Document:

2022-11-30 8K Ex 10.1

		

			Exhibit 10.1

		

		
			
		

		
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			EMPLOYMENT AGREEMENT 
		

		
			 
		

		
			THIS EMPLOYMENT AGREEMENT (this “Agreement”) between Aspira Women’s Health Inc., a Delaware corporation (the “Company”), and Marlene McLennan (“Executive,” and together with the Company, the “Parties”) is effective as of Executive’s first day of employment, which commenced December 1, 2022 (the “Effective Date”). 
		

		
			WHEREAS, the Company and Executive desire to enter into an Employment Agreement; NOW, THEREFORE, the Parties agree as follows: 
		

		
			1.Position.  The Company will employ Executive as its Interim Chief Financial Officer.  In this position, Executive will be expected to devote Executive’s full business time, attention and energies to the performance of Executive’s duties with the Company.  Executive may devote time to outside Board or advisory positions as pre-approved by the Company’s Board of Directors.  Executive will render such business and professional services in the performance of such duties, consistent with Executive’s position within the Company, as shall be reasonably assigned to Executive by the Company’s CEO or Board of Directors. In addition, Executive will travel as needed to Aspira offices, collaborator and partner locations, academic medical centers, conferences, and other locations as necessary or advisable in performance of Executive’s duties.    
		

		
			2.Compensation – Base and Bonus/Commission: The Company will pay Executive a base salary of $29,200/month ($350,400. on an annualized basis), payable in accordance with the Company’s standard payroll policies, including compliance with applicable tax withholding requirements based on Executive’s state of residence. In addition, Executive will be eligible for a bonus of up to fifty percent (50%) of Executive’s base salary (prorated for partial years) for achievement of corporate goals to be mutually agreed upon by the Executive and CEO and recommended by the CEO to the Compensation Committee of the Board of Directors for the Board of Director’s approval. The exact payment terms of a bonus, if any, are to be set by the Compensation Committee of the Board of Directors in its sole discretion.    
		

		
			3.Equity: On or as soon as administratively practicable after the Effective Date and conditioned upon Board approval, for every six (6) month Term of service (as defined below), the Company shall grant to Executive a stock option award with respect to 25,000 shares of common stock of the Company, subject to the terms and conditions of the Company’s 2019 Stock Incentive Plan (the “Stock Incentive Plan”) and stock option award agreements in a form substantially similar to that used by the Company for other senior executives of the Company (the “Option”).  The Option shall be granted as an incentive stock option to the maximum extent possible in accordance with the limitations set forth in Section 422 of the Internal Revenue Code, and the remainder of the Option shall be granted as a nonqualified stock option.  The Option shall have a 
		

		 

		

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			Exhibit 10.1

		

		per share exercise price equal to the closing price of a share of common stock of the Company as of the date of grant and, except as otherwise provided in the Stock Incentive Plan or the stock option award agreement,  the respective shares subject to the Option shall become vested and exercisable upon the earlier 1) fulfillment of each of the 6-month Term of Service pursuant to this Agreement and shall respectively remain exercisable for one (1) year from the date of vest, or 2) the date on which this Agreement is superseded by another Employee Agreement.   
		

		
			4.Benefits.  During the term of Executive’s employment, Executive will be entitled to the Company’s standard benefits covering employees at Executive’s level, including the Company’s group medical, dental, vision and term life insurance plans, section 125 plan, and 401(k) plan, as such plans maybe in effect from time to time, subject to the Company’s right to cancel or change the benefit plans and program it offers to its employees at any time, with reasonable notice. 
		

		
			5.At-Will Employment & Term.  Executive’s employment with the Company is for a period of six (6) months (“Term”). The agreement will automatically renew at the end of each Term, not to exceed two (2) renewals, or 18 months total unless either party provides 45-days written notice of termination. Executive’s employment constitutes “at will” employment. If the Company terminates the agreement during the initial or any of renewal terms and/or elects not to renew for the period aforementioned, but not if Company agrees to transition Executive from an Interim CFO role to a permanent one, Executive will be entitled to a severance lump sum payment of $60,000 provided the Executive has met performance criteria to be mutually agreed upon within 30 days of execution of this Agreement.
		

		
			Should the parties mutually agree to transition from an Interim CFO role to a permanent one, such agreement shall be separately memorialized and supersede this Agreement and Executive will retain any options granted under the terms of this agreement.
		

		
			6.Termination after Change of Control.  If Executive’s employment is terminated by the Company for reasons other than for Cause (as defined below) or by Executive for Good Reason (as defined below) following a Change of Control (as defined below), then, in addition to the severance obligations due to Executive under Section 5 above, one-hundred percent (100%) of any then-unvested shares under Company stock options then held by Executive will vest upon the date of such termination and the period of time for their exercise will be at the discretion of the Company, but in no event with less than 30 days’ notice, provided that no option shall be exercisable after expiration of its original term. It may very well be necessary for the Executive to exercise such shares on the day of Change in Control, and the Company shall use its best efforts to provide Executive with a reasonable period of advance written notice in such event.  
		

		
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			7.Definitions.  For purposes of this Agreement: 
		

		
			(a)“Cause” means termination of employment by reason of Executive’s:  
		

		
			(i)material breach of this Agreement, the Proprietary Information and Inventions Agreement entered into between Executive and the Company (the “PIIA”) or any other confidentiality, invention assignment or similar agreement with the Company;  
		

		
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			Exhibit 10.1

		

		(ii)repeated gross negligence inthe performance of duties or nonperformance or misperformance of such duties which adversely affects the operations or reputation of the Company; 
		

		
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			(iii)refusal to abide by or comply with the good faith directives of the Company’s CEO or Board of Directors or the Company’s standard policies and procedures, which actions continue for a period of at least ten (10) days after written notice from the Company; 
		

		
			(iv)violation or breach of the Company’s Code of Ethics, Financial Information Integrity Policy, Insider Trading Compliance Program, or any other similar code or policy adopted by the Company and generally applicable to the Company’s employees, as then in effect;  
		

		
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			(v)willful dishonesty, fraud, or misappropriation of funds or property with respect to the business or affairs of the Company; 
		

		
			 
		

		
			(vi)conviction by or entry of a plea of guilty or nolo contendere, in a court of competent and final jurisdiction, for any crime which constitutes a felony in the jurisdiction involved; or  
		

		
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			(vii)abuse of alcohol or drugs (legal or illegal) that, in the Board of Director’s reasonable judgment, materially impairs Executive’s ability to perform Executive’s duties. 
		

		
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			(b)“Change of Control” means: 
		

		
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			(i)after the date hereof, any “person.” (as such term is used in 
		

		
			Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or  
		

		
			(ii)the date of the consummation of a merger or consolidation of the Company with any other corporation or entity that has been approved by the stockholders of the Company, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or  
		

		
			(iii)the date of the consummation of the sale or disposition of all or substantially all of the Company’s assets. 
		

		

		

		 

		

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			Exhibit 10.1

		

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			(c)“Good Reason” means, the occurrence of any one or more of the following events, without Executive’s consent, which continues uncured for a period of not less than thirty (30) days following written notice given by Executive to the Company within thirty (30) days following the occurrence of a material and adverse change in Executive’s title or duties (excluding any changes in such duties resulting from the Company becoming part of a larger entity pursuant to a Change of Control) or in Executive’s base salary. 
		

		
			In addition, Executive must actually terminate Executive’s employment with the Company within six months following the initial existence of the condition described above giving rise to Good Reason. 
		

		
			 
		

		
			(d)“Separation from Service” or “Separates from Service” shall mean Executive’s termination of employment, as determined in accordance with Treas. Reg. § 1.409A1(h).  Executive shall be considered to have experienced a termination of employment when the facts and circumstances indicate that Executive and the Company reasonably anticipate that either (i) no further services will be performed for the Company after a certain date, or (ii) that the level of bona fide services Executive will perform for the Company after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed by Executive (whether as an employee or independent contractor) over the immediately preceding 18-month period (or the full period of services to the Company if Executive has been providing services to the Company for less than 18 months).  If Executive is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between Executive and the Company shall be treated as continuing intact, provided that the period of such leave does not exceed six months, or if longer, so long as Executive retains a right to reemployment with the Company under an applicable statute or by contract.  If the period of a military leave, sick leave, or other bona fide leave of absence exceeds six months and Executive does not retain a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be terminated for purposes of this Agreement as of the first day immediately following the end of such six-month period.  In applying the provisions of this paragraph, a leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation that Executive will return to perform services for the Company.
		

		
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			8.Employment, Confidential Information and Invention Assignment Agreement.  As a condition of Executive’s employment, Executive shall complete, sign and return the Company’s standard form of Proprietary Information and Inventions Agreement.  
		

		
			9.Non Contravention.  Executive represents to the Company that Executive’s signing of this Agreement, the PIIA, the issuance of stock options to Executive, and Executive’s commencement of employment with the Company does not violate any agreement Executive has with Executive’s previous employer and Executive’s signature confirms this representation. 
		

		

		

		 

		

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			Exhibit 10.1

		

		10.Non Competition.  Except as set forth in Section 1 of this Agreement, Executive agrees that, during the term of executive’s employment with the Company and for one (1) year following the termination of her employment, Executive will not engage in any other employment, occupation, consulting or other business activity competitive with in the related bio-technology field or directly related to the business in which the Company is now involved or becomes involved, nor will Executive engage in any other activities that conflict with Executive’s obligations to the Company.  This agreement does not restrict the Executive from working in or for a business entity in the healthcare field that does not directly or indirectly compete currently or in the future, as reasonably known to Executive, with Company.  Executive acknowledges that compliance with the obligations of this paragraph is a condition to Executive’s right to receive the severance payments set forth in paragraph 5 above. 
		

		
			11.Non-solicitation.  From the date of this Agreement until 12 months after the termination of this Agreement (the “Restricted Period”), Executive will not, directly or indirectly, solicit or encourage any employee or contractor of the Company or its affiliates to terminate employment with, or cease providing services to, the Company or its affiliates. During the Restricted Period, Executive will not, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization, solicit or interfere with any person who is or during the period of Executive’s engagement by the Company was a collaborator, partner, licensor, licensee, vendor, supplier, customer or client of the Company or its affiliates to the Company’s detriment. Executive acknowledges that compliance with the obligations of this paragraph is a condition to Executive’s right to receive the severance payments set forth in paragraph 5 above.
		

		
			12.Mutual Nondisparagement. From the Effective Date of this Agreement and surviving any termination for any reason, the Company nor the Executive will not disparage or defame, whether orally or in writing, whether directly or indirectly, whether truthfully or falsely, and whether acting alone or through any other person, the Company or its affiliates or their respective current or former directors, officers, employees, agents, successors or assigns (both individually or in their official capacities with the Company or its affiliates). Notwithstanding the foregoing, nothing in this Agreement shall be construed to prohibit or limit Executive from reporting suspected violations of law to any governmental authority or from providing truthful testimony when compelled to do so by valid legal process.
		

		
			13.Arbitration and Equitable Relief.  
		

		
			(13)In consideration of Executive’s employment with the Company, its promise to arbitrate all employment related disputes and Executive’s receipt of the compensation and other benefits paid to Executive by the Company, at present and in the future, EXECUTIVEAGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, STOCKHOLDER OR. BENEFIT PLAN OF THE COMPANY IN THEIR CAPACITY AS SUCH OR OTHERWISE) ARISING OUT OF, RELATING TO, OR RESULTING FROM EXECUTIVE’S EMPLOYMENT WITH THE COMPANY OR THE TERMINATION OF EXECUTIVE’S EMPLOYMENT WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE 
		

		 

		

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			Exhibit 10.1

		

		ARBITRATION RULES SET FORTH IN TEXAS CIVIL PRACTICE AND REMEDY CODE SECTION 171.001 THROUGH SECTION 171.098 (THE “RULES”) AND PURSUANT TO TEXAS LAW. Disputes which Executive agrees to arbitrate, and thereby agree to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims. 
		

		
			Executive further understands that this agreement to arbitrate also applies to any disputes that the Company may have with Executive. 
		

		
			(b)Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that the neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. Executive agrees that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Executive understands the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that Executive shall pay the first $125.00 of any filing fees associated with any arbitration Executive initiates. Executive agrees that the arbitrator shall administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules shall take precedence. Executive agrees that the decision of the arbitrator shall be in writing. 
		

		
			(c)Except as provided by the Rules and this Agreement, arbitration shall be the sole, exclusive and final remedy for any dispute between Executive and the Company. Accordingly, except as provided for by the Rules and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 
		

		
			(d)In addition to the right under the Rules to petition the court for provisional relief, Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of the PIIA between Executive and the Company or any other agreement regarding trade secrets, confidential information, non-solicitation or Labor Code §2870. Executive understands that any breach or threatened breach of such an agreement will cause irreparable injury and that money damages will not provide an adequate remedy therefor and both parties hereby consent to the issuance of an injunction. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees. 
		

		

		

		 

		

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			Exhibit 10.1

		

		(e)Executive understands that this Agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the Workers’ Compensation Board. This Agreement does, however, preclude Executive from pursuing court action regarding any such claim. 
		

		
			(f)Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understand it, including that Executive is waiving Executive’s right to a jury trial. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement. 
		

		
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			14.Taxes.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.  Notwithstanding the foregoing, Executive is solely responsible and liable for the satisfaction of any federal, state, province or local taxes that may arise with respect to this Agreement (including any taxes arising under Section 409A of the Internal Revenue Code (the “IRC”).  Neither the Company nor any of its employees, officers, directors, or service providers shall have any obligation whatsoever to pay such taxes, to prevent Executive from incurring them, or to mitigate or protect Executive from any such tax liabilities.  Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under this Agreement on account of Executive’s termination of employment constitute “nonqualified deferred compensation” within the meaning of IRC Section 409A, payment of such amounts shall not commence until Executive incurs a Separation from Service.  If, at the time of Executive’s termination of employment under this Agreement, Executive is a “specified employee” (within the meaning of IRC Section 409A), any amounts that constitute “nonqualified deferred compensation” within the meaning of IRC Section 409A that become payable to Executive on account of Executive’s Separation from Service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after Executive’s Separation from Service (the “409A Suspension Period”). Within 14 calendar days after the end of the 409A Suspension Period, Executive shall be paid a lump sum payment in cash equal to any payments delayed because of the preceding sentence. Thereafter, Executive shall receive any remaining benefits as if there had not been an earlier delay.  Each payment due under this Agreement is treated as a separate payment for purposes of Treasury Regulations Sections 1.409A-1((b)(4)(F) and 1.409A-2(b)(2). 
		

		
			15.Successors of the Company.  The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement shall be assignable by the Company in the event of a merger or similar transaction in which the Company is not the surviving entity, or of a sale of all or substantially all of the Company’s assets. 
		

		
			16.Enforceability; Severability.  If any provision of this Agreement shall be invalid or unenforceable, in whole or in part, such provision shall be deemed to be modified or restricted to 
		

		 

		

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		the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be. 
		

		
			17.Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Connecticut without giving effect to Connecticut choice of law rules. This Agreement is deemed to be entered into entirely in the State of Texas.  This Agreement shall not be strictly construed for or against either party. 
		

		
			18.No Waiver.  No waiver of any term of this Agreement constitutes a waiver of any other term of this Agreement. 
		

		
			19.Amendment To This Agreement.  This Agreement may be amended only in writing by an agreement specifically referencing this Agreement, which is signed by both Executive and an executive officer or member of the Board of Directors of the Company authorized to do so by the Board by resolution. 
		

		
			20.Headings.  Section headings in this Agreement are for convenience only and shall be given no effect in the construction or interpretation of this Agreement. 
		

		
			21.Notice.  All notices made pursuant to this Agreement, shall be given in writing, delivered by a generally recognized overnight express delivery service, and shall be made to the following addresses, or such other addresses as the Parties may later designate in writing: 
		

			
					
						If to the Company: 

					
						Aspira Women’s Health Inc. 

					
						12117 Bee Caves Road, Building Three, Suite 100 

					
						Austin, Texas, 78738

					
						Cc: legal@aspirawh.com

					
					
						If to Executive: 

					
						 

					
						Marlene McLennan 

					
						8701 Treasure Cay 

					
						West Palm Beach, FL 33411

					
						 

				

		
			 
		

		
			22.Expense Reimbursement.  The Company shall promptly reimburse Executive reasonable business expenses incurred by Executive in furtherance of or in connection with the performance of Executive’s duties hereunder, including expenditures for travel, in accordance with the Company’s expense reimbursement policy as in effect from time to time; provided that any and all reimbursements hereunder shall be requested and made within thirty (30) days after being incurred. 
		

		
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		23.General; Conflict.  This Agreement and the PIIA, when signed by Executive, set forth the terms of Executive’s employment with the Company and supersede any and all prior representations and agreements, whether written or oral. 
		

		
			 
		

		
			ASPIRA WOMEN’S HEALTH INC. 
		

		
			a Delaware corporation 
		

		
			 
		

		
			 
		

		
			By: _/s/ Nicole Sandford___
		

		
			Name:  Nicole Sanford  
		

		
			Title: President & CEO
		

		
			        
		

		
			 
		

		
			ACCEPTED AND AGREED TO this 
		

		
			_28th day of November 2022 
		

		
			 
		

		
			_/s/ Marlene McLennan_____
		

		
			Marlene McLennan
		

		
			 
		

		
			 
		

		
			 
		

		
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			9Exhibit 10.2

  

  

  

  

  

  
    FORM OF

    RESTRICTED STOCK AWARD AGREEMENT

    

    

    Granted by

    

    

    IF Bancorp, Inc.

    

    

    under the

    

    

    IF Bancorp, Inc.

    2022 EQUITY INCENTIVE PLAN

    

    

    This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in every respect to the
      provisions of the 2022 Equity Incentive Plan (the “Plan”) of IF Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject
      to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock Award (the “Participant”)
      hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of
      Directors of the Company (the “Committee”) or by the Board of Directors, will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted
      assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from
      time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    

    

    
      	1.	
              Name of Participant:  _________________________________

            

    

    
      

      

      
        	2.	
                Date of Grant:  _________________________________

              

      

      

      

    
      	3.	
              Total number of shares of Company common stock, $0.01 par value per share, covered by this Restricted Stock Award:______________________________

              
                (subject to adjustment pursuant to Section 8 hereof).

                

            

    

    

    

    

    

    	4.	
            Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

          

     

    

    The Restricted Stock granted under this Agreement shall vest in ____ (__) equal annual installments (provided that fractional shares of Restricted Stock will not vest), with the
      first installment vesting on the first anniversary of the date of grant, or        , 20   , and succeeding installments on each anniversary thereafter, through               , 20   , subject to accelerated vesting
      under Section 9 of this Agreement.  Notwithstanding the foregoing, to the extent vesting would vest in a fractional share of Restricted Stock vesting, the number of shares of Restricted Stock vesting should be rounded to the nearest share (with “.5”
      of a share rounded up).

    
      
        

    

    
    

    

    As set forth in Section 9 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan in the event of death, Disability or Involuntary
      Termination of Service at or following a Change in Control.

      

    

    	5.	
            Grant of Restricted Stock Award.  The Restricted Stock Award will be in the form of issued and outstanding shares of Stock registered in the name of the Participant and held
              by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock.  Notwithstanding the foregoing, the Company may, in its sole discretion, issue
              Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of the Awards.

             

            

          

    If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock.  The Restricted Stock awarded to
      the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

     

    

    	 6.	
            Terms and Conditions.

             

            

          

    	

          	6.1	
            The Participant will have the right to vote the shares of Restricted Stock awarded and outstanding under this Agreement on matters that require a shareholder vote.

             

            

          

    	

          	6.2	
            Any cash dividends or distributions declared with respect to shares of Restricted Stock awarded and outstanding under this Agreement will be distributed to the Participant at the time the underlying shares of
              Restricted Stock vest.  Any stock dividends declared on shares of Stock subject to a Restricted Stock Award will be subject to the same restrictions as the Restricted Stock and will vest at the same time as the shares of Restricted Stock from
              which said dividends were derived.

             

            

          

    	7.	
            Delivery of Shares.  Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act),
              and the applicable requirements of any securities exchange or similar entity.

             

            

          

    	8.	
            Adjustment Provisions.  This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events
              specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

          

    

    

    	9.	
            Effect of Termination of Service on Restricted Stock Award.

             

            

          

    	

          	9.1	
            Upon the Participant’s Termination of Service, this Restricted Stock Award will vest as follows:

             

            

          

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of death, any unvested shares of Restricted Stock subject to this Agreement
                will immediately vest.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by reason of Disability, any unvested shares of Restricted Stock subject to this
                Agreement will immediately vest.

            

    

    
      2

      
        

    

    
      
        	
                (iii)

              	
                Retirement.  In the event of the Participant’s Termination of Service by reason of Retirement, any unvested shares of Restricted Stock subject to this Agreement will
                  expire and be forfeited as of the date of the Termination of Service.

                 

                

              

      

      
        	
                (iv)

              	
                Change in Control.  In the event of the Participant’s Involuntary Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock
                  subject to this Agreement will immediately vest.

                 

                

              

      

      
        	
                (v)

              	
                Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, any unvested
                  shares of Restricted Stock subject to this Agreement will expire and be forfeited as of the date of the Termination of Service.

                 

                

              

      

      
        	
                (vi)

              	
                Other Termination. In the event of the Participant’s Termination of Service for any reason other than due to
                  death, Disability or for Cause or an Involuntary Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will expire and be forfeited as of the date of the Termination
                  of Service.

              

      

    

    	10.	
            Miscellaneous.

          

    	

          	10.1	
            This Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company with respect to the shares underlying the Award prior to the date on which the individual fulfills all
              conditions for receipt of such rights.

          

    	

          	10.2	
            Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

          

    	

          	10.3	
            This Restricted Stock Award is not transferable except as provided for in the Plan.

          

    	

          	10.4	
            This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of Illinois.

          

    	

          	10.5	
            This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
              obligated to issue any shares of Stock hereunder if the issuance of the shares would constitute a violation of any such law, regulation or order or any provision thereof.

          

    	

          	10.6	
            Restricted Stock Awards under this Agreement are subject to any required federal, state and local tax withholding which may be effected in the manner or manners permitted by the Company.

          

    	

          	10.7	
            Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the employment or service of the Participant at any time, nor confer upon the Participant any
              right to continue in the employ or service of the Company or any Affiliate.

          

    
      3

      
        

    

    

    	

          	10.8	
            In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.

          

    	

          	10.9	
            This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

          

    [Signature Page Follows]

    
      4

      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award
      set forth above.

    IF Bancorp, Inc.

    By:________________________
      

    Its:
        ________________________

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the
      Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

     

    

    

    

     __________________________

      

    

    

  

  5

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