President and Senior Lending Officer of the Bank.

 

3.             Compensation.  During the term of this Agreement, as
compensation for all services rendered by the Consultant under this Agreement,
the Company shall pay the Consultant the following amounts:

(a)           Consulting Fee.  The Company shall pay the consultant the
sum of fifteen thousand dollars ($15,000.00) per month (prorated for any
partial month), which shall be paid in arrears in two installments of seven
thousand five hundred dollars and zero cents ($7,500.00) each on the 15th and 30th day of each
calendar month.

(b)           Deductions.  All such compensation shall be payable
without deduction for federal income, social security, or state income taxes or
any other amounts.

(c)           Termination Payment.  If, for any reason, other than a
termination by the Company for Cause, the Company terminates this Agreement
during its term and without  the
Employment Agreement referenced in Paragraph 10 of this Agreement  becoming effective, Consultant will be
entitled to receive a lump sum payment, payable on the date of termination, of
$90,000.

4.             Duties.  The Consultant shall render services
conscientiously and shall devote his full time, attention, efforts and
abilities to the establishment of the Bank, including without limitation
obtaining regulatory approvals, site development activities, personnel matters
and capital raising activities, at such times during the term hereof and in
such manner as reasonably requested by the Company, and performed at such
places and at such times as are reasonably convenient to the Company and the
Consultant.  The Consultant shall observe
all policies and directives promulgated from time to time by the Company’s
Board of Directors.

5.             Expenses.
 The Consultant shall be reimbursed
by the Company for all reasonable business expenses and which were incurred by
the Consultant during the performance of his services hereunder; provided, any
such reimbursement in excess of $250 in any month shall require the prior
written approval of the Company’s Board of Directors or a committee thereof;
provided however that any expenses set forth in the organizational budget shall
be deemed to be approved unless the Company’s Board of Directors makes an
express determination to the contrary prior to the time at which the expense is
incurred.  The Company’s obligation to
reimburse the Consultant pursuant to this paragraph shall be subject to the
presentation to the Company’s Board of Directors or a committee thereof by the
Consultant of an itemized account of such expenditures, together with
supporting vouchers, in accordance with any policies of the Company in effect
from time to time.

6.             Independent
Contractor.  It is
expressly agreed that Consultant is acting as an independent contractor in
performing services hereunder.  The
Company shall carry no worker’s compensation insurance or any health or
accident insurance to cover Consultant. 
The Company shall not pay any contributions to Social Security,
unemployment insurance, federal or state withholding taxes, nor provide any
other contributions or benefits which might be expected in an employer-employer
relationship.

7.             Covenant
Not to Compete.  The
Consultant hereby acknowledges and recognizes the highly competitive nature of
the Company’s business and accordingly agrees that, during the term of this
Agreement, the Consultant will not, except as provided in Paragraph 4 hereof,
directly or indirectly:

(a)           engage
in any business activity related to the business of banking or financial
services, or the formation of any entity for the purpose of engaging in such a
business (other than on behalf of the Company to the extent that the Consultant
is then in the employ of or consulting for the Company), whether such
engagement is as an officer, director, proprietor, employee, partner, member,

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investor (other than as a passive investor in less than one percent
(1%) of the outstanding capital stock of a publicly traded corporation),
consultant, advisor, agent or other participant in another business,

(b)           assist
others in engaging in any of the business activities prohibited to the
Consultant under clause (a) above, or

(c)           induce
employees of the Company to engage in any activities hereby prohibited to the
Consultant or to terminate their employment.

The
term of this restriction shall be extended for a period of time equal to any
period of time during which the Consultant violates or fails to observe the
provisions of this paragraph.

8.             No
Disclosure of Confidential Information.  The Consultant acknowledges that the Company’s
trade secrets and private processes, as they may exist from time to time, and
confidential information concerning the formation and development of the Bank,
the Bank’s planned products, technical information regarding the Bank, and data
concerning potential customers of and investors in the Bank are valuable,
special, and unique assets of the Company, access to and knowledge of which are
essential to the performance of the Consultant’s duties under this
Agreement.  In light of the highly
competitive nature of the industry in which the business of the Company is
conducted, the Consultant further agrees that all knowledge and information
described in the preceding sentence not in the public domain and heretofore or
in the future obtained by the Consultant as a result of his engagement by the
Company shall be considered confidential information.  In recognition of this fact, the Consultant
agrees that the Consultant will not, during or after the term of this
Agreement, disclose any of such secrets, processes, or information to any
person or other entity for any reason or purpose whatsoever, except as
necessary in the performance of the Consultant’s duties as a consultant to the
Company and then only upon a written confidentiality agreement in such form and
content as requested by the Company from time to time, nor shall Consultant
make use of any of such secrets, processes or information for Consultant’s own
purposes or for the benefit of any person or other entity (except the Company
and its subsidiaries, if any) under any circumstances during or after the term
of this Agreement.

9.             Remedies.  The Consultant acknowledges and agrees that
the Company’s remedy at law for a breach or threatened breach of any of the
provisions of Paragraphs 7 and 8 of this Agreement would be inadequate.  In recognition thereof, if the Consultant
breaches or threatens to breach any provision of Paragraphs 7 and 8 of this
Agreement, the Company shall be entitled to equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available in
addition to any of its remedies at law. 
Nothing herein shall prohibit the Company from pursuing any other right
or remedy available to it for such breach or threatened breach.

10.           Employment Agreement.
It is anticipated that the Consultant and the Bank will enter into an
Employment Agreement having a term of not less than three years with the
Consultant in form satisfactory to the Consultant and the Bank in their
reasonable discretion, subject to the approval of such form by the Bank’s
primary regulators and modifications to such form as may be required by the
regulators, which Employment Agreement shall be effective as of the date on
which the Office of the Comptroller of the Currency issues the Certificate of
Authority to the Bank and the Federal Deposit Insurance Corporation issues
approval for Insurance of Accounts.

11.           Assignment.  This Agreement is a personal one, being entered
into in reliance upon and in consideration of the personal skill and
qualifications of Consultant.  Consultant
shall therefore not voluntarily or by operation of law assign or otherwise
transfer the obligations incurred on its part pursuant to the terms of this
Agreement without the prior written consent of Company.  Any

 3
 

 

attempted assignment or
transfer by Consultant of its obligations without such consent shall be wholly
void.

12.           Modification of Agreement.  This Agreement may be modified by the parties
hereto only by a written supplemental agreement executed by both parties.

13.           Notice.  Any notice required or permitted to be given
hereunder shall be sufficient if in writing, and if sent by any nationally
recognized courier service providing for receipt of delivery, registered or
certified mail, postage prepaid, or by fax followed by such mail, addressed as
follows:

If to Company:

Paul M. Ferguson

President, Solera National Bancorp, Inc.

5801 W. Alameda Ave., Suite B

Lakewood, CO 80226

If to Consultant:

Mark J. Martinez

6821 Simms Court

Arvada, CO 
80004

or to such other
address as the parties hereto may specify, in writing, from time to time.

14.           Mediation
and Arbitration.  The
parties agree to mediate, in good faith, any claim arising hereunder and to
refrain from pursuing arbitration hereunder until the parties have met with a
mediator.  The parties agree to select
and mediate any claim or controversy within sixty (60) days of the date
the claim or controversy accrues or first arises.  The mediator shall be selected by the Company
with the Consultant’s consent, which may not be unreasonably withheld.  The mediator shall be licensed to practice
law in the State of Colorado and be experienced in the arbitration of labor and
employment disputes.

The parties acknowledge and agree that any
claim or controversy arising out of or relating to this Agreement, or the
breach of this Agreement, or any other dispute arising out of or relating to
the consulting relationship, shall be settled by final and binding arbitration
in the City of Denver, State of Colorado, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association in effect on the date
the claim or controversy arises.  The
parties further acknowledge and agree that either party must request
arbitration of any claim or controversy within one hundred twenty (120)
days of the date the claim or controversy accrues or first arises by giving
written notice of the party’s request for arbitration by certified U.S. mail or
personal delivery.  Notice shall be
effective upon delivery or mailing. 
Failure to give notice of any claim or controversy within one hundred
twenty (120) days shall constitute a waiver of the claim or controversy.

All claims or controversies subject to
arbitration shall be submitted to arbitration within one hundred
eighty (180) days from the date the written notice of a request for
arbitration is effective.  All claims or
controversies shall be resolved by a panel of three (3) arbitrators who
are licensed to practice law in the State of Colorado and who are experienced
in the arbitration of labor and employment disputes.  These arbitrators shall be selected in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association in effect at the time the claim or controversy arises.  Either party may request that the arbitration
proceeding be stenographically or otherwise recorded by a Certified Shorthand
Reporter.

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The arbitrators shall issue
a written decision with respect to all claims or controversies within
thirty (30) days from the date the claims or controversies are submitted
to arbitration.  The parties shall be
entitled to be represented by legal counsel at any arbitration proceeding.  The parties acknowledge and agree that each
party will bear fifty percent (50%) of the cost of the arbitration
proceeding.  The parties shall be
responsible for paying their own attorneys’ fees and other costs, if any.

The parties acknowledge and agree that the
arbitration provisions set forth herein may be specifically enforced by either
party, and submission to arbitration proceedings compelled, by any court of
competent jurisdiction.  The parties
further acknowledge and agree that the decision of the arbitrators may be
specifically enforced by either party in any court of competent jurisdiction.

15.           Waiver of Breach.  The waiver by either party of any breach of
any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach.

16.           Entire Agreement.  This Agreement contains the entire agreement
of the parties relating to the subject matter of this Agreement, and supersedes
any prior written or oral arrangements with respect to the Consultant’s
engagement by the Company.

17.           Successors, Binding
Agreement.  Subject to the
restrictions on assignment contained herein, this Agreement shall inure to the
benefit (including all rights to receive compensation earned hereunder prior to
death or disability) of and be enforceable by the Consultant’s personal or
legal representatives, executors, administrators, heirs, distributees,
devisees, and legatees.

18.           Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

19.           Applicable Law.  This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of Colorado.

20.           Headings.  The headings of the paragraphs of this
Agreement are for convenience only and shall not control or affect the meaning
or construction or limit the scope or intent of any of the provisions of this
Agreement.

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first set forth above.

	
  

  	
  /s/ Mark J. Martinez

  
	
   

  	
  Mark J. Martinez

  
	
   

  	
   

  	
   

  
	
   

  	
  SOLERA NATIONAL BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul M. Ferguson

  
	
   

  	
   

  	
  Paul M. Ferguson, President

  

 

 6Exhibit 10.4

CONSULTING
AGREEMENT

This Agreement (this “Agreement”) is entered into as
of the 30tht day of June, 2007, by and between Solera
National Bancorp, Inc. (the “Company”) f/k/a Patria Corporation, and Solera National Bank,  corporations
organized under the laws of the State of Delaware and the State of Colorado,
respectively, and Paul M. Ferguson, an adult individual residing in the State
of Colorado (the “Consultant”).

WHEREAS, the Company and the
Consultant executed an agreement effective the 1st day
of November, 2006 which agreement expired by its terms on April 1, 2007; and

WHEREAS, the Company and the
Consultant executed an additional agreement effective the 1st day of April, 2007 which agreement expired by
its terms on June 30, 2007; and

WHEREAS, the Company desires to
enter into this Agreement with the Consultant to retain the services of the
Consultant on the terms and conditions as provided herein,

NOW, THEREFORE, in consideration
of the mutual promises and covenants set forth in this Agreement, the parties
hereto agree as follows:

1.             Engagement.
 The Company hereby engages the
Consultant and the Consultant hereby agrees to render, at the request of the
Company, independent advisory and consulting services for the Company in
connection with the organization of a proposed bank (the “Bank”), upon the
terms and conditions hereinafter set forth.

2.             Term.
 The term of this Agreement shall
begin as of the date of this Agreement and shall terminate on the earlier of (i)
August 31, 2007; (ii) the date on which the Bank receives (and satisfies all
conditions to opening for business under) its authorization to commence its
banking business (the “Certificate of Authority”) from the Office of the
Comptroller of the Currency and approval of Insurance of Accounts from the
Federal Deposit Insurance Corporation; (iii) the date on which the Company
advises the Consultant that it has abandoned its effort to obtain the
Certificate of Authority; (iv) the date on which the Consultant receives
written notice from the Company that it is terminating this Agreement “for
cause” as hereafter defined; or (v) the death or disability of the Consultant
(as used herein, the disability of the Consultant shall be deemed to have
occurred when he has been unable to perform his services under this Agreement
for a period of forty-five (45) consecutive days or the Consultant has made any
claim under any disability insurance policy.) As used herein, “for cause” shall
be defined as follows:  (i) the
Consultant’s failure to use diligent and good faith efforts to perform the
services requested by the Company under this Agreement (which failure is not
cured within five (5) days following written notice to the Consultant); (ii)
the Consultant’s willful misconduct or gross negligence in the performance of
his services hereunder; (iii) the Consultant’s conviction of a crime or
involvement in any conduct which could, in the judgment of the Company,
adversely impact on the reputation of the Company or the Bank or the prospects
of the Bank receiving its Certificate of Authority; (iv) receipt by the Company
of any notification from the Office of the Comptroller of the Currency or the
Federal Deposit Insurance Corporation indicating that the Consultant would not
be an acceptable candidate to be President & Chief Executive Officer of the
Bank.

3.             Compensation.  During the term of this Agreement, as
compensation for all services rendered by the Consultant under this Agreement,
the Company shall pay the Consultant the following amounts:

(a)           Consulting Fee.  The Company shall pay the consultant the
sum of sixteen thousand two hundred fifty dollars ($16,250.00) per month
(prorated for any partial month), which shall be paid in arrears in two
installments of eight thousand one hundred twenty-five dollars

 

($8,125.00) each on the 15th and 30th day of each
calendar month.

(b)           Deductions.  All such compensation shall be payable
without deduction for federal income, social security, or state income taxes or
any other amounts.

(c)           Termination Payment.  If, for any reason, other than a
termination by the Company for Cause, the Company terminates this Agreement
during its term and without the Employment Agreement referenced in Paragraph 10
of this Agreement becoming effective, Consultant will be entitled to receive a lump
sum payment, payable on the date of termination, of not less than the greater
of (i) one-half of the fees which would have been payable for the remaining
term of this Agreement from the date of termination or (ii) $70,000.

4.             Duties.  The Consultant shall render services
conscientiously and shall devote his full time, attention, efforts and
abilities to the establishment of the Bank, including without limitation
obtaining regulatory approvals, site development activities, personnel matters
and capital raising activities, at such times during the term hereof and in
such manner as reasonably requested by the Company, and performed at such
places and at such times as are reasonably convenient to the Company and the
Consultant.  The Consultant shall observe
all policies and directives promulgated from time to time by the Company’s
Board of Directors.

5.             Expenses.
 The Consultant shall be reimbursed
by the Company for all reasonable business expenses which were incurred by the
Consultant during the performance of his services hereunder; provided, any such
reimbursement in excess of $250 in any month shall require the prior written
approval of the Company’s Board of Directors or a committee thereof; provided
however that any expenses set forth in the organizational budget shall be
deemed to be approved unless the Company’s Board of Directors makes an express
determination to the contrary prior to the time at which the expense is
incurred.  The Company’s obligation to
reimburse the Consultant pursuant to this paragraph shall be subject to the
presentation to the Company’s Board of Directors or a committee thereof by the
Consultant of an itemized account of such expenditures, together with
supporting vouchers, in accordance with any policies of the Company in effect
from time to time.

6.             Independent
Contractor.  It is
expressly agreed that Consultant is acting as an independent contractor in
performing services hereunder.  The
Company shall carry no worker’s compensation insurance or any health or
accident insurance to cover Consultant. 
The Company shall not pay any contributions to Social Security,
unemployment insurance, federal or state withholding taxes, nor provide any
other contributions or benefits which might be expected in an employer-employer
relationship.

7.             Covenant
Not to Compete.  The
Consultant hereby acknowledges and recognizes the highly competitive nature of
the Company’s business and accordingly agrees that, during the term of this
Agreement, the Consultant will not, except as provided in Paragraph 4 hereof,
directly or indirectly:

(a)           engage
in any business activity related to the business of banking or financial
services, or the formation of any entity for the purpose of engaging in such a
business (other than on behalf of the Company to the extent that the Consultant
is then in the employ of or consulting for the Company), whether such
engagement is as an officer, director, proprietor, employee, partner, member,
investor (other than as a passive investor in less than one percent (1%) of the
outstanding capital stock of a publicly traded corporation), consultant,
advisor, agent or other participant in another business,

(b)           assist
others in engaging in any of the business activities prohibited to the
Consultant under clause (a) above, or

 2
 

 

(c)           induce
employees of the Company to engage in any activities hereby prohibited to the
Consultant or to terminate their employment.

In
the event that this Agreement is terminated under the provisions of Section 2,
above, this Covenant Not to Complete shall become null and void.

8.             No
Disclosure of Confidential Information.  The Consultant acknowledges that the Company’s
trade secrets and private processes, as they may exist from time to time, and
confidential information concerning the formation and development of the Bank,
the Bank’s planned products, technical information regarding the Bank, and data
concerning potential customers of and investors in the Bank are valuable,
special, and unique assets of the Company, access to and knowledge of which are
essential to the performance of the Consultant’s duties under this
Agreement.  In light of the highly
competitive nature of the industry in which the business of the Company is
conducted, the Consultant further agrees that all knowledge and information
described in the preceding sentence not in the public domain and heretofore or
in the future obtained by the Consultant as a result of his engagement by the
Company shall be considered confidential information.  In recognition of this fact, the Consultant
agrees that the Consultant will not, during or after the term of this
Agreement, disclose any of such secrets, processes, or information to any
person or other entity for any reason or purpose whatsoever, except as
necessary in the performance of the Consultant’s duties as a consultant to the
Company and then only upon a written confidentiality agreement in such form and
content as requested by the Company from time to time, nor shall Consultant
make use of any of such secrets, processes or information for Consultant’s own
purposes or for the benefit of any person or other entity (except the Company
and its subsidiaries, if any) under any circumstances during or after the term
of this Agreement.

9.             Remedies.  The Consultant acknowledges and agrees that
the Company’s remedy at law for a breach or threatened breach of any of the
provisions of Paragraphs 7 and 8 of this Agreement would be inadequate.  In recognition thereof, if the Consultant
breaches or threatens to breach any provision of Paragraphs 7 and 8 of this
Agreement, the Company shall be entitled to equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available in
addition to any of its remedies at law. 
Nothing herein shall prohibit the Company from pursuing any other right
or remedy available to it for such breach or threatened breach.

10.           Employment Agreement.  It is anticipated that the Consultant and
the Bank will enter into an Employment Agreement having a term of not less than
three years in form satisfactory to each of the Consultant and the Bank in
their reasonable discretion, subject to the approval of such form by the Bank’s
primary regulators and modifications to such form as may be required by the
regulators, which Employment Agreement shall be effective as of the date on
which the Office of the Comptroller of the Currency issues the Certificate of
Authority to the Bank and the Federal Deposit Insurance Corporation issues
approval for Insurance of Accounts.

11.           Assignment.  This Agreement is a personal one, being
entered into in reliance upon and in consideration of the personal skill and
qualifications of Consultant.  Consultant
shall therefore not voluntarily or by operation of law assign or otherwise
transfer the obligations incurred on its part pursuant to the terms of this
Agreement without the prior written consent of Company.  Any attempted assignment or transfer by
Consultant of its obligations without such consent shall be wholly void.

12.           Modification of Agreement.  This Agreement may be modified by the parties
hereto only by a written supplemental agreement executed by both parties.

 3
 

 

13.           Notice.  Any notice required or permitted to be given
hereunder shall be sufficient if in writing, and if sent by any nationally
recognized courier service providing for receipt of delivery, registered or
certified mail, postage prepaid, or by fax followed by such mail, addressed as
follows:

If to Company:

James Foster

Chairman, Solera National Bancorp, Inc.

5801 W. Alameda Ave., Suite B

Lakewood, CO 80226

If to Consultant:

Paul M. Ferguson

P.O. Box 8357

Avon, CO 
81620

or to such other
address as the parties hereto may specify, in writing, from time to time.

14.           Mediation and Arbitration.  The parties agree to mediate, in good faith,
any claim arising hereunder and to refrain from pursuing arbitration hereunder
until the parties have met with a mediator. 
The parties agree to select and mediate any claim or controversy within
sixty (60) days of the date the claim or controversy accrues or first
arises.  The mediator shall be selected
by the Company with the Consultant’s consent, which may not be unreasonably
withheld.  The mediator shall be licensed
to practice law in the State of Colorado and be experienced in the arbitration
of labor and employment disputes.

The parties acknowledge and agree that any
claim or controversy arising out of or relating to this Agreement, or the
breach of this Agreement, or any other dispute arising out of or relating to
the consulting relationship, shall be settled by final and binding arbitration
in the City of Denver, State of Colorado, before a private arbitrator selected
by the parties.  The parties further
acknowledge and agree that either party must request arbitration of any claim
or controversy within one hundred twenty (120) days of the date the claim
or controversy accrues or first arises by giving written notice of the party’s
request for arbitration by certified U.S. mail or personal delivery.  Notice shall be effective upon delivery or
mailing.  Failure to give notice of any
claim or controversy within one hundred twenty (120) days shall constitute
a waiver of the claim or controversy.

All claims or controversies subject to
arbitration shall be submitted to arbitration within one hundred
eighty (180) days from the date the written notice of a request for
arbitration is effective.  All claims or
controversies shall be resolved by a single private arbitrator who is licensed
to practice law in the State of Colorado and experienced in the arbitration of
labor and employment disputes.   Either
party may request that the arbitration proceeding be stenographically or
otherwise recorded by a Certified Shorthand Reporter.  The arbitrators shall issue a written
decision with respect to all claims or controversies within thirty (30)
days from the date the claims or controversies are submitted to
arbitration.  The parties shall be
entitled to be represented by legal counsel at any arbitration proceeding.  The parties acknowledge and agree that each
party will bear fifty percent (50%) of the cost of the arbitration
proceeding.  The parties shall be
responsible for paying their own attorneys’ fees and other costs, if any.

The parties acknowledge and agree that the
arbitration provisions set forth herein may be specifically enforced by either
party, and submission to arbitration proceedings compelled, by any court

 4
 

 

of competent
jurisdiction.  The parties further
acknowledge and agree that the decision of the arbitrators may be specifically
enforced by either party in any court of competent jurisdiction.

15.           Waiver of Breach.  The waiver by either party of any breach of
any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach.

16.           Entire Agreement.  This Agreement contains the entire agreement
of the parties relating to the subject matter of this Agreement, and supersedes
any prior written or oral arrangements with respect to the Consultant’s
engagement by the Company.

17.           Successors, Binding
Agreement.  Subject to the
restrictions on assignment contained herein, this Agreement shall inure to the
benefit (including all rights to receive compensation earned hereunder prior to
death or disability) of and be enforceable by the Consultant’s personal or
legal representatives, executors, administrators, heirs, distributees,
devisees, and legatees.

18.           Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

19.           Applicable Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado.

20.           Headings.  The headings of the paragraphs of this
Agreement are for convenience only and shall not control or affect the meaning
or construction or limit the scope or intent of any of the provisions of this
Agreement.

 5
 

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first set forth above.

	
  

  	
  /s/ Paul M. Ferguson

  
	
   

  	
  Paul M. Ferguson

  
	
   

  	
   

  	
   

  
	
   

  	
  SOLERA NATIONAL BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James C. Foster

  
	
   

  	
   

  	
  James C. Foster, Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
  SOLERA NATIONAL BANK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  

 

 6

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