Document:

exh102.htm

 

Exhibit 10.2

 

 

 

SUPERVISORY AGREEMENT

 

This Supervisory Agreement (Agreement) is made this 19 day of October, by and through the Board of Directors (Board) of Malvern Federal Mutual Holding Co., Paoli, Pennsylvania, OTS Docket No. H4485 (Malvern MHC), and Malvern Federal Bancorp, Inc., Paoli, Pennsylvania, OTS Docket No. H4486 (Malvern HC) and the Office of Thrift Supervision (OTS), acting by and through its Regional Director for the Northeast Region (Regional Director);

 

WHEREAS, Malvern MHC is a federally-chartered mutual holding company and Malvern HC is a federally-chartered, mid-tier holding company; and

 

WHEREAS, Malvern HC owns one hundred percent (100%) of Malvern Federal Savings Bank (Association); and

 

WHEREAS, Malvern MHC, Malvern HC, and the Association are subject to examination, regulation and supervision by the OTS; and

 

WHEREAS, the OTS, pursuant to 12 U.S.C. §§ 1818 and 1467a(g), has the statutory authority to enter into and enforce supervisory agreements and to require Malvern MHC and Malvern HC to take action to correct matters of regulatory concern; and

 

WHEREAS, in furtherance of their common goal to ensure that Malvern MHC and Malvern HC continue to address the unsafe or unsound practices identified by the OTS in the February 22, 2010 Reports of Examination of the Association, Malvern MHC and Malvern HC (2010 ROE), Malvern MHC, Malvern HC, and the OTS have mutually agreed to enter into this Agreement; and

 

WHEREAS, on October 19, 2010, Malvern MHC and Malvern HC, at a duly constituted meeting of their respective Boards, each adopted a resolution (Board Resolution) that authorizes Malvern MHC and Malvern HC to enter into this Agreement and directs compliance by Malvern MHC and Malvern HC and its directors, officers, employees, and other institution-affiliated parties with each and every provision of this Agreement. 

 

 

Malvern Federal Mutual Holding Co. 

Malvern Federal Bancorp, Inc.

Supervisory Agreement

Page 1 of 7

  

  

  

 

        NOW THEREFORE, in consideration of the above premises, it is agreed as follows:

 

Association Oversight.

1.     Effective immediately, Malvern MHC and Malvern HC shall ensure the Association's compliance with the terms of the Supervisory Agreement issued by the OTS to the Association effective October _, 2010.

 

Dividends and Other Capital Distributions.

2.      Effective immediately, Malvern MHC and Malvern HC shall not declare or pay dividends or make any other capital distributions, as that term is defined in 12 C.F.R. § 563.141, without receiving the prior written approval of the Regional Director in accordance with applicable regulations and regulatory guidance. Malvern MHC and Malvern HC's written request for approval shall be submitted to the Regional Director at least thirty (30) days prior to the anticipated date of the proposed declaration, dividend payment or distribution of capital. 

 

Effective Date.

3.     This Agreement is effective on the Effective Date as shown on the first page. 

 

Duration.

4.     This Agreement shall remain in effect until terminated, modified or suspended, by written notice of such action by the OTS, acting by and through its authorized representatives. 

 

Time Calculations.

5.    Calculation of time limitations for compliance with the terms of this Agreement run from the Effective Date and shall be based on calendar days, unless otherwise noted.

 

 

 

 

Malvern Federal Mutual Holding Co. 

Malvern Federal Bancorp, Inc.

Supervisory Agreement

Page 2 of 7

 

  

  

  

 

Submissions and Notices.

6.           All submissions to the OTS that are required by or contemplated by the Agreement shall be submitted within the specified timeframes.

 

7.           Except as otherwise provided herein, all submissions, requests, communications, consents or other documents relating to this Agreement shall be in writing and sent by first class U.S. mail (or by reputable overnight carrier, electronic facsimile transmission or hand delivery by messenger) addressed as follows:

 

(a)  To:     OTS

 Michael E. Finn, Regional Director

 Office of Thrift Supervision

 Harborside Financial Center Plaza Five

 Suite 1600

 Jersey City, New Jersey 07311

 

(b)      To:    Malvern Federal Mutual Holding Co.

c/o Ronald Anderson, Director

   42 East Lancaster Avenue

Paoli, Pennsylvania 19301-1420

 

(c)    To:    Malvern Federal Bancorp, Inc.

c/o Ronald Anderson, Director

42 East Lancaster Avenue

   Paoli, Pennsylvania 19301-1420

 

No Violations Authorized.

 

8.    Nothing in this Agreement shall be construed as allowing Malvern MHC or Malvern HC, their respective Boards, officers or 

employees to violate any law, rule, or regulation.

 

OTS Authority Not Affected.

9.    Nothing in this Agreement shall inhibit, estop, bar or otherwise prevent the OTS from taking any other action affecting the Malvern MHC or Malvern HC if at any time the OTS deems it appropriate to do so to fulfill the responsibilities placed upon the OTS by law.

 

 

 

 

Malvern Federal Mutual Holding Co.

Malvern Federal Bancorp, Inc.

Supervisory Agreement

Page 3 of 7

 

  

  

  

Other Governmental Actions Not Affected.

10.   Malvern MHC and/or Malvern HC acknowledge and agree that its execution of the Agreement is solely for the purpose of resolving the matters addressed herein, consistent with Paragraph 9 above, and does not otherwise release, discharge, compromise, settle, dismiss, resolve, or in any way affect any actions, charges against, or liability of Malvern MHC and/or Malvern HC that arise pursuant to this action or otherwise, and that may be or have been brought by any governmental entity other than the OTS.

 

Miscellaneous.

11.   The laws of the United States of America shall govern the construction and validity of this Agreement.

 

12.   If any provision of this Agreement is ruled to be invalid, illegal, or unenforceable by the decision of any Court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby, unless the Regional Director in his or her sole discretion determines otherwise.

 

13.   All references to the OTS in this Agreement shall also mean any of the OTS's predecessors, successors, and assigns.

 

14.   The section and paragraph headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 

15.   The terms of this Agreement represent the final agreement of the parties with respect to the subject matters thereof, and constitute the sole agreement of the parties with respect to such subject matters.

 

 

Malvern Federal Mutual Holding Co.

Malvern Federal Bancorp, Inc.

Supervisory Agreement

Page 4 of 7

 

  

  

  

 

Enforceability of Agreement.

16.   This Agreement is a "written agreement" entered into with an agency within the meaning and for the purposes of 12 U.S.C. § 1818.

 

Signature of Directors/Board Resolution.

17.   Each Director signing this Agreement attests that he or she voted in favor of a Board Resolution authorizing the consent of Malvern MHC and/or Malvern HC to the issuance and execution of the Agreement. This Agreement may be executed in counterparts by the directors after approval of execution of the Agreement at a duly called board meeting. A copy of the Board Resolution authorizing execution of this Agreement shall be delivered to the OTS, along with the executed original(s) of this Agreement.

 

 

 

 

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Malvern Federal Mutual Holding Co.

Malvern Federal Bancorp, Inc.

Supervisory Agreement

Page 5 of 7

 

  

  

  

 

WHEREFORE, the OTS, acting by and through its Regional Director, and the Board of Malvern HC.

 

 

MALVERN FEDERAL BANCORP, INC.                                      OFFICE OF THRIFT SUPERVISION

Paoli, Pennsylvania

 

        

 

	By:	/s/Ronald Anderson	 By:	 
	 	Ronald Anderson, Director	 	Michael E. Finn
	 	 	 	Regional Director, Northeast Region
	 	/s/Kristin S. Camp	 	 
	 	Kristin S. Camp, Director	 	 
	 	 	 	 
	 	/s/F. Claire Hughes, Jr.	 	 
	 	F. Claire Hughes, Jr., Director	 	 
	 	 	 	 
	 	/s/Joseph E. Palmer, Jr.	 	 
	 	Joseph E. Palmer, Jr., Director	 	 
	 	 	 	 
	 	/s/Edward P. Shanaughy, II	 	 
	 	Edward P. Shanaughy, II, Director	 	 
	 	 	 	 
	 	/s/George Steinmetz	 	 
	 	George Steinmetz, Director	 	 
	 	 	 	 
	 	/s/Therese Woodman	 	 
	 	Therese Woodman, Director	 	 
	 	 	 	 
	 	/s/John B. Yerkes, Jr.	 	 
	 	John B. Yerkes, Jr., Director	 	 

 

 

                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malvern Federal Mutual Holding Co.

Malvern Federal Bancorp, Inc.

Supervisory Agreementex10-1.htm

 

AMENDMENT #2 TO THE OPTION AGREEMENT DATED JULY 7, 2009

 

THIS AGREEMENT is dated for reference October 21st, 2010.

 

BETWEEN:

 

YALE RESOURCES LTD., a corporation organized under the laws of the Province of British Columbia, Canada

 

(“Yale”)

 

AND:

 

DEL TORO SILVER CORP. (formerly Candev Resource Exploration Inc.), a corporation organized under the laws of the State of Nevada, U.S.A.

 

(“Del Toro”)

 

WHEREAS:

 

	
A.

	
Pursuant to an Option Agreement between Yale and Del Toro dated July 7, 2009 (the “Option Agreement”) and amended on June 25, 2010 (the "Amendment Agreement"), Yale granted an option to Del Toro to acquire 80% of Yale’s undivided right, title and interest in and to the Dos Naciones Property (as such term defined in the Option Agreement).

 

	
B.

	
The Parties have agreed to amend certain provisions of the Option Agreement and Amendment Agreement as set out herein.

NOW THEREFORE, in consideration of the sum of $10.00 paid by each party to the other and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party, the parties hereto agree as follows:

1.                      Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement have the meaning ascribed to such term in the Option Agreement.

 

2.                      Subsection 2.2 of the Option Agreement and 2.2.2 (i) of the Amendment Agreement is hereby deleted in its entirety and subsection 2.2 is hereby replaced with the following:

 

	
  

	
“Yale agrees to grant Del Toro an option (the "Option") to acquire a further 20% interest in the Property (for a total of 70%). To excercise the Option, Del Toro shall issue securities of Del Toro as well as fund exploration, development and other expenditures (the "Expenditures") on the property as outlined below:

 

 

2.2.1 To exercise the Option, Del Toro shall issue securities of Del Toro in the following manner:

 

(i) issue 250,000 common shares upon signing of this agreement; and

 

(ii) on or before the date which is three (3) years after the Effective Date (July 7, 2012) Del Toro will issue and additional 400,000 shares of common stock of Del Toro to Yale.

 

 

2.2.2 To exercise the Option, Del Toro shall fund Expenditures in the following manner:

 

(i) on or before the date which is four (4) years after the Effective Date  (July 7, 2013) Del Toro will fund Expenditures aggregating CDN $800,000 on the Property.

  

  

  

 

3.                      Subsection 2.4 of the Option Agreement is hereby deleted.

 

4.                      Subsection 2.5 of the Option Agreement is amended as follows:

 

If Del Toro incurs the Expenditures during the Option Period in the manner described in Section 2.2 and pays the consideration described in Section 2.2 , then Del Toro shall earn a 70% undivided right, title and interest in and to the Property which interest shall automatically and immediately vest in Del Toro without any further act by any Party. Yale represents and warrants that upon completion of the Option Agreement that Yale will transfer an addtional 20% interest in the Property to Del Toro and will be deemed to have entered into a Joint Venture with Yale.

 

For further clarity, upon exercise of the Option and transfer of the additional interest to Del Toro, the Joint Venture Agreement will come into effect and will supercede and replace this agreement.

 

5.                      This Agreement may be executed in multiple counterparts and all counterparts taken together shall be deemed to constitute one and the same document.  This Agreement may be executed and delivered by facsimile or electronic transmission.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

 

YALE RESOURCES LTD                                                                           DEL TORO SILVER CORP

 

 

Per:           /s/ Ian Foreman                                                                                Per: /s/ Mark McLeary

Authorized Signatory                                                                      Authorized Signatory

  

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