Document:

August
      21, 2006

    

    Mr.
      Daniel E. Pittard

    P.O.
      Box
      7300

    Rancho
      Santa Fe, CA 92067

    

    Dear
      Dan:

    

    I
      am
      pleased to confirm our offer of employment for the position of President &
Chief Executive Officer for Rubio’s Restaurants, Inc. (Rubio’s or the Company)
      reporting to the Board of Directors of the Company (Board). The terms and
      conditions of this offer are outlined below:

    

    Start
      Date:
      August
      21, 2006 (Start Date). 

    

    Base
      Salary:
      You will
      be paid biweekly at a rate of $15,384.62 (on an annual basis this equals
      $400,000) subject to withholdings and deductions as required by law. Your salary
      will be reviewed annually beginning December 2007 and may be adjusted based
      on
      performance. 

    

    Bonuses:
      You will
      be eligible to participate in the Company’s Cash Bonus Plan for President/CEO at
      a rate of up to 50% of your base salary as described in the plan for fiscal
      years beginning after December 31, 2006. Bonuses are paid after completion
      of
      the annual audited results; typically no later than mid-March of the new
      calendar year. 

    

    For
      the
      fiscal year ending December 31, 2006, you shall be entitled to receive a sign-on
      bonus equal to the prorated portion (18.22% of your base salary) in the event
      the Company meets or exceeds management’s forecast for the period August 21
      through December 31, 2006, as approved by the Board at its October, 2006
      meeting. The sign-on bonus will be paid upon completion of the annual audited
      results for fiscal 2006.

    

    Stock
      Options:
      A
      non-statutory stock option (Option) for 300,000 shares (Shares) of Rubio’s
      common stock will be granted to you, effective on your Start Date, at the fair
      market value of the common stock at the close of trading on that date, pursuant
      to Rubio’s 1999 Stock Incentive Plan (1999 Plan). These options will vest over 4
      years as follows: 50% after 24 months of continuous employment (Initial Vesting
      Date) and 50% after 48 months of continuous employment.  

    

    In
      the
      event of a CIC Transaction, as defined below under the caption Severance
      Benefits, the Option shall be subject to acceleration as provided under Article
      Two, Section III of the 1999 Plan.

    

    The
      Option shall also provide that in the event of your death or Permanent
      Disability, as defined in the 1999 Plan, the Option shall vest on a pro rata
      basis (based on your months of continuous service to the Company) and shall
      be
      exercisable by your personal representative, heir, designated beneficiary or
      guardian for 24 months following your death or Permanent Disability. Also,
      if
      your employment is terminated by the Company for other than death, Permanent
      Disability, or Misconduct, as defined in the 1999 Plan (ignoring the last
      sentence of such definition, which shall be inoperative with respect to your
      employment), or for other than a CIC Transaction, the Option shall vest on
      a pro
      rata basis, as set forth in the preceding sentence, and you shall have 12 months
      following your date of termination to exercise the Option.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        Daniel
          E.
          Pittard

        August
          21, 2006

        Page
          2
of
          6

        
          
            

          

        

      

       

    

    Long
      Term Incentive:
      An award
      of restricted stock units (RSUs) representing 42,500 shares of Rubio’s common
      stock will be granted to you for the performance period 2007-2009 when the
      Compensation Committee of the Board acts to award such long term incentives
      to
      management for that period, pursuant to Rubio’s 2006 Executive Incentive Plan.
      Such RSUs will be subject to the annual and cumulative performance goals and
      objectives fixed by the Compensation Committee. Generally, in the event of
      a CIC
      Transaction, the shares represented by the RSUs shall be subject to accelerated
      vesting as provided in Article Two, Section III of the 1999 Plan with the
      following exceptions:

    

    (i)
      if an
      annual goal or objective is not achieved by the Company, any vesting of shares
      related to that period shall be forfeited and not subject to recoupment in
      a
      following period notwithstanding any contrary terms set forth in the
      RSU:

    

    (ii)
      if a
      CIC Transaction is approved by the Board during 2007, the unvested shares
      represented by the RSU shall be subject to accelerated vesting only if the
      Company’s performance for 2007 (through the date of the last quarter ended
      before the Board’s approval) is on target to achieve the annual goal or
      objective for 2007; and 

    

    (iii)
      if
      a CIC Transaction is approved by the Board in 2008 or 2009, subject to clause
      (i) above, the unvested shares represented by the RSUs shall be subject to
      accelerated vesting based solely on the terms and conditions in the 1999 Plan
      relating to discretionary option grants.

    

    Vacation:
      15 days
      per year accrued pro-rata on a monthly basis.

    

    Health
      Plans:
      You will
      be eligible to participate in Rubio’s medical, dental, employee assistance
      program (EAP), vision, short and long term disability, and life insurance
      programs effective the first day of the month following two consecutive months
      of service. You will be reimbursed for any health insurance premiums incurred
      by
      you under any private insurance policy during this waiting period. In addition,
      the Company offers an executive reimbursement (Exec-U-Care) with a $5,000 cap
      per claim and a Flexible Spending Account for tax deferred contributions for
      medical and childcare expenses. 

    

    401(k)
      Plan:
      You will
      be eligible to participate in Rubio’s 401(k) Plan effective the first day of the
      month following twelve consecutive months of service. Currently, after one
      year
      of service you will be matched at a rate of 25% of the first 6% of the salary
      you contribute. (Although our 401(k) plan allows for up to 15% of compensation
      as an employee’s contribution, you should be aware that our most recent
      discrimination testing has limited actual contributions for highly paid
      executives to approximately 1%.) 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        Daniel
          E.
          Pittard

        August
          21, 2006

        Page 3
          of
          6

        
          
            

          

        

         

      

    

    Severance
      Benefits:
      You will
      be entitled to participate in the Rubio’s Severance Pay Plan. By way of example,
      if your employment is terminated, for other than Misconduct, as defined in
      the
      1999 Plan (ignoring the last sentence of such definition, which shall be
      inoperative with respect to your employment), you will be paid, subject to
      signing our standard release agreement and settling all amounts owed to the
      Company, 6 months of current base salary. In addition, the Company will
      reimburse your COBRA premiums (or pay you a comparable amount if you do not
      participate in the Company’s health insurance plan) for the period of severance
      or until you become eligible to participate in another employer’s group benefit
      plan, whichever event occurs first. This would include the health and welfare
      plans (with the exception of the 401(k) plan as precluded by our Plan) and
      life
      insurance. 

    

    Furthermore,
      if you voluntarily resign from your employment with the Company (other than
      after a CIC Transaction) for Good Reason, as defined herein, you shall be
      entitled to all of the benefits set forth in the Severance Pay Plan for an
      involuntary termination. For purposes of this letter, “Good Reason” shall be
      mean (i) a failure to elect or reelect you to the offices of President and
      Chief
      Executive Officer of the Company, (ii) a material reduction in your duties,
      authorities or power as President and Chief Executive Officer of the Company
      without your consent, (iii) a 10% or greater reduction in your base salary
      or
      bonus other than in connection with a company-wide reduction in executive pay,
      or (iv) a relocation of the Company’s executive offices, or a change in your
      office location, to a location that is in excess of 25 miles from the current
      location or your residence.

    

    Notwithstanding
      anything in the Severance Pay Plan to the contrary, in the event of (A)(i)
      the
      acquisition by any person (other than the Company or an affiliate of the Company
      or any employee benefit plan of the Company or any entity holding shares for
      or
      pursuant to the terms of any such plan), of more than 50% of the outstanding
      voting securities of the Company pursuant to a tender or exchange offer, or
      (ii)
      a Corporate Transaction, as defined in the 1999 Plan (any of the events in
      clauses (A)(i) or A(ii) is referred to herein as a CIC Transaction) and (B)
      the
      concurrent or subsequent termination of your employment by the Company or its
      successor or assigns, you shall be
      entitled to receive severance in the amount of 24 months base salary less any
      salary received by you since the effective date of such transaction.  If,
      after any CIC Transaction, you voluntarily resign your employment with the
      Company or its successor or assigns, you shall be entitled to
      receive severance in the amount of 12 months base salary less any salary
      received by you since the effective date of such transaction.  All such
      severance payments shall be paid to you in one lump sum upon the later of the
      effective date of termination of service, the receipt of a general release
      acceptable to the Company and the settlement of all amounts owed by you to
      the Company, if any. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        Daniel
          E.
          Pittard

        August
          21, 2006

        Page 4
          of
          6

        
          
            

          

        

         

      

    

    Full
      Time Employment:
      As
      President and Chief Executive Officer of the Company, you will devote your
      full
      time and attention to the business and affairs of the Company. We understand
      that you have prior commitments to other companies, businesses, entities or
      organizations, as set forth on Exhibit A to this letter. You agree to modify
      those commitments on the terms and timetable set forth on Exhibit A. It is
      understood that you may, however, remain on the Board of Directors of Magnet
      Bank and one other privately-owned company you have identified to us if you
      are
      elected to that Board of Directors] (and any non-profit civic or religious
      organization you are affiliated with currently) so long as such commitments
      do
      not interfere with your full-time service to the Company. During your employment
      by the Company, you agree not to serve on any other Board of Directors or accept
      any other employment or consulting arrangement without the express written
      consent of the Board of Directors of the Company.

    

    At-Will
      Employment:
      Employment with Rubio’s Restaurants, Inc. is not for a specific term and can be
      terminated by you or the Company at any time and for any reason, with or without
      cause or advanced notice. The At-Will nature of your employment described in
      this offer letter shall constitute the entire agreement between you and Rubio’s
      concerning the nature and duration of your employment and the circumstance
      under
      which you or the Company may terminate the employment relationship. No oral
      statement by any person can change the At-Will nature of your employment with
      Rubio’s.

    Although
      your job duties, title, and compensation benefits may change over time, the
      At-Will term of your employment with Rubio’s can only be changed in writing,
      signed by you and the Chairman of the Board, at the direction of the Board
      or
      the Compensation Committee of the Board, and which expressly states the
      intention to change the At-Will term of your employment. Any prior
      representations to the contrary are superseded by the terms of this offer.
      

    

    Election
      to the Board:
      You will
      be appointed to the Board as soon as reasonably practicable after your Start
      Date. If you resign as President and Chief Executive Officer of the Company
      or
      your employment is terminated in accordance with the provisions of this letter,
      you agree to resign from the Board effective immediately in accordance with
      the
      Corporate Governance Guidelines of the Company.

    

    Confidentiality
      and Non-Solicitation:
      One of
      the conditions of your employment with Rubio’s is the maintenance of the
      confidentiality of Rubio’s proprietary and confidential information. You agree
      during and after the period of your employment with Rubio’s not to use or
      divulge, directly or indirectly, any confidential information other than to
      other officers, employees, directors or representatives of the Company in the
      normal course of your employment and pursuant to applicable law. You further
      agree that during your term of employment and for 2 years thereafter, not to
      encourage or solicit, directly or indirectly, any employee of Rubio’s to leave
      the Company for any reason. You will be required to execute the Company’s
      Proprietary Information and Inventions Agreement on your first day of
      employment. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        Daniel
          E.
          Pittard

        August
          21, 2006

        Page 5
          of
          6

        
          
            

          

        

         

      

    

    Company
      Policy:
      As an
      employee of Rubio’s, you will be required to comply with the Company’s Code of
      Ethics, Corporate Governance Guidelines and all of the Company policies and
      procedures, as the same may be amended and modified from time to time. In
      particular, you will be required to familiarize yourself with and to comply
      with
      Rubio’s policy prohibiting harassment and discrimination, the policy concerning
      drugs and alcohol and the policy prohibiting insider trading. Violations of
      these policies may lead to immediate termination of employment.

    

    Arbitration:
      Rubio’s
      maintains a policy of mandatory arbitration. This means that any and all
      disputes that you may have with Rubio’s, or any of Rubio’s other employees,
      which arise out of your employment, will be resolved through final and binding
      arbitration. This includes, without limitation, disputes relating to offer
      letters, your employment by Rubio’s or the termination thereof, claims for
      breach of contract, claims for breach of covenant of good faith and fair
      dealing, any claims of discrimination or harassment, any claims under any
      federal, state or local law or regulation now in existence or hereinafter
      enacted and amended from time to time concerning in any way the subject of
      your
      employment with Rubio’s or your termination. You agree that arbitration shall be
      instead of any civil lawsuit and you waive your right to pursue any and all
      employment-related claims in court.

    

    This
      letter supersedes any prior agreements, representations or promises of any
      kind,
      express or implied, concerning your employment and it constitutes the full
      and
      complete agreement between you and the Company.

    

    The
      foregoing offer of employment with Rubio’s is contingent upon your successful
      completion of a background and reference checks, pre-employment drug and alcohol
      screening, your execution of this letter, the Company’s Proprietary Information
      and Inventions Agreement, the Company’s Arbitration Agreement and all other
      forms presented at the time of hire. This offer is further contingent upon
      the
      Company’s verification of the information provided to us in your application
      form, resume and attachments, if any.

    

    The
      existence and terms of this letter shall be kept confidential by you, except
      for
      disclosure to your spouse, attorney, accountant and other tax or financial
      professional advisors who shall be informed of the confidential nature of this
      information and except as may be required by law.

    

    Dan,
      we
      are very excited about your joining our team. We are confident that you have
      much to contribute to the success of Rubio’s. The strength of our organization,
      the quality and experience of our personnel, and your presence will facilitate
      this success.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        Daniel
          E.
          Pittard

        August
          21, 2006

        Page 6
          of
          6

        
          
            

          

        

         

      

    

    If
      you
      wish to accept our offer of employment on the terms described herein, please
      acknowledge your acceptance by signing below and returning the original to
      me
      within three (3) business days. A copy of this letter has been enclosed for
      your
      records. If you have any questions, please do not hesitate to contact me by
      calling (760) 505-3889.

    

    Sincerely,

    

    /s/
      Ralph
      Rubio

    

    Ralph
      Rubio

    Chairman

    Rubio’s
      Restaurants, Inc. 

    

    

    

    I
      have
      read, understand and accept the terms and conditions of the above offer of
      employment.

     

     

    
      	Accepted: /s/
              Daniel E.
              Pittard                                
              	Date: August
              21, 2006

    

    Daniel
      E.
      PittardCONSULTING
      AGREEMENT

     

    This
      Agreement (“Agreement”) is entered into as of the 22nd day of August, 2006, by
      and between Lotus Bancorp, Inc. (“Company”), a corporation organized under the
      laws of the State of Michigan, and Richard Gurne, an adult individual residing
      in the State of Michigan (“Consultant”).

     

    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 formation or acquisition of
      a
      proposed new bank charter (“Bank”), upon the terms and conditions hereinafter
      set forth. 

     

    2.    Term.
      The
      term
      of this Agreement shall be effective as of the day after the Company receives
      its Charter from the State of Michigan and approval of its application for
      FDIC
      insurance, and shall terminate on the earlier of (i) March 31, 2007; (ii) the
      date on which the Bank opens for business; (iii) the date on which the Company
      advises the Consultant that it has abandoned its effort to obtain a charter
      for
      the Bank; (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: (a)
      the Consultant’s failure to use reasonable good faith efforts to perform the
      services requested by the Company under this Agreement (which failure is not
      cured within ten (10) days following written notice to the Consultant); (b)
      the
      Consultant’s willful misconduct or gross negligence in the performance of his
      services hereunder; (c) 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
      regulatory approval; or (d) receipt by the Company of any notification from
      the
      Federal Deposit Insurance Corporation (“FDIC”) or the Michigan Office
      of
      Financial and Insurance Services
      (“State”) indicating that the Consultant would not be an acceptable candidate to
      be Chief Financial Officer or Chief Operating 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 eight thousand seven hundred fifty
      dollars ($8,750.00) per month (prorated for any partial month), which shall
      be
      paid in arrears in two installments of four thousand three hundred seventy
      five
      dollars ($4,375.00) each on the 15th
      and
      30th
      day of
      each calendar month. 

     

    (b)   Medical
      Benefits.
      The
      Company shall reimburse the Consultant, not less frequently than monthly, upon
      presentment of appropriate documentation, the amount paid by the Consultant
      to
      continue, without interruption, family medical benefits coverages under COBRA,
      up to $1,000.00 per month. In addition, in the event that the Consultant’s COBRA
      continuation health insurance expires, the Company shall reimburse the
      Consultant, not less frequently than monthly, upon presentment of appropriate
      documentation, the amount paid by the Consultant to continue, without
      interruption, family medical benefits of similar nature to those continued
      under
      COBRA coverage, up to $1,000.00 per month. In each case, family medical benefits
      shall extend to the spouse of the Consultant, dependent children under the
      age
      of nineteen who live at home and dependent children under the age of twenty-two
      who are full-time students at an accredited college or university. 

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

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

     

    4.    Duties.
      The
      Consultant shall render services conscientiously and shall devote his full
      time,
      attention, efforts and abilities to the organizational activities of the Company
      and 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.
      The
      Company will supply the Consultant with office, computer, and such other
      supplies and materials as the Company deems reasonably necessary for Consultant
      to comply with his duties under this Paragraph 4.

     

    5.    Expenses.
      The
      Consultant shall be reimbursed by the Company for all reasonable business
      expenses paid by the Consultant during the performance of his services
      hereunder; provided however, that any such reimbursement in excess of $250
      in
      any month shall require the prior written approval of the Company’s board of
      directors or its designee. 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 its designee 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 have no obligation to carry
      worker’s compensation insurance or any health or accident insurance to cover
      Consultant. The Company shall have no obligation to pay any contributions to
      social security, unemployment insurance, federal or state withholding taxes,
      nor
      to provide any other contributions or benefits which might be expected in an
      employer-employee relationship.

     

    7.    Covenant
      Not to Compete.
      The
      Consultant hereby acknowledges and recognizes the highly competitive nature
      of
      the Bank’s business and accordingly agrees that, during and for the period
      commencing with the date hereof and ending on the later of (i) March 31, 2007
      or
      (ii) the termination by the Company of this Agreement for any reason other
      than
“for cause,” 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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    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 to which the
      Company and the Bank have an interest, access to and knowledge of which assets
      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 and Bank 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.    Return
      of Property.
      Consultant acknowledges that all memoranda, notes, records, reports, manuals,
      books, papers, letters, client and customer lists, contracts, software programs,
      information and records, drafts of instructions, guides and manuals, and other
      documentation (whether in draft or final form), and other sales or financial
      information and aids relating to the Company’s or Bank’s business, and any and
      all other documents containing confidential information furnished to Consultant
      by any representative of the Company or otherwise acquired or developed by
      Consultant in connection with his duties under this Agreement (collectively,
      “Recipient Materials”) shall at all times be the property of the Company or the
      Bank, as applicable. Within three calendar days of the termination of this
      Agreement, Consultant shall return to the Company or Bank, as applicable, any
      Recipient Materials which are in his possession, custody or
      control.

     

    10.   Remedies.
      In the
      event that Consultant violates any of the provisions set forth in Paragraphs
      7,
      8,
      or
9
      of this
      Agreement, Consultant acknowledges that the Company and Bank would suffer
      immediate and irreparable harm and would not have an adequate remedy at law
      for
      money damages in the event that any of the covenants were not performed in
      accordance with their terms or otherwise were materially breached. Accordingly,
      Consultant agrees that, without the necessity of proving actual damages or
      posting bond or other security, the Company or Bank shall be entitled to
      temporary or permanent injunction or injunctions to prevent breaches of such
      performance and to specific enforcement of such covenants in addition to any
      other remedy to which the Company or Bank may be entitled, at law or in equity.
      In such a situation, the parties agree that the Company or Bank may pursue
      any
      remedy available, including declaratory relief, concurrently or consecutively
      in
      any order as to any breach, violation, or threatened breach or violation of
      Paragraphs 7,
      8,
      or
9
      of this
      Agreement, and the pursuit of any particular remedy or remedies shall not be
      deemed an election of remedies or waiver of the right to pursue any other
      remedy.

     

    11.    Assignment.
      Consultant’s
      obligations under this Agreement are personal in nature and may not be assigned
      by Consultant, this Agreement being entered into in reliance upon and in
      consideration of the personal skill and qualifications of Consultant. Any
      attempted assignment or transfer by Consultant of his obligations hereunder
      shall be void.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

    13.    Notice.
      All
      notices and other communications required or permitted to be given or delivered
      hereunder or by reason of the provisions of this Agreement shall be in writing
      and shall be deemed to have been properly given if (a) delivered personally,
      (b)
      delivered by a recognized overnight courier service, (c) sent by United States
      mail, or (d) sent by facsimile transmission followed by a confirmation copy
      delivered by recognized overnight courier service the next day. Such notices,
      requests, consents and other communications shall be sent to the respective
      parties as follows (or at such other address for a party as shall be specified
      by like notice to the other party):

     

    If
      to
      Company:

     

    Lotus
      Bancorp, Inc.

    P.O.
      Box
      250428

    West
      Bloomfield, Michigan 48325-0428

    Attention:
      President & CEO

    

    If
      to
      Consultant:

    

    Richard
      Gurne

    928
      Hampstead

    Rochester
      Hills, Michigan 48309

    

    Any
      notice or other communication given pursuant to this Agreement shall be
      effective (i) in the case of personal delivery, telex or facsimile transmission,
      when received; (ii) in the case of mail, upon the earlier of actual receipt
      or
      five (5) business days after deposit with the United States Postal Service,
      first class certified or registered mail, postage prepaid, return receipt
      requested; and (iii) in the case of a recognized overnight courier service,
      one
      (1) business day after delivery to the courier service together with all
      appropriate fees or charges and instructions for overnight
      delivery.

     

    14.    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.

     

    15.    Entire
      Agreement.
      The
      parties acknowledge and agree that this Agreement constitutes the complete
      and
      entire agreement between the parties; that each executed this Agreement based
      upon the express terms and provisions set forth herein; that, in accepting
      this
      consulting arrangement, Consultant has not relied on any representations, oral
      or written, which are not set forth in this Agreement; that no previous
      agreement, either oral or written, shall have any effect on the terms or
      provisions of this Agreement; and that all previous agreements, either oral
      or
      written, are expressly superseded and revoked by this Agreement.

     

    16.    Successors,
      Binding Agreement.
      Subject
      to the restrictions on assignment contained herein, this Agreement shall inure
      to the benefit, and be enforceable by, the parties and their respective
      successors and assigns.

     

    17.    Regulatory
      Condition.
      This
      Agreement shall be enforceable, except to the extent otherwise prohibited by
      regulatory agencies with jurisdiction over the Company and the
      Bank.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    18.    Validity.
      If any
      term or other provision of this Agreement is held to be illegal, invalid or
      unenforceable by any rule of law or public policy, (A) such term or provision
      shall be fully severable and this Agreement shall be construed and enforced
      as
      if such illegal, invalid or unenforceable provision were not a part hereof;
      (B)
      the remaining provisions of this Agreement shall remain in full force and effect
      and shall not be affected by such illegal, invalid or unenforceable provision
      or
      by its severance from this Agreement; and (C) there shall be added automatically
      as a part of this Agreement a provision as similar in terms to such illegal,
      invalid or unenforceable provision as may be possible and still be legal, valid
      and enforceable.
      If any
      provision of this Agreement is so broad as to be unenforceable, the provision
      shall be interpreted to be only as broad as is enforceable.

     

    19.    Applicable
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Michigan, without regard to the laws that might otherwise govern under
      applicable principles of conflicts of laws.

     

    20.    Headings.
      The
      headings contained in this Agreement are for convenience of reference only
      and
      shall not affect in any way the meaning or interpretation of this
      Agreement.

     

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

     

    
      	 	 	CONSULTANT
	 	 	 
	 	 	/s/ Richard
              Gurne                                           
              
	 	 	Richard Gurne
	 	 	 
	 	 	LOTUS BANCORP,
              INC.
	 	 	 
	 	 	By: /s/
              Satish
              Jasti                                        
              
	 	 	
              Satish
                Jasti

              Its:
                 President
                & CEO

            

    

     

    
      
        
        

      

      
        5

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