Document:

STOCK
      PURCHASE AGREEMENT

     

    THIS
      STOCK PURCHASE AGREEMENT (this “Agreement”),
      dated
      as of August 17, 2007, is made by and between Greenleaf Forest Products, Inc.,
      a
      Delaware corporation (“Seller”),
      and
      Michelle Maresova (“Buyer”).

     

    RECITALS

     

    A. Seller
      owns one thousand (1,000) shares of common stock, $0.001 par value per share
      (the “Shares”)
      of
      Greenleaf Forest Products Holdings, Inc., a Delaware corporation (the
“Company”),
      which
      shares constitute, as of the date hereof, all of the issued and outstanding
      capital stock of the Company.

     

    B. Buyer
      holds 39,795,454 shares of common stock, $0.001 par value per share, of Seller
      (the “Purchase
      Price Shares”),
      and
      Buyer has agreed to transfer such shares back to Seller for immediate
      cancellation (the “Repurchase”).

     

    C. In
      connection with the Repurchase, Buyer wishes to acquire from Seller, and Seller
      wishes to transfer to Buyer, the Shares, upon the terms and subject to the
      conditions set forth herein.

     

    Accordingly,
      the parties hereto agree as follows:

     

    1. Purchase
      and Sale of Stock.
      

     

    (a) Purchased
      Shares.
      Subject
      to the terms and conditions provided below, Seller shall sell and transfer
      to
      Buyer and Buyer shall purchase from Seller, on the Closing Date (as defined
      in
      Section 1(c)), all of the Shares.

     

    (b) Purchase
      Price.
      The
      purchase price for the Shares shall be the transfer and delivery by Buyer to
      Seller of the Purchase Price Shares, deliverable as provided in Section
      2(b).

     

    (c) Closing.
      The
      closing of the transactions contemplated in this Agreement (the “Closing”)
      shall
      take place as soon as practicable following the execution of this Agreement.
      The
      date on which the Closing occurs shall be referred to herein as the Closing
      Date
      (the “Closing
      Date”).

     

    2. Closing.

     

    (a) Transfer
      of Shares.
      At the
      Closing, Seller shall deliver to Buyer certificates representing the Shares,
      duly endorsed to Buyer or as directed by Buyer, which delivery shall vest Buyer
      with good and marketable title to all of the issued and outstanding shares
      of
      capital stock of the Company, free and clear of all liens and
      encumbrances.

     

    (b)
      Payment
      of Purchase Price.
      At the
      Closing, Buyer shall deliver to Seller a certificate or certificates
      representing the Purchase Price Shares duly endorsed to Seller, which delivery
      shall vest Seller with good and marketable title to the Purchase Price Shares,
      free and clear of all liens and encumbrances.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    3. Representations
      and Warranties of Seller.
      Seller
      represents and warrants to Buyer as of the date hereof as follows:

     

    (a) Corporate
      Authorization; Enforceability.
      The
      execution, delivery and performance by Seller of this Agreement is within the
      corporate powers and has been, duly authorized by all necessary corporate action
      on the part of Seller. This Agreement has been duly executed and delivered
      by
      Seller and constitutes the valid and binding agreement of Seller, enforceable
      against Seller in accordance with its terms, except to the extent that its
      enforceability may be subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and similar Laws affecting the enforcement of
      creditors’ rights generally and by general equitable principles.

     

    (b) Governmental
      Authorization.
      The
      execution, delivery and performance by Seller of this Agreement requires no
      consent, approval, Order, authorization or action by or in respect of, or filing
      with, any Governmental Authority.

     

    (c) Non-Contravention;
      Consents.
      The
      execution, delivery and performance by Seller of this Agreement and the
      consummation of the transactions contemplated hereby do not (i) violate the
      certificate of incorporation or bylaws of Seller or (ii) violate any applicable
      Law or Order.

     

    4. Representations
      and Warranties of Buyer.
      Buyer
      represents and warrants to Seller as of the date hereof as follows:

     

    (a) Enforceability.
      The
      execution, delivery and performance by Buyer of this Agreement are within
      Buyer’s powers. This Agreement has been duly executed and delivered by Buyer and
      constitutes the valid and binding agreement of Buyer, enforceable against Buyer
      in accordance with its terms, except to the extent that its enforceability
      may
      be subject to applicable bankruptcy, insolvency, reorganization, moratorium
      and
      similar laws affecting the enforcement of creditors' rights generally and by
      general equitable principles.

     

    (b) Governmental
      Authorization.
      The
      execution, delivery and performance by Buyer of this Agreement require no
      consent, approval, Order, authorization or action by or in respect of, or filing
      with, any Governmental Authority.

     

    (c) Non-Contravention;
      Consents.
      The
      execution, delivery and performance by Buyer of this Agreement, and the
      consummation of the transactions contemplated hereby do not violate any
      applicable Law or Order.

     

    
      
        
        

      

      
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    (d) Purchase
      for Investment.
      Buyer
      is financially able to bear the economic risks of acquiring an interest in
      the
      Company and the other transactions contemplated hereby, and have no need for
      liquidity in this investment. Buyer has such knowledge and experience in
      financial and business matters in general, and with respect to businesses of
      a
      nature similar to the business of the Company, so as to be capable of evaluating
      the merits and risks of, and making an informed business decision with regard
      to, the acquisition of the Shares. Buyer is acquiring the Shares solely for
      their own account and not with a view to or for resale in connection with any
      distribution or public offering thereof, within the meaning of any applicable
      securities laws and regulations, unless such distribution or offering is
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”),
      or an
      exemption from such registration is available. Buyer has (i) received all the
      information they have deemed necessary to make an informed investment decision
      with respect to the acquisition of the Shares, (ii) had an opportunity to make
      such investigation as she has desired pertaining to the Company and the
      acquisition of an interest therein, and to verify the information which is,
      and
      has been, made available to her and (iii) had the opportunity to ask questions
      of Seller concerning the Company. Buyer has received no public solicitation
      or
      advertisement with respect to the offer or sale of the Shares. Buyer realizes
      that the Shares are “restricted securities” as that term is defined in Rule 144
      promulgated by the Securities and Exchange Commission under the Securities
      Act,
      the resale of the Shares is restricted by federal and state securities laws
      and,
      accordingly, the Shares must be held indefinitely unless their resale is
      subsequently registered under the Securities Act or an exemption from such
      registration is available for their resale. Buyer understands that any resale
      of
      the Shares by her must be registered under the Securities Act (and any
      applicable state securities law) or be effected in circumstances that, in the
      opinion of counsel for the Company at the time, create an exemption or otherwise
      do not require registration under the Securities Act (or applicable state
      securities laws). Buyer acknowledges and consents that certificates now or
      hereafter issued for the Shares will bear a legend substantially as
      follows:

     

    THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER
      ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR
      INVESTMENT AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
      EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
      QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH
      REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN THE CASE OF THE
      SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(1) OF THE SECURITIES ACT
      AND RULE 144 THEREUNDER). AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER
      OF
      THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO
      THE
      AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR
      SUCH
      OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO THAT ANY SUCH TRANSFER WILL NOT
      VIOLATE THE SECURITIES LAWS.

     

    Buyer
      understands that the Shares are being sold to her pursuant to the exemption
      from
      registration contained in Section 4(1) of the Securities Act and that Seller
      is
      relying upon the representations made herein as one of the bases for claiming
      the Section 4(1) exemption. 

     

    (e) Liabilities.
      Following the Closing, Seller will have no debts, liabilities or obligations
      relating to the Company or its business or activities, whether before or after
      the Closing, and there are no outstanding guaranties, performance or payment
      bonds, letters of credit or other contingent contractual obligations that have
      been undertaken by Seller directly or indirectly in relation to the Company
      or
      its business and that may survive the Closing. 

     

    (f) Title
      to Purchase Price Shares.
      Buyer
      is the sole record and beneficial owners of the Purchase Price Shares. At
      Closing, Buyer will have good and marketable title to the Purchase Price Shares,
      which Purchase Price Shares are, and at the Closing will be, free and clear
      of
      all options, warrants, pledges, claims, liens and encumbrances, and any
      restrictions or limitations prohibiting or restricting transfer to Seller,
      except for restrictions on transfer as contemplated by applicable securities
      laws.

     

    
      
        
        

      

      
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    (g) Capitalization.
      As of
      the date hereof, Seller owns the Shares, which interests represent 100% of
      the
      authorized, issued and outstanding capital stock of the Company. The Shares
      are
      duly authorized, validly issued, fully-paid, non-assessable and free and clear
      of any Liens.

     

    5. Indemnification
      and Release.
      

     

    (a) Indemnification.
      Buyer
      covenants and agrees to indemnify, defend, protect and hold harmless Seller,
      and
      its officers, directors, employees, stockholders, agents, representatives and
      affiliates (collectively, together with Seller, the “Seller
      Indemnified Parties”)
      at all
      times from and after the date of this Agreement from and against all losses,
      liabilities, damages, claims, actions, suits, proceedings, demands, assessments,
      adjustments, costs and expenses (including specifically, but without limitation,
      reasonable attorneys’ fees and expenses of investigation), whether or not
      involving a third party claim and regardless of any negligence of any Seller
      Indemnified Party (collectively, “Losses”),
      incurred by any Seller Indemnified Party as a result of or arising from (i)
      any
      breach of the representations and warranties of Buyer set forth herein or in
      certificates delivered in connection herewith, (ii) any breach or nonfulfillment
      of any covenant or agreement on the part of Buyer under this Agreement, (iii)
      any debt, liability or obligation of the Company, whether incurred or arising
      prior to the date hereof or after, (iv) any debt, liability or obligation of
      Seller for actions taken prior to that certain merger by and between Seller
      and
      Halcyon Jets Inc., a Delaware corporation (the “Merger”),
      including, without limitation, any amounts due or owing to any former officer,
      director or Affiliate of Seller, (v) the conduct and operations of the business
      of the Company whether before or after the Closing, (vi) claims asserted against
      the Company whether arising before or after the Closing, or (vii) any federal
      or
      state income tax payable by Seller and attributable to the transaction
      contemplated by this Agreement or activities prior to the Merger or with respect
      to the Company after the Merger.

     

    (b) Third
      Party Claims.

     

    (i) If
      any
      claim or liability (a “Third-Party
      Claim”)
      should
      be asserted against any of the Seller Indemnified Parties (the “Indemnitee”)
      by a
      third party after the Closing for which Buyer has an indemnification obligation
      under the terms of Section 5(a), then the Indemnitee shall notify Buyer (the
      “Indemnitor”)
      within
      20 days after the Third-Party Claim is asserted by a third party (said
      notification being referred to as a “Claim
      Notice”)
      and
      give the Indemnitor a reasonable opportunity to take part in any examination
      of
      the books and records of the Indemnitee relating to such Third-Party Claim
      and
      to assume the defense of such Third-Party Claim and in connection therewith
      and
      to conduct any proceedings or negotiations relating thereto and necessary or
      appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The
      expenses (including reasonable attorneys’ fees) of all negotiations,
      proceedings, contests, lawsuits or settlements with respect to any Third-Party
      Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume
      the
      defense of any Third-Party Claim in writing within 20 days after the Claim
      Notice of such Third-Party Claim has been delivered, through counsel reasonably
      satisfactory to Indemnitee, then the Indemnitor shall be entitled to control
      the
      conduct of such defense, and shall be responsible for any expenses of the
      Indemnitee in connection with the defense of such Third-Party Claim so long
      as
      the Indemnitor continues such defense until the final resolution of such
      Third-Party Claim. The Indemnitor shall be responsible for paying all
      settlements made or judgments entered with respect to any Third-Party Claim
      the
      defense of which has been assumed by the Indemnitor. Except as provided in
      subsection (ii) below, both the Indemnitor and the Indemnitee must approve
      any
      settlement of a Third-Party Claim. A failure by the Indemnitee to timely give
      the Claim Notice shall not excuse Indemnitor from any indemnification liability
      except only to the extent that the Indemnitor is materially and adversely
      prejudiced by such failure.

     

    
      
        
        

      

      
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    (ii) If
      the
      Indemnitor shall not agree to assume the defense of any Third-Party Claim in
      writing within 20 days after the Claim Notice of such Third-Party Claim has
      been
      delivered, or shall fail to continue such defense until the final resolution
      of
      such Third-Party Claim, then the Indemnitee may defend against such Third-Party
      Claim in such manner as it may deem appropriate and the Indemnitee may settle
      such Third-Party Claim, in its sole discretion, on such terms as it may deem
      appropriate. The Indemnitor shall promptly reimburse the Indemnitee for the
      amount of all settlement payments and expenses, legal and otherwise, incurred
      by
      the Indemnitee in connection with the defense or settlement of such Third-Party
      Claim. If no settlement of such Third-Party Claim is made, then the Indemnitor
      shall satisfy any judgment rendered with respect to such Third-Party Claim
      before the Indemnitee is required to do so, and pay all expenses, legal or
      otherwise, incurred by the Indemnitee in the defense against such Third-Party
      Claim.

     

    (c) Non-Third-Party
      Claims.
      Upon
      discovery of any claim for which Buyer has an indemnification obligation under
      the terms of this Section 5 which does not involve a claim by a third party
      against the Indemnitee, the Indemnitee shall give prompt notice to Buyer of
      such
      claim and, in any case, shall give Buyer such notice within 30 days of such
      discovery. A failure by Indemnitee to timely give the foregoing notice to Buyer
      shall not excuse Buyer from any indemnification liability except to the extent
      that Buyer is materially and adversely prejudiced by such failure.

     

    (d) Release.
      Buyer,
      on behalf of herself and her Related Parties, hereby releases and forever
      discharges Seller and its individual, joint or mutual, past and present
      representatives, Affiliates, officers, directors, employees, agents, attorneys,
      stockholders, controlling persons, subsidiaries, successors and assigns
      (individually, a “Releasee”
and
      collectively, “Releasees”)
      from
      any and all claims, demands, proceedings, causes of action, orders, obligations,
      contracts, agreements, debts and liabilities whatsoever, whether known or
      unknown, suspected or unsuspected, both at law and in equity, which Buyer or
      any
      of her Related Parties now have or have ever had against any Releasee. Buyer
      hereby irrevocably covenants to refrain from, directly or indirectly, asserting
      any claim or demand, or commencing, instituting or causing to be commenced,
      any
      proceeding of any kind against any Releasee, based upon any matter released
      hereby. “Related
      Parties”
shall
      mean, with respect to Buyer, (i) any Person that directly or indirectly
      controls, is directly or indirectly controlled by, or is directly or indirectly
      under common control with Buyer, (ii) any Person in which Buyer holds a Material
      Interest or (iii) any Person with respect to which Buyer serves as a general
      partner or a trustee (or in a similar capacity). For purposes of this
      definition, “Material
      Interest”
shall
      mean direct or indirect beneficial ownership (as defined in Rule 13d-3 under
      the
      Securities Exchange Act of 1934, as amended) of voting securities or other
      voting interests representing at least ten percent (10%) of the outstanding
      voting power of a Person or equity securities or other equity interests
      representing at least ten percent (10%) of the outstanding equity securities
      or
      equity interests in a Person.

     

    
      
        
        

      

      
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    6. Definitions.
      As used
      in this Agreement:

     

    (a) “Affiliate”
means,
      with respect to any Person, any other Person directly or indirectly controlling,
      controlled by or under common control with the first Person. For the purposes
      of
      this definition, “Control,”
when
      used with respect to any Person, means the possession, directly or indirectly,
      of the power to (i) vote 10% or more of the securities having ordinary voting
      power for the election of directors (or comparable positions) of such Person
      or
      (ii) direct or cause the direction of the management and policies of such
      Person, whether through the ownership of voting securities, by contract or
      otherwise, and the terms “Controlling”
and
      “Controlled”
have
      meanings correlative to the foregoing;

     

    (b) “Governmental
      Authority”
means
      any domestic or foreign governmental or regulatory authority;

     

    (c) “Law”
means
      any federal, state or local statute, law, rule, regulation, ordinance, code,
      Permit, license, policy or rule of common law;

     

    (d) “Lien”
means,
      with respect to any property or asset, any mortgage, lien, pledge, charge,
      security interest, encumbrance or other adverse claim of any kind in respect
      of
      such property or asset. For purposes of this Agreement, a Person will be deemed
      to own, subject to a Lien, any property or asset which it has acquired or holds
      subject to the interest of a vendor or lessor under any conditional sale
      agreement, capital lease or other title retention agreement relating to such
      property or asset;

     

    (e) “Order”
means
      any judgment, injunction, judicial or administrative order or
      decree;

     

    (f) “Permit”
means
      any government or regulatory license, authorization, permit, franchise, consent
      or approval; and

     

    (h) “Person”
means
      an individual, corporation, partnership, limited liability company, association,
      trust or other entity or organization, including a government or political
      subdivision or an agency or instrumentality thereof.

     

    7. Miscellaneous.

     

    (a) Counterparts.
      This
      Agreement may be signed in any number of counterparts, each of which will be
      deemed an original but all of which together shall constitute one and the same
      instrument.

     

    (b) Amendments
      and Waivers.
      

     

    
      
        
        

      

      
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    (i) Any
      provision of this Agreement may be amended or waived if, but only if, such
      amendment or waiver is in writing and is signed, in the case of an amendment,
      by
      each party to this Agreement, or in the case of a waiver, by the party against
      whom the waiver is to be effective.

     

    (ii) No
      failure or delay by any party in exercising any right, power or privilege
      hereunder will operate as a waiver thereof nor will any single or partial
      exercise thereof preclude any other or further exercise thereof or the exercise
      of any other right, power or privilege. The rights and remedies herein provided
      will be cumulative and not exclusive of any rights or remedies provided by
      Law.

     

    (c) Successors
      and Assigns.
      The
      provisions of this Agreement will be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns; provided
      that no
      party may assign, delegate or otherwise transfer (including by operation of
      Law)
      any of its rights or obligations under this Agreement without the consent of
      each other party hereto.

     

    (d) No
      Third Party Beneficiaries.
      This
      Agreement is for the sole benefit of the parties hereto and their permitted
      successors and assigns and nothing herein expressed or implied will give or
      be
      construed to give to any Person, other than the parties hereto, those referenced
      in Section 5 above, and such permitted successors and assigns, any legal or
      equitable rights hereunder.

     

    (e) Governing
      Law.
      This
      Agreement will be governed by, and construed in accordance with, the internal
      substantive law of the State of Delaware.

     

    (f) Headings.
      The
      headings in this Agreement are for convenience of reference only and will not
      control or affect the meaning or construction of any provisions
      hereof.

     

    (g) Entire
      Agreement.
      This
      Agreement constitutes the entire agreement among the parties with respect to
      the
      subject matter of this Agreement. This Agreement supersedes all prior agreements
      and understandings, both oral and written, between the parties with respect
      to
      the subject matter hereof of this Agreement.

     

    (h) Severability.
      If any
      provision of this Agreement or the application of any such provision to any
      Person or circumstance is held invalid, illegal or unenforceable in any respect
      by a court of competent jurisdiction, the remainder of the provisions of this
      Agreement (or the application of such provision in other jurisdictions or to
      Persons or circumstances other than those to which it was held invalid, illegal
      or unenforceable) will in no way be affected, impaired or invalidated, and
      to
      the extent permitted by applicable Law, any such provision will be restricted
      in
      applicability or reformed to the minimum extent required for such provision
      to
      be enforceable. This provision will be interpreted and enforced to give effect
      to the original written intent of the parties prior to the determination of
      such
      invalidity or unenforceability.

     

    [Signature
      Page Follows]

     

     

    
      
        
        

      

      
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    [SIGNATURE
      PAGE TO STOCK PURCHASE AGREEMENT]

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed and delivered, effective as of the date first above
      written.

     

    

      
        	 	GREENLEAF
                FOREST PRODUCTS, INC.
	 	 	 
	 	By:	/s/
                Jonathan Gilbert 
	 	 	
                Jonathan
                  Gilbert 

                Chief
                  Executive Officer

              
	 	 	 
	 	 	 
	 	 	
                
                  /s/
                    Michelle Maresova

                

              
	 	 	
                Michelle
                  MaresovaUnassociated Document

     

    SEPARATION
      AGREEMENT, WAIVER AND RELEASE

     

    This
      SEPARATION
      AGREEMENT, WAIVER AND RELEASE
      (“Separation Agreement”) is between GREAT LAKES BANCORP, INC. and GREATER
      BUFFALO SAVINGS BANK (collectively, the “Bank”) and MARYLOU BOROWIAK
      (“Executive”) (collectively, the “Parties”). 

     

    WHEREAS,
      Executive and Bank wish to set forth their respective rights and obligations
      arising from Executive’s separation from Bank; 

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises, benefits and covenants herein contained,
      Bank and Executive hereby agree as follows: 

     

    1. Employment
      Separation.
      

     

    (a) Executive
      acknowledges and agrees that Executive’s resignation from employment and service
      as Executive Vice President of Great Lakes Bancorp, Inc. and Executive Vice
      President and Chief Retail Banking Officer of Greater Buffalo Savings Bank
      is
      effective as of August 22, 2007 at 5:00 p.m. (“Separation Date”). 

     

    (b) From
      and
      after the Separation Date, except as otherwise set forth in this Separation
      Agreement, Executive shall not be entitled to any further compensation or monies
      from Bank or to receive any benefits or to participate in any benefit plan
      or
      program of Bank. Executive acknowledges that, as of the date of this Separation
      Agreement, except as set forth herein, Executive has received all wages,
      benefits and payments of any kind to which Executive may be
      entitled.

     

    (c) This
      Separation Agreement shall not compromise any right Executive may have to group
      health continuation coverage under Sections 601 et
      seq.
      of
      ERISA (“COBRA”) nor shall it compromise any right to vested benefits accumulated
      under the Bank’s 401(k) Plan subject to the terms of the plan(s).

     

    2. Severance
      Compensation and Benefits.
      Provided Executive (i) signs this Separation Agreement, and (ii) does not revoke
      it pursuant to Section 16 of this Separation Agreement, Executive shall be
      entitled to severance compensation and benefits as follows:

     

    (a) From
      and
      after the Separation Date, Bank shall pay Executive thirteen consecutive
      equal biweekly payments of $4,557.69 and a final fourteenth payment of $5,000
      immediately thereafter, all less applicable taxes and withholdings.

     

    (b) At
      the
      separation date, Bank shall pay Executive for any earned and unused vacation
      and
      Bank of Hours benefits. 

     

    (c) Medical
      Benefits.

     

    
      
        
        

      

      
        -
          1
          -

        
          

        

      

      
        
        

      

    

    i. For
      the period
      beginning on the Separation Date and ending on six months thereafter (“Benefit
      Continuation Period”), Executive will be entitled to receive continued coverage
      under Bank’s group medical program in which she participates as of the
      Separation Date. During the Benefit Continuation Period, Executive’s cost of
      group medical plan coverage will be the same as the amount paid by other
      employees of Bank for participation in said Bank-sponsored benefit programs.
      With respect to Bank’s group medical plan, the Parties agree that the Separation
      Date will be the date of Executive’s “qualifying event” for purposes of
      Executive’s continuation coverage rights under COBRA and that the COBRA coverage
      period will commence on the Separation Date. As a condition of receipt of
      benefits under this paragraph 2(b)(i), Executive must timely elect continuation
      coverage under COBRA. 

     

    ii. Notwithstanding
      the foregoing, in the event Executive becomes reemployed with another entity
      during the Benefit Continuation Period, Bank’s provision of coverage and payment
      of the benefits described in paragraph 2(b)(i) will cease (even if Executive
      is
      entitled under COBRA to continue to participate in Bank’s group medical plan at
      Executive’s sole cost). Executive shall immediately provide notice to Bank if
      Executive becomes reemployed with another entity during the Benefit Continuation
      Period.

     

    (d) Outplacement.
      Executive will be eligible to receive professional outplacement assistance
      from
      R.W. Caldwell Associates for a period of three months commencing at the Bank’s
      expense. No cash payment will be made in lieu of any such professional
      outplacement assistance.

     

    3. Release.
      

     

    (a) For
      and
      in consideration of the promises and other valuable consideration paid to
      Executive pursuant to this Separation Agreement, Executive, for herself and
      for
      Executive’s heirs, executors, successors and assigns (collectively, “Executive
      Releasors”), hereby releases and discharges Bank and any and all of its parents,
      subsidiaries, divisions, affiliated entities, predecessors, successors and
      assigns, and all of their Executive benefit plans, funds, and any of the
      foregoing entities’ past or present officers, directors, employees,
      stockholders, trustees, administrators, attorneys, accountants and agents
      (collectively “Bank Releasees”) from any and all claims, demands, causes of
      action, and liabilities of any kind whatsoever, whether known or unknown, which
      the Executive Releasors ever had, now have or may hereafter have against any
      or
      all Bank Releasees from the beginning of the world through the date of this
      Separation Agreement by reason of any actual or alleged act, omission,
      transaction, practice, conduct, occurrence, or other matter, except for those
      rights expressly set forth or reserved in this Separation Agreement. It is
      the
      understanding and agreement of the Parties that the release provided for by
      this
      sub-paragraph shall be a general release in all respects. 

     

    
      
        
        

      

      
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      (b) Without
        limiting the generality or force or effect of Section 3(a) above, or
        characterizing the nature of the Executive Releasors’ claims, this document
        releases the Bank Releasees from any and all claims arising, directly or
        indirectly, from (i) Executive’s employment with Bank; (ii) the terms and
        conditions of such employment; (iii) the termination of Executive’s employment
        with Bank; (iv) the negotiation and entry into this Separation Agreement
        and/or the terms of this Separation Agreement; (v) any federal, state or
        local
        statute, or court decision including, but not limited to, claims under the
        Age
        Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
        the
        Americans with Disabilities Act, the Employee Retirement and Income Security
        Act, the Sarbanes-Oxley Act of 2002, the New York Human Rights Law, N.Y.
        Exec.
        Law Art. 15; (vi) any and all claims for breach of contract; (vii) any and
        all
        claims for lost wages, bonuses, back pay, front pay, employee benefits,
        including severance pay, or for damages or injury of any type whatsoever,
        including, but not limited to, defamation, injury to reputation, intentional
        or
        negligent infliction of emotional distress, (whether arising by virtue of
        statute or common law, and whether based upon negligent or willful actions
        or
        omissions); and (viii) any and all claims for compensatory or punitive damages,
        attorneys’ fees, costs and disbursements which the Executive Releasors ever had,
        now have or hereafter can, shall or may have against the Bank Releasees for,
        upon or by reason of any actual or alleged act, omission, transaction, practice,
        conduct, occurrence or other matter up to and including the date of the
        execution of this Separation Agreement by Executive, except for those rights
        specifically provided for or expressly reserved by Executive in this Separation
        Agreement and any claim necessary to enforce the terms of this Separation
        Agreement.

    

     

    (c) Executive
      represents that Executive has not filed or permitted to be filed against Bank
      or
      any Bank Releasees, individually or collectively, any lawsuits or charges
      (including any arbitrations), and covenants and agrees that Executive will
      not
      do so at any time hereafter with respect to the subject matter of this
      Separation Agreement and claims released pursuant to this Separation Agreement,
      except as otherwise provided in this Separation Agreement. Executive
      acknowledges that Executive fully understands and agrees that, to the fullest
      extent permitted by law, this Separation Agreement shall operate as a complete
      defense to any claim or entitlement which hereafter may be asserted by Executive
      or any other person acting on Executive’s behalf, against Bank Releasee(s) for
      or on account of any matter or thing whatsoever arising out of or in any way
      based upon the circumstances, facts, and events related to Executive’s
      employment and separation from employment or to any claim made by Executive
      against any Bank Releasee(s) arising from such circumstances, facts, and events.
      However, nothing in this Separation Agreement shall be construed to prohibit
      Executive from filing a charge (including a challenge to the validity of this
      Agreement) with or participating in any investigation or proceeding conducted
      by
      the EEOC. Notwithstanding the preceding sentence, Executive agrees to waive
      Executive’s right to recover monetary damages in any charge or other proceeding
      of any kind filed by Executive or anyone else on Executive’s behalf to the
      fullest extent allowed by law.

     

    (d) Executive
      acknowledges and agrees that the consideration to be provided to Executive,
      as
      set forth above in Section 2 of this Separation Agreement: (i) exceeds anything
      of value to which Executive would otherwise be entitled in the absence of this
      Separation Agreement; (ii) fully and completely settles all claims by Executive
      and any attorney Executive has retained against Bank and/or the other Bank
      Releasees for attorneys fees, costs, disbursements and the like; and (iii)
      is
      sufficient consideration for Executive’s promises under this Separation
      Agreement.

     

    
      
        
        

      

      
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    4. No
      Admission.
      The
      making of this Separation Agreement is not intended, and shall not be construed,
      as any admission by Bank or Executive or any of the Bank Releasees that they
      have violated any federal, state, or local law, or have committed any wrong
      against Executive or any other person or entity. 

     

    5. Non-Competition.
      For the
      period beginning on the Separation Date and ending six months later (“Covenant
      Period”), Executive agrees not to, directly or indirectly, for Executive’s own
      account or as an agent, employee, officer, director, trustee, consultant or
      member, partner, shareholder or other equity holder of any corporation, firm,
      company, partnership or other entity (other than as an owner of 1% or less
      of
      any class of publicly traded securities), engage, anywhere within Erie, Niagara
      or Chautauqua counties in New York State, in the management or operation of
      a
      commercial bank, savings bank, bank holding company, credit union or any other
      financial services provider that competes with Bank, its subsidiaries or its
      products or programs. 

     

    6. Non-Solicitation.
      Executive agrees that for a period of eighteen months after the Separation
      Date,
      she will not, whether directly or as an employee, partner, member, consultant
      or
      shareholder of any entity or person:

     

    (a) solicit,
      divert or attempt to divert from the Bank, or knowingly encourage or assist
      any
      person or entity with which Executive is affiliated to solicit, divert or
      attempt to divert from the Bank, the trade or business of any person or entity
      which was a customer or client or had an account with the Bank at any time
      during Executive’s employment, whether or not the relationship between the Bank
      and such person or entity was originally established in whole or in part through
      Executive’s efforts; or

     

    (b) employ,
      solicit or induce any employee, officer, consultant or agent of the Bank to
      leave the employ of the Bank. For the purposes of this paragraph, “employee,
      officer, consultant or agent” shall mean any individual employed or engaged by
      the Bank within six months prior to the Separation Date. 

     

    For
      the
      purposes of this Separation Agreement, the term “solicit” means any direct or
      indirect communication of any kind whatsoever, regardless of by whom initiated,
      inviting, advising, encouraging, or requesting any person or entity, in any
      manner to take or refrain from taking any action. 

     

    7. Return
      of Bank Property.
      Executive warrants that she has returned all Bank Property to Bank. For purposes
      of this Agreement, “Bank Property” includes, but is not limited to, all
      information and materials belonging to the Bank or its customers or clients,
      including office keys and equipment, documents, policy or practice manuals,
      records, customer files, written materials, electronic information, software
      packages, computers, computer disks, drives or files, handheld computer devices
      such as Blackberries, mobile phones, corporate credit cards, all other Bank
      Property in Executive’s position, including any and all reproductions or copies
      thereof. 

     

    
      
        
        

      

      
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    8. Non-Disparagement.
      Executive covenants that, except to the extent required by law, she will not
      make to any person or entity any statement, whether written or oral, that
      directly or indirectly impugns the integrity of, or reflects negatively on
      the
      Bank or any of its executives, officers, directors, or employees or that
      denigrates, disparages or results in detriment to the Bank. 

     

    9. Confidential
      Information.
      For
      purposes of this Separation Agreement, “Confidential Information” includes, but
      is not limited to, any and all records, files, reports, letters, memoranda,
      records, data, flowcharts, promotional materials, agreements, information,
      market studies, pricing, customer lists, business methods, financial and cost
      data, business plans and strategies and other secret, confidential or
      proprietary information of any nature relating to the Bank, its personnel,
      affiliates and subsidiaries, and their parents, officers, board members,
      distributors, suppliers or employees, which is not generally available to the
      public. Except as required by law, Executive shall not disclose to or discuss
      with any person or entity any Confidential Information. Executive hereby
      warrants and guarantees that she has surrendered to the Bank all documents
      and
      data of any kind, including electronic versions of documents and data in
      machine-readable form, and any and all reproductions, in whole or in part,
      of
      any items relating to Confidential Information and has not made or retained
      any
      copy or extract of such documents, data or reproductions. Executive agrees
      to
      give Bank written notice of any and all attempts to compel of any Confidential
      Information or other information as to which disclosure is prohibited by this
      Separation Agreement. Such written notice shall be provided as soon as
      reasonably possible after Executive becomes aware of such attempt to compel
      such
      information and not less than five (5) days before compliance with any subpoena
      or order is requested or required.

     

    10.
      Executive
      Cooperation.
      Executive shall cooperate fully in connection with any and all existing or
      future litigations or investigations brought by or against the Bank or any
      of
      its agents, officers, directors, or employees in which and to the extent
      Executive’s cooperation is necessary. In the event that Executive is subpoenaed
      in connection with any litigation or investigation, if legally permissible,
      Executive will promptly notify the Bank and shall give the Bank an opportunity
      to respond to such notice before taking any action or making any decision in
      connection with such subpoena. The Bank will reimburse Executive for reasonable
      out-of-pocket expenses incurred as a result of such cooperation.

     

    11. 
      Remedy.
      Executive acknowledges and agrees that the Covenant Period and the other
      restrictions contained in Sections 5 through and including 10 are reasonable,
      legitimate and fair to Executive and necessary to protect the interests of
      Bank.
      In order to enforce compliance with this Separation Agreement, Executive
      acknowledges that the failure to comply with the provisions of Sections 5
      through and including 10 of this Separation Agreement will cause the Bank
      irrevocable harm and that a remedy at law for such failure would be an
      inadequate remedy for Bank. Therefore, Executive consents that the Bank may
      obtain an order of specific performance, an injunction, a restraining order,
      or
      other equitable relief from a court or arbitrator having jurisdiction. The
      availability of equitable relief shall not preclude the Bank from recovering
      any
      monetary damages or other relief to which it is entitled under applicable
      law.

     

    
      
        
        

      

      
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    12. Breach.
      Any
      material breach by Executive of this Separation Agreement shall be considered
      a
      breach for which the Bank shall be entitled to cease the payments and benefits
      described in Section 2 of this Separation Agreement, in addition to any other
      remedies to which the Bank may be entitled by law. 

     

    13. Binding
      Effect.
      This
      Separation Agreement is binding upon, and shall inure to the benefit of, the
      Parties and their respective heirs, executors, representatives, successors
      and
      assigns. 

     

    14. Choice
      of Law.
      This
      Separation Agreement is to be construed at all times in accordance with and
      governed by the laws of the State of New York applicable to agreements made
      and
      to be performed entirely within such State.

     

    15. Opportunity
      to Review.
      Executive acknowledges and warrants that (a) Executive has had a reasonable
      period of time not less than 21 days, to consider the terms and provisions
      of
      this Separation Agreement; (b) Executive has been advised by Bank in this
      writing to consult, and has had adequate opportunity to consult with, an
      attorney of Executive’s choosing prior to executing this Separation Agreement;
      (c) Executive has carefully read this Separation Agreement in its entirety,
      has
      had an opportunity to have its provisions explained to Executive by an attorney
      of Executive’s choosing, and fully understands the significance of all of its
      terms and provisions; and (d) Executive is signing this Separation Agreement
      voluntarily and of Executive’s own free will and assents to all of the terms and
      conditions contained herein. 

     

    16. Effective
      Date and Right to Revoke.
      Executive has been given 21 days from the date of receipt to consider the terms
      and conditions of this Separation Agreement. Executive may accept this
      Separation Agreement by signing it after the Separation Date and returning
      an
      original Separation Agreement to Andrew W. Dorn, Jr. Greater Buffalo Savings
      Bank, any time during this 21-day period. Executive agrees that any changes
      to
      the Separation Agreement from the time it was offered to Executive, whether
      material or immaterial, do not restart the running of the 21-day period. After
      signing this Separation Agreement, Executive shall have seven days to revoke
      it
      by indicating Executive’s desire to do so in a writing received by Bank in
      accordance with this Section 16 of this Separation Agreement no later than
      5:00
      p.m. Eastern Standard Time on the seventh day following the date Executive
      signs
      this Separation Agreement (“Revocation Period”). The effective date of this
      Separation Agreement shall be the eighth day following Executive’s signing of
      this Separation Agreement provided Executive does not revoke it during the
      Revocation Period. If Executive does not accept this Separation Agreement as
      set
      forth above, or revokes this Separation Agreement during the Revocation Period,
      this Agreement (including any obligations of the Bank to provide the
      consideration referred to above) shall be deemed null and void. 

     

    17. Section
      409A Compliance.
      This
      Separation Agreement is intended to comply and shall be administered in a manner
      that is intended to comply with Section 409A of the Internal Revenue Code and
      shall be construed and interpreted in accordance with such intent. 

     

    18. Entire
      Agreement.
      This
      Separation Agreement constitutes the entire agreement between the parties with
      respect to the subject matter hereof, and the duties, compensation and benefits
      of Executive, and except as otherwise specifically provided herein, supersedes
      all prior communications, representations, agreements, understandings, plans
      and
      arrangements between the parties, whether oral or written. 

     

    
      
        
        

      

      
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    19. Severability.
      If any
      provision of this Separation Agreement shall be held by a court of competent
      jurisdiction to be illegal, void, or unenforceable, such provision shall be
      of
      no force and effect. In addition, if any one or more of the provisions contained
      in this Separation Agreement is held to be excessively broad as to duration,
      scope, activity or subject, such provisions will be construed by limiting and
      reducing them so as to be enforceable to the maximum extent compatible with
      applicable law.

     

    20. Counterparts.
      This
      Separation Agreement may be executed in several counterparts, each of which
      shall be an original as against any party who or which signed it, and all of
      which shall constitute one and the same document.

     

    21. Notices.
      All
      notices, requests, claims, demands and other communications hereunder shall
      be
      in writing and shall be given (and shall be deemed to have been duly given
      upon
      receipt) by delivery in person, by prepaid overnight courier (providing proof
      of
      delivery), by facsimile or by registered or certified mail (postage prepaid,
      return receipt requested) to the respective parties at the following addresses
      or facsimile numbers (or at such other address for a party as shall be specified
      in a notice given in accordance with this Section 21):

     

    
      
        	
                if
                  to Executive:

              
	 
	 	
                Marylou
                  Borowiak

              
	 	
                221
                  Stolle Road

              
	 	
                Elma,
                  New York 14059

              
	 	 
	
                if
                  to the Bank:

              
	 
	 	
                GREAT
                  LAKES BANCORP, INC

              
	 	
                GREATER
                  BUFFALO SAVINGS BANK,

              
	 	
                2421
                  Main St.

              
	 	
                Buffalo,
                  New York 14214

              

      

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Separation Agreement.            

     

    
      	 	 	 	
              GREATER
                BUFFALO SAVINGS BANK

            
	 	 	 	 	 	 
	
              By:

            	
              /s/
                Marylou Borowiak

            	 	
              By:

            	
              /s/
                Andrew W. Dorn, Jr.

            	 
	 	
              Marylou
                Borowiak

            	 	 	 	 
	 	 	 	 	 	 
	
              Date:

            	
              August
                22, 2007

            	 	
              Date:

            	
              August
                22, 2007

            	 

    

     

    
      	STATE OF NEW YORK 	 
	 	:ss. 
	COUNTY OF ______ 	 

    

     

    On
      the
      ____ day
      of
      _____________, in the year 2007, before me, the undersigned, personally appeared
      MARYLOU BOROWIAK, personally known to me or proved to me on the basis of
      satisfactory evidence to be the individual whose name is subscribed to the
      within instrument and acknowledged to me that he/she executed the same in
      his/her capacity, and that by his/her signature on the instrument, the
      individual, or the person upon behalf of which the individual acted, executed
      the instrument.

     

    
      	 	Notary
              Public 

    

     

    
      
        
        

      

      
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