Exhibit 99.7
PROPOSAL AND FEES
DATA PROCESSING SERVICES
MUTUAL TO STOCK CONVERSIONS
HOWE BARNES HOEFER & ARNETT, INC.
March 1, 2011
The information in this document is confidential. It is provided to Howe Barnes Hoefer & Arnett, Inc. on the understanding that it will not be shared with any third party without the prior written consent of Ellen Philip Associates, Inc. and AJS Financial Solutions, LLC.
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1. Project Management:
• | Manage project |
• | Develope business requirements |
• | Team meetings |
• | Timelines |
• | Document and implement client specific client requirements |
• | Audit control |
• | Quality control |
Fee: $13,000.00
2. Data Processing, Client Eligibility Files:
• | Eligibility record date |
• | Supplemental eligibility record date |
• | Voting (other member) record date |
• | Eligible loans |
• | Other (community, general public) |
• | Consolidate “like” records |
• | Household sort |
• | Audit/control reports and edit listings of all data processing processes |
• | Provide reports: |
1. | Vote range |
2. | Zip range |
3. | Geographic |
• | Create export initial files |
1. | Required proxy/order form print files for financial printer |
2. | Proxy tabulation file of all accounts eligible to vote |
3. | Browser/Folio file for research by Stock Information Center |
4. | Stock order processing file. |
Fee: $11,800.00, including test file processing. Assumes 35,000 records @ $.28 each.
The information in this document is confidential. It is provided to Howe Barnes Hoefer & Arnett, Inc. on the understanding that it will not be shared with any third party without the prior written consent of Ellen Philip Associates, Inc. and AJS Financial Solutions, LLC.
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3. Proxy Tabulation Services:
• | Ability to tabulate mail proxy card returns to Ellen Philip Associates |
• | Ability to research and process branch proxy cards |
• | Special IRA, KEOGH voting |
• | Create proxygram/solicitation files as requested |
1. | Unvoted, Voted or All, as requested |
2. | Share Range as requested |
3. | Data Fields in Record |
Name/address
Votes
Telephone Number
Branch Number
Other - as requested by client
• | On-Line Real-Time Reporting, 24/7 |
Fee $11,025 . Assumes 12,250 returns (35%) @ .90 per proxy.
4. Electronic Proxy Voting (Web/Phone access) Optional:
Fee: $3,000.00.
(Includes setup of facilities and telephone and Internet voting.)
5. Stock Order Processing:
• | Provide online access to process orders at Stock Information Center |
• | On-Line, Real-Time reporting of Stock Orders processed |
• | Calculate Interest/Refund amounts |
• | Create and forward Stock Order Export Files |
1. | Daily Acknowledgement Letter file |
2. | “Final List of subscribers - Real-Time |
3. | Stock Issuance File |
4. | Account Withdrawal Debit File |
5. | Refund/Interest Check Print File |
6. | Refund/Interest Check Register |
7. | 1099-INT Print File |
8. | 1099-INT IRS Tax Reporting File |
Fee: $5,000.00
TOTAL $43,825
The information in this document is confidential. It is provided to Howe Barnes Hoefer & Arnett, Inc. on the understanding that it will not be shared with any third party without the prior written consent of Ellen Philip Associates, Inc. and AJS Financial Solutions, LLC.
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Specialized/Change Services:
• | Upon Request/To be Determined |
Out of Pocket Expenses:
• | Includes postage, postal pickups, messengers, printing, mailing, travel |
• | Attorney Review of Agreement changes |
Additional Services (as needed)
• | Inspector of Election Services, $1,500.00, plus travel |
• | Receipt, Processing of Stock Orders @ $15.00 each |
• | Resolicitation of Stock Orders @ $850.00/file for mailer* |
• | Proration of Stock Orders @ $1,500.00 per proration pass* |
• | Followup (Proxygram) Print Files @ $750.00 each |
* Assumes Howe Barnes will handle all clerical processes, such as file adjustments and updates.
The information in this document is confidential. It is provided to Howe Barnes Hoefer & Arnett, Inc. on the understanding that it will not be shared with any third party without the prior written consent of Ellen Philip Associates, Inc. and AJS Financial Solutions, LLC.
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