Document:

Exhibit 10.5

 

AMENDED AND RESTATED

DEFERRED COMPENSATION AGREEMENT

WITH

GARY D. RILEY

 

THIS AMENDED AND RESTATED AGREEMENT was originally
entered into on 12th day of June, 2015 (the “Prior Agreement”) and this agreement is hereby amended and restated as
of May 24, 2017 (the “Agreement”), by and between FIRST FEDERAL BANK OF WISCONSIN, a federally chartered savings bank
having its principal place of business in the city of Waukesha, Wisconsin, hereinafter called “Bank,” party of the
first part, and Gary D. Riley, hereinafter called “Executive,” party of the second part.

 

W I T N E S S E T H:

 

WHEREAS, the Executive was previously covered
by an Employment Agreement dated as of August 31, 2006, as amended on March 24, 2009 and May 16, 2014 (the “Employment
Agreement”);

 

WHEREAS, in connection with the Bank’s
proposed mutual holding company reorganization (the “Reorganization”) and minority offering (the “Offering”)
the Bank desires to amend and restate the Prior Agreement in order to make certain changes; and

 

WHEREAS, Section 9.1 of the Prior Agreement
provides that the agreement may be amended by mutual agreement of the parties.

 

NOW, THEREFORE, the Bank hereby amends and restates
the Agreement as follows:

 

ARTICLE 1

CONDITIONS

 

1.1.          The
Bank previously employed the Executive in accordance with the terms and conditions of the Employment Agreement.

 

1.2.          The
payment of benefits under this Agreement is conditioned upon the Executive complying with all of the terms and conditions of the
Employment Agreement, including, but not limited to, Section 10 regarding Confidential Information and Section 11 regarding
Non-solicitation.

 

1.3.          The
payments provided hereinafter are conditioned on the Executive fulfilling all requirements and conditions, and in the event the
Executive at any time materially breaches the foregoing requirements and conditions, the Board of Directors by resolution may eliminate
further payments to the Executive and Executive’s designated beneficiaries, and all amounts then remaining unpaid under this
Agreement shall be forfeited, and the Bank shall have no further liability to the Executive or any other person.

 

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ARTICLE 2

BENEFITS

 

2.1.          Retirement.
If the Executive shall continue in the employment of the Bank until December 31, 2016, the Bank agrees upon such retirement
that it will pay to the Executive the total Accrued Balance of $188,563.00, plus interest at the rate of 5 percent per annum
in accordance with Exhibit A, payable to Executive in equal monthly payments of $2,000.00 each, commencing on the 31st
day of January, 2017, and on the last day of each consecutive month thereafter, with a final payment paid on December 31,
2027.

 

2.2.          Death
After Benefit. The Bank agrees that if the Executive shall retire, but shall die before receiving the total number of payments
as specified herein, the Bank shall continue to make such monthly payments to such beneficiary(ies) as the Executive may have specified
in writing prior to his death until the total amount of payments as agreed to have been made, with the payments made under the
same payment schedule as if the Executive had not died. In the event the Executive shall fail to designate a beneficiary prior
to his death, the payments shall be made to the Personal Representative of the Executive’s estate.

 

ARTICLE 3

NOT A CONTRACT OF EMPLOYMENT

 

3.1.          This
Agreement shall not be deemed to constitute a contract of employment between the parties hereto.

 

ARTICLE 4

 

4.1.          [Reserved]

 

ARTICLE 5

REORGANIZATION

 

5.1.          The
Bank shall not merge, or consolidate into or with another Bank, or reorganize or sell substantially all of its assets to another
Bank, firm or person unless and until such succeeding or continuing Bank, firm or person agrees to assume and discharge the obligations
of the Bank under this Agreement, except this Section 5.1 shall not apply to the Reorganization and Offering.

 

5.2.          This
Agreement shall be binding upon and inure to the benefit of the Executive, his designated beneficiary, and his personal representatives,
and the Bank and any successor organization which shall succeed to substantially all of its assets and business.

 

ARTICLE 6

FUNDING

 

6.1.          The
Bank’s obligation under this Agreement shall be an unfunded and unsecured promise to pay.

 

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The Bank shall not be obligated under any circumstances to fund
its obligations, but the Bank may, however, at its sole and exclusive option, elect to fund this Agreement in whole or in part.

 

6.2.          Should
the Bank elect to fund this Agreement, in whole or in part, the continuance or discontinuance of such funding shall be the sole
and exclusive decision of the Bank.

 

6.3.          Should
the Bank elect to fund this Agreement, in whole or in part, through the medium of life insurance or annuities, or a combination
of both, or otherwise, the Bank shall be the owner and beneficiary of any such medium of funding. The Bank reserves the absolute
right, at its sole discretion, to terminate such medium of funding, as well as any other funding at any time, either in whole or
in part. At no time shall the Executive be deemed to have any right, title or interest in or any specified asset or assets of the
Bank, including but not by way of restriction, any insurance or annuity contracts or the proceeds therefrom.

 

6.4.          Any
such life insurance, annuity policy, or other medium of funding purchased or created by the Bank shall not in any way be considered
to be security for the performance of the obligations of this Agreement. It shall be and remain, a general, unpledged, unrestricted,
asset of the Bank.

 

6.5.          The
Executive hereby agrees to submit to medical examination, supply such information and execute such documents as may be required
by the insurance Bank or companies to whom the Bank may have applied for such insurance.

 

6.6.          This
Article shall not be construed as giving the Executive or his beneficiary any greater rights than those of any other unrestricted
creditor of the Bank.

 

ARTICLE 7

ACCELERATION

 

7.1.          The
Bank reserves the right to accelerate the payment of any benefits payable under this Agreement by paying a lump sum payment of
the Accrued Balance without the consent of the Executive, his estate, his beneficiary or any other person claiming through the
Executive pursuant to the requirements and regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).

 

ARTICLE 8

ASSIGNABILITY, ALIENABILITY

 

8.1.          Except
insofar as required by applicable law, no sale, transfer, alienation, assignment, pledge, collateralization, or attachment of any
benefit under this Agreement shall be valid or recognized by the Bank. Neither the Executive, his spouse, nor the designated beneficiary
shall have any power to hypothecate, mortgage, commute, modify, or otherwise encumber in advance of any of the benefits payable
hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance,
owned by the Executive or his beneficiary, to be transferred by operation of law in the event of bankruptcy, insolvency or otherwise.

 

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ARTICLE 9

AMENDMENT

 

9.1.          During
the lifetime of the Executive, this Agreement may be amended or revoked at any time, in whole or in part, by mutual agreement of
the parties. Bank and Executive may from time to time agree to increase the benefits to be paid pursuant to this Agreement. In
the event of such change or changes, there shall be attached to this Agreement an addendum executed by Executive and Bank setting
forth the increase in such benefits together with a revision or revised Exhibit A. The terms and conditions of such addendum
shall be incorporated herein by reference as if fully set forth in this Agreement.

 

ARTICLE 10

MISCELLANEOUS

 

10.1.        This
Agreement shall be subject to and governed in accordance with the laws of the State of Wisconsin.

 

10.2.        The
Bank shall be entitled to withhold from the amounts to be paid to Executive hereunder any federal, state or local withholding or
other taxes or charges which it is from time to time required to withhold; provided, however, that the amounts so withheld shall
not exceed the minimum amount required to be withheld by law.

 

10.3.        No
waiver of either party’s obligations under this Agreement shall be effective unless in writing and signed by both parties.
No failure on the part of either party to exercise, and no delay in the exercising of, any right or remedy shall operate as a waiver
thereof, nor shall any single or partial exercise of any right or remedy hereunder preclude any other or future exercise thereof
or the exercise of any other right or remedy granted hereby, by any related document or by law. No waiver of any such right or
remedy with respect to any occurrence or event shall be deemed a waiver of such right or remedy with respect to such occurrence
or event in the future.

 

10.4.        If
either party initiates legal action to enforce its rights under this Agreement, such action shall be venued exclusively in the
Circuit Court for Waukesha County, State of Wisconsin.

 

10.5.        This
Agreement constitutes and expresses the entire understanding between the parties with respect to all matters contained herein,
and supersedes all prior oral or written agreements or understandings between the parties on the matters contained herein. No modification,
addition, waiver, or cancellation of any provision of this Agreement shall be valid except by a writing signed by both parties.

 

ARTICLE 11

SECTION 409A REQUIREMENTS

 

11.1.        For
purposes of this Agreement, a “retirement” or “termination of employment” 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 retirement
or termination of employment (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

 

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months immediately preceding
the retirement or termination of employment. 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 this Agreement 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.

 

11.2         The
Agreement shall be interpreted to comply with or be exempt from Code Section 409A, and all provisions of the Agreement shall be
construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Except as specifically
permitted herein or in other sections of this Agreement, no acceleration of the time or schedule of any payment may be made hereunder.
Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury
Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Department of the Treasury.

 

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IN WITNESS WHEREOF, Executive
and Bank have executed this Agreement effective as of the date first above written.

 

	FIRST FEDERAL BANK OF WISCONSIN	 
	 	 	 
	By:	/s/ James Tarantino	 
	 	James Tarantino, Director	 
	 	 	 
	Attest:	/s/ Kathryn Sawyer Gutenkunst	 
	 	Kathryn Sawyer Gutenkunst, Secretary	 

 

	/s/ Gary D. Riley	(Seal)
	Gary D. Riley	 

 

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FORM FOR BENEFICIARY DESIGNATION

 

Executive’s designation of direct and
contingent beneficiaries for death benefit from the Deferred Compensation Agreement entered into between First Federal Bank of
Wisconsin and Gary D. Riley dated June 17, 2015 (the “Agreement”).

 

DATE THIS FORM SIGNED:________________________

 

The following beneficiaries are designated to receive death benefits
payable under the Agreement:

 

	PERSONAL PAYEE AS DIRECT BENEFICIARY
	 	 	 
	 	 	 
	First Name	Initial	Last Name
	 	 	 
	 	 	 
	Relationship to Executive		Date of Birth
	 	 	 
	PERSONAL PAYEE AS CONTINGENT BENEFICIARY
	 	 	 
	 	 	 
	First Name	Initial	Last Name
	 	 	 
	 	 	 
	Relationship to Executive		Date of Birth
	 	 	 
	TRUSTEE AS DIRECT BENEFICIARY
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	TRUSTEE AS CONTINGENT BENEFICIARY
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	SIGNATURE OF EXECUTIVE:	 
	 	 
	 	 
	Gary D. Riley, Executive	 
	 	 
	 	 
	Witness	 

 

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EXHIBIT A

 

AMENDED AND RESTATED DEFERRED COMPENSATION

AGREEMENT

FIRST FEDERAL BANK OF WISCONSIN

WITH

GARY D. RILEY, EXECUTIVE

 

Schedule of Basis for Accrual of Benefits

 

All increments of the deferred compensation payable to Executive
under the Agreement are determined on a cumulative monthly basis. All increments credited to the Executive are vested for the Executive,
subject to forfeiture in accordance with the terms of the Agreement. Monthly increments of the deferred compensation began to accrue
commencing with the month of January 2014. The total of the accrued monthly increments accumulated as of the Determination Date
determines the amount of the deferred compensation payable to Executive. Except as otherwise provided in the Agreement, the total
amount of deferred compensation as of the Determination Date, shall be paid out over a period of one hundred twenty (120) months
together with interest at the rate of 5 percent per annum calculated on the unpaid portion of the Accrued Balance, in level
monthly payments. (E.g. If, for illustration purposes only, the Determination Date is December 31, 2016, the Accrued Balance
of the deferred compensation will be $188,563.00 and shall be payable to Executive in equal monthly payments of $2,000.00 each,
commencing on the 31st day of January, 2017, and on the last day of each consecutive month thereafter, with a final
payment paid on December 31, 2027.

 

	Accrual Period	 	Monthly Accrual	 	 	Accrued Balance at End of Period	 
	1-1-14 to 12-31-14	 	$	2,000.00	 	 	$	24,000.00	 
	1-1-15 to 4-30-15	 	$	4,000.00	 	 	$	40,000.00	 
	5-1-15 to 12-31-15	 	$	7,400.00	 	 	$	99,200.00	 
	1-1-16 to 12-31-16	 	$	7,447.00	 	 	$	188,563.00	 

 

Exhibit A reviewed and agreed to by Bank and Executive on this 24th
day of May, 2017.

 

	FIRST FEDERAL BANK OF WISCONSIN	 
	 	 	 
	By:	/s/ James Tarantino	 
	 	James Tarantino, Director	 
	 	 	 
	Attest:	/s/ Kathryn Sawyer Gutenkunst	 
	 	Kathryn Sawyer Gutenkunst, Secretary	 

 

	/s/ Gary D. Riley	(Seal)
	Gary D. Riley, Executive	 

 

    	 	8Exhibit 10.6

 

CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT

 

This Confidentiality and
Non-Solicitation Agreement (the “Agreement”) is made effective as of the 24th day of May, 2017 (the “Effective
Date”), by and between First Federal Bank of Wisconsin, a federally chartered savings bank (the “Bank”) and David
Rosenwald (the “Employee”).

 

WITNESSETH

 

WHEREAS, the Bank provides
banking and financial services and products to commercial and residential customers throughout the greater Waukesha, Wisconsin
area;

 

WHEREAS, the Employee is employed
by the Bank on an at-will basis in a management and/or sales capacity;

 

WHEREAS, the Bank has provided
or will provide Employee with access to certain confidential and proprietary information, including trade secrets, belonging to
the Bank and its customers;

 

WHEREAS, the Bank has engaged
Employee, among other reasons, to develop goodwill on behalf of the Bank and to establish, develop and enhance relationships with
banking customers and prospective customers;

 

WHEREAS, the Bank has invested
significantly in training and developing its workforce and in retaining competent personnel to accomplish its business objectives;

 

WHEREAS, the parties desire
to enter into this Agreement for the protection of the Bank’s protectable business interests in its confidential and proprietary
information, its business goodwill and customer relationships, and the training and investment in its personnel, without placing
an unfair or unreasonable burden on Employee’s professional and/or vocational activities; and

 

WHEREAS, the parties acknowledge
that the Bank has provided Employee with a change in control agreement in exchange for the Employee entering into this Agreement.

 

NOW THEREFORE, in consideration
of the Employee and the Bank entering into a change in control agreement, the Bank’s willingness to disclose certain confidential
and proprietary information to Employee, the Bank’s willingness to provide Employee with access to customers and prospective
customers, the Bank’s investment in training and developing its personnel, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.          At-Will
Employment. Employee acknowledges and agrees that the employment relationship is on at-will basis, and that either Employee
or the Bank may terminate this relationship at any time for any lawful reason, with or without cause or prior notice.

 

     

     

    

 

2.          Warranties
and Indemnities. Employee warrants that Employee is not a party or subject to any restrictive covenant, contract or other agreement
limiting or otherwise adversely affecting Employee’s employment with the Bank. Employee agrees to indemnify and hold the
Bank harmless from any and all suits, claims or damages arising from any such restrictive covenant, contract or other agreement.
Employee agrees not to provide confidential or proprietary information belonging to any former employer or contractor to the Bank
without the prior written consent of such employer or contractor.

 

3.          Confidential
Information. 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 Employee in the course of the Employee’s employment by the Bank, as well as other information
to which the Employee may have access in connection with the Employee’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 Employee understands and agrees that the Employee’s employment
creates a relationship of confidence and trust between the Employee and the Bank with respect to all Confidential Information.
At all times, both during the Employee’s employment with the Bank and after its termination, the Employee 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 Employee’s duties to the Bank.

 

4.          Return
of Property and Information. Upon termination of the Employee’s employment for any reason, Employee shall immediately
surrender or return to the Bank all Confidential Information, together with any other property belonging to the Bank, in Employee’s
possession, custody or control.

 

5.          Non-Solicitation
Restrictions. During Employee’s employment, and for a period of twelve (12) months following the termination of Employee’s
employment for any reason and by any party, Employee hereby covenants and agrees that, he 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 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

 

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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.

 

6.          Consent
to Reasonableness.         Employee specifically consents to, and hereby
waives any defense concerning, the reasonableness of the above restrictions in each and every respect and agrees that such restrictions
are necessary to protect the Bank’s good will, customer relationships, Employee relationships and Confidential Information.

 

7.          Remedies
for Breach. Employee acknowledges and agrees that any actual or threatened breach of the foregoing provisions of this Agreement
will cause irreparable harm to the Bank and that it may be difficult to determine or adequately compensate the Bank through monetary
damages. Accordingly, Employee agrees that the Bank shall be entitled to obtain temporary, preliminary and/or permanent injunctive
relief against such breach or threatened breach. Employee further agrees that the Bank shall also be entitled to recover reasonable
costs and attorneys fees incurred by it to enforce this Agreement. Employee acknowledges that nothing contained herein shall be
construed to prohibit or otherwise limit the Bank from pursuing any other remedies which may be available, including the recovery
of damages from Employee.

 

8.          Extension
of Restrictive Period. If Employee is deemed to have breached any of the foregoing restrictive covenants, Employee agrees that
the restrictive periods set forth above shall be automatically extended by the period of such breach, measured from the date of
the breach through the date of such determination.

 

9.          Survival
of Obligations. Employee agrees that Employee’s obligations contained herein shall survive the termination of Employee’s
employment with the Bank, whether such termination is voluntary or involuntary. Employee further acknowledges that any breach by
the Bank of any contractual, statutory or other legal obligation to Employee shall not excuse or terminate Employee’s obligations
hereunder or otherwise preclude the Bank from seeking relief pursuant to any provision of this Agreement.

 

10.         Severability.
In executing this Agreement, the parties specifically intend to create reasonable and enforceable restrictive covenants. Should
any particular paragraph, covenant or restriction included in this Agreement be held to be unreasonable or unenforceable for any
reason, including without limitation the time period, geographical area, or scope of activity covered by a restrictive covenant,
then it is the intention of the parties that the court exercise its discretion to enforce such covenant to whatever extent would
be reasonable and enforceable. All remaining paragraphs, covenants and restrictions shall remain in full force and effect in accordance
with the terms thereof.

 

11.         Effect
and Modification. This Agreement comprises the entire agreement between the parties concerning the subject matter contained
herein. No statement or promise, except as

 

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herein set forth, has been made with respect
to the subject matter of this Agreement. No modification or amendment hereof shall be effective unless in writing and signed by
the Bank.

 

12.         Waiver
of Breach. The waiver by the parties, or either of them, of a breach of any provision of this Agreement shall not operate or
be construed as a waiver of any subsequent breach. No waiver shall be valid unless in writing and signed by the Bank or Employee,
as appropriate.

 

13.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Bank and its successors and assigns, including,
without limitation, any person, partnership, corporation or other business entity which may acquire substantially all of the assets
or business of the Bank or with or into which the Bank may be liquidated, consolidated, merged, or otherwise combined.

 

14.         Counterparts.
This Agreement may be executed in several counterparts, including by facsimile, each of which when signed by the Bank and Employee
shall constitute a duplicate original.

 

15.         Governing
Law. This Agreement shall be governed by the laws of the State of Wisconsin without regard to its choice of law rules. The
venue for any dispute arising out of, or in any way relating to, this Agreement or Employee’s employment shall be in a state
court located in Waukesha, Wisconsin or the federal district court responsible for Waukesha, Wisconsin. The parties consent to
the venue and jurisdiction of any court, state or federal, within this provision.

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed on the date set forth beneath Employee’s signature below.

 

	EMPLOYEE	 	FIRST FEDERAL BANK OF WISCONSIN
	 	 	 
	/s/ David Rosenwald	 	/s/ Edward H. Schaefer
	Signature	 	Signature
	 	 	 
	May 24, 2017	 	President and CEO
	Date	 	Title
	 	 	 
	 	 	May 24, 2017
	 	 	Date

 

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