Document:

Exhibit 10.21

Exhibit 10.21

Western Alliance Bancorp

BON, ABA, TPB, FIB, AAB

Annual Bonus Plan 2010

Objective: The purpose of this Annual Bonus Plan is to provide incentives and rewards for superior
performance in order to attract and retain highly qualified team members and to maximize financial
performance so that Western Alliance Bancorp (WAL) will meet and exceed its goals.

Eligibility: Selected team members who are employed by WAL as of January 1st of the Plan
Year. Bonuses for team members hired after January 1st but on or before September
30th of a Plan Year will be prorated. Team members hired after September 30th
may be eligible the following Plan Year.

Effective Date: January 1, 2010. This Plan supersedes all others before it.

Frequency of Awards: Awards will be paid annually within 90 days after the end of the Plan Year.
Participants must be employed at the payment date to receive any bonus compensation under this
Plan.

Plan Administrator: WAL Compensation Committee will administer and approve the Plan annually. The
day to day details of the Plan will be monitored by an internal committee made up of WAL Chief
Executive Officer, Chief Financial Officer, and Chief Administrative Officer.

How the Plan Works: Subject to the terms of the Plan, bonus calculations will be based on the
following factors: 1) Organic Deposit growth, 2) Organic Loan Growth, 3) ROA, 4) Credit Quality
(Net Charge Offs and NPA’s) and 5) QUALITY control (Regulatory exams and Internal Audits).

A Target bonus percentage expressed as a percent of Base Salary will be established for each
Participant. A payout at the maximum level requires outstanding performance for the year in all
components of the Plan.

Base Salary is defined as the Participant’s actual salary earned for the year which includes pay
for regular hours worked plus paid holiday, sick, and vacation hours; earnings received while on a
Leave of Absence are not included in this calculation.

	 	C.	 	Organic Deposit Performance is weighted 15%

This portion of the bonus will be calculated based on Bank performance in Organic Deposit
Growth.

Senior Management will agree on final budget projections that will be translated into
financial performance goals.

Organic Deposit Growth

	 	1.	 	In setting the Budget for each Bank, Organic Deposit Growth Goals will be
established.

	 
	 	2.	 	As soon as possible after the end of the Plan Year, the Finance Department will
measure the Actual Organic Deposit Growth results for the Bank. Adjustments may be made
to these calculations to account for staff transfers, windfalls, etc.

	 
	 	3.	 	Following are the definitions/calculations on which this portion of the bonus
will be based:

	 	g.	 	A calculation will be made for the Bank Growth in Organic Deposits (15%
of target).

	 
	 	h.	 	Calculation: The percent of Target bonus paid for Organic Deposit Growth
will each be calculated based on the following schedule:

	 
	 	i.	 	Organic Deposits will be calculated on organic growth and will not
include increases in deposits acquired by acquisition.

Chart for Organic Deposit Growth 15% of target

	 	 	 
	Bank Performance	 	Percent of Target
	Organic Deposit Growth	 	Paid
	WAL BANKS	 	(Organic Deposits)

	 
	Less than <9%

	 	No Bonus paid
	Between 9% — 12%

	 	50% to 75%
	Between 12% — 15%

	 	75% to 100%
	Between 15% — 19%

	 	100% to 125%
	Between 19% — 23%

	 	125% to 150%

 

 

 

	 	4.	 	In order to receive more than 100% of the Organic Deposit growth portion of the
bonus:

	 	a.	 	Bank must achieve a growth of at least 15% plus in Organic Deposits to
pay more than 100% for the goal being measured, and

	 
	 	c.	 	Participant must meet individual goals in this respective area.

	 	D.	 	Organic Loan Growth is weighted 15%

This portion of the bonus will be calculated based on Bank performance in Loan Growth.

Senior Management will agree on final budget projections that will be translated into

financial performance goals.

Loans Growth

	 	1.	 	In setting the Budget for each Bank, Loan Growth Goals will be established.

	 
	 	2.	 	As soon as possible after the end of the Plan Year, the Finance Department will
measure the Actual Loan results for the Bank. Adjustments may be made to these
calculations to account for staff transfers, windfalls, etc.

	 
	 	3.	 	Following are the definitions/calculations on which this portion of the bonus
will be based:

	 	j.	 	A calculation will be made for the Bank Growth in Total Loans (15% of
target).

	 
	 	k.	 	Calculation: The percent of Target bonus paid for Loan will each be
calculated based on the following schedule:

	 
	 	l.	 	Loans will be calculated on organic growth and will not include increases
in loans acquired by acquisition.

Chart for Organic Loan Growth 15% of target

	 	 	 
	Bank Performance	 	Percent of Target
	Loan Growth	 	Bonus Paid
	WAL BANKS	 	(Loans)
	 
	 	 
	Less than <6%

	 	No Bonus paid
	 
	 	 
	Between 6% — 8%

	 	50% to 75%
	 
	 	 
	Between 8% — 10%

	 	75% to 100%
	 
	 	 
	Between 10% — 13%

	 	100% to 125%
	 
	 	 
	Between 13% — 16%

	 	125% to 150%

	 	4.	 	In order to receive more than 100% of the Loan growth portion of the bonus:

	 	a.	 	Bank must achieve a growth of at least 10% plus in Loans to pay more than
100% for the goal being measured, and

	 
	 	b.	 	Participant must meet individual goals in this respective area.

	 	C.	 	ROA is weighted 30%

This portion of the bonus will be calculated on Pre-tax, Pre-provision, Pre-security and
Pre-REO ROA.

Senior Management will agree on final budget projections that will be translated into
financial performance goals.

 

2

 

Chart for ROA Growth 1st Half 15% of target

	 	 	 
	Bank Performance	 	Percent of Target
	ROA	 	Bonus Paid
	WAL BANKS	 	(ROA)
	 
	 	 
	Less than <1.50%

	 	No Bonus paid
	 
	 	 
	Between 1.50% — 1.55%

	 	50% to 75%
	 
	 	 
	Between 1.55% — 1.60%

	 	75% to 100%
	 
	 	 
	Between 1.60% — 1.70%

	 	100% to 125%
	 
	 	 
	Between 1.70% — 1.80%

	 	125% to 150%

Chart for ROA Growth 2nd Half 15% of target

	 	 	 
	Bank Performance	 	Percent of Target
	ROA	 	Bonus Paid
	WAL BANKS	 	(ROA)
	 
	 	 
	Less than <1.70%

	 	No Bonus paid
	 
	 	 
	Between 1.70% — 1.75%

	 	50% to 75%
	 
	 	 
	Between 1.75% — 1.80%

	 	75% to 100%
	 
	 	 
	Between 1.80% — 1.90%

	 	100% to 125%
	 
	 	 
	Between 1.90% — 2.00%

	 	125% to 150%

	 	D.	 	Credit Quality is weighted 30%

This portion of the bonus will be calculated on Net Charge Offs (weighted 15%) and NPA’s
(weighted 15%)

	 	 	 
	Bank Performance	 	Percent of Target
	WAL BANKS	 	Bonus Paid
	 
	 	 
	Net Charge Offs weighted 15%
	 	 
	Less than <2% for year

	 	Pass/Fail
	 
	 	 
	NPA’s weighted 15%
	 	 
	Less than <3% average of 4 Q ends for year

	 	Pass/Fail

	 	E.	 	Quality Control is weighted 10%

	 	4.	 	Quality control refers to the effectiveness of the Corporation’s regulatory
examinations, internal audits.

	 
	 	5.	 	Quality Control will be measured in the following two areas:

	 	a.	 	All Regulatory Examines (5%) must be level 2 or better

	 
	 	b.	 	Internal Audits (5%) must be at least passing

	 	6.	 	The maximum pay out on this quality control is 100%

	 	F.	 	Other Calculation Provisions

	 	3.	 	Participants must meet individual loan and organic deposit production goals, if
assigned, or their total bonus may be reduced or eliminated.

	 
	 	4.	 	The aggregate total of the bonuses paid to Participants in each Bank cannot exceed
20.0% of the Net Income for that Bank. If it does, the payments will be pro-rated and
re-calculated as a percent of the actual Net Income of the Bank.

 

3

 

	 	3.	 	A participants bonus may be reduced or eliminated if in the discretion of Management, i) the
department’s loan review and/or audits are rated below satisfactory and/or not adhering to
safety, soundness, and approved operational procedures, ii) any participant, their branch or
department earns a rating of less than “Satisfactory,” iii) the department’s credit
underwriting and/or portfolio management practices are rated below “Satisfactory” and/or not
adhering to safety and soundness, or iv) the participant, their branch or department has not
contributed adequately to the financial results attributed to them.

	 
	 	4.	 	With the approval of the Incentive Compensation Committee, a participant’s bonus may be
increased over his/her assigned Target bonus percentage in order to recognize extraordinary
performance. The Division Executive will provide written documentation to the Incentive
Compensation Committee to support the recommendation.

	 	G.	 	Other Administrative Provisions:

	 	1.	 	This is a discretionary bonus plan and, in order to receive payment of
any bonus under this Plan, the participant must be employed by the Bank at the time payment
is made, which will be no later than March 15th.

	 
	 	2.	 	Designation as a Participant in the Plan does not create a contract of employment for
any specified time, nor shall such act to alter or amend the Bank’s “at-will” policy of
employment.

	 
	 	3.	 	If any Participant’s performance is rated as falling below job expectations or as less
than satisfactory at any time during the Plan Year, or if the Participant is subject to any
written disciplinary action, the bonus payment will be reduced or eliminated.

	 
	 	4.	 	Participants who transfer during the year will participate in the Plan applicable to
the department they are in at year-end. If extenuating circumstances arise, exceptions to
this policy will be considered on a case by case basis.

	 
	 	5.	 	A change in officer title occurring during the year will not change the target bonus
percentage.

	 
	 	6.	 	Awards will be paid through the normal payroll process to participants. All awards will
be subject to applicable taxes. Awards do not constitute commissions or additional wages,
and Participants have no vested interests in the benefits of the Plan, except as expressly
provided for herein.

	 
	 	7.	 	Awards under this Plan will be used in calculating covered earnings for benefit
purposes for the 401(k) and Life Insurance Plans but not for Long Term Disability
Insurance.

	 
	 	8.	 	Timely and accurate completion of all business plans, reports, budgets and other
planning exercises is required for payment under the Plan.

	 
	 	9.	 	Acknowledgment from the HR Department that offices and officers have conformed to bank
policy in timeliness of annual reviews, controllable turnover, and all other areas of HR
administration is required for payment under this Plan.

	 
	 	10.	 	Performance measurements and statistics will be based on calculations completed by the
Finance Division of WAL. Any questions about the results or the bonus calculations must be
submitted to the Plan Administrator within 30 days after the calculations have been
completed and published, after which time no inquiries will be considered.

	 
	 	11.	 	Management retains the right in its sole discretion to adjust bonuses to reflect
“windfall” changes (i.e., transfer of unusually large accounts or loans between offices,
etc.).

	 
	 	12.	 	This Plan is governed and interpreted by the Plan Administrator, whose decisions shall
be final. This is a discretionary program and the Plan Administrator or the Board of
Directors of WAL reserves the right to terminate or alter this bonus program at any time.

	 
	 	13.	 	Participants are eligible to participate in only one annual bonus plan (could also be
paid out quarterly), and Management has the discretion to assign any team member to the
particular plan it deems appropriate.

	 
	 	14.	 	The intent of Bank Management is to fairly reward team members for adding value to the
Bank. If any adjustments need to be made to allow this Plan to accomplish its purpose, the
Incentive Compensation Committee in its sole discretion can make those adjustments.

Sample Calculation:

	2.	 	WAL Organic Deposit Growth Performance is weighted 15%

	 	 	 	 	 
	Organic Deposit Growth Performance	 	WAL BANKS	 
	 
	 	 	 	 
	Deposit Growth Achieved
	 	 	15	%
	 
	 	 	 	 
	% of Deposit Target Bonus Paid
	 	 	100	%
	See table on page 2
	 	 	 	 

 

4

 

	2.	 	Organic Loan Growth Performance is weighted 15%

	 	 	 	 	 
	Organic Loan Growth	 	WAL BANKS	 
	 
	 	 	 	 
	Loan Growth Achieved
	 	 	13	%
	 
	 	 	 	 
	Loan Growth Target Paid
	 	 	125	%
	See table page 3
	 	 	 	 

	3.	 	ROA Growth Performance is weighted 30%

	 	 	 	 	 
	ROA Growth 1st 6 Months	 	WAL BANKS	 
	 
	 	 	 	 
	ROA Growth Achieved 1st 6 months
	 	 	1.55	%
	 
	 	 	 	 
	ROA Growth Target Paid
	 	 	75	%
	See table page 4
	 	 	 	 

	 	 	 	 	 
	ROA Growth 2nd 6 Months	 	WAL BANKS	 
	 
	 	 	 	 
	ROA Growth Achieved 2nd 6 months
	 	 	1.80	%
	 
	 	 	 	 
	ROA Growth Target Paid
	 	 	100	%
	See table page 4
	 	 	 	 

	4.	 	Credit Quality Performance is weighted 30%

	 	 	 	 	 
	Credit Quality Performance 15%	 	WAL BANKS	 
	 
	 	 	 	 
	Net Charge Offs achieved
	 	Less than 2%
	 
	 	 	 	 
	% of Goal Paid
	 	 	100	%

	 	 	 	 	 
	Credit Quality Performance 15%	 	WAL BANKS	 
	 
	 	 	 	 
	NPA percentage achieved
	 	Less than 3%
	 
	 	 	 	 
	% NPA Goal Paid
	 	 	100	%

	5.	 	Quality Control factors are weighted 10%

	 	•	 	Regulatory Examines (5%) (level 2 or better achieved, pass/fail)

	 
	 	•	 	Internal Audits (5%) (passing grade on all internal audits, pass/fail)

	 
	 	 	 	Passed at the 100% level for example purposes

Example Paid under WAL Annual Bonus

Participant has a base salary of $60,000

Target Bonus of 8%

Target Bonus — $4,800.00

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Deposit	 	 	Loan	 	 	ROA	 	 	ROA	 	 	Net Charge Offs	 	 	NPA	 	 	Quality	 
	$	4,800	 	 	$	4,800	 	 	$	4,800	 	 	$	4,800	 	 	$	4,800	 	 	$	4,800	 	 	$	4,800	 
	X	15	%	 	X	15	%	 	X	15	%	 	X	15	%	 	X	 15	%	 	X	15	%	 	X	10	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$	720	 	 	$	720	 	 	$	720	 	 	$	720	 	 	$	720	 	 	$	720	 	 	$	480	 
	X	100	%	 	X	125	%	 	X	75	%	 	X	100	%	 	X	100	%	 	X	 100	%	 	X	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$	720	 	 	$	900	 	 	$	540	 	 	$	720	 	 	$	720	 	 	$	720	 	 	$	480	 

TOTAL PAYOUT IS $720 + $900 + $540 + $720 + $720 + $720 + $480 = $4,800

 

5ex10-11.htm

    
      

      

      Mercer
Insurance Group,
Inc.                                                                                                            

       Exhibit
10.11

      

       

      Van
Rensselaer, Ltd.

       

      Investment
Management

       

      Non-Discretionary

       

      INVESTMENT
ADVISORY AGREEMENT

       

      AGREEMENT,
made this 1st day
of September, 2004 between the undersigned party, Mercer Insurance Group, whose
mailing address is P.O. Box  278, Pennington,
NJ,  08534

      (hereinafter
referred to as the "CLIENT");

       

      and

       

      Van
Rensselaer, Ltd., a registered Investment Advisor, d/b/a S.E.C. #801-40354 whose
mailing address is 4 Cleveland Road West, Princeton, New Jersey 08540
(hereinafter referred to as the "ADVISER").

       

      1. Scope of
Engagement

       

      a. The
CLIENT hereby appoints the ADVISER as an Investment Adviser to perform the
services hereinafter described, on a non-discretionary basis, and the ADVISER
accepts such appointment. The ADVISER shall provide CLIENT with recommendations
for the investment and reinvestment of those assets of the CLIENT designated by
the CLIENT to be subject to the ADVISER's management (the
"ASSETS").

      

       

      b. The
CLIENT agrees to provide information and/ or documentation requested by ADVISER
in furtherance of this Agreement, as pertains to CLIENT's income, investments,
taxes, estate plan, etc. The CLIENT also agrees to discuss with ADVISER his
investment objectives, needs and goals, and to keep ADVISER informed of any
changes regarding same. The CLIENT acknowledges that ADVISER can not adequately
perform its services for the CLIENT unless the CLIENT diligently performs his
responsibilities under this Agreement. ADVISER shall not be required to verify
any information obtained from the CLIENT, CLIENT's attorney, accountant or other
professionals, and is expressly authorized to rely thereon. The CLIENT is free
at all times to accept or reject any recommendation from ADVISER, and the CLIENT
acknowledges that he has the sole authority with regard to the implementation,
acceptance, or rejection of any recommendation or advice from
ADVISER;

       

      

      

       

      4
Cleveland Road West, Princeton, NJ 08540

       

      609-466-8500   
Fax: 609-466-0046

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      c.
ADVISER's recommendations are based upon its professional judgement. ADVISER can
not guarantee the results of any of its recommendations.

       

      d. The
CLIENT is free to obtain legal, accounting, and brokerage services from any
professional source to implement the recommendations of ADVISER. CLIENT will
retain absolute discretion over all investment and implementation decisions.
ADVISER shall cooperate with any attorney, accountant, or broker chosen by the
CLIENT with regard to implementation of any recommendation.

       

      2. Adviser
Compensation

       

      a. The
ADVISER's annual fee for investment management services provided under this
agreement shall be 0.90%.

       

      This
annual fee shall be pro-rated and payable in quarterly installments calculated
at 1/4 of the above annual fee. The initial fee will be due in full on the date
the Account is accepted by the ADVISER ("opening date"), and will be based on
the Account asset value on that date. The period which such payment covers will
run from the opening date through the last business day of the current calendar
quarter, and the fee will be pro-rated accordingly. Thereafter, the quarterly
renewal fee will be based on the Account asset value on the last business day of
the previous quarter, and will become due the following business day. If
additional cash, securities or other investments are accepted for management in
the account during a fee period, the applicable fee, pro-rated for the number of
days remaining in the fee period and covering the total value of the accepted
Assets, will be calculated by the ADVISER and will become due on the date of
such acceptance. No increase in the annual fee shall be effective without prior
written notification to the CLIENT.

       

      b. No
portion of adviser compensation shall be based on capital gains or capital
appreciation of client assets except as provided for under the Investment
Advisers Act of 1940.

       

      c. The
ADVISER is authorized to cause the CLIENT's clearing broker and/or the custodian
of the ASSETS to charge the CLIENT's account for the amount of the ADVISER's fee
and to remit such fee to the ADVISER.

       

      3. 
Directions to the
Adviser.

       

      a. All
directions by the CLIENT to the ADVISER (including directions relating to
changes in the CLIENT's investment objectives) shall be in writing and shall be
effective upon receipt by the ADVISER. The ADVISER shall be fully protected in
relying upon any such instruction until it has been duly advised in writing of
changes therein.

       

      b. The
ADVISER, acting in good faith, shall not be liable for any action, omission,
information or recommendation in connection with this Agreement or investment of
the ASSETS, except in the case of the ADVISER's actual misconduct or willful
violation of any applicable
statue, provided, however, that this limitation shall not act to relieve the
ADVISER from any responsibility or liability the ADVISER may have under federal
or state securities acts.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      4. 
Brokerage
Transactions

       

      a. The
CLIENT recognizes and agrees that in order for the ADVISER to discharge its
responsibilities, he may, upon authorization from the CLIENT, engage in
securities brokerage transactions described in paragraph 1 c herein, all of
which securities transactions must be effected through a registered
broker-dealer.

       

      b. CLIENT
may direct ADVISER in writing to effect securities brokerage transactions
through a specific registered broker-dealer.

       

      c. Unless
the CLIENT directs otherwise in writing, all such securities brokerage
transactions shall be effected through American Portfolio Financial Services,
Inc., a registered broker-dealer.

      

      d. CLIENT
acknowledges that ADVISER is a registered representative of American Portfolio
Financial Services, Inc. and in such capacity ADVISER may effect securities
transactions for CLIENT's account. Accordingly, ADVISER may receive brokerage
commissions for transactions executed for CLIENT's account in accordance with
existing federal and state securities laws.

       

      5. 
Proxies

       

      a. The
CLIENT retains the right to direct the manner in which proxies solicited by
issuers of securities beneficially owned by the CLIENT shall be
voted.

       

      b. The
ADVISER is authorized to instruct the custodian of the ASSETS to promptly
forward to the ADVISER all communications received by such custodian in
connection with the ASSETS, including proxy ballots duly executed by such
custodian as the records owner of the ASSETS.

       

      6. 
Annual
Reports

       

      The
ADVISER shall furnish the CLIENT with periodic investment reports showing the
ASSETS and market values for each security included in the ASSETS.

       

      7. 
Termination

       

      The
ADVISER and the CLIENT shall each have the right to terminate this Agreement
upon 30 days prior written notice. Termination by either CLIENT or ADVISER shall
not have the effect of cancelling existing orders to deposit or invest cash or
to purchase or sell securities or other property made prior to the receipt of
the notice of termination. A pro-rated refund of the annual fee will be made at
the conclusion of the 30 day period.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      8. 
Assignment

       

      This
Agreement may not be assigned by either the CLIENT or the ADVISER without the
prior written consent of the other party. However, CLIENT agrees that ADVISER
shall be permitted to assign this Agreement to a corporation of which ADVISER is
a shareholder without CLIENT's consent.

       

      9. 
Non-Exclusive
Management.

       

      ADVISER,
its officers, employees, and agents, may have or take the same or similar
portions in specific investments for their own accounts, or for the account of
other clients, as the ADVISER does for the ASSETS. CLIENT expressly acknowledges
and understands that ADVISER shall be free to render investment advice to others
and that ADVISER does not make its investment management services available
exclusively to CLIENT.

       

      10. Arbitration.

       

      All
controversies arising out of or relating in any manner to this account, to
transactions effected with or by the ADVISER or relating to advice rendered by
the ADVISER or its initiation or implementation of transactions based upon such
advice, or any other matter arising under this Agreement or relating to any
alleged breach thereof, including claims based upon or arising under federal
and/or state securities laws or regulations, shall be determined by arbitration
under the auspices and rules of either the National Association of Securities
Dealers, or the American Arbitration Association ("AAA"), provided that either
the NASD or AAA accepts jurisdiction over the matter in controversy. It is
understood that such arbitration is final and binding upon the parties and that
by executing this Agreement the CLIENT is waiving his right to seek remedies in
court, including the right to a jury trial, and CLIENT has had a reasonable
opportunity to review same, and discuss this arbitration provision with counsel
of his choosing, prior to the execution of this Agreement: However, it is
expressly understood and agreed by the CLIENT that in the specific event of the
CLIENT's non-payment of any portion of "Adviser Compensation" pursuant to
paragraph 2a herein, for whatever reason, ADVISER, in addition to the
aforementioned arbitration remedy, shall be free to pursue all other legal
remedies available to it under law, including the right to seek collection
remedies in a court of law.

       

      11. 
Disclosure
Statement.

       

      The
CLIENT hereby acknowledges prior receipt of a copy of the Disclosure Statement
of the ADVISER as same is set forth on Part II of Form ADV (Uniform Application
for Investment Adviser Registration). CLIENT further acknowledges that he has
had a reasonable opportunity (i.e. at least 48 hours) to review said Disclosure
Statement, and to discuss the contents of same with professionals of his
choosing, prior the execution of this Agreement.

       

      12. 
Applicable
Law.

       

      To the
extent not inconsistent with applicable federal law, this Agreement shall be
construed pursuant to, and shall be governed by, the laws of the State of New
Jersey.

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

       

      13. 
Referral
Fees.

       

      If CLIENT
was introduced to ADVISER through a Solicitor, ADVISER may pay that Solicitor a
referral fee in accordance with Rule 206(4)-3 of the Investment Advisers Act of
1940. The referral fee shall be paid solely from "Adviser Compensation" as
defined in paragraph 2a of the Agreement, and shall not result in additional
charge to the CLIENT.

       

      14. 
Beneficiaries of
Agreement.

       

      This
Agreement shall inure to the benefit of the parties hereto and their respective
successors and assigns, except as otherwise provided herein.

       

      15. 
Communications in
Writing.

       

      All
required communications from CLIENT to ADVISER or from ADVISER to CLIENT (where
applicable) pursuant to paragraphs 3a, 4b and 7 herein, shall be in writing and
forwarded by certified mail-return receipt requested or by express mail to the
current address of the recipient.

       

      

       

      

      

                                        _________________________________

       

      ,
Client

      

      

      

      

      
        
          	
                  BY:  _______________________

                
	
                  William
      V.R. Fogler

                
	
                  President

                
	
                  Van
      Rensselaer, Ltd.

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