Exhibit 10.3


WELLS FEDERAL BANK


2003 STOCK BONUS PLAN 


AND TRUST AGREEMENT


 


Article I


 


ESTABLISHMENT OF THE PLAN AND TRUST


 


1.01         Wells
Federal Bank ("Bank") hereby establishes the 2003 Stock Bonus Plan (the "Plan") and Trust (the "Trust")
upon the terms and conditions hereinafter stated in this Stock Bonus Plan and Trust Agreement (the "Agreement").


 


1.02         The
Trustee hereby accepts this Trust and agrees to hold the Trust assets existing on the date of this Agreement and all additions
and accretions thereto upon the terms and conditions hereinafter stated.


 


Article II


 


PURPOSE OF THE PLAN


 


2.01         The
purpose of the Plan is to reward and to retain personnel of experience and ability in key positions of responsibility with the
Bank and its subsidiaries, by providing such personnel of the Bank and its subsidiaries with an increased equity interest in the
parent corporation of the Bank, Wells Financial Corp. ("Parent"), as compensation for their future professional contributions
and service to the Bank and its subsidiaries.


 


Article III


 


DEFINITIONS


 


The following words and
phrases when used in this Plan with an initial capital letter, unless the context clearly indicates otherwise, shall have the meaning
as set forth below. Wherever appropriate, the masculine pronoun shall include the feminine pronoun and the singular shall include
the plural.


 


"Bank" means
Wells Federal Bank, and any successor corporation thereto.


 


"Beneficiary"
means the person or persons designated by the Participant to receive any benefits payable under the Plan in the event of such Participant's
death. Such person or persons shall be designated in writing by the Participant and addressed to the Bank or the Committee on forms
provided for this purpose by the Committee and delivered to the Bank and may be changed from time to time by similar written notice
to the Committee. A Participant=s last will and testament or any codicil thereto shall not constitute written designation of a
Beneficiary. In the absence of such written designation, the Beneficiary shall be the Participant's surviving spouse, if any, or
if none, the Participant's estate.


 


"Board" means
the Board of Directors of the Bank, or any successor corporation thereto.


 


"Cause" means
the personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profits, intentional failure
to perform stated duties, willful violation of a material provision of any law, rule or regulation (other than traffic violations
and similar offense), or a material violation of a


 




    	 



    	 



    

 


final cease-and-desist order or any other action
which results in a substantial financial loss to the Parent, Bank or its Subsidiaries.


 


"Change in Control"
shall mean: (i) the sale of all, or a material portion, of the assets of the Parent or Bank; (ii) the merger or recapitalization
of the Parent or the Bank whereby the Parent or Bank is not the surviving entity; (iii) a change in control of the Parent
or Bank, as otherwise defined or determined by the Office of Thrift Supervision ("OTS") or regulations promulgated by
it; or (iv) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of that term as it is
used in Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more
of the outstanding voting securities of the Parent or Bank by any person, trust, entity or group. This limitation shall not apply
to the purchase of shares of up to 25% of any class of securities of the Parent or Bank by a tax-qualified employee stock benefit
plan which is exempt from the approval requirements, set forth under 12 C.F.R. '574.3(c)(1)(vi) as now in effect or as may hereafter
be amended. The term "person" refers to an individual or a corporation, partnership, trust, association, joint venture,
pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein.


 


"Committee" means
the Board of Directors of the Bank or the Stock Bonus Plan Committee appointed by the Board of Directors of the Bank pursuant to
Article IV hereof.


 


"Common Stock"
means shares of the common stock of the Parent, or any successor corporation or parent thereto.


 


"Director" means
a member of the Board of the Bank.


 


"Director Emeritus"
means a person serving as a director emeritus, advisory director, consulting director, or other similar position as may be appointed
by the Board of Directors of the Bank, a Subsidiary or the Parent from time to time.


 


"Disability"
means any physical or mental impairment which renders the Participant incapable of continuing in the employment or service of the
Bank or the Parent in his current capacity as determined by the Committee.


 


"Effective Date"
shall mean the date of ratification of the Plan by the stockholders of Parent.


 


"Eligible Participant"
means an Employee, Director or director of a Subsidiary who may receive a Plan Share Award under the Plan.


 


"Employee" means
any person who is employed by the Bank or a Subsidiary.


 


"Parent" shall
mean Wells Financial Corp., the parent corporation of the Bank.


 


"Participant"
means an Employee, Director, Director Emeritus or director of a Subsidiary who previously received a Plan Share Award under the
Plan.


 


"Plan Shares"
means shares of Common Stock held in the Trust which are awarded or issuable to a Participant pursuant to the Plan.


 


"Plan Share Award"
or "Award" means a right granted to a Participant under this Plan to earn or to receive Plan Shares.




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"Plan Share Reserve"
means the shares of Common Stock held by the Trust pursuant to Sections 5.03 and 5.04.


 


"Subsidiary"
means those subsidiaries of the Bank which, with the consent of the Board, agree to participate in this Plan.


 


"Trustee" or
"Trustee Committee" means that person(s) or entity nominated by the Committee and approved by the Board pursuant to Sections
4.01 and 4.02 to hold legal title to the Plan assets for the purposes set forth herein.


 


Article IV


 


ADMINISTRATION OF THE PLAN


 


4.01         Role
of the Committee. The Plan shall be administered and interpreted by the Board of Directors of the Bank or a Committee appointed
by said Board, which shall consist of not less than two non-employee members of the Board, which shall have all of the powers allocated
to it in this and other sections of the Plan. All persons designated as members of the Committee shall be "Non-Employee Directors"
within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended ("1934 Act"). The interpretation
and construction by the Committee of any provisions of the Plan or of any Plan Share Award granted hereunder shall be final and
binding. The Committee shall act by vote or written consent of a majority of its members. Subject to the express provisions and
limitations of the Plan, the Committee may adopt such rules, regulations and procedures as it deems appropriate for the conduct
of its affairs. The Committee shall report its actions and decisions with respect to the Plan to the Board at appropriate times,
but in no event less than one time per calendar year. The Committee shall recommend to the Board one or more persons or entity
to act as Trustee in accordance with the provision of this Plan and Trust and the terms of Article VIII hereof.


 


4.02         Role
of the Board. The members of the Committee and the Trustee shall be appointed or approved by, and will serve at the pleasure
of the Board. The Board may in its discretion from time to time remove members from, or add members to, the Committee, and may
remove, replace or add Trustees. The Board shall have all of the powers allocated to it in this and other sections of the Plan,
may take any action under or with respect to the Plan which the Committee is authorized to take, and may reverse or override any
action taken or decision made by the Committee under or with respect to the Plan, provided, however, that the Board may not revoke
any Plan Share Award already made except as provided in Section 7.01(b) herein.


 


4.03         Limitation
on Liability. No member of the Board, the Committee or the Trustee shall be liable for any determination made in good faith
with respect to the Plan or any Plan Share Awards granted. If a member of the Board, Committee or any Trustee is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, by any reason of anything done or not done by him in such capacity under or with respect to the Plan, the Parent
and the Bank shall indemnify such member against expenses (including attorney's fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in the best interests of the Parent, the Bank and its Subsidiaries and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. Notwithstanding anything
herein to the contrary, in no event shall the Bank take any actions with respect to this Section 4.03 which is not in compliance
with the limitations or requirements set forth at 12 C.F.R. 545.121, as may be amended from time to time.


 




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Article V


 


CONTRIBUTIONS; PLAN SHARE RESERVE


 


5.01         Amount
and Timing of Contributions. The Board of Directors of the Bank shall determine the number of shares of Common Stock or the
amount of cash to be contributed by the Bank to the Trust established under this Plan. Such contributions to the Trust shall be
delivered to the Trustee at the time of such contribution. No contributions to the Trust by Participants shall be permitted except
with respect to amounts necessary to meet tax withholding obligations.


 


5.02         Initial
Investment. Any funds held by the Trust prior to investment in the Common Stock shall be invested by the Trustee in such interest-bearing
account or accounts at the Bank as the Trustee shall determine to be appropriate.


 


5.03         Maximum
Plan Share Reserve; Investment of Trust Assets. The Trust shall purchase Common Stock in an amount not greater than 100% of
the Trust's cash assets, after providing for any required withholding as needed for tax purposes, provided, however, that the Trust
shall not distribute more than 50,000 shares of Common Stock in the aggregate pursuant to Awards under the Plan. The Trustee may
accept the transfer of Common Stock held by the Bank in other trust accounts, purchase shares of Common Stock in the open market
or, in the alternative, may purchase authorized but unissued shares of the Common Stock or treasury shares from the Parent sufficient
to fund the Plan Share Reserve.


 


5.04         Effect
of Allocations, Returns and Forfeitures Upon Plan Share Reserves. Upon the allocation of Plan Share Awards under Sections 6.02
and 6.05, or the decision of the Committee to return Plan Shares to the Parent, the Plan Share Reserve shall be reduced by the
number of Shares subject to the Awards so allocated or returned. Any Shares subject to an Award which are not earned because of
forfeiture by the Participant pursuant to Section 7.01 shall be added to the Plan Share Reserve.


 


Article VI


 


ELIGIBILITY; ALLOCATIONS


 


6.01         Eligibility.
Eligible Participants may receive Plan Share Awards within the sole discretion of the Committee. Directors who are not otherwise
Employees shall receive Plan Share Awards pursuant to Section 6.05.


 


6.02         Allocations.
The Committee will determine which Eligible Participants will be granted Plan Share Awards and the number of Shares covered by
each Award, provided, however, that in no event shall any Awards be made which will violate the Charter or Bylaws of the Bank or
its Parent or Subsidiaries or any applicable federal or state law or regulation. In the event Shares are forfeited for any reason
or additional Shares are purchased by the Trustee, the Committee may, from time to time, determine which of the Eligible Participants
will be granted Plan Share Awards to be awarded from forfeited Shares. In selecting those Eligible Participants to whom Plan Share
Awards will be granted and the number of shares covered by such Awards, the Committee shall consider the prior and anticipated
future position, duties and responsibilities such individuals, the value of their prior and anticipated future services to the
Bank and its Subsidiaries, and any other factors the Committee may deem relevant. All actions by the Committee shall be deemed
final, except to the extent that such actions are revoked by the Board. Notwithstanding anything herein to the contrary, in no
event shall any Participant receive Plan Share Awards in excess of 25% of the aggregate Plan


 




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Shares authorized under the Plan.


 


6.03         Form
of Allocation. As promptly as practicable after a determination is made pursuant to Section 6.02 or Section 6.05 that a Plan
Share Award is to be made, the Committee shall notify the Participant in writing of the grant of the Award, the number of Plan
Shares covered by the Award, and the terms upon which the Plan Shares subject to the award may be earned. The date on which the
Committee makes its award determination or the date the Committee so notifies the Participant shall be considered the date of grant
of the Plan Share Awards as determined by the Committee. The Committee shall maintain records as to all grants of Plan Share Awards
under the Plan.


 


6.04         Allocations
Not Required. Notwithstanding anything to the contrary at Sections 6.01, 6.02 or 6.05, no Eligible Participant shall have any
right or entitlement to receive a Plan Share Award hereunder, such Awards being at the sole discretion of the Committee and the
Board, nor shall the Eligible Participants as a group have such a right. The Committee may, with the approval of the Board (or,
if so directed by the Board) return all Common Stock in the Plan Share Reserve to the Bank at any time, and cease issuing Plan
Share Awards.


 


6.05         Awards
to Directors. Notwithstanding anything herein to the contrary, as of the Effective Date, a Plan Share Award consisting of 3,500
Plan Shares shall be awarded to each Director of the Bank that is not otherwise an Employee. Such Plan Share Award shall be earned
and non-forfeitable at the rate of one-fourth as of the one year anniversary of the Effective Date and an additional one-fourth
following each of the next three successive years during such periods of continued service as a Director or Director Emeritus.
Further, such Plan Share Award shall be immediately 100% earned and non-forfeitable in the event of the death or Disability of
such Director or Director Emeritus, or upon a Change in Control of the Bank or Parent. Subsequent to the Effective Date, Plan Share
Awards may be awarded to newly elected or appointed Directors of the Bank by the Committee, provided that total Plan Share Awards
granted to non-employee Directors of the Bank shall not exceed 25,000 Plan Share Awards in the aggregate under the Plan.


 


Article VII


 


EARNINGS AND DISTRIBUTION OF PLAN SHARES;
VOTING RIGHTS


 


7.01        Earnings
Plan Shares; Forfeitures.


 


(a)           General
Rules. Unless the Committee shall specifically state to the contrary at the time a Plan Share Award is granted, Plan Shares
subject to an Award shall be earned and non-forfeitable by a Participant at the rate of one-fourth of such Award following one
year after the granting of such Award, and an additional one-fourth following each of the next three successive years; provided
that such Participant remains an Employee, Director, Director Emeritus or Subsidiary director during such period.


 


(b)          Revocation
for Misconduct. Notwithstanding anything herein to the contrary, the Board shall, by resolution, immediately revoke, rescind
and terminate any Plan Share Award, or portion thereof, previously awarded under this Plan, to the extent Plan Shares have not
been delivered thereunder to the Participant, whether or not yet earned, in the case of a Participant who is discharged from the
employ or service of the Parent, Bank or a Subsidiary for Cause, or who is discovered after termination of employment or service
to have engaged in conduct that would have justified termination for Cause. A determination of Cause shall be made by the Board
within its sole discretion.


 




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(c)          Exception
for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 7.01(a) above, all Plan
Shares subject to a Plan Share Award held by a Participant whose employment or service with the Parent, Bank or a Subsidiary terminates
due to death or Disability, shall be deemed earned and nonforfeitable as of the Participant's last date of employment or service
with the Parent, Bank or Subsidiary and shall be distributed as soon as practicable thereafter.


 


(d)          Exception
for Termination after a Change in Control. Notwithstanding the general rule contained in Section 7.01 above, all Plan Shares
subject to a Plan Share Award held by a Participant shall be deemed to be immediately 100% earned and non-forfeitable in the event
of a Change in Control of the Parent or Bank and shall be distributed as soon as practicable thereafter.


 


7.02         Payment
of Dividends on Plan Share Awards. A holder of a Plan Share Award, whether or not earned, shall also be entitled to receive
an amount equal to any cash dividends declared and paid with respect to shares of Common Stock represented by such Plan Share Award
between the date the relevant Plan Share Award was granted to such Participant and the date the Plan Shares are distributed. Such
cash amounts shall be paid as compensation to the Participant by the Trust or the Bank within 30 days of the applicable dividend
payment date, less applicable tax withholding, if applicable.


 


7.03        Distribution
of Plan Shares.


 


(a)          Timing
of Distributions: General Rule. Except as provided in Subsections (d) and (e) below, Plan Shares shall be distributed to the
Participant or his Beneficiary, as the case may be, as soon as practicable after they have been earned. No fractional shares shall
be distributed. Notwithstanding anything herein to the contrary, at the discretion of the Committee, Plan Shares may be distributed
prior to such Shares being 100% earned, provided that such Plan Shares shall contain a restrictive legend detailing the applicable
limitations of such shares with respect to transfer and forfeiture.


 


(b)          Form
of Distribution. All Plan Shares, together with any shares representing stock dividends, shall be distributed in the form of
Common Stock. One share of Common Stock shall be given for each Plan Share earned. Payments representing cash dividends (and earnings
thereon) shall be made in cash. Notwithstanding anything within the Plan to the contrary, upon a Change in Control whereby substantially
all of the Common Stock of the Parent shall be acquired for cash, all Plan Shares associated with Plan Share Awards, together with
any shares representing stock dividends associated with Plan Share Awards, shall be, at the sole discretion of the Committee, distributed
as of the effective date of such Change in Control, or as soon as administratively feasible thereafter, in the form of cash equal
to the consideration received in exchange for such Common Stock represented by such Plan Shares.


 


(c)          Withholding.
The Trustee may withhold from any payment or distribution made under this Plan sufficient amounts of cash or shares of Common Stock
necessary to cover any applicable withholding and employment taxes, and if the amount of such payment or distribution is not sufficient,
the Trustee may require the Participant or Beneficiary to pay to the Trustee the amount required to be withheld in taxes as a condition
of delivering the Plan Shares. The Trustee shall pay over to the Parent, Bank or Subsidiary which employs or employed such Participant
any such amount withheld from or paid by the Participant or Beneficiary.


 


(d)          Timing:
Exception for 10% Shareholders. Notwithstanding Subsection (a) above, no Plan Shares may be distributed to the extent the Participant
or Beneficiary, as the case may be, would after receipt of such Shares own in excess of ten percent (10%) of the issued and outstanding
shares of Common Stock, unless such action is approved in advance by a majority vote of disinterested directors of the Board of
the


 




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Parent.


 


(e)          Regulatory
Exceptions. No Plan Shares shall be distributed, however, unless and until all of the requirements of all applicable law and
regulation shall have been fully complied with as determined by the Board upon advice of legal counsel.


 


7.04         Voting
of Plan Shares. After a Plan Share Award has become earned and non-forfeitable, the Participant shall be entitled to direct
the Trustee as to the voting of the Plan Shares which are associated with the Plan Share Award and which have not yet been distributed
pursuant to Section 7.03, subject to rules and procedures adopted by the Committee for this purpose. All shares of Common Stock
held by the Trust as to which Participants are not entitled to direct, or have not directed, the voting of such Shares, shall be
voted by the Trustee as directed by the Committee.


 


Article VIII


 


TRUST


 


8.01         Trust.
The Trustee shall receive, hold, administer, invest and make distributions and disbursements from the Trust in accordance with
the provisions of the Plan and Trust and the applicable directions, rules, regulations, procedures and policies established by
the Committee pursuant to the Plan.


 


8.02         Management
of Trust. It is the intention of this Plan and Trust that the Trustee shall have complete authority and discretion with respect
to the management, control and investment of the Trust, and that the Trustee shall invest all assets of the Trust, except those
attributable to cash dividends paid with respect to Plan Shares not held in the Plan Share Reserve, in Common Stock to the fullest
extent practicable, except to the extent that the Trustee determines that the holding of monies in cash or cash equivalents is
necessary to meet the obligations of the Trust. In performing their duties, the Trustees shall have the power to do all things
and execute such instruments as may be deemed necessary or proper, including the following powers:


 


(a)          To
invest up to one hundred percent (100%) of all Trust assets in the Common Stock without regard to any law now or hereafter in force
limiting investments for Trustees or other fiduciaries. The investment authorized herein may constitute the only investment of
the Trust, and in making such investment, the Trustee is authorized to purchase Common Stock from the Parent or from any other
source, and such Common Stock so purchased may be outstanding, newly issued, or treasury shares.


 


(b)          To
invest any Trust assets not otherwise invested in accordance with (a) above in such deposit accounts, and certificates of deposit
(including those issued by the Bank), obligations of the United States government or its agencies or such other investments as
shall be considered the equivalent of cash.


 


(c)          To
sell, exchange or otherwise dispose of any property at any time held or acquired by the Trust.


 


(d)          To
cause stocks, bonds or other securities to be registered in the name of a nominee, without the addition of words indicating that
such security is an asset of the Trust (but accurate records shall be maintained showing that such security is an asset of the
Trust).


 




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(e)          To
hold cash without interest in such amounts as may be in the opinion of the Trustee reasonable for the proper operation of the Plan
and Trust.


 


(f)          To
employ brokers, agents, custodians, consultants and accountants.


 


(g)          To
hire counsel to render advice with respect to their rights, duties and obligations hereunder, and such other legal services or
representation as they may deem desirable.


 


(h)          To
hold funds and securities representing the amounts to be distributed to a Participant or his Beneficiary as a consequence of a
dispute as to the disposition thereof, whether in a segregated account or held in common with other assets.


 


(i)          As
may be directed by the Committee or the Board from time to time, the Trustee shall pay to the Bank earnings of the Trust attributable
to the Plan Share Reserve.


 


Notwithstanding anything
herein contained to the contrary, the Trustee shall not be required to make any inventory, appraisal or settlement or report to
any court, or to secure any order of a court for the exercise of any power herein contained, or to maintain bond.


 


8.03         Records
and Accounts. The Trustee shall maintain accurate and detailed records and accounts of all transactions of the Trust, which
shall be available at all reasonable times for inspection by any legally entitled person or entity to the extent required by applicable
law, or any other person determined by the Committee.


 


8.04         Earnings.
All earnings, gains and losses with respect to Trust assets shall be allocated in accordance with a reasonable procedure adopted
by the Committee, to bookkeeping accounts for Participants or to the general account of the Trust, depending on the nature and
allocation of the assets generating such earnings, gains and losses. In particular, any earnings on cash dividends received with
respect to shares of Common Stock shall be allocated to accounts for Participants, except to the extent that such cash dividends
are distributed to Participants, if such shares are the subject of outstanding Plan Share Awards, or, otherwise to the Plan Share
Reserve.


 


8.05         Expenses.
All costs and expenses incurred in the operation and administration of this Plan, including those incurred by the Trustee, shall
be paid by the Bank.


 


8.06         Indemnification.
Subject to the requirements and limitations of applicable laws and regulations, the Parent and the Bank shall indemnify, defend
and hold the Trustee harmless against all claims, expenses and liabilities arising out of or related to the exercise of the Trustee's
powers and the discharge of their duties hereunder, unless the same shall be due to their gross negligence or willful misconduct.


 




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Article IX


 


MISCELLANEOUS


 


9.01         Adjustments
for Capital Changes. The aggregate number of Plan Shares available for issuance pursuant to the Plan Share Awards and the number
of Shares to which any Plan Share Award relates shall be proportionately adjusted for any increase or decrease in the total number
of outstanding shares of Common Stock issued subsequent to the effective date of the Plan resulting from any split, subdivision
or consolidation of the Common Stock or other capital adjustment, change or exchange of the Common Stock, or other increase or
decrease in the number or kind of shares effected without receipt or payment of consideration by the Parent.


 


9.02         Amendment
and Termination of the Plan. The Board may, by resolution, at any time, amend or terminate the Plan. The power to amend or
terminate the Plan shall include the power to direct the Trustee to return to the Parent all or any part of the assets of the Trust,
including shares of Common Stock held in the Plan Share Reserve, as well as shares of Common Stock and other assets subject to
Plan Share Awards which have not yet been earned by the Participants to whom they have been awarded. However, the termination of
the Trust shall not affect a Participant's right to earn Plan Share Awards and to the distribution of Common Stock relating thereto,
including earnings thereon, in accordance with the terms of this Plan and the grant by the Committee or the Board.


 


9.03         Nontransferable.
Plan Share Awards and rights to Plan Shares shall not be transferable by a Participant, and during the lifetime of the Participant,
Plan Shares may only be earned by and paid to the Participant who was notified in writing of the Award by the Committee pursuant
to Section 6.03. No Participant or Beneficiary shall have any right in or claim to any assets of the Plan or Trust, nor shall the
Parent, Bank, or any Subsidiary be subject to any claim for benefits hereunder.


 


9.04         No
Employment Rights. Neither the Plan nor any grant of a Plan Share Award or Plan Shares hereunder nor any action taken by the
Trustee, the Committee or the Board in connection with the Plan shall create any right, either express or implied, on the part
of any Participant to continue in the employ or service of the Parent, Bank, or a Subsidiary thereof.


 


9.05         Voting
and Dividend Rights. No Participant shall have any voting or dividend rights of a stockholder with respect to any Plan Shares
covered by a Plan Share Award, except as expressly provided in Sections 7.02 and 7.04 above, prior to the time said Plan Shares
are actually distributed to such Participant.


 


9.06         Governing
Law. The Plan and Trust shall be governed by and construed under the laws of the State of Minnesota, except to the extent that
Federal Law shall be deemed applicable.


 


9.07         Effective
Date. The Plan shall be effective as of the date of approval of the Plan by the stockholders of Parent.


 


9.08         Term
of Plan. This Plan shall remain in effect until the earlier of (i) termination by the Board, (ii) the distribution of all assets
of the Trust, or (iii) 21 years from the Effective Date. Termination of the Plan shall not effect any Plan Share Awards previously
granted, and such Plan Share Awards shall remain valid and in effect until they have been earned and paid, or by their terms expire
or are forfeited.


 


9.09         Tax
Status of Trust. It is intended that the Trust established hereby shall be treated as a grantor trust of the Bank under the
provisions of Section 671 et seq. of the Internal Revenue Code of 1986, as amended, as the same may be amended from time
to time.


 




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