Memorandum of Understanding July 13, 2010Memorandum of Understanding • July 16th, 2010 • Anchor Funding Services, Inc. • Short-term business credit institutions
Michael P. Hilton, John A. McNiff III (the “Minority Members”) and Anchor Funding Services, Inc. (“Anchor”) are the members of Brookridge Funding Services, LLC (“Brookridge” and together with the Minority Members and Anchor, each a “Party” and together, the “Parties”) and are parties to the following agreements each dated December 7, 2009: the Asset Purchase Agreement among the parties and Brookridge Funding, LLC (the “Purchase Agreement”); the Operating Agreement of Brookridge (the “Operating Agreement”); and the employment agreements between Brookridge and each of the Minority Members (the “Employment Agreements” and together with the Purchase Agreement and the Operating Agreement, the “Transaction Documents”). The Parties have agreed to rescind the transactions contemplated by the Transaction Documents on the terms specified herein. Capitalized terms used but not defined herein shall have the meaning ascribed thereto in the Operating Agreement.
