Executive
Change-in-Control
Severance Agreement for  











	 	
Executive’s
Name  






	 	
First
Business Financial Services, Inc. 






	 	
Date 

















Contents 


	

	Article 1. Definitions	1 
	
Article 2. Severance Benefits	5 
	
Article 3. Nonsolicitation of Clients	7 
	
Article 4. Confidentiality	8 
	
Article 5. Protection of Leadership Pool	9 
	
Article 6. Treatment of Excise Taxes	10 
	
Article 7. Contractual Rights and Legal Remedies	11 
	
Article 8. Successors	12 
	
Article 9. Miscellaneous	12 



 








i 









First Business Financial
Services, Inc. Executive Change-in-Control Severance Agreement 



        THIS
EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT is made, entered into, and is effective
this XXth day of XXXX, 2XXX (hereinafter referred to as the “Effective
Date”), by and between First Business Financial Services, Inc. (the
“Company”), a Wisconsin corporation, and XXXXX (the “Executive”). 



        WHEREAS,
the Company recognizes that circumstances may arise in which a Change in Control involving
the Company occurs, through acquisition or otherwise, thereby causing uncertainty of
employment without regard to the Executive’s competence or past contributions. Such
uncertainty may result in the loss of the valuable services of the Executive to the
detriment of the Company and its shareholders; and 



        WHEREAS,
both the Company and the Executive are desirous that any proposal for a Change in Control
will be considered by the Executive objectively and with reference only to the business
interests of the Company and its shareholders; and 



        WHEREAS,
the Executive will be in a better position to consider the Company’s best interests
if the Executive is afforded reasonable security, as provided in this Agreement, against
altered conditions of employment which could result from any such Change in Control. 



        NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of
the parties set forth in this Agreement, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows: 



Article 1. Definitions 



        Wherever
used in this Agreement, the following terms shall have the meanings set forth below and,
when the meaning is intended, the initial letter of the word is capitalized: 



	 	(a) 	“Affiliate” means
any entity of which at least 20% of the           equity interest is held directly or
indirectly by the company, and includes           Affiliates acquired after the effective
date of this Agreement. 






	 	(b) 	“Agreement” means
this Executive Change-in-Control Severance           Agreement. 






	 	(c) 	“Base
Salary” means, at any time, the then regular annual rate           of pay which
the Executive is receiving as annual salary, excluding amounts: (i)           received
under short-term or long-term incentive or other bonus plans,           regardless of
whether or not the amounts are deferred, or (ii) designated by the           Company as
payment toward reimbursement of expenses. 







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	 	(d) 	“Beneficial
Owner” or “Beneficial Ownership”          shall have the
meaning ascribed to such term in Rule 13d-3 of the General           Rules and
Regulations under the Exchange Act. 






	 	(e) 	“Board” or
“Board of Directors” means the           Board of Directors of the
Company. 






	 	(f) 	“Cause” shall
mean the occurrence of any one or more of the           following: 






	 	(i) 	The
Executive’s willful failure to substantially perform his duties with           the
Company (other than any such failure resulting from the Executive’s
          Disability), after the Company delivers a written demand for substantial
          performance to the Executive (which specifically identifies the manner in which
          the Committee believes that the Executive has not substantially performed his
          duties) and the Executive fails to remedy the situation within fifteen (15)
          business days of such written notice from the Company;  






	 	(ii) 	Gross
negligence in the performance of the Executive’s duties to the
               Company, which results in material financial harm to the Company;  






	 	(iii) 	The
Executive’s conviction of, or plea of guilty or nolo contendere,
               to any felony or any other crime, the circumstances of which relate to the
               Executive’s duties to the Company;  






	 	(iv) 	The
Executive’s willful engagement in conduct that is demonstrably and
               materially injurious to the Company, monetarily or otherwise;  






	 	(v) 	Willful
violation of any provision of the Company’s Code of Business           Conduct & Ethics,
as amended from time to time; or  






	 	(vi) 	Willful
violation of any of the covenants contained in Article 3 or 5, as           applicable.  






	 	(g) 	“Change
in Control” shall occur if any of the following events           occur: 






	 	(i) 	The
acquisition by any individual, entity, or group of Beneficial Ownership of           more
than fifty percent (50%) of the combined voting power of the Company’s
          then outstanding securities with respect to the election of directors of the
          Company;  






	 	(ii) 	The
consummation of a reorganization, merger, or consolidation of the Company or
               sale or other disposition of all or substantially all of the assets of the
               Company (a “Corporate Transaction”); excluding, however, a
Corporate                Transaction pursuant to which all or substantially all of the
individuals or                entities who are the Beneficial Owners of the Company
immediately prior to                the Corporate Transaction will beneficially own,
directly or indirectly, more                than fifty percent (50%) of the outstanding
shares of common stock of the                resulting entity and of the combined voting
power of the outstanding securities                entitled to vote for the election of
directors of such entity; or  







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	 	(iii) 	During
any period of not more than twelve (12) consecutive months, individuals
               who at the beginning of such period constitute the Board of Directors of
the                Company, and any new director whose election by the Board of Directors
of the                Company or nomination for election by the Company’s
stockholders was                approved by a vote of at least a majority (rounded up to
the nearest whole                number) of the directors then still in office who either
were directors at the                beginning of the period or whose election or
nomination for election was                previously so approved, cease for any reason
to constitute at least a majority                thereof.  






	 	(h) 	“Code” means
the U.S. Internal Revenue Code of 1986, as amended           from time to time. 






	 	(i) 	“Committee” means
the Compensation Committee of the Board of           Directors of the Company, or if no
Compensation Committee exists, then the full           Board of Directors of the Company,
or a committee of Board members, as appointed           by the full Board to administer
this Agreement. 






	 	(j) 	“Company” means
First Business Financial Services, Inc., a           Wisconsin corporation. This
definition is also used for purposes of the           Executive’s separation from
service (as defined in Code Section 409A and           any regulations thereunder). 






	 	(k) 	“Disability” or
“Disabled” means that the           Executive 






	 	(i) 	isunable
to engage in any substantial gainful activity by reason of any           medically
determinable physical or mental impairment which can be expected to           result in
death or can be expected to last for a continuous period of not less           than
twelve (12) months, or  






	 	(ii) 	is,
by reason of any medically determinable physical or mental impairment which
               can be expected to result in death or can be expected to last for a
continuous                period of not less than twelve (12) months, receiving income
replacement                benefits for a period of not less than three (3) months under
an accident and                health plan covering employees of the Company.  






	 	(l) 	“Effective
Date of Termination” means the date on which a           Qualifying Termination
occurs, as provided in Section 2.2 herein, which triggers           the payment of
Severance Benefits hereunder. 






	 	(m) 	“Exchange
Act” means the Securities Exchange Act of 1934, as           amended from time
to time, or any successor act thereto. 






	 	(n) 	“Good
Reason” means, without the Executive’s express           written consent,
the occurrence after a Change in Control of the Company of any           one or more of
the following: 







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	 	(i) 	A
material reduction of the Executive’s authorities, duties, or
          responsibilities as an executive and/or officer of the Company from those in
          effect as of ninety (90) calendar days prior to the Change in Control, other
          than an insubstantial and inadvertent reduction that is remedied by the Company
          promptly after receipt of notice thereof given by the Executive; provided,
          however, that any reduction in the foregoing resulting merely from the
          acquisition of the Company and its existence as a subsidiary or division of
          another entity shall not be sufficient to constitute Good Reason;  






	 	(ii) 	The
Company’s requiring the Executive to be based at a location in excess
               of one hundred (100) miles from the location of the Executive’s
               principal job location or office immediately prior to the Change in
Control;                except for required travel on the Company’s business to an
extent                substantially consistent with the Executive’s then present
business travel                obligations;  






	 	(iii) 	A
reduction by the Company of the Executive’s Base Salary in effect on the
               Effective Date hereof, or as the same shall be increased from time to
time;  






	 	(iv) 	The
failure of the Company to continue in effect, or the failure to continue the
               Executive’s participation on substantially the same basis in, any of
the                Company’s short- and long-term incentive compensation plans, or
employee                benefit or retirement plans, policies, practices, or other
compensation                arrangements in which the Executive participates prior to the
Change in Control                of the Company, unless such failure to continue the
plan, policy, practice, or                arrangement pertains to all plan participants
generally;  






	 	(v) 	The
failure of the Company to obtain a satisfactory agreement from any           successor to
the Company to assume and agree to perform the Company’s           obligations under
this Agreement, as contemplated in Article 8 herein; and  






	 	(vi) 	A
material breach of this Agreement by the Company which is not remedied by the
               Company within ten (10) business days of receipt of written notice of such
               breach delivered by the Executive to the Company.  






	 	
Unless
the Executive becomes Disabled, the Executive’s right to terminate employment for
Good Reason shall not be affected by the Executive’s incapacity due to physical or
mental illness. The Executive’s continued employment shall not constitute consent
to, or a waiver of rights with respect to, any circumstance constituting Good Reason
herein. 






	 	(o) 	“Notice
of Termination” shall mean a written notice which shall           indicate the
specific termination provision in this Agreement relied upon, and           shall set
forth in reasonable detail the facts and circumstances claimed to           provide a
basis for the Executive’s separation from service with the           Company under
the provision so indicated. 







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	 	(p) 	“Person” shall
have the meaning ascribed to such term in           Section 3(a)(9) of the Exchange Act
and used in Sections 13(d) and 14(d)           thereof, including a “group” as
defined in Section 13(d). 






	 	(q) 	“Qualifying
Termination” means any of the events described in           Section 2.2 herein,
the occurrence of which triggers the payment of Severance           Benefits hereunder. 






	 	(r) 	“Severance
Benefits” mean the severance benefits as provided in           Section 2.3(a)
through 2.3(e) herein. 






Article 2. Severance
Benefits 



        2.1    
Right to Severance Benefits. The Executive shall be entitled to receive from the
Company Severance Benefits as described in Section 2.3 herein, if during the term of this
Agreement there has been a Change in Control and if, within twelve (12) calendar months
immediately thereafter, the Executive incurs a separation from service with the Company
for any reason specified in Section 2.2 herein as being a Qualifying Termination. The
Severance Benefits described in Sections 2.3(a) and 2.3(b) herein shall be paid in cash to
the Executive in a single lump sum as soon as practicable following the Qualifying
Termination, but in no event later than ninety (90) calendar days immediately after such
date. 



        2.2    
Qualifying Termination. The occurrence of any one or more of the following events
(a “Qualifying Termination”) within twelve (12) calendar months immediately
following a Change in Control shall trigger the payment of Severance Benefits to the
Executive, as such benefits are described under Section 2.3 herein: 



	 	(a) 	The
Executive’s separation from service with the Company due to the           Company’s
involuntary termination of the Executive’s employment           without Cause; or 






	 	(b) 	The
Executive’s separation from service with the Company due to his           voluntary
termination of employment for Good Reason. 






        A
Qualifying Termination shall also include the Executive’s separation from service
with the Company due to an involuntary termination by the Company within six (6) months
prior to a Change in Control if such termination occurs at the request of any party
involved in the Change-in-Control transaction; in such event, the date of Qualifying
Termination shall be deemed to be the date of the Change in Control. 



        A
Qualifying Termination shall not include the Executive’s separation from service with
the Company due to a termination of the Executive’s employment within twelve (12)
calendar months after a Change in Control by reason of death, Disability, the
Executive’s voluntary termination without Good Reason, or the Company’s
involuntary termination of the Executive’s employment for Cause. 




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        2.3    
Description of Severance Benefits. In the event that the Executive becomes entitled
to receive Severance Benefits, as provided in Sections 2.1 and 2.2 herein, the Company
shall pay to the Executive and provide the Executive with the following: 



	 	(a) 	A
lump-sum cash amount equal to the Executive’s unpaid Base Salary, accrued
          vacation pay, unreimbursed business expenses, and all other items earned by and
          owed to the Executive through and including the date of the Qualifying
          Termination. Such payment shall constitute full satisfaction for these amounts
          owed to the Executive. 






	 	(b) 	A
lump-sum cash amount payable to the Executive under any annual bonus plan then
          in effect in respect of the most recently completed fiscal year, to the extent
          not theretofore paid. 






	 	(c) 	A
cash amount equal to two (2) multiplied by the Executive’s annual rate of
          Base Salary in effect upon the date of the Qualifying Termination or, if
          greater, by the Executive’s annual rate of Base Salary in effect
          immediately prior to the occurrence of the Change in Control. Such cash amount
          shall be paid out in four (4) equal semiannual installments, with the initial
          payment to occur on the pay period following the (6) month anniversary of the
          Executive’s Effective Date of Termination. The three (3) remaining
          installments shall then be paid out, one each at the end of successive six (6)
          month intervals following the initial payment until all installments have been
          paid in full. 






	 	(d) 	A
cash amount equal to the greater of: (i) the Executive’s then-current
          target bonus opportunity established under any annual bonus plan for the plan
          year in which the Qualifying Termination occurs; or (ii) the Executive’s
          target bonus opportunity, if any, in effect prior to the occurrence of the
          Change in Control. Such payment shall be adjusted on a pro rata basis based on
          the number of days the Executive was actually employed during such plan year
and           shall be paid in four (4) equal semiannual installments at the times and in
the           manner set forth in subsection (c) above. Such payment shall constitute
full           satisfaction for this amount owed to the Executive. 






	 	(e) 	If
as of the Effective Date of Termination the Company continues to maintain a
          group health insurance plan that would allow for the participation of the
          Executive without violating the terms of the group health insurance plan (or
any           other related insurance policies) or violating any of the Code’s
          nondiscrimination requirements applicable to the health insurance coverage,
then           the Company shall provide, at the exact same cost to the Executive, and at
the           same coverage level as in effect as of the Effective Date of Termination
          (subject to changes in coverage levels applicable to all employees generally),
a           continuation of the Executive’s (and the Executive’s eligible
          dependents’) health insurance coverage for eighteen (18) months from the
          Effective Date of Termination. The applicable COBRA health insurance benefit
          continuation period shall begin coincident with the beginning of this eighteen
          (18) month benefit continuation period. 







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Notwithstanding
the health benefits provided above, if the Executive becomes covered under the health
insurance coverage of a subsequent employer which does not contain any exclusion or
limitation with respect to any preexisting condition of the Executive or the Executive’s
eligible dependents, this health insurance benefit coverage by the Company shall be
discontinued prior to the end of the eighteen (18) month continuation period. For
purposes of enforcing this offset provision, the Executive shall have a duty to inform
the Company as to the terms and conditions of any subsequent employment and the
corresponding benefits earned from such employment. The Executive shall provide, or shall
cause to be provided, to the Company in writing correct, complete, and timely information
concerning the same. 






        2.4    
Termination Due to Death. Within twelve (12) months immediately following a Change
in Control, if the Executive incurs a separation of service with the Company by reason of
his death, the Company shall pay the Executive’s estate all amounts described in
Section 2.3(a) and (b) herein through the date of death. All other benefits due the
Executive shall be determined in accordance with the Company’s retirement,
survivor’s benefits, insurance, and other applicable programs then in effect. 



        2.5    
Notice of Termination. Any separation of service of the Executive from the Company
due to a termination of the Executive’s employment by the Company for Cause or by the
Executive for Good Reason shall be communicated by Notice of Termination to the other
party. 



Article 3.
Nonsolicitation of Clients 



	 	(a) 	In
consideration of this Agreement, Executive agrees that while Executive is
          employed by the Company or any of its Affiliates, and for a period of
          twenty-four (24) months immediately following, Executive will not (except on
          behalf of the Company) solicit financial services business from, or conduct
          financial services business with, any client of the Company or any of its
          Affiliates which was a client of the Company or any of its Affiliates with
which           Executive had any contact during the period of one year prior to the date
          Executive ceased to be an employee of the Company or any of its Affiliates.
This           covenant applies to clients whether they are persons or entities. 






	 	(b) 	The
parties intend that this Article 3 is severable from any other provision of
          this Agreement, as provided in Section 9.10, and is also severable from any
          other promise or duty owed by Executive to the Company. 






	 	(c) 	The
Executive agrees that this covenant is reasonably and properly necessary to
          protect the legitimate business interests of the Company. The Executive
          acknowledges that damages for the violation of this covenant will be inadequate
          and will not give full, sufficient relief to the Company, and that a breach of
          this covenant will constitute irreparable harm to the Company. Therefore, the
          Executive agrees that in the event of any violation of this covenant, the
          Company shall be entitled to compensatory damages, and injunctive relief. 







7 









	 	(d) 	Executive
will reimburse and indemnify the Company for the actual costs incurred           by the
Company in enforcing this covenant, including, but not limited to,           attorney’s
fees reasonably incurred in enforcement activity. 






	 	(e) 	While
Executive is employed by the Company or any of its Affiliates and for a           period
of twenty-four (24) months immediately following the date Executive           ceases to
be an employee of the Company or any of its Affiliates, Executive will           inform
each new employer, prior to accepting employment, of the existence of           this
Agreement, including the prohibitions contained in this paragraph, and           provide
that employer with a copy of it. Executive authorizes the Company to           forward a
copy of the prohibitions against competition as contained in this           paragraph to
any actual or prospective new employer. 






Article 4.
Confidentiality 



	 	(a) 	Definition.
“Confidential Information” shall mean any and all           business
information of the Company that has been developed or obtained at its           expense,
has significant economic value to the Company and is not available to           its
competitors, the public or all of its employees, including, without           limitation,
any information marked, stamped or referenced as           “confidential” by
the Company and any information concerning its           business plans and strategies
and the like, even if such information is not           specifically marked, stamped or
referenced as “confidential” by the           Company, except such information
as the Executive can prove beyond a           preponderance of the evidence was in the
public domain, being publicly and           openly known, prior to the date of
commencement of the Executive’s           employment by the Company or, subsequent
to such date, became part of the public           domain, being publicly and openly
known, through lawful and proper means. 






	 	(b) 	Scope.
During the term of his employment with the Company and for a           period of
twenty-four (24) months thereafter, the Executive shall not take or           use, or
otherwise disclose to anyone, any Confidential Information, except (i)           as
necessary to perform his duties and responsibilities to the Company, (ii) as
          permitted by the Board of Directors of the Company, or (iii) as required by any
          court or governmental agency; provided, however, that this covenant prohibits
          only the use and disclosure of Confidential Information and shall not be
          construed as limiting the Executive’s right to undertake any other
          employment or business activity. The Executive shall be prohibited from
          competing with the Company only as provided in Article 3, and from interfering
          with the leadership pool under Article 5. 






	 	(c) 	Compliance
With Applicable Laws. This Agreement shall not reduce any           obligation of the
Executive to comply with any applicable laws relating to trade           secrets,
confidential information or unfair competition. 







8 










Article 5. Protection of
Leadership Pool 



        The
Executive and the Company agree to the following: 



	 	(a) 	Executive
has managerial responsibilities and skills which are necessary to the
          legitimate business interests of the Company. 






	 	(b) 	If
the Executive ceases to be so employed, the Company will have a business
          necessity to replace the skills lost. 






	 	(c) 	It
takes time after an employee leaves the employ of the Company to replace the
          skills lost; twelve (12) months is a reasonable measure of the time needed to
          replace the skills of the Executive. 






	 	(d) 	A
primary and necessary source of replacement of Executive’s skills is the
          existing pool of employees of the Company who are in positions of the sort
which           constitutes the managerial and supervisory pool, specifically those
employees           having a position of officer, or above. 






	 	(e) 	The
parties recognize that employees of the Company (not otherwise bound by
          contract) are not in any way restricted from competing with the Company, and
are           not obligated to accept, nor even to consider, proposals by the Company
that           they replace Executive in the event Executive leaves the Company. 






	 	(f) 	Because
of the Executive’s present position, Executive is in a position to           assist
and influence another employee choosing whether to remain with the           Company, and
consider or accept other positions with the Company, or seek other
          opportunities. Any suggestion by Executive that another employee of the Company
          seek another employment opportunity, and any offer of another employment
          opportunity by another employer with the assistance of the Executive, would be
          such assistance and influence, in derogation of Executive’s duty to the
          Company as a managerial and supervisory employee. 






	 	(g) 	The
monetary value of the loss to the Company in case Executive in fact assists           or
influences another employee to leave the Company would be impossible to
          precisely measure. Injunctive relief for a breach of paragraph (i) would also
be           ineffective. 






	 	(h) 	The
parties agree that a fair estimate of the monetary value of the loss to the
          Company in case the Executive assists or influences another employee to leave
          the Company would be half of the Executive’s Base Salary as of the last
day           the Executive worked for the Company, for the period of time it would take
the           Company to replace the Executive’s skills. 






	 	(i) 	In
consideration of this Agreement, and of the continued employment of the
          Executive by the Company, the Executive agrees that the Executive, directly or
          through another, will not assist or influence another employee of the Company
          who holds a position described in subparagraph (d), to take a position outside
          the Company, whether or not in the financial services business, for a period of
          twelve (12) months beginning on the date the Executive gives the Company notice
          that the Executive is leaving the Company, or the date the Executive does leave
          the Company whichever is earlier. (The parties recognize and acknowledge that
          any action by Executive to assist or influence another employee to leave the
          Company against the wishes of the Company at any time during Executive’s
          employment with the Company would be a breach of the Executive’s duty to
          Company, but such conduct as to an employee who holds a position described in
          subparagraph (d) is a breach of this Agreement only during the twelve (12)
month           period stated above.) 







9 









	 	(j) 	In
the event of a breach by the Executive of paragraph (i), the stipulated           damages
for such breach are agreed to be one-half of Executive’s daily rate           of
Base Salary as of the time of his leaving the Company times 360. This           provision
for stipulated damages is intended to be and is severable from the           substantive
obligation in paragraph (i), and from the other provisions of this           Agreement. 






	 	(k) 	Paragraphs
(i) and (j) are solely for the purposes stated in paragraphs (a)           through (j),
and are not for the purpose of limiting the ability of Executive to           compete
with the Company. 






	 	(l) 	Executive
and the Company intend that the promise by Executive in paragraph (i)           is
separate and separable from any other obligation of Executive, and for a
          different purpose, and with a different remedy from the promise of the
Executive           not to solicit or conduct business with clients of the Company, under
Article 3. 






	 	(m) 	Executive
will reimburse and indemnify the Company for the actual costs incurred           by the
Company in enforcing this covenant, including, but not limited to,           attorney’s
fees reasonably incurred in enforcement activity. 






Article 6. Treatment of
Excise Taxes 



        Notwithstanding
anything to the contrary contained in this Agreement, if, after taking into account all
amounts or benefits otherwise to be paid or payable, any amount or benefit to be paid or
provided under this Agreement would be an “Excess Parachute Payment” within the
meaning of Section 280G of the Code or any successor provision thereto but for the
application of this sentence, then the payments and benefits to be so paid or provided
under this Agreement will be reduced to the minimum extent necessary (but in no event to
less than zero) so that no portion of any such payment or benefit, as so reduced,
constitutes an Excess Parachute Payment; provided, however, that the foregoing reduction
will be made only if and to the extent that such reduction would result in an increase in
the aggregate payments and benefits to be provided, determined on an after-tax basis
(taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any
successor provision thereto, any tax imposed by any comparable provision of state law and
any applicable federal, state, and local income taxes). The determination of whether any
reduction in such payments or benefits to be provided under this Agreement is required
pursuant to the preceding sentence will be made, at the expense of the Company, if
requested by the Executive or the Company, by the Company’s independent accountants. 




10 









        The
fact that the Executive’s right to payments or benefits may be reduced by reason of
the limitations contained in this Article 6 will not of itself limit or otherwise affect
any other rights of the Executive other than pursuant to this Agreement. In the event that
any payment or benefit intended to be provided under this Agreement or otherwise is
required to be reduced pursuant to this Article 6, the Executive will be entitled to
designate the payments and/or benefits to be so reduced in order to give effect to this
Article 6. The Company will provide the Executive all information reasonably requested by
the Executive to permit the Executive to make such designation. In the event that the
Executive fails to make such designation within ten (10) business days of the Effective
Date of Termination, the Company may effect such reduction in any manner it deems
appropriate. 



Article 7. Contractual
Rights and Legal Remedies 



        7.1    
Payment Obligations Absolute. As long as both parties abide by the Agreement, the
Company’s obligation to make the payments and the arrangements provided for herein
shall be absolute and unconditional, and shall not be affected by any circumstances,
including, without limitation, any offset, counterclaim, recoupment, defense, or other
right which the Company may have against the Executive or anyone else. All amounts payable
by the Company hereunder shall be paid without notice or demand, unless Executive breaches
the Agreement. If such a breach occurs, all benefit payments will immediately cease, and
will no longer be payable. 



        The
Executive shall not be obligated to seek other employment in mitigation of the amounts
payable or arrangements made under any provision of this Agreement, and the obtaining of
any such other employment shall in no event effect any reduction of the Company’s
obligations to make the payments and arrangements required to be made under this
Agreement. 



        7.2    
Contractual Rights to Benefits. This Agreement establishes and vests in the
Executive a contractual right to the benefits to which he is entitled hereunder. However,
nothing herein contained shall require or be deemed to require the Company to segregate,
earmark, or otherwise set aside any funds or other assets, in trust or otherwise, to
provide for any payments to be made or required hereunder. 



        7.3    
Arbitration. The Company and the Executive shall have the right and option to elect
(in lieu of litigation) to have any dispute or controversy arising under or in connection
with this Agreement settled by arbitration, conducted before a panel of three (3)
arbitrators (one selected by the Executive, one selected by the Company, and one selected
by the two previously selected arbitrators) sitting in a location selected by the
Executive within fifty (50) miles from the location of his job with the Company, in
accordance with the rules of the American Arbitration Association then in effect. The
Company’s or the Executive’s election to arbitrate, as herein provided, and the
decision of the arbitrators in that proceeding, shall be binding on the Company and the
Executive. Judgment may be entered on the award of the arbitrator in any court having
jurisdiction. 




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Article 8. Successors 



        8.1    
Successors to the Company. The Company shall use reasonable efforts to require any
successor (whether direct or indirect, by purchase, merger, reorganization, consolidation,
acquisition of property or stock, liquidation, or otherwise) of all or a significant
portion of the assets or stock of the Company by agreement, in form and substance
satisfactory to the Executive, to expressly assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if no
such succession had taken place. Regardless of whether such agreement is executed, this
Agreement shall be binding upon any successor if in accordance with the operation of law
and, if so, such successor shall be deemed the “Company” for purposes of this
Agreement. 



        8.2    
Assignment by the Executive. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, and legatees. If the Executive
dies while any amount would still be payable to him hereunder had he continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive’s devisee, legatee, or other designee,
or if there is no such designee, to the Executive’s estate. 



Article 9. Miscellaneous 



        9.1    
Cooperation. The Executive shall cooperate with the Company and its attorneys in
connection with any and all lawsuits, claims, investigations, or similar proceedings that
have been or could be asserted at any time arising out of or related in any way to the
Executive’s employment by the Company or any entity related to the Company (within
the meaning of Code Section 414(b), (c) or (m)). 



        9.2    
Nondisparagement. At all times, the Executive shall not disparage the Company or
otherwise make comments harmful to the Company’s reputation. 



        9.3    
Reform. If a court of competent jurisdiction should declare any or all of this
Agreement unenforceable because of any unreasonable restriction in Article 3 or 5, then
such court shall have the express authority to reform Article 3 or 5 to provide for
reasonable restrictions and/or to grant the Company such other relief, at law or in
equity, as are reasonably necessary to protect the interests of the Company. 



        9.4    
Employment Status. This Agreement is not, and nothing herein shall be deemed to
create, an employment contract between the Executive and the Company or any entity related
to the Company (within the meaning of Code Section 414(b), (c) or (m)). The Executive
acknowledges that the rights of the Company remain wholly intact to change or reduce at
any time and from time to time his compensation, title, responsibilities, location, and
all other aspects of the employment relationship, or to discharge him prior to a Change in
Control (subject to such discharge possibly being considered a Qualifying Termination
pursuant to Section 2.2). 




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        9.5    
Entire Agreement. This Agreement contains the entire understanding of the Company
and the Executive with respect to the subject matter hereof. In addition, the payments
provided for under this Agreement in the event of the Executive’s separation from
service with the Company for any reason shall be in lieu of any severance benefits payable
under any severance plan, program, or policy of the Company to which the Executive might
otherwise be entitled. 



        9.6    
Notices. All notices, requests, demands, and other communications hereunder shall
be sufficient if in writing and shall be deemed to have been duly given if delivered by
hand or if sent by registered or certified mail to the Executive at the last address he
has filed in writing with the Company or, in the case of the Company, at its principal
offices. 



        9.7    
Conflicting Agreements. This Agreement completely supersedes any and all prior
change-in-control agreements or understandings, oral or written, entered into by and
between the Company and the Executive, with respect to the subject matter hereof, and all
amendments thereto, in their entirety. Further, the Executive hereby represents and
warrants to the Company that his entering into this Agreement, and the obligations and
duties undertaken by him hereunder, will not conflict with, constitute a breach of, or
otherwise violate the terms of, any other employment or other agreement to which he is a
party, except to the extent any such conflict, breach, or violation under any such
agreement has been disclosed to the Board in writing in advance of the signing of this
Agreement. 



        9.8    
Includable Compensation. Severance Benefits provided hereunder shall not be
considered “includable compensation” for purposes of determining the
Executive’s benefits under any other plan or program of the Company unless otherwise
provided by such other plan or program. 



        9.9    
Tax Withholding. The Company shall withhold from any amounts payable under this
Agreement all federal, state, city, or other taxes as legally required to be withheld. 



        9.10    
Severability. In the event any provision of this Agreement shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts
of the Agreement, and the Agreement shall be construed and enforced as if the illegal or
invalid provision had not been included. Further, the captions of this Agreement are not
part of the provisions hereof and shall have no force and effect. 



        Notwithstanding
any other provisions of this Agreement to the contrary, the Company shall have no
obligation to make any payment to the Executive hereunder to the extent, but only to the
extent, that such payment is prohibited by the terms of any final order of a federal or
state court or regulatory agency of competent jurisdiction; provided, however, that such
an order shall not affect, impair, or invalidate any provision of this Agreement not
expressly subject to such order. 



        9.11    
Modification. No provision of this Agreement may be modified, waived, or discharged
unless such modification, waiver, or discharge is agreed to in writing and signed by the
Executive and on behalf of the Company, as applicable, or by the respective parties’
legal representatives or successors. 




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        9.12    
Gender and Number. Except where otherwise indicated by the context, any masculine
term used herein shall include the feminine; the plural shall include the singular and the
singular shall include the plural. 



        9.13    
Applicable Law. To the extent not preempted by the laws of the United States, the
laws of Wisconsin shall be the controlling law in all matters relating to this Agreement
without giving effect to principles of conflicts of laws. 



        IN
WITNESS WHEREOF, the Company has executed this Agreement on this XXth day of
XXXX, 2XXX. 



Executive: 





____________________________________
Executive’s Name 



First Business Financial
Services, Inc.By: 





____________________________________
Jerry
Smith
Chairman of the Board  










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