SETTLEMENT AGREEMENTSettlement Agreement • March 16th, 2006 • Independent Bank Corp /Mi/ • State commercial banks
This Settlement Agreement (the “Agreement”) is made as of the last date of execution by the signatories hereunder (the “Effective Date”), and is made by and between Independent Bank Corporation (“IBC”), Mepco Insurance Premium Financing, Inc. (“Mepco”), and Mepco Acceptance Corporation (collectively the “IBC Parties”) on the one hand, and Edward M. Walder, Paul M. Walder, Howard Walder, Edward M. Walder, as Trustee of the Paul M. Walder Trust, Paul M. Walder, as Trustee of the Edward M. Walder Trust (collectively, the “Walder Parties”), and Nationwide Acceptance Corporation, on the other hand. The Edward M. Walder Trust, the Paul M. Walder Trust, and Nationwide Acceptance Corporation are hereinafter referred to as the “Former Mepco Shareholders.” Edward Walder and Paul Walder are hereinafter referred to collectively as the “Walders.” The IBC Parties, the Walder Parties, and Nationwide Acceptance Corporation are hereinafter referred to collectively as the “Parties” and individually as a
