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EXHIBIT 99.2 RP(R) FINANCIAL, LC. -------------------------------------------- Financial Services Industry Consultants May 4, 2004 Xx. Xxxxxx Xxx President and Chief Executive Officer Xxxxxxx Xxxx Savings and Loan Association 00 Xxxxxxx Xxxxxxxx Xxxxxxx Xxxx, Xxx Xxxxxx 00000-1790 Dear Xx. Xxx: This letter sets forth the agreement between Lincoln Park Savings and Loan Association, Lincoln Park, New Jersey ("Lincoln Park"), and RP(R) Financial, LC. ("RP Financial"), whereby Lincoln Park has engaged RP Financial to prepare the regulatory business plan and financial projections to be adopted by Lincoln Park's Board of Directors in conjunction with the concurrent reorganization and minority stock offering. These services are described in greater detail below. DESCRIPTION OF PROPOSED SERVICES RP Financial's business planning services will include the following areas: (1) evaluating Lincoln Park's current financial and operating condition, business strategies and anticipated strategies in the future; (2) analyzing and quantifying the impact of business strategies, incorporating the use of net offering proceeds both in the short and long term; (3) preparing detailed financial projections on a quarterly basis for a period of at least three fiscal years to reflect the impact of Board approved business strategies and use of proceeds; (4) preparing the written business plan document which conforms with applicable regulatory guidelines including a description of the use of proceeds and how the convenience and needs of the community will be addressed; and (5) preparing the detailed schedules of the capitalization of Lincoln Park and mutual holding company and related cash flows. Contents of the business plan will include: Executive Summary; Description of Business; Marketing Plan; Management Plan; Records, Systems and Controls; Financial Management Plan; Monitoring and Revising the Plan; and Alternative Business Strategy. RP Financial agrees to prepare the business plan and accompanying financial projections in writing such that the business plan can be filed with the appropriate regulatory agencies prior to filing the appropriate applications. -------------------------------------------------------------------------------- WASHINGTON HEADQUARTERS Rosslyn Center Telephone: (000) 000-0000 0000 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000 Fax No.: (000) 000-0000 Arlington, VA 22209 Toll-Free No.: (000) 000-0000 xxx.xxxxxxxxxxx.xxx E-Mail: xxxx@xxxxxxxxxxx.xxx XX. XXXXXX XXX MAY 4, 2004 PAGE 2 FEE STRUCTURE AND PAYMENT SCHEDULE ---------------------------------- Lincoln Park agrees to compensate RP Financial for preparation of the business plan on a fixed fee basis of $5,000. Payment of the professional fees shall be made upon delivery of the completed business plan. Lincoln Park also agrees to reimburse RP Financial for those direct out-of-pocket expenses necessary and incidental to providing the business planning services. Reimbursable expenses will likely include shipping, telephone/facsimile printing, computer and data services, and shall be paid to RP Financial as incurred and billed In the event Lincoln Park shall, for any reason, discontinue this planning engagement prior to delivery of the completed business plan and payment of the progress payment fee, Lincoln Park 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 fixed fee described above, plus reimbursable expenses incurred. If during the course of the planning engagement, unforeseen events occur so as to materially change the nature or the work content of the business planning services described in this contract, the terms of said contract shall be subject to renegotiation by Lincoln Park and RP Financial. Such unforeseen events may include changes in regulatory requirements as it specifically relates to Lincoln Park or potential transactions that will dramatically impact Lincoln Park such as a pending acquisition or branch transaction. * * * * * * * * * * * Please acknowledge your agreement to the foregoing by signing as indicated below and returning to RP Financial a signed copy of this letter. Very truly yours, /s/ Xxxxxxx X. Xxxxxxxxxxx Xxxxxxx X. Xxxxxxxxxxx Chief Executive Officer and Managing Director Agreed To and Accepted By: Xxxxxx Xxx /s/ Xxxxxx Xxx --------------------------------------- President and Chief Executive Officer Upon Authorization by the Board of Directors For: Lincoln Park Savings and Loan Association Lincoln Park, New Jersey Date Executed: May 6, 2004 -----------------------------------