Document:

Unassociated Document

    

      CONSULTING
        AGREEMENT

       

      This
        Agreement (“Agreement”) is entered into as of the 20th day of December, 2004 by
        and between Birmingham Bloomfield Bancorp, Inc. (“Company”), a corporation
        organized under the laws of the State of Michigan, and Richard Miller, 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 become effective as of January 1, 2005 and shall
        terminate on the earlier of (i) December 31, 2005; (ii) the date on which
        the
        Bank opens for business following the receipt of (and satisfaction of all
        conditions to opening for business under) its authorization to commence its
        banking business (“Certificate of Authority”) from the Michigan Office
        of
        Financial and Insurance Services
        (“State”) and approval of its application for deposit insurance from the Federal
        Deposit Insurance Corporation (“FDIC”); (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: (a) 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 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 its Certificate of Authority; or (d) receipt by the
        Company of any notification from the FDIC or the State indicating that the
        Consultant would not be an acceptable candidate to be Chief Financial 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 three hundred
        thirty-three 33/100 Dollars ($8,333.33) per month (prorated for any partial
        month), which shall be paid in arrears in two installments of four thousand
        one
        hundred and sixty-six 66/100 Dollars ($4,166.66) 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.
        

       

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

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (d)  Deferred
        Compensation.
        Unless
        this Agreement has been terminated or the term has ended pursuant to Paragraph
        2
        hereof,
        the Company shall cause the Bank, subject to and upon approval of the Bank’s
        charter application and Articles of Incorporation by the State, to pay, in
        one
        lump sum, not later than thirty (30) days following such approval, an amount
        equal to $729.29 times the number of months of the term of this Agreement;
        and
        subject to and upon the Bank’s opening for business to the public, to pay, in
        one lump sum, not later than thirty (30) days following its opening for
        business, an amount equal to $1,354.39 times the number of months of the
        term of
        this Agreement, with such deferred payments representing the accumulated
        difference of fees paid under this Agreement and the approximate annualized
        amount of compensation, prorated for the term of this Agreement, as agreed
        upon
        in the successor Employment Agreement to be entered into pursuant to Paragraph
        11
        of this
        Agreement.

       

      (e)  Severance. If
        this
        Agreement shall be terminated by the Company for any reason other than “for
        cause” and without the employment agreement referenced in Paragraph 11
        hereof
        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) $16,666.66.

       

      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.
        It is
        understood that Consultant may complete
        any obligations which are outstanding as of the date of this Agreement to
        any of
        his existing consulting clients, and that his performance of such obligations
        will not result in a violation of the provisions of this Paragraph 4
        or any
        of the noncompete provisions of Paragraph 7,
        below.

       

      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 a committee thereof. 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 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-employer 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) December 31,
        2005
        or (ii) the termination, whether by the Company or the Consultant, of this
        Agreement, the Consultant will not, except as provided in Paragraph 4
        hereof,
        directly or indirectly:

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (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).

       

      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.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      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.  Employment
        Agreement.
        The
        Consultant agrees to enter into an employment agreement with the Bank in
        form
        satisfactory to the Consultant and the Bank in their reasonable discretion,
        subject to the review, modification and approval of the Bank’s primary
        regulators, which employment agreement shall be effective as of the date
        on
        which the Bank opens for business, subject to and following the receipt of
        (and
        satisfaction of all conditions to opening for business under) its Certificate
        of
        Authority from the State and approval of its application for deposit insurance
        from the FDIC.

       

      12.  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.

       

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

       

      14.  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:

      Birmingham
        Bloomfield Bancorp, Inc.

      33583
        Woodward

      Birmingham,
        Michigan 48009

      Attention:
        Chairman of the Board

      

      If
        to
        Consultant:

      Richard
        Miller

      ______________

      _________,
        Michigan _____

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      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.

       

      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.
        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.

       

      17.  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.

       

      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.

       

      [Signature
        Page Follows]

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

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

       

       

      
        	 	 	CONSULTANT
	 	 	 
	 	 	/s/
                Richard Miller
	 	 	Richard Miller
	 	 	 
	 	 	 
	 	 	BIRMINGHAM BLOOMFIELD
                BANCORP,
                INC.
	 	 	 
	 	 	 
	 	 	By: /s/ Charles Pryde
	 	 	
                Compensation Committee
                  Member

              

      

       

      
        
          
          

        

        
          6Unassociated Document

    

       

      CONSULTING
        AGREEMENT

       

      This
        Agreement (“Agreement”) is entered into as of the 10th
        day of
        March, 2005, by and between Birmingham Bloomfield Bancorp, Inc. (“Company”), a
        corporation organized under the laws of the State of Michigan, and Jeffrey
        S.
        Bonk, an adult individual residing in the State of Michigan
        (“Consulting”),

       

      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 become effective (the “Effective Date”) as of the
        earlier of (a) the date that the Bank has received both approval of the Bank’s
        charter application and Articles of Incorporation by the Michigan Office
        of
        Financial and Insurance Services (“State”) and approval of its application for
        deposit insurance from the Federal Deposit Insurance Corporation (“FDIC”); or
        (b) the date of termination of Consultant’s employment with his current
        employers as of the time of the execution of this Agreement. The term of
        this
        Agreement shall terminate on the earlier of (i) March 1, 2006; (ii) the date
        on
        which the Bank opens for business following the receipt of its authorization
        to
        commence banking business (“Certificate of Authority”) from the State and
        approval of its application for deposit insurance from the FDIC; (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: (a) 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 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 its Certificate of Authority;
        or (d) receipt by the Company of any notification from the FDIC or the State
        indicating that the Consultant would not be an acceptable candidate to be
        Executive Vice President and Director of Sales and Marketing 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 three hundred
        thirty-three 33/100 Dollars ($8,333.33) per month (prorated for any partial
        month), which shall be paid arrears in two installments of four thousand
        one
        hundred and sixty-six 66/100 Dollars ($4,166.66) 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.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

         

      

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

       

      (d)  Deferred
        Compensation.
        Unless
        this Agreement has been terminated or the term has ended pursuant to Paragraph
        2
        hereof, the Company shall cause the Bank, subject to and upon the Bank’s opening
        for business to the public, to pay, in one lump sum, not later than thirty
        (30)
        days following its opening for business, an amount equal to $2083.33 times
        the
        number of months of the term of this Agreement, with such deferred payments
        representing the accumulated difference of fees paid under this Agreement
        and
        the approximate annualized amount of compensation, prorated for the term
        of this
        Agreement, as agreed upon in successor Employment Agreement to be entered
        into
        pursuant to Paragraph11 of this Agreement.

       

      (e)  Severance.  If
        this
        Agreement shall be terminated by the Company for any reason other than “for
        cause” and without the employment agreement referenced in Paragraph 11 hereof
        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) $16,666.66.

       

      (f)  Duties.
        During
        the term of this Agreement, Consultant shall render services conscientiously
        and
        shall devote his full time, attention, effort and abilities to the
        organizational development 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.

       

      4.  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 a committee thereof. 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.

       

      5.  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 accidental 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-employer relationship.

       

      6.  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 Effective Date and ending on the later of (i) December
        31,
        2005 or (ii) the termination, whether by the Company or the Consultant, 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,
        of 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 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.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      
        
          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).

        

      

       

      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 proceeding 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 written
        confidentiality agreement in such form and content as requested by the Company
        from time to time, nor shall the Consultant make use of any of such secrets,
        processes or information for the 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 the
        Consultant by any representative of the company or otherwise acquired or
        developed by Consultant in connection with the Company or the Bank, as
        applicable. Within three calendar days of 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 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      permanent
        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. Employment
        Agreement. The
        Consultant agrees to enter into an employment agreement with the Bank in
        form
        satisfactory to the Consultant and the Bank in their reasonable discretion,
        subject to the review, modification and approval of the Bank’s primary
        regulators, which employment agreement shall be effective as the date on
        which
        the Bank opens for business, subject to and following the receipt of (and
        satisfaction of all conditions to opening for business under) its Certificate
        of
        Authority from the Sate and approval of its application for deposit insurance
        from the FDIC.

       

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

       

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

       

      14. 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:

       

      Birmingham
        Bloomfield Bancorp, Inc.

      33583
        Woodward Ave.

      Birmingham,
        MI 48009

      Attention:
        Chairman of the Board

       

      If
        to
        Consultant:

       

      Jeffrey
        S. Bonk

      551
        Harron Ct.

      Rosewater
        Hills, Michigan 48307

       

      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.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      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; 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.

       

      17. 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. 

       

      18. Validity. If
        any
        term or other provision of this Agreement is held to be illegal, invalid,
        or
        unenforceable by any rule of law to 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 provisions 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 provisions
        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/ Jeffrey S. Bonk
	 	 	Jeffrey S. Bonk
	 	 	 
	 	 	 
	 	 	BIRMINGHAM BLOOMFIELD
                BANCORP
                INC.
	 	 	 
	 	 	By: /s/ Charles
                T. Pryde
	 	 	
                Compensation Committee
                  Member

              

      

       

       

      
        
          
          

        

        
          5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]