Document:

Simple IRA Savings Plan

 EXHIBIT 10.1 
 Simple Ira Plan 
 314 Simple IRA Savings Plan 
 The Bank has established a Simple IRA Savings Plan to provide employees the potential for future financial security for retirement. The Bank reserves the right to amend the plan at any time or to substitute the
current plan with another form of savings plan. 
 To be eligible to join the Simple IRA Savings Plan you must be 21 years of age and have earned at least
$5,000 in each of two prior calendar years of employment with The Bank. You may apply to come into the plan effective on the commencement date of any calendar quarter (Jan. 1, April 1, July 1, October 1) following your
date of employment. 
 Because each contribution to a Simple IRA Savings Plan is automatically deducted from your pay before federal and state tax
withholdings are calculated, you save tax dollars now by having your current taxable amount reduced. While the amounts deducted generally will be taxed when they are finally distributed, favorable tax rules typically apply to Simple IRA
distributions. 
 The Simple IRA Savings Plan allows you to elect how much salary you want to contribute per year and direct the investment of your plan
account, so you can tailor your own retirement package to meet your individual needs. The maximum amount that may be contributed to a Simple IRA is $7,000, effective just through the 2002 calendar year. The Bank makes a contribution to your Simple
IRA at the end of each calendar year. The value of that contribution can change from year to year. Complete details of the Simple IRA Savings Plan are described in the Summary Plan Description provided to eligible employees and include those rules
regulating the employer’s contributions. Contact your Manager for more information about the Simple IRA Savings Plan. 
 315 Payroll Deduction
Authorization 
 In cooperation with Dean Witter, The Bank will withhold an amount of your choosing from the payroll credit on the 15th and the 30th of the month. There will be no income tax withheld on the amount you contribute to your plan. These funds will be sent to Dean Witter and added to your Simple IRA Plan. Contributions other than through payroll deductions
are not allowed. 
 Please understand that Dean Witter can only execute a purchase for an individual in increments of $100 or more. If you send in an amount
less than $100, the funds will be deposited into a money market account temporarily, until the account reaches $100. You may change the amount withheld at any time. 

 PART V — Employer Matching Contributions 
 The Employer must either match an Eligible Employee’s elective deferrals for a year on a dollar-for-dollar basis up to the “Applicable Percentage” of the employee’s Compensation, as described in A
below or, in the alternative, make nonelective contributions on behalf of all Eligible Employees, as described in B below. 
  

	A.	Matching Contributions. For any year, the Employer must make a matching contribution to an Eligible Employee’s SIMPLE IRA account equal to the lesser of the employee’s
elective deferrals for such year or the Applicable Percentage of the employee’s Compensation for such year. The “Applicable Percentage” of an Eligible Employee’s Compensation is 3 percent. However, the Employer may elect to use a
lesser percentage of Compensation as the Applicable Percentage for a year provided that all of the following requirements are met: 

  

	 	1.	the percentage elected is at least 1 percent; 

  

	 	2.	the election of a lower percentage for the year would not result in the Applicable Percentage limit being lower than 3 percent in more than two of the five years (ending with such
year). For purposes of this requirement, the Employer will be treated as having used an Applicable Percentage limit of 3 percent for years prior to the first year that the SIMPLE Plan was in effect with respect to the Employer and any predecessor,
and 

  

	 	3.	the Employer must notify all Eligible Employees of its election to use an Applicable Percentage limit of less than 3 percent for a year within a reasonable period before the start
of the 60-day election period for such year by including the Applicable Percentage in the Notice to Employees set forth at Appendix A. 

  

	B.	Alternative Nonelective Contributions. For any year, the Employer may elect, in lieu of matching contributions, to make a nonelective contribution to the SIMPLE IRA account of each
Eligible Employee who actually receives $                            
                                        
                                        
                                        
                                        
      (No greater than $5,000) 

 Compensation from the Employer for such year. Such
nonelective contribution shall be an amount equal to 2 percent of the Compensation of each such Eligible Employee, regardless of whether the Eligible Employee has elective deferrals for such year. For purposes of calculating nonelective
contributions, an Eligible Employee’s Compensation taken into account shall not exceed $160,000, or such higher limit (in increments of $10,000) as may be prescribed by the U.S. Treasury Department pursuant to Code section 401(a) (17). An
Employer must make this election in advance of such year and notify all Eligible Employees by including the election in the Notice to Employees set forth at Appendix A. 
  

	C.	Timing of Matching or Nonelective Contributions. The Employer must make matching or nonelective contributions for a year to an Eligible Employee’s SIMPLE IRA account not later than the due date, including extensions, for the Employer’s Federal income tax return for its taxable year with or within which the year for which the contribution is made, ends.Form of Employment Agreement with C. Steven Sjogren

 EXHIBIT 10.3 
 EMPLOYMENT AGREEMENT 
 This Agreement (“Agreement”) is made by and between Ben Franklin
Bank of Illinois, a federal savings bank (the “Bank”), with its principal office in Arlington Heights, Illinois, and C. Steven Sjogren (“Executive”) and shall be effective as of
[                    ], provided, however, that under no circumstances shall this Agreement be effective prior to the completion of its mutual
holding company reorganization. 
 WHEREAS, in order to induce Executive to remain in the employ of the Bank and to provide further
incentive to achieve the financial and performance objectives of the Bank, the parties desire to enter into this Agreement upon the terms and conditions hereof; and 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

 The Executive
agrees to serve as the President and Chief Executive Officer of the Bank and as such, the Executive shall be responsible for the overall management of the Bank, including responsibility for establishing the business objectives, policies and
strategic plan of the Bank in conjunction with the Board. Executive shall also be responsible for providing leadership and direction to all departments or divisions of the Bank, and shall be the primary contact between the Board and the staff of the
Bank. Executive also agrees to serve, if elected, as an officer and director of the Bank or any affiliate of the Bank. Failure to reappoint Executive as President and Chief Executive Officer of the Bank or, if Executive is also a director of the
Bank, failure to re-nominate the Executive as a director of the Bank without the consent of Executive during the term of this Agreement (except for any termination for Just Cause or Retirement, as defined herein) shall constitute a breach of this
Agreement. 
  

	2.	TERM AND DUTIES. 

 (a) The term of this Agreement
and the period of Executive’s employment hereunder will begin as of the Effective Date and will continue for a period of thirty-six (36) full calendar months thereafter. On each anniversary date of the Effective Date (the “Anniversary
Date”), this Agreement shall renew for an additional year such that the remaining term shall be thirty-six (36) full calendar months provided, however, that the Board shall at least sixty (60) days before such Anniversary Date conduct
a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend this Agreement. The Board shall give Executive notice of its decision whether or not to renew this Agreement at least thirty (30) days
and not more than sixty (60) days prior to the Anniversary Date, and if written notice of non-renewal is provided to Executive within said time frame, the term of this Agreement shall not be extended and the remaining term shall be twenty-four
(24) months from such Anniversary Date. 
 (b) During the period of his employment hereunder, except for periods of absence occasioned
by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including
activities and services 

 related to the organization, operation and management of the Bank; provided, however, that with the approval of the
Board, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business, social, religious, charitable or similar organizations which will not present any conflict of interest with the
Bank or materially affect the performance of Executive’s duties pursuant to this Agreement. 
  

	3.	COMPENSATION, BENEFITS AND REIMBURSEMENT. 

 (a) The
compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2. The Bank shall pay Executive as compensation a salary of not less than
[$                    ] per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as
officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a committee designated by the Board, and the Bank may increase, but
not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any
director’s fees that the Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to the Executive. 
 (b) Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans,
supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank currently or in the future to its senior
executives and key management employees. Executive will be entitled to participate in any incentive compensation and bonus plans offered by the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or
arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. 
 (c) In addition to the
Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing his obligations under this Agreement and may
provide such additional compensation in such form and such amounts as the Board may from time to time determine. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships
in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this
Agreement. 
  

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

 (a) Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 4 shall apply. As used in this Agreement, an “Event of
Termination” shall mean and include any of the following: 
  

	 	(i)	the termination by the Bank of Executive’s full-time employment hereunder for any reason other than termination governed by Section 5 (Termination for Cause) or
termination governed by Section 6 (Termination for Disability or death) or termination governed by Section 7 (Termination Upon Retirement); or 

  

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	 	(ii)	Executive’s resignation from the Bank’s employ for any of the following reasons: 

  

	 	(A)	the failure to appoint or reappoint Executive to the position set forth under Section 1 or, if Executive is also a director of the Bank or its holding company (the
“Holding Company”) as of the date hereof, failure to re-nominate Executive as a director of the Bank or the Holding Company as applicable; 

  

	 	(B)	a material change in Executive’s functions, duties, or responsibilities with the Bank, which change would cause Executive’s position to become one of lesser
responsibility, importance, or scope from the position and attributes thereof described in Section 1, above; 

  

	 	(C)	a relocation of Executive’s principal place of employment by more than forty-five (45) miles from its location at the Effective Date of this Agreement;

  

	 	(D)	a material reduction in the benefits and perquisites to Executive from those being provided as of the later of the Effective Date or any subsequent Anniversary Date of this
Agreement, other than an employee-wide reduction in pay or benefits; 

  

	 	(E)	a liquidation or dissolution of the Bank; or 

  

	 	(F)	a material breach of this Agreement by the Bank or the Holding Company. 

 Upon the occurrence of any event described in clauses (A), (B), (C), (D), (E) or (F), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon not less
than thirty (30) days prior written Notice of Termination, as defined in Section 9(a), given within ninety (90) days after the event giving rise to said right to elect. Notwithstanding the preceding sentence, in the event of a
continuing breach of this Agreement by the Bank, Executive, after giving due notice within the prescribed time frame of an initial event specified above, shall not waive any of his rights under this Agreement and this Section solely by virtue of the
fact that Executive has submitted his resignation, provided Executive has remained in the employment of the Bank and is engaged in good faith discussions to resolve any occurrence of an event described in clauses (A), (B), (C), (D) or
(F) above. 
  

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	 	(iii)	(A) Executive’s involuntary termination by the Bank (or any successor thereto) on the effective date of, or at any time following, a Change in Control, or
(B) Executive’s resignation from the employment with the Bank (or any successor thereto) following a Change in Control as a result of any event described in Section 4(a)(ii)(A), (B), (C), (D), or (F) above. For these purposes, a
“Change in Control” shall mean a change in control of the Bank or the Holding Company of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date
hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any
“person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Holding
Company or Bank representing 25% or more of the combined voting power of the Holding Company’s or Bank’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust; or
(b) individuals who constitute the Board of Directors of the Bank or the Holding Company on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person
becoming a director subsequent to the date hereof whose election was approved by a vote of at least a majority of the directors of the Board, shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or
(c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction in which the Bank or Holding Company is not the surviving institution occurs; provided,
however, that, to the extent necessary to comply with Code Section 409A, “Change in Control” shall instead have the meaning set forth in Code Section 409A and the regulations and other guidance published thereunder; and provided
further that a Change in Control shall not be deemed to have occurred solely as a result of the conversion of the Holding Company’s mutual holding company parent to stock form or a reorganization used to effect such a conversion.

 (b) Upon the occurrence of an Event of Termination under Sections 4(a) (i) or (ii), on the Date of Termination, as
defined in Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, an amount
equal to the sum of: (i) his earned but unpaid salary as of the date of his termination of employment with the Bank; (ii) the benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs and
compensation plans and programs maintained for the benefit of the Bank’s officers and employees; (iii) the remaining payments that Executive would have earned, in accordance with Sections 3(a) and 3(b), if he had continued his
employment with the Bank for the remainder of the term of this Agreement (but in any event, such term shall not exceed thirty-six (36) months), and had earned the maximum bonus or incentive award in each 
  

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 calendar year that ends during such term; and (iv) the annual contributions or payments that would have been made on
Executive’s behalf to any employee benefit plans of the Bank as if Executive had continued his employment with the Bank for the remainder of the term of this Agreement (but in any event, such term shall not exceed thirty-six (36) months),
based on contributions or payments made (on an annualized basis) at the Date of Termination. Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date of Termination, or in the event that Section 409A of the
Internal Revenue Code of 1986, as amended (“Code”) applies, no later than the first day of the seventh month following the Date of Termination. Such payments shall not be reduced in the event Executive obtains other employment following
termination of employment. 
 (c) Upon the occurrence of an Event of Termination under Section 4(a)(iii), on the Date of Termination, as
defined in Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, an amount
equal to the sum of: (i) his earned but unpaid salary as of the date of his termination of employment with the Bank; (ii) the benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs and
compensation plans and programs maintained for the benefit of the Bank or Holding Company’s officers and employees; (iii) the remaining payments that Executive would have earned, in accordance with Sections 3 (a) and (b), if he
had continued his employment with the Bank for a thirty-six (36) month period following his termination of employment, and had earned the maximum bonus or incentive award in each calendar year that ends during such term; and (iv) the
annual contributions or payments that would have been made on Executive’s behalf to any employee benefit plans of the Bank or the Company as if Executive had continued his employment with the Bank for a thirty-six (36) month period
following his termination of employment, based on contributions or payments made (on an annualized basis) at the Date of Termination. Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date of Termination, or
in the event that Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) applies, no later than the first day of the seventh month following the Date of Termination. Such payments shall not be reduced in the event
Executive obtains other employment following termination of employment. 
 (d) Upon the occurrence of an Event of Termination under
Section 4(a)(i), (ii) or (iii), the Bank will cause to be continued, at the Bank’s expense, medical coverage substantially identical to the coverage maintained by the Bank for Executive and his family prior to Executive’s
termination. Such coverage shall continue at the Bank’s expense for the remainder of the term of this Agreement following the Date of Termination. 
 (e) Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Section constitute an “excess parachute
payment” under Section 280G of the Internal Revenue Code of 1986, as amended, (“Code”) or any successor thereto, and in order to avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, to an
amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Section 280G. The allocation of the reduction required hereby shall be
determined by Executive. 
  

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 (f) In the event the Executive resigns for any reason other than an Event of Termination (as described in
Section 4), Termination for Just Cause (as described in Section 5), Termination for Disability or Death (as described in Section 6) or Termination Upon Retirement (as described in Section 7), all obligations of the Bank hereunder
shall immediately cease upon the date of such resignation. 
 (g) Notwithstanding the foregoing, to the extent required by regulations or
interpretations of the Office of Thrift Supervision, all severance payments under the Agreement shall not exceed three (3) times the Executive’s average annual compensation (as defined in such regulations or interpretations) over the most
recent five (5) taxable years. 
  

	5.	TERMINATION FOR JUST CAUSE. 

 (a) The term
“Termination for Just Cause” shall mean termination because of the Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. 
 (b) Notwithstanding Section 5(a), the Bank may not terminate Executive for Just Cause unless and until there shall have been delivered to him a
Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for that purpose, finding that in the
good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period
after Termination for Just Cause. During the period beginning on the date of the Notice of Termination for Just Cause pursuant to Section 5 hereof through the Date of Termination, any unvested stock options and related rights granted to
Executive under any stock option plan of the Bank or the Holding Company (or any affiliate) shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank or Holding Company (or affiliate
thereof) vest. At the Date of Termination, any such unvested stock options and related rights and any such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such
Termination for Just Cause. In the Event of Executive’s Termination for Just Cause, Executive shall resign immediately as a director of the Bank and as a director and/or officer of any affiliate of the Bank. 
  

	6.	TERMINATION FOR DISABILITY OR DEATH. 

 (a) The Bank
or Executive may terminate Executive’s employment after having established Executive’s Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to
substantially perform his duties under this Agreement and that results in Executive’s becoming eligible for long-term disability benefits under a long-term disability plan of the Bank (or, if the Bank has no such plan in effect, that impairs
Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board shall determine in good faith, based upon competent medical advice and other factors that
they reasonably believe to be 
  

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 relevant, whether or not Executive is and continues to be disabled for purposes of this Agreement. As a condition to any
benefits, the Board may require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate, at the Bank’s expense. 
 (b) In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate. In the event of such termination, Executive shall receive benefits under any disability program
sponsored by the Bank, provided such benefit is not less than the benefits provided in the following sentence of this Section 6(b). In the event the Bank does not sponsor any disability programs, the Executive shall continue to receive
(x) his Base Salary, as defined in Section 3(a), at the rate in effect on the Date of Termination for period of one (1) year following the Date of Termination by reason of Disability, and (y) sixty-six and two-thirds percent
(66 2/3%) of Executive’s Base Salary each successive year after the first year following termination through
the earliest to occur of (i) the date of Executive’s death; (ii) the date the Executive recovers from such Disability; (iii) the date Executive attains age 65; or (iv) the expiration of thirty six (36) months following
the Date of Termination. 
 (c) In the event of Executive’s death during the term of this Agreement, his estate, legal
representatives or named beneficiary or beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary, as defined in Section 3, at the rate in effect at the time of Executive’s death for a period of one
(1) year from the date of Executive’s death. 
  

	7.	TERMINATION UPON RETIREMENT 

 Termination of
Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at age 65, unless extended by the Board. Upon termination of Executive’s employment based on Retirement, no amounts or benefits
shall be due Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party. 
  

	8.	RESIGNATION FROM BOARDS OF DIRECTORS 

 In the
event of Executive’s termination of employment for any reason other than upon a Change in Control, Executive shall resign as a director of the Bank, and as a director and/or officer of any affiliate of the Bank. 
  

	9.	NOTICE 

 (a) Any notice required hereunder shall be
in writing and hand-delivered to the other party. Hand delivery to the Bank shall be made to the Chairman or the Secretary of the Board of Directors. Any termination by the Bank or by Executive shall be communicated by Notice of Termination to the
other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
  

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 (b) “Date of Termination” shall mean (A) if Executive’s employment is terminated for
Disability, thirty (30) days after a Notice of Termination is given (provided that he shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day period), and (B) if his employment is
terminated for any other reason, the date specified in the Notice of Termination. 
 (c) If the party receiving a Notice of Termination
desires to dispute or contest the basis or reasons for termination, the party receiving the Notice of Termination must notify the other party within thirty (30) days after receiving the Notice of Termination that such a dispute exists, and
shall pursue the resolution of such dispute in good faith and with reasonable diligence pursuant to Section 19 of this Agreement. During the pendency of any such dispute, the Bank shall not be obligated to pay Executive compensation or other
payments beyond the Date of Termination. 
  

	10.	SOURCE OF PAYMENTS. 

 All payments provided in this
Agreement shall be timely paid in cash or check from the general funds of the Bank. 
  

	11.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive. No provision of this Agreement shall be interpreted to
mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
  

	12.	NO ATTACHMENT; BINDING ON SUCCESSORS. 

 (a) Except
as required by law or as otherwise provided in this Agreement, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to
execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. 
 (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns. 
  

	13.	MODIFICATION AND WAIVER. 

 (a) This Agreement may
not be modified or amended except by an instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement
shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a
continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that
specifically waived. 
  

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	14.	REQUIRED PROVISIONS. 

 (a) The Bank may terminate
Executive’s employment at any time, but any termination by the Board other than Termination for Just Cause as defined in Section 5 hereof shall not prejudice Executive’s right to compensation or other benefits under this Agreement.
Executive shall have no right to receive compensation or other benefits for any period after Termination for Cause. 
 (b) If Executive is
suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit
Insurance Act (the “FDI Act”), the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its
discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under
Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the FDI Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the FDI Act, all
obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
 (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, (i) by the Director of the
OTS or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the FDI Act; or (ii) by the Director or
his or her designee at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights
of the parties that have already vested, however, shall not be affected by such action. 
 (f) Notwithstanding anything herein contained to
the contrary, any payments to Executive by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the FDI Act, 12 U.S.C. Section 1828(k), and the
regulations promulgated thereunder in 12 C.F.R. Part 359. 
  

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	15.	NON-COMPETITION AND POST-TERMINATION OBLIGATIONS. 

 (a) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (b), (c) and (d) of this Section 15. 
 (b) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank in connection
with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive
and the Bank or any of its subsidiaries or affiliates. 
 (c) Executive recognizes and acknowledges that the knowledge of the business
activities and plans for business activities of the Bank and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank and affiliates thereof. Executive will not, during or after the
term of his employment, disclose any knowledge of the past, present, planned or considered business activities of the Bank or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such
disclosure as may be required to be provided to the Office of Thrift Supervision (“OTS”), the Federal Deposit Insurance Corporation (“FDIC”), or other regulatory agency with jurisdiction over the Bank or Executive).
Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank, and Executive
may disclose any information regarding the Bank which is otherwise publicly available or which Executive is otherwise legally required to disclose. In the event of a breach or threatened breach by Executive of the provisions of this Section 15,
the Bank will be entitled to an injunction restraining Executive from disclosing, in whole or in part, his knowledge of the past, present, planned or considered business activities of the Bank or any of its affiliates, or from rendering any services
to any person, firm, corporation or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to
them for such breach or threatened breach, including the recovery of damages from Executive. 
 (d) Upon any termination of Executive’s
employment hereunder for any reason other than (i) pursuant to Section 4(a)(iii); (ii) pursuant to Section 6; or (iii) any termination of Executive’s employment hereunder as a result of the expiration of
Executive’s employment term following a notice of non-renewal pursuant to Section 2, Executive agrees not to compete in the banking and lending business with the Bank and any of its affiliates for a period of one (1) year following
such termination in any city or town in which the Bank has an office or has filed an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution
duly adopted by the Board. Executive agrees that during such period and within said cities and towns, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with
the depository, lending or other business activities of the Bank. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 15(d) agree
that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants,
employers, employees and all persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that 
  

 10 

 Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that
the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or threatened breach,
including the recovery of damages from Executive. 
 (e) Upon any termination of Executive’s employment hereunder for any reason other
than (i) pursuant to Section 4(a)(iii); (ii) pursuant to Section 6; or (iii) any termination of Executive’s employment hereunder as a result of the expiration of Executive’s employment term following a notice of
non-renewal pursuant to Section 2, Executive agrees that Executive will not, in any manner whatsoever, for a period of one (1) year following the termination of Executive’s employment with the Bank either as an individual or as a
partner, stockholder, director, officer, principal, employee, agent, consultant, or in any other relationship or capacity, with any person, firm, corporation or other business entity, either directory or indirectly, solicit or induce or aid in the
solicitation or inducement of any employees of the Bank to leave their employment with the Bank. Executive further agrees that the Executive will not, in any manner whatsoever, for a period of one (1) year following the termination of
Executive’s employment with the Bank, either as an individual or as a partner, stockholder, director, officer, principal, employee, agent, consultant or in any other relationship or capacity with any person, firm, corporation or other business
entity, either directly or indirectly, solicit the business of any customers or clients of the Bank at the time of termination of Executive’s employment with the Bank. 
  

	16.	SEVERABILITY. 

 If, for any reason, any provision of
this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect. 
  

	17.	HEADINGS FOR REFERENCE ONLY. 

 The headings of
sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  

	18.	GOVERNING LAW. 

 This Agreement shall be governed by
the laws of the State of Illinois but only to the extent not superseded by federal law. 
  

	19.	ARBITRATION. 

 Any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by binding arbitration, conducted before a single arbitrator selected by the Bank and Executive sitting in a location selected by the Bank and Executive within twenty-five
(25) miles of Arlington Heights, Illinois in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
  

 11 

	20.	PAYMENT OF LEGAL FEES. 

 All reasonable legal fees
paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by Executive and the Bank or
resolved in Executive’s favor. 
  

	21.	INDEMNIFICATION. 

 (a) The Bank shall provide
Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators)
for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or
proceeding in which he may be involved by reason of his performance of services as a director or officer of the Bank (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and
liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board); provided, however, the Bank shall not be required to indemnify or
reimburse Executive for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any such indemnification shall be made consistent with OTS Regulations
and Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 
 (b) Notwithstanding the foregoing, no indemnification shall be made unless the Bank gives the OTS at least 60 days’ notice of its intention to make such indemnification. Such notice shall state the facts on which the action arose, the
terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified copy of the resolution containing the required determination by the Board shall be sent to the Regional Director of the OTS, who
shall promptly acknowledge receipt thereof. The notice period shall run from the date of such receipt. No such indemnification shall be made if the OTS advises the Bank in writing within such notice period, of its objection thereto. 
  

 12 

 IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized
representative, and Executive has signed this Agreement, effective as of the day and date first above written. 
  

							
	ATTEST:	 		 	BEN FRANKLIN BANK OF ILLINOIS
				
	  
	 		 	By:	 	  

	Corporate Secretary	 		 		 	Chairman of the Board
			
	WITNESS:	 		 	EXECUTIVE:
			
	  
	 		 	  
 C. Steven
Sjogren

  

 13

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