Exhibit 10.10(e)(iii)


 


BANK MUTUAL CORPORATION 


MANAGEMENT RECOGNITION AWARD


 


This Management Recognition Award is granted
the ___ day of ______________, 201_ (the “Date of Grant”), by BANK MUTUAL CORPORATION, a Wisconsin corporation (hereinafter
called “Bank Mutual”), to _____________________________ (hereinafter called the “Grantee”).


 


WITNESSETH:


 


WHEREAS, the Board of Directors of Bank Mutual
adopted the Bank Mutual Corporation 2004 Stock Incentive Plan (the “Plan”) on February 2, 2004, subject to stockholder
approval which was obtained May 3, 2004;


 


NOW, THEREFORE, it is agreed as follows:


 


1.Number of Shares Awarded.  Bank
Mutual grants to Grantee a management recognition stock award covering ______________ shares of Bank Mutual’s common stock.


 


2.Vesting of Award.  This
Award shall become vested in accordance with the following vesting schedule:


 


	Number of Completed	 	Percentage of	 
	Years of Continuous	 	Shares Becoming	 
	Service After the	 	Vested Under	 
	Date of Grant	 	the Award	 
	 	 	 	 
	Less than 1 year	 	 	Zero	 
	At least 1 but less than 2	 	 	20	%
	At least 2 but less than 3	 	 	40	%
	At least 3 but less than 4	 	 	60	%
	At least 4 but less than 5	 	 	80	%
	At least 5 Years	 	 	100	%




 


Notwithstanding the forgoing, the shares covered by this Award shall
become fully vested in the event of Grantee’s death or disability, or in the event of a Change in Control (as defined in
the Plan). The period of time during which the shares covered by the Award are forfeitable is referred to as the “Restricted
Period.” If Grantee terminates service with Bank Mutual and its Subsidiaries as both an employee and a director during the
Restricted Period for any reason other than death or disability, the Restricted Stock that has not yet become vested shall be forfeited
to Bank Mutual on the date of such termination, without any further obligations of Bank Mutual to the Grantee and all rights of
the Grantee with respect to the Restricted Stock shall terminate.


 


3.Delivery of Shares; Rights During Restricted
Period.   Grantee shall not be deemed the holder of any shares covered by this Award until such shares are issued
to him/her. Following the issuance of the shares covered by the Award to Grantee, the Grantee shall have the right to vote the
Restricted Stock and to receive cash dividends; however, all stock dividends, stock rights or other securities issued with respect
to the Restricted Stock (collectively, the “Proceeds”) shall be forfeitable and subject to the same restrictions as
exist regarding the original shares of Restricted Stock. The Restricted Stock shall be nontransferable during the Restricted Period,
except by will or the laws of descent and distribution.


 


4.Custody of Shares.  The
Restricted Stock issued to Grantee may be credited to Grantee in book entry form and shall be held, along with any Proceeds, in
custody by Bank Mutual until the applicable restrictions have expired. If any certificates are issued for shares of Restricted
Stock or any of the Proceeds during the Restricted Period, such certificates shall bear an appropriate legend as determined by
the Committee referring to the applicable terms, conditions and restrictions and the Grantee shall deliver a signed, blank stock
power to Bank Mutual relating thereto.


 



    	1



    	 



    

 


5.Forfeiture.  If at any
time within two years after Grantee shall become vested in any portion of this Award, the Grantee shall (a) solicit or assist with
the solicitation of any customer of Bank Mutual or a Subsidiary (the "Affiliated Companies") to terminate or diminish
such customer's business with the Affiliated Companies or (b) solicit, cause or seek to cause any employee of the Affiliated Companies
to terminate, curtail or otherwise modify his or her employment relationship with the Affiliated Companies, the Grantee shall promptly
pay to Bank Mutual as liquidated damages an amount equal to the Fair Market Value of the shares becoming vested in the prior two
years. The Committee shall, in its sole discretion, determine whether a violation of (a) or (b) has occurred, and the determination
of the Committee shall be final and binding as to all parties.


 


6.Changes in Stock.  In
the event of any recapitalization, stock split or reverse split, stock dividend, merger in which Bank Mutual is the surviving corporation,
combination or exchange of shares or other capital change affecting the common stock of Bank Mutual, the Committee shall make,
subject to the approval of the Board of Directors of Bank Mutual, equitable and appropriate changes in the aggregate number and
kind of shares subject to this Award, to prevent substantial dilution or enlargement of the rights granted to or available for
Grantee.


 


7.No Employment or Service Agreement
Intended.  This Agreement does not confer upon Grantee any right to continuation of employment or service in any
capacity by Bank Mutual or a Subsidiary and does not constitute an employment or service agreement of any kind.


 


MISCELLANEOUS


 


8.Notices.  Any notice
to be given to the Committee under the terms of this Agreement shall be addressed to Bank Mutual, in care of its Secretary at 4949
West Brown Deer Road, Milwaukee, Wisconsin 53223. Any notice to be given to Grantee may be addressed to Grantee at his/her address
as it appears on Bank Mutual’s records, or at such other address as either party may hereafter designate in writing to the
other. Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope or wrapper addressed
as aforesaid, certified and deposited, postage prepaid, in a post office or branch post office regularly maintained by the United
States Government.


 


9.Provisions of Plan Controlling.  This
Award is subject in all respects to the provisions of the Plan. In the event of any conflict between any provision of this Award
and the provisions of the Plan, the provisions of the Plan shall control. Terms defined in the Plan where used herein shall have
the meanings as so defined. Grantee hereby acknowledges receipt of a copy of the Plan.


 


10.Successors.  This Agreement
shall be binding upon and inure to the benefit of any successor or successors of Bank Mutual.


 


11.Government and Other Regulations.  The
obligation of Bank Mutual to sell and deliver shares of stock under this Plan shall be subject to all applicable laws, rules and
regulations and the obtaining of all such approvals by governmental agencies as may be deemed necessary or desirable by the Board
of Directors of Bank Mutual, including (without limitation) the satisfaction of all applicable federal, state and local tax withholding
requirements. Bank Mutual shall determine the amount of any required tax withholding. The Grantee may pay any required withholding
in cash or, in the discretion of the Committee, in shares of Bank Mutual stock, valued at its fair market value as of the date
the withholding obligation arises, or in a combination thereof.


 


12.Wisconsin Contract.  This
Award has been granted in Wisconsin and shall be construed under the laws of that State.


 


IN WITNESS WHEREOF, Bank Mutual has caused these
presents to be executed in its behalf by its Chairman of the Board or President and attested by its Secretary or one of its Assistant
Secretaries, and Grantee has hereunto set his or her hand and seal, all of the day and year first above written, which is the date
of the granting of the award evidenced hereby.


 



    	2



    	 



    

 


	 	BANK MUTUAL CORPORATION
	 	 
	 	By:	 
	 	 
	 	Title:	 


  


	ATTEST:
	 
	 	 
	Secretary


 


	 	 
	 	Grantee


 



    	3