Exhibit 10.1
 CHRIS M. BAUER
EMPLOYMENT AGREEMENT
 THIS AGREEMENT ANCHORBANK FSB, AnchorBank or Bank Company CHRIS M. BAUER Employee
 W I T N E S E T H:
 WHEREAS
 WHEREAS,
  WHEREAS,
 NOW, THEREFORE,
 Position .
 Duties .
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Location of Performance of Duties.
 Conduct.
  Employee Handbook
   Reports .
 Term of Employment and Compensation .
 Term of Employment
 Salary
 EESA/ARRA
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Expense Reimbursement .
 Benefits .
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Termination of Employment .
 (a)
    
    By Bank. Employee can be terminated by the Banks
Board of Directors at any time by written notice during the term of this
Agreement for Cause or for any other reason. For purposes of a termination
for Cause, Cause shall mean any termination because of Employees personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule, or regulation (other than traffic
violations or similar offenses) or final cease and desist order, or material
breach of any provision of this contract. Should Employee be terminated for
Cause under this provision, Employee will not be eligible to receive any
further compensation or benefits for any period after such termination.(b)
    
    By Employee Resignation. If Employee voluntarily
resigns from the Bank, Employee agrees to give at least thirty (30) days
advance written notice to the Bank. Employee agrees to continue to provide
services consistent with the terms of this Agreement throughout such thirty
(30) day notice period if so requested by the Bank or Company (or for such
longer period on which the Employee and Employer may agree) and to work with
any person designated by the Boards as a replacement for Employee to (i) wind
up those matters with which Employee is involved which are capable of
resolution within the notice period, and (ii) assist in the training of a
replacement and in the transitioning of those matters not capable of being
wound up within the notice period. In consideration of continuing to provide
such services, together with providing assistance in winding up and
transitioning of matters and contingent upon Employee providing the same for
thirty (30) days or for any longer period as agreed upon, the Bank agrees to
pay Employee an amount equal his salary for the period for which such services
were provided.(c)
    
    Death, Retirement or Disability. (i) This Agreement
shall terminate upon the death or retirement of Employee. As used herein, the
term retirement shall mean Employees retirement in accordance with any
retirement arrangement established with Employees consent.If termination occurs as the result of death or retirement, no additional
compensation shall be payable under this Agreement, except that Employee
shall receive all compensation and other benefits to which he was entitled
as the result of service through the Termination Date together with such
other benefits available to him under Applicable benefit plans and programs
to which he was entitled by reason of employment through the Termination
Date.(ii)
    
    As used in this Agreement, disability means: (A) the Employee is
unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not
less than 12 months; or (B) the Employee is, by reason of
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any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for
a period of not less than three months under an accident and health plan
covering employees of the Employer. Any question as to the existence of
Employees disability upon which Employee and Employer cannot agree shall be
determined by a qualified independent physician mutually agreeable to
Employee and Employer or, if the parties are unable to agree upon a
physician within ten (10) days after notice from either to the other
suggesting a physician, by a physician designated by the then president of
the medical society for the county in which Employee maintains his principal
residence. The costs of any such medical examination shall be borne by the
Employer. If Employee is unable to continue active employment due to
disability, he shall be paid 75% of his Base Salary for the lesser of one
year or the remainder of the Employment Term (such amounts to be offset by
any monthly payments actually received by Employee during the payment period
from (Y) any disability plans provided by the Employer, and/or (Z) any
governmental social security or workers compensation program) with his
employment terminating at the end of such period.If termination occurs as the result of disability, no additional
compensation shall be payable under this Agreement, except that Employee
shall receive all compensation and other benefits to which he was entitled
as the result of service through the Termination Date together with such
other benefits available to him under applicable benefit plans and programs
to which he was entitled by reason of employment through the Termination
Date.(d)
    
    Suspension or Termination Required by the OTS or FDIC.
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Confidential Information .
 Non-Disclosure
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Notice of Disclosure
 Availability of Documents to Employee
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Discoveries and Inventions.
 Goodwill .
 Equitable Relief/Court Jurisdiction .
 Successors and Assigns .
 Governing Law .
 Entire Agreement .
 Amendment .
 Waiver .
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Notices .
 Severability .
 Survivorship .
 Counterparts .
 IN WITNESS WHEREOF,
 ANCHORBANK
fsbBy:Mark D. Timmerman, Secretary, General CounselANCHOR BANCORP WISCONISN, INC.By:Mark D. Timmerman, Secretary, General CounselEMPLOYEE:Chris Bauer, President, Chief Executive Officer 9