Exhibit 10.1


 


EMPLOYMENT
AGREEMENT


 


This Employment Agreement
(the “Agreement”) is made and entered into, effective as of _____________ __, 2021 (the “Effective
Date”), by and between Marathon Bank, a Wisconsin-chartered stock savings bank (the “Bank”) and Nicholas
W. Zillges (“Executive”). Any reference to the “Company” shall mean Marathon Bancorp, Inc., the
newly-formed stock holding company of the Bank, or any successor thereto.


 


RECITALS


 


WHEREAS, the
Bank desires to continue to employ Executive in an executive capacity in the conduct of its businesses, and Executive desires to
be so employed on the terms contained herein;


 


NOW, THEREFORE,
in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties
hereby agree as follows:


 


1.                 
POSITION AND RESPONSIBILITIES.


 


(a)       Employment.
During the Term (as defined in Section 2(a) below) of this Agreement, Executive agrees to serve as President and Chief Executive
Officer of the Bank and the Company or any successor executive position with the Bank and the Company that is consented to, in
writing, by Executive (the “Executive Position”), and will perform the duties of and have all powers associated
with the Executive Position as are appropriate for a person in the position of the Executive Position, as well as those as shall
be assigned by the Board of Directors of the Bank (the “Board”). As President and Chief Executive Officer, Executive
will report directly to the Board. During the period provided in this Agreement, Executive also agrees to serve, if elected, as
an officer, director or trustee of any subsidiary or affiliate of the Bank and in such capacity carry out such duties and responsibilities
reasonably appropriate to that office.


 


(b)       Responsibilities.
During Executive’s employment hereunder, Executive will be employed on a full-time basis and devote Executive’s full
business time and best efforts, business judgment, skill and knowledge to the performance of Executive’s duties and responsibilities
related to the Executive Position. Except as otherwise provided in Section 1(c) or as may be approved by the Board, Executive will
not engage in any other business activity during the term of this Agreement.


 


(c)       Service
on Other Boards and Committees. The Bank encourages participation by Executive on community boards and committees and in
activities generally considered to be in the public interest, but the Board shall have the right to approve or disapprove, in its
sole discretion, Executive’s participation on such boards and committees.


 


2.                 
TERM.


 


(a)               Term
and Annual Renewal. The initial term of this Agreement and the period of Executive’s employment hereunder shall
begin as of the Effective Date and shall continue through December 31, 2023 (the “Term”). Commencing on
January 1, 2022 and continuing on each January 1st thereafter (the “Renewal Date”), the Term will extend
automatically for one additional year, so that the Term will be three (3) years from such Renewal Date, unless either the
Bank or Executive by written notice to the other given at least thirty (30) days prior to such Renewal Date notifies the
other of its intent not to extend the same. In the event that notice not to extend is given by either the Bank or the
Executive, this Agreement shall terminate as of the last day of the then current Term. For avoidance of doubt, any extension
to the Term will become the “Term” for purposes of this Agreement.


 






    


     


    

 


At least 30 days prior
to the Renewal Date, the disinterested members of the Board will conduct a comprehensive performance evaluation and review of Executive
for purposes of determining whether to take action regarding non-renewal of the Agreement, and the results thereof will be included
in the minutes of the Board’s meeting.


 


(b)       Change
in Control. Notwithstanding the foregoing, in the event the Bank or the Company has entered into an agreement to effect
a transaction that would be considered a Change in Control as defined under Section 5 hereof, the Term of this Agreement will be
extended automatically so that it is scheduled to expire no less than two (2) years beyond the effective date of the Change in
Control, subject to extensions as set forth above.


 


(c)       Continued
Employment Following Expiration of Term. Nothing in this Agreement will mandate or prohibit a continuation of Executive’s
employment following the expiration of the term of this Agreement.


 


3.                 
COMPENSATION, BENEFITS AND REIMBURSEMENT.


 


(a)       Base
Salary. In consideration of Executive’s performance of the responsibilities and duties set forth in this Agreement,
Executive shall receive an annual base salary of $280,000 per year (“Base Salary”). Such Base Salary will be
payable in accordance with the customary payroll practices of the Bank. During the term of this Agreement, the Board (or the Compensation
Committee of the Board (the “Committee”)) may increase, but not decrease, Executive’s Base Salary. Executive’s
Base Salary will increase automatically, at a minimum of 5% per year each Renewal Date, beginning January 1, 2024. Any increase
in Base Salary will become the “Base Salary” for purposes of this Agreement.


 


(b)       Bonus
and Incentive Compensation. Executive (1) is eligible to participate in any bonus plan or arrangement of the Bank in which
senior management is eligible to participate, pursuant to which a bonus may be paid to Executive in accordance with such plan or
arrangement; and/or (2) may receive a bonus, if any, on a discretionary basis, as determined by the Board or the Committee. Specifically,
Executive will be eligible to participate in the Bank’s short-term bonus program, pursuant to which Executive will be entitled
to a target bonus opportunity equal to, at least, 50% of Base Salary.


 


(c)       Benefit
Plans. Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered
to senior management of the Bank, on terms and conditions no less favorable than such plans are available to other members of
senior management of the Bank. Without limiting the generality of the foregoing provisions of this Section 3(c),
Executive also will be entitled to participate in any employee benefit plans including but not limited to retirement plans,
pension plans, profit-sharing plans, health-and-accident plans, or any other employee benefit plan or arrangement made
available by the Bank in the future to management employees, subject to and on a basis consistent with the terms, conditions
and overall administration of such plans and arrangements as applicable to other management employees.


 


(d)       Vacation
Leave and Paid Time Off. Executive will be entitled to paid vacation time each year during the term of this Agreement measured
on a calendar year basis, in accordance with the Bank’s customary practices, as well as sick leave, holidays and other paid
absences in accordance with the Bank’s policies and procedures for officers, provided, however, that Executive shall be entitled
to each calendar year at least thirty (30) working days for paid vacation or paid time off days. Any unused paid time off during
an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time.


 






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(e)       Expense
Reimbursements. The Bank will reimburse Executive for all reasonable travel, entertainment and other reasonable expenses
incurred by Executive during the course of performing Executive’s obligations under this Agreement, including, without limitation,
fees for memberships in such organizations as Executive and the Board mutually agree are necessary and appropriate in connection
with the performance of Executive’s duties under this Agreement. All reimbursements shall be made as soon as practicable
upon substantiation of such expenses by Executive in accordance with the applicable policies and procedures of the Bank and, in
any event, not later than the last day of the calendar year immediately following the calendar year in which Executive incurred
such expense. In addition, Executive is entitled use of a Bank-owned country club membership available to executive officers and
reimbursement of expenditures primarily related to business travel from the Bank’s headquarters to Milwaukee, such as automobile
expenses, for which Executive will be reimbursed $1,500 per month, and lodging..


 


		4.	TERMINATION AND TERMINATION PAY.



 


Subject to Section
5 of this Agreement which governs the occurrence of a Change in Control, Executive’s employment under this Agreement will
terminate under the following circumstances:


 


(a)              
Death. This Agreement and Executive’s employment with the Bank will terminate upon Executive’s
death, in which event the Bank’s sole obligation shall be to pay or provide Executive’s estate or beneficiary any “Accrued
Obligations.” and, provided that Executive’s dependent(s) have elected continued health care coverage in accordance
with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), reimbursement of such COBRA health care costs,
plus a gross-up payment sufficient to ensure receipt by Executive of the full amount of such COBRA premiums that Executive would
have received if the benefit had not been taxable, for up to six (6) consecutive months, or if less, for the period for which COBRA
coverage is elected (commencing with the first month following Executive's Date of Termination and continuing until the sixth month
following Executive's Date of Termination) in an amount necessary to provide Executive’s dependents, if any, with the same
level of coverage under the Bank’s group health plan, as in effect immediately prior to Executive’s Date of Termination


 


For purposes of
this Agreement, “Accrued Obligations” means the sum of : (i) any Base Salary earned through
Executive’s Date of Termination, (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 3(e)
of this Agreement), (iii) unused paid time off that accrued through the Date of Termination, (iv) any earned but unpaid
short-term and long-term incentive compensation for the year immediately preceding the year of termination and (v) any vested
benefits Executive may have under any employee benefit plan of the Bank through the Date of Termination, which vested
benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans. Unless otherwise provided
by the applicable employee benefit plan, the Accrued Obligations, if any, will be paid to Executive (or Executive’s
estate or beneficiary) within 30 days following Executive’s Date of Termination.


 


(b)       Disability.
The Bank shall be entitled to terminate Executive’s employment and this Agreement due to Executive’s Disability. If
Executive’s employment is terminated due to Executive’s Disability, the Bank’s sole obligation under this Agreement
shall be to pay or provide Executive any Accrued Obligations and, provided that Executive has elected continued health care coverage
in accordance with COBRA, reimbursement of such COBRA health care costs by the Bank, plus a gross-up payment sufficient to ensure
receipt by Executive of the full amount of such COBRA premiums that Executive would have received if the benefit had not been taxable,
for up to 12 consecutive months, or if less, for the period for which Executive has elected COBRA coverage (commencing with the
first month following Executive's Date of Termination and continuing until the twelfth month following Executive's Date of Termination)
in an amount necessary to provide Executive and his dependents, if any, with the same level of coverage under the Bank’s
group health plan, as in effect immediately prior to Executive’s Date of Termination.


 






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For purposes of this
Agreement, “Disability” means that Executive is deemed disabled for purposes of the Bank’s long-term disability
plan or policy that covers Executive or is determined to be disabled by the Social Security Administration.


 


(c)       Termination
for Cause. The Board may immediately terminate Executive’s employment and this Agreement at any time for “Cause.”
In the event Executive’s employment is terminated for Cause, the Bank’s sole obligation will be to pay or provide to
Executive any Accrued Obligations. Termination for “Cause” means termination because of, in the good faith determination
of the Board, Executive’s:


 


(i)       material
act of dishonesty or fraud in performing Executive’s duties on behalf of the Bank;


 


(ii)       willful
misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation
of the Bank;


 


(iii)       breach
of fiduciary duty involving personal profit;


 


(iv)       intentional
failure to perform stated duties under this Agreement after written notice thereof from the Board and Executive’s failure
to take corrective or curative action within two (2) weeks thereafter;


 


(v)       willful
violation of any law, rule or regulation (other than traffic violations or similar offenses which results only in a fine or
other non-custodial penalty) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of
law involving moral turpitude, or any violation of a final cease-and-desist order; or any violation of the policies and
procedures of the Bank as outlined in the Bank’s employee handbook, which would result in termination of the Bank
employees, as from time to time amended and incorporated herein by reference; or


 


(vi)       material
breach by Executive of any provision of this Agreement.


 


Any determination of
Cause under this Agreement will be made by resolution adopted by at least three-quarters (3/4) vote of the disinterested members
of the Board at a meeting called and held for that purpose. Executive will be provided with reasonable notice of such meeting and
Executive will be given an opportunity to be heard before such vote is taken by the disinterested members of the Board.


 


(d)       Resignation
by Executive without Good Reason. Executive may resign from employment during the term of this Agreement without Good Reason
upon at least 30 days prior written notice to the Board, provided, however, that the Bank may accelerate the Date of Termination
upon receipt of written notice of Executive’s resignation. In the event Executive resigns without Good Reason, the Bank’s
sole obligation under this Agreement will be to pay or provide to Executive any Accrued Obligations.


 






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(e)       Termination
Without Cause or With Good Reason.


 


		(i)	The Board may immediately terminate Executive’s employment at any time for a reason other
than Cause (a termination “Without Cause”), and Executive may, by written notice to the Board, terminate this
Agreement at any time within 90 days following an event constituting “Good Reason,” as defined below (a termination
 “With Good Reason”); provided, however, that the Bank will have 30 days to cure the “Good Reason”
condition, but the Bank may waive its right to cure. In the event of termination as described under this Section 4(e)(i) during
the Term and subject to the requirements of Section 4(e)(iii), the Bank will pay or provide Executive with the following:



 


(A)            
any Accrued Obligations;


 


(B)             
a gross cash payment equal to two (2) times the sum of (i) the annual rate Base Salary, and (ii) the highest target bonus
opportunity during the three most recently completed performance periods prior to Executive’s Date of Termination; one-half
of such payment will be paid in a cash lump sum within 60 days of Executive’s Date of Termination, and one-half of the payment
will be paid in equal monthly installments over the next 24 months, in accordance with the Bank’s regular payroll practices;
and


 


(C)              provided
that Executive has elected continued health care coverage in accordance with COBRA, reimbursement of such COBRA health care
costs by the Bank, plus a gross-up payment sufficient to ensure receipt by Executive of the full amount of such COBRA
premiums that Executive would have received if the benefit had not been taxable, for up to 12 consecutive months, or if less,
for the period for which Executive has elected COBRA coverage (commencing with the first month following Executive's Date of
Termination and continuing until the twelfth month following Executive's Date of Termination) in an amount necessary to
provide Executive and his dependents, if any, with the same level of coverage under the Bank’s group health plan, as in
effect immediately prior to Executive’s Date of Termination.


 


(ii)             
 “Good Reason” exists if, without Executive’s express written consent, any of the following occurs:


 


		(A)	a material reduction in Executive’s Base Salary and/or aggregate incentive compensation opportunities
under the Bank’s annual and long-term incentive plans or programs, as applicable;



 


		(B)	a material reduction in Executive’s authority, duties or responsibilities from the position
and attributes associated with the Executive Position;



 


		(C)	a relocation of Executive’s principal place of employment by more than 35 miles from the
Bank’s main office location as of the date of this Agreement; or



 


		(D)	a material breach of this Agreement by the Bank.



 






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		(iii)	Notwithstanding anything to the contrary in Section 4(e)(i), Executive will not receive any payments
or benefits under Sections 4(e)(i)(B) or 4(e)(i)(C) unless and until Executive executes a release of claims (the “Release”)
against the Bank and any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and
all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including
claims under the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified plans or other
benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations
set forth in this Agreement that survive the termination of this Agreement. The Release must be executed and become irrevocable
by the 60th day following the Date of Termination, provided that if the 60-day period spans two (2) calendar years,
then, to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Code”),
the payments and benefits described in this Section 4(e) will be paid, or commence, in the second calendar year.



 


(f)       Effect
on Status as a Director. In the event of Executive’s termination of employment under this Agreement for any
reason, unless otherwise agreed to by the mutual consent of Executive and the Board, such termination will also constitute
Executive’s resignation as a director of the Bank or the Company, or as a director or trustee of any subsidiary or
affiliate thereof, to the extent Executive is acting as a director or trustee of any of the aforementioned entities.


 


(g)       Notice;
Effective Date of Termination. Notice of Termination of employment under this Agreement must be communicated by or to Executive
or the Bank, as applicable, in accordance with Section 17. “Date of Termination” as referenced in this Agreement
means Executive’s termination of employment pursuant to this Agreement, which will be effective on the earliest of: (i) immediately
after the Bank gives notice to Executive of Executive’s termination Without Cause, unless the parties agree to a later date,
in which case, termination will be effective as of such later date; (ii) immediately upon approval by the Board of termination
of Executive’s employment for Cause; (iii) immediately upon Executive’s death or Disability; (iv) 30 days after Executive
gives written notice to the Bank of Executive’s resignation from employment (including With Good Reason), provided that the
Bank may set an earlier termination date at any time prior to the date of termination of employment, in which case Executive’s
resignation shall be effective as of such date; or (v) in the event of Executive’s termination With Good Reason due to a
material reduction in Base Salary, the date on which Executive provides Notice of Termination in accordance with Section 4(e)(i).


 


		5.	CHANGE IN CONTROL.



 


(a)       Change
in Control Defined. For purposes of this Agreement, the term “Change in Control” means: (i) a change
in the ownership of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership
of a substantial portion of the assets of the Corporation as defined in accordance with Code Section 409A. For purposes of this
Section 5(a), the term “Corporation” is defined to include the Bank, the Company or any of their successors,
as applicable.


 


		(i)	A change in the ownership of a Corporation occurs on the date that any one person, or more than
one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Corporation
that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total
voting power of the stock of such Corporation.



 






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		(ii)	A change in the effective control of the Corporation occurs on the date that either (A) any one
person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the
Corporation possessing 30 percent or more of the total voting power of the stock of the Corporation, or (B) a majority of the members
of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of
the members of the Board prior to the date of the appointment or election, provided that this subsection “(B)” is inapplicable
where a majority stockholder of the Corporation is another corporation.



 





		(iii)	A change in a substantial portion of the Corporation’s assets occurs on the date that any
one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the
Corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of
(A) all of the assets of the Corporation, or (B) the value of the assets being disposed of, either of which is determined without
regard to any liabilities associated with such assets. For all purposes hereunder, the definition of Change in Control shall be
construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations
are superseded by subsequent guidance.



 


Notwithstanding anything
herein to the contrary, a Change in Control will not be deemed to have occurred for purposes of this Agreement in connection with
the Bank’s mutual holding company reorganization and/or minority stock offering of the Company. Similarly, a Change in Control
for purposes of this Agreement will not be deemed to have occurred in the event of a second-step conversion of the Bank’s
mutual holding company from mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company.


 


(b)       Change
in Control Benefits. Upon the termination of Executive’s employment by the Bank (or any successor) Without Cause
or by Executive With Good Reason during the Term on or within two years after the effective time of a Change in Control, the Bank
(or any successor) will pay or provide Executive, or Executive’s estate in the event of Executive’s subsequent death,
with the following:


 


	 	(i)	any Accrued Obligations;
	 	 	 
		(ii)	a gross payment (the “Change in Control Severance”) equal to three (3) times
the sum of Executive’s: (A) Base Salary at the Date of Termination (or Executive’s Base Salary in effect immediately
prior to the Change in Control, if higher; and (B) the highest target bonus opportunity for any of the three (3) most recently
completed annual performance periods prior to the Change Control; one-half of such payment will be paid in a cash lump sum within
60 days of Executive’s Date of Termination, and one-half of the payment will be paid in equal monthly installments over the
next 24 months, in accordance with the Bank’s regular payroll practices; and



 


		(iii)	provided that Executive has elected continued health care coverage in accordance with COBRA, reimbursement
of such COBRA health care costs by the Bank, plus a gross-up payment sufficient to ensure receipt by Executive of the full amount
of such COBRA premiums that Executive would have received if the benefit had not been taxable, for up to 18 consecutive months,
or if less, for the period for which Executive has elected COBRA coverage (commencing with the first month following Executive's
Date of Termination and continuing until the eighteenth month following Executive's Date of
Termination) in an amount necessary to provide Executive and his dependents, if any, with the same level of coverage under the
Bank’s group health plan, as in effect immediately prior to Executive’s Date of Termination.



 






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Notwithstanding the
foregoing, the payments and benefits provided in this Section 5(b) will be payable to Executive in lieu of any payments or benefits
that are payable under Section 4(e).


 


6.                 
COVENANTS OF EXECUTIVE.


 


(a)              
Non-Solicitation/Non-Compete. Executive hereby covenants and agrees that during the “Restricted Period,”
Executive shall not, without the written consent of the Bank, either directly or indirectly:


 


		(i)	solicit, offer employment to, or take any other action intended (or that a reasonable person acting
in like circumstances would expect) to have the effect of causing any officer or employee of the Bank, or any of its respective
subsidiaries or affiliates, to terminate his or her employment with the Bank and/or accept employment with another employer; or



 


		(ii)	become an officer, employee, consultant, director, trustee, independent contractor, agent, joint
venturer, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union,
bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that competes with the
business of the Bank or any of their direct or indirect subsidiaries or affiliates that: (A) has a headquarters within 30 miles
of the Bank’s headquarters (the “Restricted Territory”), or (B) has one or more offices, but is not headquartered,
within the Restricted Territory, but in the latter case, only if Executive would be employed, conduct business or have other responsibilities
or duties within the Restricted Territory; or



 


		(iii)	solicit, provide any information, advice or recommendation or take any other action intended (or
that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Bank to terminate
an existing business or commercial relationship with the Bank.



 


The restrictions contained
in this Section 6(a) shall not apply in the event of Executive’s termination of employment on or after the effective time
of a Change in Control.


 


For purposes of this
Section 6(a), the “Restricted Period” will be: (i) at all times during Executive’s period of employment
with the Bank; and (ii) except as provided above, during the period beginning on Executive’s Date of Termination and ending
on the one-year anniversary of the Date of Termination.


 





(b)              
 Confidentiality. Executive recognizes and acknowledges that Executive has been and will be the recipient
of confidential and proprietary business information concerning the Bank, including without limitation, past, present, planned
or considered business activities of the Bank, and Executive acknowledges and agrees that Executive will not, during or after the
term of Executive’s employment, disclose such confidential and proprietary information for any purposes whatsoever, except
as may be expressly permitted in writing signed by the Bank, or as may be required by regulatory inquiry, law or court order.


 


(c)              
Information/Cooperation. Executive will, upon reasonable notice, furnish such information and assistance to
the Bank as may be reasonably required by the Bank, in connection with any litigation in which it or any of its subsidiaries or
affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance
with respect to any litigation between Executive and the Bank or any other subsidiaries or affiliates.


 






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(d)              
Reliance. Except as otherwise provided, all payments and benefits to Executive under this Agreement will be
subject to Executive’s compliance with this Section 6, to the extent applicable. The parties hereto, recognizing that irreparable
injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 6, agree that,
in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available,
to an injunction to restrain the violation hereof by Executive and all persons acting for or with Executive. Executive represents
and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged
in other lines of business than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive
from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available
to them for such breach or threatened breach, including the recovery of damages from Executive.


 


7.              
SOURCE OF PAYMENTS.


 


All payments provided
in this Agreement shall be timely paid by check or direct deposit from the general funds of the Bank (or any successor of the Bank).


 


8.                 
EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.


 


This Agreement contains
the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor
of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring
to Executive under another plan, program or agreement (other than an employment agreement) between the Bank and Executive.


 


9.                 
NO ATTACHMENT; BINDING ON SUCCESSORS.


 


(a)       Except
as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment
by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.


 





(b)       
The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise,
to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the
Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform
if no such succession or assignment had taken place. A successor’s failure to assent to this Agreement following a Change
in Control shall be deemed to be a material breach of this Agreement under Section 4(e) hereof.


 


10.             
MODIFICATION AND WAIVER.


 


(a)       This
Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.


 


(b)       No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other
than that specifically waived.


 






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11.             
certain Applicable law.


 


Notwithstanding anything
herein contained to the contrary, the following provisions shall apply:


 


(a)       The
Bank may terminate Executive’s employment at any time, but any termination by the Bank other than termination for Cause shall
not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to
receive compensation or other benefits under this Agreement for any period after Executive’s termination for Cause, other
than the Accrued Obligations.


 


(b)       In
no event shall the Bank (nor any affiliate) be obligated to make any payment pursuant to this Agreement that is prohibited by Section
18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law.


 


(c)       Notwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes “non-qualified
deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon Executive’s
termination of employment, then such payments or benefits will be payable only upon Executive’s “Separation from Service.”
For purposes of this Agreement, a “Separation from Service” will have occurred if the Bank and Executive reasonably
anticipate that either no further services will be performed by Executive after the Date of Termination (whether as an employee
or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona
fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition of Separation
from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).


 





(d)       Notwithstanding
the foregoing, if Executive is a “Specified Employee” (i.e., a “key employee” of a publicly traded
company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this
Agreement is triggered due to Executive’s Separation from Service, then solely to the extent necessary to avoid penalties
under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive’s Separation
from Service. Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to
Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall
be paid in the manner specified in this Agreement.


 


(e)       To
the extent not specifically provided in this Agreement, any compensation or reimbursements payable to Executive shall be paid or
provided no later than two and one-half (2.5) months after the calendar year in which such compensation is no longer subject to
a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d).


 


(f)       Each
payment pursuant to this Agreement is intended to constitute a separate payment for purposes Treasury Regulation Section 1.409A-2(b)(2).


 


(g)       Notwithstanding
anything in this Agreement to the contrary, Executive understands that nothing contained in this Agreement limits Executive’s
ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental
agency or commission (“Government Agencies”) about a possible securities law violation without approval of the
Bank (or any affiliate). Executive further understands that this Agreement does not limit Executive’s ability to communicate
with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government
Agency, including providing documents or other information, without notice to the Bank (or any affiliate) related to the possible
securities law violation. This Agreement does not limit Executive’s right to receive any resulting monetary award for information
provided to any Government Agency.


 






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12.             
SEVERABILITY.


 


If any provision of
this Agreement is determined to be void or unenforceable, then the remaining provisions of this Agreement will remain in full force
and effect.


 


13.             
GOVERNING LAW.


 


This Agreement shall
be governed by the laws of the State of Wisconsin, but only to the extent not superseded by federal law.


 


14.             
ARBITRATION.


 


Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration,
conducted by a single arbitrator selected by the Bank (or in the case of arbitration following a Change in Control, selected
by Executive) within 50 miles of Wausau, Wisconsin, in accordance with the Commercial Rules of the American Arbitration
Association then in effect.  Judgment may be entered on the arbitrators’ award in any court having
jurisdiction.  The above notwithstanding, the Bank may seek injunctive relief in a court of competent jurisdiction in
Wisconsin to restrain any breach or threatened breach of any provision of this Agreement, without prejudice to any other
rights or remedies that may otherwise be available to the Bank.


 


15.             
INDEMNIFICATION.


 


The Bank will provide
Executive (including Executive’s heirs, executors and administrators) with coverage under a standard directors’ and
officers’ liability insurance policy at its expense, and will indemnify Executive (and Executive’s heirs, executors
and administrators) in accordance with the charter and bylaws of the Bank and to the fullest extent permitted under applicable
law against all expenses and liabilities reasonably incurred by Executive in connection with or arising out of any action, suit
or proceeding in which Executive may be involved by reason of having been a trustee, director or officer of the Bank or any subsidiary
or affiliate of the Bank.


 


16.             
TAX Withholding.


 


The Bank may withhold
from any amounts payable to Executive hereunder all federal, state, local or other taxes that the Bank may reasonably determine
are required to be withheld pursuant to any applicable law or regulation (it being understood that Executive is responsible for
payment of all taxes in respect of the payments and benefits provided herein).


 


17.             
Notice.


 


For the purposes of
this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to
have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed
to the respective addresses set forth below or if sent by facsimile or email, on the date it is actually received.


 


	To the Bank:	
        Marathon Bank

        500 Scott Street

        Wausau, WI 54402

        Attention: Corporate Secretary

         

	To Executive:	Most recent address on file with the Bank


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.


 


By signing below,
the Bank and Executive acknowledge and agree that: (1) this Agreement shall supersede and replace the Executive Employment Agreement
between the Bank and Executive dated March 11, 2019 (the “Prior Agreement”) as of the Effective Date; and (2)
the Prior Agreement shall be terminated as of the Effective Date. 


 


	 	MARATHON BANK
	 	 
	 	 
	 	By:	                  
	 	Name: 
	 	Title:  
	 	 
	 	 
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	
	 	Nicholas W. Zillges


 






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