Document:

EX10-1

	
Exhibit 10.1

 

3040 North Campbell Ave. #110

Tucson, Arizona 85719

520-989-0022

520-623-3326 fax

	 
	
Andrew Brodkey
	
        President

	 
	
March 31, 2011

Mr. Douglas Stimple

Llanos de Caldera, S.A. Cerrada

208 Van Buren Street

Copiapo, Chile

Re:  Binding Letter of Intent for Participation in Zoro Mining Corp. Escondida (Chile) project

Dear Mr. Stimple:

Further to our previous discussions, Zoro Mining Corp., through its Chilean subsidiary Sociedad Zoro Chile, Limitada (collectively, "Zoro") is pleased to propose the following binding letter of intent ("LOI") for the participation of Llanos de Caldera, S.A. Cerrada ("LDC") in Zoro's Escondida project in Chile ("Escondida"), the mineral titles to which are more fully identified in Exhibit "A" attached hereto. This agreement sets forth the terms whereby LDC can earn an undivided 70% interest in Escondida, and following which the parties will form a joint venture to govern operations at Escondida, as follows:

	
1.
	
Earn-In Requirement. To earn the 70% interest specified herein, LDC must commence, pay for and complete qualifying Earn-In Expenditures totaling at least five hundred thousand dollars (US$500,000) within one (1) year of the date of this LOI ("Earn-In Term").  Earn-In Expenditures are defined as all the costs and expenses to complete the exploration, drilling, sampling and metallurgical testing program as set forth in the proposal from John Hiner, L. P. Geo., dated February 7, 2011 and attached hereto and incorporated herein as Exhibit "B" (the "Initial Exploration Program"), and include, in addition, all tax payments and related costs of maintaining the mineral titles to Escondida during the Earn-In Term ("Holding Costs") and payments for overhead expenses.  Harold Gardner, a director of Zoro and a principal within LDC shall have oversight responsibility for the Initial Exploration Program, and LDC shall be the operator under this LOI. LDC shall have complete discretion regarding the implementation and performance of all exploration and development programs and the expenditure of funds in connection therewith.  LDC shall provide Zoro with copies of all progress and final reports, information and data developed during the Initial Exploration Program.

	
2.
	
Declaration of Earn-In. At any time prior to or at the end of the Earn-In Term, LDC can elect to give notice in writing to Zoro that it has completed the Initial Exploration Program and has successfully incurred the Earn-in Expenditures for Escondida (the "Earn-In"). At such time, to the extent not previously done, LDC shall furnish Zoro with copies of all reports, information and data developed during the Initial Exploration Program, and satisfactory evidence of the incurrence and payment of the Earn-In Expenditures, which Zoro shall reasonably accept, and LDC shall be deemed to have earned an undivided 70% interest in Escondida. Upon reasonable request from LDC, Zoro shall cause the transfer of this 70% interest to LDC, or, alternatively, 100% of the property to the Joint Venture described below.

	
3.
	
Joint Venture and Joint Operating Agreement. At the time that Earn-In is achieved, the parties will form a Joint Venture and finalize and execute a Joint Operating Agreement ("JOA") to govern their interests in Escondida, modeled after the Rocky Mountain Mineral Law Foundation Form 5A--"Model Form for Exploration, Development and Mine Operating Agreement," containing at least the following provisions:

	 	

	an area of mutual interest ("AMI") clause extending 5 km outside the existing boundaries of the Escondida project

	provisions for programs, work plans and budgets (and approval procedures therefor) for further exploration and possible development of the project, including provisions for cost overruns

	standard (non-penalty)dilution provisions for failures to meet cash calls under approved programs and budgets

	creation of a Joint Venture management committee with three members elected to the committee; two members from LDC and one from Zoro

	clause which appoints LDC as the Operator/manager under the JOA

	provisions for terms of operatorship, including management fees for LDC 

	the following customary representations and warranties from Zoro

	corporate existence and power of Zoro

	approval and enforceability of the Joint Operating Agreement and related agreements

	standard representations and warranties regarding tax matters and outstanding mining taxes

	good title to the Property with no royalties are payable (other than those created hereunder)

	no known materially adverse pending judicial or administrative actions or governmental notices 

	no known materially adverse environmental matters

	standard indemnification from Operator

	customary minority approval  rights and protections over certain matters, including:

	incurrence of project debt or creation of any other burdens or encumbrances on the property

	24 month financial audit rights

	
4.
	
Covenants during Earn-In. 

	 	
a)
	
LDC shall conduct all its activities in a good, workmanlike and efficient manner, in accordance with sound mining and other applicable industry standards and practices and in material compliance with all applicable laws, including, but not limited to accounting for all expenditures and funds in accordance with GAAP, and in accordance with the terms and provisions of leases, licenses, permits, contracts and other agreements pertaining to the joint venture's assets.  The Manager shall not be liable to the non-managing Participant for any act or omission resulting in damage or loss except to the extent caused by or attributable to the Manager's willful misconduct or negligence. To this extent, LDC shall indemnify, defend and hold harmless Zoro from any and all liabilities, costs and expenses relating to the activities of LDC thereon.

	 	
b)
	
LDC shall pay in a timely manner all Holding Costs during Earn-In and use commercially reasonable efforts to maintain the business, assets, and operations of Escondida in accordance with current practices.

	 	
c)
	
Neither party shall, without the consent of the other, make, or enter into any contract, lease or agreement that would materially affect the property,

	 	
d)
	
The parties shall observe a 5 km Area of Mutual Interest ("AMI") outside of the existing property/concession boundaries, such that should either party obtain a property interest within the AMI, such interest shall automatically be subject to and be governed by the terms of this LOI and subsequent JOA.

	 	
e)
	
LDC and its advisors will have reasonable access to the project, and Zoro will deliver to LDC upon request copies of all documents pertaining to Escondida

	 	
f)
	
The parties shall use their best efforts to obtain from their respective directors, shareholders or partners (as applicable) and all appropriate federal, provincial, municipal or other governmental, regulatory or administrative bodies such approvals or consents as are required (if any) to complete the transactions contemplated herein.

	
5.
	
Failure to achieve Earn-In. Should LDC elect not to fully fund or complete or fail to comply with the terms of the Earn-In, it shall be deemed to have withdrawn without earning any interest in Escondida, and it shall relinquish any residual rights to Zoro by way of quitclaim deed.

	
6.
	
Conditions. Each of the parties' obligations to consummate the transactions contemplated by this LOI is conditional upon the satisfaction of, or such party's waiver of satisfaction of, the following conditions:

	 	
a)
	
Satisfaction by LDC of its Earn-In funding and other obligations under clause 1 above;

	 	
b)
	
All necessary authorizations, including regulatory approvals or governmental or stock exchange approvals, as may be required to complete lawfully the transactions contemplated hereby shall have been obtained;

	 	
c)
	
No injunction, restraining order or decree of any Court or governmental authority shall exist against either party that prevents, or seeks to prevent, the transactions contemplated hereby.

	
7.
	
Termination.  

This LOI may be terminated only as follows:

	 	
a)
	
by mutual written consent of the parties;

	 	
b)
	
by Zoro if the obligations set forth under clause 1 above have not been satisfied by the timeframes provided therein;

	
8.
	
Confidentiality of Information.

	 	
a)
	
The terms of this Agreement and the joint venture and all information obtained in connection with the performance of the joint venture shall be the exclusive property of the Participants and, except as provided in Subparagraph (b) of this paragraph, shall not be disclosed to any person or entity or to the public without the prior written consent of the other party, which consent shall not be unreasonably withheld.  The confidential restrictions contained in this paragraph shall be binding so long as this Agreement or the joint venture, as the case may be, are in effect, and shall continue to be binding upon any Participant who withdraws from the joint venture for 2 years following the date of withdrawal.

	 	
b)
	
The consent required by Subparagraph (a) above shall not apply to a disclosure:  (i) to an affiliate, consultant, or contractor of a party that has a bona fide need for the information; (ii) to any person or entity which is considering purchasing of a Participant's participating interest or extending financing to a party; or (iii) to a government agency or to the public which a Participant believes in good faith is required by applicable laws or regulations or the rules of any stock exchange on which the party's shares are traded or to be traded.  A Participant shall give written notice to the other party prior to any disclosure under this Subparagraph (b), and in the case of disclosures under clauses (i) and (ii), the disclosing Participant shall require the recipient of the confidential information to agree in writing to protect the information from further disclosure in accordance with this paragraph.  Except as required by law or regulatory authority, neither Participant shall make any public announcements or statements concerning this Agreement or any activities conducted hereunder without the prior written approval of the other Participant, which approval shall not be unreasonably withheld.

	
9.
	
Expenses. Each party to this Letter agrees that it shall be responsible for the payment of any professional fees and expenses and other fees and expenses incurred by it in connection with this Letter and the transactions contemplated herein (including, but not limited to, fees and expenses of legal counsel, accountants, investment bankers, brokers or other representatives or consultants). 

	
10.
	
Transfer Fees. All transfer taxes, stamp taxes, filing fees, recording costs and the like, relating to the Earn-In, will be borne by LDC.

	
11.
	
Binding Effect. This LOI and the terms contained herein are legally binding upon the parties with effect from the date hereof, and shall inure to the benefit of the respective successors and permitted assigns of the Participants.

	
12.
	
Entire Agreement. This LOI constitutes the entire agreement between the parties and supersedes all prior discussions, negotiations or agreements covering the subject matter hereof.  No changes of, modifications of, or additions to this Letter shall be valid unless the same shall be in writing and signed by all parties hereto.

	
16.
	
Unenforceability. If any provision of this Letter shall be determined to be contrary to law and unenforceable by any Court, the remaining provisions shall be severable and enforceable in accordance with their terms.

	
17.
	
Disputes; Choice of Law. In the event of a dispute between the parties under this LOI, where negotiations between the chief executives of each Participant or their designated representatives, and mediation or conciliation attempts, are unsuccessful, all disputes will be arbitrated in Chile in accordance with the commercial Arbitration Rules of the United Nations Council on International Trade Law ("UNCITRAL").  Unless the parties mutually agree on one arbitrator, each party shall select one qualified arbitrator.  Each of these arbitrators shall be a disinterested person qualified by experience to hear and determine the issues to be arbitrated.  The arbitrators so chosen shall select a neutral arbitrator within ten (10) days of their selection.  These three (3) arbitrators shall then constitute an Arbitrage Court.  If the named arbitrators cannot agree on a neutral arbitrator, the arbitrators shall make application to the National Mining Society of Chile ("SONAMI"), who shall select a third disinterested person qualified by experience to hear and determine the issues to be arbitrated. This LOI shall be construed and interpreted according to the laws of the Republic of Chile, without regard to the application of choice of law principles. 

	
18.
	
Press Releases. To the extent that Zoro is required or desires to issue press releases or other public information related to the venture, Escondida, or other items involving LDC, Zoro shall provide advance copies of such proposed releases to LDC for its consent, which shall not unreasonably be withheld.

	
19.
	
Force Majeure.     Except for the obligation to make payments when due hereunder, the obligations of a party shall be suspended to the extent and for the period that performance is prevented by any cause, whether foreseeable or unforeseeable, beyond its reasonable control, including, without limitation, traditional acts of God; labor disputes; instructions or requests of any government or governmental entity; acts of war or terrorism; judgments or orders of any court; inability to obtain on reasonably acceptable terms any public or private license, permit or other authorization; inability to obtain drilling equipment or personnel able to reasonably test required drill targets or obtain access to drill sites according to a drilling program; curtailment or suspension of activities to remedy or avoid an actual or alleged, present or prospective violation of environmental laws; action or inaction by any federal, state or local government or agency that delays or prevents the issuance or granting of any approval or authorization required to conduct activities or operations beyond the reasonable expectations of the party.

	
20.
	
Counterparts. This Letter may be signed in two or more counterparts which when taken together shall constitute one and the same instrument.

	
21.
	
Assignability. Neither this Letter nor any rights or obligations of a party hereunder may be assigned without the other party's prior written consent, except that the parties shall be permitted to assign to an affiliate. This letter shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and to their respective successors and permitted assigns.  Nothing in this agreement, express or implied, is intended to confer upon any other person any rights, remedies, obligations, or liabilities.

	
22.
	
Notices. All notices , payments and other required communications ("Notices") to the parties shall be in writing, and shall be addressed respectively as follows:

	 	
If to LDC:
	
Llanos de Caldera, S.A. Cerrada

208 Van Buren

Copiapo, Chile

Attention: President

Email: halchileperu@yahoo.com with a copy to DouglasS@classichomes.com

	 	
If to Zoro:
	
Zoro Mining Corp.

3040 N. Campbell Avenue, Suite 110

Tucson, Arizona USA 85719

Attention: President

Email: abrodkey@kriyah.com

	 	
All Notices shall be given by either personal delivery to the party, electronic communication, with a confirmation sent by registered or certified mail return receipt requested, or by registered or certified mail with return receipt requested.  All Notices shall be effective and shall be deemed delivered: 
a)  If by personal delivery on the date of delivery if delivered during normal business hours, and, if not delivered during normal business hours, on the next business day following the delivery;

b)  If by electronic communication on the next business day following the receipt of the electronic communication; and

c)  If solely by mail, on the same business day of the actual receipt of the Notice. 

	
A party may change its address by Notice to the other party. 

If the foregoing accurately sets forth our understanding, please so signify by signing the copy of this LOI in the space provided and returning it to the undersigned.

Very truly yours,

ZORO MINING CORPORATION

By:       __________________________

Name:  __________________________

Title:    __________________________

AGREED TO AND ACCEPTED THIS ________ DAY OF _________, 2011:

LLANOS DE CALDERA, S. A. CERRADA

By:       ___________________________

Name:  ___________________________

Title:   ____________________________

Exhibit "A" to Binding Letter Agreement dated March 31, 2011 between Zoro Mining Corp. and Llanos de Caldera, S.A. CerradaLetter Agreement, between Harris N.A. and Thomas R. Ellis

 Exhibit 10.2 

March 28, 2011 
 Thomas R. Ellis 
 6034 North Kent Avenue 
 Whitefish Bay, WI 53217 
  

	 	Re:	Consulting Terms 

 Dear Tom: 

The purpose of this letter is to set forth the terms of your advisory arrangement with Harris N.A. (“Harris”) following,
and contingent upon, the closing of the transaction between the Bank of Montreal (“BMO”) and Marshall & Ilsley Corporation (“M&I”). Upon the closing of the transaction, your employment will cease and
the terms of this letter shall govern the terms of your consulting arrangement. 
  

	1.	Purpose of Engagement 

Upon the terms and subject to the conditions of this letter, you agree to serve as an advisor to Harris. As an advisor, you agree to
perform the services set forth on the attached Exhibit A (the “Services”). However, without limiting in any way your obligations under this Section 1, Harris and you confirm that it is currently anticipated that during the Term
(as defined below) you will work no more than 20% of the average level of services performed by you during your last three years of employment with M&I. Accordingly, for purposes of Section 409A of the Internal Revenue Code of 1986, as
amended, you will experience a “separation from service.” 
  

	2.	Term 

 This consulting
arrangement will become effective on the effective date of the transaction between M&I and BMO (the “Start Date”) and end at the close of business eighteen (18) months following the Start Date (the “Term”),
unless it is sooner terminated or renewed, pursuant to terms set forth in Section 5. You are under no obligation to continue this engagement beyond the Term. 
  

	3.	Fees 

 During the Term you
will receive an annual retainer of $600,000, payable in monthly installments (the “Fee”). In addition, during the Term, Harris shall reimburse actual out-of-

 
pocket expenses reasonably incurred by you in connection with the Services (subject to Harris policy, as in effect from time to time). 

On or as soon as practicable following the Start Date, Harris will or will cause one of its affiliates to credit to a fully vested and
non-forfeitable account, established in your name and for your benefit under the M&I 2005 Executive Deferred Compensation plan (as amended), the amount set forth on the attached Exhibit B. In addition, on or as soon as practicable following the
Start Date, Harris will or will cause one of its affiliates to contribute the amount set forth on the attached Exhibit B to one of the M&I Rabbi Trusts (as amended). 

 

	4.	Restrictions 

 Without
written consent of BMO, you agree not to, directly or indirectly, represent, become employed by, perform services for, consult to, or advise in any manner similar or relating to any services or duties you performed for M&I during the last 2
years of your employment with M&I or any services you perform as a consultant to Harris pursuant to this Agreement or have any material interest in any Competitive Entity for eighteen (18) months following the Start Date (the
“Restricted Period”). A “Competitive Entity” shall mean (1) any banking or other financial services organization that engages in any activity that Harris and any of its subsidiaries engages in anywhere within a
50-mile radius of (A) any location within the State of Wisconsin or the State of Illinois where Harris or any of its subsidiaries regularly conducts business at any time during the Restricted Period, and (B) Phoenix, St. Louis,
Indianapolis, Minneapolis, Kansas City, Tampa, Orlando and Naples where Harris or any of its subsidiaries regularly conducts business at any time during the Restricted Period, or (2) any entity or business attempting to acquire an interest in a
banking or other financial services organization described in clause (1). Ownership of not more than 1% of the outstanding stock of any publicly traded company shall not be a violation of this Section 4. 

Without written consent of BMO, you agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire, directly or
indirectly, (whether for your own interest or any other person’s or entity’s interest) any employee of Harris or any of its subsidiaries to as position or to perform duties that are the same or similar to the employee’s position or
duties with Harris or any of its subsidiaries. The duration of the restriction in this paragraph shall be for the duration of the Restricted Period. 
 In addition, without written consent of BMO, during the Restricted Period, you agree not to, directly or indirectly, solicit any Client to transact business with a Competitive Entity or to reduce or
refrain from doing any business with Harris or any of its affiliates, transact business with any Client that would cause you to be a Competitive Entity or that would cause any Client to reduce or refrain from doing any business with Harris or its
affiliates, or interfere with or intentionally damage any relationship between Harris and any of its affiliates and a Client. A “Client” shall mean any customer or client of Harris or any of its affiliates. 

You shall not at any time during the Term for any reason, except as may be required by legal process, make any written or oral statement,
publicly or privately, which could reasonably 

  
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be viewed as disparaging to BMO or Harris or any of its current or former directors, officers or employees. BMO agrees that during the portion of the Term that Mark Furlong continues to be
employed or paid by Harris, except as may be required by legal process, BMO will make reasonable efforts to ensure that Mark Furlong does not make any comments with respect to you which could reasonably be viewed as disparaging to you. 

The Restricted Period and this Section 4 shall survive any early termination of the Term pursuant to Section 5 below. This
Section 4 shall in no way limit the restrictions contained in those covenants and those covenants shall in no way limit the restrictions contained in this Section 4. 

 

	5.	Termination and Renewal 

During the Term, your Services may be terminated by Harris if you fail to comply with any provision set forth in Section 4, and in
such event, no part of the Fee will be payable for any period following such date of termination. Except as set forth in the preceding sentence, the Fee will be payable for the remainder of the Term following any other termination by Harris. The
Term may be renewed from time-to-time if agreed in writing by Harris and you (although neither party has any obligation to agree to a renewal). 
  

	6.	Independent Contractor 

You agree that you are performing the Services as an independent contractor and not as an employee of Harris. You shall be responsible for
the payment of all applicable taxes levied or based upon the Fee and for all non-reimbursable expenses attributable to the rendering of Services. Nothing in this letter shall be deemed to constitute a partnership or joint venture between Harris and
you, nor shall anything in this letter be deemed to constitute Harris or you as the agent of the other. During the Term, neither you nor Harris shall be or become liable to or bound by any representation, act or omission whatsoever of the other.

  

	7.	Confidentiality 

 You
acknowledge and agree that, as an integral part of its business, Harris has expended a great deal of time, money and effort to develop and maintain confidential, proprietary and trade secret information to compete against similar businesses and that
this information, if misused or disclosed, would be harmful to the Harris’ business and competitive position in the marketplace. You also acknowledge and agree that M&I, as an integral part of its business, also expended a great deal of
time, money and effort to develop and maintain confidential, proprietary and trade secret information to compete against similar businesses, that Harris has acquired M&I and confidential, proprietary and trade secret information and that this
information, if misused or disclosed, would be harmful to the Harris’ business and competitive position in the marketplace. 
 You further acknowledge and agree that in your position with M&I, M&I provided you with access to its confidential, proprietary and trade secret information, strategies and other confidential
business information or special knowledge that would be of considerable value to 

  
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competitive businesses. In addition, you acknowledge and agree that in the performance of the Services, Harris will be providing you with access to its confidential, proprietary and trade secret
information, strategies and other confidential business information or special knowledge that would be of considerable value to competitive businesses As a result, you acknowledge and agree that the restrictions contained herein are reasonable,
appropriate and necessary for the protection of the Harris’ confidential, proprietary and trade secret information, including but not limited to M&I’s confidential, proprietary and trade secret information acquired by Harris.

 During the Restricted Period, you will not directly or indirectly use or disclose any Confidential Information or Trade
Secrets (as defined under applicable law) except in the interest and for the benefit of Harris. After the termination, for whatever reason, the Services performed by you, you will not directly or indirectly use or disclose any Trade Secrets unless
such information ceases to be deemed a Trade Secret by means of one of the exceptions set forth below. For a period of two (2) years following termination, for whatever reason, of the Services performed by you, you will not directly or
indirectly use or disclose any Confidential Information, unless such information ceases to be deemed Confidential Information by means of one of the exceptions set forth below. To the extent the Gramm-Leach-Bliley Act, or any other state or federal
law, requires that Harris maintain the confidentiality of customer’s personal or financial information, you agree to maintain the confidentiality of such information as long as confidentiality is required under such Act or law. The term
“Confidential Information” shall mean all non-Trade Secret or proprietary information of Harris which has value to Harris and which is not known to the public or Harris’ competitors, generally, including, but not limited to,
the names, addresses, and telephone numbers of its customers and prospective customers (collectively “customers”), the investment portfolios of its customers and any information concerning customers’ past, present, or future
investment activities, any documents or records reflecting work in process, and any information relating to Harris’ customers’ banking or trust relationships, customers’ income, net worth or other business or personal financial
information; any information concerning Harris’ methods, operations, financing, services, pricing information, compensation data, pending projects and proposals, research and development strategies, production reports, financial and marketing
information, technological developments, software, computer systems, techniques, processes, as well as policy or procedure manuals or training materials; and any other secret or confidential information relating to the products, services, customers,
sales, technology and business affairs of Harris. 
 Notwithstanding the foregoing, the terms “Trade Secret” and
“Confidential Information” shall not include, and the obligations set forth in this Article 7 shall not apply to, any information which: (i) can be demonstrated by you to have been known by you prior to your employment by M&I;
(ii) is or becomes generally available to the public through no act or omission of yours; (iii) is obtained by you in good faith from a third party who discloses such information to you on a non-confidential basis without violating any
obligation of confidentiality or secrecy relating to the information disclosed; or (iv) is independently developed by you outside the scope of your consulting for Harris without use of Confidential Information or Trade Secrets. 

  
 -4-

	8.	Miscellaneous 

 You agree
that any and all contracts, correspondence, books, accounts and other sources of information relating to Harris’ business shall be available for inspection at your office by Harris’ authorized representative during ordinary business hours
upon reasonable notice to you. For the avoidance of doubt, such inspection by Harris’ authorized representative shall be at your office located within the Harris corporate offices and shall not be at your personal home office. Neither party
shall assign, transfer or subcontract this letter or any of its obligations hereunder without the other party’s express, prior written consent. Notwithstanding the foregoing, Harris may assign this letter to a successor to Harris or a purchaser
of all, or substantially all, of Harris’ assets. 
 No payment under this letter shall be made in violation of applicable
law. Except to the extent subject to federal law, this letter shall be deemed to be made under, and in all respects shall be interpreted, construed and governed by and in accordance with, the laws of the State of Wisconsin applicable to agreements
made and to be performed entirely within such State. 
 You acknowledge that your Services are of a specific, unique and
extraordinary character and that your breach or threatened breach of the provisions set forth in Section 4 will cause irreparable injury to Harris for which monetary damages alone will not provide an adequate remedy. Accordingly, in addition to
any rights or remedies Harris may have available to it under this letter or otherwise, it also shall be entitled to an injunction to be issued by any court of competent jurisdiction, restraining you from committing or continuing any violation of
Section 4. You agree that no bond will need to be posted for Harris to receive such an injunction and no proof will be required that monetary damages for violations of this non-competition provision would be difficult to calculate and that
remedies at law would be inadequate. You also will forfeit any additional amounts which otherwise would have been payable to you under this letter. 
 If any provision of this letter is found by any court of competent jurisdiction (or legally empowered agency) to be illegal, invalid or unenforceable for any reason, then (i) the provision
(including, but not limited to, the terms of Section 4 above) will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (ii) the remainder of this letter will not be
affected. 
 This letter constitutes the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior and contemporaneous representations, proposals, discussions, and communications, whether oral or in writing with respect to the subject matter hereof. This letter may be modified only in a writing signed by you and Harris.

 Any notices given under this letter (1) by Harris to you shall be in writing and shall be given by hand delivery or by
registered or certified mail, return receipt requested, postage prepaid, addressed to you at your address listed above or (2) by you to Harris shall be in writing 

  
 -5-

 
and shall be given by hand delivery or by registered or certified mail, return receipt requested, postage prepaid, addressed to the Vice-President and Deputy General Counsel, P&C US of Harris
at Harris corporate headquarters. 

*                *      
           * 
 To confirm the foregoing terms are acceptable to you, please
execute and return the copy of this letter, which is enclosed for your convenience. 
  

	
	Very truly yours,
	
	HARRIS N.A.
	
	 /s/ Deirdre Drake

	Deirdre Drake
	Senior Vice President, Human Resources

 Accepted and
Agreed: 
  

	
	 /s/ Thomas R. Ellis

	Thomas R. Ellis

  
 -6-

 EXHIBIT A 
 The Services to be performed for Harris throughout the Term, include: 
  

	 	•	 	 Assisting in an effective transition of your responsibilities; 

 

	 	•	 	 Continued involvement with community-based organizations on Harris’ behalf; and 

 

	 	•	 	 Such other services at such levels, times and locations as the parties may mutually agree upon from time-to-time during the Term.

  
 -7-

 EXHIBIT B 
 The following amount shall be credited to a vested and non-forfeitable deferred compensation account in Mr. Ellis’s name: 

 

	 	•	 	 $4,128,538 

 Such amounts
will be paid out in accordance with the terms of the M&I 2005 Executive Deferred Compensation plan, the Change in Control Agreement entered into between M&I and you and any other plan or arrangement to which such amount relates. 

  
 -8-

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