EXHIBIT NO. 10.26 – DEFERRED COMPENSATION AGREEMENTS DATED JANUARY 1, 1998,

JANUARY 1, 1996, JANUARY 19, 1994 AND NOVEMBER 18, 1987

BETWEEN ST. FRANCIS CAPITAL CORPORATION, ST. FRANCIS BANK, F.S.B.,

BANK WISCONSIN AND THOMAS R. PERZ

--------------------------------------------------------------------------------

AMENDED

DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT is made this 1st day of January, 1998, between ST. FRANCIS
CAPITAL CORPORATION, ST. FRANCIS BANK, F.S.B. (the “Bank”), BANK WISCONSIN
(collectively referred to as the “Controlled Group”) and Thomas R. Perz, (the
“Director”).

 

WHEREAS, Director has previously entered into a deferred compensation agreement
with the Bank, the sole member of the Controlled Group paying directors’ fees
prior to January 1, 1996, and

 

WHEREAS, each member of the Controlled Group will now pay directors’ fees, and

 

WHEREAS, the parties to this Agreement wish to amend the prior agreement to
reflect the payment of Directors’ fees by other members of the Controlled Group.

 

NOW, THEREFORE, in consideration of the premises, the parties agree as follows:

 

  1. Director’s Fee. Effective January 1, 1998 and continuing through December
31, 1999, the Director hereby elects to defer his monthly Director’s fees,
meeting fees, and committee fees commencing as follows:

 

St. Francis Capital Corporation

   $ 16,500.00     

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--------------------------------------------------------------------------------

St. Francis Bank, F.S.B.

   $ 13,500.00     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total

   $ 30,000.00     

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Director may elect to increase or decrease his deferral election for any year by
delivering a notice, to the Bank; provided, however that the Director’s total
deferrals from all members of the Controlled Group may not be terminated or
reduced below $30,000.00 per year without the Bank’s express consent. If
Director ceases to be a member of the Board, he shall be deemed to have
terminated his deferral. If the Director should terminate his deferral prior to
December 31, 1999 for any reason other than Director’s death, Director’s
benefits under this Agreement shall be payable pursuant to paragraph 5.

 

  2. Deferred Benefit Account. The Bank shall establish a Deferred Benefit
Account on its books for Director reflecting the amount Director has elected to
defer from each member of the Controlled Group, and shall credit to Director’s
Deferred Benefit Account the following amounts at the times specified:

 

(a) The compensation that the Director elects to defer pursuant to paragraph 1
above, credited as of the date the Director would otherwise have received the
compensation.

 

(b) As of each April 30, an amount equal to the interest earned since the last
preceding April 30. Interest shall be calculated using the rate one (1)
percentage point over the composite yield on Moody’s Long Term Bond Index rate
in effect on the preceding April 30. The interest rate shall

 

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be applied to the average balance in the Deferred Benefit Account since the last
April 30. The average balance shall be determined by adding the balance as of
the end of each month in the year and dividing by 12. Interest will be
compounded annually and will continue to be credited on any undistributed
balance. A Director’s Deferred Benefit Account shall be utilized solely as a
device for the measurement and determination of the amounts to be paid to the
Director pursuant to this Agreement. A Director’s Deferred Benefit Account shall
not constitute or be treated as a trust fund of any kind. Title to and
beneficial ownership of any assets, which the Bank may earmark to pay deferred
compensation hereunder, shall at all times remain in the Bank, and the Director
shall at all times remain in the Bank, and the Director shall not have any
interest in specific assets of the Bank by virtue of this Agreement. The Bank
shall provide Director within 120 days after each April 30, a statement in such
form as the Bank deems desirable setting forth the balance to the credit of
Director in his Deferred Benefit Account as of April 30.

 

  3. Retirement Benefits. Upon Director’s attainment of age 65, Bank shall pay
Director as compensation for services rendered prior to such date a benefit
equal to the amount of his Deferred Benefit Account determined as of the April
30 coincident with or next following Director’s age 65. The retirement benefit
shall be paid over a period of 10 years. If Director should die at a time when
payments under this paragraph are due to commence or have commenced and before
the payments provided for herein have been made, the unpaid balance will
continue to be paid in installments to his designated beneficiary until such
time as a total of all payments have been made. The portion of the Director’s
Account to be paid to the Director during each year shall be as follows:

 

Installment No.

--------------------------------------------------------------------------------

 

Portion of Account to be Paid

--------------------------------------------------------------------------------

1

  1/10

2

  1/9

3

  1/8

4

  1/7

5

  1/6

6

  1/5

7

  1/4

8

  1/3

9

  1/2

10

  Remaining Balance

 

  4. Survivor Benefits. Upon Director’s death prior to age 65, the Bank shall
pay Director’s designated beneficiary an annual sum of Seventy Six Thousand
Dollars ($76,000.00) for a period of ten years. In lieu of this survivor
benefit, the Director’s designated beneficiary may elect to receive the balance
in the Director’s Deferred Benefit Account over a period of 10 years as provided
in paragraph 3.

 

  5. Termination of Deferrals. Notwithstanding paragraphs 3 and 4 above, if
Director terminates deferrals prior to December 31, 1999 for any reason other
than the Director’s death or a change in control as described in paragraph 7,
Director shall be paid a lump sum amount equal to his Deferred Benefit Account
on April 30 immediately following the date six years from the date of the prior
deferred compensation agreement with the Bank.

 

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  6. Frequency of Payment. Payments to be made pursuant to paragraph 3 and
paragraph 4 shall be made in monthly instalments. The Bank may, in its absolute
discretion, accelerate the payment of any amounts provided herein to the extent
it desires, or commute any installment payments into a single lump sum payment
equal to the present value of the right to receive such future installment
payments. In the calculation of lump sum present value, Bank shall use an
interest rate equal to the average interest rate obtained in three quotations
from commercial insurers licensed to do business in Wisconsin for a fixed term
annuity corresponding to the remaining future installments being commuted.

 

  7. Change in Control. In the event of a “change in control”, as defined in
Section 5(iv) of the employment agreement currently in effect between St.
Francis Bank, F.S.B. and Executive, the Bank shall pay Executive a lump sum
equal to his Deferred Benefit Account within 60 days following such event.

 

  8. Designation of Beneficiary. Director shall have the right to designate a
beneficiary or beneficiaries to receive any death benefit provided herein. Such
designation of beneficiary shall be delivered in writing to Bank and may be
changed by Director, at any time by written notice delivered to Bank. If no
beneficiary has been designated or if the designated beneficiary does not
survive the Director, the death benefit shall be payable to Director’s estate.
If the beneficiary or beneficiaries who survive Director die before receiving
the full amount of any benefits payable hereunder, such benefits shall be paid
to the estate of the last such beneficiary to die.

 

  9. No Trust Created. Nothing contained in this Agreement, and no action taken
pursuant to the provisions of this Agreement, shall create or be construed to
create a trust of any kind, or fiduciary relationship between the Bank and
Director, his designated beneficiary or any other person. Any funds which may be
invested or assets which may be acquired by Bank relating to this Agreement
shall continue for all purposes to be a part of the general funds of Bank and no
person other than Bank shall by virtue of the provisions of this Agreement have
any interest in such funds or assets. To the extent that any person acquires a
right to receive payment from Bank under this Agreement, such right shall be no
greater than the right of any unsecured general creditor of Bank.

 

  10. Assignment Not Permitted. Except as provided in paragraph 8 hereof, the
right of Bank or any other person to the payment of deferred compensation or
other benefits under this Agreement shall no be assigned, transferred, pledged
or encumbered.

 

  11. Duty of Cooperation. The Director shall, as a condition precedent to the
receipt of any benefits under this Agreement, cooperate with the Bank in
undergoing any medical examinations and providing any information reasonably
necessary in connection with the Agreement. In the event of the Director’s death
during the first two (2) years of his participation, then should such death have
been a suicide or should Director be uninsurable or should the Director have
made any material misstatement or failed to make a material disclosure of
information in any documentation which the Director is requested to complete in
connection with this Agreement, no death benefits under the terms of this
Agreement will be payable other than a return of Director’s prior deferrals
without interest, unless and to the extent that the Board of Directors of Bank,
in their absolute discretion, may otherwise determine.

 

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  12. Agreement Binding. This Agreement shall be binding on and inure to the
benefit to Bank, its successors and assigns and of Director and his heirs,
executors, administrators and legal representatives. This instrument contains
the entire agreement between the parties and may not be amended orally, but only
by agreement in writing signed by both parties.

 

  13. Competence of Payees. Every person receiving or claiming payments
hereunder shall be conclusively presumed to be mentally competent until the date
on which the Bank receives a written notice, in form and manner acceptable to
it, that such person is incompetent and that a guardian, conservator, or other
person legally vested with the management of his estate has been appointed. In
the event a guardian or conservator of the estate or any person receiving or
claiming payments hereunder shall be appointed by a court of competent
jurisdiction, payments may be made to such guardian or conservator provided that
proper proof of appointment and continuing qualification is furnished in a form
and manner acceptable to the Bank. Any such payment so made shall be a complete
discharge of liability therefor.

 

  14. Taxes. To the extent required by the law in effect at the time payments
are made, the Bank shall withhold any taxes required to be withheld by the
federal or any state or local government from payments made hereunder.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

 

       

ST. FRANCIS CAPITAL CORPORATION

(Corporate Seal)       By  

/s/ Brian T. Kaye

             

--------------------------------------------------------------------------------

               

Secretary

       

ST. FRANCIS                                    BANK, F.S.B.

(Corporate Seal)       By  

/s/ Brian T. Kaye

             

--------------------------------------------------------------------------------

               

Secretary

       

BANK WISCONSIN

(Corporate Seal)       By  

/s/ James C. Hazzard

             

--------------------------------------------------------------------------------

           

/s/ Thomas R. Perz

             

--------------------------------------------------------------------------------

               

Director’s Signature

 

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AMENDED

DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT is made this 1ST day of JANUARY, 1996 between ST. FRANCIS CAPITAL
CORPORATION, ST. FRANCIS BANK, F.S.B. (the “Bank”), BANK WISCONSIN (collectively
referred to as the “Controlled Group”) and THOMAS R. PERZ (the “Director”).

 

WHEREAS, Director has previously entered into a deferred compensation agreement
with the Bank, the sole member of the Controlled Group paying directors’ fees
prior to January 1, 1996, and

 

WHEREAS, each member of the Controlled Group will now pay directors’ fees, and

 

WHEREAS, the parties to this Agreement wish to amend the prior agreement to
reflect the payment of directors’ fees by other members of the Controlled Group.

 

NOW, THEREFORE, in consideration of the premises, the parties agree as follows:

 

  1. Director’s Fee. Effective January 1, 1996, the Director hereby elects to
defer his monthly Director’s fees, meeting fees, and committee fees commencing
as follows:

 

     Amount

--------------------------------------------------------------------------------

St. Francis Capital Corporation

   $ 20,000.00     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

St. Francis Bank, F.S.B.

   $ 6,000.00     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Bank Wisconsin

   $ 4,000.00     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total

   $ 30,000.00     

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Director may, at any time, elect to terminate his deferral by delivering a
notice to the Bank to that effect. If Director ceases to be a member of the
Board, he shall be deemed to have terminated his deferral. If Director
terminates his deferral, he shall not be permitted to again defer Director’s
fees until one year from the date of such termination. If the Director should
terminate his deferral for any reason other than Director’s death, Director’s
benefits under this Agreement shall be limited to those provided in paragraph 5.
Director may elect to increase or decrease his deferral election for any year by
delivering a notice, to the Bank; provided, however that the Director’s total
deferrals from all members of the Controlled Group may not be reduced below
$30,000.00 per year without the Bank’s express consent.

 

--------------------------------------------------------------------------------

  2. Deferred Benefit Account. The Bank shall establish a Deferred Benefit
Account on its books for Director reflecting the amount Director has elected to
defer from each member of the Controlled Group, and shall credit to Director’s
Deferred Benefit Account the following amounts at the times specified:

 

(a) The compensation that the Director elects to defer pursuant to paragraph 1
above, credited as of the date the Director would otherwise have received the
compensation.

 

(b) As of each April 30, an amount equal to the interest earned since the last
preceding April 30. Interest shall be calculated using the rate one (1)
percentage point over the composite yield on Moody’s Long Term Bond Index rate
in effect on the preceding April 30. The interest rate shall be applied to the
average balance in the Deferred Benefit Account since the last April 30. The
average balance shall be determined by adding the balance as of the end of each
month in the year and dividing by 12. Interest will be compounded annually and
will continue to be credited on any undistributed balance. A Director’s Deferred
Benefit Account shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to Director pursuant to this Agreement.
A Director’s Deferred Benefit Account shall not constitute or be treated as a
trust fund of any kind. Title to and beneficial ownership of any assets, which
the Bank may earmark to pay deferred compensation hereunder, shall at all times
remain in the Bank, and the Director shall not have any interest in specific
assets of the Bank by virtue of this Agreement. The Bank shall provide Director
within 120 days after each April 30, a statement in such form as the Bank deems
desirable setting forth the balance to the credit of Director in his Deferred
Benefit Account as of April 30.

 

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  3. Retirement Benefits. Upon Director’s attainment of age 65, Bank shall pay
Director as compensation for services rendered prior to such date a benefit
equal to the amount of his Deferred Benefit Account determined as of the April
30 coincident with or next following Director’s age 65. The retirement benefit
shall be paid over a period of 10 years. If Director should die at a time when
payments under this paragraph are due to commence or have commenced and before
the payments provided for herein have been made, the unpaid balance will
continue to be paid in installments to his designated beneficiary until such
time as a total of all payments have been made. The portion of the Directors’s
Account to be paid to Director during each year shall be as follows:

 

Installment No.

--------------------------------------------------------------------------------

 

Portion of Account to be Paid

--------------------------------------------------------------------------------

1

  1/10

2

  1/9

3

  1/8

4

  1/7

5

  1/6

6

  1/5

7

  1/4

8

  1/3

9

  1/2

10

  Remaining Balance

 

  4. Survivor Benefits. Upon Director’s death prior to age 65, the Bank shall
pay Director’s designated beneficiary an annual sum of SEVENTY SIX THOUSAND
Dollars ($76,000.00) for a period of 10 years. In lieu of this survivor benefit,
the Director’s designated beneficiary may elect to receive the balance in the
Director’s Deferred Benefit Account over a period of 10 years as provided in
paragraph 3.

 

  5. Termination of Deferrals. Notwithstanding paragraphs 3 and 4 above, if
Director does not make deferrals for 72 months as provided in paragraph 1 for
any reason other than the Director’s death or a change in control as described
in paragraph 7, Director’s benefits shall be limited to a lump sum payment
consisting of the amounts previously deferred pursuant to paragraph 1, but
without any interest thereon, payable six years from the date of the prior
deferred compensation agreement with the Bank.

 

  6. Frequency of Payment. Payments to be made pursuant to paragraph 3 and
paragraph 4 shall be made in monthly installments. The Bank may, in its absolute
discretion, accelerate the payment of any amounts provided herein to the extent
it desires, or commute any installment payments into a single lump sum payment
equal to the present value of the right to receive such future installment
payments. In the calculation of lump sum present value, Bank shall use an
interest rate equal to the average interest rate obtained in three quotations
from commercial insurers licensed to do business in Wisconsin for a fixed term
annuity corresponding to the remaining future installments being commuted.

 

  7. Change in Control. In the event of a “change in control” as defined in
Section 5(iv) of the employment agreement currently in effect between St.
Francis Bank, F.S.B. and Executive, the Bank shall pay Executive a lump sum
equal to his Deferred Benefit Account within 60 days following such event.

 

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  8. Designation of Beneficiary. Director shall have the right to designate a
beneficiary or beneficiaries to receive any death benefit provided herein. Such
designation of beneficiary shall be delivered in writing to Bank and may be
changed by Director, at any time by written notice delivered to Bank. If no
beneficiary has been designated or if the designated beneficiary does not
survive the Director, the death benefit shall be payable to Director’s estate.
If the beneficiary or beneficiaries who survive Director die before receiving
the full amount of any benefits payable hereunder, such benefits shall be paid
to the estate of the last such beneficiary to die.

 

  9. No Trust Created. Nothing contained in this Agreement, and no action taken
pursuant to the provisions of this Agreement, shall create or be construed to
create a trust of any kind, or fiduciary relationship between the Bank and
Director, his designated beneficiary or any other person. Any funds which may be
invested or assets which may be acquired by Bank relating to this Agreement
shall continue for all purposes to be a part of the general funds of Bank and no
person other than Bank shall by virtue of the provisions of this Agreement have
any interest in such funds or assets. To the extent that any person acquires a
right to receive payment from Bank under this Agreement, such right shall be no
greater than the right of any unsecured general creditor of Bank.

 

  10. Assignment Not Permitted. Except as provided in paragraph 8 hereof, the
right of Bank or any other person to the payment of deferred compensation or
other benefits under this Agreement shall not be assigned, transferred, pledged
or encumbered.

 

  11. Duty of Cooperation. The Director shall, as a condition precedent to the
receipt of any benefits under this Agreement, cooperate with the Bank in
undergoing any medical examinations and providing any information reasonably
necessary in connection with the Agreement. In the event of the Director’s death
during the first two (2) years of his participation, then should such death have
been a suicide or should Director be uninsurable or should the Director have
made any material misstatement or failed to make a material disclosure of
information in any documentation which the Director is requested to complete in
connection with this Agreement, no death benefits under the terms of this
Agreement will be payable other than a return of Director’s prior deferrals
without interest, unless and to the extent that the Board of Directors of Bank,
in their absolute discretion, may otherwise determine.

 

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  12. Agreement Binding. This Agreement shall be binding on and inure to the
benefit to Bank, its successors and assigns and of Director and his heirs,
executors, administrators and legal representatives. This instrument contains
the entire agreement between the parties and may not be amended orally, but only
by agreement in writing signed by both parties.

 

  13. Competence of Payees . Every person receiving or claiming payments
hereunder shall be conclusively presumed to be mentally competent until the date
on which the Bank receives a written notice, in form and manner acceptable to
it, that such person is incompetent and that a guardian, conservator, or other
person legally vested with the management of his estate has been appointed. In
the event a guardian or conservator of the estate or any person receiving or
claiming payments hereunder shall be appointed by a court of competent
jurisdiction, payments may be made to such guardian or conservator provided that
proper proof of appointment and continuing qualification is furnished in a form
and manner acceptable to the Bank. Any such payment so made shall be a complete
discharge of liability therefor.

 

  14. Taxes. To the extent required by the law in effect at the time payments
are made, the Bank shall withhold any taxes required to be withheld by the
federal or any state or local government from payments made hereunder.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

 

       

ST. FRANCIS CAPITAL CORPORATION

    (Corporate Seal)       By  

/s/ Brian T. Kaye

               

--------------------------------------------------------------------------------

               

Secretary

 

       

ST. FRANCIS BANK, F.S.B

    (Corporate Seal)       By  

/s/ Brian T. Kaye

               

--------------------------------------------------------------------------------

               

Secretary

 

       

BANK WISCONSIN

    (Corporate Seal)       By  

/s/ James C. Hazzard

               

--------------------------------------------------------------------------------

               

/s/ Thomas R. Perz

           

--------------------------------------------------------------------------------

               

Director’s Signature

 

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DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT is made this 19th day of January, 1994 between ST. FRANCIS
SAVINGS BANK, FSB (the “Bank”) and Thomas Perz (the “Director”).

 

WHEREAS, the valuable services rendered by Director in the past and expected to
be rendered in the future are an important factor in the continuing successful
operations of Bank, and

 

WHEREAS, Bank desires to encourage Director’s continued efforts on behalf of the
Bank,

 

NOW, THEREFORE, in consideration of the premises, the parties agree as follows:

 

  1. Director’s Fee. The Director hereby elects to defer $16,000.00 per year of
his monthly Director’s fees, meeting fees and committee fees commencing January
1, 1994, and continuing for a period of 72 months; provided, however, that the
maximum deferral in any year shall not exceed the lesser of the aggregate fees
earned by Director during the year or $17,400. Director may, at any time, elect
to terminate his deferral by delivering a notice to the Bank to that effect. If
Director ceases to be a member of the Board, he shall be deemed to have
terminated his deferral. If Director terminates his deferral, he shall not be
permitted to again defer Director’s fees until one year from the date of such
termination. If the Director should terminate his deferral for any reason other
than Director’s death, Director’s benefits under this Agreement shall be limited
to those provided in paragraph 5.

 

  2. Deferred Benefit Account. The Bank shall establish a Deferred Benefit
Account on its books for Director, and shall credit to Director’s Deferred
Benefit Account the following amounts at the times specified:

 

(a) The compensation that the Director elects to defer pursuant to paragraph 1
above, credited as of the date the Director would otherwise have received the
compensation.

 

(b) As of each April 30, an amount equal to the interest earned since the last
preceding April 30. Interest shall be calculated using the rate on (1)
percentage point over the composite yield on Moody’s Long Term Bond Index rate
in effect on the preceding April 30. The interest rate shall be applied to the
average balance in the

 

--------------------------------------------------------------------------------

Deferred Benefit Account since the last April 30. The average balance shall be
determined by adding the balance as of the end of each month in the year and
dividing by 12. Interest will be compounded annually and will continue to be
credited on any undistributed balance. A Director’s Deferred Benefit Account
shall be utilized solely as a device for the measurement and determination of
the amounts to be paid to Director pursuant to this Agreement. A Director’s
Deferred Benefit Account shall not constitute or be treated as a trust fund of
any kind. Title to and beneficial ownership of any assets, which the Bank may
earmark to pay deferred compensation hereunder, shall at all times remain in the
Bank, and the Director shall not have any interest in specific assets of the
Bank by virtue of this Agreement. The Bank shall provide Director within 120
days after each April 30, a statement in such form as the Bank deems desirable
setting forth the balance to the credit of Director in his Deferred Benefit
Account as of April 30.

 

  3. Retirement Benefits. Upon Director’s attainment of age 65, Bank shall pay
Director as compensation for services rendered prior to such date a benefit
equal to the amount of his Deferred Benefit Account determined as of the April
30 coincident with or next following Director’s age 65. The retirement benefit
shall be paid over a period of 10 years. If Director should die at a time when
payments under this paragraph are due to commence or have commenced and before
the payments provided for herein have been made, the unpaid balance will
continue to be paid in installments to his designated beneficiary until such
time as a total of all payments have been paid to Director during each year
shall be as follows:

 

Installment #

--------------------------------------------------------------------------------

 

Portion of Account to be Paid

--------------------------------------------------------------------------------

1

  1/10

2

  1/9

3

  1/8

4

  1/7

5

  1/6

6

  1/5

7

  1/4

8

  1/3

9

  1/2

10

  Remaining Balance

 

  4.

Survivor Benefits. Upon Director’s death prior to age 65, the Bank shall pay
Director’s designated beneficiary an annual sum of Forty-Eight Thousand Dollars
($48,000) for a period of 10 years. In lieu of this survivor benefit, the
Director’s designated beneficiary may elect to receive the balance in the
Director’s

 

--------------------------------------------------------------------------------

 

Deferred Benefit Account over a period of 10 years as provided in paragraph 3.

 

  5. Termination of Deferrals. Notwithstanding paragraphs 3 and 4 above, if
Director does not make deferrals for 72 months as provided in paragraph 1 for
any reason other than the Director’s death, Director’s benefits shall be limited
to a lump sum payment consisting of the amounts previously deferred pursuant to
paragraph 1, but without any interest thereon, payable six years from the date
of this Agreement.

 

  6. Frequency of Payment. Payments to be made pursuant to paragraph 3 and
paragraph 4 shall be made in monthly installments. The Bank may, in its absolute
discretion, accelerate the payment of any amounts provided herein to the extent
it desires, or commute any installment payments into a single lump sum payment
equal to the present value of the right to receive such future installment
payments. In the calculation of such lump sum present value, Bank shall use an
interest rate equal to the average interest rate obtained in three quotations
from commercial insurers licensed to do business in Wisconsin for a fixed term
annuity corresponding to the remaining future installments being commuted.

 

  7. Designation of Beneficiary. Director shall have the right to designate a
beneficiary or beneficiaries to receive any death benefit provided herein. Such
designation of beneficiary shall be delivered in writing to Bank and may be
changed by Director, at any time by written notice delivered to Bank. If no
beneficiary has been designated or if the designated beneficiary does not
survive the Director, the death benefit shall be payable to Director’s estate.
If the beneficiary or beneficiaries who survive Director die before receiving
the full amount of any benefits payable hereunder, such benefits shall be paid
to the estate of the last such beneficiary to die.

 

  8. No Trust Created. Nothing contained in this Agreement, and no action taken
pursuant to the provisions of this Agreement, shall create or be construed to
create a trust of any kind, or fiduciary relationship between the Bank and
Director, his designated beneficiary or any other person. Any funds which may be
invested or assets which may be acquired by Bank relating to this Agreement
shall continue for all purposes to be a part of the general funds of Bank and no
person other than Bank shall by virtue of the provisions of this Agreement have
any interest in such funds or assets. To the extent that any person acquires a
right to receive payment from Bank under this Agreement, such right shall be no
greater than the right of any unsecured general creditor of Bank.

 

-3-

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  9. Assignment Not Permitted. Except as provided in paragraph 7 hereof, the
right of Bank or any other person to the payment of deferred compensation or
other benefits under this Agreement shall not be assigned, transferred, pledged
or encumbered.

 

  10. Duty of Cooperation. The Director shall, as a condition precedent to the
receipt of any benefits under this Agreement, cooperate with the Bank in
undergoing any medical examinations and providing any information reasonably
necessary in connection with the Agreement. In the event of the Director’s death
during the first two (2) years of his participation, then should such death have
been a suicide or should Director be uninsurable or should the Director have
made any material misstatement or failed to make a material disclosure of
information in any documentation which the Director is requested to complete in
connection with this Agreement, no death benefits under the terms of this
Agreement will be payable other than a return of Director’s prior deferrals
without interest, unless and to the extent that the Board of Directors of Bank,
in their absolute discretion, may otherwise determine.

 

  11. Agreement Binding. This Agreement shall be binding on and inure to the
benefit to Bank, its successors and assigns and of Director and his heirs,
executors, administrators and legal representatives. This instrument contains
the entire agreement between the parties and may not be amended orally, but only
by agreement in writing signed by both parties.

 

  12. Competence of Payees. Every person receiving or claiming payments
hereunder shall be conclusively presumed to be mentally competent until the date
on which the Bank receives a written notice, in form and manner acceptable to
it, that such person is incompetent and that, a guardian, conservator, or other
person legally vested with the management of his estate has been appointed. In
the event a guardian or conservator of the estate or any person receiving or
claiming payments hereunder shall be appointed by a court of competent
jurisdiction, payments may be made to such guardian or conservator provided that
proper proof of appointment and continuing qualification is furnished in a form
and manner acceptable to the Bank. Any such payment so made shall be a complete
discharge of liability therefor.

 

  13. Taxes. To the extent required by the law in effect at the time payments
are made, the Bank shall withhold any taxes required to be withheld by the
federal or any state or local government from payments made hereunder.

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

 

       

ST. FRANCIS SAVINGS BANK FSB

(Corporate Seal)       By  

/s/ Brian T. Kaye, Sec’y

             

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/s/ Thomas R. Perz

         

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Director’s Signature

 

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“Exhibit A”

 

DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT is made this 18th day of November, 1987 between ST. FRANCIS
SAVINGS AND LOAN ASSOCIATION (the “Association”) and Thomas R. Perz (the
“Director”).

 

WHEREAS, Director currently serves on the Board of Directors of the Association,
and

 

WHEREAS, the valuable services rendered by Director in the past and expected to
be rendered in the future are an important factor in the continuing successful
operations of Association, and

 

WHEREAS, Association desires to encourage Director’s continued efforts on behalf
of the Association,

 

NOW, THEREFORE, in consideration of the premises, the parties agree as follows:

 

  1. Director’s Fee. The Director hereby elects to defer $12,000.00 per year of
his monthly Director’s fees, meeting fees, and committee fees commencing
January, 1988, and continuing for a period of 72 months; provided, however, that
the maximum deferral in any year shall not exceed the lesser of the aggregate
fees earned by Director during the year or $12,500. Director may, at any time,
elect to terminate his deferral by delivering a notice to the Association to
that effect. If Director ceases to be a member of the Board, he shall be deemed
to have terminated his deferral. If Director terminates his deferral, he shall
not be permitted to again defer Director’s fees until one year from the date of
such termination. If the Director should terminate his deferral for any reason
other than Director’s death, Director’s benefits under this Agreement shall be
limited to those provided in paragraph 5.

 

  2. Deferred Benefit Account. The Association shall establish a Deferred
Benefit Account on its books for Director, and shall credit to Director’s
Deferred Benefit Account the following amounts at the times specified:

 

(a) The compensation that the Director elects to defer pursuant to paragraph 1
above, credited as of the date the Director would otherwise have received the
compensation.

 

(b) As of each April 30, an amount equal to the interest earned since the last
preceding April 30. Interest shall be calculated using the rate one (1)
percentage point over the composite yield on Moody’s Long Term Bond Index rate
in effect on the preceding April 30.

 

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The interest rate shall be applied to the average balance in the Deferred
Benefit Account since the last April 30. The average balance shall be determined
by adding the balance as of the end of each month in the year and dividing by
12. Interest will be compounded annually and will continue to be credited on any
undistributed balance. A Director’s Deferred Benefit Account shall be utilized
solely as a device for the measurement and determination of the amounts to be
paid to Director pursuant to this Agreement. A Director’s Deferred Benefit
Account shall not constitute or be treated as a trust fund of any kind. Title to
and beneficial ownership of any assets, which the Association may earmark to pay
deferred compensation hereunder, shall at all times remain in the Association,
and the Director shall not have any interest in specific assets of the
Association by virtue of this Agreement. The Association shall provide Director
within 120 days after each April 30, a statement in such form as the Association
deems desirable setting forth the balance to the credit of Director in his
Deferred Benefit Account as of April 30.

 

  3. Retirement Benefits. Upon Director’s attainment of age 65, Association
shall pay Director as compensation for services rendered prior to such date a
benefit equal to the amount of his Deferred Benefit Account determined as of the
April 30 coincident with or next following Director’s age 65. The retirement
benefit shall be paid over a period of 10 years. If Director should die at a
time when payments under this paragraph are due to commence or have commenced
and before the payments provided for herein have been made, the unpaid balance
will continue to be paid in installments to his designated beneficiary until
such time as a total of all payments have been made. The portion of the
Directors’s Account to be paid to Director during each year shall be as follows
:

 

Installment No.

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   Portion of Account to be Paid

--------------------------------------------------------------------------------

1

   1/10

2

   1/9

3

   1/8

4

   1/7

5

   1/6

6

   1/5

7

   1/4

8

   1/3

9

   1/2

10

   Remaining Balance

 

  4.

Survivor Benefits. Upon Director’s death prior to age 65, the Association shall
pay Director’s designated beneficiary an annual sum of Thirty-six thousand
Dollars

 

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($36,000.00) for a period of 10 years. In lieu of this survivor benefit, the
Director’s designated beneficiary may elect to receive the balance in the
Director’s Deferred Benefit Account over a period of 10 years as provided in
paragraph 3.

 

  5. Termination of Deferrals. Notwithstanding paragraphs 3 and 4 above, if
Director does not make deferrals for 72 months as provided in paragraph 1 for
any reason other than the Director’s death, Director’s benefits shall be limited
to a lump sum payment consisting of the amounts previously deferred pursuant to
paragraph 1, but without any interest thereon, payable six years from the date
of this Agreement.

 

  6. Frequency of Payment. Payments to be made pursuant to paragraph 3 and
paragraph 4 shall be made in monthly installments. The Association may, in its
absolute discretion, accelerate the payment of any amounts provided herein to
the extent it desires, or commute any installment payments into a single lump
sum payment equal to the present value of the right to receive such future
installment payments. In the calculation of such lump sum present value,
Association shall use an interest rate equal to the average interest rate
obtained in three quotations from commercial insurers licensed to do business in
Wisconsin for a fixed term annuity corresponding to the remaining future
installments being commuted.

 

  7. Designation of Beneficiary Director shall have the right to designate a
beneficiary or beneficiaries to receive any death benefit provided herein. Such
designation of beneficiary shall be delivered in writing to Association and may
be changed by Director, at any time by written notice delivered to Association.
If no beneficiary has been designated or if the designated beneficiary does not
survive the Director, the death benefit shall be payable to Director’s estate.
If the beneficiary or beneficiaries who survive Director die before receiving
the full amount of any benefits payable hereunder, such benefits shall be paid
to the estate of the last such beneficiary to die.

 

  8.

No Trust Created. Nothing contained in this Agreement, and no action taken
pursuant to the provisions of this Agreement, shall create or be construed to
create a trust of any kind, or fiduciary relationship between the Association
and Director, his designated beneficiary or any other person. Any funds which
may be invested or assets which may be acquired by Association relating to this
Agreement shall continue for all purposes to be a part of the general funds of
Association and no person other than Association shall by virtue of the
provisions of this Agreement have any interest in such funds or assets. To the
extent that any person acquires a right to

 

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receive payment from Association under this Agreement, such right shall be no
greater than the right of any unsecured general creditor of Association.

 

  9. Assignment Not Permitted. Except as provided in paragraph 7 hereof, the
right of Association or any other person to the payment of deferred compensation
or other benefits under this Agreement shall not be assigned, transferred,
pledged or encumbered.

 

  10. Duty of Cooperation. The Director shall, as a condition precedent to the
receipt of any benefits under this Agreement, cooperate with the Association in
undergoing any medical examinations and providing any information reasonably
necessary in connection with the Agreement. In the event of the Director’s death
during the first two (2) years of his participation, then should such death have
been a suicide or should Director be uninsurable or should the Director have
made any material mis-statement or failed to make a material disclosure of
information in any documentation which the Director is requested to complete in
connection with this Agreement, no death benefits under the terms of this
Agreement will be payable other than a return of Director’s prior deferrals
without interest, unless and to the extent that the Board of Directors of
Association, in their absolute discretion, may otherwise determine.

 

  11. Agreement Binding. This Agreement shall be binding on and inure to the
benefit to Association, its successors and assigns and of Director and his
heirs, executors, administrators and legal representatives. This instrument
contains the entire agreement between the parties and may not be amended orally,
but only by agreement in writing signed by both parties.

 

  12. Competence of Payees. Every person receiving or claiming payments
hereunder shall be conclusively presumed to be mentally competent until the date
on which the Association receives a written notice, in form and manner
acceptable to it, that such person is incompetent and that a guardian,
conservator, or other person legally vested with the management of his estate
has been appointed. In the event a guardian or conservator of the estate or any
person receiving or claiming payments hereunder shall be appointed by a court of
competent jurisdiction, payments may be made to such guardian or conservator
provided that proper proof of appointment and continuing qualification is
furnished in a form and manner acceptable to the Association. Any such payment
so made shall be a complete discharge of liability therefor.

 

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  13. Taxes. To the extent required by the law in effect at the time payments
are made, the Association shall withhold any taxes required to be withheld by
the federal or any state or local government from payments made hereunder.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

 

       

ST. FRANCIS SAVINGS & LOAN ASSOCIATION

(Corporate Seal)       By  

/s/ Marie L. Malicki

             

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/s/ Thomas R. Perz

         

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Director’s Signature

 

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