EXHIBIT 10.7
EMPLOYMENT AGREEMENT
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THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of
the 31st day of December, 2000, by and between EagleBank, a Maryland corporation
("Eagle"), and Xxxxxx Xxxxxx-Xxxxx ("Tonat").
RECITAL
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Eagle desires to retain Tonat as the Senior Vice President and Chief
Lending Officer of Eagle and Tonat desires to accept such employment, all upon
the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the recital, the mutual covenants
and agreements herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this
Agreement, intending to be legally bound, agree as follows:
1. Certain Definitions. As used in this Agreement, the following
terms have the meanings set forth below:
1.1 "Commencement Date" means December 31, 2000.
1.2 "Bank Regulatory Agency" means any governmental authority,
regulatory agency, ministry, department, statutory
corporation, central bank or other body of the United States
or of any other country or of any state or other political
subdivision of any of them having jurisdiction over Eagle or
any transaction contemplated, undertaken or proposed to be
undertaken by Eagle, including, but not necessarily be limited
to:
(a) the Federal Deposit Insurance Corporation or any other
federal or state depository insurance organization or fund;
(b) the Federal Reserve System, the Comptroller of the
Currency, the Maryland Division of Financial Institutions, or
any other federal or state bank regulatory or commissioner's
office;
(c) any Person established, organized, owned (in whole or in
part) or controlled by any of the foregoing; and
(d) any predecessor, successor or assignee of any of the
foregoing.
1.3 "Board" means the Board of Directors of Eagle.
1.4 "Bylaws" means the Bylaws of Eagle as in effect from time
to time.
1.5 "EBI" means Eagle Bancorp, Inc., a Maryland corporation.
1.6 "Person" means any individual, firm, association,
partnership, corporation, limited liability company, group,
governmental agency or other authority, or other organization
or entity.
2. Employment; Term.
2.1 Position. Eagle hereby employs Tonat to serve as the
Senior Vice President and Chief Lending Officer of Eagle.
2.2 Term. The term of this Agreement and Tonat's employment
hereunder shall commence with the Commencement Date and
continue until December 31, 2003 (the "Term"), unless sooner
terminated in accordance with the provisions of this
Agreement.
3. Duties of Tonat.
3.1 Nature and Substance. Tonat shall report directly to and
shall be under the direction of the President and Chief
Executive Officer of Eagle. The specific powers and duties of
Tonat shall be established, determined and modified by and
within the discretion of the Board.
3.2 Performance of Services. Tonat agrees to devote her full
business time and attention to the performance of her duties
and responsibilities under this Agreement, and shall use her
best efforts and discharge her duties to the best of her
ability for and on behalf of Eagle and toward its successful
operation. Tonat shall comply with all laws, statutes,
ordinances, rules and regulations relating to her employment
and duties. During the Term of this Agreement, Tonat shall not
at any time or place directly or indirectly engage or agree to
engage in any business or practice related to the banking
business with or for any other Person to any extent
whatsoever, other than to the extent required by the terms and
conditions of this Agreement. Tonat agrees that while employed
by Eagle she will not without the prior written consent of the
Board, engage, or obtain a financial or ownership interest, in
any other business, employment, consulting or similar
arrangement, or other undertaking (an "Outside Arrangement")
if such Outside Arrangement would interfere with the
satisfactory performance of Tonat's duties to Eagle, present a
conflict of interest with Eagle, breach Tonat's duty of
loyalty or fiduciary duties to Eagle, or otherwise conflict
with the provisions of this Agreement; provided, however, that
Tonat shall not be prevented from investing Tonat's assets in
such form or manner as would not require any services on the
part of Tonat in the operation or the affairs of the entities
in which such investments are made and provided such
investments do not present a conflict of interest with Eagle.
Tonat shall promptly notify the Board of any Outside
Arrangement and provide Eagle with any written agreement in
connection therewith.
4. Compensation Benefits. As full compensation for all services
rendered pursuant to this Agreement and the covenants
contained herein, Eagle shall pay to Tonat the following:
4.1 Salary. Beginning on the Commencement Date, Tonat shall be
paid a salary ("Salary") of One Hundred Seven Thousand Five
Hundred Dollars ($107,500.00) on an annualized basis. Eagle
shall pay Tonat's Salary in equal installments in accordance
with Eagle's regular payroll periods as may be set by Eagle
from time to time. Tonat's salary shall be further increased
from time to time at the discretion of the Board. Tonat shall
also be entitled to certain incentive bonus payments as
determined by the Board in its sole discretion.
4.2 Withholding. Payments of Salary shall be subject to the
customary withholding of income and other employment taxes as
is required with respect to compensation paid by an employer
to an employee.
4.3 Vacation and Leave. Tonat shall be entitled to such
vacation and leave as may be provided for under the current
and future leave and vacation policies of Eagle for executive
officers.
4.4 Office Space. Eagle will provide customary office space
and office support to Tonat beginning on the Commencement
Date.
4.5 Insurance. Eagle will provide Tonat with group health,
disability and other insurance as Eagle may determine
appropriate and arrange for all employees of Eagle.
4.6 Expenses. Eagle shall promptly upon presentation of proper
expense reports therefor reimburse Tonat, in accordance with
the policies and procedures established from time to time by
Eagle for its senior executive officers, for all reasonable
and customary travel (other than local use of an automobile
for which Tonat will be provided a car allowance) and other
out-of-pocket expenses incurred by Tonat in the performance of
her duties and responsibilities under this Agreement and
promoting the business of Eagle, including appropriate
membership fees, dues and the cost of attending meetings and
conventions.
4.7 Retirement Plans. Tonat shall be entitled to participate
in any and all qualified pension or other retirement plans of
Eagle which may be applicable to executive personnel of Eagle.
4.8 Other Benefits. While this Agreement is in effect, Tonat
shall be entitled to all other benefits that Eagle provides
from time to time to its senior executive officers, including,
but not limited to, any stock option plan and other incentive
plans.
4.9 Eligibility. Participation in any health, life, accident,
disability, medical expense or similar insurance plan or any
qualified pension or other retirement plan shall be subject to
the terms and conditions contained in such plan. All matters
of eligibility for benefits under any insurance plans shall be
determined in accordance with the provisions of the applicable
insurance policy issued by the applicable insurance company.
5. Conditions Subsequent to Continued Operation and Effect of
Agreement.
5.1 Continued Approval by Bank Regulatory Agencies. This
Agreement and all of its terms and conditions, and the
continued operation and effect of this Agreement and Eagle's
continuing obligations hereunder, shall at all times be
subject to the continuing approval of any and all Bank
Regulatory Agencies whose approval is a necessary prerequisite
to the continued operation of Eagle. Should any term or
condition of this Agreement, upon review by any Bank
Regulatory Agency, be found to violate or not be in compliance
with any then-applicable statute or any rule, regulation,
order or understanding promulgated by any Bank Regulatory
Agency, or should any term or condition required to be
included herein by any such Bank Regulatory Agency be absent,
this Agreement may be rescinded and terminated by Eagle if the
parties hereto cannot in good faith agree upon such additions,
deletions, or modifications as may be deemed necessary or
appropriate to bring this Agreement into compliance.
6. Termination of Agreement. This Agreement may be terminated
prior to expiration of the Term as provided below.
6.1 Definition of Cause. For purposes of this Agreement,
"Cause" means:
(a) any act of theft, fraud, intentional
misrepresentation or similar conduct by Tonat in
connection with or associated with the services
rendered by Tonat to Eagle under this Agreement;
(b) any failure of this Agreement to comply with any
Bank Regulatory Agency requirement which is not cured
in accordance with Section 5.1 within a reasonable
period of time after written notice thereof;
(c) any Bank Regulatory Agency action or proceeding
against Tonat as a result of her negligence, fraud,
malfeasance or misconduct;
(d) any of the following conduct on the part of Tonat
that Tonat has not been corrected or cured within
thirty (30) days after having received written notice
from Eagle detailing and describing such conduct:
(i) the use of drugs, alcohol or other
substances by Tonat to an extent
which materially interferes with
or prevents Tonat from performing
Tonat's duties under this
Agreement;
(ii) failure by or the inability of
Tonat to devote full time,
attention and energy to the
performance of Tonat's duties
pursuant to this Agreement (other
than by reason of her death or
disability);
(iii) intentional material failure by
Tonat to carry out the explicit
lawful and reasonable directions,
instructions, policies, rules,
regulations or decisions of the
Board which are consistent with
her position; or
(iv) willful or intentional misconduct
on the part of Tonat that results
in substantial injury to Eagle or
any of its parent, subsidiaries or
affiliates.
6.2 Termination by Eagle.
6.2.1 For Cause. Eagle shall have the right to cancel
and terminate this Agreement and Tonat's employment
for Cause immediately on written notice, with Tonat's
compensation and benefits ceasing as of Tonat's last
day of employment, provided, however, that Tonat
shall be entitled to benefits through the last day of
employment and accrued compensation to that date.
6.2.2 Without Cause. Eagle shall have the right to
cancel and terminate this Agreement and Tonat's
employment at any time on written notice without
Cause for any or no reason, with Tonat's compensation
and benefits ceasing as of Tonat's last day of
employment, subject to the provisions of Section 6.4.
and Article 8.
6.3 Termination by Tonat. Tonat shall have the right to cancel
and terminate this Agreement and her employment at any time on
sixty (60) days prior written notice to the Board, with
Tonat's compensation and benefits ceasing as of Tonat's last
day of employment, provided, however, that Tonat shall be
entitled to benefits through the last day of employment and
accrued compensation to that date.
6.4 Severance. Except as set forth below, if Tonat's
employment with Eagle is terminated by Eagle or its successors
during the Term without Cause, Eagle shall, for the balance of
the Term, continue to pay Tonat, in the manner set forth
below, Tonat's Salary at the rate being paid as of the date of
termination; provided, however, that Tonat shall not be
entitled to any such payments of Salary if (i) her employment
is terminated due to her death or long-term disability, or
(ii) this Agreement is rendered null and void pursuant to
Section 5.1, or (iii) there is a Change in Control Termination
(as defined in Section 8.2). Any Salary due Tonat to this
Section 6.4 shall be paid to Tonat in installments on the same
schedule as Tonat was paid immediately prior to the date of
termination, each installment to be the same amount Tonat
would have been paid under this Agreement if she had not been
terminated. In the event Tonat breaches any provision of
Article 7 of this Agreement, Tonat's entitlement to any Salary
payable pursuant to this Section 6.4, if and to the extent not
yet paid, shall thereupon immediately cease and terminate.
7. Confidentiality; Non-Competition; Non-Interference.
7.1 Confidential Information. Tonat, during employment by
Eagle, will have access to and become familiar with various
confidential and proprietary information of Eagle, its
parent, subsidiaries and/or affiliates and/or relating to the
business of Eagle, its parent, subsidiaries and/or affiliates
("Confidential Information"), including, but not limited to:
business plans; operating results; financial statements and
financial information; contracts; mailing lists; purchasing
information; customer data (including lists, names and
requirements); feasibility studies; personnel related
information (including compensation, compensation plans, and
staffing plans); internal working documents and
communications; and other materials related to the businesses
or activities of Eagle, its parent, subsidiaries and/or
affiliates which is made available only to employees with a
need to know or which is not generally made available to the
public. Failure to xxxx any Confidential Information as
confidential, proprietary or protected information shall not
affect its status as part of the Confidential Information
subject to the terms of this Agreement.
7.2 Nondisclosure. Tonat hereby covenants and agrees that
Tonat shall not at any time, directly or indirectly, disclose,
divulge, reveal, report, publish, or transfer any Confidential
Information to any Person, or use Confidential Information in
any way or for any purpose, except as required in the course
of Tonat's employment by Eagle. The covenant set forth in this
Section 7.2 shall not apply to information now known by the
public or which becomes known generally to the public (other
than as a result of a breach of this Article 7 by Tonat) or
information that is customarily shown or disclosed.
7.3 Documents. All files, papers, records, documents,
compilations, summaries, lists, reports, notes, databases,
tapes, sketches, drawings, memoranda, and similar items
(collectively, "Documents"), whether prepared by Tonat, or
otherwise provided to or coming into the possession of Tonat,
that contain any proprietary information about or pertaining
or relating to Eagle, its parent, subsidiaries and/or
affiliates and/or their businesses ("Eagle Information") shall
at all times remain their exclusive property. Promptly after a
request by Eagle or the termination of Tonat's employment,
Tonat shall take reasonable efforts to (i) return to Eagle all
Documents in any tangible form (whether originals, copies or
reproductions) and all computer disks containing or embodying
any Document or Eagle Information and (ii) purge and destroy
all Documents and Eagle Information in any intangible form
(including computerized, digital or other electronic format)
as may be requested in writing by the Chairman of the Board of
Eagle, and Tonat shall not retain in any tangible form any
such Document or any summary, compilation, synopsis or
abstract of any Document or Eagle Information.
7.4 Non-Competition.
7.4.1 Tonat hereby acknowledges and agrees that,
during the course of employment by Eagle, Tonat will
become familiar with and involved in all aspects of
the business and operations of Eagle. Tonat hereby
covenants and agrees that from the Commencement Date
until the earlier to occur of (a) the date one
hundred eighty (180) days after Tonat's last day of
employment with Eagle or (b) December 31, 2003, Tonat
will not at any time (except for Eagle), directly or
indirectly, in any capacity (whether as a proprietor,
owner, agent, officer, director, shareholder,
partner, principal, member, employee, contractor,
consultant or otherwise) render any services to a
bank or savings and loan or a holding company of a
bank or savings and loan (in any case, a "Bank") with
respect to any Bank office, branch or other facility
(in any case, a "Branch") that is located within a
thirty-five (35) mile radius of the location of
Eagle's headquarters on the date hereof (including,
without limitation, being involved in any manner in
the operations of or having any responsibilities with
respect to any Branch).
7.4.2 This Section 7.4 shall not apply if prior to
December 31, 2003, there is a (i) merger or
consolidation of Eagle with a third party in which
Eagle is not the survivor, (ii) sale of a controlling
interest in Eagle to a third party or (iii) a sale of
all or substantially all of the business or assets of
Eagle to a third party, and this Agreement is not
assigned to such third party or Tonat's employment
hereunder is otherwise terminated by such third party
in connection with such merger, consolidation or
sale. Further, mere ownership of less than two
percent (2%) of the securities of any publicly held
corporation shall not constitute a violation of this
Section.
7.5 Non-Interference. Tonat hereby covenants and agrees that
from the Commencement Date until the earlier to occur of (a)
the date one hundred eighty (180) days after Tonat's last day
of employment with Eagle or (b) December 31, 2003, Tonat will
not, directly or indirectly, for herself or any other Person
(whether as a proprietor, owner, agent, officer, director,
shareholder, partner, principal, member, employee, contractor,
consultant or any other capacity), induce or attempt to induce
any customers, suppliers, officers, employees, contractors,
consultants, agents or representatives of, or any other person
that has a business relationship with, Eagle or any of its
parent, subsidiaries and affiliates to discontinue, terminate
or reduce the extent of their relationship with Eagle and/or
any such parent, subsidiary or affiliate or to take any action
that would disrupt or otherwise be disadvantageous to any such
relationship.
7.6 Injunction. In the event of any breach or threatened or
attempted breach of any such provision by Tonat, Eagle shall,
in addition to and not to the exclusion of any other rights
and remedies at law or in equity, be entitled to seek and
receive from any court of competent jurisdiction (i) full
temporary and permanent injunctive relief enjoining and
restraining Tonat and each and every other Person concerned
therein from the continuation of such volatile acts and (ii) a
decree for specific performance of the applicable provisions
of this Agreement, without being required to furnish any bond
or other security.
7.7 Reasonableness.
7.7.1 Tonat has carefully read and considered the
provisions of this Article 7 and, having done so,
agrees that the restrictions and agreements set forth
in this Article 7 are fair and reasonable and are
reasonably required for the protection of the
interests of Eagle and its business, shareholders,
directors, officers and employees. Tonat further
agrees that the restrictions set forth in this
Agreement will not impair or unreasonably restrain
Tonat's ability to earn a livelihood.
7.7.2 If any court of competent jurisdiction should
determine that the duration, geographical area or
scope of any provision or restriction' set forth in
this Article 7 exceeds the maximum duration,
geographic area or scope that is reasonable and
enforceable under applicable law, the parties agree
that said provision shall automatically be modified
and shall be deemed to extend only over the maximum
duration, geographical area and/or scope as to which
such provision or restriction said court determines
to be valid and enforceable under applicable law,
which determination the parties direct the court to
make, and the parties agree to be bound by such
modified provision or restriction.
8. Change in Control.
8.1 Definition. "Change in Control" means and shall be deemed
to have occurred if:
(a) there shall be consummated any consolidation or merger of
EBI in which EBI is not the continuing or surviving
corporation or pursuant to which shares of EBI's capital stock
are converted into cash, securities or other property other
than a consolidation or merger of EBI in which the holders of
EBI's voting stock immediately before the consolidation or
merger shall, upon consummation of the consolidation or
merger, own at least 50% of the voting stock of the surviving
corporation, or any sale of all or substantially all of the
assets of EBI;
(b) any person (within the meaning of Sections 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) shall after the Commencement Date become
the beneficial owner (within the meaning of Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of
securities of EBI representing fifty-one percent (51%) or more
of the voting power of then all outstanding securities of EBI
entitled to vote generally in the election of directors of EBI
(including, without limitation, any securities of EBI that any
such person has the right to acquire pursuant to any
agreement, or upon exercise of conversion rights, warrants or
options, or otherwise, which shall be deemed beneficially
owned by such person); or
(c) individuals who at the Commencement Date constitute the
entire Board of Directors of EBI and any new directors whose
election by the Board of Directors of EBI, or whose nomination
for election by EBI's stockholders, shall have been approved
by a vote of at least a majority of the directors then in
office who either were directors at the Commencement Date or
whose election or nomination for election shall have been so
approved, shall cease for any reason to constitute at least a
majority of the Board of Directors of EBI.
8.2 Change in Control Termination. For purposes of this
Agreement, a "Change in Control Termination" means that while
this Agreement is in effect:
(a) Tonat's employment with Eagle is terminated without Cause
within one hundred twenty (120) days immediately (i) prior to
and in conjunction with a Change in Control or (ii) following
consummation of a Change in Control; or
(b) Tonat is notified within one hundred twenty (120) days
immediately prior to or immediately following consummation of
a Change in Control that, as a result of the Change in
Control, she will not be continued in a comparable position
(with comparable compensation and benefits) with Eagle to the
position Tonat holds at the time such notice is given if the
notice is given prior to the Change in Control or, if the
notice is given after a Change in Control, to the position
Tonat held immediately prior to the Change in Control, and
within fifteen (15) days after receiving such notification
Tonat notifies Eagle that she is terminating her employment
due to such change in her employment, with her last day of
employment to be mutually agreed to by Eagle and Tonat but
which shall be not more than sixty (60) days after such notice
is given by Tonat; or
(c) If at the expiration of the one hundred twenty (120) day
period immediately following consummation of a Change in
Control (the "Action Period") none of the events described in
Sections 8.2(a) and 8.2(b) above have occurred, Tonat, within
the thirty (30) day period immediately following the last day
of the Action Period, notifies Eagle that she is terminating
her employment due to the Change in Control, with her last day
of employment to be mutually agreed to by Eagle and Tonat but
which shall be not more than sixty (60) days after such notice
is given by Tonat.
8.3 Change in Control Payment. If there is a Change in Control
Termination, Tonat shall be paid a lump-sum cash payment (the
"Change Payment") equal to 2.00 times Tonat's Salary at the
highest rate in effect during the twelve (12) month period
immediately preceding her last day of employment, such Change
Payment to be made to Tonat within forty-five (45) days after
her last day of employment.
8.4 Adjustment.
(a) Notwithstanding anything in this Agreement to the
contrary, if the Determining Firm (as defined in Section
8.4(b)) determines that any portion of the Change Payment
and/or the portions, if any, of other payments or
distributions in the nature of compensation by Eagle to or for
the benefit of Tonat (including, but not limited to, the value
of the acceleration in vesting of restricted stock, options or
any other stock-based compensation) whether or not paid or
payable or distributed or distributable pursuant to the terms
of this Agreement (collectively with the Change Payment, the
"Aggregate Payment"), would cause any portion of the Aggregate
Payment to be subject to the excise tax imposed by Code
Section 4999 or would be nondeductible by Eagle pursuant to
Code Section 280G (such portion subject to the excise tax or
being nondeductible, the "Parachute Payment"), the Aggregate
Payment will be reduced, beginning with the Change Payment, to
an amount which will not cause any portion of the Aggregate
Payment to constitute a Parachute Payment.
(b) All determinations required to be made under this Section
8.4, will be made by a reputable law or accounting firm (the
"Determining Firm") selected by Eagle. All fees and expenses
of the Determining Firm will be obligations solely of Eagle.
The determination of the Determining Firm will be binding upon
Eagle and Tonat.
9. Assignability. Tonat shall have no right to assign this Agreement or
any of Tonat's rights or obligations hereunder to another party or parties.
10. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Maryland applicable to contracts
executed and to be performed therein, without giving to the choice of law rules
thereof.
11. Notices. All notices, requests, demands and other communications
required to be given or permitted to be given under this Agreement
shall be in writing and shall be conclusively deemed to have been given
(1) when hand delivered to the other party, or (2) when received when
by facsimile at the address a number set forth below provided however,
that notices given by facsimile shall no be effective unless either a
duplicate copy of suchfacsimile notice is promptly given by depositing
same in a States post office first-class postage prepaid and addressed
to the parties as set forth below, or the receiving party delivers a
written confirmation of receipt for such notice either by facsimile or
any other method permitted under this sub additionally, any notice
given by facsimile shall be deemed received on the next business day if
such notice is received after 5:00 p.m. (recipient's time) or on a
non-business day); or three (3) business days after the same have been
deposited in a United States post office with first-class certified
mail, return receipt, postage prepaid and addressed to the parties as
set forth below; or (4) the next business day after same have been
deposited with a national overnight delivery service reasonably
approved by the parties (Federal Express and DHL WorldWide Express
being deemed approved by the parties), postage prepaid, addressed to
the parties as set forth below with next-business-day delivery
guaranteed, provided that the sending party received a confirmation of
delivery from the delivery service provider. The address of a party set
forth below may be changed by that party by written notice to the other
from time to time pursuant to this Article.
To: Xxxxxx Xxxxxx-Xxxxx
000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
To: EagleBank
C/O Xxxxxx X. Xxxx
0000 Xxxxxxxx Xxx.
Xxxxxxxx, XX 00000
cc: Xxxxxxx, Xxxxx & Xxxxx
Xxxxx Baris
0000 Xxxxxxxxx Xxxx
Xxxxx X-00
Xxxxxxxx, XX 00000
12. Entire Agreement. This Agreement contains all of the agreements and
understandings between the parties hereto with respect to the
employment of Tonat by Eagle, and supersedes all prior agreements,
arrangements and understandings related to the subject matter hereof.
No oral agreements or written correspondence shall be held to affect
the provisions hereof. No representation, promise, inducement or
statement of intention has been made by either party that is not set
forth in this Agreement, and neither party shall be bound by or liable
for any alleged representation, promise, inducement or statement of
intention not so set forth.
13. Headings. The Article and Section headings contained in this
Agreement are for reference purposes only and shall not in any way
affect the meaning or interpretation of this Agreement.
14. Severability. Should any part of this Agreement for any reason be
declared or held illegal, invalid or unenforceable, such determination
shall not affect the legality, validity or enforceability of any
remaining portion or provision of this Agreement, which remaining
portions and provisions shall remain in force and effect as if this
Agreement has been executed with the illegal, invalid or unenforceable
portion thereof eliminated.
15. Amendment: Waiver. Neither this Agreement nor any provision hereof
may be amended, modified, changed, waived, discharged or terminated
except by an instrument in writing signed by the party against which
enforcement of the amendment, modification, change, waiver, discharge
or termination is sought. The failure of either party at any time or
times to require performance of any provision hereof shall not in any
manner affect the right at a later time to enforce the same. No waiver
by either party of the breach of any term, provision or covenant
contained in this Agreement, whether by conduct or otherwise, in any
one or more instances, shall be deemed to be, or construed as, a
further or continuing waiver of any such breach, or a waiver of the
breach of any other term, provision or covenant contained in this
Agreement.
16. Gender and Tense. As used in this Agreement, the masculine,
feminine and neuter gender, and the singular or plural number, shall
each be deemed to include the other or others whenever the context so
indicates.
17. Binding Effect. This Agreement is and shall be binding upon, and
inures to the benefit of, Eagle, its successors and assigns, and Tonat
and her heirs, executors, administrators, and personal and legal
representatives.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.
EAGLEBANK
By:
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Title:
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XXXXXX XXXXXX-XXXXX
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Date
