AGREEMENT

AGREEMENT made this 22nd day of January, 2009 by and between the East Carolina Oevelopment Company, Inc., hereafter referred to as "ECOC" and Stephen A. LaRoque, his successors and assigns, are hereinafter referred to as "Contractor". This contract shall revoke any previous dated contracts between the ECOC and Contractor.

WITNESSETH

WHEREAS, ECOC has a long standing relationship with Contractor for the administration of its business affairs; and WHEREAS, Contractor has served as the primary person to perform the services for ECOC; and WHEREAS, Contractor is not an employee of ECOC; and WHEREAS, ECOC desires to maintain their relationship while utilizing the unique skills developed by Contractor in his role with ECOC while performing services for ECOC. NOW, THEREFORE, in consideration of the above recitals and the obligations stated herein the parties agree as follows: 1. This Agreement shall be in effect as of October 1, 1999 and continuing until canceled by both parties. Provided that ECOC may terminate payment as called for in this Agreement if Contractor fails to perform as speci'fled in this Agreement through his gross negligence. Termination for non-performance shall be upon thirty (30) days notice and shall not entitle ECOC to the return of any compensation already paid. 2. The parties agree that for the purposes of services provided under this Agreement, said services may be broken down into four (4) general categories. These four (4) categories are Administration, Marketing, Loan Packaging and Loan Servicing.

ADMINISTRATION

For purposes of providing administrative services, the Contractor shall serve as an advisor and his administrative services shall include:

Maintain the financial records of ECDC including monthly reports and annual budgets. Oversee the preparation of reports to the US Department of Agriculture and other funding sources as required.

MARKETING

The Contractor shall have the lead responsibility for the marketing activities for the benefit of ECDC. These marketing services shall include:

Market the services of ECDC in its specified service area. Provide information about ECDC to financial institutions and grantor organizations. Accept and process inquiries about ECDC. Develop and distribute promotional materials about ECDC. Develop specialized marketing procedures for financial institutions.

LOAN PACKAGING

The Contractor shall have the responsibility for loan packaging. These services are broadly described as all services necessary to take a loan candidate from initial interest through the loan approval, loan closing and collection of the entire loan fee.

SERVICING

Contractor shall have the lead responsibility for this area of services.

These

services are broadly defined as the maintenance of ECOC files on all existing

loans. This will include making contact with borrowers as necessary for the servicing of the loans.

Throughout the period of this agreement, Contractor's compensation shall be paid monthly and based upon the annual rate of Three per cent (3%) of ECOC's assets. Administration fees shall be payable on the first day of the month service is provided. ECOC shall pay contractor one half (1/2) of all loan fees collected. ECOC shall pay contractor ten per cent (10%) of annual profit payable in the month following the fiscal year end and is effective as of October 1, 1999. Beginning October 1, 1999, and throughout the period of this agreement, Contractor shall be reimbursed for all expenses. The parties to this Agreement acknowledge that this Agreement is a good faith attempt to deal with the business affairs of ECOC. The parties further acknowledge that adjustment of responsibilities, duties and compensation may be appropriate depending upon the extent of the funding, marketing activities and the number of loans processed.

IN WITNESS WHEREOF. The parties have set their hands and seals.

CONTRACTOR

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Stephen LaRoqu ECOC

(SEAL)