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EXHIBIT 10.3
Xxxxxx Xxxxxxx
00000 Xxxxxxxxx Xxxx, Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxx 00000
April 10, 1998
Rock Financial Corporation
00000 Xxxxxxxxx Xxxx, Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
This letter sets forth our agreement with respect to the matters
described below:
1. 1998 Bonus. I agree with Rock Financial Corporation, a Michigan
corporation ("Rock"), that my bonus with respect to 1998 from Rock shall not
exceed $300,000.
2. Non-Competition Agreement. I agree that during the "Period" (as
defined below), I will not, either directly or indirectly, whether on my own
behalf or on behalf of any other person, business or entity whatsoever, engage
in, or have any interest in or be associated with (whether as an officer,
director, shareholder, partner, member, associate, employee, consultant,
advisor, owner or otherwise), any corporation, partnership, limited liability
company, association, trust, firm or other enterprise (including any
pre-incorporated association) which is engaged, as a material part of its
business activities, in originating mortgage loans secured by real estate
located in any of the states in which Rock originates mortagage loans at the
"Applicable Time" (as defined below) without first obtaining the express
written consent of the Board of Directors of the Company by vote of a least a
majority of the directors, other than myself; except that notwithstanding the
foregoing, I may (i) invest in any publicly-held corporation, if such
investment does not exceed one (1%) percent in the aggregate in value of the
issued and outstanding capital stock of such corporation, and (ii) continue to
own any interest I have in Rock. For purposes of this agreement, the "Period"
means the period from the date of this agreement until the earliest of (i) one
year after termination of my employment with Rock by Rock for cause, (ii) one
year after termination of my employment with Rock by me without good reason,
except as a result of my death or permanent incapacity, and (iii) the date of
the termination of my employment with Rock for any other reason. For purposes
of this agreement, the "Applicable Time" means (i) during my employment with
Rock, the time of the activity in question, and (ii) after termination of my
employment with Rock, as of the date of such termination.
If this letter accurately sets forth our agreement, please sign this
letter in the space provided below, and return the executed copy to me.
Very truly yours,
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
Accepted and Agreed to:
ROCK FINANCIAL CORPORATION
By: /s/ Xxxxx X. Plenskefski
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Its: Treasurer and Chief Financial Officer
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