Document:

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                           M&I Marshall & Ilsley Bank
                             770 North Water Street
                           Milwaukee, Wisconsin 53202

                                  June 17, 2002

Mr. Linn H. Bealke
Mississippi Valley Bancshares, Inc.
13205 Manchester Road
St. Louis, Missouri  63131

Dear Linn:

     The purpose of this letter (the "Letter Agreement") is to set forth our
agreement regarding your employment by M&I Marshall & Ilsley Bank or an
affiliate thereof (jointly, the "Bank"). This Letter Agreement shall be null and
void and of no further effect if the merger of Mississippi Valley Bancshares,
Inc. ("MVB") with and into Marshall & Ilsley Corporation ("M&I") (the "Merger")
does not occur.

     1. Term and Duties. The term of your employment under this Letter Agreement
will begin on the date the Merger occurs (the "Effective Time") and will end on
December 31, 2004, unless terminated earlier pursuant to Paragraph 6 hereof (the
"Term"). You will not be entitled to any severance payments upon the termination
of the Term, except as provided in Paragraph 7 hereof. Excluding any periods of
vacation and sick leave to which you are entitled, you shall devote
substantially all of your business time, efforts and skills to the business and
affairs of the Bank. Your duties shall be to assist the Bank in developing and
maintaining employee, customer and community relationships and facilitating the
integration of MVB with M&I.

     2. Cash Compensation. Your annualized base salary will be $227,000 ("Base
Salary") or $8,730.77 for every bi-weekly period. In addition, you will receive
an annual incentive for the 2002, 2003 and 2004 calendar years of $200,000 per
annum, payable in the January immediately succeeding each calendar year. All
such amounts are stated prior to applicable federal and state income and
employment tax withholding.

     3. Other Benefits. During the Term, you will be entitled to participate in
the welfare benefit plans and qualified retirement plans of the Bank or its
parent, M&I, on the same terms and conditions as other full-time, active
employees, subject to meeting the eligibility criteria therefore, but will not
be eligible to participate in the Bank's short or long-term disability income
plans because of the continuance of payments provided in Paragraphs 4 and 7(c)
hereof. You will be entitled to take a reasonable amount of vacation time
consistent with your position and tenure with the Bank, taking into account
prior service credit. In addition, you will be entitled to

<PAGE>
continued use of the automobile, owned by MVB and used by you as of June 1,
2002, for the Term, with the Bank paying the same classes of expenses it paid
prior to the Effective Time. At the end of the Term, the automobile will be
transferred to you at no cost unless your employment is terminated for Cause.
However, the fair market value of the car at the date of transfer will be
compensation to you for income tax purposes and will be subject to income and
employment tax withholding. Except in the case of termination of your employment
for Cause or your voluntary termination of employment without Good Reason prior
to December 31, 2004, the Bank will continue to pay dues for the clubs, to which
you belonged as of June 1, 2002, until the earlier of (a) your 65th birthday or
(b) your death or Disability. Except in the case of termination of your
employment for Cause or your voluntary termination of employment without Good
Reason prior to December 31, 2004, the Bank will provide you with an office in
the Bank's main location in the St. Louis area until the earlier of (a) December
31, 2009 or (b) your death or Disability. The Bank will also provide you fully
subsidized health insurance on the same basis as full-time active employees of
M&I until you reach age 65 and to your current spouse as of the date of Merger
until she reaches age 65.

     4. Additional Payments. Starting with the month after your employment
terminates for any reason other than death, you will receive $2,000 per month
until the month in which you attain age 65 in full satisfaction of the
obligation of Southwest Bank of St. Louis ("SW Bank") to you under that
Consulting Agreement dated January 18, 1996 (the "Consulting Agreement"). This
amount is stated prior to any reduction for required federal or state income or
employment tax withholding. Payments of such amounts are conditioned on (a) you
executing after termination of employment within the stated period a release, in
the form attached hereto as Exhibit A, and not revoking such release during the
applicable rescission period and (b) you entering into an agreement with SW Bank
prior to the Effective Time canceling the Consulting Agreement. Payments under
this paragraph will not qualify as compensation for purposes of any qualified or
nonqualified retirement or welfare benefit plans or programs of M&I.

     5. Noncompete Agreement. In consideration for the compensation and benefits
provided to you pursuant to this Letter Agreement, you agree to sign
contemporaneously herewith an agreement governing confidentiality,
nonsolicitation of employees, customers and prospective customers and
noncompetition (the "Noncompete Agreement"). The length of the nonsolicitation
and noncompetition agreements shall be while you are employed by the Bank and
for the three-year period subsequent to your termination of employment. This
Letter Agreement will be null and void and of no further effect if you do not
sign the Noncompete Agreement.

     6. Termination of Employment. During the Term, your employment hereunder
may be terminated under any of the following circumstances:

          (a) Death or Disability. Your employment shall terminate automatically
     upon your death or Disability. "Disability" means your inability to perform
     the essential functions of your job, with or without reasonable
     accommodation, for 90 consecutive days or 120 days in any one-year period
     as determined by a mutually agreed upon physician in the St. Louis area.

<PAGE>

          (b) Termination by Bank. The Bank may terminate your employment for
     Cause or without Cause. For purposes of this Agreement, "Cause" means (i)
     an act or acts of personal dishonesty taken by you and intended to result
     in your substantial personal enrichment at the expense of the Bank or (ii)
     the willful commission by you of a criminal or other act that causes or
     will likely cause substantial economic or reputational damage to the Bank
     or which results in you being unavailable to render services to the Bank.

          (c) Voluntary Termination by You. You may voluntarily terminate your
     employment with the Bank at any time for Good Reason or without Good
     Reason. "Good Reason" means (i) a material breach of the Bank's obligations
     under this Letter Agreement, or (ii) a request by the Bank or any of its
     affiliates that you relocate more than 30 miles from the your current work
     location on the date of the Merger, and which relocation you refuse.

          7. Obligations Upon Termination.

          (a) Termination by the Bank for Cause; Voluntary Termination by You
     Without Good Reason. If your employment with the Bank is terminated by the
     Bank for Cause, or voluntarily by you without Good Reason, the Bank will
     pay and/or provide you with the following: (i) your Base Salary through the
     date your employment terminates (the "Termination Date") in a lump sum
     within thirty days after the Termination Date, and (ii) all benefits to
     which you are entitled under any benefit plans or programs of the Bank in
     accordance with the terms of such plans through the Termination Date.

          (b) Termination by Reason of Death. If your employment with the Bank
     is terminated during the Term by reason of your death, the Bank will pay
     and/or provide your legal representative, as the case may be, with the
     following: (i) your Base Salary as then in effect through the Termination
     Date in a lump sum within thirty days after the Termination Date, (ii) an
     annual incentive for the period ending with the Termination Date equal to
     the product of $200,000 times a fraction, the numerator of which shall
     equal the number of days during such fiscal year preceding the Termination
     Date, and the denominator of which shall equal three hundred sixty-five
     (365) and (iii) all benefits to which you are entitled under any benefit
     plans or programs of the Bank in accordance with the terms of such plans or
     programs through the Termination Date.

          (c) Termination by the Bank Without Cause, Termination by You for Good
     Reason or Termination for Disability. If the Bank terminates your
     employment without Cause, you voluntarily terminate your employment for
     Good Reason, or your employment terminates because of Disability, the Bank
     will pay and/or provide you or your legal representative (in the case of
     your Disability and you are unable to consent) with the following after
     compliance with subparagraph (d) hereof: (i) Base Salary continuation and
     payment of the annual incentive until December 31, 2004 (including an
     incentive for the 2004 calendar year) and (ii) all benefits to which you
     are entitled under (a) any benefit plans or programs of the Bank in
     accordance with the terms of such plans other than the short and long-term
     disability income plans, participation in which you have waived, and (b)
     this Letter Agreement.

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          (d) Release of Claims. Notwithstanding the foregoing, the Bank will
     not pay to you, and you will not have any right to receive any payments
     described in subparagraphs (b) and (c), above, or any benefits described in
     Paragraph 3, above, for the period after the Term, unless and until you or
     your legal representative (in the case of your death or Disability if you
     are unable to consent) executes, and there shall be effective following any
     statutory period for revocation, a release, in a form attached hereto as
     Exhibit A. To meet the requirements of this subparagraph, the release
     cannot be signed until after the Term.

          (e) Withholding and Other Issues. Payments to be made to you under
     this Paragraph 7 will be reduced by any applicable income or employment
     taxes which are required to be withheld under applicable law, and all
     amounts are stated before any such deduction. Furthermore, none of the
     payments under subparagraphs (b) and (c) hereof shall be included as
     compensation for purposes of any qualified or nonqualified retirement or
     welfare benefit plans or programs of the Bank or M&I. All payments under
     this Letter Agreement are in lieu of any severance you may otherwise be
     entitled to under any plan or program of the Bank, M&I or MVB and any
     accrued but unpaid vacation pay as of the date of your termination of
     employment.

     8. Miscellaneous. This Letter Agreement supersedes all prior agreements and
understandings concerning the matters addressed herein other than (a) the
Noncompete Agreement and (b) a separate agreement entered into on this date
regarding enhancement of your nonqualified pension benefits. This Letter
Agreement and its interpretation shall be governed and construed in accordance
with the laws of the State of Missouri, without regard to its principles of
conflicts of laws, and shall be binding upon the parties hereto and their
respective successors and assigns. This Letter Agreement can only be amended
with the written consent of you and the Bank. This Letter Agreement may be
executed in counterparts, both of which, when taken together, shall constitute
one and the same agreement.

     If you agree with the terms of this Letter Agreement, please sign the
Noncompete Agreement and in the space provided below.

                                     Yours very truly,

                                     /s/ Dennis J. Kuester

                                     Dennis J. Kuester
                                     Chief Executive Officer

<PAGE>

     I hereby consent to the terms contained in this Letter Agreement and agree
to be bound by them.

         /s/ Linn H. Bealke
         ----------------------------------------
         Linn H. Bealke

         June 24, 2002
         ----------------------------------------
         Date

  MW630469_1.DOC

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                                                                       Exhibit A

                         COMPLETE AND PERMANENT RELEASE

     In order to receive certain enumerated benefits under the letter agreement
between M&I Marshall & Ilsley Bank and me dated June 17, 2002 (the "Letter
Agreement"), I must sign and return this Release to the director of human
resources at M&I, 770 North Water Street, Milwaukee, Wisconsin 53202. I must do
so within twenty-one (21) calendar days after my termination of employment (or
by any later date as may be specified by Marshall & Ilsley Corporation ("M&I")).

     1. General Release of Claims.

     I hereby release M&I from, and covenant not to sue M&I with respect to, any
and all claims I have against M&I.

     2. Claims to Which Release Applies.

     This release applies both to claims which are now known or are later
discovered. However, this release does not apply to any claims that may arise
after the date I execute the release. Nor does this release apply to any claims
which may not be released under applicable law.

     3. Claims Released Include Age Discrimination and Employment Claims

     The claims released include, but are not limited to, (1) claims arising
under the Age Discrimination in Employment Act as amended (29 U.S.C. Section 621
et seq.), (2) claims arising out of or relating in any way to my employment with
M&I or the conclusion of that employment and (3) claims arising under any other
federal, state or local law, regulation, ordinance or order that regulates the
employment relationship and/or employee benefits.

     4. Release Covers Claims Against Related Parties.

     For purposes of this release, the term "M&I" includes Marshall & Ilsley
Corporation, Mississippi Valley Bancshares, Inc., and any of its present, former
and future owners, parents, affiliates and subsidiaries, and its and their
directors, officers, shareholders, employees, agents, servants, representatives,
predecessors, successors, and assigns. Therefore, the claims released include
claims I have against any such persons or entities.

     5. The Terms "Claims" and "Release" are Construed Broadly.

     As used in this release, the term "claims" shall be construed broadly and
shall be read to include, for example, the terms "rights", "causes of action
(whether arising in law or equity)", "damages", "demands", "obligations",
"grievances" and "liabilities" of any kind or character.

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Similarly, the term "release" shall be construed broadly and shall be read to
include, for example, the terms "discharge" and "waive".

     6. Release Binding on Employee and Related Parties.

     This release shall be binding upon me and my agents, attorneys, personal
representatives, executors, administrators, heirs, beneficiaries, successors,
and assigns.

     7. Additional Consideration.

     I have executed this release in consideration for benefits under the Letter
Agreement. I acknowledge that these benefits represent consideration in addition
to anything of value that I am otherwise entitled to receive from M&I and that
they are sufficient to support this release.

     8. All Representations in Documents.

     In entering into this release I acknowledge that I have not relied on any
verbal or written representations by any M&I representative other than those
explicitly set forth in this release.

     9. Opportunity to Consider this Release; Consultation with Attorney.

     I have read this release and fully understand its terms. I have been
offered at least 21 days to consider its terms. I have been (and am again
hereby) advised in writing to consult with an attorney before signing this
release.

     10. Voluntary Agreement.

     I have entered into this release knowingly and voluntarily and understand
that its terms are binding on me.

     11. Partial Invalidity of Release.

     If any part of this release is held to be unenforceable, invalid or void,
then the balance of this release shall nonetheless remain in full force and
effect to the extent permitted by law.

     12. Headings.

     The headings and subheadings in this release are inserted for convenience
and reference only and are not to be used in construing the release.

     13. Applicable Law.

     Missouri law will apply in connection with any dispute or proceeding
concerning this release.

<PAGE>

     14. Suit in Violation of this Release--Loss of Benefits and Payment of
Costs.

     If I bring an action against M&I in violation of this release or if I bring
an action asking that the release be declared invalid or unenforceable, I agree
that prior to the commencement of such an action I will tender back to M&I all
payments which I have received as consideration for this release. If my action
is unsuccessful I further agree that I will pay all costs, expenses and
reasonable attorneys' fees incurred by M&I in its successful defense against the
action. I acknowledge and understand that all remaining benefits to be provided
to me as consideration for this release will permanently cease as of the date
such action is instituted. However, the previous three sentences shall not be
applicable if I bring an action challenging the validity of this release under
the Age Discrimination in Employment Act (which I may do without penalty under
this release).

     15. 7 Day Revocation Period.

     I understand that I have a period of seven (7) calendar days following the
date I deliver a signed copy of this release to Human Resources to revoke this
release by giving written notice to that manager. This release will be binding
and effective upon the expiration of this 7-day period if I do not revoke, but
not before.

EXECUTED THIS _____________ DAY OF ______________________, 200___.

------------------------------------
Employee's Signature

MW630469_1.DOC<PAGE>

                              NONCOMPETE AGREEMENT

     This Noncompete Agreement is entered into as of this 17th day of June,
2002, by and between Linn H. Bealke (the "Executive") and Marshall & Ilsley
Corporation ("M&I").

                                    Recitals

     The Executive entered into a letter agreement dated June 17, 2002 (the
"Letter Agreement") with M&I Marshall & Ilsley Bank or an affiliate thereof (the
"Bank") governing his employment with the Bank, a wholly-owned subsidiary of
M&I. Such Letter Agreement will be null and void and of no further effect if the
merger between Mississippi Valley Bancshares, Inc. ("MVB") and M&I (the
"Merger") does not occur. In connection with the Merger, the Executive's stock
in MVB will be converted into cash, M&I common stock or a combination thereof,
at his election. A condition of the effectiveness of the Letter Agreement is
that Executive execute this Noncompete Agreement in order to protect (i) the
confidential and competitively-valuable information Executive has obtained in
his many years of employment with MVB and its affiliates, (ii) the customer and
other business relationships he has cultivated during that period on behalf of
MVB, and (iii) the goodwill of the business he has helped to develop.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1. Confidentiality, Non-Solicitation and Non-Competition Provisions. In
consideration for continued employment and the opportunity to continue to
develop, preserve and enhance customer goodwill and relationships, Executive
agrees to act in accordance with each of the following provisions, which
Executive acknowledges to be severable and independent of one another. MVB, M&I
and their Affiliates are hereinafter jointly referred to as the "Company."
"Affiliates" shall mean any corporation, partnership, limited liability company
or other business entity which, directly or indirectly through one or more
intermediaries, are controlled by M&I or MVB. The term "control" means the
power, directly or indirectly, to vote 50% or more of the securities which have
ordinary voting power in the election of directors (or individuals filling any
analogous positions).

          (a) Confidentiality. Executive agrees that he will not, directly or
     indirectly, use or disclose any Confidential Information of the Company
     except for use in connection with his duties for the Company. For purposes
     of this Agreement, "Confidential Information" is defined as all non-Trade
     Secret information possessed by the Executive about the Company and its
     business activities, which (i) is not generally known (other than as a
     result of disclosure by him in violation of this paragraph (a) and is used
     or is useful in the conduct of the business of the Company, (ii) confers or
     tends to confer a competitive advantage over one who does not possess the
     information, or (iii) derives independent economic value, actual or
     potential, from not being generally known to, and not being readily
     ascertainable by, proper means by other persons who can obtain

                                       1

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     economic value from its disclosure or use. "Trade Secret" has the meaning
     assigned in the Missouri Uniform Trade Secrets Act. Nothing in this
     restriction shall be deemed to limit Executive's obligations to treat Trade
     Secrets of the Company in the manner contemplated by the Missouri Uniform
     Trade Secrets Act, and Executive agrees to take all reasonable steps to
     protect such Trade Secrets in accordance with applicable law. If Executive
     is requested or becomes legally required or compelled (by oral questions,
     interrogatories, requests for information or documents, subpoena, civil or
     criminal investigative demand, or similar process) or is required by a
     governmental body to make any disclosure that is prohibited or otherwise
     constrained by this Agreement, Executive will provide the Company with
     prompt notice of such request so that it may seek an appropriate protective
     order or other appropriate remedy. Subject to the foregoing, Executive may
     furnish that portion (and only that portion) of the Confidential
     Information that he is legally compelled or are otherwise required to
     disclose.

          (b) Return of Company Property. Executive agrees that all memoranda,
     notes, records, papers, financial models, programs, flow charts, work
     papers, source codes, computer codes, designs, software, data and other
     documents and all copies thereof relating to the operations or business of
     the Company, some of which may have been prepared by him, and all objects
     associated therewith in any way obtained by him in connection with the
     performance of his duties hereunder shall be the exclusive property of the
     Company. Executive shall not, except for the Company's use, copy or
     duplicate any of the aforementioned, nor remove them from the Company's
     facilities, nor use any information concerning them, in each case, except
     for the Company's benefit, either during his employment or thereafter.
     Executive agrees that he will deliver the original and all copies of all of
     the aforementioned that may be in his possession to the Company on
     termination of his employment, or at any other time on the request of the
     Company.

          (c) Non-Solicitation of Customers. During his employment by the
     Company and for three years after the date of the termination of the
     Executive's employment with the Company (the "Termination Date"), Executive
     agrees not to solicit, entice or encourage any Customer of the Company so
     as to cause or attempt to cause such Customer not to do business with the
     Company, to materially diminish its business with the Company, or to
     purchase a material amount of products or services sold by the Company from
     any source other than the Company. For purposes of this paragraph,
     "Customer" shall mean any person or business (i) which purchased a material
     amount of products or services from the Company during the one (1) year
     period preceding the Termination Date and (ii) with whom Executive had
     contact on behalf of the Company during such one (1) year period, other
     than a general mailing sent to a broad-based group under Executive's
     signature.

          (d) Non-Solicitation of Employees. During his employment with the
     Company and for three years after the Termination Date, the Executive will
     not induce or attempt to induce any employee of the Company to terminate
     his/her employment with or reduce the hours he/she works for the Company,
     except in the normal course of

                                       2

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     discharging his employment responsibilities. In addition, for three years
     following the Termination Date, Executive will not hire any managerial
     employees of the Company, except that Executive may hire Carol Dolenz.

          (e) General Non-Competition Provisions. During his employment with the
     Company and for three years after the Termination Date, Executive agrees
     not to directly or indirectly perform services of the type performed by
     Executive for the Company for any competitor of the Company and any
     affiliate of the Company with whom Executive worked and about whom
     Executive was given access to any confidential or competitively-valuable
     information, where the services Executive provides directly relate to or
     benefit any of the competitor's business activities within 100 miles of St.
     Louis, Missouri unless M&I has first consented in writing thereto. In
     addition, during his employment with the Company and for three years after
     the Termination Date, Executive agrees not to engage, directly or
     indirectly, in any business which is substantially similar to or competes
     with the business of the Company, either as a proprietor, partner,
     employee, agent, owner (or in the case of a publicly-traded company, a
     greater than five percent shareholder), partner, officer, director,
     independent contractor, or otherwise, within 100 miles of St. Louis,
     Missouri unless M&I has first consented in writing thereto.

          (f) Acknowledgements/Consequences of Breach. Executive acknowledges
     that irreparable and incalculable injury will result to the Company, its
     business or properties, in the event of a breach by Executive of any of the
     restrictions set forth in this Section 1. Executive therefore agrees that,
     in the event of any such actual, impending or threatened breach, the
     Company will be entitled, in addition to any other remedies, to temporary
     and permanent injunctive relief (without the necessity of posting a bond or
     other security) restraining the violation or further violation of such
     restrictions by Executive.

          (g) Survival After Termination. Executive specifically agrees that
     this Section 1 shall survive the termination of
     this Agreement and the termination of Executive's employment with the
     Company.

          (h) Notice to Prospective Employers and the Company. Executive agrees
     to give written notice and a copy of this Agreement to any future
     prospective employer prior to accepting any such employment if the position
     will commence prior to the expiration of the three-year period after the
     Termination Date. Executive also agrees to give written notice to the
     Company of Executive's intention to accept a position with any future
     prospective employer if the position will commence prior to the expiration
     of the three-year period after the Termination Date. The latter notice
     shall include the name and address of the prospective employer, the
     position, duties and responsibilities of the position, and the name of
     Executive's new supervisor.

     2. Invalidity of Provisions. In the event that any provision of this
Agreement is adjudicated to be invalid or unenforceable under applicable law,
the validity or enforceability of the remaining provisions shall be unaffected.
To the extent that any provision of this Agreement

                                       3

<PAGE>

is adjudicated to be invalid or unenforceable because it is overbroad, the
provision shall not be void but rather shall be limited only to the extent
required by applicable law and enforced as so limited; provided, however, that
with respect to Section 1, which is of the essence of this Agreement, any such
invalid or unenforceable provision shall be modified by the court in the manner
most favorable to the Company, yet acceptable to the court, and enforced in
accordance with said modification.

     3. General Provisions.

          (a) Successors and Assigns. This Agreement shall be binding upon and
     shall inure to the benefit of the Company, its successors and assigns. The
     term "Company" as used herein shall include such successors and assigns.
     The term "successors and assigns" as used herein shall mean a corporation
     or other entity acquiring all or substantially all of the assets and
     business of the Company (including this Agreement) whether by operation of
     law or otherwise.

          (b) Amendment. This Agreement may not be amended or modified except by
     written instrument executed by M&I and Executive.

          (c) Governing Law. This Agreement and the rights and obligations
     hereunder shall be governed by and construed in accordance with the laws of
     the State of Missouri without giving effect to its principles of conflicts
     of laws.

          (d) No Waiver. No waiver by either party at any time of any breach of
     the other party of, or compliance with, any condition or provision of this
     Agreement to be performed by the other party shall be deemed a waiver of
     similar or dissimilar provisions or conditions at the same time or any
     prior or subsequent time.

          (e) No Merger. If the Merger does not occur, this Agreement will be
     null and void and of no further effect.

          (f) Counterparts. This Agreement may be executed in counterparts, both
     of which, when taken together, shall constitute one and the same agreement.

                                       4

<PAGE>

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

                              MARSHALL & ILSLEY CORPORATION

                              By:    /s/ Dennis J. Kuester
                                     -------------------------------------------
                                     Dennis J. Kuester, Chief Executive Officer

                              EXECUTIVE

                              /s/ Linn H. Bealke
                              --------------------------------------------------
                              Linn H. Bealke

                                       5

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