STANDSTILL AGREEMENTStandstill Agreement • November 15th, 2004 • American Physicians Capital Inc • Hospital & medical service plans • Michigan
THIS STANDSTILL AGREEMENT (“Agreement”), dated the 10th day of November, 2004 (“Effective Date”), is made by and between American Physicians Capital, Inc., a Michigan corporation (“ACAP”), on the one hand, and Stilwell Value Partners II, L.P., Stilwell Value Partners V, L.P., Stilwell Associates, L.P., Stilwell Partners, L.P., Stilwell Value, LLC, Joseph Stilwell, John Stilwell and Spencer L. Schneider (collectively, the “Stilwell Group”) on the other.
