Exhibit 10.6



 Exhibit 10.6 

 
 



 
 CHANGE OF CONTROL LETTER AGREEMENT 
 February 18, 2009 
 Jeffrey A. Vock 
 9315 Finbar Pl. 
 Tinley Park, IL 60477 
 Dear Jeff: 
 The Board of Directors of Community Bank-Wheaton/Glen Ellyn (the “Bank,”
which reference shall include Community Financial Shares, Inc. (“CFS”), the holding company of the Bank, has determined that it is advisable and in the best interests of the Bank, CFS and its stockholders, to provide reasonable assurance
to certain key employees that, upon a change of control of the Bank or of CFS, appropriate severance arrangements are in place in the event of the involuntary termination of your employment, other than for good cause as specified below. 

The following is proposed as an inducement to you to remain in the employ of the Bank and to dedicate your efforts to its best interests:

 SECTION 1. If, at any time within eighteen (18) months following the “change of control” of the Bank or
CFS, either: (i) your employment is terminated by reason of your disability, death or retirement pursuant to any retirement plan or policy of the Bank of general application to key employees; (ii) the essential elements of your position,
in terms of duties and authority are materially reduced without good cause, each without your voluntary consent; (iii) there is a material reduction in your aggregate compensation, not related to or resulting from documented, diminished
performance; or (iv) you are required to regularly perform services at a location which is greater than fifty (50) miles from your principal office at the time of the change of control, you will then be entitled to the benefits
(“Severance Benefits”) as set forth herein. 
 SECTION 2. Upon the occurrence of the event described in
Section 1 (i) above, or upon the occurrence of any of the other events in Section 1 which results in your termination, then: 
  

	 	2.1	The Bank will pay to you in an immediate lump-sum cash payment an amount equal to Nine (9) months of your current annual salary, exclusive of periodic bonus
compensation, plus any unused earned vacation time; plus 

  

	 	2.2	Medical and life insurance coverage provided to you and your family by the Bank, at its cost, until the earlier of: (i) you waive coverage by giving written notice
of waiver to the Bank; (ii) nine (9) months elapse from the effective date of your 

  
 



 








 Jeffrey A. Vock 
 Change of Control 
 Page Two 

 


	 	
termination; or (iii) you become a participant in group insurance benefit programs of a new employer. If coverage is not permitted under applicable policy terms, the Bank will provide
equivalent benefits. Upon termination of this benefit in accordance with the terms hereof, you shall be entitled to exercise the policy options normally available to the Bank’s employees upon termination of employment. 


SECTION 3. For purposes of this Agreement, “change of control” shall be deemed to have taken place if, subsequent to the
date hereof: 
  

	 	3.1	a third person, including a “group” as defined in Section 13(d) (3) of the Securities Exchange Act of 1934 (as in effect on the date hereof),
becomes the beneficial owner of shares of the CFS having greater than Fifty Percent (50%) or more of the total number of votes that may be cast for the election of directors of CFS, including for this purpose any shares beneficially owned by
such third person or group as of the date hereof; or, 

  

	 	3.2	as the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any
combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Bank before the Transaction shall cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank.


  

	 	3.3	In the event of any reorganization involving CFS or the Bank in a transaction initiated by the Bank in which the stockholders of CFS immediately prior to such
reorganization become the stockholders of a successor or ultimate parent corporation of CFS resulting from such reorganization and the persons who were directors of the Bank immediately prior to such reorganization constitute a majority of the Board
of Directors of such successor or ultimate parent, no “change of control” shall be deemed to have taken place solely by reason of such reorganization, notwithstanding the fact that the Bank may have become the wholly-owned subsidiary of
another corporation in such reorganization and the Board of Directors thereof may have been reconstituted, and thereafter the term “Bank” for the purposes of this paragraph shall refer to such successor or ultimate parent corporation.


 SECTION 4. Any payment not made when due in accordance with this Agreement shall thereafter bear
interest at the prime lending rate from time to time in effect by the Bank. 
 SECTION 5. This Agreement may not be
assigned by the Bank except (i) to CFS; or (ii) in connection with a merger involving the Bank or CFS or a sale of substantially all of its assets, and the obligations of the Bank provided for in this Agreement shall be the binding legal
obligations of any successor to the Bank by purchase, merger, consolidation, or otherwise. This Agreement may not be 








 Jeffrey A. Vock 
 Change of Control 
 Page 3 

 

 
assigned by you during your life, and upon your death will be binding upon and inure to the benefit of your heirs, legatees and the legal representatives of your estate. 

SECTION 6. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by you, approved by the Board of Directors and signed by an appropriate officer of the Bank empowered to sign the same by the Board of Directors of the Bank. No waiver by either party at any time of any breach by the
other party or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior or subsequent time. The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois. The invalidity or unenforceability of any provision of this Agreement shall not effect the validity or enforceability of
any other provision of this Agreement. 
 SECTION 7. This Agreement does not constitute a contract for the continued
employment of you by the Bank. Subject only to those rights of yours that are specified herein following a change of control, the Bank reserves all of its rights to modify your compensation and other terms of your employment and to terminate your
employment to the same extent as before the execution of this Agreement. 
 SECTION 8. The Bank shall pay your
out-of-pocket expenses, including attorney’s fees, in connection with any judicial proceeding to enforce this Agreement or to construe or determine the validity of this Agreement or otherwise in connection herewith unless the Bank prevails in
such litigation. 
 Very truly yours, 
  

					
	Community Bank-Wheaton/Glen Ellyn
			
	By:	 	 /s/ Raymond A. Dieter
	 	
		 	 Raymond A. Dieter

Chairman, Compensation Committee
 Member of the
Executive Committee



 Accepted and agreed to this 
 18th Day of Feb, 2009 







  
 



 
 FORM OF 
 Amendment 
 to the 

Change in Control Letter 
 (409A) 
 This Amendment to the Change in Control Letter is entered into as of
February 18, 2009, by and between Community Bank-Wheaton/Glen Ellyn (referred to as the “Bank”), and Jeffrey A. Vock (the “Employee”). 
 WHEREAS, the Employee is currently employed as the Senior Vice President and Chief Credit Officer of the Bank; 
 WHEREAS, the Employee and the Bank previously entered into a Change in Control Letter, dated February 18, 2009 (the “Letter”); 
 WHEREAS, the Employee and the Bank desire to amend the Letter to include a provision concerning Section 409A of the Internal Revenue Code of 1986, as amended. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Letter as follows: 
 1. A new Section 9 is added to
the Letter to read as follows: 
 SECTION 9. Section 409A 
 (i) You will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified as deferred compensation only upon a “separation from
service” within the meaning of Section 409A. 
 (ii) If at the time of your separation from service, (a) you are a
“specified employee” (within the meaning of Section 409A and using the methodology selected by the Bank) and (b) the Bank make a good faith determination that an amount payable or the benefits to be provided hereunder constitutes
deferred compensation (within the meaning of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule of 
  





 







 
Section 409A in order to avoid taxes or penalties under Section 409A, then the Bank will not pay the entire amount on the otherwise scheduled payment date but will instead pay on the
scheduled payment date the maximum amount permissible in order to comply with Section 409A (i.e., any amount that satisfies an exception under the Section 409A rules from being categorized as deferred compensation) and will pay the
remaining amount (if any) in a lump sum on the first business day after such six month period. 
 (iii) To the extent you would be subject to an
additional 20% tax imposed on certain deferred compensation arrangements pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of
such tax and the parties shall promptly execute any amendment reasonably necessary to implement this Section 9. You and the Bank agree to cooperate to make such amendment to the terms of this Agreement as may be necessary to avoid the
imposition of penalties and taxes under Section 409A; provided, however, that you agree that any such amendment shall provide you with economically equivalent payments and benefits, and you agree that any such amendment will not materially
increase the cost to, or liability of, the Bank with respect to any payment. 
 (iv) For purposes of the this Agreement, Section 409A shall
refer to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and any other authoritative guidance issued thereunder. 
 2. Except as expressly provided herein, the terms and conditions of the Letter shall remain in full force and effect and shall be binding on the parties. 

3. Effectiveness of this Amendment to the Letter shall be conditioned upon approval by Bank’s Boards of Directors (or the appropriate committees
thereof), and this Amendment to the Letter shall become effective on the later of date of such approval and execution by both parties hereto (the “Effective Date”). 
 [signature page follows] 







 IN WITNESS WHEREOF, the parties have duly executed and delivered this Amendment to the
Letter, or have caused this Amendment to the Letter to be duly executed and delivered in their name and on their behalf, as of the day and year first above written. 
  

			
	Community Bank-Wheaton/Glen Ellyn
		
	By:	 	/s/ Raymond A. Dieter
		 	 Raymond A. Dieter
 Chairman,
Compensation Committee
 Member of the Executive Committee


 Accepted and Agreed to this 
 18th Day of February, 2009 
  

			
	EMPLOYEE
		
		 	/s/ Jeffrey A. Vock
		 	 Jeffrey A. Vock