Document:

Exhibit 10.6

 Exhibit 10.6 

 
 

 
 CHANGE OF CONTROL LETTER AGREEMENT 
 February 18, 2009 
 Jeffrey A. Vock 
 9315 Finbar Pl. 
 Tinley Park, IL 60477 
 Dear Jeff: 
 The Board of Directors of Community Bank-Wheaton/Glen Ellyn (the “Bank,”
which reference shall include Community Financial Shares, Inc. (“CFS”), the holding company of the Bank, has determined that it is advisable and in the best interests of the Bank, CFS and its stockholders, to provide reasonable assurance
to certain key employees that, upon a change of control of the Bank or of CFS, appropriate severance arrangements are in place in the event of the involuntary termination of your employment, other than for good cause as specified below. 

The following is proposed as an inducement to you to remain in the employ of the Bank and to dedicate your efforts to its best interests:

 SECTION 1. If, at any time within eighteen (18) months following the “change of control” of the Bank or
CFS, either: (i) your employment is terminated by reason of your disability, death or retirement pursuant to any retirement plan or policy of the Bank of general application to key employees; (ii) the essential elements of your position,
in terms of duties and authority are materially reduced without good cause, each without your voluntary consent; (iii) there is a material reduction in your aggregate compensation, not related to or resulting from documented, diminished
performance; or (iv) you are required to regularly perform services at a location which is greater than fifty (50) miles from your principal office at the time of the change of control, you will then be entitled to the benefits
(“Severance Benefits”) as set forth herein. 
 SECTION 2. Upon the occurrence of the event described in
Section 1 (i) above, or upon the occurrence of any of the other events in Section 1 which results in your termination, then: 
  

	 	2.1	The Bank will pay to you in an immediate lump-sum cash payment an amount equal to Nine (9) months of your current annual salary, exclusive of periodic bonus
compensation, plus any unused earned vacation time; plus 

  

	 	2.2	Medical and life insurance coverage provided to you and your family by the Bank, at its cost, until the earlier of: (i) you waive coverage by giving written notice
of waiver to the Bank; (ii) nine (9) months elapse from the effective date of your 

  
 

 

 Jeffrey A. Vock 
 Change of Control 
 Page Two 

 

	 	
termination; or (iii) you become a participant in group insurance benefit programs of a new employer. If coverage is not permitted under applicable policy terms, the Bank will provide
equivalent benefits. Upon termination of this benefit in accordance with the terms hereof, you shall be entitled to exercise the policy options normally available to the Bank’s employees upon termination of employment. 

SECTION 3. For purposes of this Agreement, “change of control” shall be deemed to have taken place if, subsequent to the
date hereof: 
  

	 	3.1	a third person, including a “group” as defined in Section 13(d) (3) of the Securities Exchange Act of 1934 (as in effect on the date hereof),
becomes the beneficial owner of shares of the CFS having greater than Fifty Percent (50%) or more of the total number of votes that may be cast for the election of directors of CFS, including for this purpose any shares beneficially owned by
such third person or group as of the date hereof; or, 

  

	 	3.2	as the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any
combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Bank before the Transaction shall cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank.

  

	 	3.3	In the event of any reorganization involving CFS or the Bank in a transaction initiated by the Bank in which the stockholders of CFS immediately prior to such
reorganization become the stockholders of a successor or ultimate parent corporation of CFS resulting from such reorganization and the persons who were directors of the Bank immediately prior to such reorganization constitute a majority of the Board
of Directors of such successor or ultimate parent, no “change of control” shall be deemed to have taken place solely by reason of such reorganization, notwithstanding the fact that the Bank may have become the wholly-owned subsidiary of
another corporation in such reorganization and the Board of Directors thereof may have been reconstituted, and thereafter the term “Bank” for the purposes of this paragraph shall refer to such successor or ultimate parent corporation.

 SECTION 4. Any payment not made when due in accordance with this Agreement shall thereafter bear
interest at the prime lending rate from time to time in effect by the Bank. 
 SECTION 5. This Agreement may not be
assigned by the Bank except (i) to CFS; or (ii) in connection with a merger involving the Bank or CFS or a sale of substantially all of its assets, and the obligations of the Bank provided for in this Agreement shall be the binding legal
obligations of any successor to the Bank by purchase, merger, consolidation, or otherwise. This Agreement may not be 

 Jeffrey A. Vock 
 Change of Control 
 Page 3 

 

 
assigned by you during your life, and upon your death will be binding upon and inure to the benefit of your heirs, legatees and the legal representatives of your estate. 

SECTION 6. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by you, approved by the Board of Directors and signed by an appropriate officer of the Bank empowered to sign the same by the Board of Directors of the Bank. No waiver by either party at any time of any breach by the
other party or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior or subsequent time. The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois. The invalidity or unenforceability of any provision of this Agreement shall not effect the validity or enforceability of
any other provision of this Agreement. 
 SECTION 7. This Agreement does not constitute a contract for the continued
employment of you by the Bank. Subject only to those rights of yours that are specified herein following a change of control, the Bank reserves all of its rights to modify your compensation and other terms of your employment and to terminate your
employment to the same extent as before the execution of this Agreement. 
 SECTION 8. The Bank shall pay your
out-of-pocket expenses, including attorney’s fees, in connection with any judicial proceeding to enforce this Agreement or to construe or determine the validity of this Agreement or otherwise in connection herewith unless the Bank prevails in
such litigation. 
 Very truly yours, 
  

					
	Community Bank-Wheaton/Glen Ellyn
			
	By:	 	 /s/ Raymond A. Dieter
	 	
		 	 Raymond A. Dieter

Chairman, Compensation Committee
 Member of the
Executive Committee

 Accepted and agreed to this 
 18th Day of Feb, 2009 

  
 

 
 FORM OF 
 Amendment 
 to the 

Change in Control Letter 
 (409A) 
 This Amendment to the Change in Control Letter is entered into as of
February 18, 2009, by and between Community Bank-Wheaton/Glen Ellyn (referred to as the “Bank”), and Jeffrey A. Vock (the “Employee”). 
 WHEREAS, the Employee is currently employed as the Senior Vice President and Chief Credit Officer of the Bank; 
 WHEREAS, the Employee and the Bank previously entered into a Change in Control Letter, dated February 18, 2009 (the “Letter”); 
 WHEREAS, the Employee and the Bank desire to amend the Letter to include a provision concerning Section 409A of the Internal Revenue Code of 1986, as amended. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Letter as follows: 
 1. A new Section 9 is added to
the Letter to read as follows: 
 SECTION 9. Section 409A 
 (i) You will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified as deferred compensation only upon a “separation from
service” within the meaning of Section 409A. 
 (ii) If at the time of your separation from service, (a) you are a
“specified employee” (within the meaning of Section 409A and using the methodology selected by the Bank) and (b) the Bank make a good faith determination that an amount payable or the benefits to be provided hereunder constitutes
deferred compensation (within the meaning of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule of 
  

 

 
Section 409A in order to avoid taxes or penalties under Section 409A, then the Bank will not pay the entire amount on the otherwise scheduled payment date but will instead pay on the
scheduled payment date the maximum amount permissible in order to comply with Section 409A (i.e., any amount that satisfies an exception under the Section 409A rules from being categorized as deferred compensation) and will pay the
remaining amount (if any) in a lump sum on the first business day after such six month period. 
 (iii) To the extent you would be subject to an
additional 20% tax imposed on certain deferred compensation arrangements pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of
such tax and the parties shall promptly execute any amendment reasonably necessary to implement this Section 9. You and the Bank agree to cooperate to make such amendment to the terms of this Agreement as may be necessary to avoid the
imposition of penalties and taxes under Section 409A; provided, however, that you agree that any such amendment shall provide you with economically equivalent payments and benefits, and you agree that any such amendment will not materially
increase the cost to, or liability of, the Bank with respect to any payment. 
 (iv) For purposes of the this Agreement, Section 409A shall
refer to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and any other authoritative guidance issued thereunder. 
 2. Except as expressly provided herein, the terms and conditions of the Letter shall remain in full force and effect and shall be binding on the parties. 

3. Effectiveness of this Amendment to the Letter shall be conditioned upon approval by Bank’s Boards of Directors (or the appropriate committees
thereof), and this Amendment to the Letter shall become effective on the later of date of such approval and execution by both parties hereto (the “Effective Date”). 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Amendment to the
Letter, or have caused this Amendment to the Letter to be duly executed and delivered in their name and on their behalf, as of the day and year first above written. 
  

			
	Community Bank-Wheaton/Glen Ellyn
		
	By:	 	/s/ Raymond A. Dieter
		 	 Raymond A. Dieter
 Chairman,
Compensation Committee
 Member of the Executive Committee

 Accepted and Agreed to this 
 18th Day of February, 2009 
  

			
	EMPLOYEE
		
		 	/s/ Jeffrey A. Vock
		 	 Jeffrey A. VockExhibit 10.7

 Exhibit 10.7 
 COMMUNITY BANK/WHEATON-GLEN ELLYN 
 EXECUTIVE COMPENSATION SUPPLEMENTAL
BENEFIT 
 AGREEMENT 
 This Executive Compensation Supplemental Benefit Agreement (the “Agreement”) is made and entered into as of the 18th day of April 2007 and is by and between Community Bank/Wheaton-Glen Ellyn, an
Illinois banking corporation (“Employer”) and Scott W. Hamer (“Executive”). 
 R E C I T A L S

  

	 	A.	Executive was recently appointed the position of President and Chief Executive Officer of Employer and, in conjunction therewith, Employer agreed to provide Executive
with supplemental assistance to offset the expense of Executive’s purchase of a capital membership with the Glen Oak County Club, Glen Ellyn, Illinois (“Glen Oak”); 

 

	 	B.	Employee has offered the opportunity to borrow money from Employer, the proceeds of which will be used to defray the cost of Executive’s initiation fees
(“Glen Oak Fees”) for Glen Oak membership, through loans (“Executive Benefit Loans”) which will be forgiven over a prescribed period of time, provided that Executive remains in Employer’s employment as prescribed in this
Agreement; 

  

	 	C.	In addition, Employer has further agreed to supplement a portion of Executive’s monthly member dues and fees required in conjunction with Glen Oak membership and
to reimburse Executive for actual expenses incurred by him in conjunction with client entertainment and Employer functions held at Glen Oak; 

  

	 	D.	Membership in Glen Oak is limited to individuals only and accordingly, upon acceptance as a member, Employee will be the sole owner of the Glen Oak membership and
Employer will have no rights with respect to reimbursement or compensation upon the occurrence of Employee’s termination of his membership; 

  

	 	E.	Employer is of the opinion that Executive’s use of the Glen Oak membership for client entertainment and bank functions will be an incremental part of the
Executive’s work on behalf of Employer and will enhance the Bank’s image and visibility in the Glen Ellyn/Wheaton market area; and, 

	 	F.	The parties have entered into this Agreement for the purpose of confirming each of the parties’ rights and obligations relative to the Glen Oak Membership.

 NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties do hereby
agree as follows: 
 1. Advances for Payment of Initiation Fees. 
 1.1 Subject to the maximum of Eighty Thousand ($80,000) Dollars (the “Advance Cap”), Employer agrees to make Executive Benefit Loans to Executive in amounts equal to, and concurrent with,
initiation fees paid by Executive in conjunction with his admission for membership in Glen Oak. 
 1.2 Concurrent with each
loan, Executive shall execute a promissory note (the “Executive Benefit Note”) which, in addition to the usual terms for promissory notes used by Employer, shall provide for the following: 

 

	 	1.2.1	The interest rate shall be fixed at a rate which is in compliance with the applicable Regulation G of the Board of Governors of the Federal Reserve System, as amended
from time, governing the terms of insider loans; 

  

	 	1.2.2	Except with respect to the termination of Executive’s employment under circumstances described in Section 2.1 below, Executive shall not be required to repay
the principal or accrued interest on any Executive Benefit Note; and, 

  

	 	1.2.3	Executive’s obligations on the Executive Benefit Note shall be unsecured, however, Employer shall have the right of offset against any amounts due to Executive for
any amounts due from him pursuant to this Agreement. 

 1.3 Provided that Executive remains in the employ of
Employer for that period of time commencing with the date of this Agreement and ending on December 31, 2013 (the “Benefit Term”), Employer agrees to forgive, annually on the last business day of each year of the Benefit Term, the
Eleven Thousand Four Hundred Thirty ($11,430) Dollars, of the principal balance, plus all accrued interest, of Executive’s Executive Benefit Loans. 
 1.4 Executive acknowledges that the amount forgiven each year shall constitute ordinary income reportable as additional bonus compensation. Executive shall be obligated to pay all income taxes incurred by
Executive as a result of the additional bonus compensation. 
 Community Bank/Hamer 
 Executive Benefit Loan Agreement’ 
 108.2007 

  
 2 

 2. Termination of Employment – Acceleration of Indebtedness 

2.1 In the event that Executive’s employment with Employer is terminated for any reason, other than a change of control of Employer
as provided below, prior to the expiration of the Benefit Term, Executive shall be obligated to pay the full remaining outstanding balance of all Executive Benefit Loans, plus accrued and unpaid interest. The balance of the loans shall be due and
payable thirty (30) days of the date of the termination of Executive’s employment. 
 2.2 In the event that Employer,
or Employer’s parent, Community Financial Shares, Inc., experiences a “change of control,” then, in that event, the entire outstanding balance of the Executive Benefit Loans, including all accrued interest thereon, shall be forgiven,
irrespective of the impact of the transaction on Executive’s employment. The date of forgiveness shall be the earlier of: (i) the date Executive’s employment is terminated as a direct consequence of the change of control; or,
(ii) the effective date of the change of control. 
 2.3 For purposes of this Agreement, a “Change of Control”
shall mean the transfer of the outstanding shares of either entity through either sale or merger or a combination thereof which results in a concentration of voting shares in excess of fifty (50%) percent in one person, entity, or a control
group. 
 3. Additional Employee Benefits 
 3.1 In addition to reimbursement for business expenses for which Executive is otherwise entitled, Employer agrees to reimburse the Executive for amounts equal to the annual dues and assessments,
(“Approved Member Expenses”) in amounts, as from time to time assessed upon “social members” of Glen Oak. Except for expenses incurred by Executive at Glen Oak for client entertainment and corporate sponsored functions, Executive
shall be obligated to pay the balance of expenses incurred by him over and above Approved Member Expenses. 
 4. Miscellaneous

 4.1 Special Bonus Compensation in Addition to Other Incentive Compensation. The Bonus Compensation contemplated by this
Agreement, shall be in addition to, and not as a portion or supplement of any other bonus or incentive compensation to which Executive may be entitled pursuant to the terms of any bonus or compensation plans, from time to time, adopted by Employer.

 4.2 Obligation to Provide Supportive Documentation. Executive shall, concurrent with the execution of an Executive
Benefit Loan, provide adequate documentation to Employer regarding the acquisition of membership in Glen Oak. 
 Community Bank/Hamer

 Executive Benefit Loan Agreement’ 
 108.2007 

  
 3 

 4.3 Glen Oak Membership Exclusive Property of Executive. All of the rights and
benefits accruing to Glen Oak membership, including the right of withdrawal and reimbursement, shall belong to Executive and Employer shall have no right, title or interest in any manner or respect to the rights accruing to Executive thereunder.
Correspondingly, Executive shall maintain account with the Glen Oak on a current basis. 
 4.4 Executive Liable for Increased
Expenses/Fees. Employer’s sole responsibility for making the Executive Benefit Loans to Executive is limited to the “Advance Cap” and Executive shall be personally responsible for any increase in initiation fees required by Glen
Oak which exceed the Advance Cap. 
 4.5 Documentation for Advanced Loans. Each promissory note executed by Executive
hereunder, shall make specific reference to this Agreement with respect to repayment terms and the required interest rate. 

4.6 Employer’s Right to Suspend Bonus Payment Obligation. Executive acknowledges that Employer is subject to regulation and
governance of certain State and Federal regulatory bodies and that in the event an Employer is obligated, by virtue of directive or modification of regulations, to terminate the arrangement contemplated hereunder, Employer shall have the right to
terminate this Agreement and not be further obligated to fund any further loans. 
 4.7 Binding Upon Heirs and Assigns.
This Agreement shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective heirs, successors in interest and permitted assigns. 
 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and date first above written. 
  

							
	Employer	 		 	Executive
			
	 Community Bank/Wheaton-Glen Ellyn,
 an Illinois banking corporation
	 		 	
				
	By:	 	 /s/ Donald H. Fischer
	 		 	 /s/ Scott W. Hamer

		 	Donald H. Fischer, Chairman	 		 	Scott W. Hamer

 Community Bank/Hamer 
 Executive Benefit Loan Agreement’ 
 108.2007 

  
 4

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