Document:

Amendment and Restatement of the Executive Salary Continuation Agreement

 Exhibit 10.21 
 AMENDMENT AND RESTATEMENT 
 OF THE 
 EXECUTIVE SALARY CONTINUATION AGREEMENT 
 DATED JUNE 18, 1992 

FOR 
 DAVID A. MEINERT

 THIS SALARY CONTINUATION AGREEMENT (the “Agreement”) is adopted this 1st day of July, 2004, by and between MIDWESTONE
FINANCIAL GROUP, INC., an Iowa corporation (the “Company”), and DAVID A. MEINERT (the “Executive”). 
 BACKGROUND 

 On June 18, 1992, the Company (then known as Mahaska Investment Company) and the Executive entered into the Executive Salary
Continuation Agreement. The Company and the Executive now wish to amend and restate said Agreement for the purpose of 1) updating the terms and provisions contained therein, and 2) increasing the Executive’s Normal Retirement Benefit amount.
This new Agreement shall rescind and replace the existing Agreement. 
 INTRODUCTION 
 The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees
who contribute materially to the continued growth, development and future business success of the Company. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974
(“ERISA”), as amended from time to time. The Company will pay the benefits from its general assets. 
 The Company and the
Executive agree as provided herein. 
 ARTICLE 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the
meanings specified: 
 1.1 “Accrual Balance” means the liability that should be accrued by the Company, under Generally
Accepted Accounting Principles (“GAAP”), for the Company’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial
Accounting Standards Number 106 (“FAS 106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual
Balance shall be reported by the Company to the Executive on Schedule A. 
 1.2 “Beneficiary” means each designated
person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive determined pursuant to Article 4. 

 1.3 “Beneficiary Designation Form” means the form established from time to time by the
Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 
 1.4
“Change of Control” means: 
 (a) A change in the ownership of the capital stock of the Company, whereby
another corporation, person, or group acting in concert (hereinafter this Agreement shall collectively refer to any combination of these three [another corporation, person, or group acting in concert] as a “Person”) as described in
Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), acquires, directly or indirectly, beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a number of
shares of capital stock of the Company which constitutes sixty five percent (65%) or more of the combined voting power of the Company’s then outstanding capital stock then entitled to vote generally in the election of directors; or

 (b) The persons who were members of the Board of Directors of the Company immediately prior to a tender offer, exchange
offer, contested election or any combination of the foregoing, cease to constitute a majority of the Board of Directors; or 
 (c) The adoption by the Board of Directors of the Company of a merger, consolidation or reorganization plan involving the Company in which the Company is not the surviving entity, or a sale of all or substantially all of the assets of the
Company. For purposes of this Amendment, a sale of all or substantially all of the assets of the Company shall be deemed to occur if any Person acquires (or during the 12-month period ending on the date of the most recent acquisition by such Person,
has acquired) gross assets of the Company that have an aggregate fair market value equal to fifty percent (50%) or more of the fair market value of all of the respective gross assets of the Company immediately prior to such acquisition or
acquisitions; or 
 (d) A tender offer or exchange offer is made by any Person which results in such Person beneficially
owning (within the meaning of Rule 13d-3 promulgated under the Exchange Act) either sixty five percent (65%) or more of the Company’s outstanding shares of Common Stock or shares of capital stock having sixty five percent (65%) or
more of the combined voting power of the Company’s then outstanding capital stock (other than an offer made by the Company), and sufficient shares are acquired under the offer to cause such person to own sixty five percent (65%) or more of
the voting power; or 
 (e) Any other transactions or series of related transactions occurring which have substantially the
same effect as the transactions specified in any of the preceding clauses of this Section 1.4. 
 Notwithstanding the above, certain
transfers are permitted within Section 318 of the Code and such transfers shall not be deemed a Change of Control under this Section 1.4. 
 1.5 “Code” means the Internal Revenue Code of 1986, as amended. 
  

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 1.6 “Disability” means the Executive’s suffering a sickness, accident or injury
which has been determined by the insurance carrier of any individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled.
The Executive must submit proof to the Plan Administrator of the insurance carrier’s or Social Security Administrator’s determination upon the request of the Plan Administrator. 
 1.7 “Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The Plan Administrator, in its
sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP. 
 1.8 “Early
Termination” means the Termination of Employment before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of Control. 
 1.9 “Early Termination Date” means the month, day and year in which Early Termination occurs. 
 1.10 “Effective Date” means June 18, 1992. 
 1.11 “Normal Retirement Age” means the Executive’s 65th birthday. 
 1.12
“Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Employment. 
 1.13 “Plan
Administrator” means the plan administrator described in Article 8. 
 1.14 “Plan Year” means each twelve-month
period commencing on the Effective Date. 
 1.15 “Termination for Cause” has that meaning set forth in Article 5.

 1.16 “Termination of Employment” means that the Executive ceases to be employed by the Company for any reason, voluntary
or involuntary, other than by reason of a leave of absence approved by the Company. 
 ARTICLE 2 
 Benefits During Lifetime 
 2.1
Normal Retirement Benefit. Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit
under this Article. 
 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is Ninety Five Thousand Dollars
($95,000). The Company’s Board of Directors, in its sole discretion, may increase the annual benefit under this Section 2.1.1. 
 2.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following the Executive’s Normal Retirement Date. The
annual benefit shall be paid to the Executive for fifteen (15) years. 
  

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 2.2 Early Termination Benefit. Upon Early Termination, the Company shall pay to the Executive the
benefit described in this Section 2.2 in lieu of any other benefit under this Article. 
 2.2.1 Amount of Benefit. The annual
benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year during which the Early Termination Date occurs. This benefit is determined by vesting the Executive in one hundred percent (100%) of
the Accrual Balance. 
 2.2.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in twelve (12) equal
monthly installments commencing on the first day of the month following Termination of Employment. The annual benefit shall be paid to the Executive for fifteen (15) years. 
 2.3 Disability Benefit. Upon Termination of Employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive
the benefit described in this Section 2.3 in lieu of any other benefit under this Article. 
 2.3.1 Amount of Benefit. The benefit
under this Section 2.3 is the Disability Benefit set forth on Schedule A for the Plan Year during which the Termination of Employment occurs. This benefit is determined by vesting the Executive in one hundred percent (100%) of the Accrual
Balance. 
 2.3.2 Payment of Benefit. The Company shall pay the benefit to the Executive in a lump sum within ninety (90) days
following Termination of Employment due to Disability. 
 2.4 Change in Control Benefit. Upon a Change of Control, followed within
twenty four (24) months by the Executive’s Termination of Employment, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article. 
 2.4.1 Amount of Benefit. The benefit under this Section 2.4 is the Change of Control Benefit set forth on Schedule A for the Plan Year during
which Termination of Employment occurs. This benefit is determined by vesting the Executive in one hundred percent (100%) of the Normal Retirement Benefit. 
 2.4.2 Payment of Benefit. The Company shall pay the benefit to the Executive in a lump sum within ninety (90) days following Termination of Employment. 
 ARTICLE 3 
 Death Benefits 

 3.1 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall pay to the
Beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 
  

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 3.1.1 Amount of Benefit. The benefit under this Section 3.1 is the Normal Retirement Benefit
amount described in Section 2.1.1. 
 3.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Beneficiary in
twelve (12) equal monthly installments commencing with the month following the Executive’s death. The annual benefit shall be paid to the Beneficiary for a period of fifteen (15) years. 
 3.2 Death During Payment of a Benefit. If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but
before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 
 3.3 Death After Termination of Employment But Before Payment of a Benefit Commences. If the Executive is entitled to any benefit payments under
Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the same benefit payments to the Beneficiary that the Executive was entitled to prior to death except that the benefit payments shall
commence on the first day of the month following the date of the Executive’s death. 
 ARTICLE 4 
 Beneficiaries 
 4.1 Beneficiary
Designation. The Executive shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable under this Agreement upon the death of the Executive. The Beneficiary designated under this Agreement may be the same
as or different from the beneficiary designation under any other benefit plan of the Company in which the Executive participates. 
 4.2
Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary
designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary
by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by Plan Administrator of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the
Executive’s death. 
 4.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until
received, accepted and acknowledged in writing by the Plan Administrator or its designated agent. 
 4.4 No Beneficiary Designation.
If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits
shall be made to the personal representative of the Executive’s estate. 
  

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 4.5 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is
to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person
having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a
benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount. 
 ARTICLE 5 
 General Limitations

 5.1 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any
benefit under this Agreement if the Company’s Board of Directors terminates the Executive’s employment for: 
 (a)
Gross negligence or gross neglect of duties to the Company; 
 (b) Commission of a felony or of a gross misdemeanor involving
moral turpitude; 
 (c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed
in connection with the Executive’s employment and resulting in a material adverse effect on the Company; or 
 (d)
Issuance of an order for removal of the Executive by the Company’s banking regulators. 
 5.2 Suicide or Misstatement. The
Company shall not pay any benefit under this Agreement if the Executive commits suicide within two years after the Effective Date. In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any material
misstatement of fact on any application for life insurance owned by the Company on the Executive’s life. 
 5.3 Excess Parachute
Payment. Notwithstanding any provision of this Agreement to the contrary, to the extent any benefit would create an excise tax under the excess parachute rules of Section 280G of the Code, the Company shall reduce the benefit paid under
this Agreement to the maximum benefit that would not result in any such excise tax. 
  

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 ARTICLE 6 
 Claims and Review Procedures 
 6.1 Claims Procedure. An Executive or Beneficiary
(“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows: 
 6.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. 
 6.1.2 Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If
the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end
of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision. 
 6.1.3 Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing
of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) The specific reasons for the denial; 
 (b) A reference to the specific provisions of the Agreement on which the denial is based; 
 (c) A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 
 (d) An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 
 (e) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit
determination on review. 
 6.2 Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have
the opportunity for a full and fair review by the Plan Administrator of the denial, as follows: 
 6.2.1 Initiation – Written
Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. 
 6.2.2 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents,
records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in
applicable ERISA regulations) to the claimant’s claim for benefits. 
  

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 6.2.3 Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 6.2.4 Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the
request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days by notifying the claimant in
writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision. 

6.2.5 Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall
write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) The
specific reasons for the denial; 
 (b) A reference to the specific provisions of the Agreement on which the denial is based;

 (c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 
 (d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 ARTICLE 7 
 Amendments and Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. Provided, however, if the Company’s
Board of Directors determines that the Executive is no longer a member of a select group of management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death, Disability or retirement, the Company may amend or
terminate this Agreement. Upon such amendment or termination the Company shall pay benefits to the Executive as if Early Termination occurred on the date of such amendment or termination, regardless of whether Early Termination actually occurs.

  

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 ARTICLE 8 
 Administration of Agreement 
 8.1 Plan Administrator Duties. This Agreement shall be
administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the Board shall appoint. The Executive may be a member of the Plan Administrator. The Plan Administrator shall also have the discretion and
authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise
in connection with the Agreement. 
 8.2 Agents. In the administration of this Agreement, the Plan Administrator may employ agents and
delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company. 
 8.3 Binding Effect of Decisions. The decisions or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Executive or Beneficiary
shall be deemed to have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions, including but not limited to the Discount Rate. 
 8.4 Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any
action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 
 8.5 Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the
retirement, Disability, death, or Termination of Employment of the Executive, and such other pertinent information as the Plan Administrator may reasonably require. 
 8.6 Annual Statement. The Plan Administrator shall provide to the Executive, within 120 days after the end of each Plan Year, a statement setting forth the benefits payable under this Agreement. 
 ARTICLE 9 
 Miscellaneous 

 9.1 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors,
successors, administrators and transferees. 
 9.2 No Guarantee of Employment. This Agreement is not an employment policy or contract.
It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the
Executive’s right to terminate employment at any time. 
  

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 9.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner. 
 9.4 Tax Withholding. The Company shall withhold any taxes that, in its reasonable
judgment, are required to be withheld from the benefits provided under this Agreement. The Executive acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies).

 9.5 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Iowa, except to the extent
preempted by the laws of the United States of America. 
 9.6 Unfunded Arrangement. The Executive and Beneficiary are general
unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and Beneficiary have no preferred or secured claim. 

9.7 Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its
assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term
“Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 9.8 Entire Agreement.
This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 
 9.9 Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the
masculine gender includes the feminine and use of the singular includes the plural. 
 9.10 Alternative Action. In the event it shall
become impossible for the Company or the Plan Administrator to perform any act required by this Agreement, the Company or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this
Agreement and is in the best interests of the Company. 
 9.11 Headings. Article and section headings are for convenient reference
only and shall not control or affect the meaning or construction of any of its provisions. 
 9.12 Validity. In case any provision of
this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted
herein. 
  

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 9.13 Notice. Any notice or filing required or permitted to be given to the Company or Plan
Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 
  

							
		 	  
	  		  	
				
		 	  
	  		  	
				
		 	  
	  		  	

 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as
of the date shown on the postmark on the receipt for registration or certification. 
 Any notice or filing required or permitted to be given
to the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Executive . 
  

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 IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company have signed this
Agreement. 
  

							
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	MIDWESTONE FINANCIAL GROUP, INC.
				
	 /s/ David A. Meinert
	 		 	By:	 	 /s/ Charles Howard

	David A. Meinert	 		 	Title:	 	President & CEO

  

 12Employment Agreement between ISB Financial Corp. and Charles N. Funk

 EXHIBIT 10.22 
 ISB FINANCIAL CORP. 
 EMPLOYMENT
AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), is made and entered into as of September 11, 2007 by and between ISB FINANCIAL CORP. (the “Company”), and Charles N. Funk (the “Executive”),
and shall be effective immediately upon the consummation of the merger (the “Merger”) contemplated by the Agreement and Plan of Merger By and Between MidWestOne Financial Group, Inc. (“MidWestOne”) and the Company
dated September 11, 2007 (the “Merger Agreement”), whereby MidWestOne shall merge with and into the Company, with the Company being the surviving corporation (with the consummation of the Merger constituting the
“Effective Date”). 
 RECITALS 
 A. The Executive is currently employed by the Company, pursuant to the terms of an employment agreement dated January 1, 2001 (the “Prior Employment Agreement”). 
 B. The Company and MidWestOne desire to employ the Executive following the Merger, pursuant to the terms of this Agreement. 
 C. The Company and the Executive have made commitments to each other on a variety of important issues concerning Executive’s employment,
including the performance that will be expected of Executive, the compensation the Executive will be paid, how long and under what circumstances Executive will remain employed and the financial details relating to any decision that either the
Company or the Executive might ever make to terminate this Agreement. 
 D. The Company and the Executive desire to enter into this
Agreement as of the Effective Time (as defined in the Merger Agreement) and, to the extent provided herein, this Agreement shall supersede all of the terms and conditions of all prior employment terms and conditions, whether or not in writing,
including the Prior Employment Agreement and any such prior Employment Agreement shall become null and void as of the Effective Time, and the parties thereunder shall have no rights or interests therein. 
 E. The Company recognizes that circumstances may arise in which a change of control of the Company through acquisition or otherwise may occur
(other than with respect to the Merger) thereby causing uncertainty of employment without regard to the competence or past contributions of the Executive which uncertainty may result in the loss of valuable services of the Executive and the Company
and the Executive wish to provide reasonable security to the Executive against changes in the employment relationship in the event of any such change of control. 
 NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter contained, it is covenanted and agreed by and between the parties hereto as follows: 

 1. Employment Period. Subject to the terms and conditions of this Agreement, the
Company hereby agrees to continue to employ the Executive during the Employment Period (as defined below) and the Executive hereby agrees to continue to remain in the employ of the Company and to provide services during the Employment Period in
accordance with this Agreement. The “Employment Period” shall be the period beginning on the Effective Date and ending on December 31 of the second calendar year after the calendar year in which the Effective Date occurs,
unless sooner terminated as provided herein. The Employment Period shall automatically be extended for one additional year beginning on the second January 1, that follows the Effective Date and on each January 1 thereafter unless either
the Company or the Executive notifies the other party, by written notice delivered no later than 90 days prior to such January 1, that the Employment Period shall not be extended for an additional year. Notwithstanding anything contained herein
to the contrary, if a Change of Control occurs during the Employment Period, this Agreement shall remain in effect for the two (2) year period following the Change of Control and shall then terminate. 
 2. Duties. The Executive agrees that during the Employment Period, the Executive will devote his full business time, energies and
talents to serving as the President and Chief Executive Officer of the Company, at the direction of the Board of Directors of the Company (the “Board”). The Executive shall have such duties and responsibilities as may be assigned to
the Executive from time to time by the Board, which duties and responsibilities shall be commensurate with Executive’s position, shall perform all duties assigned to the Executive faithfully and efficiently, subject to the direction of the
Board and shall have such authorities and powers as are inherent to the undertakings applicable to the Executive’s position and necessary to carry out the responsibilities and duties required of the Executive hereunder. The Executive will
perform the duties required by this Agreement at the Company’s principal place of business unless the nature of such duties requires otherwise. During the Employment Period, the Executive shall be nominated to serve as member of the Board
subject to the election of the shareholders. Notwithstanding the foregoing, during the Employment Period, the Executive may devote reasonable time to activities other than those required under this Agreement, including activities of a charitable,
educational, religious or similar nature (including professional associations) to the extent such activities do not, in the reasonable judgment of the Board, inhibit, prohibit, interfere with or conflict with the Executive’s duties under this
Agreement or conflict in any material way with the business of the Company and its Affiliates; provided, however, that the Executive shall not serve on the board of directors of any business (other than the Company or its Affiliates) or hold
any other position with any business without receiving the prior written consent of the Board. 
 3. Compensation and
Benefits. Subject to the terms and conditions of this Agreement, during the Employment Period, while the Executive is employed by the Company, the Company shall compensate the Executive for the Executive’s services as follows for
periods following the Effective Date: 
 (a) The Executive shall be compensated at an annual rate of $300,000 (the
“Annual Base Salary”), which shall be payable in accordance with the normal payroll practices of the Company. Beginning on January 1, 2009 and on each anniversary of such date, the Executive’s rate of Annual Base Salary
shall be reviewed by the Board and/or the Compensation Committee of the Board (the “Compensation Committee”), and following such review, the Annual Base Salary may be adjusted upward but in no event will it be decreased. 

 

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 (b) The Executive shall be entitled to receive performance based annual incentive
bonuses (each, the “Incentive Bonus”) from the Company for each fiscal year ending during the Employment Period. Any such Incentive Bonus shall be paid to the Executive within thirty (30) days of the completion of the audit by
the Company’s auditor, but in no event later than two and one-half months after the close of each such fiscal year. For calendar year 2008 and thereafter, the Executive’s target Incentive Bonus shall be not less than $100,000. 

(c) During the Employment Period, the Executive shall be eligible to participate, subject to the terms and conditions thereof,
in all other incentive plans and programs, including such cash and deferred bonus programs and equity incentive plans as may be in effect from time to time with respect to senior executives employed by the Company on as favorable a basis as provided
to other similarly situated senior executives. The Executive and the Executive’s dependents, as the case may be, shall be eligible to participate in all pension and similar benefit plans (qualified, non-qualified and supplemental), profit
sharing, 401(k), as well as all medical and dental, disability, group and executive life, accidental death and travel accident insurance, and other similar welfare benefit plans and programs of the Company, subject to the terms and conditions
thereof, as in effect from time to time with respect to senior executives employed by the Company on as favorable a basis as provided to other similarly situated senior executives. 
 (d) The Executive shall be entitled to accrue vacation at a rate of no less than four (4) weeks vacation for each calendar
year, subject to the Company’s vacation programs and policies as may be in effect during the Employment Period. 
 (e) The Executive shall be reimbursed by the Company, on terms and conditions that are substantially similar to those that apply to other similarly situated executives of the Company, for reasonable out-of-pocket expenses for
entertainment, travel, meals, lodging and similar items which are consistent with the Company’s expense reimbursement policy and actually incurred by the Executive in the promotion of the Company’s business. The Executive shall have use of
a Company-provided automobile and receive reimbursement for expenses on a basis no less favorable than the policy applicable to the Executive as of the date hereof. 
 (f) Nothing contained herein is intended to change or otherwise modify the terms and conditions of the Salary Continuation
Agreement entered into by and between the Executive and the Company, as it may be amended from time to time. 
 4.
Definitions. As used throughout this Agreement, all of the terms defined in this Section 4 shall have the meanings given below. 
 (a) “Affiliate” shall mean each company, corporation, partnership, bank, savings bank, savings and loan association, credit union or other financial institution, directly or indirectly, which
is controlled by, controls, or is under common control with, the Company, where “control” means (x) the ownership of 51% or more of the voting securities or other voting interest or other equity interest of any corporation,
partnership, joint venture or other business entity, or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such corporation, partnership, joint venture or other business
entity. 
  

 3 

 (b) “Base Compensation” shall mean the amount equal to the sum of
(i) the greater of the Executive’s then-current Annual Base Salary or the Executive’s Annual Base Salary as of the date one (1) day prior to the Change of Control; and (ii) the amount of the Incentive Bonus paid (or payable)
for the most recently completed fiscal year of the Company. 
 (c) “Change of Control” shall mean:

 (i) the consummation of the acquisition by any person (as such term is defined in Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended (the “1934 Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty percent (50%) or more of the combined voting power of the then
outstanding Voting Securities of the Company; or 
 (ii) the individuals who, as of the date hereof, are members of the Board
of Directors of the Company (the “Board”) cease for any reason to constitute a majority of the Board, unless the election, or nomination for election by the stockholders, of any new director was approved by a vote of a majority of
the Board, and such new director shall, for purposes of this Agreement, be considered as a member of the Board; or 
 (iii)
the consummation by the Company of: (1) a merger or consolidation if the stockholders, immediately before such merger or consolidation, do not, as a result of such merger or consolidation, own, directly or indirectly, more than fifty percent
(50%) of the combined voting power of the then outstanding Voting Securities of the entity resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the Voting Securities
of the Company outstanding immediately before such merger or consolidation; or (2) a complete liquidation or dissolution or an agreement for the sale or other disposition of all or substantially all of the assets of the Company. 
 Notwithstanding the foregoing, a Change of Control shall not be deemed to occur (A) solely because fifty percent (50%) or more of the combined voting power of
the then outstanding securities of the Company are acquired by: (1) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained for employees of the entity; or (2) any corporation which, immediately
prior to such acquisition, is owned directly or indirectly by the stockholders in the same proportion as their ownership of stock immediately prior to such acquisition, or (B) in connection with the merger of the Company and MidWestOne
Financial Group, Inc. as of the Effective Date. 
 (d) “Covered Period” shall mean the period
beginning six (6) months prior to a Change of Control and ending twenty-four (24) months after the Change of Control. 
 (e) “Disability” shall mean that (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, or (ii) the Executive is, by reason of any medically 

  

 4 

 
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. 
 (f) “Good Reason” shall mean the Executive’s voluntary Termination of employment for one or more of the
following reasons: 
 (i) an adverse change in the nature, scope or status of the Executive’s position, authorities or
duties from those in effect in accordance with Section 2 immediately following the Effective Date, or if applicable and greater, immediately prior to the Covered Period; 
 (ii) a reduction in Executive’s annual salary, bonus opportunity, or material reduction to Executive’s aggregate benefits, or
other compensation plans in effect immediately following the Effective Date, or if applicable and greater, immediately prior to the Covered Period; 
 (iii) relocation of the Executive’s primary place of employment of more than 25 miles from the Executive’s primary place of employment immediately following the Effective Date, or if applicable, prior to the
Covered Period or a requirement that the Executive engage in travel that is materially greater than prior to the Covered Period; 
 (iv) failure by an acquirer to assume this Agreement at the time of the Change of Control, or; 
 (v) a material
breach by the Company, or its successor, of this agreement. 
 Notwithstanding the foregoing, prior to the Executive’s voluntary Termination for Good
Reason, the Executive must give the Company written notice of the existence of any condition set forth in clause (i) – (v) above within 90 days of such initial existence and the Company shall have 30 days from the date of such notice
in which to cure the condition giving rise to Good Reason, if curable. If, during such 30-day period, the Company cures the condition giving rise to Good Reason, no benefits shall be due under Section 5 of this Agreement with respect to
such occurrence. If, during such 30-day period, the Company fails or refuses to cure the condition giving rise to Good Reason, the Executive shall be entitled to benefits under Section 5 of this Agreement upon such Termination; provided
such Termination occurs within 24 months of such initial existence of the applicable condition. 
 (g) “Minimum
Payments” shall mean, as applicable, the following amounts: 
 (i) the Executive’s earned but unpaid Annual Base
Salary for the period ending on the Termination Date; 
 (ii) the Executive’s earned but unpaid Incentive Bonus for the
previously completed fiscal year; 
  

 5 

 (iii) the Executive’s accrued but unpaid vacation pay for the period ending on the
Termination Date; 
 (iv) the Executive’s unreimbursed business expenses and all other items earned and owed to the
Executive through and including, the Termination Date; and 
 (v) benefits, incentives and awards described in
Section 5(f). 
 (h) “Release” shall mean a general release and waiver substantially in the form
attached hereto as Exhibit A. 
 (i) “Severance Amount” shall mean an amount equal to 2.5 times the
Executive’s Base Compensation. 
 (j) “Termination” shall mean termination of the
Executive’s employment either: 
 (i) by the Company or its successor, as the case may be, other than a Termination for
Cause or any termination as a result of death or disability; or 
 (ii) by the Executive for Good Reason. 
 (k) “Termination Date” shall mean the date of employment termination indicated in the written notice provided by
the Company or the Executive to the other. 
 (l) “Termination for Cause” shall mean only a
termination by the Company as a result of: 
 (i) the Executive’s willful and continuing failure, that is not remedied
within twenty days after receipt of written notice of such failure from the Company, to perform his obligations hereunder; 
 (ii) the Executive’s conviction of, or the pleading of nolo contendre to, a crime of embezzlement, fraud or a felony under the laws of the United States or any state thereof; 
 (iii) the Executive’s breach of fiduciary responsibility; or 
 (iv) an act of dishonesty by the Executive which is materially injurious to the Company. 
 Any determination of Cause under this Agreement shall be made by resolution adopted by a two-thirds (2/3) vote of the Board at a meeting called and held for that
purpose. The Executive shall be provided with reasonable notice of such meeting and shall be given the opportunity to be heard, with the presence of counsel, prior to the vote being taken by the Board. 
  

 6 

 (m) “Voting Securities” shall mean any securities which
ordinarily possess the power to vote in the election of directors without the happening of any pre-condition or contingency. 
 5.
Rights and Payments Upon Termination. The Executive’s right to benefits and payments, if any, for periods after the Termination Date shall be determined in accordance with this Section 5: 
 (a) Minimum Payments. If the Termination Date occurs during the Employment Period for any reason, the Executive shall
be entitled to the Minimum Payments, in addition to any payments or benefits to which the Executive may be entitled under the following provisions of this Section 5 (other than this Section 5(a)) or the express terms of any
employee benefit plan or as required by law. Any payments to be made to the Executive pursuant to this Section 5(a) shall be made within 30 days after the Termination Date; provided that any benefits, incentives or awards payable as
described in Section (f) shall be made in accordance with the provisions of the applicable plan, program or arrangement. Except as may be otherwise expressly provided to the contrary in this Agreement or as otherwise provided by law, nothing in
this Agreement shall be construed as requiring the Executive to be treated as employed by the Company following the Termination Date for purposes of any employee benefit plan or arrangement in which the Executive may participate at such time.

 (b) Termination for Cause, Death, Disability, Voluntary Resignation and Non-Renewal. If the
Termination Date occurs during the Employment Period and is a result of a Termination for Cause, death, Disability, voluntary resignation other than for Good Reason or if this Agreement expires due to notice of non-renewal by either party as
provided under Section 1 or at the end of a Covered Period, then, other than the Minimum Payments, the Executive shall have no right to payments or benefits under this Agreement (and the Company shall have no obligation to make any such
payments or provide any such benefits) for periods after the Termination Date. 
 (c) Termination Other than for
Cause or Good Reason. If the Executive’s employment by the Company, or any Affiliate or successor of the Company, shall be subject to a Termination other than during a Covered Period, then, in addition to Minimum Payments, the Company
shall provide the Executive the following benefits: 
 (i) Commencing on the Termination Date, the Executive shall receive the
applicable Severance Amount (less any amount described in subparagraph (ii) below) paid in 12 substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date.

 (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in
Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), the Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five (5) days after
the Executive’s Termination. 
  

 7 

 (iii) The Executive (and dependents, as may be applicable) shall be entitled to the
medical benefits provided in Section (e) below. 
 (d) Termination Upon a Change of Control.
If the Executive’s employment by the Company, or any Affiliate or successor of the Company, shall be subject to a Termination within a Covered Period, then, in addition to Minimum Payments, the Company shall provide the Executive the following
benefits: 
 (i) Within five (5) days after the Executive’s Termination, the Company shall pay the Executive a lump
sum payment in an amount equal to the Severance Amount. 
 (ii) Within five (5) days after the Executive’s
Termination, the Company shall pay the Executive a lump sum payment in an amount equal to the sum of all amounts earned or accrued through the Termination Date, including any annual salary, bonus, vacation pay, sick pay or other paid time off, which
has accrued but has not been paid or used. 
 (iii) The Executive (and his dependents, as may be applicable) shall be entitled
to the medical benefits provided in Section (e) below. 
 (e) Medical and Dental
Benefits. If the Executive’s employment by the Company or any Affiliate or successor of the Company shall be subject to a Termination as provided in subsections (c) or (d) above within the Agreement Term, then to
the extent that the Executive or any of the Executive’s dependents may be covered under the terms of any medical and dental plans of the Company (or any Affiliate) for active employees immediately prior to the termination, then, for as long as
Executive is eligible for and elects coverage under the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will provide the Executive and those dependents with
equivalent coverages, with the Executive required to pay the same amount as he or she would pay if he or she continued in employment with the Company or an Affiliate during such period. The coverages may be procured directly by the Company (or any
Affiliate, if appropriate) apart from, and outside of the terms of the plans themselves; provided that the Executive and the Executive’s dependents comply with all of the conditions of the medical or dental plans, with the cost to the Company
not to exceed the cost for continued COBRA coverage. In the event the Executive or any of the Executive’s dependents become eligible for coverage under the terms of any other medical and/or dental plan of a subsequent employer which plan
benefits are comparable to Company (or any Affiliate) plan benefits, coverage under Company (or any Affiliate) plans will cease for the eligible Executive and/or dependent. The Executive and Executive’s dependents must notify the Company (or
any Affiliate) of any subsequent employment and provide information regarding medical and/or dental coverage available. In the event the Company (or any Affiliate) discovers that the Executive and/or dependent has become employed and not provided
the above notification, all payments and benefits under this Agreement will cease. 
 (f) Other Benefits.
The Executive’s rights following a Termination with respect to any benefits, incentives or awards provided to the Executive pursuant to the terms and conditions of any plan, program or arrangement sponsored or maintained by the Company, whether
tax-qualified or not, which are not specifically addressed herein, shall be subject to the terms and conditions of such plan, program or arrangement and this Agreement shall have no effect upon such terms and conditions except as specifically
provided herein. 
  

 8 

 6. Release. Notwithstanding anything contained in this Agreement to the contrary, no
payments or benefits (including without limitation, vesting of any and all stock options, shares of restricted stock, restricted stock units and other unvested incentive awards) payable to the Executive under Section 5(c), 5(d) or 5(e)
(except for payments and benefits described in Section 5(a)) shall be paid or provided to the Executive unless he first executes (without subsequent revocation) and delivers to the Company a Release. 
 7. Excise Tax Limitation. 
 (a) It is the intention of the Company and the Executive that no portion of any payment under this Agreement, or payments to or for the benefit of the Executive under any other agreement or plan, be deemed to
be an “Excess Parachute Payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or its successors. It is agreed that the present value of and payments to or for the benefit
of the Executive in the nature of compensation, receipt of which is contingent on the Change of Control, and to which Section 280G of the Code applies (in the aggregate “Total Payments”) shall not exceed an amount equal to one
dollar less than the maximum amount which the Company may pay without loss of deduction under Section 280G(a) of the Code. Present value for purposes of this Agreement shall be calculated in accordance with Section 280G(d)(4) of the Code.
Within one hundred and twenty (120) days following the earlier of (A) the giving of the notice of termination or (B) the giving of notice by the Company to the Executive of its belief that there is a payment or benefit due the
Executive which will result in an excess parachute payment as defined in Section 280G of the Code, the Executive and the Company, at the Company’s expense, shall obtain the opinion of an Independent Advisor (as defined below), which
opinion need not be unqualified, which sets forth (A) the Executive’s applicable Base Amount (as defined under Section 280G of the Code), (B) the present value of Total Payments and (C) the amount and present value of any
excess parachute payments. In the event that such opinion determines that there would be an excess parachute payment, the payment hereunder or any other payment determined by such Independent Advisor to be includable in Total Payments shall be
modified, reduced or eliminated as specified by the Executive in writing delivered to the Company within ninety (90) days of his receipt of such opinions or, if the Executive fails to so notify the Company, then as the Company shall reasonably
determine, so that under the bases of calculation set forth in such opinions there will be no excess parachute payment. The provisions of this Section, including the calculations, notices and opinion provided for herein shall be based upon the
conclusive presumption that (A) the compensation and benefits provided for in Section 5 hereof and (B) any other compensation earned by the Executive pursuant to the Company’s compensation programs which would have been
paid in any event, are reasonable compensation for services rendered, even though the timing of such payment is triggered by the Change of Control. In the event that the provisions of Sections 280G and 4999 of the Code are repealed without
succession, this Section shall be of no further force or effect. 
 (b) The Company and the Executive hereby recognize
that the restrictive covenants under Section 8 have value and that the value shall be recognized in the Section 280G calculations by an allocation of a portion of the termination benefits to the restrictive covenant provisions based
on the fair market value of such restrictive covenant provisions. The Independent Advisor shall make the determination of the fair value to be allocated to the restrictive covenant provisions. 
  

 9 

 (c) For purposes of this Agreement, “Independent Advisor” shall
mean an independent nationally recognized accounting firm approved by the Company and the Executive, where such approval shall not be unreasonably withheld by either party. 
 8. Restrictive Covenants. 
 (a) Confidential Information. The Executive acknowledges that, during the course of his employment with the Company, the Executive may produce and have access to confidential and/or proprietary
non-public information concerning the Company and its Affiliates, including marketing materials, financial and other information concerning customers and prospective customers, customers lists, records, data, trade secrets, proprietary business
information, pricing and profitability information and policies, strategic planning, commitments, plans, procedures, litigation, pending litigation and other information not generally available to the public (collectively, “Confidential
Information”). The Executive agrees not to directly or indirectly use, disclose, copy or make lists of Confidential Information for the benefit of anyone other than the Company, either during or after his employment with the Company, except
to the extent that such information is or thereafter becomes lawfully available from public sources, or such disclosure is authorized in writing by the Company, required by law or any competent administrative agency or judicial authority, or
otherwise as reasonably necessary or appropriate in connection with performance by the Executive of his duties hereunder. The Executive agrees that, if he receives a subpoena or other court order or is otherwise required by law to provide
information to a governmental authority or other person concerning the activities of the Company or any of its Affiliates, or his activities in connection with the business of the Company or any of its Affiliates, the Executive will immediately
notify the Company of such subpoena, court order or other requirement and deliver forthwith to the Company a copy thereof and any attachments and non-privileged correspondence related thereto. The Executive shall take reasonable precautions to
protect against the inadvertent disclosure of Confidential Information. The Executive agrees to abide by the Company’s reasonable policies, as in effect from time to time, respecting avoidance of interests conflicting with those of the Company
and its Affiliates. In this regard, the Executive shall not directly or indirectly render services to any person or entity where the Executive’s service would involve the use or disclosure of Confidential Information. The Executive agrees not
to use any Confidential Information to guide him in searching publications or other publicly available information, selecting a series of items of knowledge from unconnected sources and fitting them together to claim that he did not violate any
agreements set forth in this Agreement 
 (b) Documents and Property. All records, files, documents and
other materials or copies thereof relating to the business of the Company and its Affiliates, which the Executive shall prepare, receive, or use, shall be and remain the sole property of the Company and, other than in connection with performance by
the Executive of his duties hereunder, shall not be removed from the premises of the Company or any of its Affiliates without the Company’s prior written connect, and shall be promptly returned to the Company upon the Executive’s
termination of employment together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions of any kind made from or about the records, files, documents or other materials. 
  

 10 

 (c) Non-Competition and Non-Solicitation. The Company and the
Executive have jointly reviewed the operations of the Company and have agreed that the primary service area of the Company’s lending and deposit taking functions in which the Executive will actively participate extends separately to an area
that encompasses a twenty-five (25) mile radius from each banking or other office location of the Company and its Affiliates (collectively, the “Restrictive Area”). Therefore, as an essential ingredient of and in consideration
of this Agreement and his employment by the Company, the Executive agrees that, during his employment with the Company and for a period of twenty-four (24) months immediately following the termination of his employment (the “Restrictive
Period”), for whatever reason, where such termination occurs during the term of this Agreement or thereafter, he will not, except with the express prior written consent of the Company, directly or indirectly, do any of the following (all of
which are collectively referred to in this agreement as the “Restrictive Covenant”): 
 (i) Engage or invest
in, own, manage, operate, finance, control, or participate in the ownership, management, operation or control of, be employed by, associated with, or in any manner connected with, serve as a director, officer or consultant to, lend his name or any
similar name to, lend his credit to, or render services or advice to, any person, firm, partnership, corporation or trust which owns, operates or is in the process of forming, a bank, savings and loan association, credit union or similar financial
institution (a “Financial Institution”) with an office located, or to be located at an address identified in a filing with any regulatory authority, within the Restrictive Area; provided however, that the ownership by the Executive
of shares of the capital stock of any Financial Institution which shares are listed on a securities exchange or quoted on the National Association of Securities Dealers Automated Quotation System and which do not represent more than five percent
(5%) of the institution’s outstanding capital stock, shall not violate any terms of this Agreement; 
 (ii) The
Executive will not, directly or indirectly, either for himself, or any Financial Institution: (1) induce or attempt to induce any employee of the Company or any of its Affiliates to leave the employ of the Company or any of its Affiliates;
(2) in any way interfere with the relationship between the Company or any of its Affiliates and any employee of the Company or any of its Affiliates; or (3) induce or attempt to induce any customer, supplier, licensee, or business relation
of the Company or any of its Affiliates to cease doing business with the Company or any of its Affiliates or in any way interfere with the relationship between the Company or any of its Affiliates and their respective customers, suppliers, licensees
or business relations. 
 (iii) The Executive will not, directly or indirectly, either for himself, or any Financial
Institution, solicit the business of any person or entity known to the Executive to be a customer of the Company or any of its Affiliates, where the Executive, or any person reporting to the Executive, had personal contact with such person or
entity, with respect to products, activities or services which compete in whole or in part with the products, activities or services of the Company or any of its Affiliates. 
  

 11 

 (iv) The Executive will not, directly or indirectly, serve as the agent, broker or
representative of, or otherwise assist, any person or entity in obtaining services or products from any Financial Institution within the Restrictive Area, with respect to the products, activities or services which compete in whole or in part with
the products, activities or services of the Company or any of its Affiliates. 
 (d) Work for Hire Provisions.

 (i) Exclusive Rights of the Company in Work Product. The parties acknowledge and agree that all work
performed by the Executive for the Company or any of its Affiliates shall be deemed “work for hire.” The Company shall at all times own and have exclusive right, title and interest in and to all Confidential Information and Inventions (as
defined below), and the Company shall retain the exclusive right to license, sell, transfer and otherwise use and dispose of the same. Any and all enhancements of the technology of the Company or any of its Affiliates that are developed by the
Executive shall be the exclusive property of the Company. The Executive hereby assigns to the Company any right, title and interest in and to all Inventions that he may have, by law or equity, without additional consideration of any kind whatsoever
from the Company or any of its Affiliates. The Executive agrees to execute and deliver any instruments or documents and to do all other things (including the giving of testimony) requested by the Company (both during and after the termination of his
employment with the Company) in order to vest more fully in the Company or any of its Affiliates all ownership rights in the Inventions (including obtaining patent, copyright or trademark protection therefore in the United States and/or foreign
countries). 
 (ii) Definitions and Exclusions. For purposes of this Agreement, “Inventions” means all
systems, procedures, techniques, manuals, data bases, plans, lists, inventions, trade secrets, copyrights, patents, trademarks, discoveries, innovations, concepts, ideas and software conceived, compiled or developed by the Executive in the course of
his employment with the Company or any of its Affiliates and/or comprised, in whole or part, of Confidential Information. Notwithstanding the foregoing, Inventions shall not include: (i) any inventions independently developed by the Executive
and not derived, in whole or part, from any Confidential Information or (ii) any invention made by the Executive prior to his exposure to any Confidential Information. 
 (e) Remedies for Breach of Restrictive Covenants. The Executive has reviewed the provisions of this Agreement with
legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges and expressly agrees that the covenants contained in this Section 8 are reasonable with respect to their duration, geographical
area and scope. The Executive further acknowledges that the restrictions contained in this Section 8 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue
hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or
threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary
and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with her, as the case may be. 
  

 12 

 9. No Set-Off; No Mitigation. Except as provided herein, the Company’s
obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim, recoupment, defense or other right which the Company
may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not Executive obtains other employment. 
 10. Notices. Notices and all other
communications under this Agreement shall be in writing and shall be deemed given when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Company to: 
 ISB Financial Corp.

 Attention: President 
 102
South Clinton St. 
 Iowa City, Iowa 52240 
 If to the Executive to: 
 [                            ] 
 [                            ] 
 or to such other address as either party may furnish to the other in writing, except that notices of changes of address shall be effective only upon receipt. 
 11. Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the
performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Iowa applicable to agreements made and wholly to be performed in such state without regard to conflicts of law provisions of any
jurisdiction, and any court action commenced to enforce this Agreement shall have as its sole and exclusive venue the County of Johnson, Iowa. 
 12. Entire Agreement; Survival. This Agreement constitutes the entire agreement between Executive and the Company concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements and
arrangements with respect thereto, whether written or oral, specifically including the Prior Employment Agreement. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity
or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect. The various covenants and provisions of this Agreement are
intended to be severable and to constitute independent and distinct binding obligations. Without limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full
extent, such covenant shall be enforced to the maximum extent permitted by law, and the Executive hereby agrees that such scope may be judicially modified accordingly. 
  

 13 

 13. Withholding of Taxes. The Company may withhold from any benefits payable
under this Agreement all federal, state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling. 
 14. No Assignment. The Executive’s rights to receive payments or benefits under this Agreement shall not be assignable or transferable whether by pledge, creation of a security interest or otherwise, other
than a transfer by will or by the laws of descent or distribution. In the event of any attempted assignment or transfer contrary to this Section, the Company shall have no liability to pay any amount so attempted to be assigned or transferred. This
Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 15. Successors. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns
(including, without limitation, any company into or with which the Company may merge or consolidate). The Company agrees that it will not effect the sale or other disposition of all or substantially all of its assets unless either (a) the
person or entity acquiring the assets, or a substantial portion of the assets, shall expressly assume by an instrument in writing all duties and obligations of the Company under this Agreement, or (b) the Company shall provide, through the
establishment of a separate reserve, for the payment in full of all amounts which are or may reasonably be expected to become payable to the Executive under this Agreement. 
 16. Legal Fees. All reasonable legal fees and related expenses (including the costs of experts, evidence and counsel) paid or
incurred by the Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company if the Executive is successful on the merits pursuant to a legal judgment, arbitration or
settlement. 
 17. Survival. The provisions of Section 8 shall survive the termination of this Agreement.

 18. Amendment. This Agreement may not be amended or modified except by written agreement signed by the
Executive and the Company. 
 19. Internal Revenue Code Section 409A. If at the time of any payment hereunder:
(a) the Executive is considered to be a “specified employee” as that term is or may be, defined under Section 409A(a)(2)(B) of the Code; and (b) such payment is required to be treated as deferred compensation under
Section 409A of the Code; then, to the extent required, no such payment may be made before the date which is six (6) months after the Termination Date. 
 20. Other Agreements. In the event of the existence of another agreement between the parties which (i) is in effect during the Restricted Period, and (ii) which contains
restrictive covenants that conflict with any the provisions of Section 8, then the more restrictive of such provisions from the two agreements shall control for the period during which both agreements would otherwise be in effect.

  

 14 

 21. References. Masculine pronouns are used herein solely for convenience of
reference, and are intended to have general application. 
 (remainder of page intentionally left blank) 
  

 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 

 

									
	ISB FINANCIAL CORP.	 		 	CHARLES N. FUNK
				
	By:	 	/s/ W. Richard Summerwill	 		 	/s/ Charles N. Funk
	Name:	 	W. Richard Summerwill	 		 	[Signature]
	Its:	 	Chairman and CEO	 		 		 	
		 		 		 	 
				
		 		 		 	 
		 		 		 	[Address]

  

 16 

 EXHIBIT A 
 GENERAL RELEASE AND WAIVER 
 THIS GENERAL RELEASE AND WAIVER (the “Release”)
is made and entered into as of this              day of             , 200  , by and between ISB
Financial Corp. (the “Company”) and Charles N. Funk (the “Executive”). 
 FOR VALUABLE CONSIDERATION, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Termination of Employment.
The Executive and the Company agree that the Executive’s employment with the Company terminated effective                     . The
Executive further agrees that without prior written consent of the Company he will not hereafter seek reinstatement, recall or reemployment with the Company. 
 2. Severance Payment. 
 (a) A description of the payments to which the
Executive may be entitled upon termination of employment are contained in Section 5 of that certain Employment Agreement entered into by and between the Company and the Executive dated September 11, 2007, which is
incorporated by reference herein (the “Employment Agreement”). 
 (b) The payments described in this
Section 2 are over and above that to which the Executive would be otherwise entitled to upon the termination of his employment with the Company, absent executing this Release, notwithstanding the terms of the Employment Agreement. The
Executive affirms that he has agreed in the Employment Agreement, and again herein, that he is only entitled to such payments if he executes this Release. 
 3. General Release. In consideration of the payments and benefits to be made by the Company to the Executive in Section 2 above, the Executive, with full understanding of the
contents and legal effect of this Release and having the right and opportunity to consult with his counsel, releases and discharges the Company, its shareholders, officers, directors, supervisors, managers, employees, agents, representatives,
attorneys, parent companies, divisions, subsidiaries and affiliates, and all related entities of any kind or nature, and its and their predecessors, successors, heirs, executors, administrators, and assigns (collectively, the “Company
Released Parties”) from any and all claims, actions, causes of action, grievances, suits, charges, or complaints of any kind or nature whatsoever, that he ever had or now has, whether fixed or contingent, liquidated or unliquidated,
known or unknown, suspected or unsuspected, and whether arising in tort, contract, statute, or equity, before any federal, state, local, or private court, agency, arbitrator, mediator, or other entity, regardless of the relief or remedy, arising
prior to the execution of this Release. Without limiting the generality of the foregoing, it being the intention of the parties to make this Release as broad and as general as the law permits, this Release specifically includes any and all
subject matters and claims arising from any alleged violation by the Released Parties under the Age Discrimination in Employment Act of 1967, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as amended
by the Civil Rights Act of 1991 (42 U.S.C. § 1981); the Rehabilitation 

  

 17 

 
Act of 1973, as amended; the Employee Retirement Income Security Act of 1974, as amended; the Illinois Human Rights Act, the Ohio Civil Rights Act, and other
similar state or local laws; the Americans with Disabilities Act; the Worker Adjustment and Retraining Notification Act; the Equal Pay Act; Executive Order 11246; Executive Order 11141; and any other statutory claim, employment or other contract or
implied contract claim, claim for equity in the Company, or common law claim for wrongful discharge, breach of an implied covenant of good faith and fair dealing, defamation, or invasion of privacy arising out of or involving his employment with the
Company, the termination of his employment with the Company, or involving any continuing effects of his employment with the Company or termination of employment with the Company; provided, however, that nothing herein waives or releases the
Executive’s rights to any payments or benefits the Company is required to pay or provide pursuant to the terms of the Employment Agreement or this Release or to indemnification which the Executive may have under the Company’s governing
documents, by any agreement, under any applicable law or otherwise. The Executive further acknowledges that he is aware that statutes exist that render null and void releases and discharges of any claims, rights, demands, liabilities, action and
causes of action which are unknown to the releasing or discharging part at the time of execution of the release and discharge. The Executive hereby expressly waives, surrenders and agrees to forego any protection to which he would otherwise be
entitled by virtue of the existence of any such statute in any jurisdiction including, but not limited to, the State of Iowa. 
 4.
Covenant Not to Sue. The Executive agrees not to bring, file, charge, claim, sue or cause, assist, or permit to be brought, filed, charged or claimed any action, cause of action, or proceeding regarding or in any way related to any of
the claims described in Section 3 hereof, and further agrees that his Release is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding. If any government agency or court assumes
jurisdiction of any charge, complaint, or cause of action covered by this Release, the Executive will not seek and will not accept any personal equitable or monetary relief in connection with such investigation, civil action, suit or legal
proceeding. 
 5. No Disparaging, Untrue Or Misleading Statements. The Executive represents that he has not made, and
agrees that he will not make, to any third party any disparaging, untrue, or misleading written or oral statements about or relating to, respectively, the Company, its products or services (or about or relating to any officer, director, agent,
employee, or other person acting on the Company’s behalf), or the Executive. The Company represents that none of its senior officers or members of its Board of Directors has made, and will not make, any disparaging, untrue, or misleading
written or oral statements about or relating to the Executive. 
 6. Severability. If any provision of this Release
shall be found by a court to be invalid or unenforceable, in whole or in part, then such provision shall be construed and/or modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be
deemed excised from this Release, as the case may require, and this Release 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. The parties further agree to seek a lawful substitute for any provision found to be unlawful; provided, that, if the parties are unable to agree upon a lawful
substitute, the parties desire and request that a court or other authority called upon to decide the enforceability of this Release modify the Release so that, once modified, the Release will be enforceable to the maximum extent permitted by the law
in existence at the time of the requested enforcement. 
  

 18 

 7. Waiver. A waiver by the Company of a breach of any provision of this Release by
the Executive shall not operate or be construed as a waiver or estoppel of any subsequent breach by the Executive. No waiver shall be valid unless in writing and signed by an authorized officer of the Company. 
 8. Non-Disclosure. The Executive agrees that he will keep the terms and amounts set forth in this Release completely confidential
and will not disclose any information concerning this Release’s terms and amounts to any person other than his attorney, accountant, tax advisor, or immediate family, until such time as the information in this Release is disclosed by the
Company as may be required by law. 
 9. Restrictive Covenants. The Executive agrees that he will abide by the terms set
forth in Section 8 of the Employment Agreement. 
 10. Return of Company Materials. The Executive represents that
he has returned all Company property and all originals and all copies, including electronic and hard copy, of all documents, within his possession at the time of the execution of this Release, including but not limited to the laptop computer,
printer, Blackberry device, telephone, and credit card, as may be applicable. 
 11. Representation. The Executive
hereby agrees that this Release is given knowingly and voluntarily and acknowledges that: 
 (a) this Release is
written in a manner understood by the Executive; 
 (b) this Release refers to and waives any and all rights or claims
that he may have arising under the Age Discrimination in Employment Act, as amended; 
 (c) the Executive has not
waived any rights arising after the date of this Release; 
 (d) the Executive has received valuable consideration in
exchange for the Release in addition to amounts the Executive is already entitled to receive; and 
 (e) the Executive
has been advised to consult with an attorney prior to executing this Release. 
 12. Consideration and Revocation. The
Executive is receiving this Release on             , 200  , and the Executive shall be given twenty-one (21) days from receipt of this Release to consider
whether to sign the Release. The Executive agrees that changes or modifications to this Release do not restart or otherwise extend the above twenty-one (21) day period, unless specifically agreed to in writing by the Company. Moreover, the
Executive shall have seven (7) days following execution to revoke this Release in writing to the Secretary of the Company and the Release shall not take effect until those seven (7) days have ended. 
  

 19 

 13. Future Cooperation. In connection with any and all claims, disputes,
negotiations, investigations, lawsuits or administrative proceedings involving the Company which relate to periods of time during the Employment Period (as defined in the Employment Agreement), the Executive agrees to make himself reasonably
available, upon reasonable notice from the Company and without the necessity of subpoena, to provide information or documents, provide declarations or statements to the Company, meet with attorneys or other representatives of the Company, prepare
for and give depositions or testimony, and/or otherwise cooperate in the investigation, defense or prosecution of any or all such matters. The Executive shall be reimbursed for reasonable costs and expenses incurred by him as a result of actions
taken pursuant to this Section 13. It is expressly agreed and understood that the Executive will provide only truthful testimony if required to do so, and that any payment to him is solely to reimburse his expenses and costs for cooperation
with the Company. Nothing in this Section 13 is intended to require the Executive to expend an unreasonable period of time in activities required by this Section. 
 14. Amendment. This Release may not be altered, amended, or modified except in writing signed by both the Executive and the Company.

 15. Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Release,
and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Release. Accordingly, it is agreed that no rule of construction shall apply against any party or in favor of any party. This Release
shall be construed as if the parties jointly prepared this Release, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other. 
 16. Binding Effect; Assignment. This Release and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties and their respective successors,
heirs, representatives and permitted assigns. Neither party may assign its respective interests hereunder without the express written consent of the other party. 
 17. Applicable Law. All questions concerning the construction, validity and interpretation of this Release and the performance of the obligations imposed by this Release shall be governed by the
internal laws of the State of Iowa applicable to agreements made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction and any court action commenced to enforce this Release shall have as its sole
and exclusive venue the County of Johnson, Iowa. 
 18. Execution of Release. This Release may be executed in several
counterparts, each of which shall be considered an original, but which when taken together, shall constitute one Release. 
 PLEASE READ THIS
RELEASE AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT. THIS RELEASE CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, INCLUDING THOSE UNDER THE FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT, AND OTHER FEDERAL, STATE AND LOCAL LAWS
PROHIBITING DISCRIMINATION IN EMPLOYMENT. 
  

 20 

 If the Executive signs this Release less than 21 days after he receives it from the Company, he
confirms that he does so voluntarily and without any pressure or coercion from anyone at the Company. 
 IN WITNESS WHEREOF, the
parties have executed this Release as of the date first stated above. 
  

									
	ISB FINANCIAL CORP.	 		 	CHARLES N. FUNK
				
	By:	 	 	 		 	 
	Name:	 	 	 		 	[Signature]
	Its:	 	 	 		 		 	
		 		 		 	 
				
		 		 		 	 
		 		 		 	[Address]

  

 21

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