Common use of Fee Structure and Payment Schedule Clause in Contracts

Fee Structure and Payment Schedule. The Bank agrees to pay RP Financial a fixed fee of $35,000 for preparation and delivery of the original appraisal report, plus reimbursable expenses. Payment of these fees shall be made according to the following schedule: $5,000 upon execution of the letter of agreement engaging RP Financial's appraisal services; $30,000 upon delivery of the completed original appraisal report; and $3,500 for each valuation update that may be required, provided that the transaction is not delayed for reasons described below. The Bank will reimburse RP Financial for out-of-pocket expenses incurred in preparation of the valuation. Such out-of-pocket expenses will likely include travel, printing, shipping, computer and data services. RP Financial will agree to limit reimbursable expenses to $7,500 in connection with this engagement, subject to written authorization from the Bank to exceed such level. In the event the Bank shall, for any reason, discontinue the proposed minority stock offering prior to delivery of the completed documents set forth above and payment of the respective progress payment fees, the Bank agrees to compensate RP Financial according to RP Financial's standard billing rates for consulting services based on accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after giving full credit to the initial retainer fee. RP Financial's standard billing rates range from $75 per hour for research associates to $350 per hour for managing directors. NEXT PAGE Xx. Xxxxxxx X. Deines June 26, 2007 Page 3 If during the course of the proposed transaction, unforeseen events occur so as to materially change the nature or the work content of the services described in this contract, the terms of said contract shall be subject to renegotiation by the Bank and RP Financial. Such unforeseen events shall include, but not be limited to, major changes in the conversion regulations, appraisal guidelines or processing procedures as they relate to appraisals, major changes in management or procedures, operating policies or philosophies, and excessive delays or suspension of processing of applications by the regulators such that completion of the transaction requires the preparation by RP Financial of a new appraisal.

Fee Structure and Payment Schedule. The Bank agrees to pay RP Financial a fixed fee of $35,000 25,000 for preparation and delivery of the original appraisal report, plus reimbursable expenses. Payment of these fees shall be made according to the following schedule: • $5,000 upon execution of the letter of agreement engaging RP Financial's ’s appraisal services; • $30,000 20,000 upon delivery of the completed original appraisal report; and and, • $3,500 5,000 for each valuation update that may be required, provided that the transaction is not delayed for reasons described below. The Bank will reimburse RP Financial for out-of-pocket expenses incurred in preparation of the valuation. Such out-of-pocket expenses will likely include travel, telephone/facsimile, printing, shipping, computer and data services. RP Financial will agree to limit reimbursable expenses to $7,500 in connection with this appraisal engagement, subject to written authorization from the Bank to exceed such level. In the event the Bank shall, for any reason, discontinue the proposed minority mutual-to-stock offering conversion transaction prior to delivery of the completed documents set forth above and payment of the respective progress payment fees, the Bank agrees to compensate RP Financial according to RP Financial's ’s standard billing rates for consulting services based on accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after giving full credit to the initial retainer fee. RP Financial's XX Xxxxxxxx’x standard billing rates range from $75 per hour for research associates to $350 400 per hour for managing directors. NEXT PAGE Xx. Xxxxxxx X. Deines June 26, 2007 Page 3 If during the course of the proposed transaction, unforeseen events occur so as to materially change the nature or the work content of the services described in this contract, the terms of said contract shall be subject to renegotiation by the Bank and RP Financial. Such unforeseen events shall include, but not be limited to, major changes (actual or proposed by the applicable regulatory authorities) in the conversion regulations, appraisal guidelines or processing procedures as they relate to appraisals, major changes in management or procedures, operating policies or philosophies, and excessive delays or suspension of processing of applications by the regulators such that completion of the transaction requires the preparation by RP Financial of a new appraisal.they

Fee Structure and Payment Schedule. The Bank Company agrees to pay RP Financial a fixed fee of $35,000 50,000 for preparation and delivery of the original appraisal report, plus reimbursable expenses. Payment of these fees shall be made according to the following schedule: • $5,000 10,000 upon execution of the letter of agreement engaging RP Financial's ’s appraisal services; • $30,000 40,000 upon delivery of the completed original appraisal report; and • $3,500 5,000 for each valuation update that may be required, provided that the transaction is not delayed for reasons described below. The Bank Company will reimburse RP Financial for out-of-pocket expenses incurred in preparation of the valuation. Such out-of-pocket expenses will likely include travel, printing, shipping, computer and data services. RP Financial will agree to limit reimbursable expenses to $7,500 in connection with this appraisal engagement, subject to written authorization from the Bank Company to exceed such level. In the event the Bank Company shall, for any reason, discontinue the proposed minority mutual-to-stock offering conversion transaction prior to delivery of the completed documents set forth above and payment of the respective progress payment fees, the Bank Company agrees to compensate RP Financial according to RP Financial's ’s standard billing rates for consulting services based on accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after giving full credit to the initial retainer fee. RP Financial's ’s standard billing rates range from $75 per hour for research associates to $350 per hour for managing directors. NEXT PAGE Xx. Xxxxxxx X. Deines June 26, 2007 Page 3 If during the course of the proposed transaction, unforeseen events occur so as to materially change the nature or the work content of the services described in this contract, the terms of said contract shall be subject to renegotiation by the Bank Company and RP Financial. Such unforeseen events shall include, but not be limited to, major changes (actual or proposed by the applicable regulatory authorities) in the conversion regulations, appraisal guidelines or processing procedures as they relate to appraisals, major changes in management or procedures, operating policies or philosophies, and excessive delays or suspension of processing of conversion applications by the regulators such that completion of the transaction requires the preparation by RP Financial of a new appraisal.

Fee Structure and Payment Schedule. The Bank Company agrees to pay RP Financial a fixed fee of $35,000 fees for preparation and delivery of the original appraisal reportreport and subsequent appraisal updates as shown in the detail below, plus reimbursable expenses. Payment of these fees shall be made according to the following schedule: · $5,000 upon execution of the this letter of agreement engaging RP Financial's ’s appraisal services; · $30,000 50,000 upon delivery of the completed original appraisal report; and · $3,500 for 7,500 upon delivery of each valuation subsequent appraisal update that may be required, provided that report required in conjunction with the transaction is not delayed for reasons described belowregulatory application and stock offering. The Bank Company will reimburse RP Financial for reasonable out-of-pocket expenses incurred in preparation of the valuationoriginal appraisal and subsequent updates. Such out-of-pocket expenses will likely include travel, printing, telephone, facsimile, shipping, reasonable counsel fees, computer and data services. RP Financial will agree to limit reimbursable expenses to $7,500 in connection with this engagement, subject to written authorization from the Bank to exceed such level. In the event the Bank Company shall, for any reason, discontinue the proposed minority stock offering transaction prior to delivery of the completed documents set forth above original appraisal report or subsequent updates and payment of the respective progress payment corresponding fees, the Bank Company agrees to compensate RP Financial according to RP Financial's ’s standard billing rates for consulting services based on accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after giving applying full credit to the initial retainer feefee towards such payment, together with reasonable out-of-pocket expenses, subject to the cap on such expenses as set forth above. RP Financial's ’s standard billing rates range from $75 per hour for research associates to $350 450 per hour for managing directors. NEXT PAGE Xx. Xxxxxxx X. Deines June 26, 2007 Page 3 If during the course of the proposed transaction, unforeseen events occur so as to materially change the nature or the work content of the services described in this contract, the terms of said contract shall be subject to renegotiation by the Bank Company and RP Financial. Such unforeseen events shall include, but not be limited to, major material changes to the structure of the transaction such as inclusion of a simultaneous business combination transaction, material changes in the conversion regulations, appraisal guidelines or processing procedures as they relate to conversion appraisals, major material changes in management or procedures, operating policies or philosophies, and excessive delays or suspension of processing of conversion applications by the regulators such that completion of the conversion transaction requires the preparation by RP Financial of a new appraisal.