Document:

EXHIBIT 10.11

 

FORM
OF DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT
made and entered into this      day of           ,
     , by and between LANDMARK FEDERAL SAVINGS BANK,
hereinafter referred to as “Corporation,” and          ,
a member of the board of directors of the Corporation, hereinafter referred to
as “Member.”

 

The Member is
serving as a member of the board of directors of the Corporation. It is the
consensus of the board of directors that the Member’s services have been of
exceptional merit, in excess of the compensation paid to the Member as a member
of the board of directors.

 

It is the mutual
desire of the Corporation and the Member that the Member remain as a member of
the board of directors of the Corporation and, to assist the Member in establishing
a program to provide supplemental retirement benefits and pre-retirement death
benefits, they mutually establish this deferred compensation plan. Accordingly,
it is the desire of the Corporation and the Member to enter into this Agreement
under which the Corporation will agree to make certain payments to the Member
upon his retirement and, alternately, to his beneficiaries in the event of his
premature death while serving as a member of the board of directors of the
Corporation.

 

It is the intent
of the parties hereto that this Agreement be considered an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the Member
for purposes of the Employee Retirement Security Act of 1974 (ERISA) and for
tax purposes. The Member is fully advised of the Corporation’s financial status
and has had substantial input in the design and operation of this benefit plan.
The Member understands that this agreement is a mere unsecured promise by the
Corporation to make payments in the future.

 

Therefore, in
consideration of the Member’s services performed in the past and those to be
performed in the future and based upon the mutual promises and covenants herein
contained, the Corporation and the Member agree as follows:

 

ARTICLE I

Definitions

 

Section 1.01           Effective
Date. The Effective date of this Agreement shall be the later of the date
shown above or the date of the approval of this Agreement by the board of
directors of the Corporation.

 

Section 1.02           Normal
Retirement Date. The Normal Retirement Date shall mean the first day of the
calendar month following the month in which the Member’s current term of office
expires as a member of the board directors of the Corporation following his 65th
birthday.

 

Section 1.03           Termination
of Service. Termination of Service shall mean severance of the Member’s
membership on the board of directors of the Corporation for any cause, other
than death.

 

 

ARTICLE II

Employment and Prior Agreements

 

Section 2.01           No
Agreement Created. No provision in this Agreement shall be deemed to create
any right of the Member to be a member of the board of directors of the
Corporation.

 

Section 2.02           Termination
of Prior Agreements. Upon the Effective Date, this Agreement shall replace
and terminate all prior deferred compensation agreements that exist between the
Member and the Corporation.

 

ARTICLE III

Benefits

 

The following benefits
provided by the Corporation to the Member shall be available under this
Agreement:

 

Section 3.01           Retirement
Benefits. If the Member shall remain as a member of the board of directors
of the Corporation until the Normal Retirement Date, defined in Article I,
Section 1.02 above, then, in such event, he shall be entitled to receive
monthly from the Corporation an amount on the first day of the month following
such Normal Retirement Date and continuing for a period of approximately one
hundred twenty (120) months.

 

The amount to be paid
over said one hundred twenty (120) months shall vary from time to time to
reflect earnings and losses as hereinafter set forth in Section 3.04 of this
Article. It is the intent hereof that the Member’s Deferred Compensation
Account, as increased or decreased as set out in Section 3.04, shall be fully
paid to the Member over approximately one hundred twenty (120) months and the
computation of said payment shall be in the sole and absolute discretion of the
Corporation. Any amount remaining in the Member’s Deferred Compensation Account
at the end of the one hundred twenty (120) months shall be paid to the Member
in a lump sum.

 

In the event the Member
shall die following the Normal Retirement Date and prior to the expiration of
the one hundred twenty (120) months, the unpaid balance of such monthly
payments shall be paid monthly for the remainder of said period to the
beneficiary designated by the Member in the beneficiary designation form
provided by the Corporation. In the absence of or failure of the Member to
designate a beneficiary, the unpaid balance of the Deferred Compensation
Account shall be paid in a lump sum to the personal representative of the
Member’s estate.

 

Section 3.02           Termination
of Service or Voluntary Resignation. Should the Member terminate his
services as a member of the board of directors of the Corporation other than by
Normal Retirement or death, he shall receive from the Corporation the balance
of his Deferred Compensation Account at the time of termination.

 

Section 3.03           Death
Benefit Prior to Retirement. Should the Member die prior to the Normal
Retirement Date, (exclusive of termination as defined elsewhere herein), the
Corporation agrees to pay to the Member’s designated beneficiary, on the first
day of the month following the Member’s death, and for a continuous period of
one hundred twenty (120) months, a monthly amount commuted in the same method
as in Section 3.01 of this Article.

 

2

 

If the designated
beneficiary should die prior to the expiration of the one hundred twenty (120)
months, the remaining Deferred Compensation Account shall be paid in a lump sum
to the personal representative of the designated beneficiary.

 

The Member shall declare
his designated beneficiary in writing in a form as shown on Exhibit A provided
by the Corporation. In the absence of or a failure to designate a beneficiary
or in the event the designated beneficiary shall have predeceased the Member,
the unpaid balance of the Deferred Compensation Account shall be paid in a lump
sum to the personal representative of the Member’s estate.

 

Section 3.04           Deferred
Compensation Account. The Member’s Deferred Compensation Account as of the
date of this agreement is $           .
The Member’s Deferred Compensation Account shall be increased by any amount
added to the account by the board of directors of the Corporation from time to
time and decreased by any payments. The Member’s Deferred Compensation Account
shall be increased or decreased by an earnings factor. The earnings factor will
equal an amount the Member’s Deferred Compensation Account would have earned
(lost) had it been invested in the investment funds set forth by Exhibit B. The
Member shall select the investment funds used to determine the earnings factor
in one (1) percent increments. The investment funds selected shall be publicly
traded mutual funds and shall be subject to the prior approval of the
Corporation in its sole discretion.

 

Notwithstanding anything
to the contrary, neither the Corporation nor the Member is obligated to acquire
any interest in any fund or investment option and any asset that may be acquired
in order to provide a means for payment of any liability shall remain the
property of the Corporation.

 

ARTICLE IV

Restrictions Upon Funding

 

The Corporation
shall have no obligation to set aside, earmark, or entrust any fund or money
with which to pay its obligations under this Agreement. The Member, his beneficiary, or any successor in
interest to him, shall be and remain simply a general unsecured creditor of the
Corporation in the same manner as any other creditor having a general claim for
matured and unpaid compensation.

 

The Corporation
reserves the absolute right, at its sole discretion, to either refund the
obligations undertaken by this Agreement or refrain from funding the same and
to determine the extent, nature, and method of such funding. Should the
Corporation elect to fund this Agreement, in whole or in part, through the
purchase of life insurance, mutual funds, disability policies or annuities, the
Corporation reserves the absolute right, in its sole discretion, to terminate
such funding at any time, in whole or in part. At no time shall the Member be
deemed to have any lien or right, title, or interest in or to any specific
funding investment or to any assets of the Corporation.

 

If the Corporation elects
to invest in a life insurance, disability, or annuity policy upon the life of
the Member, then the Member shall assist the Corporation by freely submitting
to a

 

3

 

physical exam and
supplying such additional information necessary to obtain such insurance or
annuity.

 

ARTICLE V

Miscellaneous

 

Section 5.01           Alienability
and Assignment Prohibition. Neither the Member, his widow, 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 by attachment, garnishment or otherwise for
the payment of any debts, judgments, alimony or separate maintenance owed by
the Member or his beneficiary, nor be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise. In the event the Member or any
beneficiary attempts assignment, commutation, hypothecation, transfer or
disposal of the benefits hereunder, the Corporation’s liabilities shall
forthwith cease and terminate.

 

Section 5.02           Binding
Obligation of Corporation and Any Successor in Interest. The Corporation
expressly agrees that it shall not merge or consolidate into or with another
corporation or sell substantially all of its assets to another corporation,
firm, or person until such corporation, firm or person expressly agrees, in
writing, to assume and discharge the duties and obligations of the Corporation
under this Agreement. This Agreement shall be binding upon the parties hereto,
their successors, beneficiaries, heirs, and personal representatives.

 

Section 5.03           Revocation.
It is agreed by and between the parties hereto that, during the lifetime of the
Member, this Agreement may be amended or revoked at any time or times, in whole
or in part, by the mutual written assent of the Member and the Corporation.

 

Section 5.04           Gender.
Whenever, in this Agreement, words are used in the masculine or neuter gender,
they shall be read and construed as in the masculine, feminine, or neuter
gender whenever they should so apply.

 

Section 5.05           Effect
on Other Corporation
Benefit Plans.
Nothing contained in this Agreement shall affect the right of the Member to
participate in or be covered by any qualified or non-qualified pension, profit
sharing, group, bonus, or other supplemental compensation or fringe benefit
plan constituting a part of the Corporation’s existing or future compensation
structure.

 

Section 5.06           Headings.
Heading and subheadings in this Agreement are inserted for reference and
convenience only and shall not be deemed a part of this Agreement.

 

Section 5.07           Applicable
Law. The validity and interpretation of this Agreement shall be governed by
the laws of the state of Kansas.

 

ARTICLE VI

ERISA Provisions

 

Section 6.01           Named
Fiduciary and Plan Administrator. The “Named Fiduciary and Plan
Administrator” of this plan shall be James Strovas until his resignation or
removal by the board

 

4

 

of directors. As Named Fiduciary and Plan
Administrator, James Strovas shall be responsible for the management, control,
and administration of the deferred compensation agreement as established
herein. He may delegate to others certain aspects of the management and
operation responsibilities of the plan including the employment of advisors and
the delegation of ministerial duties to qualified individuals.

 

Section 6.02           Claims
Procedure and Arbitration. In the event that a dispute arises over benefits
under this Plan Agreement and benefits are not paid to the Member (or to his
beneficiary, in the case of the Member’s death) and such claimants feel they
are entitled to receive such benefits, then a written claim must be made to the
Named Fiduciary and Plan Administrator named above within sixty (60) days from
the date payments are refused. The Plan Fiduciary and Administrator and the
Corporation shall review the written claim and, if the claim is denied in whole
or in part, they shall provide, in writing and within ninety (90) days of
receipt of such claim, their specific reasons for such denial and reference to
the provisions of this Agreement upon which the denial is based and any
additional material or information necessary to perfect the claim. Such written
notice shall further indicate the steps to be taken by claimant if a further
review of the claim denial is desired. A claim shall be deemed denied if the
Plan Fiduciary and Administrator fails to take any action within the aforesaid 90-day
period.

 

If claimants desire a
second review, they shall notify the Plan Fiduciary and Administrator in
writing within sixty (60) days of the first claim denial. Claimants may review
the Plan Agreement or any documents relating thereto and submit any written
issues and comments they may feel appropriate. In its sole discretion, the Plan
Fiduciary and Administrator shall then review the second claim and provide a
written decision within sixty (60) days of receipt of such claim. This decision
shall likewise state the specific reasons for the decision and shall include
reference to specific provisions of the Plan Agreement upon which the decision
is based.

 

If claimants
continue to dispute the benefit denial based upon completed performance of the
Agreement or the meaning and effect of the terms and conditions thereof, then
claimants may submit the dispute to a board of arbitration for final
arbitration. Said board shall consist of one member selected by the claimant,
one member selected by the Corporation, and the third member selected by the
first two members. The board shall operate under any generally recognized set
of arbitration rules. The parties hereto agree that they and their heirs,
personal representatives, successors, and assigns, shall be bound by the
decision of such board with respect to any controversy properly submitted to it
for determination.

 

IN WITNESS
WHEREOF, the parties acknowledge that each has carefully read this Agreement
and executed the original thereof on the day and year first above written and
that, upon execution, each has received a conforming copy.

 

5

 

	
   

  	
  LANDMARK
  FEDERAL SAVINGS BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  “Corporation”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “Member”

  	
   

  
					

 

6

 

FORM
OF DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT
made and entered into this      day of           ,
      , by and between LANDMARK FEDERAL SAVINGS
BANK, hereinafter referred to as “Corporation,” and             ,
a member of the board of directors of the Corporation, hereinafter referred to
as “Member.”

 

The Member is
serving as a member of the board of directors of the Corporation. It is the
consensus of the board of directors that the Member’s services have been of
exceptional merit, in excess of the compensation paid to the Member as a member
of the board of directors.

 

It is the mutual
desire of the Corporation and the Member that the Member remain as a member of
the board of directors of the Corporation and, to assist the Member in
establishing a program to provide supplemental retirement benefits and
pre-retirement death benefits, they mutually establish this deferred
compensation plan. Accordingly, it is the desire of the Corporation and the
Member to enter into this Agreement under which the Corporation will agree to
make certain payments to the Member upon his retirement and, alternately, to
his beneficiaries in the event of his premature death while serving as a member
of the board of directors of the Corporation.

 

It is the intent
of the parties hereto that this Agreement be considered an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the Member
for purposes of the Employee Retirement Security Act of 1974 (ERISA) and for
tax purposes. The Member is fully advised of the Corporation’s financial status
and has had substantial input in the design and operation of this benefit plan.
The Member understands that this agreement is a mere unsecured promise by the
Corporation to make payments in the future.

 

Therefore, in
consideration of the Member’s services performed in the past and those to be
performed in the future and based upon the mutual promises and covenants herein
contained, the Corporation and the Member agree as follows:

 

ARTICLE VII

Definitions

 

Section 7.01           Effective
Date. The Effective date of this Agreement shall be the later of the date
shown above or the date of the approval of this Agreement by the board of
directors of the Corporation.

 

Section 7.02           Normal
Retirement Date. The Normal Retirement Date shall mean the first day of the
calendar month following the month in which the Member’s current term of office
expires as a member of the board directors of the Corporation following his 65th
birthday.

 

Section 7.03           Termination
of Service. Termination of Service shall mean severance of the Member’s
membership on the board of directors of the Corporation for any cause, other
than death.

 

7

 

ARTICLE VIII

Employment and Prior Agreements

 

Section 8.01           No
Agreement Created. No provision in this Agreement shall be deemed to create
any right of the Member to be a member of the board of directors of the
Corporation.

 

Section 8.02           Termination
of Prior Agreements. Upon the Effective Date, this Agreement shall replace
and terminate all prior deferred compensation agreements that exist between the
Member and the Corporation.

 

ARTICLE IX

Benefits

 

The following benefits
provided by the Corporation to the Member shall be available under this
Agreement:

 

Section 9.01           Retirement
Benefits. If the Member shall remain as a member of the board of directors
of the Corporation until the Normal Retirement Date, defined in Article I,
Section 1.02 above, then, in such event, he shall be entitled to receive
monthly from the Corporation the sum of $           
commencing on the first day of the month following such Normal Retirement Date
and continuing for a period of one hundred twenty (120) months.

 

In the event the Member
shall die following the Normal Retirement Date and prior to the expiration of
the one hundred twenty (120) months, the unpaid balance of such monthly
payments shall be paid monthly for the remainder of said period to the
beneficiary designated by the Member in the beneficiary designation form
provided by the Corporation. In the absence of or failure of the Member to
designate a beneficiary, the unpaid balance shall be commuted at six (6)
percent and paid in a lump sum to the personal representatives of the Member’s
estate.

 

Section 9.02           Termination
of Service or Voluntary Resignation. Should the Member terminate his
services as a member of the board of directors of the Corporation other than by
Normal Retirement or death, he shall receive from the Corporation the lump sum
of $          .

 

Section 9.03           Death
Benefit Prior to Retirement. Should the Member die prior to the Normal
Retirement Date, (exclusive of termination as defined elsewhere herein), the
Corporation agrees to pay to the Member’s designated beneficiary, on the first
day of the month following the Member’s death, the sum of $        
for a continuous period of one hundred twenty (120) months.

 

If the designated
beneficiary should die prior to the expiration of the one hundred twenty (120)
months, the remaining unpaid installments shall be commuted at six (6) percent
and paid in a lump sum to the personal representative of the designated
beneficiary.

 

The Member shall declare
his designated beneficiary in writing in a form as shown on Exhibit A
provided by the Corporation. In the absence of or a failure to designate a
beneficiary or in the event the designated beneficiary shall have predeceased
the Member, the unpaid

 

8

 

balance shall be commuted
at six (6) percent and paid in a lump sum to the personal representative of the
Member’s estate.

 

ARTICLE X

Restrictions Upon Funding

 

The Corporation
shall have no obligation to set aside, earmark, or entrust any fund or money
with which to pay its obligations under this Agreement. The Member, his beneficiary, or any successor in
interest to him, shall be and remain simply a general unsecured creditor of the
Corporation in the same manner as any other creditor having a general claim for
matured and unpaid compensation.

 

The Corporation reserves
the absolute right, at its sole discretion, to either refund the obligations
undertaken by this Agreement or refrain from funding the same and to determine
the extent, nature, and method of such funding. Should the Corporation elect to
fund this Agreement, in whole or in part, through the purchase of life
insurance, mutual funds, disability policies or annuities, the Corporation
reserves the absolute right, in its sole discretion, to terminate such funding
at any time, in whole or in part. At no time shall the Member be deemed to have
any lien or right, title, or interest in or to any specific funding investment
or to any assets of the Corporation.

 

If the Corporation elects
to invest in a life insurance, disability, or annuity policy upon the life of
the Member, then the Member shall assist the Corporation by freely submitting
to a physical exam and supplying such additional information necessary to
obtain such insurance or annuity.

 

ARTICLE XI

Miscellaneous

 

Section 11.01         Alienability
and Assignment Prohibition. Neither the Member, his widow, 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 by attachment, garnishment or otherwise for
the payment of any debts, judgments, alimony or separate maintenance owed by
the Member or his beneficiary, nor be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise. In the event the Member or any
beneficiary attempts assignment, commutation, hypothecation, transfer or
disposal of the benefits hereunder, the Corporation’s liabilities shall
forthwith cease and terminate.

 

Section 11.02         Binding
Obligation of Corporation and Any Successor in Interest. The Corporation
expressly agrees that it shall not merge or consolidate into or with another
corporation or sell substantially all of its assets to another corporation,
firm, or person until such corporation, firm or person expressly agrees, in
writing, to assume and discharge the duties and obligations of the Corporation
under this Agreement. This Agreement shall be binding upon the parties hereto,
their successors, beneficiaries, heirs, and personal representatives.

 

9

 

Section 11.03         Revocation.
It is agreed by and between the parties hereto that, during the lifetime of the
Member, this Agreement may be amended or revoked at any time or times, in whole
or in part, by the mutual written assent of the Member and the Corporation.

 

Section 11.04         Gender.
Whenever, in this Agreement, words are used in the masculine or neuter gender,
they shall be read and construed as in the masculine, feminine, or neuter
gender whenever they should so apply.

 

Section 11.05         Effect
on Other Corporation
Benefit Plans.
Nothing contained in this Agreement shall affect the right of the Member to
participate in or be covered by any qualified or non-qualified pension, profit
sharing, group, bonus, or other supplemental compensation or fringe benefit
plan constituting a part of the Corporation’s existing or future compensation
structure.

 

Section 11.06         Headings.
Heading and subheadings in this Agreement are inserted for reference and
convenience only and shall not be deemed a part of this Agreement.

 

Section 11.07         Applicable
Law. The validity and interpretation of this Agreement shall be governed by
the laws of the state of Kansas.

 

ARTICLE XII

ERISA Provisions

 

Section 12.01         Named
Fiduciary and Plan Administrator. The “Named Fiduciary and Plan
Administrator” of this plan shall be James Strovas until his resignation or
removal by the board of directors. As Named Fiduciary and Plan Administrator,
James Strovas shall be responsible for the management, control, and
administration of the deferred compensation agreement as established herein. He
may delegate to others certain aspects of the management and operation
responsibilities of the plan including the employment of advisors and the
delegation of ministerial duties to qualified individuals.

 

Section 12.02         Claims
Procedure and Arbitration. In the event that a dispute arises over benefits
under this Plan Agreement and benefits are not paid to the Member (or to his
beneficiary, in the case of the Member’s death) and such claimants feel they
are entitled to receive such benefits, then a written claim must be made to the
Named Fiduciary and Plan Administrator named above within sixty (60) days from
the date payments are refused. The Plan Fiduciary and Administrator and the
Corporation shall review the written claim and, if the claim is denied in whole
or in part, they shall provide, in writing and within ninety (90) days of
receipt of such claim, their specific reasons for such denial and reference to
the provisions of this Agreement upon which the denial is based and any
additional material or information necessary to perfect the claim. Such written
notice shall further indicate the steps to be taken by claimant if a further
review of the claim denial is desired. A claim shall be deemed denied if the
Plan Fiduciary and Administrator fails to take any action within the aforesaid
90-day period.

 

If claimants desire a
second review, they shall notify the Plan Fiduciary and Administrator in
writing within sixty (60) days of the first claim denial. Claimants may review
the Plan Agreement or any documents relating thereto and submit any written
issues and comments they may feel appropriate. In its sole discretion, the Plan
Fiduciary and Administrator

 

10

 

shall then review
the second claim and provide a written decision within sixty (60) days of
receipt of such claim. This decision shall likewise state the specific reasons
for the decision and shall include reference to specific provisions of the Plan
Agreement upon which the decision is based.

 

If claimants
continue to dispute the benefit denial based upon completed performance of the
Agreement or the meaning and effect of the terms and conditions thereof, then
claimants may submit the dispute to a board of arbitration for final
arbitration. Said board shall consist of one member selected by the claimant,
one member selected by the Corporation, and the third member selected by the
first two members. The board shall operate under any generally recognized set
of arbitration rules. The parties hereto agree that they and their heirs,
personal representatives, successors, and assigns, shall be bound by the
decision of such board with respect to any controversy properly submitted to it
for determination.

 

IN WITNESS
WHEREOF, the parties acknowledge that each has carefully read this Agreement
and executed the original thereof on the day and year first above written and
that, upon execution, each has received a conforming copy.

 

 

	
   

  	
  LANDMARK
  FEDERAL SAVINGS BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “Corporation”

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “Member”

  	
   

  
					

 

11EXHIBIT 10.12

 

The
Company’s directors received a monthly fee of $1,250 for serving on the board
of directors in 2004.  In 2005, each
director will receive a monthly fee of $1,400 for serving on the board of
directors.

 

1

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