Document:

Exhibit

Exhibit 10.1
Execution Version

AMENDMENT NO. 5 TO CREDIT AGREEMENT AND WAIVER 

This Amendment No. 5 to Credit Agreement and Waiver (this “Agreement”) dated as of March 25, 2016 is made by and among QUIDEL CORPORATION, a Delaware corporation (the “Borrower”), the guarantors party hereto (the “Guarantors”), BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line Lender and L/C Issuer (each as defined in the Credit Agreement (as defined below), and the Lenders (as defined in the Credit Agreement) signatory hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement dated as of August 10, 2012, as amended by that certain Amendment No. 1 to Credit Agreement dated as of January 30, 2013, as amended by that certain Amendment No. 2 to Credit Agreement dated as of December 1, 2014, as amended by that certain Amendment No. 3 to Credit Agreement dated as of June 4, 2015, and as amended by that certain Amendment No. 4 to Credit Agreement dated as of August 6, 2015 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”).  Capitalized terms used in this Agreement not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement; and
WHEREAS, the Borrower made Permitted Stock Repurchases (including retirement of Permitted Convertible Indebtedness) prior to the Effective Date of this Agreement in excess of the amount permitted under Section 7.06(e) of the Credit Agreement, which excess amount was less than $4,500,000 (the “Excess Stock Repurchases”);
WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders (a) waive any Default or Event of Default that may have occurred as a result of the Excess Stock Repurchases and (b) agree to amend certain provisions of the Credit Agreement as set forth below, and the Administrative Agent and the Lenders signatory hereto are willing to grant such waiver and to effect such amendments on the terms and conditions contained in this Agreement;
NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1.Amendments to Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is amended as follows:
		
	(a)
	The definition of “Business Day” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“ ‘Business Day means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in 

Dollar deposits are conducted by and between banks in the London interbank eurodollar market.”
		
	(b)
	The definition of “Committed Loan Notice” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“ ‘Committed Loan Notice’ means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.”
		
	(c)
	The definition of “Defaulting Lender” in Section 1.01 of the Credit Agreement is hereby amended to add the following new clause (iii) to clause (d) of such definition:

“or (iii) become the subject of a Bail-In Action”
		
	(d)
	The definition of “Eurodollar Rate” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“ ‘Eurodollar Rate’ means:
 (a)    for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
(b)    for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and
(c)    if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement;
provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such 

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approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.”
		
	(e)
	The definition of “London Banking Day” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety. 

		
	(f)
	The definition of “Responsible Officer” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“ ‘Responsible Officer’ means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, controller, secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.”
		
	(g)
	The definition of “Swing Line Loan Notice” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“ ‘Swing Line Loan Notice’ means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.”
		
	(h)
	Section 1.01 of the Credit Agreement is hereby amended to add the following new definitions in correct alphabetical order:

“ ‘Bail-In Action’ means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
‘Bail-In Legislation’ means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
‘EEA Financial Institution’ means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member 

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Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
‘EEA Member Country’ means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
‘EEA Resolution Authority’ means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
‘EU Bail-In Legislation Schedule’ means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
‘Fifth Amendment’ means that certain Amendment No. 5 to Credit Agreement and Waiver, dated as of March 25, 2016, by and among the Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 
‘Write-Down and Conversion Powers’ means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”
		
	(i)
	The first sentence of Section 2.02(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice.”
		
	(j)
	Section 2.04(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(b)    Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone, or (B) a Swing Line Loan Notice; provided that any telephone notice must be confirmed immediately by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice. Each such notice must be received by the Swing Line Lender and the 

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Administrative Agent not later than 10:00 a.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day.  Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 11:00 a.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 12:00 noon on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower.”
		
	(k)
	Clause (i) of Section 2.05(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 8:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Committed Loans;”
		
	(l)
	The last sentence of Section 2.16(a)(iv) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Subject to Section 10.21, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.”
		
	(m)
	Article V of the Credit Agreement is hereby amended to add the following new Section 5.22:

“5.22    Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.”
		
	(n)
	Article V of the Credit Agreement is hereby amended to add the following new Section 5.23:

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“5.23    EEA Financial Institution.  Neither the Borrower nor any of its Subsidiaries is an EEA Financial Institution.”
		
	(o)
	Article VI of the Credit Agreement is hereby amended to add the following new Section 6.20:

“6.20    Anti-Corruption Laws.  Conduct its businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions, and maintain policies and procedures designed to promote and achieve compliance with such laws.”
		
	(p)
	Section 7.06(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(e)    the Borrower may make any Permitted Stock Repurchase; provided that, after giving effect to such Permitted Stock Repurchase, the aggregate amount of cash paid or payable for all Permitted Stock Repurchases made after the effective date of the Fifth Amendment shall not exceed $50,000,000 during the term of this Agreement.”
		
	(q)
	Article VII of the Credit Agreement is hereby amended to add the following new Section 7.16:

“7.16    Anti-Corruption Laws.  Directly or indirectly use the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.”
		
	(r)
	Section 10.18 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other Committed Loan Notices, Swing Line Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative 

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Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.”
		
	(s)
	Article X of the Credit Agreement is hereby amended to add the following new Section 10.21:

“10.21    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”
2.Waiver.  Subject to the terms and conditions set forth herein, the Administrative Agent and the Lenders party hereto hereby irrevocably waive any Default or Event of Default that may have occurred as a result of the Borrower making the Excess Stock Repurchases prior to the Effective Date of this Agreement.  The waiver set forth in this Section 2 is limited to the extent specifically set forth herein and no other terms, covenants or provisions of the Credit Agreement are intended to be affected hereby, except as specifically set forth in Section 1 hereof. 
3.Effectiveness; Conditions Precedent.  This Agreement and the amendments to the Credit Agreement herein provided shall become effective as of the date (the “Effective Date”) all of the following conditions precedent have been satisfied:

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(a)the Administrative Agent shall have received counterparts of this Agreement, duly executed by the Borrower, the Administrative Agent, each Guarantor and the Required Lenders; and 
(b)all fees and expenses payable to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the Administrative Agent) estimated to date shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).
The Administrative Agent and the Lenders agree that the conditions precedent set forth in clause (a) of this Section 3 will be deemed satisfied upon the Administrative Agent’s delivery to the Lenders (including by posting to the Platform) of a fully executed version of this Agreement on the date hereof.    
4.Consent of the Guarantors.  Each Guarantor hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Guaranty to which such Guarantor is a party (including without limitation the continuation of such Guarantor’s payment and performance obligations thereunder upon and after the effectiveness of this Agreement and the amendments contemplated hereby) and the enforceability of such Guaranty against such Guarantor in accordance with its terms.
5.Representations and Warranties.  In order to induce the Administrative Agent, the L/C Issuer and the Lenders to enter into this Agreement, the Borrower represents and warrants to the Administrative Agent and the Lenders that, except for the effects of the Excess Stock Repurchases:
(a)The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement;
(b)The Persons appearing as Guarantors on the signature pages to this Agreement constitute all Persons who are required to be Guarantors as of the date of this Agreement pursuant to the terms of the Credit Agreement and the other Loan Documents, including without limitation all Persons who became Subsidiaries or were otherwise required to become Guarantors after the Closing Date, and each of such Persons has become and remains a party to a Guaranty as a Guarantor;
(c)This Agreement has been duly authorized, executed and delivered by the Borrower and Guarantors party hereto and constitutes a legal, valid and binding obligation of such parties, except as may be limited by general principles of equity or by the effect of 

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any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and
(d)No Default or Event of Default has occurred and is continuing.
6.Entire Agreement.  This Agreement, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.
7.Full Force and Effect of Agreement.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 
8.Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
9.Governing Law.  This Agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of California applicable to contracts executed and to be performed entirely within such State, and shall be further subject to the provisions of Sections 10.14, 10.15 and 10.16 of the Credit Agreement.
10.Enforceability.  Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.
11.References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.
12.Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the L/C Issuer and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

	
			
	 
	 
	BORROWER:

	 

	 
	 
	QUIDEL CORPORATION

	 
	 

	 
	By:
	/s/ Randall J. Steward

	 
	Name:
	Randall J. Steward

	 
	Title:
	CFO

	 
	 
	 

	
			
	 
	 
	GUARANTORS:

	 

	 
	 
	DIAGNOSTIC HYBRIDS, INC.

	 
	 

	 
	By:
	/s/ Randall J. Steward

	 
	Name:
	Randall J. Steward

	 
	Title:
	Treasurer

	 
	 
	 

	
			
	 
	 
	BANK OF AMERICA, N.A., as

	 
	 
	Administrative Agent

	 
	 
	 

	 
	By:
	/s/ Tiffany Shin

	 
	Name:
	Tiffany Shin

	 
	Title:
	Assistant Vice President 

	 
	 
	 

	
			
	 
	 
	BANK OF AMERICA, N.A., as a Lender, L/C

	 
	 
	Issuer and Swing Line Lender

	 
	 
	 

	 
	By:
	/s/ John C. Plecque

	 
	Name:
	John C. Plecque

	 
	Title:
	Senior Vice President

	 
	 
	 

	
			
	 
	 
	U.S. BANK NATIONAL ASSOCIATION, as 

	 
	 
	Syndication Agent and a Lender

	 
	 
	 

	 
	By:
	/s/ Matthew Kavan

	 
	Name:
	Matthew Kavan

	 
	Title:
	Vice President

	 
	 
	 

	
			
	 
	 
	COMPASS BANK, as Documentation Agent and a Lender

	 
	 
	 

	 
	By:
	/s/ M.E. Conboy

	 
	Name:
	M.E. Conboy

	 
	Title:
	SD Market President

	 
	 
	 

	
			
	 
	 
	JPMORGAN CHASE BANK, N.A., as a Lender

	 
	 
	 

	 
	By:
	/s/ Ling Li

	 
	Name:
	Ling Li

	 
	Title:
	Vice President

	 
	 
	 

	
			
	 
	 
	COMERICA BANK, as a Lender

	 
	 
	 

	 
	By:
	/s/ John W. Cardosa

	 
	Name:
	John W. Cardosa

	 
	Title:
	Vice President

Quidel Corporation
Amendment No. 5 to Credit Agreement and Waiver
Signature PageExhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”)
is entered into on January 12, 2016, by and among CENTRAL FEDERAL BANCSHARES, INC., a Missouri corporation (“Bancshares”),
Central Federal Savings and Loan Association of Rolla (the “Association,” and collectively with Bancshares, the “Company”),
and William A. Stoltz (the “Executive”).

 

WHEREAS, the Executive serves in positions
of substantial responsibility with the Company; and

 

WHEREAS, the Company and the Executive
wish to set forth the terms of the Executive’s employment with the Company and enter into this Agreement;

 

NOW THEREFORE, in consideration of these
premises, the mutual covenants contained herein, and other good and valuable consideration the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows.

 

		1.	Employment.

 

(a)          Employment.
The Company hereby employs the Executive to serve as president and chief executive officer (“CEO”) of Bancshares and
the Association according to the terms and conditions of this Agreement and for the period stated in Section 1(c) of this
Agreement. The Executive hereby accepts employment according to the terms and conditions of this Agreement and for the period stated
in Section 1(c) of this Agreement.

 

(b)          Duties.
As president and CEO, the Executive shall report directly to the boards of directors of Bancshares and the Association.
The Executive shall serve the Company faithfully, diligently, competently, and to the best of the Executive’s ability. It
is contemplated by this Agreement that the Executive’s duties shall be comparable to those presently undertaken by the Executive.
The duties of employment shall include such additional executive duties on behalf of the Company and its operations of a character
in keeping with the Executive’s position as may, from time to time, be assigned to the Executive by the boards of
directors of the Company. The Executive shall exclusively devote full working time, energy, and attention to the business of the
Company throughout the term of this Agreement. Without the prior written consent of the boards of directors of the Company during
the term of this Agreement, the Executive shall not render services to or for any person, firm, corporation, or other entity or
organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether it
is paid directly or indirectly to the Executive. Nothing in this Section 1(b) shall prevent the Executive from managing personal
investments and affairs, provided that doing so does not interfere with the proper performance of the Executive’s duties
and responsibilities under this Agreement.

 

(c)          Term.

 

(i)          The
term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement
(the “Effective Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions
of the initial term made pursuant to this Section 1(c).

 

(ii)         Commencing
as of the first anniversary of the Effective Date, and continuing on each anniversary of the Effective Date thereafter, the disinterested
members of the boards of directors may extend the Agreement term for an additional year, so that the remaining term of the Agreement
again becomes 36 months from the applicable anniversary date, unless the Executive elects not to extend the term of this Agreement
by giving proper written notice. The boards of directors will review the Agreement and Executive’s performance annually for
purposes of determining whether to extend the Agreement term and

 

     

     

    

 

will include the rationale and results of its
review in the minutes of the meetings. The boards of directors will notify the Executive as soon as possible after each annual
review whether it has determined to extend the Agreement.

 

(iii)        Nothing
in this Agreement shall mandate or prohibit a continuation of the Executive’s employment following the expiration of the
term of this Agreement, upon such terms and conditions as the Company and the Executive may mutually agree.

 

		2.	Compensation and Benefits.

 

(a)          Base
Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the Company shall pay
or cause to be paid to the Executive a salary at the annual rate of $155,541, payable according to the regular payroll practices
of the Company. The Executive’s salary shall be subject to annual review. The Executive’s salary, as the same may be
modified from time to time, is referred to in this Agreement as the “Base Salary.” All compensation under this Agreement
shall be subject to customary income tax withholding and such other employment taxes as are imposed by law.

 

(b)          Benefit
Plans and Perquisites. For as long as the Executive is employed by the Company, the Executive shall be eligible: (i) to
participate in any and all officer or employee compensation, incentive compensation and benefit plans in effect from time to time,
including without limitation plans providing retirement, medical, dental, disability, and group life benefits and including incentive
or bonus plans existing on the date of this Agreement or adopted after the date of this Agreement, provided that the Executive
satisfies the eligibility requirements for any the plans or benefits, and (ii) to receive any and all other fringe and other
benefits provided from time to time, including the following:

 

(i)          Reimbursement
of business expenses. The Executive shall be entitled to reimbursement for all reasonable business expenses incurred while
performing his obligations under this Agreement, including but not limited to all reasonable business travel and entertainment
expenses incurred while acting at the request of or in the service of the Company, and reasonable expenses for attendance at annual
and other periodic meetings of trade associations. Expenses will be reimbursed if they are submitted in accordance with the Company’s
policies and procedures.

 

(ii)         Facilities.
The Company will furnish the Executive with the working facilities and staff customary for executive officers with the comparable
titles and duties of the Executive as set forth in Sections 1(a) and 1(b) of this Agreement and as are necessary for the Executive
to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Company,
or at such other site or sites customary for such offices and as agreed to by the parties.

 

(c)          Vacation;
Leave. The Executive shall be entitled to sick leave and 23 weeks’ paid annual vacation in accordance with
policies established from time to time by the Company. In addition to paid vacations and other leave, the boards of directors may
grant the Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions
as the boards of directors may determine. Vacation time must be taken during the calendar year in which it is accrued and may be
carried over into succeeding calendar years or paid out to the Executive in accordance with the policies of the Company. The Executive
shall take his vacation at a reasonable time or times taking into consideration the needs of the Company.

 

(d)          Insurance.
The Company shall maintain or cause to be maintained liability insurance covering the Executive throughout the term of this Agreement.

 

    	 	2	 

     

    

 

		3.	Employment Termination.

 

(a)          Termination
Because of Death or Disability.

 

(i)          Death.
The Executive’s employment and this Agreement shall terminate automatically at the Executive’s death. If the Executive
dies in active service to the Company, the Executive’s estate shall receive any sums due to the Executive as Base Salary
and reimbursement of expenses through the end of the month in which death occurs.

 

(ii)         Disability.
By delivery of written notice 30 days in advance to the Executive, the Company may terminate the Executive’s employment and
this Agreement due to the Executive’s Disability (as defined below). In the event that the Executive’s employment hereunder
terminates due to his Disability, no termination benefits shall be payable to or in respect of the Executive. For purposes of this
Agreement, “Disability” shall mean a physical or mental condition due to which the Executive shall have been absent
from her duties on a full-time basis for a 12 consecutive month period. The Executive’s employment shall be deemed to have
terminated as a result of Disability on the date provided in the notice of termination provided to the Executive by the Company.
The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within
30 days of receiving such notice.

 

(b)          Involuntary
Termination with Cause. The boards of directors may, by written notice to the Executive, immediately terminate the Executive’s
employment and this Agreement at any time for Cause, in which case the Executive shall be entitled to receive only the unpaid Base
Salary that has accrued through the date of termination. The Company shall deliver to the Executive a copy of the resolution duly
adopted by the boards of directors of Bancshares and the Association (after reasonable notice to the Executive and an opportunity
for the Executive, together with the Executive’s counsel, to be heard before the boards of directors, such meeting and the
opportunity to be heard to be held prior to, or as soon as reasonably practicable following, termination, but in no event later
than 30 days following such termination), finding that the Executive was guilty of conduct constituting Cause. The notice provided
to the Executive pursuant hereto shall specify in detail the particulars of the conduct constituting Cause. If the boards of directors
thereafter determine that such conduct did not constitute Cause and the Executive’s employment hereunder is reinstated, then
the Executive shall be entitled to receive back pay for the period following termination and continuing through reinstatement,
which amount will be paid in a single lump sum within 15 business days following reinstatement. If the Executive’s employment
is not reinstated as contemplated by the preceding sentence, then the termination of employment shall be deemed to have occurred
pursuant to Section 3(d) of this Agreement and the Executive shall be entitled to the compensation and benefits provided therein.
For the purposes of this Agreement “Cause” means any of the following:

 

(1)         a
material act of personal dishonesty in performing Executive’s duties on behalf of the Company;

 

(2)         a
willful misconduct that in the judgment of the boards of directors will likely cause economic damage to the Company or its affiliates
or injury to the business reputation of the Company or its affiliates;

 

(3)         a
breach of fiduciary duty involving personal profit;

 

(4)         the
intentional failure to perform stated duties under this Agreement after written notice thereof from the boards of directors;

 

(5)         a
willful violation of any law, rule or regulation (other than minor or routine traffic violations or similar offenses) that reflects
adversely on the reputation of the Company or its

 

    	 	3	 

     

    

 

affiliates, any felony conviction, any violation
of law involving moral turpitude, or any violation of a final cease-and-desist order;

 

(6)         a
material breach by the Executive of any provision of this Agreement.

 

No act, or failure to act, on the Executive’s part shall be
considered “willful” unless he has acted, or failed to act, with an absence of good faith and without reasonable belief
that his action or failure to act was in the best interest of the Company.

 

(c)          Voluntary
Termination by the Executive Without Good Reason. If the Executive terminates employment without Good Reason, the Executive
shall receive the Base Salary and expense reimbursement to which the Executive is entitled through the date on which termination
becomes effective.

 

(d)          Involuntary
Termination Without Cause and Voluntary Termination with Good Reason. With written notice to the Executive 30 days in advance,
the Company may terminate the Executive’s employment and this Agreement without Cause. Termination shall take effect at the
end of the 30 day period. With advance written notice to the Company as provided in clause (y), the Executive may terminate employment
for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason,
the Executive shall be entitled to the benefits specified in Section 4 of this Agreement. For purposes of this Agreement a
voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in
both clauses (x) and (y) of this Section 3(d) are satisfied:

 

(x)          a
voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if any of the following occur
without the Executive’s written consent, and the term Good Reason shall mean the occurrence of any of the following without
the Executive’s written consent:

 

		(1)	a material diminution of the Executive’s Base Salary
(unless the reduction is part of a Company-wide or executive-level restructuring of compensation),

 

		(2)	a material diminution of the Executive’s authority,
duties, or responsibilities, or

 

		(3)	a change in the geographic location at which the Executive
must perform services for the Company by more than 25 miles from such location at the effective date.

 

(y)         the
Executive must give notice to the Company of the existence of one or more of the conditions described in clause (x) within
60 days after the initial existence of the condition, and the Company shall have 30 days thereafter to remedy the condition. In
addition, the Executive’s voluntary termination because of the existence of one or more of the conditions described in clause (x)
must occur within six months after the initial existence of the condition.

 

		4.	Severance Compensation.

 

(a)          Subject
to the possibility that cash severance after employment termination might be delayed under Section 4(b), if the Executive’s
employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the
Executive shall for 36 months and in accordance with the Company’s regular pay practices continue to receive the Base Salary
in effect at termination of employment. However, the Company and the Executive acknowledge and agree that the

 

    	 	4	 

     

    

 

compensation and benefits under this Section 4(a)
shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Section 5 of
this Agreement.

 

(b)          If
when employment termination occurs the Executive is a “specified employee” within the meaning of Section 409A
of the Code, if the cash severance payment under Section 4(a) would be considered deferred compensation under Section 409A
of the Code, and finally if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not
available, the Executive’s continued Base Salary under Section 4(a) for the first six months after employment termination
shall be paid to the Executive in a single lump sum without interest on the first business day of the seventh month after the month
in which the Executive’s employment terminates.

 

		5.	Change in Control Benefits.

 

(a)          Change
in Control Benefits. If a Change in Control occurs during the term of this Agreement and, thereafter during the then remaining
term of the Agreement, the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily
terminates employment with Good Reason, the Company shall make or cause to be made a lump-sum payment to the Executive in an amount
in cash equal to three times the Executive’s average annual compensation. For this purpose, average annual compensation means
the Executive’s taxable income reported by the Company or its affiliates for the five calendar years immediately preceding
the calendar year in which the Change in Control occurs. The payment required under this paragraph is payable no later than five
business days after the Executive’s termination of employment. If the Executive receives payment under Section 5(a),
the Executive shall not be entitled to any additional severance benefits under Section 4(a) of this Agreement.

 

(b)          Change
in Control Defined. For purposes of this Agreement “Change in Control” means a change in control of the Company
as defined in Internal Revenue Section 409A of the Code and rules, regulations, and guidance of general application thereunder
issued by the Department of the Treasury, including a “change in ownership,” “change in effective control”
or “change in ownership of a substantial portion of assets.”

 

(c)          Potential
Limitation of Benefits Under Certain Circumstances. Notwithstanding any other provisions of this Agreement, in the event that
the aggregate payments or benefits to be made or afforded to the Executive under this Agreement or otherwise, which are deemed
to be parachute payments as defined in Section 280G of the Code or any successor thereof (the “Termination Benefits”),
would be deemed to include an “excess parachute payment” under Section 280G of the Code, then the Termination
Benefits shall be reduced to a value which is $1.00 less than an amount equal to three times the Executive’s “base
amount,” as determined in accordance with Section 280G of the Code. The allocation of the reduction required hereby
among the Termination Benefits shall first be made from any cash severance benefit due under Section 5(a) of this Agreement.
Nothing contained in this Agreement shall result in a reduction of any payments or benefits to which the Executive may be entitled
upon termination of employment other than pursuant to Sections 4 and 5 hereof, or a reduction in the payments and benefits
specified, below zero.

 

		6.	Confidentiality and Creative Work.

 

(a)          Non-disclosure.
The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential information of any nature
concerning the Company or its business, or anything connected therewith. As used in this Section 6 the term “confidential
information” means all of the Company’s or the Association’s and the Company’s affiliates’ confidential
and proprietary information and trade secrets in existence on the date hereof or existing at any time during the term of this Agreement,
including but not limited to:

 

    	 	5	 

     

    

 

(i)          the
whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or
other financial information,

 

(ii)         the
whole or any portion or phase of any research and development information, design procedures, algorithms or processes, or other
technical information,

 

(iii)        the
whole or any portion or phase of any marketing or sales information, sales records, customer lists, prices, sales projections,
or other sales information, and

 

(iv)        trade
secrets, as defined from time to time by the laws of Missouri. This Section 6(a) does not prohibit disclosure required by
an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive
in the ordinary course of business and within the scope of the Executive’s authority.

 

(b)          Return
of Materials. The Executive agrees to immediately deliver or return to the Company upon termination, upon expiration of this
Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Company or prepared
by the Executive in connection with the Executive’s services hereunder and to immediately delete all electronically stored
data of the Company maintained on the Executive’s personal computers and to return all Company-provided computers or communication
devices. The Executive will retain no copies thereof after termination of this Agreement or termination of the Executive’s
employment.

 

(c)          Creative
Work. The Executive agrees that all creative work and work product, including but not limited to all technology, business management
tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term of this Agreement, regardless
of when or where such work or work product was produced, constitutes work made for hire, all rights of which are owned by the Company.
The Executive hereby assigns to the Company all rights, title, and interest, whether by way of copyrights, trade secret, trademark,
patent, or otherwise, in all such work or work product, regardless of whether the same is subject to protection by patent, trademark,
or copyright laws.

 

(d)          Affiliates’
Confidential Information is Covered; Confidentiality Obligation Survives Termination. For purposes of this Agreement, the term
“affiliate” of the Company includes any entity that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with the Company. The rights and obligations set forth in this 6 shall survive termination
of this Agreement.

 

(e)          Injunctive
Relief. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Company if
the Executive fails to observe the obligations imposed by this Section 6. Accordingly, if the Company institutes an action
to enforce the provisions hereof, the Executive hereby waives the claim or defense that an adequate remedy at law is available
to the Company, and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists.
The confidentiality and remedies provisions of this Section 6 shall be in addition to and shall not be deemed to supersede
or restrict, limit, or impair the Company’s rights under applicable state or federal statute or regulation dealing with or
providing a remedy for the wrongful disclosure, misuse, or misappropriation of trade secrets or proprietary or confidential information.

 

		7.	Competition After Employment Termination.

 

(a)          Covenant
Not to Solicit Employees. The Executive agrees not to, directly or indirectly, solicit or employ the services of any officer
or employee of the Company (including an individual who was an officer or employee of the Company during the one year period
following the Executive’s termination) for two years after the Executive’s employment termination.

 

    	 	6	 

     

    

 

(b)          Covenant
Not to Compete.

 

(i)          The
Executive covenants and agrees not to compete directly or indirectly with the Company for one year after employment termination.
For purposes of this Section 7(b):

 

(1)         the
term compete means:

 

(i)          providing
financial products or services on behalf of any financial institution for any person residing in the territory,

 

(ii)         assisting
(other than through the performance of ministerial or clerical duties) any financial institution in providing financial products
or services to any person residing in the territory, or

 

(iii)        inducing
or attempting to induce any person who was a customer of the Company at the date of the Executive’s employment termination
to seek financial products or services from another financial institution.

 

(2)         the
words directly or indirectly mean:

 

(i)          acting
as a consultant, officer, director, independent contractor, or employee of any financial institution in competition with the Company
in the territory, or

 

(ii)         communicating
to such financial institution the names or addresses or any financial information concerning any person who was a customer of the
Company when the Executive’s employment terminated.

 

(3)         the
term customer means any person to whom the Company is providing financial products or services on the date of the Executive’s
employment termination or within one year thereafter.

 

(4)         the
term financial institution means any bank, savings association, or bank or savings association holding company, or any other
institution, the business of which is engaging in activities that are financial in nature or incidental to such financial activities
as described in Section 4(k) of the Association Holding Company Act of 1956, other than the Company or any of its affiliated
corporations.

 

(5)         financial
product or service means any product or service that a financial institution or a financial holding company could offer by
engaging in any activity that is financial in nature or incidental to such a financial activity under Section 4(k) of the
Association Holding Company Act of 1956 and that is offered by the Company or an affiliate on the date of the Executive’s
employment termination, including but not limited to banking activities and activities that are closely related and a proper incident
to banking.

 

(6)         the
term person means any individual or individuals, corporation, partnership, fiduciary or association.

 

(7)         the
term territory means the area within a 25-mile radius of any office of the Company at the date of the Executive’s
employment termination.

 

(ii)         If
any provision of this section or any word, phrase, clause, sentence or other portion thereof (including, without limitation, the
geographical and temporal restrictions contained therein) is held to be unenforceable or invalid for any reason, the unenforceable
or invalid provision or portion shall

 

    	 	7	 

     

    

 

be modified or deleted so that the provisions
hereof, as modified, are legal and enforceable to the fullest extent permitted under applicable law.

 

(iii)        The
Executive acknowledges that the Company’s willingness to enter into this Agreement and to make the payments contemplated
by Sections 3 and 4 of this Agreement is conditioned on the Executive’s acceptance of the covenants set forth in Sections 6
and 7 of this Agreement and that the Company would not have entered into this Agreement without such covenants in force.

 

(c)          Injunctive
and Other Relief. Because of the unique character of the services to be rendered by the Executive hereunder, the Executive
understands that the Company would not have an adequate remedy at law for the material breach or threatened breach by the Executive
of any one or more of the Executive’s covenants in this Section 7. Accordingly, the Executive agrees that the Company’s
remedies for a breach of this Section 7 include, but are not limited to, (x) forfeiture of any money representing accrued
salary, contingent payments, or other fringe benefits (including any amount payable pursuant to Section 4) due and payable
to the Executive during the period of any breach by Executive, and (y) a suit in equity by the Company to enjoin the Executive
from the breach or threatened breach of such covenants. The Executive hereby waives the claim or defense that an adequate remedy
at law is available to the Company and the Executive agrees not to urge in any such action the claim or defense that an adequate
remedy at law exists. Nothing herein shall be construed to prohibit the Company from pursuing any other or additional remedies
for the breach or threatened breach.

 

(d)          Section 7
Survives Termination But Is Void After a Change in Control. The rights and obligations set forth in this Section 7 shall
survive termination of this Agreement. However, Section 7 shall become null and void effective immediately upon a Change in
Control.

 

		8.	Compliance with Internal Revenue Code Section 409A.

 

(a)          The
Executive will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified
as deferred compensation only upon a “separation from service” within the meaning of Section 409A.

 

(b)          If
at the time of the Executive’s separation from service, (i) the Executive is a “specified employee” (within
the meaning of Section 409A and using the methodology selected by the Company) and (ii) the Company makes a good faith
determination that an amount payable or the benefits to be provided hereunder constitutes deferred compensation (within the meaning
of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule of Section 409A
in order to avoid taxes or penalties under Section 409A, then the Company will not pay the entire amount on the otherwise
scheduled payment date but will instead pay on the scheduled payment date the maximum amount permissible in order to comply with
Section 409A (i.e., any amount that satisfies an exception under the Section 409A rules from being categorized as deferred
compensation) and will pay the remaining amount (if any) in a lump sum on the first business day of the seventh month after the
month in which the Executive’s employment terminates.

 

(c)          To
the extent the Executive would be subject to an additional 20% tax imposed on certain deferred compensation arrangements pursuant
to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such tax and the parties shall promptly execute any amendment reasonably necessary to implement
this Section 8. The Executive and the Company agree to cooperate to make such amendment to the terms of this Agreement as
may be necessary to avoid the imposition of penalties and taxes under Section 409A; provided, however, that the Executive
agrees that any such amendment shall provide the Executive with economically equivalent payments and benefits, and the Executive
agrees that any such amendment will not materially increase the cost to, or liability of, the Company with respect to any payment.

 

    	 	8	 

     

    

 

(d)          To
the extent that any right to reimbursement of expenses or payment of any in-kind benefit under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the
Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive,
(ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii)
the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided that the foregoing clause shall
not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect.

 

(e)          For
purposes of this Agreement, Section 409A shall refer to Section 409A of the Internal Revenue Code of 1986, as amended,
and the Treasury regulations and any other authoritative guidance issued thereunder.

 

		9.	Miscellaneous.

 

(a)          Successors
and Assigns.

 

(i)          This
Agreement shall be binding upon the Company and any successor to the Company, including any persons acquiring directly or indirectly
all or substantially all of the business or assets of the Company by purchase, merger, consolidation, reorganization, or otherwise.
But this Agreement and the Company’s obligations under this Agreement are not otherwise assignable, transferable, or delegable
by the Company. By agreement in form and substance satisfactory to the Executive, the Company shall require any successor to all
or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement in the same
manner and to the same extent the Company would be required to perform had no succession occurred.

 

(ii)         This
Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, and legatees.

 

(iii)        Without
written consent of the other parties, no party shall assign, transfer, or delegate this Agreement or any rights or obligations
under this Agreement, except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s
right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise,
except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment
or transfer that is contrary to this Section 9(a), the Company shall have no liability to pay any amount to the assignee or
transferee.

 

(b)          Governing
Law, Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State of Missouri,
without giving effect to any conflict of laws provision or rule that would cause the application of the laws of any jurisdiction
other than Missouri. By entering into this Agreement, the Executive acknowledges that the Executive is subject to the jurisdiction
of both the federal and state courts in Missouri.

 

(c)          Entire
Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive by the
Company. Any oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously
with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void by the parties.

 

(d)          Notices.
All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand or mailed, certified or registered

 

    	 	9	 

     

    

 

mail, return receipt requested, with postage
prepaid. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of
the Executive on the books and records of the Company at the time of the delivery of such notice, and properly addressed to the
Company if addressed to the boards of directors of Bancshares and the Association.

 

(e)          Severability.
If there is a conflict between any provision of this Agreement and any statute, regulation, or judicial precedent, the latter shall
prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them
within the requirements of law. If any provisions of this Agreement is held by a court of competent jurisdiction to be indefinite,
invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect
unless that would clearly be contrary to the intentions of the parties or would result in an injustice.

 

(f)          Captions
and Counterparts. The captions in this Agreement are solely for convenience. The captions do not define, limit, or describe
the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument.

 

(g)          No
Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement
by seeking other employment. Moreover, provided the Executive is not in breach of any obligation under Sections 6 and 7 of
this Agreement, the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned or benefits
provided as the result of employment of the Executive or as a result of the Executive being self-employed after employment termination.

 

(h)          Amendment
and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified in any manner, except
by an instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of
the provisions of this Agreement shall not be construed to be a waiver of any such provision, nor affect the validity of this Agreement
or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any breach of this
Agreement shall be held to be a waiver of any other or subsequent breach.

 

(i)          Required
Provisions. Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon,
their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification
Payments.

 

(j)          Source
of Payments. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided
for under this Agreement, are paid or received by the Executive under an employment agreement in effect between the Executive and
the Association, the payments and benefits paid by the Association will be subtracted from any amount or benefit due simultaneously
to the Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity
and the time expended by the Executive on activities related to the Company, respectively, as determined by the Company.

 

*     *     *     *     *

 

[signature page follows]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Employment Agreement as of the date first written above.

 

	CENTRAL FEDERAL BANCSHARES, INC.	 
	 	 	 
	By:	/s/ William A. Stoltz	 
	Name:	William A. Stoltz	 
	Title:	President and Chief Executive Officer	 

 

	CENTRAL FEDERAL SAVINGS AND 	 
	LOAN ASSOCIATION OF ROLLA	 
	 	 	 
	By:	/s/ William A. Stoltz	 
	Name:	William A. Stoltz	 
	Title:	President and Chief Executive Officer	 

 

	 	EXECUTIVE
	 	 
	 	/s/ William A. Stoltz
	 	William A. Stoltz

 

[Signature Page – Central Federal Bancshares, Inc. Employment Agreement – Stoltz]

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