PERSONAL AND CONFIDENTIAL June 18, 2007 Peachtree Equity Investment Management, Inc. WCI (Private Equity) LLC 1170 Peachtree Street, Suite 1610 Atlanta, GA 30309 Attention: Matthew J. Sullivan Re: Marlin Business Services Corp. Board Representative...Passivity Agreement • March 17th, 2008 • Marlin Business Services Corp • Services-equipment rental & leasing, nec
This Letter Agreement relates to the attached Passivity Agreement, dated June 18, 2007 (the “Passivity Agreement”), by and between Peachtree Equity Investment Management, Inc. and WCI (Private Equity) LLC (collectively, the “Peachtree Group”) and the Federal Deposit Insurance Corporation (the “FDIC”). The FDIC has required that the Peachtree Group enter into the Passivity Agreement as a condition to the FDIC’s approval of the application for the issuance of Federal deposit insurance (the “FDIC Insurance”) under the Federal Deposit Insurance Act (12 U.S.C. §1815) for Marlin Business Bank (the “Marlin Bank”), a proposed state nonmember bank being formed as a direct subsidiary of Marlin Business Services Corp. (the “Company”).
