Document:

EX-10.1 Consulting Agreement

Exhibit 10.1

AGREEMENT

     This AGREEMENT (this “Agreement”) is made and entered into this 30th day of April,
2008, effective the [1st day of May], 2008 (the “Effective Date”) by and between
CATALYST PHARMACEUTICAL PARTNERS, INC., a Delaware corporation, with offices located in Coral
Gables, Florida (the “Company”) and ANDREW FORMAN, an individual resident of the state of Virginia
(“Forman”).

     In consideration of the mutual representations, warranties, covenants and agreements contained
in this Agreement, the parties hereto agree as follows:

	 	1.	 	Services. Throughout the term of the Agreement, Forman shall act as a
consultant to the Company. For purposes of this Agreement, “Services” shall be defined as
Forman’s:

	 	a.	 	advice and assistance in the Company’s business development activities,
including, but not limited to, identification of potential in-licensing and
out-licensing partners, introduction and initiation of commercial discussions, and
negotiation of terms of transactions;
	 
	 	b.	 	assistance with deal and non-deal road shows to introduce the Company
to prospective investors, as appropriate;
	 
	 	c.	 	advice and assistance to the Company with respect to defining
objectives, performing valuation analyses and structuring and planning capital
raising events;
	 
	 	d.	 	consulting and advice in the development of the Company’s business
plan;
	 
	 	e.	 	meeting with the Company’s management on a quarterly basis, when
pre-approved by the Company, in the Company’s offices or in another agreed-upon
location;
	 
	 	f.	 	advice and assistance to the Company in the negotiation of terms and
conditions of future capital raising transactions; and
	 
	 	g.	 	Performance of such other financial, business development and strategic
advisory services as Forman and the Company may agree upon from time-to-time.

Forman represents and warrants that, at the time of execution of this Agreement, the terms of
this Agreement are not consistent with any other contractual or legal obligation Forman may have.
If Forman believes that consulting or other services he provides for other parties under a private
arrangement may be inconsistent with the terms of this Agreement, Forman shall properly notify the
Company, to the extent that such notification does not breach confidentiality provisions or
understandings between Forman and any third party. The Company and Forman will jointly determine
whether or not to terminate this Agreement as a result of the aforementioned notification.

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	 	2.	 	Compensation. In consideration for the Services, the Company shall pay Forman
as follows:

	 	a.	 	a monthly payment of $7,000 in cash, payable on the first day of each
full month, in advance;.
	 
	 	b.	 	40,000 five-year options to purchase shares of the Company’s common
stock, which shall vest as follows:

	 	i.	 	15,000 options (the “First Tranche Options”) will
vest if Forman is still in compliance with all terms of this Agreement
and has not been terminated under the terms hereof, on or before August
1, 2008;
	 
	 	ii.	 	15,000 options (the “Second Tranche Options”) will
vest if Forman is still in compliance with the terms of this Agreement,
the Company has exercised its option under Section 3 hereof to continue
Forman’s employment, and Forman has not been terminated under the terms
hereof, on or before November 1, 2008; and
	 
	 	iii.	 	10,000 options (the “Third Tranche Options”, and,
together with the First Tranche Options and the Second Tranche Options,
the “Options”) will vest if a Corporate Deal referred by Forman is
completed on or before November 1, 2008 (or if a Corporate Deal referred
by Forman is begun before that date but is completed on or before April
1, 2009). The Third Tranche Options shall not vest if the Corporate Deal
is completed by the Company with a party listed on Schedule A hereto [omitted] (the
“Excluded Companies”). For purposes of this Agreement, a “Corporate Deal”
is an agreement between the Company and another pharmaceutical company
(other than one of the Excluded Companies) which results in a strategic
relationship which could include potential in-licensing or out-licensing
agreements and/or cash payments in any form totaling at least $5 million
(other than with one of the Excluded Companies).

Notwithstanding the foregoing, all of the Options will vest if a Corporate Deal referred by
Forman is completed on or before November 1, 2008, except for any Corporate Deals with any of the
Excluded Companies. If a Corporate Deal is completed on or before November 1, 2008, and is with one
of the Excluded Companies, the First Tranche Options and Second Tranche Options shall immediately
vest, while the Third Tranche Options shall be cancelled.

The option price shall be the price of the Company’s common stock as quoted on the Nasdaq
Global Market as of the close of business on the Effective Date.

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The Options and the Additional Options will be issued pursuant to the Company’s
2006 Stock Incentive Plan. No options will be issued hereunder to Forman if Forman is
not in compliance with the terms of this Agreement on the date of the option grant.

	 	c.	 	Any travel by Forman for Company purposes will be reimbursed, provided
that original receipts are submitted for all costs over $25.00. Domestic air travel
(U.S. and Canada) will be by coach only. International air travel will be by
business class. Other directly related business expenses over $10.00 will be billed
with submission of original receipts. If this Agreement is terminated according to
its terms, Forman shall have the right to be paid for expenses incurred before such
termination.
	 
	 	d.	 	For purposes of this Agreement, Forman is termed an independent
contractor of the Company. Forman shall be responsible for, and agrees to comply
with, obligations under federal and state tax laws for payment of all income taxes.
All payments made to Forman will be reported using an IRS 1099 form or similar
form.

	 	3.	 	Term and Termination. This Agreement shall be effective on the Effective Date
and will be effective for a period of three (3) months, ending on [August 1, 2008]. Upon
the expiration of this Agreement, it will continue for an additional period of three (3)
months upon the sole option of the Company. If the Company does not wish to exercise this
option, it shall inform Forman in writing no less than ten (10) days prior to [August 1,
2008].
	 
	 	4.	 	Confidentiality. Forman agrees that at all times during the term of this
Agreement and after the termination of employment for as long as such information remains
non-public information, Forman shall (i) hold in confidence and refrain from disclosing to
any other party all information, whether written or oral, tangible or intangible, of a
private, secret, proprietary or confidential nature, of or concerning the Company or any of
its affiliates and their business and operations, and all files, letters, memoranda,
reports, records, computer disks or other computer storage medium, data, models or any
photographic or other tangible materials containing such information (“Confidential
Information”), including without limitation, any sales, promotional or marketing plans,
clinical data or information about the Company’s product development efforts, programs,
techniques, practices or strategies, or future development plans (including existing and
entry into new geographic and/or product markets), and any customer lists, (ii) use the
Confidential Information solely in connection with his employment with the Company or any
of its affiliates and for no other purpose, (iii) take all precautions necessary to ensure
that the Confidential Information shall not be, or be permitted to be, shown, copied or
disclosed to third parties, without the prior written consent of the Company or any of its
affiliates, and (iv) observe all security policies implemented by the Company or any of its
subsidiaries or affiliates from time to time with respect to the Confidential Information.
In the event that Forman is ordered to disclose any Confidential Information, whether in a
legal or regulatory proceeding or otherwise, Forman shall provide the Company or any of its
affiliates with prompt notice of such request or order so that the Company or any of its
subsidiaries or affiliates may seek to prevent disclosure. In addition to the foregoing
Forman shall not at any time libel, defame, ridicule or otherwise disparage the Company.

3

 

	 	5.	 	Representations and Warranties. Forman represents and warrants to the Company
as follows:

	 	a.	 	Purchase Entirely for Own Account. The Options, and the shares to be
issued upon conversion thereof (collectively, the “Securities”) will be acquired
for investment purposes only and not with a view to the resale or distribution of
any part thereof, and Forman has no intention of selling, granting any
participation in, or otherwise distributing the same. No other person has an
interest in the Securities.
	 
	 	b.	 	Investor Status. Forman is an “accredited investor”, as the term is
defined in Rule 501 promulgated under the Securities Act of 1933, as amended.
	 
	 	c.	 	Knowledge and Experience. Forman, by reason of his knowledge and
experience in financial and business matters, is capable of evaluating the risks
and merits of an investment in the Securities that would permit Forman, without
undue financial hardship, to retain Forman’s investment in the Securities for an
indefinite period of time or to sustain the loss of Forman’s entire investment in
the Securities.
	 
	 	d.	 	Receipt of Information. Forman has met and spoken with officers of the
Company, has had an opportunity to ask questions of the Company’s management, and
has received answers satisfactory to Forman concerning the Company, the terms and
conditions of an investment in the Company, and the business management and
financial affairs of the Company.
	 
	 	e.	 	No Inconsistent Representations or Warranties. Officers of the Company
have made no representations or warranties that are inconsistent with the
statements in this Agreement.

	 	6.	 	Acknowledgements. Forman understands, acknowledges and agrees that:

	 	a.	 	Restricted Securities. The Securities have not been registered or
qualified under any federal or state securities laws or in reliance upon exemptions
from the registration requirements of such laws, and the Securities may not be
sold, transferred, or otherwise disposed of by the undersigned except in compliance
with the registration requirements of such laws or pursuant to available exemptions
from registration. Neither the United States Securities and Exchange Commission
nor any other federal agency or state regulatory authority has made any finding or
determination as to the fairness of the investment in the Company or any
recommendation or endorsement of the Securities, and any representation to the
contrary is unlawful.
	 
	 	b.	 	Restrictive Legend. The Securities shall include the following legend:

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THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE
STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR LAWS OR AN
OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

	 	7.	 	Notices. All notices, requests, demands, claims and other communications
hereunder shall be in writing and shall be deemed given if delivered by certified or
registered mail (first class postage pre-paid), guaranteed overnight delivery or facsimile
transmission if such transmission is confirmed by delivery by certified or registered mail
(first class postage pre-paid) or guaranteed overnight delivery to, the following addresses
and telecopy numbers (or to such other addresses or telecopy numbers which such party shall
designate in writing to the other parties): (a) if to the Company, at its principal
executive offices, addressed to the Chief Executive Officer, with a copy to Philip B.
Schwartz, Esq., Akerman Senterfitt, One Southeast Third Avenue, Miami, Florida 33131; and
(b) if to Forman, at [omitted].
	 
	 	8.	 	Amendment; Waiver. This Agreement may not be modified, amended, supplemented,
canceled or discharged, except by written instrument executed by all parties. No failure
to exercise and no delay in exercising, any right, power or privilege under this Agreement
shall operate as a waiver, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude the exercise of any other right, power or privilege. No
waiver of any breach of any provision shall be deemed to be a waiver of any preceding or
succeeding breach of the same or any other provision, nor shall any waiver be implied from
any course of dealing between the parties. No extension of time for performance of any
obligations or other acts hereunder or under any other agreement shall be deemed to be an
extension of the time for performance of any other obligations or any other acts. The
rights and remedies of the parties under this Agreement are in addition to all other rights
and remedies, at law or equity that they may have against each other.
	 
	 	9.	 	Assignment; Third Party Beneficiary. This Agreement, and Forman’s rights and
obligations hereunder, may not be assigned or delegated by Forman. The Company may assign
its rights, and delegate its obligations, hereunder to any affiliate of the Company or any
successor or assign. The rights and obligations of the Company under this Agreement shall
inure to the benefit of and be binding upon its respective successors and assigns.
	 
	 	10.	 	Severability; Survival. In the event that any provision of this Agreement is
found to be void and unenforceable by a court of competent jurisdiction, then such
unenforceable provision shall be deemed modified so as to be enforceable (or if not subject
to modification then eliminated herefrom) for the purpose of those procedures to the extent
necessary to permit the remaining provisions to be enforced. The provisions of Section 4
will survive the termination for any reason of Forman’s relationship with the Company.

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	 	11.	 	Counterparts. This Agreement may be signed in any number of counterparts, each
of which shall be an original but all of which together shall constitute one and the same
instrument.
	 
	 	12.	 	Governing Law. This Agreement shall be construed in accordance with and
governed for all purposes by the laws of the State of Florida applicable to contracts
executed and to be wholly performed within such State.
	 
	 	13.	 	Entire Agreement. This Agreement contains the entire understanding of the
parties in respect of its subject matter and supersedes all prior agreements and
understandings (oral or written) between or among the parties with respect to such subject
matter.

[Signatures on Following Page]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be made this
30th day of April, 2008.

	 	 	 	 	 
	 	 	 
	 	                             /s/ Andrew Forman
 	 
	 	Andrew Forman 	 
	 	 	 
	 

	 	 	 	 	 
	 	COMPANY

 	 
	 	/s/ Patrick J. McEnany
 	 
	 	Patrick J. McEnany 	 
	 	Chief Executive Officer 	 
	 

7exv10w1

Exhibit 10.1

April 2, 2008

VIA HAND DELIVERY

Mr. Richard Miller

42992 Ian Court

Clinton Township, MI 48038

      Re:      Termination of Employment and Release of Claims

Dear Rich:

     This will confirm the separation of your employment, and termination of your officer status
with the Bank of Birmingham (referred to hereinafter as the “Bank”) by mutual agreement, effective
April 4, 2008 (the “Mutual Separation Date”). This Mutual Separation Date may be extended for up
to thirty (30) additional days by the written agreement of the Bank and you. The purpose of this
letter (“Letter Agreement”) is to set forth the terms upon which the Bank will agree to continue
to pay you certain monetary amounts and to continue certain of your benefits while you seek new
employment, and to resolve any and all disputes regarding the mutual separation of your employment
and officer status with the Bank. Those terms are as follows:

     1. Severance. If you sign and deliver the original of this signed Letter Agreement
back to us and comply with the other terms of this Letter Agreement, the Bank will pay to you a
gross amount of $62,501.00, less the required federal, state, and local withholdings. This amount
represents six months of your normal salary. The Bank will pay this severance pay to you in
installments on its normal paydays as designated by the Bank, beginning with the first payday
after the later of (a) the Mutual Separation Date or (b) the date which is eight or more days
after the date on which you deliver the original of this Letter Agreement signed by you back to
me, and assuming you do not revoke this Letter Agreement as permitted by Paragraph 13 of this
Letter Agreement.

     2. Benefits. The Bank will continue your medical health, prescription drug, dental,
long-term disability and executive life insurance coverage through last day of the month in which
you receive your final installment of the severance pay referred to in Paragraph 1. To receive
these benefits, you must pay any “employee” portion of the premium as you currently are doing, and
you agree to have it deducted from your severance payments. When your Bank paid benefits end you
will be able to continue health insurance at your cost for the time period provided under COBRA,
and you will receive a letter notifying you of your right to do so. For purposes of COBRA, your
qualifying event will be the last day of the month in which you receive your final installment of
the severance pay referred to in paragraph 1, above. All other benefits will cease on your Mutual
Separation Date.

     3. Consideration. You hereby acknowledge that the severance payments described in
paragraph 1, and benefits coverages and payments described in paragraph 2, are discretionary on
the

 

 

Mr. Richard Miller

April 1, 2008

Page 2

Bank’s part, exceed any legal duty on the part of the Bank, or legal entitlement on your part, and
that the Bank’s agreement to make such payments is sufficient consideration for the release terms
set forth below.

     4. Complete Release. In consideration of the amounts to be paid by the Bank, as set
forth in paragraphs 1 and 2 above, the adequacy of which you hereby acknowledge, you, on your own
behalf and on behalf of any dependents, spouse, heirs, successors and assigns, do hereby forever
generally release the Bank, Birmingham Bloomfield Bancshares, Inc., or any entity affiliated with
them, their parent, subsidiary and affiliated companies and their directors, attorneys,
organizers, staff, and any individual or entity currently or formerly employed by or affiliated
with the Bank, Birmingham Bloomfield Bancshares, Inc. or any entity affiliated with them
(collectively, the “Releasees”) from all rights, claims, actions, and suits of all kinds and
descriptions that you ever had, now have, or hereafter can, shall, or may have, whether known or
unknown or based on facts now known or unknown, fixed or contingent, against the Releasees,
occurring at any time up to and including the date that you execute this Letter Agreement, by
reason of or arising out of any acts, matters, or omissions of the Releasees, your employment with
the Bank, any events occurring during the course of your employment or the mutual separation and
termination of your employment by the Bank, including, but not limited to, claims of unlawful
discrimination due to race, sex, religion, national or ethnic origin, handicap, disability,
marital status, ancestry or age; claims that the Bank violated any promises or agreement either
express or implied with you (including claims that the Bank violated the employee handbook);
claims that the Bank has terminated your employment for any illegal reason, or in an illegal
fashion, including, specifically, without limiting the generality of the foregoing, any claim
under the National Labor Relations Act (as amended), Title VII of the Civil Rights Act of 1964 (as
amended), the Age Discrimination in Employment Act (“ADEA”) (as amended), the Equal Pay Act, the
Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Family and Medical
Leave Act, the Fair Labor Standards Act, the Worker Adjustment and Retraining Notification Act,
the Elliott-Larsen Civil Rights Act, or any other federal, state, or local law or regulation
prohibiting discrimination; or any claim for employment discrimination, violation of public
policy, emotional distress, defamation, wrongful termination, wages, severance pay, bonus, sick
leave, holiday pay, vacation pay, life insurance, health and medical insurance, attorneys’ fees,
or any other compensation or fringe benefit. This Letter Agreement covers both claims that you
know about, and those that you may not know about.

     This Letter Agreement shall be binding upon and inure to the benefit of you and the Releasees
and any other individual or entity who may claim any interest in the matter through you. You also
acknowledge that you have not assigned any of your rights to make the aforementioned claims or
demands. By signing this Letter Agreement, you are forever giving up your rights to make the
aforementioned claims or demands.

     5. Bank Property. You agree to return to The Bank, upon the Bank’s request, to return
to it all of its property in your possession, including, but not limited to, keys, parking cards,
company credit cards, cell phones, electronic equipment, PDA, building identification cards, and
any data compilations of any sort relating to the Bank and/or to its customers. To aid you in

 

 

Mr. Richard Miller

April 1, 2008

Page 3

assisting the Bank as set forth in Paragraph 6 of this Letter Agreement, the Bank may elect to
allow you to keep certain Bank property necessary for you to perform these duties.

     6. Mutual Non-Disparagement, Confidentiality and Cooperation. The parties agree that for a period of one (1) year after the date of the Mutual Separation Date, neither
party will say, write, or cause to be said or written, any statement that may be considered defamatory, derogatory, or disparaging to the Bank, Releasees or you.

     The parties represent that they have not disclosed, and promise they will not disclose, this
Agreement, or its terms to any person or entity except attorneys, spouses (who must agree to be
bound by these confidentiality terms before disclosure is made), or as required by law or legal
process.

     You promise that, during the period you receive severance payments from the Bank as set forth
in this Letter Agreement, and for a period of sixty (60) days afterward, you will cooperate with
the Bank by taking any actions reasonably requested by the Bank and requiring not more than ten
(10) hours of you time per month, or providing any information requested by the Bank to transition
your duties, Bank customers or contacts to other Bank employees.

     You further agree that you will make yourself available, upon the request of the Bank, to
testify or otherwise assist in litigation, arbitration, or other disputes involving the Bank, or
any of its directors, officers, employees, subsidiaries or parent corporations of either, at no
additional cost to you, during the period you receive severance payments from the Bank as set
forth in this Letter Agreement and at any time following the termination of your employment by
this mutual separation.

     7. Non-Admission. This Letter Agreement shall not in any way be construed as an
admission by the Bank of any liability or any wrongful or discriminatory act.

     8. Termination and Other Items. The Bank will show your termination of employment as
being the result of a mutual agreement by you and the Bank to separate your employment with the
bank, on its records, and will not contest any claim you make for unemployment benefits.

     In response to inquiries made about you by prospective employers, the Bank will only provide
the dates you worked for the Bank and the positions you held while employed by the Bank, and advise
them that your position with the Bank was eliminated as a result of a mutual agreement between you
and the Bank. The Bank will also agree to provide you with a Letter of Recommendation on the Bank’s
Letterhead in a form agreed to by the Bank and you.

     You agree that you will not seek re-employment with the Bank, Birmingham Bloomfield
Bancshares, Inc., or any entity currently affiliated with them, and that if you seek re-employment
with the Bank, Birmingham Bloomfield Bancshares, Inc., or any entity affiliated with them, they
are in no way obligated to consider you for such re-employment.

 

 

Mr. Richard Miller

April 1, 2008

Page 4

     9. Records. You agree to withdraw any pending request you have made for copies of your
personnel records and not to make any further requests in the future.

     10. No Future Lawsuits. You acknowledge and represent that you have not filed, nor
will file, any claims, charges, or complaints with any administrative agency or court based on
claims or demands that you have released herein. If any agency or court assumes jurisdiction over,
or files any claims, charges, or complaints against the Releasees on your behalf, you will
request, in writing, that such agency or court withdraw the matter.

     11. Continuation of Obligations Under Any Other Agreement You Have With the Bank. You
and the Bank hereby agree and that the provisions of paragraphs 15-19, 22-23 and Section G of the
Executive Employment Agreement made and entered into on June 28, 2007 between you and the Bank
(the “Employment Agreement”) shall remain in full force and effect even after your execution of
this Letter Agreement.

     12. No Other Payments or Benefits. Other than as provided for in this Letter
Agreement, you hereby acknowledge receipt of all payments for wages heretofore earned, vacation
pay, and reimbursement of business expenses, and that no payments of any kind other than those
expressly set forth herein, are owed to you.

     13. Time to Consider this Letter Agreement. You acknowledge that, in accordance with
the ADEA, as amended by the Older Workers Benefit Protection Act of 1990, you have been given a
period of twenty-one (21) days to review and consider this Letter Agreement before signing it. If
you elect to sign it without availing yourself of the opportunity to consider its provisions for
twenty-one (21) days, you hereby acknowledge that your decision to shorten the time for
considering this Letter Agreement prior to signing is knowing and voluntary, and such decision is
not induced by the Bank through fraud, misrepresentation, or a threat to withdraw or alter the
provisions set forth in this Agreement prior to the expiration of the twenty-one (21) day time
period, or by providing different terms should you agree to execute this Agreement prior to the
expiration of the twenty-one (21) day time period.

     14. Consultation with Attorney; Right to Revoke. You acknowledge that the Bank has
advised and encouraged you to consult with an attorney concerning this Letter Agreement prior to
executing this Agreement. By signing this Letter Agreement, you acknowledge that you have read
this Letter Agreement thoroughly, that the you have been advised and encouraged by the Bank, and
have had the opportunity, to consult with an attorney prior to signing the Letter Agreement, and
that your agreement to the terms of this Agreement is knowing, willing, and voluntary.

     You also acknowledge that you understand that you may revoke this Letter Agreement within
seven (7) days after the date on which you sign it, and that this Letter Agreement as does not
become effective until the expiration of the seven (7) day period. In the event that you wish to
revoke this Letter Agreement within the seven (7) day period, you must send a letter to me, so
that it is received not later than the close of business on the seventh day after you sign the
Letter Agreement. If you do not revoke this Letter Agreement, the Bank will begin paying you the
severance pay described in paragraph 1, above.

 

 

Mr. Richard Miller

April 1, 2008

Page 5

     15. No Other Promises. You acknowledge and represent that neither the Bank nor any of
its agents, representatives, or employees, have made any promise, representation, or warranty
whatsoever, express, implied, or statutory, not contained herein, concerning the subject matter
hereof, to induce you to execute this Letter Agreement, and you acknowledge that you have not
executed this Letter Agreement in reliance on any such promise, representation, or warranty. You
and the Bank mutually acknowledge and agree that your employment at the Bank will not continue
beyond the Mutual Separation Date and that neither the Bank nor you shall have any obligations to
the other party following that date, except as provided in this Agreement.

     16. Execution of Letter Agreement. This Letter Agreement is not enforceable unless
and until it is executed in writing by both parties.

     17. No Modification. This Letter Agreement may not be changed or modified, nor may
any covenant, representation or provision hereof be waived, except by an agreement in writing
signed by you and the President of the Bank. You acknowledge and agree that, except for the
provisions or paragraphs of any agreement referred to in Paragraph 11, above, this Letter
Agreement contains the entire understanding between you and the Bank concerning your separation
from employment and the terms and conditions of the separation pay and benefits offered in it, and
that all previous agreements, either oral or written, between you and the Bank, or any of it
affiliates entities or parent corporations and their directors, officers , employees or agents,
are expressly superseded and revoked by this Letter Agreement.

     18. Enforcement. This Letter Agreement shall be construed and enforced in accordance
with, and governed by, the laws of the State of Michigan, without regard to its provisions
regarding choice of law. If any term or condition of this Letter Agreement shall be held to be
invalid, illegal, or unenforceable in any respect by a court of competent jurisdiction, this
Letter Agreement shall be construed without such term or condition.

     If you agree to the above terms, please sign this Letter Agreement where indicated below, and
return the signed Letter Agreement to me. Keep a copy for your records. You will have until 5:00
p.m. on April 23, 2008 to sign and return this Letter Agreement to me. If you fail to do so by
this time and date, the offers made in this Letter Agreement are withdrawn and will be of no
further effect. The Bank encourages you to consult with an attorney before signing this Letter
Agreement.

	 	 	 	 	 
	 	BANK OF BIRMINGHAM

 	 
	 	By:  	/s/ William Aikens
 	 
	 	 	William Aikens 	 
	 	 	Its:       Chairman 	 

 

 

	 	 	 	 	 

Mr. Richard Miller

April 1, 2008

Page 6

     I acknowledge that I have read the terms and conditions set forth above in this Letter
Agreement, and accept and agree to them, and hereby acknowledge that I have executed and signed
this Letter Agreement freely and voluntarily. I understand that I may revoke this Letter Agreement
within seven (7) days after the date on which I sign it, and that this Letter Agreement does not
become effective until the expiration of the seven (7) day period.

     I further acknowledge that Bank of Birmingham has advised me to consult an
attorney before signing this Letter Agreement.

	 	 	 	 	 
	 	 	 
	 	                                                     /s/ RICHARD MILLER
 	 
	 	RICHARD MILLER 	 
	 	Dated: 4/2/08, 2008

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