Amended and Restated Supplemental Retirement Agreement for John S. Koza



 Exhibit 10.15 
 AMENDED AND RESTATED 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 FOR JOHN S. KOZA 
 THIS AMENDED AND RESTATED AGREEMENT, made and entered into effective the 1st day of January, 1998 by and between the Iowa State Bank & Trust Company, a banking corporation organized and existing under the laws of the State of
Iowa, hereinafter called the Corporation, and John S. Koza, hereinafter called the Executive. This Amended and Restated Agreement supersedes the Supplemental Retirement Agreement dated June 1, 1993. 
 WITNESSETH: 
 WHEREAS, the Executive has been
in the employ of the Corporation since June 1973, and is now serving the Corporation as its Executive Vice President and, 
 WHEREAS, it is
the consensus of the Board of Directors that the Executive’s Services to the Corporation in the past have been of exceptional merit and have constituted an invaluable contribution to the general welfare of the Corporation bringing it to its
present status of operating efficiency, and its present position in its field of activity; and, 
 WHEREAS, the experience of the Executive,
his knowledge of affairs of the Corporation, his reputation and contacts in the industry are so valuable that assurances of his continued services is essential for the future growth and profits of the Corporation and it is in the best interests of
the Corporation to arrange terms of continued employment for the Executive so as to reasonably assure his remaining in the Corporation’s employment during his lifetime or until the age of retirement, and, 
 WHEREAS, it is the desire of the Corporation that his services be retained as herein provided; and, 
 WHEREAS, the Executive is willing to continue in the employ of the Corporation provided the Corporation agrees to pay to him or his beneficiaries certain
benefits in accordance with the terms and conditions hereinafter set forth; 
 NOW THEREFORE, in consideration of services performed in the
past and to be performed in the future as well as of the mutual promises and covenants herein contained, it is agreed as follows: 
 ARTICLE
ONE 
 Definitions 
 1.01
“Agreement Effective Date” is June 1, 1993. 
 1.02 “Amended and Restated Agreement Effective Date” is
January 1, 1998. 
 1.03 “Plan Retirement Date” is July 15, 2000. 







 1.04 “Plan Administrator” shall mean the Board of Directors of the Bank, or their Designee.

 1.05 “Actuarial Equivalent” benefit, as provided for hereunder, shall be calculated on the basis of an interest rate of
7% per annum. 
 ARTICLE TWO 
 2.01 Employment. The Corporation agrees to employ the Executive in such capacity as the Corporation may from time to time determine, and that such employment and its related duties, title, and compensation will be commensurate with the
duties, title, and compensation of the Executive at the inception of this Plan. The Executive will continue in the employ of the Corporation in such capacity and with such duties and responsibilities as may be assigned to him, and with such
compensation as may be determined from time to time by the Board of Directors of the Corporation. The supplemental retirement benefits provided by this Agreement are granted by the Corporation as a fringe benefit and are not part of any salary
reduction plan or an arrangement deferring a bonus or a salary increase. 
 ARTICLE THREE 
 3.01 If the Executive shall continue in the employment of the Corporation until he attains the age of fifty-five (55), which date is hereby established
as July 15, 2000, he may retire from active daily employment as of the close of business on December 31, 2000, or upon such later date as may be mutually agreed to by the Executive and the Corporation. 
 3.02 Normal Retirement Benefit. The Corporation agrees that upon such retirement it will pay to the Executive (i) the sum of two-thousand
eighty-three dollars and thirty-three cents ($2,083.33) on the first day of the month (January 1, 2001) following such retirement and will pay a like sum each month thereafter until a total of one-hundred and eighty (180) monthly payments have
been made, and thereafter (ii) the sum of one-thousand two-hundred and fifty dollars ($1,250.00) on the first day of each month until a total of one-hundred and eighty (180) monthly payments have been made. 
 3.03 Retirement Death Benefit. The Corporation agrees that if the Executive shall so retire, but shall die before receiving any or all three hundred
sixty (360) monthly payments, it will continue to make such monthly payments to the surviving spouse of the Executive. Payments to the surviving spouse shall continue for a period which shall terminate upon the earlier of (a) the date of
the expiration of three-hundred sixty (360) months from the date of such retirement, or (b) the date of death of the surviving spouse. If the Executive is not survived by a spouse then no death benefits will be paid under the terms of this
Agreement. 
 ARTICLE FOUR 
 4.01
Death Prior to Retirement. In the event Executive should die while actively employed by the Corporation at any time after the date of this Agreement but prior to his attaining the Plan Retirement Date (which will occur on July 15, 2000 or such
later date as may be agreed upon), the Corporation will pay two-thousand eighty-three dollars and thirty-three cents ($2,083.33) each month for one-hundred eighty (180) months and then one-thousand two-hundred 

  

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and fifty dollars ($1,250.00) each month for an additional one-hundred (180) months to the surviving spouse of the Executive, commencing on
January 1, 2001, and continuing for the lesser of: (a) a full term of three-hundred sixty (360) months, or (b) the lifetime of the surviving spouse. 
 4.02 Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in
monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph
4.01 above. The reduced benefit shall be payable for the lesser of three-hundred sixty (360) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the
final authority to either grant or reject such a request. 
 4.03 In the event that the Executive shall die prior to
                    , and that such death is the result of suicide, then, and in such event, the death benefit provided by this Article shall
not be payable. 
 ARTICLE FIVE 
 5.01 Involuntary Termination. If the Corporation terminates the Executive’s employment prior to his Plan Retirement Date for “Cause”, the Executive shall not be entitled to any benefits under the terms of this Agreement. For
purposes of this Agreement, “Cause” shall mean: 
 (a) deliberate dishonestly with respect to the Corporation or any
subsidiary or affiliated thereof; or 
 (b) conviction of a crime involving moral turpitude. 
 (c) an act or acts deemed by the Board of Directors to be inimical to the interests of the Corporation. 
 5.02 Other Termination of Service. 
 (a) Termination by Employer. Notwithstanding anything to the contrary herein, the Corporation reserves the right to terminate the employment of the Executive, without cause, at any time prior to retirement. If such termination occurs, the
Executive shall be entitled to received his “Accrued Benefit” as provided in 5.02(c). 
 (b) Termination by
Executive. 
 (i) If the Executive terminates employment for any reason, including but not limited to disability prior to the
“Plan Retirement Date”, the Executive shall receive his “Accrued Benefit” as provided in 5.02(c). 
  

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 (c) “Accrued Benefit” shall mean the Executive’s “Normal Retirement
Benefit” as defined in paragraphs 3.01 and 3.02 above adjusted as follows: 
 (i) the two-thousand eighty-three dollars
and thirty-three cents ($2,083.33) payments shall be multiplied by a fraction, the numerator of which is the number of months the Executive has been employed by the Corporation following the Amended and Restated Agreement Effective Date, and the
denominator of which is thirty-six (36), with the resulting sum becoming the amount of each such payment. 
 (ii) the
one-hundred eighty (180) payments of one-thousand two-hundred fifty dollars ($1,250.00) shall be multiplied by a fraction, the numerator of which is the number of months the Executive has been employed by the Corporation following the Agreement
Effective Date, and the denominator of which is ninety-one (91), with the resulting sum becoming the amount of each such payment. 
 The Accrued Benefit
shall be payable in three-hundred sixty (360) monthly installments. If the Executive dies after terminating his employment but prior to having received all three-hundred sixty (360) monthly installments, the Corporation will continue to
make such monthly payments to the surviving spouse of the Executive until: (a) a total of three-hundred sixty (360) payments have been made, or (b) the date of death of the surviving spouse. If the Executive is not survived by a
spouse then payments will cease upon the Executive’s death. 
 5.03 Non-Competition Covenant. In addition to all other conditions for
the receipt of benefits hereunder, the Executive’s entitlement to either full or accrued benefits shall be contingent upon the Executive, for a period of 60 months after termination of employment for any reason (other than death) not, as an
owner, officer, director, employee, consultant or otherwise, providing services or advice, either directly or indirectly, to any financial institution that maintains one or more offices within a 50 mile radius of the Corporation’s main location
and offers any products or services competitive with the products and services of the Corporation. In the event the Executive breaches this covenant, all benefits that would otherwise become due after the date of such breach, whether to the
Executive or the Executive’s beneficiary, shall be forfeited. 
 ARTICLE SIX 
 6.01 Alienability. Neither the Executive, his surviving spouse, nor any other beneficiary under this Agreement shall have any power or right to transfer,
assign, anticipate hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate
maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation,
hypothecation, transfer, or disposal of the benefit hereunder the Corporation will be under no obligation to honor such requests or attempts. 
 ARTICLE SEVEN 
 7.01 Participation in Other Plans. Nothing contained in this Agreement shall be construed to alter, abridge, or in
any manner affect the rights and privileges of the Executive to 

  

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participate in and be covered by any Pension, Profit-Sharing, Group Insurance, Bonus or similar employee plans which the Corporation may now or hereafter
have. 
 ARTICLE EIGHT 
 8.01
Funding. The Corporation reserves the absolute right at its sole and exclusive discretion either to fund the obligations of the Corporation undertaken by this agreement or to refrain from funding the same, and to determine the extent, nature, and
method of such funding. Should the Corporation select to fund this Agreement, in whole or in part, through the medium of life insurance or annuities, or both, the Corporation shall be the owner and beneficiary of the policy. The Corporation reserves
the absolute right, in its’ sole discretion, to terminate such life insurance or annuities, as well as any other funding program, at any time, either in whole or in part. At no time shall the Executive be deemed to have any right, title, or
interest in or to any specified asset or assets of the Corporation, including, but not by way or restriction, any insurance or annuity contract or contracts or the proceeds therefrom. 
 Any such policy shall not in any way be considered to be security of the performance of the obligations of this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Corporation.

 If the Corporation purchases a life insurance or annuity policy on the life of the Executive, he agrees to sign any papers that may be required for that
purpose and to undergo any medical examination or tests which may be necessary. 
 If the Executive is asked to submit information to an insurance company
and if the Executive makes a material misrepresentation in an application for any insurance that may be used by the Corporation to insure any or all of its obligations under this Agreement, and is as a result of that material misrepresentation the
insurance company is not required to pay all or any part of the benefits provided under that insurance, the Executive shall forfeit all rights and benefits payable under this Agreement. 
 8.02 This Article shall not be construed as giving the Executive or his beneficiary any greater rights than those of any other unsecured Creditor of the
Corporation. 
 ARTICLE NINE 
 9.01 Communications. Any notice or communication required of either party with respect to this Agreement shall be made in writing and may either be delivered personally or sent by first class mail to: Iowa State Bank & Trust
Company, 102 South Clinton Street, (P.O. Box 1700) Iowa City, Iowa 52244. Each party shall have the right by written notice to change the place to which any notice may be addressed. 
 ARTICLE TEN 
 10.01 Not a contract of Employment. This Agreement shall not be deemed to
constitute a contract of employment between the parties hereto, nor shall any provision hereof restrict the right of the Corporation to discharge the Executive, or restrict the right of the Executive to terminate his employment. 
  

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 ARTICLE ELEVEN 
 11.01 Claims Procedure. In the event that benefits under this Plan Agreement are not paid to the Executive (or the surviving spouse designated as beneficiary by the Executive under the provisions of this Agreement in
the case of the Executive’s death), and such person feels entitled to receive them, a claim shall be made in writing to the Plan Administrator within sixty 60 days from the date payments are not made. Such claim shall be reviewed by the Plan
Administrator and the Corporation. If the claim is denied, in full or in part, the Plan Administrator shall provide a written notice within ninety (90) days setting forth the specific reasons for denial, specific reference to the provisions of
this Agreement upon which the denial is based, and any additional material or information necessary to perfect the claim, if any. Also, such written notice shall indicate the steps to be taken if a review of the denial is desired. If a claim is
denied and a review is desired, the Executive (or the surviving spouse in the case of the Executive’s death), shall notify the Plan Administrator in writing within sixty (60) days (and a claim shall be deemed denied if the Plan
Administrator does not take any action within the aforesaid ninety (90) day period). In requesting a review, the Executive or his surviving spouse may review this Plan Agreement or any documents relating to it and submit any written issues and
comments he or she may feel appropriate. In its sole discretion the Plan Administrator shall then review the claim and provide a written decision within sixty (60) days. This decision likewise shall state the specific reason for the decision
and shall include reference to specific provisions of this Plan Agreement on which the decision is based. For purposes of implementing this claims procedure (but nor for any other purpose), the Cashier of the Bank is designated as the Named
Fiduciary and Plan Administrator of this Plan Agreement. 
 ARTICLE TWELVE 
 12.01 Lump Sum Benefit Option. In lieu of receiving monthly installments under any of the above numbered paragraphs, the Executive (or the surviving
spouse designated as beneficiary by the Executive under the provisions of this Agreement), may petition the Board of Directors to receive a lump sum benefit. The value of the lump sum benefit shall be the “Actuarial Equivalent” of the
remaining installment payments; it being understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject said request, and if granted, the “Actuarial Equivalent”
shall be determined at the sole direction of the Board of Directors using the present value discount rate assigned under the terms of this agreement. 
 12.02 This agreement shall be construed in accordance with and governed by the laws of the State of Iowa. 
  

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 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be duly executed and its Corporate seal
affixed, duly attested by its Secretary, and the Executive has hereunto sat his hand and seal at Iowa City, Iowa, the day and year first above written. 
  

									
	ATTEST:	 		 		 	WITNESS:
				
	 IOWA STATE BANK & TRUST COMPANY
	 		 		 	 
					
	By:	 	    /s/ W.R. Summerwill	 		 		 	            /s/ Kenneth R. Urmie
		 	(Title) President	 		 		 	(Secretary) 2nd VP & Secretary
				
	          /s/ John S. Koza	 		 		 	
	 John S. Koza
 Executive
	 		 		 	

  

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