Document:

Exhibit 10.1

 

	
   

  	
  This
  document constitutes part of a prospectus covering securities that have been
  registered under the Securities Act of 1933.

  

 

SIRVA, Inc. Directors Compensation Policy 

Established Under the SIRVA, Inc. Omnibus Stock Incentive Plan

 

Amended and Restated as of August 1, 2004

 

•                                          Compensation
Generally.  For each full calendar
year of participation on the Board of Directors (the “Board”) of SIRVA,
Inc., an Eligible Director will receive (i) Seventy Thousand Dollars
($70,000) per year (“Base
Compensation”), payable quarterly in arrears half in cash and
half in shares of Deferred Stock (as such term is defined the SIRVA, Inc.
Omnibus Stock Incentive Plan (the “Plan”)), (ii) Fifteen Thousand Dollars
($15,000) per year, payable as set forth below annually in arrears, for service
as the chairperson of the Audit Committee of the Board, (iii) Ten
Thousand Dollars ($10,000) per year, payable as set forth below annually in
arrears, for service as the chairperson of the Compensation Committee or the
Nominating and Governance Committee, and (iv) Thirty Thousand Dollars
($30,000) per year, payable as set forth below annually in arrears for service
as the Lead Independent Director.   Any
compensation that an Eligible Director receives under this Policy other than
Base Compensation (“Additional
Compensation”) shall be paid in cash unless the Eligible
Director elects to receive  all or a
portion of such Additional Compensation in Deferred Stock.  Any cash payable to an Eligible Director
hereunder shall be paid as soon as reasonably practicable after the close of
the applicable period.  All shares of
Deferred Stock shall be subject to the terms and conditions of this Policy and
the Plan (including, without limitation, Article IX thereof) and, in the
event of a conflict between any term of this Policy and the terms of the Plan,
the terms of this Policy shall control. 
For purposes of this Policy, “Compensation” shall mean Base Compensation
plus any Additional Compensation paid hereunder.

 

•                                          Definition
of Eligible Director.  For purposes
of this Policy, an “Eligible
Director” shall mean a director of the Company (i) who
is neither an officer nor an employee of the Company, (ii) if a
consulting agreement with Clayton Dubilier & Rice, Inc. (“CD&R”) or one of
its affiliates is then in effect, who is not an employee of CD&R, and (iii)
in each case, who is not serving as a director of the Company at the request of
his or her employer.

 

•                                          Partial
Year Service.  In the event that an
Eligible Director’s service to the Board or any committee commences or
terminates after the beginning of a calendar year, such Eligible Director will
only be entitled to receive a pro rata portion of his or her annual
compensation under this Policy.

 

•                                          Deferral
Elections.  An Eligible Director may
elect to defer receipt of (i) a percentage in excess of 50% up to a
maximum of 100% of any Base Compensation payable in respect of such Eligible
Director’s future services and

 

August 1, 2004

 

 

(ii)
a percentage in excess of 1% up to a maximum of 100% of any Additional
Compensation payable in respect of such Eligible Director’s future services
(each, a “Deferral
Election”) and, in lieu thereof, receive additional shares of
Deferred Stock that shall be subject to the terms and conditions of this Policy
and the Plan.

 

•                                          Timing of
Deferral Elections.  A Deferral
Election may be made (i) on or before December 31 of any
calendar year in respect of the calendar year following the year in which such
election is made, and (ii) for any Eligible Director who becomes a
director after the beginning of a calendar year, within 30 days following an
Eligible Director’s election as a director with respect to Compensation to be
earned in any calendar quarter within the calendar year in which such Eligible
Director becomes a director and subsequent to the calendar quarter in which
such Eligible Director becomes a director.

 

•                                          Form and
Duration of Deferral Election.  A
Deferral Election shall be made by written notice delivered to the
Company.  Such Deferral Election shall
continue in effect unless and until the Eligible Director revokes or modifies
such Deferral Election by written notice delivered to the Company.  Any such revocation or modification of a
Deferral Election shall become effective as of the end of the calendar year in
which such notice is given and only with respect to any compensation to be
payable to such Eligible Director in respect of such Director’s services in
subsequent calendar years; provided that no Deferral Election and no revocation
or modification of a Deferral Election shall be effective if it is delivered
within six months of any prior Deferral Election or revocation or modification
of a Deferral Election.  Shares of
Deferred Stock credited to the Eligible Director’s Stock Account (as defined
below) prior to the effective date of any such revocation or modification of a
Deferral Election shall not be affected by such revocation or modification and
shall be distributed only in accordance with the otherwise applicable terms of
this Policy or the Plan.  An Eligible
Director who has revoked a Deferral Election may deliver to the Company a new
Deferral Election to defer Compensation no sooner than in the calendar year
following the year in which such new Deferral Election is delivered.  The Company reserves the right to change the
ability of Eligible Directors to revoke or modify their Deferral Elections.

 

•                                          Stock
Accounts.  Any shares of Deferred
Stock received by an Eligible Director under the terms of this Policy
(including any Compensation deferred pursuant to a Deferral Election) shall be
credited, in whole or in part, to a memorandum account (the “Stock Account”)
established to record the number of shares of Common Stock (as defined in the
Plan) payable to an Eligible Director under this Policy.  The number of shares of Deferred Stock
credited to an Eligible Director’s Stock Account as of the close of each
calendar quarter or year, as the case may be, shall, as determined by the Board
or the Nominating and Governance Committee, be equal to the quotient of (x)
the amount of Compensation so deferred as of the end of such quarter or year
divided by (y) the Fair Market Value (as such term is defined in
the Plan) of one share of Common Stock as of the end of such quarter or year or
as soon as reasonably practicable thereafter. 
When determining the

 

 

number of shares of Deferred
Stock to be credited to an Eligible Director’s Stock Account, awards shall be
rounded to the nearest whole share, with amounts equal to or greater than 0.5
rounded up and amounts less than 0.5 rounded down.  Each Eligible Director shall receive from the
Company on an annual basis (or more frequently as may be determined by the
Board or the Nominating and Governance Committee), an accounting of such
Eligible Director’s Stock Account.  An
Eligible Director shall be fully vested in his or her Deferred Stock and Stock
Account at all times.

 

•                                          Dividends/Distributions;
Other Adjustments.  Whenever a
dividend other than a dividend payable in the Company’s capital stock is
declared with respect to the Common Stock, the number of shares of Deferred
Stock in the Eligible Director’s Stock Account shall be increased by the number
of shares of Deferred Stock, as determined on the related dividend record date,
equal to the quotient of (x) the product of (A) the
number of shares of Deferred Stock in the Eligible Director’s Stock Account and
(B) the amount of any cash dividend declared by the Company on a
share of Common Stock (or, in the case of any dividend distributable in
property other than the Company’s capital stock, the per share value of such
dividend, as determined by the Company for purposes of income tax reporting),
divided by (y) the Fair Market Value.  In the case of any dividend declared on the
Common Stock which is payable in the Company’s capital stock, the Eligible
Director’s Stock Account shall be increased by the number of shares of Deferred
Stock, as determined on the related dividend payment date, equal to the product
of (i) the number of shares of Deferred Stock previously credited to
the Eligible Director’s Stock Account and (ii) the number of shares
of the Company’s capital stock (including any fraction thereof) distributable
as a dividend on one share of Common Stock. 
In the event of any change in the number or kind of outstanding shares
by reason of any recapitalization, reorganization, merger, consolidation, stock
split or any similar change affecting the shares, other than a stock dividend
as provided above, the Board or the Nominating and Governance Committee shall
make an appropriate adjustment in the number of shares of Deferred Stock
credited to the Eligible Director’s Stock Account.  Fractional Units shall be credited, but shall
be rounded to the nearest whole share, with amounts equal to or greater than
0.5 rounded up and amounts less than 0.5 rounded down.

 

•                                          Distribution
from Stock Account Upon Termination of Service as a
Director.  Distributions from an
Eligible Director’s Stock Account shall occur on or as soon as reasonably
practicable after the six-month anniversary of the date on which the Eligible
Director ceases to be a director of the Company.  Distributions from such Stock Account shall
be made in one lump-sum payment in the form of the greatest number of whole
shares of Common Stock having a Fair Market Value at such time equal to or less
than the aggregate value of the Deferred Stock to be distributed at such time
(with any fractional interest payable in cash). 
Unless and until the Company issues a certificate or certificates to an
Eligible Director representing shares of Common Stock in respect of his or her
Deferred Stock, the Deferred Stock (or the Stock Account) may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated.  Any attempt by a Participant,

 

 

directly
or indirectly, to offer, transfer, sell, pledge, hypothecate or otherwise
dispose of any Deferred Stock (or his or her Stock Account) or any interest
therein or any rights relating thereto without complying with the provisions of
the Policy or the Plan shall be void and of no effect.

 

•                                          Termination
for Cause.  In the event that an
Eligible Director’s service as a director of the Company is terminated for
Cause (as such term is defined in the Plan), all Deferred Stock credited to
such Eligible Director shall terminate and be canceled immediately upon such
termination of service.Exhibt
10.2

STOCK
PURCHASE AGREEMENT

by and
among

STANDARD
FEDERAL BANK NATIONAL ASSOCIATION,

NORTH
AMERICAN INTERNATIONAL HOLDING CORPORATION

and

SIRVA
WORLDWIDE, INC.

November
9, 2004

 

 

 

TABLE
OF CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  
	
   

  	
  1.01

  	
  Definitions

  	
   

  
	
   

  	
  1.02

  	
  Interpretation

  	
   

  
	
  2.

  	
  Purchase
  and Sale

  	
   

  
	
   

  	
  2.01

  	
  Purchase and Sale

  	
   

  
	
   

  	
  2.02

  	
  Purchase Price

  	
   

  
	
   

  	
  2.03

  	
  Effective Date

  	
   

  
	
   

  	
  2.04

  	
  Closing

  	
   

  
	
   

  	
  2.05

  	
  Adjustments to
  Purchase Price

  	
   

  
	
  3.

  	
  Actions Pending
  Effective Date

  	
   

  
	
   

  	
  3.01

  	
  ERC Actions
  Prior to Effective Date

  	
   

  
	
   

  	
  3.02

  	
  Forbearances of Parent

  	
   

  
	
   

  	
  3.03

  	
  Forbearances of Buyer

  	
   

  
	
  4.

  	
  Representations and
  Warranties

  	
   

  
	
   

  	
  4.01

  	
  Disclosure Schedules

  	
   

  
	
   

  	
  4.02

  	
  Intentionally Deleted

  	
   

  
	
   

  	
  4.03

  	
  Representations
  and Warranties of Parent

  	
   

  
	
   

  	
  4.04

  	
  Representations
  and Warranties of Buyer

  	
   

  
	
   

  	
  4.05

  	
  No Other
  Representation or Warranties

  	
   

  
	
  5.

  	
  Covenants

  	
   

  
	
   

  	
  5.01

  	
  Commercially
  Reasonable Efforts

  	
   

  
	
   

  	
  5.02

  	
  Press Releases

  	
   

  
	
   

  	
  5.03

  	
  Access; Information

  	
   

  
	
   

  	
  5.04

  	
  Regulatory Applications

  	
   

  
	
   

  	
  5.05

  	
  Intentionally Deleted

  	
   

  
	
   

  	
  5.06

  	
  Benefit Plans

  	
   

  
	
   

  	
  5.07

  	
  Tax Matters

  	
   

  
	
   

  	
  5.08

  	
  Notification of
  Certain Matters

  	
   

  
	
   

  	
  5.09

  	
  Transition

  	
   

  
	
   

  	
  5.10

  	
  Legend

  	
   

  
	
   

  	
  5.11

  	
  Non-Compete;
  No Solicitation of Employees

  	
   

  
	
   

  	
  5.12

  	
  Section 338(h)(10)
  Election

  	
   

  
	
   

  	
  5.13

  	
  No Solicitation of
  Offers

  	
   

  
	
   

  	
  5.14

  	
  Guarantee

  	
   

  
	
  6.

  	
  Conditions
  to Consummation of the Purchase

  	
   

  
	
   

  	
  6.01

  	
  Conditions
  to Each Party’s Obligation to Effect the Purchase

  	
   

  
	
   

  	
  6.02

  	
  Conditions to
  Obligation of Buyer

  	
   

  
	
   

  	
  6.03

  	
  Conditions to
  Obligation of Parent

  	
   

  
	
  7.

  	
  Survival;
  Indemnifications

  	
   

  

 

i

TABLE
OF CONTENTS

(continued)

 

	
   

  	
  7.01

  	
  In General

  	
   

  
	
   

  	
  7.02

  	
  Survival Periods

  	
   

  
	
   

  	
  7.03

  	
  Limits on
  Indemnification

  	
   

  
	
   

  	
  7.04

  	
  Indemnification by Buyer

  	
   

  
	
   

  	
  7.05

  	
  Indemnification by
  Parent

  	
   

  
	
   

  	
  7.06

  	
  Third-Party Claims

  	
   

  
	
  8.

  	
  Termination

  	
   

  
	
   

  	
  8.01

  	
  Termination

  	
   

  
	
   

  	
  8.02

  	
  Effect of
  Termination and Abandonment

  	
   

  
	
   

  	
  8.03

  	
  Performance Fee

  	
   

  
	
  9.

  	
  Miscellaneous

  	
   

  
	
   

  	
  9.01

  	
  Waiver; Amendment

  	
   

  
	
   

  	
  9.02

  	
  Counterparts

  	
   

  
	
   

  	
  9.03

  	
  Governing Law

  	
   

  
	
   

  	
  9.04

  	
  Waiver of Jury Trial

  	
   

  
	
   

  	
  9.05

  	
  Assignment

  	
   

  
	
   

  	
  9.06

  	
  Expenses

  	
   

  
	
   

  	
  9.07

  	
  Notices

  	
   

  
	
   

  	
  9.08

  	
  Entire
  Understanding; No Third Party Beneficiaries

  	
   

  
	
   

  	
  9.09

  	
  Severability

  	
   

  

 

ii

 

DISCLOSURE SCHEDULES

Parent Disclosure Schedules

	
  Schedule 1.01

  	
  Knowledge

  
	
  Schedule 3.01(b)

  	
  Intercompany Accounts and
  Refinancing

  
	
  Schedule 3.01(c)

  	
  Actions Regarding Certain
  Transactions

  
	
  Schedule 3.02

  	
  Forbearances of Parent

  
	
  Schedule 4.03(a)

  	
  Qualification to do
  Business

  
	
  Schedule 4.03(f)

  	
  Financial Reports

  
	
  Schedule 4.03(g)

  	
  Litigation

  
	
  Schedule 4.03(h)

  	
  Agreements with
  Governmental Authorities

  
	
  Schedule 4.03(j)(1)

  	
  Material Contracts

  
	
  Schedule 4.03(l)

  	
  Employee Benefit Plans

  
	
  Schedule 4.03(m)

  	
  Labor Matters

  
	
  Schedule 4.03(o)

  	
  Tax Matters

  
	
  Schedule 4.03(p)

  	
  Insurance

  
	
  Schedule 4.03(q)

  	
  Loans, Leases, and
  Investments

  
	
  Schedule 4.03(r)

  	
  Intellectual Property

  
	
  Schedule 4.03(s)

  	
  Title to Assets Other than
  Real Property

  
	
  Schedule 4.03(t)

  	
  Real Properties

  
	
  Schedule 4.03(v)

  	
  Undisclosed Liabilities

  
	
  Schedule 4.03(aa)

  	
  Aging Schedule of Accounts
  Receivable

  
	
  Schedule 4.03(bb)

  	
  Significant Customers

  
	
  Schedule 4.03(cc)

  	
  Related Party Transactions

  

 

Buyer
Disclosure Schedules

 

	
  Schedule 1.01

  	
  Knowledge

  
	
  Schedule 4.04(c)

  	
  Consents

  
	
  Schedule 6.02(c)

  	
  Consents

  

 

 

STOCK PURCHASE AGREEMENT

This Stock Purchase
Agreement, dated as of November 9, 2004 (“Agreement”), is entered into
by and among Standard Federal Bank National Association (“Parent”),
North American International Holding Corporation (“Buyer”) and SIRVA
Worldwide, Inc. (“Guarantor”).

W
I T N E S S E T H:

WHEREAS, Parent owns all of the issued and
outstanding shares of capital stock of Executive Relocation Corporation, a
Michigan corporation providing employee relocation management and consulting
services (“ERC”);

WHEREAS, Parent is a national banking
association organized under the laws of the United States;

WHEREAS, Buyer is a corporation organized under
the laws of Delaware; and

WHEREAS, subject to the terms and conditions of
this Agreement, Parent intends to sell to Buyer, and Buyer intends to purchase
from Parent, all of the shares of common stock of ERC issued and outstanding on
the Effective Date (defined below).

NOW,
THEREFORE, in
consideration of the premises, and of the mutual representations, covenants and
agreements set forth in this Agreement, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

1.             Definitions

1.01                           Definitions. 
The following terms are used in this Agreement with the meanings set
forth below:

“AANAH” has the
meaning set forth in Section 4.03(o)(10) hereof.

“Acquisition Proposal”
has the meaning set forth in Section 5.13 hereof.

“Action” means any
action, suit, arbitration, inquiry, proceeding or investigation by or before
any court or Governmental Authority.

“Adjustment Report”
has the meaning set forth in Section 2.05(b) hereof.

“Affiliate” means,
with respect to any specified Person, any other Person directly or indirectly
Controlling, Controlled by or under common Control with such specified Person.

“Agreement” has
the meaning set forth in the preamble to this Agreement, as this Agreement may
be amended or modified from time to time in accordance with the provisions
hereof.

“Bankruptcy Code” has the meaning set forth in Section
4.03(bb) hereof.

“Benefit Plans”
has the meaning set forth in Section 4.03(l)(1) hereof.

“Business Day”
means any day excluding Saturday, Sunday and any day on which banking
institutions located in the State of Illinois are authorized by law or other
governmental action to be closed.

“Buyer” has the
meaning set forth in the preamble to this Agreement.

“Buyer Indebtedness”
has the meaning set forth in Section 5.14 hereof.

“Buyer Indemnified
Parties” has the meaning set forth in Section 7.05 hereof.

“Cap” means
fifteen (15) percent of the Purchase Price.

“Closing” has the
meaning set forth in Section 2.04 hereof.

“Closing Payment”
has the meaning set forth in Section 2.02(c) hereof.

“Code” has the
meaning set forth in Section 4.03(l)(2) hereof.

“Confidentiality
Agreement” has the meaning set forth in Section 5.03(c) hereof.

“Control” when
used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

“Controlling Party”
has the meaning set forth in Section 7.06 hereof.

“Costs” means all
costs or expenses (including reasonable attorneys’ fees), judgments, fines,
losses, claims, damages (but excluding punitive, exemplary or consequential
damages) or liabilities.

“DCB” means the
Dutch Central Bank.

“Deductible” means
$500,000.

“De Minimis Cost”
has the meaning set forth in Section 7.03(a).

“Disclosure Schedule”
has the meaning set forth in Section 4.01 hereof.

“Effective Date”
has the meaning set forth in Section 2.03 hereof.

“Effective Date
Balance Sheet” has the meaning set forth in Section 2.05(a) hereof.

“Employees” has
the meaning set forth in Section 4.03(l)(1) hereof.

“Environmental Laws”
means all applicable domestic local, state and federal laws and regulations
concerning the protection of the environment, or the use, handling, release or
disposal of hazardous substances.

2

“ERC By-Laws”
means the by-laws, as amended and restated, of ERC.

“ERC Employee” has
the meaning set forth in Section 5.06(c) hereof.

“ERC Financial
Statements” has the meaning set forth in Section 4.03(f)(1) hereof.

“ERC Organization Certificate”
means the organization certificate, as amended, of ERC.

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.

“ERISA Affiliate”
has the meaning set forth in Section 4.03(l)(3) hereof.

“ERISA Plans” has
the meaning set forth in Section 4.03(l)(2) hereof.

“Estimated Effective
Date Balance Sheet” has the meaning set forth in Section 2.02(b)
hereof.

“Estimated
Post-Closing Adjustment” means an amount equal to ERC’s estimated
shareholder’s equity on the Effective Date as reflected on the Estimated
Effective Date Balance Sheet minus the Minimum Equity Amount as determined
under Section 2.02(b) hereof.

“Federal Reserve”
means the Board of Governors of the Federal Reserve System.

“GAAP” means
generally accepted accounting principles in the United States.

“Governmental
Authority” means any domestic or foreign court, administrative agency,
self-regulatory authority or commission or other federal, state or local
governmental or self-regulatory authority or instrumentality.

“Guarantor” has
the meaning set forth in the preamble hereof.

“HSR Act” has the
meaning set forth in Section 4.03(e)(1) hereof.

“Indemnified Party”
has the meaning set forth in Section 7.06 hereof.

“Initial Purchase
Price” has the meaning set forth in Section 2.02(a) hereof.

“Insurance Policy”
has the meaning set forth in Section 4.03(p) hereof.

“Intellectual Property”
has the meaning set forth in Section 4.03(r) hereof.

“Interest Rate”
means the prime rate in the United States as published in The Wall Street
Journal on the date that the calculation of interest is to be made on the
amount specified.

“IRS” has the
meaning set forth in Section 4.03(l)(2) hereof.

“Knowledge” means,
with respect to each of Parent or Buyer, the actual knowledge, after reasonable
inquiry, of any of the persons whose names are set forth in Section 1.01
of their respective Disclosure Schedules.

3

“Leases” means all
lease and sublease agreements and similar agreements with respect to personal
property entered into by ERC, as lessor, through the date hereof, including all
collateral security therefore such as guarantees and all insurance policies or
proceeds.

“Lien” means any
charge, mortgage, pledge, hypothecation, assignment, security interest, restriction,
claim, lien, or encumbrance.

“Material Adverse
Effect” means:

(1)                                  With respect to ERC, any fact(s),
change(s), event(s), development(s) or circumstance(s) which, individually or
in the aggregate, would be reasonably expected (i) to have a material
adverse effect on the business, condition (financial or otherwise) or results
of operations of ERC or (ii) to prevent the consummation by Parent and ERC of
the transactions contemplated by this Agreement; provided, however, that for
purposes of clause (i) above, any:

(a)                                  changes in the United States economy or
financial markets generally,

(b)                                 changes in the employee relocation
business that do not disproportionately affect ERC in any material respect as
compared to others in such business,

(c)                                  changes in any laws applicable to ERC
after the date hereof that do not disproportionately affect ERC in any material
respect as compared to others in the employee relocation business,

(d)                                 changes in GAAP after the date hereof, or

(e)                                  any actions taken, or failures to take
action, or such other effects, changes or occurrences required by or
contemplated by this Agreement or to which Buyer has consented in writing

shall be disregarded in determining whether
there has been an ERC Material Adverse Effect; and

 

(2)                                  With respect to
either of Parent, Buyer or Guarantor a material impairment of such Person’s
ability to perform its material obligations under this Agreement in a timely
fashion.

“Material Contract”
has the meaning set forth in Section 4.03(j)(1) hereof.

“Minimum Equity Amount”
has the meaning set forth in Section 2.02(a) hereof.

“MNC” has the
meaning set forth in Section 4.03(o)(10) hereof.

“Nominee Properties”
has the meaning set forth in Section 4.03(t) hereof.

“Non-Controlling Party”
has the meaning set forth in Section 7.06 hereof.

4

“OCC” means the
Office of the Comptroller of the Currency.

“Parent” has the
meaning set forth in the preamble to this Agreement.

“Parent Indemnified
Parties” has the meaning set forth in Section 7.04 hereof.

“Pension Plan” has
the meaning set forth in Section 4.03(l)(2) hereof.

“Person” means any
individual, bank, corporation, partnership, association, limited liability
company, business trust, unincorporated organization or similar organization,
whether domestic or foreign, or any Governmental Authority.

“Post-Closing
Adjustment” means an amount equal to ERC’s actual shareholder’s equity  on the Effective Date as reflected on the
Effective Date Balance Sheet as finally determined under Section 2.05
hereof minus the Minimum Equity Amount.

“Post-Effective Date
Period” means each taxable period that starts after the Effective Date and,
in the case of a taxable period beginning before and ending after the Effective
Date, the portion of such period beginning after the Effective Date.

“Pre-Effective Date
Period” means each taxable period that ends on or before the Effective Date
and, in the case of a taxable period beginning before and ending after the
Effective Date, the portion of such period through the end of the Effective
Date.

“Purchase” has the
meaning set forth in Section 2.01 hereof.

“Purchase Price”
has the meaning set forth in Section 2.02(a) hereof.

“Regulatory Authority”
has the meaning set forth in Section 4.03(h) hereof.

“Representatives”
means, with respect to any Person, such Person’s directors, officers,
employees, legal or financial advisors or any representatives of such legal or
financial advisors.

“Resolution Period”
has the meaning set forth in Section 2.05(b) hereof.

“Rights” means,
with respect to any Person, securities or obligations convertible into or
exercisable or exchangeable for, or giving any Person any right to subscribe
for or acquire, or any options, calls, obligations or commitments relating to,
or any stock appreciation right or other instrument the value of which is
determined in whole or in part by reference to the market price or value of,
shares of capital stock of such Person.

“Section 338(h)(10)
Election” has the meaning set forth in Section 5.12 hereof.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations
under the Securities Act.

“Shares” has the
meaning set forth in Section 4.03(b) hereof.

5

“Subsidiary”
means, for any Person, any other person that the initial Person directly or
indirectly Controls.

“Survival Date”
has the meaning set forth in Section 7.02 hereof.

“Tax” and “Taxes”
mean all federal, state, local or foreign income taxes, franchise taxes,
employment taxes, property taxes, withholding taxes, sales taxes, use taxes,
transfer taxes, excise taxes, recording taxes, social security taxes and
premiums, unemployment taxes and premiums and any other levies or assessments
or duties by any Governmental Authority, however denominated or determined,
together with any interest, additions or penalties with respect thereto, and
any interest in respect of such additions or penalties.

“Tax Returns”
means any return, amended return or other report (including elections, declarations,
disclosures, schedules, estimates and information returns) required to be filed
with respect to any Tax.

“Taxing Authority”
means any Governmental Authority, domestic or foreign, having jurisdiction over
the assessment, determination, collection, or other imposition of Tax.

“Transition Services
Agreement” means the transition services agreement between Buyer and the
Parent substantially in the form attached hereto as Exhibit A.

“U.S. Parent” has
the meaning set forth in Section 5.11 hereof.

1.02                           Interpretation.  (a) The table
of contents and headings contained in this Agreement are for reference purposes
only and do not limit or otherwise affect any of the provisions of this
Agreement.

(b)                                 Whenever the words “include,” “includes”
or “including” are used in this Agreement, they will be deemed to be
followed by the words “without limitation.”

(c)                                  Whenever the words “herein” or “hereunder”
are used in this Agreement, they will be deemed to refer to this Agreement as a
whole and not to any specific section.

(d)                                 Whenever a dollar figure ($) is used in
this Agreement, it will be deemed to be United States dollars unless otherwise
specified.

2.             Purchase
and Sale

2.01                           Purchase and Sale.  Upon the terms and subject to the conditions
set forth in this Agreement, effective on the Effective Date (defined below),
Buyer will purchase (the “Purchase”) from Parent, and Parent will sell,
transfer, convey, assign and deliver to Buyer, all of the Shares free and clear
of all Liens.

2.02                           Purchase Price.  (a) The
purchase price for the Shares will be ONE HUNDRED MILLION DOLLARS AND NO/100
($100,000,000.00), plus the Estimated Post-

6

Closing Adjustment, if any, payable by either party in accordance with
Section 2.02(b) hereof (collectively, the “Initial Purchase Price”),
plus any payments made to Parent in accordance with
Section 2.05(c)(2) hereof, and minus any payments made by Parent in
accordance with Section 2.05(c)(1) hereof, and as may be adjusted pursuant
to Section 8.03 (the “Purchase Price”). 
The Purchase Price assumes a shareholder’s equity for ERC of $113,000
(the “Minimum Equity Amount”) on the Effective Date as calculated and
set forth on the Estimated Effective Date Balance Sheet.

(b)                                 Payment of Purchase Price.  At least five (5) Business Days prior to the
Closing, Parent shall deliver to Buyer a balance sheet of ERC (the “Estimated
Effective Date Balance Sheet”) setting forth in detail Parent’s good faith
estimate of the Post-Closing Adjustment, prepared in accordance with the
provisions of Section 2.05 hereof, which estimate shall be reasonably
acceptable to the Buyer (such estimate, being referred to herein as the “Estimated
Post-Closing Adjustment”).

(c)                                  At the Closing, Buyer shall pay to Parent
an amount equal to the Initial Purchase Price (the “Closing Payment”),
by wire transfer in immediately available funds.

(d)                                 Following the Closing, Parent and Buyer,
as appropriate, shall make the payment, if any, required by Section 2.05.

2.03                           Effective Date.  Subject to
the satisfaction or waiver in accordance with the terms of this Agreement of
the conditions set forth in Article 6 hereof, the parties will cause the
effective date of the Purchase (the “Effective Date”) to occur on
(a) the earliest of November 30, December 15, and December 31 or
(b) such other date to which the parties may agree in writing.

2.04                           Closing.  Subject to the terms and conditions of this
Agreement, on the Effective Date, the following actions will be taken at the
closing (the “Closing”) at the offices of Vedder, Price,
Kaufman & Kammholz, P.C. in Chicago, Illinois:

(a)                                  Deliveries by Parent. 
At Closing, Parent shall deliver, or cause to be delivered, to Buyer,
the following items:

(1)                                  Certificates for the Shares, duly
endorsed in blank or with stock powers duly endorsed in blank, together with
such other documents, instruments or agreements necessary to transfer good and
valid title in and to the Shares to Buyer, free and clear of any Lien;

(2)                                  The ERC Organizational Certificate
certified as of the most recent practicable date by the Secretary of State of
the State of Michigan;

(3)                                  A certificate from the appropriate
Governmental Authority as to the good standing (or equivalent status) of ERC as
of the most 

7

recent practicable date in its jurisdiction of incorporation and each
jurisdiction in which ERC is qualified or licensed to do business;

(4)                                  A certificate of the Secretary of ERC
certifying as to the ERC Organizational Certificate and By-Laws;

(5)                                  A written resignation from each director
of ERC and an acknowledgement from each officer of ERC as Buyer shall request
that he/she shall no longer have authority to execute documents on behalf of
ERC or otherwise bind ERC;

(6)                                  ERC’s original corporate record books and
stock record books;

(7)                                  A duly executed opinion of in-house
counsel to Parent and ERC in a form reasonably satisfactory to Buyer;

(8)                                  Evidence of termination, in form and
substance reasonably satisfactory to Buyer, of all of the intercompany
arrangements set forth on Parent Disclosure Schedule 3.01(b);

(9)                                  A properly executed affidavit of
non-foreign status in a form reasonably acceptable to Buyer;

(10)                            An incumbency certificate of Parent
certifying as to the signatures of its officers executing documents in
connection herewith; and

(11)                            Pay-off letter with respect to the
intercompany account Buyer will pay in full at Closing as set forth on Parent
Disclosure Schedule 3.01(b) and any necessary, fully executed (but
unfiled) UCC termination statements or other releases as may be reasonably
required to evidence the satisfaction of such indebtedness.

(b)                                 Deliveries by Buyer. 
At Closing, Buyer shall deliver, or cause to be delivered to Parent, the
following items:

(1)                                  Initial Purchase Price by wire transfer
of immediately available funds in U.S. dollars to an account designated by
Parent prior to the Effective Date;

(2)                                  Certificate of Good Standing from the
Secretary of State of the State of Delaware for each of Guarantor and Buyer;

(3)                                  Funds sufficient to pay off all loans,
credit facilities or liabilities of ERC to Parent or its Affiliates specified
in Section 3.01(b) below; and

8

(4)                                  Incumbency certificate of each of
Guarantor and Buyer certifying as to the signatures of its officers executing
documents in connection herewith.

(c)                                  Other Deliveries. 
Each of the parties will take such other actions, and will execute and
deliver such other instruments or documents as may be required, in order to
satisfy those conditions set forth in Article 6 hereof that by their terms
are to be satisfied on the Effective Date.

2.05                           Adjustments to Purchase Price.  (a) As soon
as practicable, but in no event later than 75 days following the Effective
Date, Buyer shall prepare and deliver to Parent, Buyer’s calculation of the
Post-Closing Adjustment, based on a balance sheet, as of the Effective Date, of
ERC (the “Effective Date Balance Sheet”).  The Effective Date Balance Sheet shall be
prepared (1) in a manner and on a basis consistent in all respects with
the December 31, 2003 financial statements included in ERC’s Financial
Statements, including GAAP consistently applied and at the level of detail as
reflected on Exhibit 2.05, with the exception of the application of newly
issued GAAP standards, (2) utilizing ERC’s accounting systems, practices,
policies, processes and procedures, consistently applied, as in effect as of
December 31, 2003, with the exception of those changes required by GAAP,
(3) utilizing ERC’s risk, credit, loan loss and other reserve practices,
policies, processes and procedures, consistently applied and as in effect as of
December 31, 2003, with the exception of any changes required by GAAP, and
(4) without the establishment of any new or additional reserves (other
than reserves for earned commissions, earned vacations, earned incentive
bonuses and employee benefit accruals), allowances or charges, unless required
by GAAP.  Buyer shall permit Parent and
Parent’s certified public accounting firm full and unrestricted access to all
relevant information, books, records and personnel of ERC in connection with
the foregoing.  In determining the amount
of ERC’s actual shareholder’s equity for purposes of computing the Post-Closing
Adjustment, the amount of the shareholder’s equity (as finally computed before
the application of this sentence) shall be increased by the amount of any Tax
liabilities reflected on the Effective Date Balance Sheet which relate to the
Pre-Effective Date Period (including, without limitation, any Tax liabilities
resulting from the Code Section 338(h)(10) election reflected on the Effective
Date Balance Sheet).

(b)                                 Within 30 days of delivery of Buyer’s
calculation of the Post-Closing Adjustment, Parent shall provide Buyer with
written notice (the “Adjustment Report”) of any items of dispute with
Buyer’s calculation of the Post-Closing Adjustment.  Buyer and Parent shall attempt to resolve by
mutual agreement the items disputed in good faith within 30 days after the
receipt of written notice of the disagreement (the “Resolution Period”).  If the parties are unable to agree within the
Resolution Period, and the amount in dispute is in excess of $100,000, Parent
and Buyer shall engage Deloitte & Touche and submit the dispute for
resolution to such firm, whose decision shall be final and binding on the
parties.  If Deloitte & Touche
determines that Parent is entitled to 50% or less of the total amount claimed
by Parent in the Adjustment Report, Parent shall pay all of Deloitte &
Touche’s fees and expenses in connection with its services under this Section
2.05.  If Deloitte & 

9

Touche determines that Parent is entitled to more than 50% of the total
amount claimed by Parent in the Adjustment Report, Buyer shall pay all of
Deloitte & Touche’s fees and expenses in connection with its services
under this Section 2.05.  In
executing its duties, Deloitte & Touche shall follow the standards
established in Section 2.05(a) above.

(c)                                  (1)           Parent
will make a refund adjustment payment to Buyer with respect to the Purchase in
an amount equal to the amount, if any, by which the Post-Closing Adjustment is
less than the Estimated Post-Closing Adjustment, plus interest at the Interest
Rate on the difference from the Effective Date.

(2)                                  Buyer will pay an additional adjustment
payment to Parent with respect to the Purchase in an amount equal to the
amount, if any, by which the Post-Closing Adjustment is greater than the
Estimated Post-Closing Adjustment, plus interest at the Interest Rate on the
difference from the Effective Date.

(d)                                 If Buyer is entitled to a refund of a
portion of the Purchase Price as determined in accordance with
Section 2.05(c)(1) above, then Parent shall provide such refund to Buyer
by wire transfer of immediately available funds within five (5) days of the
final determination of the amount of such refund.  If Parent is entitled to an additional amount
added to the Purchase Price as determined in accordance with
Section 2.05(c)(2) above, then Buyer shall provide such additional amount
to Parent by wire transfer of immediately available funds within five (5) days
of the final determination of such additional amount.

3.             Actions
Pending Effective Date

3.01                           ERC Actions Prior to Effective Date.

(a)                                  Distributions. 
Prior to the Effective Date, ERC will be permitted to distribute cash
dividends to Parent or other distributions; provided, however,
that, at the Effective Date, Parent will attempt to preserve an amount of
shareholder’s equity of no less than the Minimum Equity Amount, recognizing
that there will be an adjustment to the Purchase Price in accordance with
Section 2.05 above for any differences from the Minimum Equity Amount on
the Effective Date Balance Sheet.

(b)                                 Intercompany Accounts and Refinancing. 
At the Closing, to the extent such amounts are set forth on the
Estimated Effective Date Balance Sheet, (1) Buyer shall provide to Parent,
or its designee, funds sufficient to pay in

10

full, in addition to the Initial Purchase Price, (A) all
outstanding loans and other credit facilities provided by Parent and/or its
Affiliates to ERC as set forth on Parent Disclosure Schedule 3.01(b), and
(B) all other obligations or liabilities of ERC to Parent and/or its
Affiliates, including all intercompany accounts (which accounts shall be
brought to zero) as accrued as of the Effective Date by ERC as set forth on
Parent Disclosure Schedule 3.01(b), and (2) all outstanding credit
facilities, guaranties and other borrowing arrangements between the Parent
and/or its Affiliates and ERC set forth on Parent Disclosure Schedule in
Section 3.01(b) shall have been settled and terminated.

(c)                                  Actions Regarding Certain Transactions. 
Parent and ERC are permitted to undertake actions necessary to
restructure, reorganize, receive any consents under or otherwise modify those
transactions or relationships described on Parent Disclosure Schedule
Section 3.01(c) so as to permit the transition and separation of ERC from
Parent to Buyer.

3.02                           Forbearances of Parent.  Except as
otherwise required or permitted by this Agreement, during the period from the
date of this Agreement to the Effective Date, Parent shall cause ERC to conduct
its operations in the ordinary course of business of ERC, consistent with past
custom and practice and use commercially reasonable efforts to:  (i) preserve intact ERC’s current
business operations and personnel, including current levels of insurance
coverage, (ii) keep its physical assets in the same working condition
(reasonable wear and tear excepted), and (iii) preserve its relationships
with suppliers, customers and others having business dealings with it to the
end that its goodwill and ongoing business shall not be materially impaired.  Without limiting the generality of the
foregoing, prior to the Closing, except (1) as required by this Agreement
or (2) as set forth on Parent Disclosure Schedule 3.02, Parent shall
cause ERC not to, without the prior written consent of Buyer, take any of the
following actions:

(a)                                  Capital Stock. 
(1) Issue, sell or otherwise permit to become outstanding, or
authorize the creation of, any additional Shares, other equity stock of ERC or
any Rights; (2) pledge or otherwise encumber any equity stock of ERC;
(3) split, combine, subdivide or reclassify any equity stock of ERC; or
(4) redeem or otherwise acquire any equity stock of ERC.

(b)                                 Dividends.  Make,
declare, pay or set aside for payment any dividend or distribution with respect
to shares of its capital stock (including the Shares); provided, however,
that such action will be permitted in accordance with Section 3.01(a)
hereof.

(c)                                  Compensation; Employment Agreements; Etc. 
(1) Enter into or amend or renew any employment, consulting,
severance or similar agreements or arrangements with any director, officer,
employee or consultant of ERC, or (2) grant any salary or wage increase or
bonus or increase any employee benefit (including incentive or bonus plans or
programs), except 

11

in any of the following cases (A) as may be required by applicable
law, (B) to satisfy contractual obligations existing as of the date hereof
as set forth on Parent Disclosure Schedule 3.02, (C) for grants of
awards to newly hired employees consistent with past practice, (D) as a
result of any change or modification of any benefit plan of Parent not
expressly related to ERC, (E) for incentive bonus awards payable under the
ERC Incentive Plan in 2005 for performance associated with fiscal year 2004, or
(F) for previously announced merit pay increases.

(d)                                 Benefit Plans. 
Enter into, establish, adopt or amend any pension, retirement, stock
option, stock purchase, savings, profit-sharing, deferred compensation,
consulting, bonus, severance, group insurance or other employee benefit,
incentive or welfare contract, plan or arrangement, or any trust agreement (or
similar arrangement) related thereto, in respect of any director, officer,
employee or consultant of ERC, or take any action to accelerate the vesting or
exercisability of any compensation or benefits payable thereunder, except in
any case (1) as may be required by applicable law, (2) to satisfy
contractual obligations existing as of the date hereof as set forth on Parent
Disclosure Schedule 3.02, (3) to establish a retention bonus program
as described on Parent Disclosure Schedule 3.02, or (4) as would not
result in any increase in the obligations of ERC in the aggregate in excess of
$100,000.

(e)                                  Dispositions. 
Sell, transfer, mortgage, encumber or otherwise dispose of any of its
assets, deposits, businesses or properties, except in the ordinary course of
business and in a transaction or series of transactions that is not
individually, or in the aggregate, in excess of $100,000.

(f)                                    Acquisitions. 
Acquire (other than by way of foreclosures or acquisitions of Control in
a bona fide fiduciary capacity or in satisfaction of debts previously
contracted in good faith, in each case in the ordinary and usual course of
business consistent with past practice) all, or any portion of, the assets,
business, deposits or properties of any other entity, except for acquisitions
with respect to Nominee Properties in the ordinary course of business and in a
transaction that is not material to ERC.

(g)                                 Governing Documents. 
Amend the ERC Organization Certificate or the ERC By-laws.

(h)                                 Accounting Methods. 
Implement or adopt any material change in its accounting principles,
practices or methods, except as may be contemplated by GAAP.

(i)                                     Contracts.  Except in the
ordinary course of business consistent with past practice, enter into or
terminate early any Material Contract or amend or modify in any material
respect any of its existing Material Contracts.

12

(j)                                     Claims.  Except in the
ordinary course of business consistent with past practice, settle any claim,
action or proceeding against ERC, in an amount in any one case in excess of
$100,000, and in the aggregate in excess of $200,000.

(k)                                  Adverse Actions. 
Knowingly take any action intended or reasonably likely to result in
(1) a Material Adverse Effect on ERC, (2) any of the representations
and warranties set forth in this Agreement being or becoming untrue in any
material respect at any time prior to the Effective Date, (3) any of the
conditions to the Purchase set forth in Article 6 below not being
satisfied in a timely manner, or (4) a material violation of any provision
of this Agreement, except, in each case, as may be required by applicable law
or regulation.

(l)                                     Indebtedness. 
Incur any indebtedness for borrowed money, except in the ordinary course
of business, but in no event, to exceed $200,000 in the aggregate, other than
advances made pursuant to ERC’s line of credit listed in Parent Disclosure
Schedule 4.03(j)(1)(C).

(m)                               Accounts Receivable. 
Change the terms of any accounts receivable or cancel any debts owed to
ERC, other than in the ordinary course and not to exceed $100,000 in the
aggregate.

(n)                                 Tax Elections/Returns. 
Unless required by applicable law, make, change or revoke any material
Tax election, file an amended Tax Return, enter into any agreement with any
taxing authority, settle or otherwise resolve a Tax claim or assessment,
surrender any right to a claim for a Tax refund, consent to an extension of an
applicable statute of limitations with respect to Taxes, in each case if such
action could have the result of affecting ERC’s separate company liability for
Taxes.

(o)                                 Powers of
Attorney.  Grant any powers of attorney to any other
Person.

(p)                                 Accounts Payable. 
Accelerate, delay or postpone its payment of any accounts payable or
other liabilities other than in the ordinary course.

(q)                                 Capital Expenditures. 
Incur or commit to incur capital expenditures only in the ordinary
course of business and not to exceed $50,000 in the aggregate.

(r)                                    Commitments. 
Agree, authorize or commit to do any action described above in this
Section 3.02.

3.03                           Forbearances of Buyer.  From the date
hereof until the Effective Date, except as expressly contemplated by this
Agreement, without the prior written consent of Parent, Buyer will not, and
will cause each of its Subsidiaries and Affiliates not to, knowingly take or
agree to take any action intended or reasonably likely to result in
(1) any of the conditions to the Purchase set forth in Article 6 not
being 

13

satisfied in a timely manner, or (2) a material violation of any
provision of this Agreement except, in each case, as may be required by
applicable law or regulation.

4.             Representations
and Warranties

4.01                           Disclosure Schedules.  On or prior
to the date hereof, Parent has delivered to Buyer a schedule, and Buyer has
delivered to Parent a schedule (respectively, its “Disclosure Schedule”),
setting forth, among other things, items, the disclosure of which is necessary
or appropriate either in response to an express disclosure requirement
contained in a provision hereof, or as an exception to one or more
representations or warranties contained in Section 4.03 or Section 4.04
below, or to one or more of its covenants contained in Article 3 or
Article 5; provided, however, that the mere inclusion of an
item in a Disclosure Schedule as an exception to a representation,
warranty or covenant shall not be deemed an admission by a party that such item
represents an exception or fact, event or circumstance or that such item has
had or is reasonably likely to result in a Material Adverse Effect with respect
to the disclosing party.

4.02                           Intentionally Deleted.

4.03                           Representations and Warranties of
Parent. 
Subject to Section 4.01 above, and except as set forth on Parent
Disclosure Schedule 4.03, Parent represents and warrants to Buyer as
follows:

(a)                                  Organization, Standing and Authority. 
Parent is a national banking association in good standing under the laws
of the United States.  ERC is a
corporation organized and in good standing under the laws of the State of
Michigan.  ERC has the requisite power
and authority to own its assets and carry on its business as currently
conducted, and is duly qualified to do business and is in good standing in each
jurisdiction where the ownership or operation of its property and assets or the
conduct of its business requires such qualification, except where the failure
to be in good standing would not be reasonably likely to result in a Material
Adverse Effect.  Parent Disclosure
Schedule 4.03(a) lists each jurisdiction in which ERC is qualified to do
business.

(b)                                 Shares.  As of the
date hereof, the authorized capital stock of ERC consists solely of:
(i) 807,500 shares of Class A voting common stock, par value $0.10 per
share, of which 125,770 shares are outstanding as of the date hereof (the “Shares”);
and (ii) 192,500 shares of Class B nonvoting common stock, par value $0.10
per share, of which no shares are outstanding as of the date hereof.  The Shares have been duly authorized and are
validly issued and outstanding, fully paid and nonassessable, and subject to no
preemptive rights (and were not issued in violation of any preemptive
rights).  All of the Shares are owned by
Parent, free and clear of any Liens, and Parent has good and marketable title
to the Shares.  As 

14

of the date hereof, except as set forth herein, there are no Shares
authorized and reserved for issuance, neither Parent nor ERC has any Rights
issued or outstanding with respect to Shares, and neither Parent nor ERC has
any commitment to authorize, issue or sell any Shares or Rights, except
pursuant to this Agreement.

(c)                                  ERC Subsidiaries. 
ERC does not own beneficially, directly or indirectly, any equity
securities or similar interests of any Person, or any interest in a partnership
or joint venture of any kind.

(d)                                 Corporate Authority. 
This Agreement, all agreements entered into in connection with this
Agreement, and the transactions contemplated hereby have been duly authorized
by all necessary corporate action of Parent, and this Agreement has been duly
authorized, executed and delivered by Parent. 
This Agreement is a valid and legally binding obligation of Parent,
enforceable in accordance with its terms (except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws of general applicability relating to or
affecting creditors’ rights or by general equity principles).  Parent has the corporate power and authority
to execute, deliver and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

(e)                                  Regulatory Filings; No Conflicts.

(1)                                  No consents or approvals of, or filings
or registrations with, any Governmental Authority or any third party are
required to be obtained or made by either Parent or ERC in connection with the
execution, delivery or performance by Parent of this Agreement or to consummate
the Purchase, except for filings, applications or notices (by any of Buyer,
Parent or ERC), and the termination of any applicable waiting periods,
(A) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR
Act”), (B) to any federal or state bank regulatory agency as may be
required, and (C) under any applicable foreign laws or regulations, or to
any foreign Governmental Authority, including the DCB.  As of the date hereof, Parent has no
Knowledge of any reason why the approvals set forth as conditions to closing in
Section 6.01(a) hereof will not be received in a timely manner.

(2)                                  Subject to receipt of the regulatory
approvals referred to in the preceding paragraph, and expiration of related
waiting periods, and any required filings under federal and state securities
laws, the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and will not
(A) constitute a breach or violation of, or a default under, other than a
breach, violation or default that would not be 

15

reasonably likely to result in a Material Adverse Effect, or give rise
to any Lien, any acceleration of remedies or any right of termination under,
any law, rule or regulation or any judgment, decree, order, governmental permit
or license, or contract, agreement, indenture or instrument of Parent or ERC,
or to which either of them or their properties is subject or bound,
(B) constitute a breach or violation of, or a default under, ERC
Organization Certificate or ERC By-Laws or the corresponding governing
documents of Parent, or (C) require any consent or approval under any such
law, rule, regulation, judgment, decree, order, governmental permit or license,
contract, agreement, indenture or instrument, other than consents or approvals
the failure of which to obtain would not be reasonably likely to result in a
Material Adverse Effect.

(f)                                    Financial Reports; No Material Adverse
Effect.

(1)                                  Attached as Parent Disclosure
Schedule 4.03(f) are the financial statements for ERC for the fiscal years
ended 2002 and 2003 and the trial balance for ERC for the period from
January 1, 2004 through September 30, 2004 (collectively, the “ERC
Financial Statements”).  Each of the
balance sheets contained in the ERC Financial Statements (including any related
notes and schedules thereto) fairly presents in all material respects the
financial position of ERC as of its date, and each of the statements of income
and changes in shareholder’s equity and cash flows or equivalent statements
contained in the ERC Financial Statements (including any related notes and
schedules thereto) fairly presents in all material respects the results of
operations, changes in shareholder’s equity and changes in cash flows, as the
case may be, of ERC for the periods to which they relate, in each case in
accordance with GAAP consistently applied during the periods involved and, in
the case of interim financial statements, subject to normal year-end audit
adjustments.

(2)                                  Since December 31, 2003,
(A) ERC has conducted its business in the ordinary and usual course,
consistent with past practice (excluding the incurrence of expenses related to
this Agreement and the transactions contemplated hereby), (B) ERC has not
incurred any liability other than in the ordinary course of business consistent
with past practice, and (C) no event has occurred or circumstance arisen
that individually or taken together with all other facts, circumstances and
events, is reasonably likely to have a Material Adverse Effect on ERC.

(g)                                 Litigation.  Attached as
Parent Disclosure Schedule 4.03(g) is a true and complete list, as of the date
hereof, of all litigation, claims or other 

16

proceedings pending (or, to Parent’s Knowledge, threatened in writing)
against ERC.  No other litigation, claim
or other proceeding in excess of $100,000 is pending against ERC and, to Parent’s
Knowledge, no other such litigation, claim or other proceeding has been
threatened in writing.

(h)                                 Regulatory Matters. 
Except as set forth on Parent Disclosure Schedule 4.03(h), ERC is not a
party to, nor is it subject to any order, decree, agreement, memorandum of
understanding or similar supervisory arrangement with, or a commitment letter
or similar submission to, or extraordinary supervisory letter from, any
Governmental Authority charged with the supervision or regulation of financial
institutions and their operating subsidiaries or the supervision or regulation
of ERC (each, a “Regulatory Authority”). 
ERC has not been advised by any Regulatory Authority that such
Regulatory Authority is contemplating issuing or requesting (or is considering
the appropriateness of issuing or requesting) any such order, decree,
agreement, memorandum of understanding, commitment letter, supervisory letter
or similar submission against ERC.

(i)                                     Compliance with Laws. 
Except where the failure would not be expected to result in a Material
Adverse Effect, ERC is in compliance with all applicable federal, state, local
and foreign statutes, laws, regulations, ordinances, rules, judgments, orders
or decrees applicable to it or to the employees conducting such businesses; ERC
and each of its employees who act as real estate brokers or agents have all
permits, licenses, authorizations, orders and approvals of, and have made all
filings, applications and registrations with, all Governmental Authorities that
are required in order to permit it or them to own or lease its or their properties,
and to conduct its or their business as presently conducted; all such permits,
licenses, certificates of authority, orders and approvals are in full force and
effect and, to Parent’s Knowledge, no suspension or cancellation of any of them
has been threatened in writing; and ERC has received, since December 31,
2003, no notification or communication in writing from any Governmental
Authority (A) asserting that ERC is not in material compliance with any of
the statutes, regulations or ordinances that such Governmental Authority
enforces, or (B) threatening to revoke any license, franchise, permit or
governmental authorization of ERC.

(j)                                     Material Contracts; Defaults. 
(1) Parent has made available to Buyer the material contracts, including
all amendments and supplements thereto, to which ERC is a party, as listed on
Parent Disclosure Schedule 4.03(j)(1) (collectively, the “Material Contracts”):

(A)                              any agreement, if the performance
remaining thereunder involves aggregate consideration to or by ERC in excess of
$100,000 per annum;

17

(B)                                any agreement that restricts or contains
limitations on the ability of ERC to compete in any line of business;

(C)                                any agreement with any of Parent or its
Affiliates (other than ERC), including any intercompany indebtedness, guaranty,
receivable, payable or other account maintained between ERC, on the one hand,
and Parent and/or any of its Affiliates, on the other hand, other than in the
ordinary course of business;

(D)                               any employment, severance, termination or
employee-like consulting or retirement agreement binding on ERC;

(E)                                 any agreement that relates to
indebtedness owed by ERC, or the guarantee thereof (other than contracts
evidencing deposit liabilities, purchases of federal funds, repurchase
agreements, trade payables and contracts relating to borrowings or guarantees
made in the ordinary course of business);

(F)                                 any mortgage, pledge, indenture or
security agreement or similar arrangement constituting a Lien upon the assets
or properties of ERC or the Shares;

(G)                                any agreement for the sale or purchase of
personal property having a value individually, with respect to all sales or
purchases thereunder, in excess of $100,000;

(H)                               any agreement for the sale or purchase of
fixed assets or real estate having a value individually, with respect to all
sales or purchases thereunder, in excess of $100,000; and

(I)                                    any agreement involving intellectual
property or relating to the provision of data processing, network communication
or other technical services to or by ERC, other than agreements entered into in
the ordinary course of business.

(2)                                  (A)          Each
Material Contract is in full force and effect with respect to ERC, (B) ERC
is not in default under any Material Contract in any material respect, and
(C) there has not occurred any event that, with the lapse of time or the
giving of notice or both, would constitute such a default.

(k)                                  No Brokers.  No action has
been taken by Parent that would give rise to any valid claim against any party
hereto for a brokerage commission, finder’s fee or other like payment with
respect to the transactions contemplated by this Agreement, other than any fee
to be paid by Parent to 

18

LaSalle Corporate Finance, a division of ABN AMRO Financial Services,
Inc.

(l)                                     Employee Benefit Plans.

(1)                                  All benefit and compensation plans,
contracts, policies or arrangements covering current or former employees of ERC
(excluding current employees of Parent or any Affiliate of Parent who were
formerly employees at ERC) (the “Employees”) and current or former
directors of ERC, including, but not limited to, “employee benefit plans”
within the meaning of Section 3(3) of ERISA, and deferred compensation,
stock option, stock purchase, stock appreciation rights, stock-based incentive
and bonus plans (the “Benefit Plans”) other than Benefit Plans that are
liabilities of Parent or a Parent Affiliate (other than ERC), are listed on the
Parent Disclosure Schedule 4.03(l). 
True and complete copies of all Benefit Plans listed on the Parent
Disclosure Schedule 4.03(l), including, but not limited to, any trust
instruments and insurance contracts forming a part of any Benefit Plans, and
all amendments thereto have been provided or made available to Buyer.

(2)                                  All Benefit Plans, other than “multiemployer
plans” within the meaning of Section 3(37) of ERISA, covering Employees
that are subject to ERISA (the “ERISA Plans”), are in substantial
compliance with ERISA and the Code.  Each
ERISA Plan that is an “employee pension benefit plan” within the meaning of
Section 3(2) of ERISA (“Pension Plan”), and which is intended to be
qualified under Section 401(a) of the Internal Revenue Code of 1986, as
amended (the “Code”), has received a favorable determination letter from
the United States Internal Revenue Service (the “IRS”), and Parent has
no Knowledge of any circumstances likely to result in revocation of any such
favorable determination letter or the loss of the qualification of such Pension
Plan under Section 401(a) of the Code, except as listed on the Parent
Disclosure Schedule 4.03(l).  ERC
has not engaged in a transaction with respect to any ERISA Plan that, assuming
the taxable period of such transaction expired as of the date hereof, could subject
ERC to a tax or penalty imposed by either Section 4975 of the Code or
Section 502(i) of ERISA in an amount which would be material, except as
listed on the Parent Disclosure Schedule 4.03(l).

(3)                                  No liability under Subtitle C or D
of Title IV of ERISA has been or is expected to be incurred by ERC with
respect to any ongoing, frozen or terminated “single-employer plan,” within the
meaning of Section 4001(a)(15) of ERISA, currently or formerly maintained
by any of them, or the single-employer plan of any entity that is

19

considered one employer with ERC under Section 4001 of ERISA or
Section 414 of the Code (an “ERISA Affiliate”), except as listed on
the Parent Disclosure Schedule 4.03(l). 
ERC has not incurred and does not expect to incur any withdrawal
liability with respect to a multiemployer plan under Subtitle E of
Title IV of ERISA (regardless of whether based on contributions of an
ERISA Affiliate), except as listed on the Parent Disclosure Schedule 4.03(l).  No Benefit Plan is a “multiemployer plan”
within the meaning of Section (3)(37) of ERISA.  No notice of a “reportable event” within the
meaning of Section 4043 of ERISA, for which the 30-day reporting
requirement has not been waived or extended, other than pursuant to PBGC Reg.
Section 4043.66, has been required to be filed for any Pension Plan or by
any ERISA Affiliate within the 12-month period ending on the date hereof or
will be required to be filed in connection with the transactions contemplated
by this Agreement, except as listed on the Parent Disclosure
Schedule 4.03(l).

(4)                                  All contributions required to be made by
ERC under the terms of any Benefit Plan have been timely made or have been
reflected on ERC Financial Statements, except as listed on the Parent
Disclosure Schedule 4.03(l). 
Neither any Pension Plan nor any single-employer plan of an ERISA
Affiliate has an “accumulated funding deficiency” (whether or not waived)
within the meaning of Section 412 of the Code or Section 302 of ERISA,
and no ERISA Affiliate has an outstanding funding waiver, except as listed on
the Parent Disclosure Schedule 4.03(l). 
ERC has not provided, and is not required to provide, security to any
Pension Plan or to any single-employer plan of an ERISA Affiliate pursuant to
Section 401(a)(29) of the Code, except as listed on the Parent Disclosure
Schedule 4.03(l).

(5)                                  Under each Pension Plan that is a
single-employer plan, as of the last day of the most recent plan year ended
prior to the date hereof, the actuarially determined present value of all “benefit
liabilities,” within the meaning of Section 4001(a)(16) of ERISA (as
determined on the basis of the actuarial assumptions contained in such Pension
Plan’s most recent actuarial valuation), did not exceed the then-current value
of the assets of such Pension Plan, and there has been no material change in
the financial condition of such Pension Plan since the last day of the most
recent plan year, except as listed on the Parent Disclosure
Schedule 4.03(l).

(6)                                  There is no material litigation pending
or, to the Knowledge of ERC, threatened in writing relating to the Benefit
Plans, except as listed on the Parent Disclosure Schedule 4.03(l).  ERC has no obligations under any Benefit Plan
for retiree health and life 

20

benefits under any ERISA Plan, except as listed on the Parent
Disclosure Schedule 4.03(l).  ERC
may amend or terminate any such Benefit Plan at any time without incurring any
material liability thereunder, except as listed on the Parent Disclosure
Schedule 4.03(l).

(7)                                  There has been no amendment to,
announcement by ERC relating to, or change in employee participation or
coverage under, any Benefit Plan that would increase materially the expense of
maintaining such Benefit Plan above the level of the expense incurred therefor
for the most recent fiscal year, except as listed on Parent Disclosure
Schedule 4.03(l).

(8)                                  Neither the execution of this Agreement
nor the consummation of the transactions contemplated hereby will, except as
may be required by this Agreement or as disclosed on Parent Disclosure
Schedule 4.03(l), (A) entitle any employees of ERC to severance pay
or any increase in severance pay upon any termination of employment after the
date hereof, (B) accelerate the time of payment or vesting, or trigger any
payment or funding (through a grantor trust or otherwise) of compensation or
benefits under, increase the amount payable, or trigger any other material
obligation pursuant to, any of the Benefit Plans, or (C) cause ERC to
record additional compensation expense on its income statement with respect to
any outstanding stock option or other equity-based award, except as listed on
the Parent Disclosure Schedule 4.03(l).

(m)                               Labor Matters. 
ERC is not a party to and is not bound by any collective bargaining
agreement, contract or other agreement or understanding with a labor union or
labor organization, nor is ERC the subject of a proceeding asserting that it
has committed an unfair labor practice (within the meaning of the National
Labor Relations Act) or seeking to compel ERC to bargain with any labor
organization as to wages or conditions of employment, nor is there any strike
or other labor dispute involving ERC pending or, to Parent’s Knowledge, threatened
in writing, nor does Parent have any Knowledge of any activity involving
employees of ERC seeking to certify a collective bargaining unit or engaging in
other organizational activity.  As of the
date of this Agreement only, none of the individuals listed on Parent
Disclosure Schedule 4.03(m) have actual knowledge that any Employee of ERC is
currently planning to terminate his/her employment with ERC.

(n)                                 Environmental Matters. 
ERC is, and with respect to the Nominee Properties, none of the
individuals listed on Parent Disclosure Schedule 1.01 is aware of any instance
in which ERC is not, in compliance in all material respects with all applicable
Environmental Laws and possesses all permits, licenses, registrations,
identification numbers, authorizations 

21

and approvals required under applicable Environmental Laws for the
operation of the business as presently conducted.  To the Knowledge of Parent, since May 1,
2001, ERC has not received any written claim, notice of violation or citation
concerning any violation or alleged violation of any applicable Environmental
Law or any alleged liability involving the presence of any hazardous substance
pursuant to any Environmental Law.  There
are no writs, injunctions, decrees, orders or judgments outstanding, or any
actions, suits, proceedings or investigations pending or, to the Knowledge of
Parent, threatened in writing, relating to compliance by ERC with any
Environmental Law.  Notwithstanding any
other representation and warranty in this Section 4.03, the
representations and warranties contained in this Section 4.03(n) constitute the
sole representations and warranties of Parent with respect to any Environmental
Law.

(o)                                 Tax Matters. 
Except as set forth in Parent Disclosure Schedule 4.03(o):

(1)                                  All income Tax Returns and material Tax
Returns that are required to be filed on or before the Effective Date by or
with respect to ERC (including any income Tax Returns of any consolidated,
combined, or unitary group that includes ERC) have been or will be timely filed
on or before the Effective Date.  All
such Tax Returns are or will be accurate and complete in all material
respects.  True, accurate, and complete
copies of all income Tax Returns and other material Tax Returns filed by ERC in
the last three (3) years have been provided to Buyer.

(2)                                  All Taxes due with respect to the Tax
Returns referred to in clause (1) above or owed by ERC otherwise have been or
will be timely paid on or before the Effective Date or, with respect to Taxes
for which ERC is liable, such Taxes have been or will be accrued in full on the
books and records of ERC as of the Effective Date.

(3)                                  No Tax Returns referred to in clause (1)
above have been examined by the IRS or the appropriate state, local or foreign
Taxing Authority for which the period for assessment of Taxes in respect of
which such Tax Returns is open.

(4)                                  All deficiencies asserted or assessments
by any Taxing Authority have been paid in full.

(5)                                  ERC is not a party to any action or
proceeding for assessment or collection of Taxes, nor has such an event been
threatened in writing.

(6)                                  No federal, state, local or foreign
audits or other administrative proceedings or court proceedings are currently
in progress or 

22

pending with respect to Tax Returns separately filed by ERC.  There are no material issues currently
pending with respect to any examination by the IRS or other Taxing Authority of
any Tax Return of any combined, consolidated, or unitary group that includes
ERC which relate to ERC or its business.

(7)                                  No waiver of statutes of limitations or
extension of time with respect to a Tax assessment or deficiency is in effect
with respect to any Taxes of ERC.  No
power of attorney with respect to Taxes is currently in place with respect to
ERC.

(8)                                  There are no Liens on any of the assets
of ERC that arose in connection with any failure to pay any Taxes other than
Liens for Taxes not yet due and payable.

(9)                                  ERC is not party to any agreement that
could result in it making a payment (or providing any other economic benefit)
that is not deductible under Section 280G of the Code or subject to the
excise Tax under Section 4999 of the Code.

(10)                            ERC is currently a member of an “affiliated
group” of corporations within the meaning of Section 1504 of the Code, with ABN
AMRO North America Holding Company (“AANAH”) as its common parent, and such
group has elected to file a consolidated tax return for federal income tax
purposes, and Parent are eligible to make an election under Section 338(h)(10)
of the Code with respect to Buyer’s acquisition of ERC.  Until March 31, 2001, ERC was a member
of an “affiliated group” of corporations within the meaning of Section 1504 of
the Code, the common parent for which was Michigan National Corporation (“MNC”).  Since December 31, 1990, ERC has not
been a member of any consolidated, combined, or unitary group of corporations
other than groups the common parent of which is AANAH or MNC (or direct or
indirect subsidiaries of AANAH or MNC). 
ERC is not liable for Taxes of any other Person (except for members of
the consolidated groups, the common parents of which were AANAH and MNC,
respectively) as a result of joint and several liability, transferee liability,
successor liability, contractual liability or otherwise.  ERC is not party to any arrangement or joint
venture that is taxed as a partnership for income Tax purposes.

(11)                            ERC has (i) withheld all required
amounts from its employees, agents, contractors and nonresidents, and remitted
such amounts to the proper agencies; (ii) paid all employer contributions
and premiums; and (iii) filed all federal, state, local and foreign
returns and reports with respect to employee income Tax withholding, social security
withholding Tax and premiums, and unemployment 

23

withholding Taxes and premiums, all in material compliance with the
withholding Tax provisions of the Code as in effect for the applicable year and
other applicable federal, state, local or foreign laws.

(12)                            Neither ERC nor Parent or any of their
Affiliates has entered into with any Taxing Authority any agreement relating to
Taxes that affects the separate company Tax liability of ERC for any taxable
year ending after the Effective Date. 
Except as set forth in Parent Disclosure Schedule 4.03(o)(12), ERC is
not a party to any tax sharing agreement or similar arrangement for the sharing
of Tax liabilities or benefits.

(13)                            ERC has not engaged in any transaction
that could affect the income Tax liability for any taxable year not closed by
the applicable statute of limitations that (i) is a “reportable
transaction” (irrespective of the effective date) within the meaning of
Treasury Regulation Section 301.6011-4(b); or (ii) is a transaction a “significant
purpose of which is the avoidance or evasion of United States federal income
tax” within the meaning of Section 6662(d)(2)(C)(iii) of the Code.

(p)                                 Insurance.  A summary
list of all of the insurance policies, binders or bonds maintained by or for
ERC (“Insurance Policies”) is disclosed in Parent Disclosure
Schedule 4.03(p).  Such Disclosure
Schedule separately lists those Insurance Policies owned by ERC and those
owned by Parent.  With respect to those
Insurance Policies owned by ERC for which premiums have already been paid by
ERC, the corresponding insurance coverage will be assigned to Buyer on the
Effective Date.  ERC is insured with
reputable insurers against such risks and in such amounts as the management of
ERC reasonably has determined to be prudent in accordance with industry
practices.  All the Insurance Policies
are in full force and effect to the Knowledge of Parent, ERC is not in material
default thereunder, and all claims and notices thereunder have been filed by
ERC or Parent in due and timely fashion. 
The Insurance Policies, owned by Parent, will no longer be applicable to
ERC upon a change in control of ERC.

(q)                                 Loans, Leases and Investments.

(1)                                  Except as set forth on Parent Disclosure
Schedule 4.03(q)(1), as of December 31, 2003, no loans, Leases or
investments held by ERC are (A) more than ninety (90) days past due with
respect to any scheduled payment of principal or interest; (B) classified
as “loss,” “doubtful,” “substandard” or “special mention” by any federal
regulators or by ERC’s internal credit review system; (C) on a nonaccrual
status as a result of ERC’s loan review procedures; or 

24

(D) ”negotiated loans” as that term is defined in Financial Accounting
Standards No. 15.

(2)                                  Except as set forth on Parent Disclosure
Schedule 4.03(q)(2), each material loan and Lease reflected as an asset on
ERC Financial Statements is evidenced by appropriate and sufficient
documentation and constitutes the legal, valid and binding obligation of the
obligor or lessee named therein, enforceable in accordance with its terms,
except to the extent that the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles or doctrine, the failure of which to comply with any of the
foregoing has, or will, result in a loss to ERC; to Parent’s Knowledge no
obligor or lessee named therein is seeking to avoid the enforceability of the
terms of any loan or Lease under any such laws or equitable principles or
doctrines and no loan or Lease is subject to any defense, offset or
counterclaim.  All such loans or Leases
originated by ERC, and all such loans or Leases purchased by ERC, were made or
purchased in accordance with customary lending and leasing standards of
ERC.  Except as set forth on Parent
Disclosure Schedule 4.03(q)(2), all such loans and Leases are, and on the
Effective Date will be, free and clear of any Lien, and ERC has complied, and
on the Effective Date will have complied, with all laws and regulations
relating to such loans and Leases.

(r)                                    Intellectual Property. 
ERC owns or has a valid license or right to use and will continue to own
or have such valid license or right to use after the Closing, the intellectual
property, including patents, trade secrets, know-how, proprietary information,
trademarks (with separate listings of registered and unregistered trademarks),
service marks, trade names, Internet domain names, copyrights, computer
programs and software (whether in source code or code or object code form and
documentation related thereto) as set forth on the Parent Disclosure
Schedule 4.03(r) (“Intellectual Property”).  Parent Disclosure Schedule 4.03(r) also
sets forth the application or registration numbers for each item of
Intellectual Property, as applicable. 
Except as set forth on Parent Disclosure Schedule 4.03(r), the
execution, delivery and performance of this Agreement will not constitute a conflict
with, result in a breach of, constitute a default under (or an event that, with
notice or lapse of time or both, would constitute a conflict, breach or default
under), or accelerate the performance required by, or create in any Person the
right to accelerate, terminate, modify or cancel (with notice or lapse of time
or both), or require any notice under, any contract involving any Intellectual
Property, and will not cause the forfeiture or termination or give rise to a
right of forfeiture or termination (with notice or lapse of time or both) of any
Intellectual Property, or impair the rights of Buyer to use, sell or 

25

license any Intellectual Property or the processes employed, the
services provided, the businesses conducted and the products used or offered by
ERC.  Except as set forth on Parent
Disclosure Schedule 4.03(r), ERC has not received any written or other
actual notice of infringement of or conflict with, and, to Parent’s Knowledge,
there are no, and within three (3) years prior to the Closing, there have been
no, infringements of or conflicts with, the intellectual property rights of
other Persons with respect to the use of the Intellectual Property or the
processes employed, the services provided, the business conducted and the
products used or offered by ERC.  ERC is
not currently a party to or otherwise bound by any settlement agreement, court
or administrative judgment or similar obligation that limits or restricts ERC’s
currently existing ownership or rights to use the Intellectual Property.

(s)                                  Title to Assets. 
ERC has good title to all properties and assets, other than real
property or Nominee Properties, owned or stated to be owned by it as reflected
in Parent Disclosure Schedule 4.03(s), free and clear of all Liens except
for:  (1) encumbrances reflected in
the ERC Financial Statements or described in the notes thereto; (2) Liens
for current taxes not yet due or (3) Liens incurred in the ordinary course
of business the value of which does not exceed in the aggregate $100,000.  Parent Disclosure Schedule 4.03(s) separately
lists all assets owned and used by ERC from all assets used by ERC, but owned
by Parent or any of its subsidiaries other than ERC.  The assets listed on Parent Disclosure Schedule
4.03(s) are all of the assets, other than real property or Intellectual
Property, that are necessary for ERC to conduct its business as currently
conducted.

(t)                                    Real Properties. 
ERC owns no real property other than the Nominee Properties.  ERC has valid leasehold interests in the
leaseholds as reflected in Parent Disclosure Schedule 4.03(t), free and clear
of all Liens except for:  (A) such
imperfections of title and encumbrances, if any, as do not materially detract
from the value of or materially interfere with the present use of such property
or are part of or reflected in the arrangements relating to such property; and
(B) except as described in Parent Disclosure Schedule 4.03(t).  Any real property held on ERC’s behalf is
held solely by a title holding company holding title to such real property as a
nominee for ERC and solely in the ordinary course of ERC’s business (“Nominee
Properties”).  ERC holds good and
marketable title in the beneficial interests of the Nominee Properties.

(u)                                 Forbearances of Parent. 
Except as set forth on Parent Disclosure Schedule 3.02, Parent has
complied with Section 3.02 hereof (assuming the forbearances set forth in
Section 3.02 hereof were applicable to Parent for the period from
December 31, 2003 to the date hereof).

(v)                                 Undisclosed Liabilities. 
Except as set forth on Parent Disclosure Schedule 4.03(v), ERC has no
liabilities the existence of which would have a 

26

Material Adverse Effect except for (1) liabilities fully reflected
or reserved for on ERC’s September 30, 2004 balance sheet previously
delivered to Buyer and (2) liabilities which have arisen since the
September 30, 2004 balance sheet in the ordinary course which will be
fully reflected or reserved for in connection with the calculation of the Minimum
Equity Amount.

(w)                               Books and Records. 
The minute books and other similar records of ERC contain true and
complete records of all actions taken at any meetings of ERC’s stockholders and
ERC’s board of directors or any committee thereof and of all written consents
executed in lieu of holding any such meeting. 
ERC’s books and records accurately reflect the material assets,
liabilities, financial condition and results of operations of ERC and have been
maintained in accordance with good business and bookkeeping practices since May
1, 2001.

(x)                                   Internal
Controls.  ERC maintains a system of internal accounting
controls sufficient to provide reasonable assurance that:  (w) transactions are executed in
accordance with management’s general or specific authorizations;
(x) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset
accountability; and (y) access to assets is permitted only in accordance
with management’s general or specific authorization.

(y)                                 Accounting and Whistleblower Complaints. 
Since May 1, 2001, neither Parent, nor, to Parent’s Knowledge, any
employee or Representative of Parent or ERC has received or otherwise had or
obtained Knowledge of any complaint, allegation, assertion or claim, whether
written or oral, regarding the accounting or auditing practices, procedures,
methodologies or methods of ERC, insofar as it relates to ERC’s business or ERC’s
internal accounting controls, including any complaint, allegation, assertion or
claim that Parent or ERC has engaged in questionable accounting or auditing
practices insofar as it relates to ERC’s business.

(z)                                   No Unlawful Retaliation. 
None of Parent, ERC or, to Parent’s Knowledge, any Affiliate or
Representative of Parent or ERC, has discharged, demoted, suspended,
threatened, harassed or in any other manner discriminated against an employee
of ERC in the terms and conditions of employment because of any act of such
employee described in 18 U.S.C. § 1514A(a).

(aa)                            Accounts Receivable. 
Except as reserved against on the ERC Financial Statements, the accounts
receivable reflected on such financial statements:  (1) were acquired by ERC in the ordinary
course of its business and represent fully completed bona fide transactions that
require no further act on the part of ERC to make such accounts receivable
payable by the account debtors; (2) are owned by ERC free and clear of all
Liens (other 

27

than Liens that will be released on or before the Closing Date),
(3) represent valid obligations owing to ERC by account debtors that,
except as set forth on Parent Disclosure Schedule 4.03(aa), are not Affiliates,
stockholders, directors, officers or employees of ERC or Parent, which are
enforceable in accordance with their respective terms, except to the extent
that the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or under laws or equitable principles or doctrines,
and (4) have been accounted for in accordance with GAAP, consistently
applied.  Set forth on Parent Disclosure
Schedule 4.03(aa) is an aging schedule of all accounts receivable up to
and including September 30, 2004.

(bb)                          Customers.  To Parent’s
Knowledge, (1) no condition exists that could have a Material Adverse
Effect on any of ERC’s Significant Customers (as listed on Parent Disclosure
Schedule 4.03(bb)), (2) except as disclosed on Parent Disclosure Schedule
4.03(bb), none of ERC’s customers have filed, voluntarily or otherwise, for bankruptcy
protection under Title 11 of the United States Code (the “Bankruptcy Code”)
and (3) to the extent that any of ERC’s customers have filed for
bankruptcy protection under the Bankruptcy Code, ERC has been identified as a “critical
vendor” and the applicable bankruptcy court has authorized the payment of ERC’s
claims against such debtor customer.

(cc)                            Related-Party Transactions. 
Except as set forth in Parent Disclosure Schedule 4.03(cc), no director,
officer or employee of ERC nor any Affiliate of any of the foregoing:  (a) owns or has any interest, directly
or indirectly, in any property or right, tangible or intangible, which is used
in ERC’s business; (b) has any claim or cause of action against ERC; or
(c) is a party to any contract with ERC. 
To Parent’s Knowledge, no director, officer or employee of ERC nor any
Affiliate of any of the foregoing: 
(i) is a competitor of, or a party to any transaction, contract or
other arrangement with, ERC; (ii) serves as an officer or director, or in
another similar capacity, of any Person whose business competes with ERC or any
Person that has a contract with ERC; or (iii) owns directly or indirectly
on an individual or joint basis (other than in or through beneficial ownership
of less than one percent of the outstanding securities of a publicly traded
company), any interests in any Person whose business competes with ERC or any
other Person that has a contract with ERC. 
Any transactions and contracts entered into between ERC, on the one
hand, and any director, officer or employee of ERC (or any of their
Affiliates), on the other hand, were entered into on an “arm’s length basis.”

(dd)                          Parent Retention Bonus Arrangements. All Parent Retention Bonus Arrangements
currently in effect are the obligations of Parent (or any Affiliate of Parent
other than ERC); provided, however, that if ERC pays the amounts
owing under such Parent Retention Bonus Arrangements, they may do so only to
the extent the tax effected amount of such 

28

obligations is reflected in the Effective Date Balance Sheet and the
Post Closing Balance Sheet.  For purposes
hereof, “Parent Retention Bonus Arrangements” means all retention bonus
arrangements currently in effect  with
certain Employees of ERC.

4.04                           Representations and Warranties of Buyer.  Subject to
Section 4.01 above, Buyer and Guarantor represent and warrant to Parent as
follows:

(a)                                  Organization, Standing and Authority. 
Buyer is a corporation duly organized, validly existing and in good standing
under the laws of Delaware.  Buyer has
the requisite corporate power and authority to own its current assets and carry
on its business as currently conducted. 
Guarantor is a corporation duly organized, validly existing and in good
standing under the laws of Delaware. 
Guarantor has the requisite corporate power and authority to own its
current assets and carry on its business as currently conducted.

(b)                                 Corporate Authority. 
This Agreement, all agreements entered into in connection with this
Agreement, and the transactions contemplated hereby have been duly authorized
by all necessary corporate action of Buyer and Guarantor.  This Agreement has been duly authorized,
executed and delivered by each of Buyer and Guarantor.  This Agreement is a valid and legally binding
agreement of each of Buyer and Guarantor, enforceable in accordance with its
terms (except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer and similar laws of
general applicability relating to or affecting creditors’ rights or by general
equity principles).  Each of Buyer and
Guarantor has the corporate power and authority to execute, deliver and perform
its obligations under this Agreement and to consummate the transactions
contemplated hereby.

(c)                                  Regulatory Approvals; No Defaults.

(1)                                  Other than as set forth on Buyer
Disclosure Schedule 4.04(c), no consents or approvals of, or filings or
registrations with, any Governmental Authority or any third party are required
to be obtained or made by Buyer or any of its Subsidiaries in connection with
the execution, delivery or performance by Buyer of this Agreement or to
consummate the Purchase, except for filings, applications or notices (by any of
Buyer, Parent, or ERC), and the termination of any applicable waiting periods,
(A) under the HSR Act, (B) to the Board of Governors of the Federal
Reserve System, the OCC or any other Regulatory Authority, and (C) under
any applicable foreign laws or regulations or to any foreign Governmental
Authority.  As of the date hereof, Buyer
has no Knowledge of any reason why the approvals or consents set forth 

29

as conditions to closing in Sections 6.01(a) and 6.01(b) hereof
will not be received in a timely manner.

(2)                                  Subject to receipt of the regulatory
approvals referred to in the preceding paragraph, and expiration of the related
waiting periods, and required filings under federal and state securities laws,
the execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby do not and will not (A) constitute
a breach or violation of, or a default under, or give rise to any Lien, any
acceleration of remedies or any right of termination under, any law, rule or
regulation or any judgment, decree, order, governmental permit or license, or
contract, agreement, indenture or instrument of Buyer or of any of its
Subsidiaries or to which Buyer or any of its Subsidiaries or their properties
is subject or bound, (B) constitute a breach or violation of, or a default
under, the certificate of incorporation or by-laws (or similar governing
documents) of Buyer or any of its Subsidiaries, or (C) require any consent
or approval under any such law, rule, regulation, judgment, decree, order,
governmental permit or license, contract, agreement, indenture or instrument.

(d)                                 Litigation/Regulatory Action. 
Neither Buyer nor any of its Subsidiaries or properties is a party to or
is subject to any order, decree, agreement, memorandum of understanding or
similar supervisory arrangement with, or a commitment letter or similar
submission to, or extraordinary supervisory letter from, a Governmental
Authority that would inhibit Buyer’s or Guarantor’s ability to or prevent Buyer
or Guarantor from consummating the Purchase, nor has Buyer or any of its
Subsidiaries been advised by a Governmental Authority that such agency is
contemplating issuing or requesting (or is considering the appropriateness of
issuing or requesting) any such order, decree, agreement, memorandum of
understanding, commitment letter, supervisory letter or similar submission.

(e)                                  Investment Intent. 
Buyer is acquiring the Shares for investment for its own account, not as
a nominee or agent, and not with the view to, or for resale in connection with,
any distribution thereof.  Buyer
understands that the Shares have not been, and will not be, registered under
the Securities Act by reason of a specific exemption from the registration
provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the investment intent of Buyer.  Buyer is an “accredited investor” within the
meaning of Regulation D under the Securities Act.

(f)                                    No Brokers.  No action has
been taken by Buyer or Guarantor that would give rise to any valid claim
against any party hereto for a brokerage 

30

commission, finder’s fee or other like payment with respect to the
transactions contemplated by this Agreement.

(g)                                 Financing.  Subject to
Section 6.02(c), Buyer has, and will have on the Effective Date,
sufficient cash, available lines of credit or other sources of immediately
available funds to enable it to pay the Initial Purchase Price and pay any other
amounts to be paid by it under this Agreement.

4.05                           No Other Representation or Warranties.  Except for
the representations and warranties expressly contained in this Article 4,
none of Parent, ERC, Buyer, Guarantor or any other Person has made or makes any
other express or implied representation or warranty, either written or oral, on
behalf of any of Parent, ERC, Buyer or Guarantor.

5.             Covenants

5.01                           Commercially Reasonable Efforts.  Subject to
the terms and conditions of this Agreement, each of Parent and Buyer agrees to
use its commercially reasonable efforts in good faith to take, or cause to be
taken, all actions, and to do, or cause to be done, all things necessary,
proper or desirable, or advisable under applicable laws, so as to permit
consummation of the Purchase and the transactions contemplated by this
Agreement as promptly as practicable and will cooperate fully with the other
parties to this Agreement to that end.

5.02                           Press Releases.  The initial
press release or written statement for general circulation relating to the
transaction contemplated herein shall be a joint press release among the
parties to this Agreement subject to the requirements of law and other
applicable regulations.  In addition, the
parties to this Agreement shall consult with each other, and each obtain the
approval of the other party, before issuing any other press releases or
statements relating to the transaction contemplated herein.

5.03                           Access; Information.  (a) Prior to
the Effective Date, Parent agrees that, upon reasonable advance notice for
purposes consistent with this Agreement and subject to applicable laws relating
to the exchange of information, it will afford, or cause ERC to afford, Buyer
and Buyer’s authorized Representatives, such access during normal business
hours to the books, records (including, without limitation, tax returns and
work papers of independent auditors to the extent that such auditors consent to
such access), properties, personnel of and to such other information as Buyer
may reasonably request.

(b)                                 Buyer agrees that it will not, and will
cause its Representatives not to, use any information obtained pursuant to this
Section 5.03 (as well as any other information obtained prior to the date
hereof in connection with the entering into of this Agreement) for any purpose
unrelated to the consummation of the transactions contemplated by this
Agreement.  Subject to the requirements
of applicable law, Buyer will keep 

31

confidential, and will cause its Representatives to keep confidential,
all information and documents obtained pursuant to this Section 5.03 (as
well as any other information obtained prior to the date hereof in connection
with the entering into of this Agreement) unless such information (1) was
already known to such party, (2) becomes available to such party from
other sources not bound by a confidentiality obligation, (3) is disclosed
with the prior written approval of Parent and ERC, or (4) is or becomes
readily ascertainable from published information or trade sources.  In the event that this Agreement is
terminated or the transactions contemplated by this Agreement shall otherwise
fail to be consummated, Buyer shall promptly cause all copies of documents or
extracts thereof containing information and data as to Parent or ERC to be
returned to Parent at Parent’s expense, or (at Parent’s option) confirm in
writing to Parent that it has completely destroyed all such copies, documents,
extracts, information and data.  Buyer
and Parent each agree not to disclose this Agreement, or the terms and
conditions hereof, except as required by applicable law.

(c)                                  In addition to the confidentiality
arrangements contained in this Agreement, all information provided or obtained
in connection with the transactions contemplated by this Agreement (including
pursuant to clause (a) above) shall be held by Buyer in accordance with and
subject to the terms of the Confidentiality Agreement dated as of
September 10, 2004, between Buyer and Parent (the “Confidentiality
Agreement”).  In the event of a
conflict or inconsistency between the terms of this Agreement and the
Confidentiality Agreement, the terms of this Agreement shall govern.

(d)                                 In addition to its obligations under
Section 5.03(b) and (c) above, after the Effective Date, Buyer will retain
all books, records and information of ERC for a reasonable period of time (not
less than 7 years from the Effective Date). 
Buyer will, upon reasonable notice, afford to Parent, its Affiliates and
their Representatives access (including the right to copy, at Parent’s expense,
or to obtain in computer file format) during normal business hours to such
books, records and information as Parent or any such Affiliate may request for
purposes related to this Agreement, the operations of ERC prior to the
Effective Date, or to the determination of any matter arising before the
Effective Date.  Subject to the
requirements of applicable law, Parent will keep confidential, and will cause
its Representatives to keep confidential, all information and documents
obtained pursuant to this Section 5.03(d) unless such information
(1) was already known to such party, (2) becomes available to such
party from other sources not bound by a confidentiality obligation, (3) is
disclosed with the prior written approval of Buyer, or (4) is or becomes
readily ascertainable from published information or trade sources.

32

5.04                           Regulatory Applications.  Parent and
Buyer and their respective Subsidiaries shall cooperate and use their
respective commercially reasonable efforts to prepare all documentation, to
effect all filings and to obtain all permits, consents, approvals and
authorizations of all third parties and Governmental Authorities necessary to
consummate the transactions contemplated by this Agreement.  Parent and Buyer shall have the right to
review in advance, and to the extent practicable each will consult with the
other with respect to, all material written information submitted to any third
party or any Governmental Authority in connection with the transactions
contemplated by this Agreement, in each case subject to applicable laws
relating to the exchange of information. 
In exercising the foregoing right, each of the parties hereto agrees to
act reasonably and as promptly as practicable. 
Buyer and Parent commit to submit all required applications or notices
to the appropriate Governmental Authorities as soon as practicable, but in no
event later than November 19, 2004.  Each
party hereto agrees that it will consult with the other party hereto with
respect to the obtaining of all material permits, consents, approvals and
authorizations of all third parties and Governmental Authorities necessary or
advisable to consummate the transactions contemplated by this Agreement, and
each party will keep the other party apprised of the status of material matters
relating to completion of the transactions contemplated hereby.  Each party agrees, upon request, to furnish the
other party with all non-confidential information concerning itself, its
Subsidiaries, directors, officers and stockholders and such other matters as
may be reasonably necessary or advisable in connection with any filing, notice
or application made by or on behalf of such other party or any of its
Subsidiaries to any third party or Governmental Authority.  The parties agree that each party shall be
responsible for their own costs in connection with the filing of any
application hereunder, including pursuant to the HSR Act.

5.05                           [Intentionally Deleted]

5.06                           Benefit Plans.  (a) Except as
provided below, prior to the Effective Date, Parent shall, or shall cause ERC
to, honor and perform all obligations under each Benefit Plan.

(b)                                 As of the Effective Date and for at least
12 months immediately following the Effective Date, Buyer shall provide to
(1) each ERC Employee (as defined below) whose compensation is based on
sales commissions, annual cash compensation at least equal to the base salary
and incentive compensation that a similarly-situated employee of Buyer is
entitled to, and (2) all other ERC Employees, a base salary not less than
such ERC Employee’s base salary or base salary rate in effect immediately prior
to the Effective Date and with an annual bonus opportunity no less favorable
than the annual bonus opportunity provided by Buyer from time to time to its
similarly-situated employees.

(c)                                  As of the Effective Date and for at least
12 months immediately following the Effective Date, the ERC Employees shall be
eligible to participate in 

33

such employee benefit plans, programs and arrangements, including, but
not limited to, vacation and paid time-off programs, that Buyer has in effect
from time to time for similarly-situated employees.  For purposes of all employee benefit plans,
programs and arrangements maintained by or contributed to by Buyer and its
Affiliates, for which the ERC Employees are eligible for participation, Buyer
shall, or shall cause its Affiliates to, cause each such plan, program or
arrangement to treat the prior service with ERC and its Affiliates of each
person who is an employee or former employee of ERC immediately prior to the
Effective Date (an “ERC Employee”) as service rendered to Buyer or its
Affiliates, as the case may be, for all purposes to the same extent such
service is recognized under corresponding plans, programs or arrangements of
ERC or its Affiliates prior to the Effective Date; provided, however,
that such crediting of service shall not operate to duplicate any benefit or
the funding of such benefit, nor shall such crediting of service be required
for purposes of benefit service under any defined benefit pension plan.  ERC Employees shall also be given credit for
any deductible or co-payment amounts paid in respect of the plan year in which
the Effective Date occurs, to the extent that, following the Effective Date,
they participate in any other plan for which deductibles or co-payments are
required.  Buyer shall also cause each
benefit plan of Buyer to waive any pre-existing condition that was covered or
waived under the terms of any Benefit Plan immediately prior to the Effective
Date or waiting period limitation that would otherwise be applicable to an ERC
Employee on or after the Effective Date.

(d)                                 As of the Effective Date, the ERC
Employees shall cease accruing benefits under the Parent Group Retirement Plan
and the Parent Group Profit Sharing Plan (which benefits in each such Plan
shall then be fully vested by Parent) and shall cease participating in any
other Parent Group Benefit Plan, except with respect to any available coverage
continuation or conversion rights. 
Parent shall:  (1) make a pro
rata profit sharing contribution to the Parent Group Profit Sharing Plan for
the benefit of the ERC Employees who are participants therein as of the
Effective Date, and waive for such participants any last day of plan year
employment requirement for sharing in such contribution, and (2) take any
actions reasonably required to allow such participants to rollover the vested
balance of their Parent Group Profit Sharing Plan accounts, including any
participant loans, to Buyer’s 401(k) plan. 
Buyer shall have no obligations with respect to the Parent Group Profit
Sharing Plan or the Parent Group Retirement Plan or any other Benefit Plan
maintained by the Parent Group.

(e)                                  ERC Employees whose employment or service
is involuntarily terminated by Buyer other than for cause (1) upon or
within the 12-month period immediately following the Effective Date shall be
eligible for benefits under a Buyer severance or separation pay policy or plan
that are at least equivalent to the lower of (A) the severance benefits set
forth on 

34

Exhibit 5.06(e) hereto, and (B) the severance benefits actually
provided by Parent as of the Effective Date; and (2) after such 12-month
period, shall be entitled to severance benefits in accordance with the
severance plans and policies of Buyer and its Affiliates, as in effect from
time to time thereafter; provided, however, that notwithstanding the foregoing
the first three (3) ERC Employees terminated by Buyer, other than for cause,
during the twelve (12) month period following the Effective Date shall be
eligible for severance benefits in accordance with Exhibit 5.06(e).  Parent shall reimburse to Buyer as an
adjustment to the Purchase Price, on a tax-effected basis, the amount, if any,
by which the amount required to be paid by Buyer to such severed ERC Employee pursuant
to Exhibit 5.06(e) exceeds the amount that Buyer would have paid such severed
ERC Employee under Buyer’s current severance plan for such three (3) severed
ERC Employees.

(f)                                    The provisions of this Section 5.06
are covenants between Buyer and Parent and shall not, in any manner, create any
contractual right, including, but not limited to, contractual rights to
employment, for any Employee of ERC.

5.07                           Tax Matters.

(a)                                  Liability for Taxes.

(1)                                  Parent shall be jointly and severally
liable and indemnify Buyer and ERC and their Affiliates for (i) all Taxes
of ERC (including Taxes of any other Person for which ERC is liable as a result
of joint and several liability, contractual liability, successor liability,
transferee liability, or otherwise and Taxes resulting from the Section 338(h)(10)
Election) to the extent not accrued as a separate liability (not including
reserves to reflect timing differences between Tax and book items) on the
Effective Date Balance Sheet for a Pre-Effective Date Period and (ii) all
Taxes resulting from a breach of a representation or warranty under
Section 4.03(o).  For purposes of
this provision, (i) liability for any Taxes determined by reference to
income, capital gains, gross income, gross receipts, sales, net profits,
windfall profits or similar items or resulting from a transfer of assets
incurred during a period beginning before and ending after the Effective Date
shall be allocated between the portion of the period that is a Pre-Effective
Date Period and the portion that is the Post-Effective Date Period based on the
date on which such items accrued; (ii) liability for all other Taxes for a
period that begins before and ends after the Effective Date shall be pro-rated
between the Pre-Effective Date Period and the Post-Effective Date Period on a
per diem basis based on the number of days in the taxable period for which each
party is liable for Taxes hereunder; (iii) Taxes of any consolidated,
combined or unitary 

35

group that includes ERC on or prior to the Effective Date shall be
considered to be incurred in a Pre-Effective Date Period whether such Taxes are
incurred, accrued, assessed or similarly charged on, before, or after the
Effective Date; and (iv) any interest, penalties, additions to tax or
additional amounts that relate to Taxes for a Pre-Effective Date Period shall
be considered to be incurred in a Pre-Effective Date Period whether such items
are incurred, accrued, assessed or similarly charged on, before or after the
Effective Date.  The indemnification obligations
of this Section 5.07 with respect to any Tax shall survive until thirty (30)
days after the expiration of any applicable statute of limitations period with
respect to such Tax.

(2)                                  Any refunds for Taxes of ERC (to the
extent not accrued on the Effective Balance Sheet) for a Pre-Effective Date
Period (except as a result of the carryback of any items of loss, credit, or
other Tax attributes incurred in a Post-Effective Date Period) shall be
property of Parent and to the extent ERC or Buyer receives such a refund, Buyer
shall promptly pay the amount of such refund (plus any interest received from
the applicable Governmental Authority, net of any Taxes Buyer or ERC or any of
their Affiliates incurs as a result of receiving such interest) to Parent.  If Buyer or ERC must return to a Taxing
Authority a refund or credit (or any portion thereof) for which it has made
payment under this Section 5.07(a)(2), Parent shall indemnify Buyer and
ERC for such payment made under this Section 5.07(a)(2).

(3)                                  Buyer shall be liable for Taxes of ERC
for any Post-Effective Date Period, and shall be entitled to any refund of
Taxes of which ERC received with respect to such periods.

(4)                                  In the case of any Tax that any party is
required to pay (including, without limitation, any Tax that the indemnified
party elects to pay to the Governmental Authority and sue for a refund) a
Governmental Authority and which is subject to indemnification under
Section 5.07(a)(1) or 5.07(a)(3), the party indemnifying against the Tax
shall pay the other party the amount for which the party indemnifying against
the Tax is responsible pursuant to Section 5.07(a)(1) or 5.07(a)(3) above
in immediately available funds no later than three (3) days prior to the date
such Tax is due to the relevant Governmental Authority.

(5)                                  If Parent (or any of its Affiliates)
becomes entitled to a refund or credit for its Taxes (or otherwise recognizes a
reduction in Taxes) for any Pre-Effective Date Period and such refund or credit
(or reduction) is attributable to the carryback of any items of loss, credit,
or other Tax attributes of ERC incurred in a Post-Effective 

36

Date Period, Parent shall promptly pay to Buyer the amount of such
refund or credit (or reduction) (together with any interest received from the
Governmental Authority, net of any Taxes Parent or its Affiliates incurs as a
result of receiving such interest).  If
Parent or its Affiliate must return to a Taxing Authority such refund or credit
(or other reduction in Taxes) for which Parent has made payment under this
Section 5.07(a)(5), Buyer shall indemnify Parent for such payment made
under this Section 5.07(a)(5).

(b)                                 Returns and Reports. 
Buyer shall prepare or cause to be prepared any Tax Returns of ERC that
are required to be filed after the Effective Date and which pertain to any
Post-Effective Date Period.  Parent shall
prepare any Tax Returns of ERC that pertain to any Pre-Effective Date Period.  In the case of Tax Returns required to be
filed by Parent hereunder, Parent shall deliver drafts of such Tax Returns
together with supporting information to Buyer for its review no later than
sixty (60) days before the statutory deadline for filing the applicable Tax
Return (as extended) (or otherwise within a reasonable period of time prior to
the filing of such Tax Returns, if such Tax Return cannot be prepared within
such sixty (60) days time frame).  Parent
shall consider in good faith any comments made by Buyer consistent with respect
to such Tax Returns.  Parent shall remit
the amount of Tax shown as due directly to the relevant Governmental Authority
on or before the due date for such payment, in each case taking into account
applicable extensions, on any Tax Returns it prepares pursuant to this section.  To the extent that Parent has remitted more
Taxes than it is obligated to pay under this Agreement, Buyer shall pay to
Parent the amount of such excess three (3) days prior to the date the Tax is
due to the Taxing Authority or three (3) days after receipt of demand for such
payment, whichever is later.  For
purposes of this Section 5.07(b), a Tax Return for a period that begins
before and ends after the Effective Date shall be considered to relate solely
to a Post-Effective Date Period.  In the
case of a Tax Return of ERC for a period that begins before and ends after the
Effective Date which is prepared by Buyer hereunder, Buyer shall deliver drafts
of such Tax Returns together with supporting information to Parent for its
review no later than sixty (60) days before the statutory deadline for filing
the applicable Tax Return (as extended) (or otherwise within a reasonable
period of time prior to the filing of such Tax Return, if such Tax Return
cannot be prepared within such sixty (60) day time frame).  Buyer shall consider in good faith any
comments made by Parent with respect to such Tax Return.

(c)                                  Contest Provisions.

(1)                                  If in connection with any examination,
investigation, audit or other proceeding in respect of any tax return covering
the operations of ERC for a Pre-Effective Date Period on or before the Closing 

37

Date, any tax authority issues to ERC a written notice of deficiency, a
notice of reassessment, a proposed adjustment, an assertion of claim or demand
concerning the taxable period covered by such return, Buyer or ERC shall notify
Parent of its receipt of such communication from the governmental body or
authority within thirty (30) business days after receiving such notice of
deficiency, reassessment, adjustment or assertion of claim or demand.  No failure or delay of Buyer or  ERC in the performance of the foregoing shall
reduce or otherwise affect the obligations or liabilities of Parent pursuant to
this Agreement, except to the extent that such failure or delay shall preclude
ERC from defending against any liability or claim for Taxes that the Parent are
obligated to pay hereunder.

(2)                                  The Parent shall control any examination,
investigation, audit, or other proceeding in respect of any Taxes for a
Pre-Effective Date Period, provided, subject to Section 5.07(c)(4), that Buyer
and ERC shall have the right to participate in such contest.   Notwithstanding the foregoing, but subject
to Section 5.07(c)(4), Parent shall not be allowed to settle or resolve a
matter without the prior written consent of Buyer; provided, however, Buyer
shall consent to any settlement or other resolution if (1) such settlement or
other resolution could not have an affect on the Taxes of ERC, Buyer, or their
Affiliates in any Post-Effective Date Period and (2) prior to such settlement,
Parent has paid to ERC or Buyer all Taxes resulting from such settlement that
Parent is required to indemnify ERC and the Buyer for under this Agreement.

(3)                                  Buyer and ERC shall control any examination,
investigation, audit, or other proceeding in respect of any Taxes for a
Post-Effective Date Period, provided that Parent shall have the right to
participate in such contest if it could have an affect on the Taxes of ERC in a
Pre-Effective Date Period.

(4)                                  Notwithstanding any other provision of
this Agreement, including Section 5.07(c)(2), to the extent that the proceeding
relates to Taxes for a Pre-Effective Date Period of any combined, consolidated,
or unitary return that includes the Parent and ERC, the Parent shall have the
sole right to participate in and control such contest (including, the
settlement of any claims), provided Parent shall keep the Buyer and ERC
reasonably informed regarding the status of such proceeding if it could have an
impact on the Taxes of ERC in a Post-Effective Date Period.  Notwithstanding any other provision of this
Agreement, including Section 5.07(c)(3), to the extent that the proceeding
relates to Taxes for a Post-Effective Date Period for any combined,
consolidated, or unitary return that includes the Buyer and ERC,

38

Buyer and ERC shall have the sole right to participate in and control
such contest (including, the settlement of any claims), provided Buyer and ERC
shall keep Parent reasonably informed regarding the status of such proceeding
if it could impact the Taxes of ERC in a Pre-Effective Date Period.

(d)                                 Transfer and Sales Taxes. 
Buyer and Parent shall be equally liable for all transfer, excise,
sales, recording and similar Taxes arising from the sale by Parent and the
Purchase by Buyer of the Shares.

(e)                                  Cooperation; Access to Records. 
After the Effective Date, Buyer and Parent shall (i) assist (and
cause their respective Affiliates to assist) the other party in preparing and
filing any Tax Returns related to ERC; (ii) cooperate (and cause their
Affiliates to cooperate) fully in preparing for any audits of, or disputes with
taxing authorities regarding Tax Returns of ERC; (iii) furnish copies (and
cause their Affiliates to furnish copies) of any correspondence received from
any Taxing Authority with respect to any Tax Return of ERC for any
Pre-Effective Date Period; (iv) cooperate with each other (and, if
necessary, Deloitte & Touche) to allow each other to determine the
allocation of the Purchase Price among the assets of ERC; and
(v) cooperate (and cause their Affiliates to cooperate) with each other to
obtain refunds or credits for Taxes (including filing amended Tax Returns) for
which the other party is entitled to receive payment under this Agreement.  Buyer shall, after the Effective Date,
consistent with current practices of ERC and Section 5.03(d) above, retain
such records, documents, accounting data and other information as is necessary
for the preparation, filing and examination of Tax Returns with respect to
Taxes of ERC, and shall make available to Parent and to any Taxing Authority as
reasonably requested all records, documents, accounting data and other
information relating to Taxes of ERC.

(f)                                    Adjustment to Purchase Price. 
Any payment by Parent or Buyer, as the case may be, pursuant to this
Section 5.07 or Article 7, will, to the extent permitted by law, be
treated as an adjustment to the Purchase Price and, Parent and Buyer agree not
to take any position inconsistent therewith for any purpose.

(g)                                 Tax Sharing
Agreements.  On the Effective Date, ERC shall be released
from any tax sharing agreements set forth on Parent Disclosure Schedule
4.03(o)(12) such that ERC shall not have any future obligations under such
agreements after the Effective Date.

(h)                                 Conflict.  The
provisions of this Section 5.07 shall not be governed by the limitations
on indemnity in any other provision of this Agreement and to the extent of any
inconsistency between this Section 5.07 and another provision of this
Agreement, the provisions of this Section 5.07 shall control.

39

5.08                           Notification of Certain Matters.  Each of Buyer
and Parent will give prompt written notice to the other of any fact, event or
circumstance known to it that (a) is reasonably likely, individually or
taken together with all other facts, events and circumstances known to it, to
result in any Material Adverse Effect or (b) would cause or constitute a
material breach of any of its representations, warranties, covenants or
agreements contained in this Agreement.

5.09                           Transition.  Following the date hereof,
Parent, the Affiliates of Parent and Buyer shall use commercially reasonable
efforts to identify and resolve any transition matters resulting from the
Purchase.  The parties agree to negotiate
in good faith and to take, or cause to be taken, all actions, and to do, or
cause to be done, all things reasonably required to cause the execution of a
Transition Services Agreement covering the services described in Exhibit 5.09
attached hereto on or before the Effective Date.

5.10                           Legend. 
Buyer agrees that all certificates or other instruments representing the
Shares subject to this Agreement will bear a legend substantially to the
following effect:

“THE
SHARES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION
STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS.”

5.11                           Non-Compete; No Solicitation of
Employees. 
In order that Buyer may have and enjoy the full benefit of the business
of ERC, Parent and AANAH agrees that, during the period beginning on the
Closing Date and ending twenty-four (24) months after the Closing Date, neither
AANAH nor any of its subsidiaries will, without the written approval of Buyer:

(a)                                  engage, directly or indirectly, in any
Employee Relocation Business, defined below, within the United States.  For purposes of this section, “engage” will
include any direct or indirect interest in any corporation, partnership, limited
liability company, joint venture or other entity, whether as owner,
stockholder, partner, member, joint venturer or otherwise, or rendering any
direct or indirect service or assistance to any individual, corporation,
partnership, limited liability company, joint venture or other business entity
(whether as an agent, consultant or otherwise). 
For purposes of this section, “Employee Relocation Business” shall mean
the business of providing the following integrated services to clients and
their transferring employees: (1) relocation policy counseling; (2) relocation
expense payment; (3) relocation tax reporting; (4) sale of employee residences;
and/or (5) movement of household goods.  

40

Notwithstanding the foregoing, nothing contained herein shall limit the
right of AANAH or its subsidiaries to (i) extend credit secured by the stock of
companies engaged in the Employee Relocation Business and (ii) hold and make
passive investments, including through its merchant banking activities (as
permitted under 12 CFR §225.170 et seq.) in any person engaged in Employee
Relocation Business;

(b)                                 directly or indirectly, contact or
solicit (other than by general advertising) for the purpose of offering
employment or hiring, induce or attempt to induce to accept employment, (in
each case, whether as an employee, consultant, agent, independent contractor or
otherwise), any employee of ERC or executives of Buyer involved in the
negotiations of this Agreement; or

(c)                                  knowingly induce or attempt to induce any
customer of or supplier to ERC to cease or reduce its or his business or other
relationship with ERC or otherwise interfere with the relationship between ERC
and any such customer or supplier (including making any negative statements or
communications concerning Buyer or any of its Affiliates or concerning the
business of ERC).

The
necessity of protection against the competition of Parent and its Affiliates
against Buyer (and ERC after the Closing Date) and the nature and scope of such
protection has been carefully considered by the parties hereto.  The parties hereto agree and acknowledge that
the duration, scope and geographic areas applicable to the covenant not to
compete described in this Section 5.11 are fair, reasonable and necessary,
and that adequate compensation has been received by Parent for such
obligations.  If, however, for any
reason, a court of competent jurisdiction determines that the restrictions in
this Section 5.11 are not reasonable or that the consideration is
inadequate, such restrictions shall be interpreted, modified or rewritten to
include as much of the duration, scope and geographic area identified in this
Section 5.11 as will render such restrictions valid and enforceable.

5.12                           Section 338(h)(10) Election.  (a) Parent
agrees to join, in an appropriate and timely manner, with Buyer in making an
election under Section 338(h)(10) of the Code and any corresponding
election permitted under any local, state or foreign jurisdiction
(collectively, the “Section 338(h)(10) Election”) with respect to
Buyer’s acquisition of the Shares if such election is allowable under
applicable law.  Buyer and Parent agree
to cooperate to take all actions necessary or appropriate to effect and
preserve a timely Section 338(h)(10) Election with respect to Buyer’s
acquisition of the Shares, including, but not limited to, participating in the
timely filing of IRS Form 8023 and 8883 and related or comparable forms for
state, local, or foreign law purposes.

(b)                                 Buyer shall prepare all forms consistent
with the agreed allocation in subparagraph (c) below that Buyer believes
are necessary or appropriate (including preparing the IRS Form 8023 and IRS
Form 8883) to make the 

41

Section 338(h)(10) Election and shall provide them to Parent.  Parent shall promptly execute all of the
forms Buyer provides and return the appropriate executed copies to Buyer for
timely filing by Buyer with the appropriate taxing authorities.  Buyer and Parent shall prepare (and shall
cause all of their Affiliates to prepare) all income Tax Returns consistent
with (and not take an inconsistent position during the course of any audit or
other proceeding) the Section 338(h)(10) Election or the IRS Form 8023 or
IRS Form 8883 (including, as necessary, attaching copies of any relevant forms
on its income tax return for the year including the Effective Date).  Buyer and Parent shall promptly notify the
other party if any taxing authority is challenging the effectiveness of the
Section 338(h)(10) Election or the information set forth on IRS Form 8023
or IRS Form 8883.

(c)                                  Within 120 days following the Effective
Date, Buyer shall prepare a schedule allocating the Purchase Price among the
assets of ERC in accordance with Section 338 of the Code and the regulations
promulgated thereunder and shall provide such allocation to Parent for its
review and comment.  If after thirty (30)
days, the Parent and Buyer are unable to agree on an allocation, Parent and
Buyer shall retain Deloitte & Touche (the costs of which shall be borne
equally by Buyer and Parent) to determine the allocation (or, as the case may
be, the portion of the allocation on which they cannot agree).  Parent and Buyer shall use their commercially
reasonable efforts to have Deloitte & Touche to make such determination
within thirty (30) days of their request. 
Buyer shall prepare the IRS Form 8883 consistent with the allocation
determined under this Section 5.12(c) and Parent and Buyer shall report
(and cause their  Affiliates to report)
the transactions contemplated by this Agreement for Tax purposes (and other
relevant purposes) consistently with the allocation.

5.13                           No Solicitation of Offers.  Until the
earlier of the termination of this Agreement in accordance with its terms and
the Closing, Parent shall not (and shall cause ERC not to), directly or
indirectly, through any Affiliate, Representative or otherwise,
(a) solicit, initiate or encourage the submission of proposals or offers
from any Person relating to any acquisition or purchase of the business or
assets (except in the ordinary course) of, or any equity interest in, or any
merger, consolidation or business combination with, ERC (an “Acquisition
Proposal”), or (b) continue or participate in any discussion or negotiation
regarding, or furnish to any other Person any information with respect to, or
otherwise cooperate in any way with or assist, facilitate or encourage, any
Acquisition Proposal by any other Person. 
Parent shall notify Buyer promptly upon the receipt by Parent or ERC, or
any of their Affiliates or Representatives of any Acquisition Proposal.

5.14                           Guarantee.  Guarantor hereby guarantees the full and
prompt payment and performance when due of all present and future obligations,
liabilities and indebtedness of Buyer to Parent, or Parent’s Affiliates,
arising under this Agreement (collectively, the “Buyer Indebtedness”).  Parent may have immediate 

42

recourse against Guarantor for full and immediate payment of the Buyer
Indebtedness at any time after the Indebtedness, or any part thereof, has not
been paid in full when due or performed when required by this Agreement.  This is a guarantee of payment, and not of
collection, and Guarantor therefore agrees that Parent shall not be obligated,
prior to seeking recourse against or receiving payment from Guarantor, to do
any of the following acts (although Parent may do so, in whole or in part, at
its sole option), the performance of each of which is hereby unconditionally
waived by Guarantor:  (a) take any
steps whatsoever to collect from Buyer or to file any claim of any kind against
Buyer; or (b) in any other respect exercise any diligence whatsoever in
collecting or attempting to collect the Buyer Indebtedness by any means.  No delay on the part of Parent in exercising
any of its options, powers or rights, or partial or single exercise thereof,
under this Section 5.14 will constitute a waiver thereof.  If any provision of this Section 5.14 is
determined to be illegal, unconscionable or unenforceable, all other terms and
provisions hereof will nevertheless remain effective and will be enforced to
the fullest extent permitted by law.

6.             Conditions
to Consummation of the Purchase

6.01                           Conditions to Each Party’s Obligation
to Effect the Purchase. 
The respective obligations of Parent and Buyer to consummate the
Purchase are subject to the fulfillment or written waiver, at or prior to the
Effective Date, of each of the following conditions:

(a)                                  Approvals. All Governmental Authority approvals required to
consummate the transactions contemplated hereby shall have been obtained and
shall remain in full force and effect and all statutory waiting periods in
respect thereof shall have expired.

(b)                                 Third Party Consents. 
All consents or approvals of all Persons, other than Governmental
Authorities, required for or in connection with the execution, delivery and
performance of this Agreement (including consummation of the Purchase) shall
have been obtained and shall be in full force and effect, unless the failure to
obtain any such consent or approval is not reasonably likely to have a Material
Adverse Affect on ERC.

(c)                                  No Injunction. 
No Governmental Authority of competent jurisdiction shall have enacted,
issued, promulgated, enforced or entered any statute, rule, regulation,
judgment, decree, injunction or other order (whether temporary, preliminary or
permanent) that is in effect, pending or threatened and prohibits (or would
prohibit, once in effect) consummation of the transactions contemplated by this
Agreement.

(d)                                 HSR Act.  The
applicable waiting period (and any extension thereof) under the HSR Act and any
other relevant antitrust law shall have expired or been terminated.

43

6.02                           Conditions to Obligation of Buyer.  The
obligations of Buyer to consummate the Purchase are also subject to the
fulfillment or written waiver, at or prior to the Effective Date, of each of
the following conditions:

(a)                                  Representations and Warranties.  The
representations and warranties of Parent set forth in this Agreement shall be
true and correct as of the date of this Agreement and as of the Effective Date
as though made on and as of the Effective Date (except that representations and
warranties that by their terms speak as of the date of this Agreement or some
other date shall be true and correct as of such date only), and Buyer shall
have received certificates, dated the Effective Date, signed on behalf of
Parent to such effect.

(b)                                 Performance of Obligations of Parent. 
Parent shall have performed in all material respects all obligations
required to be performed by it under this Agreement at or prior to the
Effective Date, and Buyer shall have received certificates, dated the Effective
Date, signed on behalf of Parent to such effect.

(c)                                  Consents. 
Buyer shall have received the necessary commitments and related consents
for the financing required to pay all amounts owed by Buyer to Parent under
this Agreement as set forth on Buyer Disclosure Schedule 6.02(c), provided that
Buyer shall use its best efforts to obtain such commitments and consents on or
before December 31, 2004.

(d)                                 Transition Services Agreement. 
Parent shall have delivered to Buyer a fully executed Transition
Services Agreement.

(e)                                  Trademarks.  Parent shall
have delivered to Buyer evidence (i) from the U.S. Patent and Trademark Office
of the assignment to ERC of the U.S. registered trademarks and applications as
listed on Parent Disclosure Schedule 4.03(r) and (ii) from the applicable foreign
patent and trademark office(s), evidence of the filing of the foreign
registered trademarks and applications as listed on Parent Disclosure Schedule
4.03(r).

(f)                                    Other Closing Deliveries. 
Parent shall have delivered or caused to be delivered to Buyer each of
the items required by Section 2.04(a).

6.03                           Conditions to Obligation of Parent.  The
obligations of Parent to consummate the Purchase are also subject to the
fulfillment or written waiver, at or prior to the Effective Date, of each of
the following conditions:

(a)                                  Representations and Warranties. 
The representations and warranties of Buyer set forth in this Agreement
shall be true and correct as of the date of this Agreement and as of the
Effective Date as though made on and as of the Effective Date (except that
representations and warranties that by their terms speak as of the date of this
Agreement or some other date shall be true and correct as of such date only)
and Parent shall have received a 

44

certificate, dated the Effective Date, signed on behalf of Buyer to
such effect.

(b)                                 Performance of Obligations of Buyer. 
Buyer shall have performed in all material respects all obligations
required to be performed by it under this Agreement at or prior to the
Effective Date, and Parent shall have received a certificate, dated the
Effective Date, signed on behalf of Buyer to such effect.

(c)                                  Transition Services Agreement. 
Buyer shall have delivered to Parent a fully executed Transition
Services Agreement.

(d)                                 Other Closing Deliveries. 
Buyer shall have delivered or caused to be delivered to Parent each of
the items required by Section 2.04(b).

7.             Survival;
Indemnifications

7.01                           In General.  After the Closing, the indemnification
expressly provided in this Agreement shall be the sole and exclusive remedy for
any breach of representations and warranties or of any covenant or agreement in
this Agreement by either party in the absence of fraud.  Nothing herein shall preclude a party hereto
from applying to a court for equitable relief to enforce its rights under this
Agreement.  Each indemnitee under this
Article 7 shall use its reasonable efforts to mitigate Costs for which it
seeks indemnification hereunder. 
Notwithstanding anything in this Agreement to the contrary, no Person
shall be entitled to indemnification if the event or condition giving rise to
such Person’s indemnification claim is a result of fraud or willful misconduct
by such Person, its Affiliates or its Representatives.

7.02                           Survival Periods.  Unless
expressly provided herein to the contrary, all representations and warranties
of the parties contained in this Agreement or in any Schedule hereto, or any
certificate, document or other instrument delivered in connection herewith,
which, in order to be given proper effect must survive Closing, shall survive
the Closing until eighteen (18) months following the Effective Date (the “Survival
Date”); provided, however, that (i) the representations under
Section 4.03(o) shall survive until thirty (30) days after the expiration of
any applicable statute of limitations of such representations, and (ii)  the representations under
Sections 4.03(a) (b) (c) (d) and (k), and 4.04 (a) (b) and (f) shall not
expire.  No Action may be brought with
respect to any of the representations and warranties that survive until the
Survival Date, unless written notice thereof, setting forth in reasonable
detail the claimed misrepresentation or breach of warranty, shall have been
delivered to the party alleged to have breached such representation or warranty
prior to the Survival Date.  No Action
may be brought by the party seeking indemnification with respect to any
representation or warranty contained in this Agreement (and the other party
hereto shall have no liability with respect to such matter) unless such Action
is brought within 60 days following the delivery of such notice by the party
seeking 

45

indemnification.  In calculating
any amount of Costs payable to Parent or Buyer under this Article 7, the
indemnifying party shall receive credit for (a) insurance recoveries
received by the indemnified party offsetting the amount of loss, (b) the
amount accrued or reserved against as a liability on the Effective Date Balance
Sheet with respect to such loss (or, in the case of any such loss comprised of
the loss of, or the reduced value of, any asset, the extent to which such asset
was written down on the Effective Date Balance Sheet to reflect such reduction
in value), and (c) any recoveries from third parties pursuant to
indemnification or otherwise with respect thereto.  Any party receiving indemnity shall assign to
the indemnifying party all of its claims for recovery against third parties as
to such Costs, whether by insurance coverage, contribution claims, subrogation
or otherwise.

7.03                           Limits on Indemnification.  (a)
Notwithstanding any provision to the contrary contained in this Agreement,
Buyer shall not make any claim against Parent for any breach of representations
and warranties under this Agreement (i) for any individual Cost that is
less than $1,000 (any such Cost being a “De Minimis Cost”) and
(ii) except as set forth in the next sentence, until the dollar amount of
all such claims (excluding for this purpose all De Minimis Costs), together
with any indemnification amount payable by Parent under Article 7, after
deducting the credits described in Section 7.02, shall exceed, in the
aggregate (under all such agreements), the amount of the Deductible, and, if the
Deductible is exceeded, except as set forth in the next sentence, Parent shall
be required to pay only the amount of such excess over the Deductible; provided
that Parent’s obligation and liability for any and all breaches of the
representations and warranties set forth in this Agreement shall not exceed, in
the aggregate (under all such agreements), the amount of the Cap.  With respect to claims by Buyer against
Parent for indemnification for a breach of the representations and warranties
set forth in Section 4.03(aa), such claims will not be subject to the
Deductible.

(b)                                 Any breach of a representation or
warranty hereunder disclosed to the other party after the execution and
delivery of this Agreement and prior to the Closing shall not affect the right
of such other party to elect not to close the transactions contemplated by this
Agreement (it being understood and agreed that if, despite such right of such
other party to elect not to close by reason of the breach so disclosed, such
other party nevertheless elects to close, thereby waiving such breach, such
other party shall thereafter have no claim by reason of, in connection with or
arising from any such disclosed breach).

(c)                                  Anything in this Article 7 to the
contrary notwithstanding, the rights and obligations of the parties with
respect to indemnification for any and all Tax matters shall be governed by
Section 5.07 hereof.

7.04                           Indemnification by Buyer.  From and
after the Effective Date, Buyer shall indemnify and hold harmless Parent, its
Affiliates, each of their respective directors, officers, employees and agents,
and each of the heirs, executors, 

46

successors and assigns of any of the foregoing (collectively, the “Parent
Indemnified Parties”) from and against any and all Costs incurred by or
asserted against any of Parent Indemnified Parties in connection with or
arising from any (a) Costs incurred by or asserted against any Parent
Indemnified Party arising out of or in connection with any of the businesses, assets,
operations or activities of ERC (including any predecessor of ERC and any
former business, asset, operation or activity of ERC), owned or conducted, from
and after the Effective Date, including, without limitation, any Costs based on
negligence, gross negligence, strict liability, intentional tort or any other
theory of liability, whether in law (whether common or statutory) or equity,
and (b)  Costs incurred by or asserted against any of Parent Indemnified
Parties in connection with or arising from any breach of any representation or
warranty which survives the Closing made by or on behalf of Buyer under this
Agreement.

7.05                           Indemnification by Parent.  From and
after the Effective Date, Parent shall indemnify and hold harmless Buyer, Buyer’s
Affiliates (including ERC after the Effective Date), each of their respective
directors, officers, employees and agents, and each of the heirs, executors,
successors and assigns of any of the foregoing (collectively, the “Buyer
Indemnified Parties”) from and against any and all Costs incurred by or
asserted against any of the Buyer Indemnified Parties in connection with or
arising from any breach of any representation or warranty that survives the
Closing made by or on behalf of Parent under this Agreement.

7.06                           Third-Party Claims.  If a claim by
a third party is made against a Parent Indemnified Party or a Buyer Indemnified
Party (collectively, an “Indemnified Party”), and if such Indemnified
Party intends to seek indemnity with respect thereto under this Article 7,
such Indemnified Party shall promptly notify the indemnifying party of such
claims.  Such notification shall be given
within ten (10) days after receipt by the Indemnified Party of notice of such
suit or proceeding; shall be accompanied by reasonable supporting documentation
submitted by such third party (to the extent then in the possession of the
Indemnified Party); and shall describe in reasonable detail (to the extent
known by the Indemnified Party) the facts constituting the basis for such suit
or proceeding and the amount of the claimed damages; provided, however,
that no delay or deficiency on the part of the Indemnified Party in so
notifying the indemnifying party shall relieve the indemnifying party of any
liability or obligation hereunder except to the extent of any liability caused
by or arising out of such failure, except and only to the extent where the
indemnifying party is prejudiced by such delay. 
Within twenty (20) days after delivery of such notification, the
indemnifying party may, upon written notice thereof to the Indemnified Party,
assume control of the defense of such suit or proceeding with counsel
reasonably satisfactory to the Indemnified Party; provided, however,
that (i) the indemnifying party may only assume control of such defense if
it acknowledges in writing to the Indemnified Party that any damages that may
be assessed against the Indemnified Party in connection with such suit or
proceeding constitute “Costs” for which the Indemnified Party shall be
indemnified pursuant to this Article 7, and (ii) the indemnifying
party may not assume control of the 

47

defense of a suit or proceeding involving criminal liability or in
which any relief other than monetary damages is sought against the Indemnified
Party.

In
addition, notwithstanding anything to the contrary in the foregoing, in the
event that an Indemnified Party in good faith determines that the conduct of
the defense of any claim, suit or proceeding or any proposed settlement of any
such claim, suit or proceeding by the indemnifying party might be expected to
adversely affect the Indemnified Party’s Tax liability or the ability of the
Indemnified Party to conduct its business (including relationships with
Governmental Authorities, customers, suppliers or other Persons with whom the
Indemnified Party conducts business), the Indemnified Party shall have the
right at all times to take over and assume control over the defense, settlement
or negotiations relating to any such claim, suit or proceeding at the sole cost
of the indemnifying party.  If the
indemnifying party does not so assume control of such defense, the Indemnified
Party shall control such defense.  The
party not controlling such defense (the “Non-controlling Party”) may participate
therein at its own expense; provided, however, that if the
indemnifying party assumes control of such defense and the Indemnified Party
reasonably concludes that the indemnifying party and the Indemnified Party have
conflicting interests or different defenses available with respect to such suit
or proceeding, the reasonable fees and expenses of counsel to the Indemnified
Party shall be considered “Costs” for purposes of this Agreement.

The
party controlling such defense (the “Controlling Party”) shall keep the
Non-controlling Party reasonably advised of the status of such suit or
proceeding and the defense thereof and shall consider in good faith
recommendations made by the Non-controlling Party with respect thereto.  The Non-controlling Party shall furnish the
Controlling Party with such information as it may have with respect to such
suit or proceeding (including copies of any summons, complaint or other
pleading which may have been served on such party and any written claim,
demand, invoice, billing or other document evidencing or asserting the same)
and shall otherwise cooperate with and assist the Controlling Party in the
defense of such suit or proceeding.  The
indemnifying party shall not, except with the consent of the Indemnified Party,
enter into any settlement that does not include as an unconditional term
thereof the giving by the Person or Persons asserting such claim to all
Indemnified Parties of unconditional release from all liability with respect to
such claim or consent to entry of any judgment. 
The Indemnified Party shall not agree to any settlement of, or the entry
of any judgment arising from, any such suit or proceeding without the prior
written consent of the indemnifying party, which shall not be unreasonably
withheld or delayed.

8.             Termination

8.01                           Termination.  This
Agreement may be terminated and the Purchase may be abandoned at any time prior
to the Effective Date:

(a)                                  Mutual Consent. 
By the mutual written consent of Parent and Buyer.

48

(b)                                 Breach.  By Parent or
Buyer, in the event of either: 
(1) a breach by the other party of any representation or warranty
contained herein, which breach cannot be or has not been cured within 30 days
after the giving of written notice to the breaching party of such breach, or
(2) a breach by the other party of any of the covenants or agreements
contained herein, which breach cannot be or has not been cured within 30 days
after the giving of written notice to the breaching party of such breach, provided
that such breach (whether under (1) or (2) above) would be reasonably likely,
individually or in the aggregate with other breaches, to result in a Material
Adverse Effect.

(c)                                  Delay.  By Parent or
Buyer, in the event that the Purchase is not consummated by December 31,
2004.

(d)                                 No Approval. 
By Parent or Buyer, in the event that the approval of any Governmental
Authority required for consummation of the Purchase and the other transactions
contemplated by this Agreement shall have been denied by final nonappealable
action of such Governmental Authority after good faith efforts by the Party to
obtain such approval.

8.02                           Effect of Termination and Abandonment.  In the event
of termination of this Agreement and the abandonment of the Purchase pursuant
to this Article 8, no party to this Agreement shall have any liability or
further obligation to any other party to this Agreement, except (a) as set
forth in Sections 5.02, 5.03(b), 5.03(c), 8.03 and 9.06 hereof, and
(b) that termination will not relieve a breaching party from liability for
any willful breach of this Agreement giving rise to such termination.

8.03                           Performance Fee. 
If Parent is unable to satisfy the conditions set forth in Section 6.03
by December 31, 2004, and provided Buyer and Guarantor are in compliance in all
material respects with their obligations under this Agreement, then the
Purchase Price will be reduced  by Two
Million Dollars ($2,000,000).  If Buyer or
Guarantor is unable to satisfy the conditions set forth in Section 6.02 by December
31, 2004, and provided Parent is in compliance in all material respects with
its obligations under this Agreement, then the Purchase Price will be increased
by Two Million Dollars ($2,000,000).  The
right to this fee is separate and distinct from the right to termination
pursuant to Section 8.01(c) above.

9.             Miscellaneous

9.01                           Waiver; Amendment.  Prior to the
Effective Date, any provision of this Agreement may be (a) waived in
writing signed by the party benefited by the provision, or (b) amended or
modified at any time by an agreement in writing signed by each party hereto
executed in the same manner as this Agreement.

9.02                           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to constitute an original. 
Facsimile signatures 

49

shall in all respects have the same weight, force and legal effect and
shall be fully valid, binding and enforceable as if such signed facsimile
copies were original documents bearing original signatures.

9.03                           Governing Law.  This
Agreement is governed by, and will be interpreted and enforced in accordance
with, the laws of the State of Illinois applicable to contracts made and to be
performed entirely within such State, without regard to conflicts of laws
principles that would require the application of laws of any other
jurisdiction.

9.04                           Waiver of Jury Trial.  Each party
hereto acknowledges and agrees that any controversy that may arise under this
Agreement is likely to involve complicated and difficult issues, and therefore
each such party hereby irrevocably and unconditionally waives any right such
party may have to a trial by jury in respect of any litigation directly or
indirectly arising out of or relating to this Agreement, or the transactions
contemplated by this Agreement.  Each
party certifies and acknowledges that (a) no representative, agent or
attorney of any other party has represented, expressly or otherwise, that such
other party would not, in the event of litigation, seek to enforce the
foregoing waiver, (b) each party understands and has considered the
implications of this waiver, (c) each party makes this waiver voluntarily,
and (d) each party has been induced to enter into this Agreement by, among
other things, the mutual waivers and certifications in this Section 9.04.

9.05                           Assignment.  Neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by any of
the parties hereto without the prior written consent of the other parties
hereto, and any purported assignment in violation of this Section 9.05
shall be null and void.  Notwithstanding
the foregoing, Buyer may assign any of its rights, interests or obligations
hereunder to any of its Affiliates.

9.06                           Expenses.  Each party hereto will bear all expenses
incurred by it in connection with this Agreement and the transactions
contemplated hereby, unless otherwise specified in this Agreement.

9.07                           Notices.  All notices, requests and other
communications hereunder to a party shall be in writing and shall be deemed
given if personally delivered, telecopied (with confirmation) or mailed by
registered or certified mail (return receipt requested) to such party at its
address set forth below or such other address as such party may specify by
notice to the parties hereto.

	
  If to Buyer or Guarantor,
  to:

  
	
   

  
	
  c/o SIRVA, Inc.

  
	
  700 Oakmont Lane

  
	
  Westmont, IL 60559

  

 

50

 

	
  Attention: General Counsel

  
	
  Telephone: 630-570-3000

  
	
  Facsimile: 630-468-4706

  
	
   

  
	
  With a copy to:

  
	
  Winston & Strawn LLP

  
	
  35 W. Wacker Drive

  
	
  Chicago, IL 60610

  
	
  Attention: Robert F. Wall, Esq.

  
	
  Telephone: (312) 558-5600

  
	
  Facsimile: (312) 558-5700

  
	
   

  
	
  If to Parent, to:

  
	
  Standard Federal Bank National Association

  
	
  2600 W. Big Beaver Road

  
	
  Troy, MI 48084

  
	
  Attention: Thomas M. Goldstein

  
	
  Telephone:

  
	
  Facsimile:

  
	
   

  
	
  With a copy to:

  
	
  LaSalle Bank Corporation

  
	
  135 S. LaSalle Street, Suite 925

  
	
  Chicago, IL 60603

  
	
  Attention: Timothy D. Kaiser, Esq.

  
	
  Telephone: (312) 904-5046

  
	
  Facsimile: (312) 904-1104

  
	
   

  
	
  With a copy to:

  
	
  Vedder, Price, Kaufman & Kammholz, P.C.

  
	
  222 North LaSalle Street, Suite 2600

  
	
  Chicago, Illinois 60601-1003

  
	
  Attention:

  	
  Robert J.
  Stucker, Esq.

  
	
   

  	
  Daniel
  C. McKay, II, Esq.

  
	
   

  	
  Jeffrey
  C. Davis, Esq.

  
	
  Telephone: (312) 609-7500

  
	
  Facsimile: (312) 609-5005

  

 

9.08                           Entire Understanding; No Third Party
Beneficiaries. 
This Agreement represents the entire understanding of the parties hereto
with reference to the transactions contemplated hereby and thereby and this
Agreement supersedes any and all other oral or written agreements heretofore
made, other than the Confidentiality Agreement as set forth in
Section 5.03(c).  No representation,

51

warranty, inducement, promise, understanding or condition not set forth
in this Agreement has been made or relied on by any party in entering into this
Agreement.  Nothing in this Agreement,
expressed or implied, is intended to confer upon any person, other than the
parties hereto or their respective successors, any rights, remedies,
obligations or liabilities under or by reason of this Agreement, other than as
may be provided in the Confidentiality Agreement.

9.09                           Severability.  The
provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 
If any provision of this Agreement, or the application thereof to any
person or entity or any circumstance, is found by a court or other Governmental
Authority of competent jurisdiction to be invalid or unenforceable, (a) a
suitable and equitable provision shall be substituted therefore in order to
carry out, so far as may be valid and enforceable, the intent and purpose of
such invalid or unenforceable provision and (b) the remainder of this
Agreement and the application of such provision to other persons, entities or
circumstances shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

*  *  *

[The next page is a
signature page.]

52

IN
WITNESS WHEREOF,
the parties hereto have caused this Stock Purchase Agreement to be executed by
their duly authorized officers, all as of the day and year first above written.

	
   

  	
  NORTH
  AMERICAN INTERNATIONAL

  HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ralph A. Ford 

  
	
   

  	
   

  	
  Name: Ralph A. Ford 

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SIRVA
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian P. Kelley

  
	
   

  	
   

  	
  Name: Brian P. Kelley

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
  STANDARD
  FEDERAL BANK

  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas Goldstein 

  
	
   

  	
   

  	
  Name: Thomas Goldstein

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Solely with respect to Section 5.11 only:  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ABN AMRO
  NORTH AMERICA

  HOLDING COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Thomas Goldstein

  	
   

  	
   

  	
   

  
	
   

  	
  Name: Thomas Goldstein 

  	
   

  	
   

  
	
   

  	
  Title: CFO and SVP

  	
   

  	
   

  
					

 

 

53

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