EX-10.8



 Exhibit 10.8 

EMPLOYMENT AGREEMENT – WOLFGANG T. N. MUELLECK 

This Employment Agreement (the “Agreement”) is made and entered into by and between People’s Utah Bancorp (the
“Bancorp”) and Bank of American Fork (the “Bank”)(collectively, the “Employer”) and Wolfgang T. N. Muelleck (“Mr. Muelleck” or the “Employee”). For good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Employer and the Employee agree as follows: 
 1. Employment. The Employer hires
Mr. Muelleck as Bancorp and the Bank’s full-time Chief Financial Officer to perform all duties and responsibilities as may be assigned by the Employer. The relationship created under this Agreement is that of an employer and employee.
Mr. Muelleck will hold the office of Executive Vice President – Chief Financial Officer and will report directly to the Chief Executive Officer of the Employer. 

2. Term of Employment. Mr. Muelleck’s employment under this Agreement shall commence on January 1, 2014 (the
“Effective Date”), and shall continue for an initial term of three (3) years (the “Initial Term”) unless sooner terminated in accordance with this Agreement. At the end of the Initial Term, Mr. Muelleck’s
employment under this Agreement will automatically renew annually (the “Renewal Term”) on the same terms and conditions unless the Employer or Mr. Muelleck gives written notice to the other party, at least ninety (90) days prior
to expiration of the Initial Term, of termination at the end of the Initial Term. 
 3. Duties of Employee. Except as may be
authorized in writing by the Employer, Mr. Muelleck will devote his full employment time and attention to his duties as Chief Financial Officer on behalf of the Employer, and to such other duties and responsibilities as may be assigned by the
Employer. Mr. Muelleck is Certified Public Accountant licensed to practice public accounting in the State of Utah, but will not engage in the practice of public accounting except as an employee of the Employer unless authorized in writing by
the Employer. To maintain his CPA license, Mr. Muelleck is required to satisfy certain continuing education requirements in the State of Utah and the Employer agrees to reimburse Mr. Muelleck for reasonable expenses incurred for such
education requirements, seminars, other professional activities (including dues for professional organizations), and other reasonable expenses incurred in connection with the Employer’s business and in accordance with the Employer’s
policies and procedures. 
 4. Compensation and Benefits. 

A. Base Salary and Discretionary Bonuses. Commencing on the Effective Date, Mr. Muelleck will receive a base salary
of $239,700 per year, subject to increases annually as determined by the Bancorp’s Compensation Committee of the Board of Directors (“Compensation Committee”). In addition to such base salary, Mr. Muelleck may receive
discretionary bonuses based upon his performance and the Bank’s profitability, as determined by the Compensation Committee. 

B. Profit Sharing Retirement Plan and Other Benefits. Mr. Muelleck will participate in the Bank’s Profit
Sharing Retirement Plan (including the 401-k Plan) and other benefits that are maintained by the Bank from time to time and made generally available to senior management employees of the Bank in accordance with policies and








 
procedures of the Bank, such as (without limitation) life insurance, long-term disability insurance, accidental death and dismemberment insurance, medical benefits, dental benefits, cafeteria
plan, voluntary life insurance, etc. 
 C. Vacation and Personal/Sick Leave. In addition to regularly scheduled Bank
paid holidays, Mr. Muelleck will receive twenty (20) days of paid vacation each year, plus the normal number of paid personal/sick leave each year, subject to the Employer’s existing policies and procedures. 

5. Termination. 
 Your employment will
terminate upon the first to occur of the following: 
 A. Termination by the Bank for “cause,” as reasonably
determined by the Board. For purposes of this paragraph 5(A), “cause” means (i) willful engagement by you in dishonest or illegal conduct that is demonstrably injurious to the Bank; or (ii) you have been convicted of a felony.
Immediately upon termination for cause, the Bank will have no further obligations to you hereunder. 
 B. Termination by the
Bank in the event of your disability. “Disability” will be deemed to exist if you have substantially failed to perform the essential function of your duties hereunder for 180 consecutive days (notwithstanding reasonable accommodation by
the Bank) for reasons of mental or physical health, or if a physician selected in good faith by the Bank examines you and advises the Bank that you will not be able to perform the essential functions of your duties hereunder for the following 180
consecutive days. If the Bank terminates your employment for Disability, you will receive the compensation and benefits due under paragraph 4 through the date of termination and the Bank will have no further obligation hereunder at that time so long
as you are receiving and continue to receive payments pursuant to the disability insurance provided by the Bank as an employee benefit. 

C. In the event of your death, all of the Bank’s obligations hereunder will terminate immediately. Your estate will
receive compensation and benefits due under paragraph 4 through the date of death plus any additional insurance benefit provided by the Bank’s benefits plan. 

D. In the event of an involuntary termination following a “Change of Control” (as defined below), you will be
entitled to a severance package following the effective date of termination. The severance package will consist of (i) payment of twelve months (12) based on the then-current monthly base salary and bonus payment based on paragraph 4
(A) but in no event less than a minimum of 20% of the then-current annual base salary; and (ii) continuation of any health, life and disability insurance being paid by the Bank at the time of the termination or Change of Control for twelve
months (12) following termination at the Bank’s expense. For purposes of the foregoing, the term “Change of Control” means the occurrence of any one of the following: (i) PUB or the Bank enters into an agreement of
reorganization, merger or consolidation pursuant to which the PUB, the Bank or a subsidiary is not the surviving corporation; (ii) PUB or the 







 
Bank sells substantially all its assets to a purchaser other than a subsidiary of PUB or the Bank; or (iii) shares of stock of PUB or the Bank representing in excess of 50% of the total
combined voting power of all outstanding classes of stock of PUB or the Bank are acquired, in one transaction or a series of related transactions, by a single purchaser or group of related purchasers. 

E. In the event of an involuntary termination of your employment by the Employer other than for reasons described above in
paragraphs 5 (A)-(D), you will receive a severance package consisting of (i) payment of one year’s then-current base salary and bonus payment based on paragraph 4 (A) but in no event less than a minimum of 20% of the then-current
annual base salary; and (ii) continuation of any health, life and disability insurance being paid by the Bank at the time of the termination for one year following termination at the Bank’s expense. 

6. Employer’s Policies and Procedures. To the extent not inconsistent with the terms and conditions of this Agreement,
Mr. Muelleck’s employment with the Employer shall be subject to and governed by the Employer’s standard policies and procedures. In the event of any inconsistency, the terms and conditions of this Agreement shall govern. 

7. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each party’s respective heirs,
beneficiaries, successors and assigns. Mr. Muelleck may not assign his duties and obligations under this Agreement. 
 8. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Utah. 
 9. Integrated
Agreement/Subsequent Amendment. This Agreement constitutes the entire agreement between the Employer and the Employee with respect to Mr. Muelleck’s employment with the Employer, and may not be altered or amended except by written
agreement signed by the Employer and Mr. Muelleck. All prior and contemporaneous agreements, arrangements, and understandings between the parties as to the subject matter of this Agreement are rescinded. 

DATED: September 23rd, 2014 

 

			
	People’s Utah Bancorp
		
	By:		         /s/ Richard T. Beard

			Richard T. Beard, President & CEO
	
	               /s/ Wolfgang
T. N. Muelleck

	Wolfgang T. N. Muelleck, Individually