Document:

Exhibit
10.1

 

ASSET
PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (this “Agreement”), is entered into as of September 27, 2021, between the person listed in
Exhibit A (“Seller”), and Code Chain New Continent Limited, a Nevada corporation (“Buyer”). Capitalized
terms used in this Agreement have the meanings given to such terms herein.

 

本资产购买协议(“本协议”),于
2021 年 9 月 27 日,由附件 A 所列人士( “卖方”),与一家内华达州公司,Code
Chain New Continent Limited (“买方”)共同签署。本协议使用大写术语含义如下所述。

 

RECITALS

 

序言

 

WHEREAS,
the Seller is the owner of storage servers for cloud computing listed in Exhibit B (the “Assets”); and

 

鉴于,卖方是附件
B 所列云计算存储服务器(“资产”)的所有人;

 

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Assets, subject to the terms and conditions set forth herein;
and

 

鉴于,基于本协议条款和条件,卖方希望出售给买方,买方希望从卖方处购买资产;

且

 

WHEREAS,
Buyer has completed its due diligence and valuation appraisal of the Assets.

 

鉴于,买方已完成对资产进行的尽职调查以及估值。

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

现,因此,根据本协议双方的承诺和合意,和双方认可的良好充分的对价,协议双方同意如下:

 

ARTICLE
I

PURCHASE
AND SALE

 

第一条
买卖

 

Section
1.01 Purchase and Sale of Assets. Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell to
Buyer, and Buyer shall purchase from Seller, the Assets.

 

1.01 买卖资产。基于本协议条款和条件,在交割时,卖方出售给买方,买方向卖方购买资产。

 

     

     

    

 

Section
1.02 Liabilities. Subject to the terms and conditions set forth herein, Buyer shall not assume and shall not be responsible to pay,
perform, or discharge no liabilities, obligations, or commitments of any nature whatsoever, whether asserted or unasserted, known or
unknown, absolute or contingent, accrued or unaccrued, matured or unmatured, or otherwise, of the Assets.

 

1.02 责任。基于本协议条款和条件,买方不承担并且无责任支付、履行,或者豁免资产上的任何性质的责任、义务或承诺,而无论其是确定的或不确定的、已知的或未知的、现有的或或有的、累积的或不累积的、到期的或未到期的或其他类似情况。

 

Section
1.03 Title. All right, title and interest to the Assets shall pass to Buyer, free and clear of Encumbrances (as defined in Section
3.02) on the Closing Date (as defined in Section 2.01) by operation of law.

 

1.03 所有权。有关资产的所有权利、所有权和利益将于交割日(定义见
2.01)转移给买方,并且不存在任何权利负担(定义见
3.02)。

 

Section
1.04 Warranty. Seller hereby transfers and assigns to Buyer any and all warranties with respect to the Assets to Seller in connection
with its original purchase of the Assets, and Seller provides the Buyer with full benefit of the warranty over the lifetime of assets.

 

1.04 质保。卖方在此向买方转让和让与有关资产的所有与资产原始购买相关的质保,并且卖方提供买方相关资产寿命期内的质保权益。

 

Section
1.05 Expenses. Seller shall retain only physical possession of and manage the operation and upkeep of the Assets after the Closing
Date. All costs and expenses incurred in connection with the operation of the Assets shall be paid by the Seller.

 

1.05 费用。卖方将只保留在交割后对资产进行物理上的持有、管理及维护。所有关于资产运营的成本和费用由卖方承担。

 

Section
1.06 Revenue. Seller to cause revenue and any other source of income from the operation of the Assets to be owned by the Buyer.

 

1.06
收入。卖方将致使资产运营的收入或其他形式的利润归买方所有。

 

Section
1.07 Purchase Price. The aggregate purchase price for the Assets shall be US Dollars 15,922,303.80 or equivalent other currency (the
“Purchase Price”).

 

1.07 购买价格。资产总购买价格为
15,922,303.80 美元或等值其他货币(“购买价格”)。

 

    2

     

    

 

ARTICLE
II

CLOSING

 

第二条
交割

 

Section
2.01 Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement
(the “Closing”) shall be subject to completion of satisfactory legal and financial due diligence of the Buyer and take
place at such other time or place or in such other manner as Seller and Buyer may mutually agree upon in writing. The date on which the
Closing is to occur is herein referred to as the “Closing Date.”

 

2.01 交割。根据本协议的条款和条件,本协议下预计的交易完成(“交割”)应以完成令买方满意的法律和财务尽职调查为条件,并在卖方和买方书面同意的其他时间或地点或以其他方式进行。交割发生的日期在此称为“交割日”。

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF SELLER

 

第三条
卖方的保证与陈述

 

Seller
represents and warrants to Buyer that the statements contained in this are true and correct as of the date hereof.

 

卖方向买方声明并保证,截至本协议日期本第三条中包含的陈述是真实和正确的。

 

Section
3.01 Power and Capacity of Seller. Seller is a corporation duly organized, validly existing, and in good standing under the Laws
of the PRC. Seller has full power and capacity to enter into this Agreement and the and the other agreements, instruments, and documents
required to be delivered in connection with this Agreement or at the Closing (collectively, the “Transaction Documents”)
to which Seller is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby
and thereby. This Agreement and the Transaction Documents constitute legal, valid, and binding obligations of Seller enforceable against
Seller in accordance with their respective terms.

 

3.01 卖方的权限。卖方是基于中国法律合法成立和存续的法人。卖方作为协议的一方,其拥有签订本协议以及与本协议相关或在交割时要求交付的其他协议、文书和文件
(统称为“交易文件”)的全部权力和能力,以履行其在本协议项下的义务,并完成本协议项下的交易。本协议和交易文件构成卖方的合法、有效和有约束力的义务,可根据其各自的条款对卖方强制执行。

 

Section
3.02 No Conflicts or Consents. The execution, delivery, and performance by Seller of this Agreement and the other Transaction
Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)
violate or conflict with any provision of any statute, law, ordinance, regulation, rule, code, constitution, treaty, common law,
other requirement, or rule of law of any Governmental Authority (collectively, “Law”) or any order, writ, judgment,
injunction, decree, stipulation, determination, penalty, or award entered by or with any Governmental Authority
(“Governmental Order”) applicable to Seller or the Assets; (b) require the consent, notice, declaration, or filing
with or other action by any individual, corporation, partnership, joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association, or other entity (“Person”) or require any permit, license, or
Governmental Order; (c) violate or conflict with, result in the acceleration of, or create in any party the right to accelerate,
terminate, modify, or cancel any Contract to which Seller is a party or by which Seller is bound or to which any of the Assets are
subject (including any Assigned Contract); or (d) result in the creation or imposition of any charge, claim, pledge, equitable
interest, lien, security interest, restriction of any kind, or other encumbrance (“Encumbrance”) on the
Assets.

 

3.02 无冲突或同意。卖方签署、交付和履行本协议及其作为一方的其他交易文件,以
及完成本协议的交易时,不得也不会:(a)违反或抵触任何法令、法律、条例、规定、规则、
法规、章程、条约、普通法、其他要求或政府机构制定的任何法律规则(统称为“法律”),
或由任何政府机构制定的或与之相关的适用于卖方或其资产的任何命令、令状、判决、禁令、法令、规定、决定、处罚或奖励(统称为“政府法令”);(b)要求任何个人、公司、合伙企业、合资企业、有限责任公司、政府机构、非法人组织、信托、协会或其他实体(“人”)的同意、
通知、声明、备案或其他行动,或要求任何许可、执照或政府命令;(c)违反或抵触、导致加
速到期或时任何一方产生加速到期、终止、修改或取消卖方为一方或卖方受其约束或任何资
产受其约束的任何合同(包括任何转让合同)的权利;或(d)导致在资产上产生或附加任何质押、索赔、抵押、衡平法权益、留置权、担保权益、任何种类的限制或其他权利负担(“权利负
担”)。

 

Section
3.03 Title to Assets. Seller has good and valid title to all of the Assets, free and clear of Encumbrances.

 

3.03
资产所有权。卖方对所有资产享有良好且有效的所有权,没有权利负担。

 

Section
3.04 Compliance with Laws. Seller is in compliance with all Laws applicable to the use of the Assets.

 

3.04
遵守法律。卖方遵循所有适用于资产使用的法律。

 

    3

     

    

 

Section
3.05 Regulatory Approvals. No regulatory approval or filing with, notice to, or waiver from any governmental authority is required
to be obtained or made by Seller: (a) in connection with the execution and delivery of, and performance by Seller of its obligations
under, this Agreement or the consummation of the transactions contemplated hereby; (b) to transfer any and all rights and benefits thereunder
to Buyer; or (c) to the knowledge of the Seller, to permit the Buyer to operate the Assets as contemplated.

 

3.05 监管批准。如下情形中卖方无需获得或做出任何政府机构的监管批准或备案、通知或弃权:(a)与卖方执行、交付和履行本协议项下的义务或完成本协议项下预期的交易相关;(b)将本协议项下的任何及所有权利和利益转让给买方;或(3)据卖方所知,准许买方按照预期运营资产。

 

Section
3.06 Intellectual Property. The Assets do not violate or infringe the intellectual property of any third party and Buyer will have
all rights to intellectual property (without the need to make any payments in connection therewith) required to operate the Assets in
the manner currently contemplated.

 

3.06 知识产权。资产不违反或侵犯任何第三方的知识产权,且买方拥有以当前方式运营资产预期所需的所有知识产权(无需支付任何相关费用)。

 

Section
3.07 Full Disclosure. No representation or warranty by Seller in this Agreement or any certificate or other document furnished or
to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact
necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.

 

3.07 充分披露。卖方在本协议中的陈述或保证,或根据本协议提供或将提供给买方的任何证书或其他文件,均不包含任何对重要事实的虚假陈述,或忽略陈述重要事实以根据其做出的情况使得其中包含的陈述不具有误导性。

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

第四条
买方的保证和陈述

 

Buyer
represents and warrants to Seller that the statements contained in this are true and correct as of the date hereof.

 

买方向卖方声明并保证,自本协议签订之日起,本第四条中包含的陈述和保证是真实和正确的。

 

Section
4.01 Organization and Authority of Buyer. Buyer is a corporation duly organized, validly existing, and in good standing under the
Laws of the State of Nevada. Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents
to which Buyer is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby
and thereby. The execution and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the
performance by Buyer of its obligations hereunder and thereunder, and the consummation by Buyer of the transactions contemplated hereby
and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement and the Transaction Documents
constitute legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

 

4.01 买方的架构及权限。买方是一家根据内华达州法律合法成立、有效存续并
信誉良好的公司。买方拥有完全的法人权限和授权,以签订本协议和买方作为一方的其他交易文件,履行其在本协议项下的义务,并完成本协议中预期的交易。买方签署并交付本协议和买方作为一方的任何其他交易文件,买方履行其在本协议项下的义务,并完成本协议项下预期的交易,已得到买方所有必要的公司作出的正式授权。本协议和交易文件构成买方的合法、有效和有约束力的义务,并根据各自的条款对买方强制执行。

 

    4

     

    

 

Section
4.02 No Conflicts; Consents. The execution, delivery, and performance by Buyer of this Agreement and the other Transaction Documents
to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) violate or
conflict with any provision of the certificate of incorporation, by-laws, or other organizational documents of Buyer; (b) violate or
conflict with any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice, declaration, or
filing with or other action by any Person or require any permit, license, or Governmental Order.

 

4.02 无冲突;同意。买方对本协议和其作为一方的其他交易文件的签署、交付和履行,以及据此预期的交易的完成,没有也不会:(a)
违反或与买方的公司注册证书、章程或其他组织文件的任何规定相冲突;(b)
违反或与适用于买方的任何法律或政府命令的任何规定相冲突;或(c)
要求任何人的同意、通知、声明或提交以及其他行动,或要求任何许可、许可证或政府命令。

 

Section
4.03 Legal Proceedings. There are no Actions pending or, to Buyer’s knowledge, threatened against or by Buyer that challenge or seek
to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist
that may give rise to, or serve as a basis for, any such Action.

 

4.03 诉讼。不存在任何未决诉讼,或就买方所知,可能会发生的针对买方或由买方提起的挑战或寻求阻止、禁止或以其他方式延迟本协议预期的交易的诉讼。不存在已发生的可能产生上述诉讼或诉讼通知的事件或情况。

 

ARTICLE
V

TERM

 

第五条
期限

 

Section
5.01 Term. The term of this Agreement (the “Term”) shall be one year and may be renewable upon mutual agreement by the
parties.

 

5.01
期限。本协议的期限(“期限”)为一年,并可以在双方达成一致情况下续约。。

 

ARTICLE
VI

MISCELLANEOUS

 

第六条
其他

 

Section
6.01 Notices. All notices, claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been
given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of
transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours
of the recipient, or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

    5

     

    

 

6.01 通知。本协议项下的所有通知、索赔、要求和其他通信均应采用书面形式,
并在以下情况应被视为已发出:(a) 当由专人交付时(须有书面的收悉确认);
(b) 若由全国认可 的隔夜快递公司发出,则收件人收到时(需提供收据);
(c) 以传真或电子邮件发送 PDF 文件(并确认传送)的日期(如在收件人的正常工作时间内发送),若在收件人的正常工作时间以外发送,
则以下一个工作日为准,或(d) 在邮资已预付的挂号或挂号信寄出后第三天(需要回执)。

 

Section
6.02 Entire Agreement. This Agreement and the other Transaction Documents constitute the sole and entire agreement of the parties
to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements
in the body of this Agreement and those in the other Transaction Documents, the statements in the body of this Agreement will control.

 

6.02 协议完整性。就本协议和本协议中所包含的标的而言,本协议及其他交易文件构成本协议各方唯一且完整的协议,并取代所有先前和同期就该事项达成的书面和口头理解和协议。如果本协议正文中的表述与其他交易文件中的表述有任何不一致之处,则以本协议正文中的表述为准。

 

Section
6.03 Governing Law; Submission to Jurisdiction;

 

6.03
管辖法律;管辖权的申请

 

This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction). Any legal suit, action, proceeding,
or dispute arising out of or related to this Agreement, the other Transaction Documents, or the transactions contemplated hereby or thereby
may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in
the city of New York and county of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such
suit, action, proceeding, or dispute.

 

本协议受纽约州的国内法律管辖并根据其进行解释,但不包括冲突法或规范
(无论是纽约州或任何其他司法管辖区的)。因本协议、其他交易文件或据此预期的交易而产生的或与之相关的任何法律诉求、诉讼、程序或争议,均可向位于纽约市和纽约州的美国联邦法院或纽约州法院提起诉讼,在任何该等诉求、诉讼、程序或争议中,各方不可撤销地服从该等法院的专属管辖权。

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized. 兹证明,双方已在本协议首次写明的日期由其正式授权的人员签署。

 

	 	Shenzhen Jindeniu Electronics Limited
	 	 	 
	 	深圳金的牛电子科技有限公司
	 	 	 
	 	By	/s/ Xingkai Zheng                     
	 	签字:	 
	 	Name: 	Xingkai Zheng
	 	姓名:	 

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized. 兹证明,双方已在本协议首次写明的日期由其正式授权的人员签署。

 

	 	Code Chain New Continent Limited
	 	 	 
	 	By	/s/ Tingjun Yang
	 	签字:	 
	 	Name: 	Tingjun Yang
	 	姓名:	杨廷俊
	 	Title:	CEO
	 	职位:	首席执行官

 

    8

     

    

 

Exhibit
A          List of Seller

 

附件
A                 卖方列表

 

	 

    Name
    of Seller

     

    卖方名称或姓名
	 

    Address

     

    地址
	 

    Memo

     

    备注

	 

    Shenzhen
    Jindeniu Electronics Limited

     

    深圳金的牛电子科技有限公司
	 

    Room
    1201, Building No. 4, Block 2, Dachong Commercial Centre, No. 9672 Shen Nan Da Dao, Dachong Community, Yuehai Street, Nanshan District,
    Shenzhen City China

     

    中国深圳市南山区粤海街道大冲社区深南大道
    9672 号大冲商务中

    心(一期)2
    栋 4 号楼 1201 室
	 

 

     

     

    

 

Exhibit
B          List of Assets

 

附件
B                 资产清单

 

	 

    Cloud
    Service Storage Servers

    云服务存储服务器
	 	Total
    Number总计数

    量
	 

    20

	 
	 

    No.

    序号
	 

    Type
    of Parts

    配件类别
	 

    Model
    of Parts

    配件型号
	Number
    in Account 账面数

    量
	 

    Memo

    备注

	 

     

    1
	Name
    of Device: 200 (Model 5280), K42R-02-B36AC6, Hard Disk with size of 36*3.5 inch, EXP server chassis, K42R-02

    设备名称:200
    (Model 5280),K42R-

    02-B36AC6,36*3.5
    英寸硬盘 EXP 机箱,K42R-02
	 

     

    K42R-02-B36AC6
	 

     

    1
	 
	 

     

    2
	Motherboard
    of Server (VD) S920S00- 3210-AG 2*(920,24Core @ 2.6GHz,

    8DIMM)

    服务器主板(VD)
    S920S00-3210-AG 2*(920,24Core@2.6GHz,8DIMM)
	 

     

    S920S00-3210-AG
	 

     

    1
	 
	 

    3
	AC
    Power with B version for Platinum Servers with 900W

    服务器白金
    900W B 版本交流电源
	 

    PAC900S12-B1
	 

    2
	 
	 

     

    4
	Memory
    of DDR4 RDIMM with - 16GB-2933MT/s-2Rank(1G*8bit)-

    1.2V-ECC

    DDR4 RDIMM 内
    存 -16GB- 2933MT/s-2Rank(1G*8bit)-1.2V-ECC
	 

     

    M429R16
	 

     

    2
	 
	 

     

    5
	General
    Hard Disk with 16000GB- SATA 6Gb/s-7.2K rpm-256MB, 3.5

    inch
    (with 3.5 inch bracket)

    通用硬盘
    -16000GB-SATA 6Gb/s- 7.2K rpm-256MB-3.5 英寸(3.5 英寸托架)
	 

     

    HDD16T72KW3
	 

     

    36
	 
	 

    6
	Model
    of 16X SLOT (PCIE X16) +16X

    SLOT
    (PCIE X8)-RISER1&2
	 

    BC8M02RISE
	 

    1
	 

	 	16X
    SLOT (PCIE X16) +16X SLOT

    (PCIE
    X8)-RISER1&2 模组
	 	 	 
	 

    7
	Hardware
    acceleration of ATLAS PM2.0

    ATLAS
    PM2.0 硬件加速卡
	 

    03025HSW
	 

    1
	 
	 

     

    8
	SR450C
    SAS/SATA RAID interface, RAID 0,1,10,5,50,6,60,2GB Cache

    (Avago3508)
    which supports super capacitor and sideband management SR450C SAS/SATA RAID 卡 ,RAID0,1,10,5,50,6,60,2GB

    Cache(Avago3508),
    支持超级电容和

    边带管理
	 

     

    BC8M01RLCB
	 

     

    1
	 
	 

    9
	Interface
    card of 4*GE

    4*GE
    接口卡
	 

    TM210
	 

    1
	 
	 

     

    10
	Ethernet
    card-10Gb fibre optical port (Mellanox MT27712A0)- two ports- SFP+(exclusive of optical model)-PCIe

    3.0
    x8(OEM purpose)

    以太网卡
    -10Gb 光口 (Mellanox MT27712A0)- 双端口-SFP+( 不含光模块)-PCIe 3.0 x8(OEM
    专用)
	 

     

    CN2M07ITGF
	 

     

    1
	 
	 

     

    11
	4U
    V5 ball type drawing slide rail kit (direct delivery material)

    4U
    V5 滚珠式抽拉滑轨套件(直发物

    料)
	 

     

    SR_828X77X7
	 

     

    1
	 
	 

     

    12
	Customized
    services- IT Server, Label of Design & Assets Management & low-level layout config

    定制服务-IT
    Server,外观标签&资产

    管理&底层软件定制
	 

     

    IBMC-IPV4
    AUTO-DHCP
	 

     

    1EXHIBIT 10.1

    

  

  

  

  

  
    EMPLOYMENT AGREEMENT

    This Employment Agreement (this “Agreement”) is made
      effective as of September 30, 2021 (the “Effective Date”), by and between First Federal Bank of Wisconsin, a federally chartered savings bank (the “Bank”) and Steven L. Wierschem (the “Executive”).  The Bank and Executive are
      sometimes collectively referred to herein as the “parties.”

    WITNESSETH

     

      

    WHEREAS, Executive is currently employed as Chief Financial Officer of the Bank and the Bank desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement; and

     

      

    WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

     

      

    NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows:

     

      

    1. POSITION AND RESPONSIBILITIES.

     

      

    During the term of this Agreement, Executive shall continue to serve as Chief Financial Officer of the Bank.  Executive will be
      responsible for the Bank’s financial and accounting systems, including developing, recommending, implementing and monitoring financial plans and policies.  Executive will also be responsible for monitoring the Bank’s operational and information
      technology functions and shall perform such executive services for the Bank as may be consistent with the Executive’s titles and from time to time assigned to the Executive by the Bank’s Board of Directors or the President and Chief Executive Officer
      of the Bank.  Executive also agrees to serve, if elected, as an officer and director of any affiliate of the Bank.

     

    

    2. TERM AND DUTIES.

     

      

    (a) One Year Contract; Annual Renewal.  The term of this Agreement shall commence as of the Effective Date
        and shall continue thereafter for a period of one year.  Commencing on January 16, 2022 and on each January 16 thereafter (each, a “Renewal Date”), the term of this
        Agreement shall renew for an additional year such that the remaining term of this Agreement is one year from such Renewal Date; provided, however, that the members of the Board of Directors of the Bank (the “Board”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive
        performance evaluation of Executive for purposes of determining whether to not extend this Agreement; and (ii) if the decision of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal
        (“Non-Renewal Notice”) prior to any Renewal Date, such that this Agreement shall terminate at the end of the remaining term.  Notwithstanding the foregoing, in the
        event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then, on the date of such agreement, the term of this Agreement shall be extended and shall
        terminate one year following the date on which the Change in Control occurs.

    
      1

      
        

    

    

    

    (b) Termination of Agreement.  Notwithstanding anything contained in this Agreement to the contrary, either
        Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement.

     

      

    (c) Continued Employment Following Expiration of Term.  Nothing in this Agreement shall mandate or prohibit a
        continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank and Executive may mutually agree.

    

    

    (d) Duties; Membership on Other Boards.  During the term of this Agreement, except for periods of absence
        occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all of the Executive’s business time, attention, skill, and efforts to the faithful performance of the
        Executive’s duties hereunder, including activities and services related to the organization, operation and management of the Bank; provided, however, that, Executive may serve, or continue to serve, on the boards of directors of, and hold any other
        offices or positions in, business companies or business or civic organizations, which, in the Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance of Executive’s duties pursuant to this
        Agreement.

     

      

    
      	
              3.

            	
              COMPENSATION, BENEFITS AND REIMBURSEMENT.

            

    

     

      

    (a) Base Salary.  In consideration of Executive’s performance of the duties set forth in Section 2, the Bank
        shall provide Executive the compensation specified in this Agreement.  The Bank shall pay Executive a salary of $144,200 per year (“Base Salary”).  The Base Salary
        shall be payable biweekly, or with such other frequency as officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed at least annually by the Board or by a committee designated by the Board, and
        the Bank may increase, but not decrease (except for a decrease that is generally applicable to all employees) Executive’s Base Salary. Any increase in Base Salary shall become “Base Salary” for purposes of this Agreement.

     

      

    (b) Bonus and Incentive Compensation.  Executive shall be entitled to equitable participation in incentive
        compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate.  Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which
        Executive is entitled under this Agreement.

     

      

    (c) Employee Benefits.  The Bank shall provide Executive with employee benefit plans, arrangements and
        perquisites substantially equivalent to those in which Executive was participating or from which the Executive was deriving benefit immediately prior to the commencement of the term of this Agreement, and the Bank shall not, without Executive’s
        prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees. Without limiting
        the generality of the foregoing provisions of this Section 3(c), subject to the discretion of the Board, the Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to,
        retirement plans, and at the Board’s election: supplemental retirement plans, pension plans, profit-sharing plans,

    
      2

      
        

    

     

      

    health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in
      the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

     

    

    (d) Paid Time Off.  Executive shall be entitled to paid vacation time each year during the term of this
        Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for senior executives.  Any unused
        paid time off during an annual period shall be treated in accordance with the Bank’s personnel policies as in effect from time to time.

     

      

    (e) Expense Reimbursements.  The Bank shall also pay or reimburse Executive for all reasonable travel,
        entertainment and other reasonable expenses incurred by Executive during the course of performing the Executive’s obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as Executive and
        the Board shall mutually agree are necessary and appropriate in connection with the performance of the Executive’s duties under this Agreement, upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may
        reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the  year in which such right to such payment or reimbursement occurred.

     

      

    4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

     

      

    (a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4 shall apply; provided, however, that in
        the event such Event of Termination occurs within one year following a Change in Control (as defined in Section 5 hereof), Section 5 shall apply instead. As used in this Agreement, an “Event of Termination’’ shall mean and include any one or more
        of the following:

     

      

    
      	
              (i)     

              

            	
              the involuntary termination of Executive’s employment hereunder by the Bank for any reason other than termination governed by Section 5 (in connection with or
                following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement), or  Section 8 (for Cause), provided that such termination constitutes a “Separation from Service” within the meaning of Section 409A of
                the Internal Revenue Code (“Code”); or

               

              

            

    

    
      	
              (ii)    

              

            	
              Executive’s resignation from the Bank’s employ upon any of the following, unless consented to by Executive:

               

              

            

    

    (A) failure to appoint Executive to the position set forth in Section 1, or a material change in Executive’s function, duties, or
        responsibilities, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and responsibilities described in Section 1, to which Executive has not agreed in writing (and any such
        material change shall be deemed a continuing breach of this Agreement by the Bank);

    
      3

      
        

    

    

    

    (B) a relocation of Executive’s principal place of employment to a location that is more than thirty (30) miles from the location of the Bank’s
        principal executive offices as of the date of this Agreement;

     

      

    (C) a material reduction in the benefits and perquisites, including Base Salary, to Executive from those being provided as of the Effective Date
        (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees of the Bank);

     

      

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

     

      

    (E) a material breach of this Agreement by the Bank.

     

      

    Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate the Executive’s employment under this
      Agreement by resignation for “Good Reason” upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which termination by
      Executive shall be an Event of Termination.  The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day period.

     

    

    (b) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or, in the event of the Executive’s subsequent death, the Executive’s beneficiary or beneficiaries,
        or the Executive’s estate, as the case may be, as severance pay or liquidated damages, or both, a cash payment equal to the sum of fifty-percent (50%) of annual Base Salary and fifty-percent (50%) of the highest bonus paid at any time during the
        prior three fiscal years.  Such payments shall be paid in a lump sum on the 60th day following the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive
        obtains other employment following the Event of Termination.  Notwithstanding the foregoing, Executive shall not be entitled to any payments or benefits under this Section 4 unless and until (i) Executive executes a release of the Executive’s
        claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the
        employment relationship, including claims under the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by
        applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement (the “Release”), and (ii) the
        payments and benefits shall begin on the 60th day following the date of the Executive’s Separation from Service, provided that before that date, the Executive has signed (and not revoked) the Release and the Release is irrevocable under
        the time period set forth under applicable law.  The Release must be executed and become irrevocable by the 60th day following the date of the Event of Termination, provided that if the 60-day period spans two (2) calendar years, then,
        to the extent necessary to comply with Code Section 409A, the severance payments and benefits described in Section 4(b) will be paid, or commence, in the second calendar year.

     

      

    (c) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or in the event of the Executive’s subsequent death, the Executive’s beneficiary or beneficiaries,
        or

    
      4

      
        

    

     

      

    the Executive’s estate, as the case may be, a cash payment equal to fifty-percent (50%) of the contributions that were made on the Executive’s behalf under
      the Bank’s defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank) during the prior fiscal year.  Such payment shall be paid in a lump sum within thirty (30) days of the Executive’s
      Separation from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

     

    

    (d) Upon the occurrence of an Event of Termination, the Bank shall provide, at the Bank’s expense, for six months, nontaxable medical and dental coverage and life insurance coverage
        substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees.  Notwithstanding
        the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if
        providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the cost of such non-taxable medical and dental benefits, with such payment to be made by
        lump sum within thirty (30) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

     

      

    (e) For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed
        by the Executive after the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide services in the 12 months
        immediately preceding the Event of Termination.  For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).  If Executive is a Specified Employee, as
        defined in Code Section 409A and any payment to be made under sub-paragraph (b) or (c) of this Section 4 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to
        the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service.

     

      

    5. CHANGE IN CONTROL.

     

      

    (a) Any payments made to Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such
        that Executive shall either receive payments pursuant to Section 4 or pursuant to Section 5, but not pursuant to both Sections.

    

    

    (b) For purposes of this Agreement, the term “Change in Control” shall mean:

     

      

    	

          	(1)	
            Merger:  The Company or the Bank merges into
                or consolidates with another entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or
                consolidation

          

    
      5

      
        

    

    

    

    is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

     

    

    	

          	(2)	
            Acquisition of Significant Share Ownership:  A
                person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of the
                Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; or

             

              

          

    	

          	(3)	
            Sale of Assets:  The Company or the Bank sells
                to a third party all or substantially all of its assets.

             

              

          

    (c) Upon the occurrence of a Change in Control followed within one year by an Event of Termination (as defined in Section 4 hereof), Executive, shall receive as severance pay or
        liquidated damages, or both, a lump sum cash payment equal to one times the sum of (i) Executive’s highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to Executive with respect to
        the three completed fiscal years prior to the Change in Control.  Such payment shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in
        the event Executive obtains other employment following the Event of Termination.

     

      

    (d) Upon the occurrence of a Change in Control followed within one year by an Event of Termination (as defined in Section 4 hereof), the Bank shall pay Executive, or in the event of
        the Executive’s subsequent death, the Executive’s beneficiary or beneficiaries, or the Executive’s estate, as the case may be, a cash payment equal to one times the amount of the contributions that were made on the Executive’s behalf under the
        Bank’s defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank) during the prior fiscal year.  Such payment shall be paid in a lump sum within ten (10) days of the Executive’s Separation
        from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

     

      

    (e) Upon the occurrence of a Change in Control followed within one year by an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor) shall provide at the
        Bank’s (or its successor’s) expense, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the Executive’s termination,
        except to the extent such coverage may be changed in its application to all Bank employees and then the coverage provided to Executive shall be commensurate with such changed coverage.  Such coverage shall cease one year following the termination
        of Executive’s employment.  Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the
        terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the cost of such non-taxable medical and
        dental benefits, with such payment to be made by lump sum within )

    
      6

      
        

    

     

      

    business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such
      insurance coverage) cannot be provided for the foregoing reasons.  

     

    

    (f) Notwithstanding the preceding paragraphs of this Section 5, in the event that the aggregate payments or benefits to be made or afforded to Executive in the event of a Change in
        Control would be deemed to include an “excess parachute payment” under Section 280G of the Internal Revenue Code or any successor thereto, then such payments or benefits shall be reduced to an amount, the value of which is one dollar ($1.00) less
        than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Section 280G of the Code.  In the event a reduction is necessary, then the cash severance payable by the Bank pursuant to Section 5 shall be reduced
        by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under Section 5 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to excise tax imposed under Section 4999 of
        the Code.

     

      

    
      	
              6.

            	
              TERMINATION FOR DISABILITY OR DEATH.

            

    

     

      

    (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if:
        (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by
        reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than
        three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon
        the termination of the Executive’s employment based on Disability.  Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.

     

      

    (b) Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives.  To the extent such benefits are
        less than Executive’s Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive’s Base Salary for one (1) year following the termination of the Executive’s
        employment due to Disability, which shall be payable in accordance with the regular payroll practices of the Bank.

     

      

    (c) In addition to Section 6(b), the Bank shall cause to be continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage
        maintained by the Bank for Executive prior to the termination of the Executive’s employment based on Disability, except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to
        an employee terminated based on Disability.  This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by another employer; (iii) one (1) year
        following the termination of the Executive’s employment due to Disability; or (iv) Executive’s death.

    
      7

      
        

    

     

      

    (d) In the event of Executive’s death during the term of this Agreement, the Executive’s estate, legal representatives or named beneficiaries (as directed by Executive in writing)
        shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive’s death, and the Bank shall continue
        to provide non-taxable medical and dental insurance benefits normally provided for Executive’s family (in accordance with its customary co-pay percentages) for twelve (12) months after Executive’s death.  Such payments are in addition to any other
        life insurance benefits that Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank’s tax-qualified retirement plans.

     

      

    
      	
              7.

            	
              TERMINATION UPON RETIREMENT.

            

    

     

    

    Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at any time after Executive
      reaches age 65 or in accordance with any retirement policy established by the Board with Executive’s consent as it applies to the Executive.  Upon termination of Executive based on Retirement, no amounts or benefits shall be due Executive under this
      Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party.

     

    

    
      	
              8.

            	
              TERMINATION FOR CAUSE.

            

    

     

      

    (a) The Bank may terminate Executive’s employment at any time, but any termination other than termination for “Cause,” as defined herein, shall not prejudice Executive’s right to
        compensation or other benefits under this Agreement.  Executive shall have no right to receive compensation or other benefits for any period after termination for “Cause.”  The term “Cause” as used herein, shall exist when there has been a good
        faith determination by the Board that there shall have occurred one or more of the following events with respect to the Executive:

     

      

    
      	
              (1)

            	
              personal dishonesty in performing Executive’s duties on behalf of the Bank;

            

    

    

    

    
      	
              (2)

            	
              incompetence in performing Executive’s duties on behalf of the Bank;

            

    

    

    

    
      	
              (3)

            	
              willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank;

            

    

    

    

    
      	
              (4)

            	
              breach of fiduciary duty involving personal profit;

            

    

    

    

    
      	
              (5)

            	
              material breach of the Bank’s Code of Ethics;

            

    

    

    

    
      	
              (6)

            	
              intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

            

    

    

    

    
      	
              (7)

            	
              willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any
                felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or

            

    

    
      8

      
        

    

    

    

    
      	
              (8)

            	
              material breach by Executive of any provision of this Agreement.

            

    

    

    

    Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly
      adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive to be heard
      before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof.  Prior to holding a meeting at which the Board is to make a final determination whether
      Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct constituting Cause as described
      above, the Board may suspend the Executive from the Executive’s duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting  at which the Executive shall be given the opportunity to be heard before the
      Board.  Upon a finding of Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 10 below.

     

    

    (b) For purposes of this Section 8, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad
        faith or without reasonable belief that Executive’s action or omission was in the best interests of the Bank.  Any act, or failure to act, based upon the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively
        presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Bank.

     

      

    9.      [RESERVED]

      

     
     

      

     
    
       10.   NOTICE.

        

       

       

    

     

    

    

    (a) Any purported termination by the Bank for Cause shall be communicated by Notice of Termination to Executive.  If, within thirty (30) days after
          any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration, as provided in Section 20.  Notwithstanding the pendency of any
        such dispute, the Bank shall discontinue paying Executive’s compensation until the dispute is finally resolved in accordance with this Agreement.  If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5, the
        payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as
        published in The Wall Street Journal from time to time).

     

      

    (b) Any other purported termination by the Bank or by Executive shall be communicated by a “Notice of Termination” (as defined in Section 10(c)) to the other party.  If, within
        thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in
        Section 20.  Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive the Executive’s Base Salary, and other compensation and benefits in effect when the notice giving rise to the dispute was given (except

    
      9

      
        

    

     

      

    as to termination of Executive for Cause); provided, however, that such payments and benefits shall not continue beyond the date that is 36 months from the
      date the Notice of Termination is given.  In the event the voluntary termination by Executive of the Executive’s employment is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled to termination benefits
      pursuant to this Agreement, the Executive shall return all cash payments made to the Executive pending resolution by arbitration, with interest thereon at the prime rate as published in The Wall Street Journal from time to time, if it is determined in arbitration that Executive’s voluntary termination of employment was not taken in good faith and not in the reasonable belief that grounds existed for the
      Executive’s voluntary termination.  If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base Salary and other compensation and benefits made to Executive under this Section 10
      shall offset the amount of any severance benefits that are due to Executive under this Agreement.

     

    

    (c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Agreement relied upon and
        shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.

     

      

    
      	
              11.

            	
              POST-TERMINATION OBLIGATIONS.

            

    

     

      

    (a) One Year Non-Solicitation.  Executive hereby covenants and agrees that, for a period
        of one year following the Executive’s termination of employment with the Bank, the Executive shall not, without the written consent of the Bank, either directly or indirectly (i) solicit, offer employment to, or take any other action intended (or
        that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment
        or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank, or any of their direct or indirect subsidiaries or affiliates or has headquarters or
        offices within twenty-five (25) miles of the locations in which the Bank has business operations or has filed an application for regulatory approval to establish an office, or (ii) solicit business from any customer of the Bank or their
        subsidiaries, divert or attempt to divert any business from the Bank or their subsidiaries, or induce, attempt to induce, or assist others in inducing or attempting to induce any agent, customer or supplier of the Bank or any other person or entity
        associated or doing business with the Bank (or proposing to become associated or to do business with the Bank) to terminate such person’s or entity’s relationship with the Bank (or to refrain from becoming associated with or doing business with the
        Bank) or in any other manner to interfere with the relationship between the Bank and any such person or entity.

    

    

    (b) Six Month Non-Competition.  Executive hereby covenants and agrees that, for a period
        of six months following his termination of employment with the Bank, the Executive shall not, without the written consent of the Bank, either directly or indirectly become an officer, employee, consultant, director, independent contractor, agent,
        sole proprietor, joint ventures, greater than 5% equity owner or stockholder, partner or trustee of any savings association, savings and loan association, savings and loan holding
        company, credit union, bank or bank holding company, any mortgage or loan broker or any other financial services entity or business that competes with the business of the Bank or its affiliates and has headquarters or offices within ten (10) miles
        of

    
      10

      
        

    

    

    

    Waukesha, Wisconsin.  Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive’s employment is terminated following a
      Change in Control.

    

    

    (c) As used in this Agreement, “Confidential Information” means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the
        disclosure of which could result in a competitive or other disadvantage to the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property;
        trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities)
        which have been discussed or considered by the management of the Bank. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information to which the
        Executive may have access in connection with the Executive’s employment.  Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential
        Information does not include information in the public domain.  The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential
        Information.  At all times, both during the Executive’s employment with the Bank and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential
        Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s duties to the Bank.

    

    

    (d) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank, in connection with any litigation in
        which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive and the Bank or any of
        its subsidiaries or affiliates.

     

      

    (e) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 11.  The parties hereto, recognizing that irreparable
        injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 11, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages
        available, to an injunction to restrain the violation hereof by Executive and all persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a
        business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.  Nothing herein will be construed as prohibiting the Bank or
        the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

    
      11

      
        

    

    12.     SOURCE OF PAYMENTS.

     

    

    All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company may accede
      to this Agreement but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

     

     

    

    13.     EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

     

    

    This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the
      Bank or any predecessor of the Bank and Executive except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided.  No provision of this Agreement shall be interpreted to
      mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

     

    

     14.     NO ATTACHMENT; BINDING ON SUCCESSORS.

    

     

     

      

    (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge,
        pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

     

      

    (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

     

     

      

  

  15.     MODIFICATION AND WAIVER.

    
     

      

    (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

     

      

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

     

      

    16.     REQUIRED PROVISIONS.

      

     

     

      

    (a) The Bank may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to
        compensation or other benefits under this Agreement.  Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

     

      

    (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served
        under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, the Bank’s

    
      12

      
        

    

    

    

    obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If the charges in the notice are
      dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

     

    

    (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or
        8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

     

      

    (d) If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall
        terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

     

      

    (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank,
        (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System (collectively, the “Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on
        behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee approves a supervisory merger
        to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator to be in an unsafe or unsound condition.  Any rights of the parties that have already vested, however, shall not be affected by such action.

     

      

    (f) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to
        and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

     

      

    17.     SEVERABILITY.

      

     

      

     

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

     

    

    18.     HEADINGS FOR REFERENCE ONLY.

    

     

     

    

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

    
      13

      
        

    

    19.     GOVERNING LAW.

    

     

     

    

    This Agreement shall be governed by the laws of the State of Wisconsin except to the extent superseded by federal law.

     

    

    20.     ARBITRATION.

    

     

     

    

    Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an
      alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with
      the rules of the American Arbitration Bank’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect.  One arbitrator shall be selected by Executive, one arbitrator shall be selected by the Bank and the third
      arbitrator shall be selected by the arbitrators selected by the parties.  If the arbitrators are unable to agree within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for them from a panel of arbitrators selected in
      accordance with the National Rules.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

     

    

    21.     INDEMNIFICATION.

    

     

     

      

    (a) Executive shall be provided with coverage under a standard directors’ and officers’ liability insurance policy, and shall be indemnified for the term of this Agreement and for a
        period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which the Executive may be
        involved by reason of him having been a director or officer of the Bank or any affiliate (whether or not the Executive continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to
        include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board), provided, however, Executive shall not be indemnified or reimbursed for legal
        expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive.  Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit
        Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

     

      

    (b) Any indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

     

      

    22.     NOTICE.

    
     

     

    

    For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
      deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

    
      14

      
        

    

    

    

    	
            To the Bank:

          	
            Chairman of the Board

            First Federal Bank of Wisconsin

            1360 S. Moorland Road

            Brookfield, WI 53005

             

            

          
	
             To Executive:

             

          	
            At the address last appearing on

            the personnel records of the Bank

             

          

    [Signature Page Follows]

    

    

    
      15

      
        

    

    

    

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

    	 	
            FIRST FEDERAL BANK OF WISCONSIN

          
	 	 
	 	 
	 	 
	 	
            By: /s/ James A. Tarantino

            

                  Chairman of the Board

          
	 	 
	 	 
	 	 
	 	 
	 	
            EXECUTIVE

          
	 	 
	 	 
	 	 /s/ Steven L. Wierschem

          
	 	
            Steven L. Wierschem

            Chief Financial Officer

          
	 	 
	 	 
	 	 

    

    

    

    

  

   
  16

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