SETTLEMENT AGREEMENTSettlement Agreement • September 24th, 2004 • Af Financial Group • National commercial banks • North Carolina
This SETTLEMENT AGREEMENT (this "Agreement") dated as of September 24, 2004 is by and among James A. Todd ("Mr. Todd") and AF Financial Group, on its own behalf and on behalf of all of its affiliates, which for purposes of this Agreement includes AF Bank, a federally chartered savings bank, AF Insurance Services, Inc., AF Brokerage, Inc., AsheCo, MHC, Alleghany, Ashe & Grayson, Inc. ("AAG, Inc") and any other person, group, or company controlling, controlled by, or under common control with AF Financial Group (collectively referred to in this Agreement as "AF Financial Group and its affiliates" or "AF Financial Group or its affiliates", and the term "affiliates" when mentioned in this Agreement along with AF Financial Group shall refer broadly to all the affiliates specifically and generally of AF Financial Group as referenced above). Mr. Todd and AF Financial Group and its affiliates are hereinafter referred to as the "parties."
