Document:

Employment Agreement between Iowa State Bank & Trust Company

 Exhibit 10.10 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into effective as of the 1st day of January 2001, (the “Effective Date”) by and
between Iowa State Bank and Trust Company, Iowa City, Iowa, an Iowa corporation (the “Bank”) and Charles N. Funk (“Executive”). 
 RECITALS 
 A. During years of service in the banking industry, Executive has acquire considerable experience in the
management of the banking business and knowledge of bank operations. 
 B. Bank now wishes to employ Executive as an officer of the Bank for
specified term, and Executive wishes to be so employed upon the terms and conditions hereinafter set forth. 
 AGREEMENT 
 In consideration of the foregoing premises and the mutual promises, covenants and agreements contained herein, the parties hereto, intending to be legally
bound hereby, agree as follows: 
 Section 1. Position and Duties. During the Term (as defined below), the Bank employs
Executive and Executive agrees to serve the Bank as its President and Chief Executive Officer and in such other capacities as the board of directors of the Bank (the “Board of Directors”) may designate from time to time. Executive agrees
that for the Term, he shall: (a) assume all responsibilities of President and CEO of the Bank; (b) devote his full business time and attention to his duties and responsibilities hereunder; (c) not accept other employment or render or
perform other services for compensation except as may be approved in advance by the Bank; and (d) perform such other duties during the Term as are from time to time assigned to him by the Board of Directors. Executive agrees to serve the Bank
faithfully in the conduct of its business and to use his best efforts to promote such business and the success of the Bank throughout the Term. 
 Section 2. Compensation. As compensation for the services to be provided by Executive hereunder, Executive shall receive the following compensation and other benefits: 
 (a) Base Compensation. Executive shall receive an aggregate annual minimum base salary at the rate of One Hundred Seventy
Five Thousand Dollar ($175,000.00) payable in installments in accordance with the regular payroll schedule of the Bank. Such base salary shall be subject to annual review by the Board of Directors commencing for the year 2002 and shall be maintained
for increased during the term hereof in accordance with the Bank’s established management compensation policies and plans or as otherwise determined by the Board of Directors. 
 (b) Performance Bonus. Executive shall be eligible to receive a performance bonus (the “Performance
Bonus”) for each calendar year of the Term to be paid not later than 60 days after the end of each calendar year. The Performance Bonus shall be for an amount to be 

 determined by the Bank’s Board of Directors, in its sole discretion. It will be awarded to
Executive, if earned, in accordance with criteria the Board of Directors may establish in its sole discretion, with reasonable opportunity for input from Executive. The Performance Bonus shall be prorated for any partial year of employment. For the
2001 calendar year, the Performance Bonus, if earned, shall be up to $20,000.00. 
 (c) Reimbursement of
Expenses. Executive shall be reimbursed, upon submission of appropriate vouchers and supporting documentation, for travel, entertainment and other out-of-pocket expenses reasonably and necessarily incurred by Executive in the performance of
his duties and for participation and attendance at meetings, seminars, conventions and committee assignments, all substantially in accordance with policies of the Bank as adopted, from time to time, by the Board of Directors. 
 (d) Other Benefits. Executive shall be entitled to participate in all plans and benefits generally accorded to
employees of the Bank including, but not limited to, defined benefit, 401(k), medical and hospitalization, term life insurance and disability insurance, all substantially in accordance with such plans as have been adopted by the Board of Directors
and as such plan may be from time to time amended, added to or discontinued. 
 (e) Vacations. Executive
shall be entitled to an annual vacation of four weeks in accordance with the vacation policy of the Bank, which vacation shall be taken at a time or times mutually agreeable to the Bank and Executive. 
 (f) Withholding. The Bank shall be entitled to withhold from amounts payable to Executive hereunder any federal,
state or local withholding or other taxes or charges which it is from time to time required to withhold. The Bank shall be entitled to rely upon the opinion of its legal counsel with regard to any question concerning the amount of requirement of any
such withholding. 
 (g) Relocation Expenses. The Bank will pay reasonable expenses incurred in
connection with house hunting trips as well as reimbursement for packing and moving expenses to Iowa City upon submission of appropriate vouches and supporting documentation. It is anticipated that the Executive will have moved to and be in
residence in the Iowa City area no later than July 1, 2001. During the transition, the Bank will pay 100% of the Executive’s reasonable temporary living quarters expenses (rent and utilities) through February 1, 2001 and 90% of such
expenses until the Executive has relocated to the Iowa City area, but not past July 1, 2001. The Executive shall provide an itemized statement as it relates to all such expenses. The Bank shall pay required realtor fees incurred to sell the
Executive’s present home. The Bank shall also pay required origination fees to obtain a real estate mortgage on a new home in the Iowa City area. 
 Section 3. Confidentiality and Loyalty. Executive acknowledges that during the course of his employment he may produce and have access to material, records, data, trade secrets and information not
generally available to the public (collectively “Confidential Information”) regarding the Bank and its holding company subsidiaries and affiliates. Accordingly, during and subsequent to termination of this Agreement, Executive shall hold
in confidence and not directly or indirectly disclose, use, copy or make lists of any such Confidential Information, except to the 
  

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 extent that such information is or thereafter becomes lawfully available from public sources, or such disclosure is
authorized in writing by the Bank, required by a law or any competent administrative agency or judicial authority, or otherwise as reasonably necessary or appropriate in connection with performance by Executive of his duties hereunder. All records,
files, documents and other materials or copies thereof relating to the business of the Bank which Executive shall prepare or use shall be and remain the sole property of the Bank, shall not be removed from the Bank’s premises without written
consent of the Chairman of the Board of Directors, and shall be promptly returned to the Bank upon termination of Executive’s employment hereunder. Executive agrees to abide by the Bank’s policies, as in effect from time to time,
respecting avoidance of interests conflicting with those of the Bank, its holding company, subsidiaries and affiliates. 
 Section 4.
Opportunity for Additional Retirement Income. If Executive remains an employee on the first anniversary of the Effective Date, he will thereafter be offered participation in an executive, non-qualified, supplemental retirement income
plan similar to the terms and conditions provided to other key executives, which will provide for payment of retirement income of $25,000.00 annual for 15 years beginning at the age of 65 years. The retirement income will be conditioned upon
(i) employment with the Bank until age 60, (ii) a non-competition covenant applicable for any termination of employment after age 60 until benefits commence and during the period of benefit payments, and (iii) such other conditions as
have been contained in similar supplemental retirement income agreement with other key executive employees of the Bank. 
 Section 5.
Opportunity for Stock Ownership. Upon the execution of this Agreement, Executive shall be granted the option to purchase up to 1600 shares of the common voting stock of ISB Financial Corp. upon such terms and conditions as are
contained in the Stock Option Agreement attached hereto as Exhibit A and the Stock Option Plan approved by the Board of Directors and shareholders as referred to in said Stock Option Agreement. 
 Section 6. Term and Termination. 
 (a) Term. Executive’s employment hereunder shall be for term of one year commencing on the Effective Date and shall automatically extend for one additional year on each subsequent anniversary
of the Effective Date unless terminated by either party as provided herein (the “Term”). 
 (b)
Termination Upon Notice. Either Bank or Executive may terminate this Agreement at any time upon 60 days prior written notice to the other. Upon the Bank’s giving such notice, the Bank may elect to terminate the
Executive’s duties immediately so long as salary and benefits are continued through the 60 day notice period. 
 (c) Termination Upon Acquisition. If at any time the Executive’s employment by the Bank is terminated or not continued as the result of an acquisition of substantially all of the Bank’s assets or stock (or the
stock of the company holding the Bank’s stock), the Bank shall pay Executive an amount equal to two years of the Executive’s then base salary and pay for up to twelve months of job placement services. 
  

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 1) Payment to Executive will be made on a monthly basis, without interest, during
the two years following termination. At the election of the Bank, payment may be made in a lump sum or otherwise prepaid. Such payments shall not be reduced in the event Executive obtains other employment following the termination of employment by
the Bank. 
 2) If the Bank is not in compliance with its minimum capital requirements or if the payments required
under subparagraph (1) above would cause the Bank’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Bank is in capital compliance. 
 3) Such payments and paid job placement services shall immediately cease upon Executive’s violation of the restrictions in
Section 3 and/or 7(a) of this Agreement. 
 (d) Termination for Cause. This Agreement may be terminated by
Bank at any time for cause as hereinafter defined. “Cause” shall mean: (i) a material violation by Executive of any applicable material law or regulation respecting the business of the Bank; (ii) Executive being found guilty of a
felony or an act of dishonesty in connection with the performance of his duties as an officer of the Bank, or which disqualifies Executive from serving as an officer or director of the Bank; (iii) the willful or negligent failure of Executive
to perform his duties hereunder in any material respect; or (iv) a regulatory removal of the Executive resulting from the improper, wrongful or illegal acts of the Executive. 
 (e) Termination Upon Death. This contract shall terminate upon Executive’s death. 
 (f) Termination Upon Disability. The Bank may terminate Executive’s employment if Executive is unable, due to illness
or injury, to substantially perform his regular duties hereunder for a period of 90 consecutive days or is otherwise determined to be disabled under the Bank’s then current disability plan (“Executive’s Disability”). 

(g) Payments Upon Termination. Unless otherwise provided for herein or in employee benefit plans applicable to Executive,
upon termination of this Agreement Executive (or his estate in the event of death) shall be paid only such amounts due or accrued up to the date of termination. 
 Section 7. Non-Competition Covenant. 
 (a) Restrictive Covenant.
The Bank and Executive have jointly reviewed the customer lists and operations of the Bank and have agreed that the primary service area of the Bank’s lending, deposit taking, trust, investment and other services in which the Executive has and
will actively participate extends within the area which encompasses Johnson County, Iowa, and all contiguous counties (the “Restricted Area”). Therefore, as an essential ingredient of and in consideration of this Agreement and the payment
of the amounts described in Section 2, Executive agrees that, except with the express prior written consent of the Bank, for a period of two years after the termination of Executive’s employment with the Bank (The “Restrictive
Period”), the Executive will not (i) directly or indirectly compete with the business of the Bank by serving as an employee, officer, director or agent of or consultant to any person or entity that owns or operates an office of a bank,
savings and loan association, credit union, securities broker or similar financial institution (a “Financial Institution”) within the Restricted Area, (ii) directly 

  

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or indirectly solicit or induce, or attempt to solicit or induce, any employee of the Bank to terminate employment for the Bank and to become an employee,
officer, director, agent or consultant for a Financial Institution that owns or operates an office in the Restricted Area; or (iii) directly or indirectly solicit or induce, or attempt to solicit or induce, any person or entity that was a
customer of the Bank during the Term to become a customer for a Financial Institution that owns or operates an office in the Restricted Area (all of the foregoing being the “Restrictive Covenant”). If Executive violates the Restrictive
Covenant and the Bank brings legal action for injunction or other relief, the Bank shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the
Restrictive Covenant shall be deemed to have the duration specified in this Section 7(a) computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first
violation of the Restrictive Covenant by Executive. The foregoing Restrictive Covenant shall not prohibit Executive from owning directly or indirectly capital stock or similar securities which are listed on a securities exchange or quoted on the
National Association or Securities Dealers Automated Quotation System which do not represent more then two percent (2%) of the outstanding capital stock of any Financial Institution. 
 (b) Remedies for Breach of Confidentiality, Loyalty or Restrictive Covenant. Executive acknowledges that the restrictions
contained in Section 3 and 7(a) of this Agreement are reasonable and necessary for the protection of the legitimate business interests of the Bank, that any violation of these restrictions would cause substantial injury to the Bank and such
interests, that the Bank would not have entered into this Agreement with Executive without receiving the additional consideration offered by Executive in binding himself to these restrictions and that such restrictions were a material inducement to
the Bank to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Bank, in addition to and not in limitation of, any other rights, remedies or damages available to the Bank 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 Executive and any and all persons directly or indirectly acting for or with him, as the case may be.

 Section 8. Interest in Assets. Neither Executive nor his estate shall acquire hereunder any rights in funds or assets of the
Bank otherwise than by and through the actual payment of amounts payable hereunder; no shall Executive or his estate have any power to transfer, assign, anticipate, hypothecate or otherwise encumber in advance any of said payments; nor shall any of
such payments be subject to seizure for the payment of any debt, judgment, alimony, separate maintenance or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise Executive. 
 Section 9. General Provision. 
 (a) Successors; Assignment. This Agreement shall be binding upon and inure to the benefit of Executive, the Bank and his and its respective personal representatives, successors and assigns, and any
successor or assign of the Bank shall be deemed “the Bank” hereunder. 
 (b) Entire Agreement;
Modification. This Agreement constitutes the entire agreement between the parties respecting the subject matter hereof and supersedes all prior 
  

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negotiations, undertakings, agreements and arrangements with respect thereto, whether written or oral. Except as otherwise explicitly provided herein, this
Agreement may not be amended or modified except by written agreement signed by Executive and the Bank. 
 (c)
Enforcement and Governing Law. This Agreement shall be construed and the legal relations of the parties hereto shall be determined in accordance with the laws of the state of Iowa without reference to the law regarding conflicts of
law. 
 (d) Legal Fees. All reasonable legal fees paid or incurred by a party to this Agreement pursuant
to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the party who is unsuccessful on the merits pursuant to a legal judgment. 
 (e) Waiver. No waiver by either party at any time of any breach by the other party of, or compliance with, any
condition or provision of this Agreement to be performed by the other party, shall be deemed a waiver of any similar or dissimilar provisions or conditions at the same time or any prior or subsequent time. 
 (f) Severability of Provisions. If for any reason any paragraph, term or provision of this Agreement is held to be
invalid or unenforceable, all other valid provisions hereof shall remain in full force and effect and all of the terms, provisions and paragraphs of this Agreement shall be deemed to be severable in nature. If for any reason any provision containing
restrictions set forth herein is held to cover an area or to be for a length of time which is unreasonable, or in any other way is construed to be too broad or to any extent invalid, any such provision shall not be determined to be null, voice and
of no effect, but to the extent the same is or would be valid or enforceable under applicable law, any court of competent jurisdiction shall construe and interpret or reform this Agreement to provide for a restriction having the maximum enforceable
area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under applicable law. 
 (g) Notices. Notices pursuant to this Agreement shall be in writing and shall be deemed given when received; and, if mailed, shall be mailed by United States registered or certified mail, return
receipt request, postage prepaid; and if to the Bank, addressed to the principal headquarters of the Bank, attention: Chairman; or, if to Executive, to the address set forth below Executive’s signature on this Agreement, or to such other
address as the party to be notified shall have given to the other. 
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement the day and year first above written. 
  

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	 IOWA STATE BANK AND TRUST COMPANY,
 IOWA CITY, IOWA
	 		 		 	EXECUTIVE
					
	By:	 	/s/ W. Richard Summerwill	 		 		 	/s/ Charles N. Funk
		 	 W. Richard Summerwill
 Chairman
	 		 		 	Charles N. Funk

  

 7Supplemental Retirement Agreement between Iowa State Bank & Trust Company

 EXHIBIT 10.11 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 FOR W. RICHARD SUMMERWILL 
 THIS AGREEMENT, made and entered into effective 1st day of January, 1998 by and between the Iowa State Bank & Trust Company, a banking corporation organized and existing under the laws of the State of Iowa, hereinafter
called the Corporation, and W. Richard Summerwill, hereinafter called the Executive. 
 WITNESSETH: 
 WHEREAS, the Executive has been in the employ of the Corporation since October 1963, and is now serving the Corporation as its President; and,

 WHEREAS, it is the consensus of the Board of Directors that the Executive’s Services to the Corporation in the past have been of
exceptional merit and have constituted an invaluable contribution to the general welfare of the Corporation bringing it to its present status of operating efficiency, and its present position in its field of activity; and, 
 WHEREAS, the experience of the Executive, his knowledge of affairs of the Corporation, his reputation and contacts in the industry are so valuable that
assurances of his continued services is essential for the future growth and profits of the Corporation and it is in the best interests of the Corporation to arrange terms of continued employment for the Executive so as to reasonably assure his
remaining in the Corporation’s employment during his lifetime or until the age of retirement; and, 
 WHEREAS, it is the desire of the
Corporation that his services be retained as herein provided; and, 
 WHEREAS, the Executive is willing to continue in the employ of the
Corporation provided the Corporation agrees to pay to him or his beneficiaries certain benefits in accordance with the terms and conditions hereinafter set forth; 
 NOW THEREFORE, in consideration of services performed in the past and to be performed in the future as well as of the mutual promises and covenants herein contained, it is agreed as follows: 
 ARTICLE ONE 
 Definitions 
  

	 	1.01	“Agreement Effective Date” is January 1, 1998 

  

	 	1.02	“Plan Retirement Date” is December 5, 2000. 

  

	 	1.03	“Plan Administrator” shall mean the Board of Directors of the Bank, or their Designee. 

	 	1.04	“Actuarial Equivalent” benefit, as provided for hereunder, shall be calculated on the basis of an interest rate of 7% per annum. 

  

	 	1.05	“Disability” shall mean the inability of the Executive due to illness, injury or other physical, mental and/or emotional condition to effectively perform the
Executive’s duties in the manner in which the Executive performed such duties in the two years preceding any such illness, injury or condition 

 ARTICLE TWO 
 2.01 Employment. The Corporation agrees to employ the Executive in such capacity as the
Corporation may from time to time determine, and that such employment and its related duties, title, and compensation will be commensurate with the duties, title, and compensation of the Executive at the inception of this Plan. The Executive will
continue in the employ of the Corporation in such capacity and with such duties and responsibilities as may be assigned to him, and with such compensation as may be determined from time to time by the Board of Directors of the Corporation. The
supplemental retirement benefits provided by this Agreement are granted by the Corporation as a fringe benefit and are not part of any salary reduction plan or an arrangement deferring a bonus or a salary increase. 
 ARTICLE THREE 
 3.01 If the Executive shall
continue in the employment of the Corporation until he attains the age of sixty-five (65), which date is hereby established as December 5, 2000, he may retire from active daily employment as of the close of business on December 31, 2000,
or upon such later date as may be mutually agreed to by the Executive and the Corporation. 
 3.02 Normal Retirement Benefit. The Corporation
agrees that upon such retirement it will pay to the Executive the sum of one-thousand six-hundred and sixty-six dollars and sixty-six cents ($1,666.66) commencing on the first day of January 2009 and will pay a like sum each month thereafter until a
total of one-hundred and eighty (180) monthly payments have been made. 
 3.03 Retirement Death Benefit. The Corporation agrees that if
the Executive shall so retire, but shall die before receiving any or all one-hundred eighty (180) monthly payments provided for herein, it will make such monthly payments, not paid to the Executive on account of death, to the surviving spouse
of the Executive. Payments to the surviving spouse shall continue for a period which shall terminate upon the earlier of (a) December 31, 2023, or (b) the date of death of the surviving spouse. If the Executive is not survived by a
spouse then no death benefits will be paid under the terms of this Agreement. 
 ARTICLE FOUR 
 4.01 Disability or Death Prior to Retirement. In the event Executive should become disabled or die while actively employed by the Corporation at any time
after the date of this Agreement but prior to his attaining the Plan Retirement Date (which will occur on December 5, 2000 or such later date as may be agreed upon), the Corporation will pay one-thousand six-hundred sixty-six dollars and
sixty-six cents ($1,666.66) each month for one-hundred eighty 

 
(180) months to the Executive or the surviving spouse of the Executive, commencing on the first day of January 2009 and continuing for the lesser of:
(a) a full term of one-hundred eighty (180) months, or (b) the lifetime of the surviving spouse should the Executive predecease such spouse. 
 4.02 Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in
monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph
4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the
final authority to either grant or reject such a request. 
 4.03 In the event that the Executive shall die prior to
                                        ,
and that such death is the result of suicide, then, and in such event, the death benefit provided by this Article shall not be payable. 
 ARTICLE FIVE 
 5.01 Involuntary Termination. If the Corporation terminates the Executive’s employment prior to his Plan
Retirement Date for “Cause”, the Executive shall not be entitled to any benefits under the terms of this Agreement. For purposes of this Agreement, “Cause” shall mean: 
 (a) deliberate dishonestly with respect to the Corporation or any subsidiary or affiliated thereof; or 
 (b) conviction of a crime involving moral turpitude. 
 (c) an act or acts deemed by the Board of Directors to be inimical to the interests of the Corporation. 
 5.02 Other Termination of Service. 
 (a) Termination by Employer. Notwithstanding anything to the contrary herein, the Corporation
reserves the right to terminate the employment of the Executive, without cause, at any time prior to retirement. If such termination occurs prior to “Plan Retirement Date”, and is not a result of death or disability, the Executive shall be
entitled to received his “Accrued Benefit” as provided in 5.02(c). 
 (b) Termination by Executive. 
 (i) If the Executive terminates employment for any reason, excepting death or disability, prior to the “Plan Retirement Date”, the Executive
shall not receive any benefits hereunder. 
 (c) “Accrued Benefit” shall mean the Executive’s “Normal Retirement
Benefit” as defined in paragraphs 3.01 and 3.02 above, multiplied by a fraction, the numerator of 

 
which is the number of months the Executive has been employed by the Corporation following the date of this Agreement, and the denominator of which is the
number thirty-six (36). The Accrued Benefit shall be payable in one-hundred eighty (180) equal monthly installments. If the Executive dies after terminating his employment but prior to having received all one-hundred eighty (180) monthly
installments, the Corporation will continue to make such monthly payments to the surviving spouse of the Executive until: (a) a total of one-hundred eighty (180) payments have been made, or (b) the date of death of the surviving
spouse. If the Executive is not survived by a spouse then payments will cease upon the Executive’s death. 
 5.03 Non-Competition
Covenant. In addition to all other conditions for the receipt of benefits hereunder, the Executive’s entitlement to either full or accrued benefits shall be contingent upon the Executive, for a period of 60 months after termination of
employment for any reason (other than death) not, as an owner, officer, director, employee, consultant or otherwise, providing services or advice, either directly or indirectly, to any financial institution that maintains one or more offices within
a 50 mile radius of the Corporation’s main location and offers any products or services competitive with the products and services of the Corporation. In the event the Executive breaches this covenant, all benefits that would otherwise become
due after the date of such breach, whether to the Executive or the Executive’s beneficiary, shall be forfeited. 
 ARTICLE SIX

 6.01 Alienability. Neither the Executive, his surviving spouse, nor any other beneficiary under this Agreement shall have any power or
right to transfer, assign, anticipate hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments,
alimony or separate maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any beneficiary attempts assignment,
commutation, hypothecation, transfer, or disposal of the benefit hereunder the Corporation will be under no obligation to honor such requests or attempts. 
 ARTICLE SEVEN 
 7.01 Participation in Other Plans. Nothing contained in this Agreement shall be construed to
alter, abridge, or in any manner affect the rights and privileges of the Executive to participate in and be covered by any Pension, Profit-Sharing, Group Insurance, Bonus or similar employee plans which the Corporation may now or hereafter have.

 ARTICLE EIGHT 
 8.01 Funding.
The Corporation reserves the absolute right at its sole and exclusive discretion either to fund the obligations of the Corporation undertaken by this agreement or to refrain from funding the same, and to determine the extent, nature, and method of
such funding. Should the Corporation select to fund this Agreement, in whole or in part, through the medium of life insurance or annuities, or both, the Corporation shall be the owner and beneficiary of the policy. The Corporation reserves the
absolute right, in its’ discretion, to terminate such life 

 
insurance or annuities, as well as any other funding program, at any time, either in whole or in part. At no time shall the Executive be deemed to have any
right, title, or interest in or to any specified asset or assets of the Corporation, including, but not by way or restriction, any insurance or annuity contract or contracts or the proceeds therefrom. 
 Any such policy shall not in any way be considered to be security of the performance of the obligations of this Agreement. It shall be, and remain, a general, unpledged,
unrestricted asset of the Corporation. 
 If the Corporation purchases a life insurance or annuity policy on the life of the Executive, he agrees to sign any
papers that may be required for that purpose and to undergo any medical examination or tests which may be necessary. 
 If the Executive is asked to submit
information to an insurance company and if the Executive makes a material misrepresentation in an application for any insurance that may be used by the Corporation to insure any or all of its obligations under this Agreement, and if as a result of
that material misrepresentation the insurance company is not required to pay all or any part of the benefits provided under that insurance, the Executive shall forfeit all rights and benefits payable under this Agreement. 
 8.02 This Article shall not be construed as giving the Executive or his beneficiary any greater rights than those of any other unsecured Creditor of the
Corporation. 
 ARTICLE NINE 
 9.01 Communications. Any notice or communication required of either party with respect to this Agreement shall be made in writing and may either be delivered personally or sent by first class mail to: Iowa State Bank & Trust
Company, 102 South Clinton Street, (P.O. Box 1700) Iowa City, Iowa 52244. Each party shall have the right by written notice to change the place to which any notice may be addressed. 
 ARTICLE TEN 
 10.01 Not a contract of Employment. This Agreement shall not be deemed to
constitute a contract of employment between the parties hereto, nor shall any provision hereof restrict the right of the Corporation to discharge the Executive, or restrict the right of the Executive to terminate his employment. 
 ARTICLE ELEVEN 
 11.01 Claims Procedure. In
the event that benefits under this Plan Agreement are not paid to the Executive (or the surviving spouse designated as beneficiary by the Executive under the provisions of this Agreement in the case of the Executive’s death), and such person
feels entitled to receive them, a claim shall be made in writing to the Plan Administrator within sixty (60) days from the date payments are not made. Such claim shall be reviewed by the Plan Administrator and the Corporation. If the claim is
denied, in full or in part, the Plan Administrator shall provide a written notice within ninety (90) days setting forth the specific reasons for denial, specific reference to the provisions of this Agreement upon which the denial 

 
is based, and any additional material or information necessary to perfect the claim, if any. Also, such written notice shall indicate the steps to be taken
if a review of the denial is desired. If a claim is denied and a review is desired, the Executive (or the surviving spouse in the case of the Executive’s death), shall notify the Plan Administrator in writing within sixty (60) days (and a
claim shall be deemed denied if the Plan Administrator does not take any action within the aforesaid ninety (90) day period). In requesting a review, the Executive or his surviving spouse may review this Plan Agreement or any documents relating
to it and submit any written issues and comments he or she may feel appropriate. In its sole discretion the Plan Administrator shall then review the claim and provide a written decision within sixty (60) days. This decision likewise shall state
the specific reason for the decision and shall include reference to specific provisions of this Plan Agreement on which the decision is based. For purposes of implementing this claims procedure (but not for any other purpose), the Cashier of
the Bank is designated as the Named Fiduciary and Plan Administrator of this Plan Agreement. 
 ARTICLE TWELVE 
 12.01 Lump Sum Benefit Option. In lieu of receiving monthly installments under any of the above numbered paragraphs, the Executive (or the surviving
spouse designated as beneficiary by the Executive under the provisions of this Agreement), may petition the Board of Directors to receive a lump sum benefit. The value of the lump sum benefit shall be the “Acturial Equivalent” of the
remaining installments payments; it being understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or rejects said request, and if granted, the “Acturial Equivalent”
shall be determined at the sole discretion of the Board of Directors using the present value discount rate assigned under the terms of this agreement. 
 12.02 This agreement shall be construed in accordance with and governed by the laws of the State of Iowa. 

 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be duly executed and its Corporate seal
affixed, duly attested by its Secretary, and the Executive has hereunto set his hand and seal at Iowa City, Iowa, the day and year first above written. 
  

							
	ATTEST:	 		 	WITNESS:
			
	IOWA STATE BANK & TRUST COMPANY	 		 	  

				
	By:	 	 /s/ John S. Koza
	 		 	 /s/ Kenneth R. Urmie

		 	(Title) EVP	 		 	(Secretary)
				
		 	 /s/ W. Richard Summerwill
	 		 	
		 	W. Richard Summerwill	 		 	
		 	Executive

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