Document:

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                                                                     EXHIBIT 4.6

                              UNITED RENTALS, INC.
                              --------------------
                                 2001 STOCK PLAN
                                 ---------------

                                    ARTICLE I

                                     General
                                     -------

     1.1 Purpose. The purpose of the Plan is to provide additional incentive to
         ------
certain employees (other than officers and directors) and others who render
services to United Rentals, Inc. ("Corporation"). It is intended that Awards
granted under the Plan strengthen the desire of such persons to join and remain
in the employ of the Corporation, or otherwise render services to the
Corporation, and stimulate their efforts on behalf of the Corporation.

     1.2 Term. No Award shall be granted under the Plan after the close of
         ----
business on the day immediately preceding March 23, 2011. Subject to other
applicable provisions of the Plan, all Awards made under the Plan prior to such
termination of the Plan shall remain in effect until such Awards have been
satisfied or terminated in accordance with the Plan and the terms of such
Awards.

     1.3 Shares Subject to the Plan. Subject to adjustments as provided in
         --------------------------
Article IX, the number of shares of Stock that may be delivered, purchased or
used for reference purposes (with respect to SARs or Stock Units) with respect
to Awards granted under the Plan shall be 2,000,000 shares. If any Award, or
portion of an Award, under the Plan expires or terminates unexercised, becomes
unexercisable or is forfeited or otherwise terminated, surrendered or canceled
as to any shares without the delivery of shares of Stock or other consideration,
the shares subject to such Award shall thereafter be available for further
Awards under the Plan.

                                   ARTICLE II

                                   Definitions
                                   -----------

For purposes of the Plan, the following terms shall be defined as set forth
below.

     2.1 Administrator means the Special Stock Option Committee or any other
         -------------
committee which is designated by the Board as the "Administrator."

     2.2 Award means any Stock Options (including ISOs and NSOs), SARs
         -----
(including free-standing and tandem SARs), Restricted Stock Awards, Stock Units,
or any combination of the foregoing granted pursuant to the Plan, except,
however, when the term is being used under the Plan with respect to a particular
category of grant in which case it shall only refer to that particular category
of grant.

     2.3 Board means the Board of Directors of the Corporation.
         -----

     2.4 Code means the Internal Revenue Code of 1986, as amended.
         ----

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     2.5  Fair Market Value of the Stock on any given date means the average of
          -----------------
the high and low price of a share of Stock, as traded on a national securities
exchange.

     2.6  Grant Agreement means the agreement between the Corporation and the
          ---------------
Participant pursuant to which the Corporation authorizes an Award hereunder.
Each Grant Agreement entered into between the Corporation and a Participant with
respect to an Award granted under the Plan shall contain such provisions,
consistent with the provisions of the Plan, as may be established by the
Administrator.

     2.7  Grant Date means the date on which the Administrator formally acts to
          ----------
grant an Award to a Participant or such other date as the Administrator shall so
designate at the time of taking such formal action.

     2.8  ISO means any Stock Option designated and qualified as an "incentive
          ---
stock option" as defined in Code section 422.

     2.9  NSO means any option that is not an ISO.
          ---

     2.10 Option means any Option to purchase shares of Stock granted under
          ------
Article V.

     2.10 Parent means a corporation, whether now or hereafter existing, within
          ------
the meaning of the definition of "parent corporation" provided in Code section
424(e), or any successor to such definition.

     2.11 Participant means any person to whom any Award is granted pursuant to
          -----------
the Plan.

     2.12 Restricted Stock Award means any Award of shares of restricted Stock
          ----------------------
granted pursuant to Article VII of the Plan.

     2.13 SAR means a stock appreciation right, as awarded under Article VI.
          ---

     2.14 Stock means the voting common stock of the Corporation, subject to
          -----
adjustments pursuant to the Plan.

     2.15 Stock Unit means credits to a bookkeeping reserve account solely for
          ----------
accounting purposes, where the amount of the credit shall equal the Fair Market
Value of a share of Stock on the date of grant (unless the Administrator
provides otherwise in the Grant Agreement) and which shall be subsequently
increased or decreased to reflect the Fair Market Value of a share of Stock.
Stock Units do not require segregation of any of the Corporation's assets. Stock
Units are awarded under Article VII.

     2.16 Subsidiary means any corporation or other entity (other than the
          ----------
Corporation) in any unbroken chain of corporations or other entities, beginning
with the Corporation, if each of

                                       2

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the corporations or entities (other than the last corporation or entity in
the unbroken chain) owns stock or other interests possessing 50% or more of the
economic interest or the total combined voting power of all classes of stock or
other interests in one of the other corporations or entities in the chain.

                                   ARTICLE III

                                 Administration
                                 --------------

     3.1 General. The Plan shall be administered by the Administrator. The
         -------
Administrator's determinations under the Plan (including without limitation
determinations of the persons to receive Awards, the form, amount and timing of
such Awards, the terms and provisions of such Awards and the agreements
evidencing same) need not be uniform and may be made by the Administrator
selectively among persons who receive, or are eligible to receive, Awards under
the Plan, whether or not such persons are similarly situated.

     3.2 Duties. The Administrator shall have full power and authority to
         ------
administer and interpret the Plan and to adopt such rules, regulations,
agreements, guidelines and instruments for the administration of the Plan and
for the conduct of its business as the Administrator deems necessary or
advisable, all within the Administrator's sole and absolute discretion. The
Administrator shall have full power and authority to take all other actions
necessary to carry out the purpose and intent of the Plan, including, but not
limited to, the authority to:

          (a)  construe the Plan and any Award under the Plan;

          (b)  subject to Section 4.1, select the persons to whom Awards may be
               granted and the time or times at which Awards shall be granted;

          (c)  determine the number of shares of Stock to be covered by or used
               for reference purposes for any Award;

          (d)  determine and modify from time to time the terms and conditions,
               including restrictions, of any Award (including provisions that
               would allow for cashless exercise of Awards and/or reduction in
               the exercise price of outstanding Awards) and to approve the form
               of written instrument evidencing Awards;

          (e)  accelerate the time or times at which an Award becomes vested or
               when an Award may be exercised or becomes payable and to waive or
               accelerate the lapse, in whole or in part, of any restriction or
               condition with respect to such Award, including, but not limited
               to, any restriction or condition with respect to the vesting or
               exercisability of an Award following a Participant's termination
               of employment or death;

          (f)  impose limitations on Awards, including limitations on transfer
               and repurchase provisions; and

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          (g)  modify, extend or renew outstanding Awards, or accept the
               surrender of outstanding Awards and substitute new Awards.

                                   ARTICLE IV

                          Eligibility and Participation
                          -----------------------------

     4.1 Eligibility. The persons eligible to participate in the Plan are
         -----------
employees of the Corporation or its Subsidiaries and others that render services
to the Corporation or its Subsidiaries, except that officers and directors of
the Corporation are not eligible to participate.

                                    ARTICLE V

                                  Stock Options
                                  -------------

     5.1 General. Subject to the other applicable provisions of the Plan, the
         -------
Administrator may from time to time grant to eligible Participants Awards of
ISOs or NSOs. The ISO or NSO Awards granted shall be subject to the following
terms and conditions.

     5.2 Grant of Option. The grant of an Option shall be evidenced by a Grant
         ---------------
Agreement, executed by the Corporation and the Participant, describing the
number of shares of Stock subject to the Option, whether the Option is an ISO or
NSO, the Exercise Price of the Option, the vesting period for the Option and
such other terms and conditions that the Administrator deems, in it sole
discretion, to be appropriate, provided that such terms and conditions are not
inconsistent with the Plan.

     5.3 Price. The price per share payable upon the exercise of each Option
         -----
(the "Exercise Price") shall be determined by the Administrator and set forth in
the Grant Agreement; provided, however, that in the case of ISOs, the Exercise
Price shall not be less than 100% of the Fair Market Value of the shares on the
Grant Date.

     5.4 Payment. Options may be exercised in whole or in part by payment of the
         -------
Exercise Price of the shares to be acquired in accordance with the provisions of
the Grant Agreement, and/or such rules and regulations as the Administrator may
prescribe, and/or such determinations, orders, or decisions as the Administrator
may make.

     5.5 Terms of Options. The term during which each Option may be exercised
         ----------------
shall be determined by the Administrator; provided, however, that in no event
shall an ISO be exercisable more than ten years from the date it is granted.

     5.6 Reload Options. The terms of an Option may provide for the automatic
         --------------
grant of a new Option Award when the Exercise Price of the Option and/or any
related tax withholding obligation is paid by tendering shares of Stock.

     5.7 Restrictions on ISOs. ISO Awards granted under the Plan shall comply in
         --------------------
all

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respects with Code section 422 and, as such, shall meet the following additional
requirements:

         (a)  Grant  Date.  An ISO must be  granted  within ten (10) years
              -----------
of the earlier of the Plan's adoption by the Board of Directors or approval by
the Corporation's shareholders.

         (b)  Exercise Price and Term. The Exercise Price of an ISO shall not be
              -----------------------
less than 100% of the Fair Market Value of the shares on the date the Option is
granted and the term of the Option shall not exceed ten (10) years.
Notwithstanding the immediately preceding sentence, the Exercise Price of any
ISO granted to a Participant who owns, within the meaning of Code section
422(b)(6), after application of the attribution rules in Code section 424(d),
more than ten percent (10%) of the total combined voting power of all classes of
shares of the Corporation, or its Parent or Subsidiary corporations, shall be
not less than 110% of the Fair Market Value of the Stock on the Grant Date and
the term of such ISO shall not exceed five (5) years.

         (c)  Maximum Grant. The aggregate Fair Market Value (determined as of
              -------------
the Grant Date) of shares of Stock with respect to which all ISOs first become
exercisable by any Participant in any calendar year under this or any other plan
of the Corporation and its Parent and Subsidiary corporations may not exceed
$100,000 or such other amount as may be permitted from time to time under Code
section 422. To the extent that such aggregate Fair Market Value shall exceed
$100,000, or other applicable amount, such Options shall be treated as NSOs. In
such case, the Corporation may designate the shares of Stock that are to be
treated as stock acquired pursuant to the exercise of an ISO by issuing a
separate certificate for such shares and identifying the certificate as ISO
shares in the stock transfer records of the Corporation.

         (d)  Participant.  ISOs shall only be issued to employees of the
              -----------
Corporation,  or of a Parent or  Subsidiary  of the Corporation.

         (e)  Tandem  Options  Prohibited.  An ISO may not be granted in tandem
              ---------------------------
with a NSO in such a manner that the exercise of one affects a Participant's
right to exercise the other.

         (f)  Designation.  No option shall be an ISO unless so designated by
              -----------
the Administrator at the time of grant or in the Grant Agreement evidencing such
Option.

     5.8 Exercisability. Options shall be exercisable as provided in the Grant
         --------------
Agreement.

     5.9 Transferability. ISOs shall be non-transferable. Except as provided in
         ---------------
the Grant Agreement, NSOs shall not be assignable or transferable by the
Participant, except by will or by the laws of descent and distribution.

                                   ARTICLE VI

                            Stock Appreciation Rights
                            -------------------------

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     6.1 Award of SARs. Subject to the other applicable provisions of the Plan,
         -------------
the Administrator may at any time and from time to time grant SARs to eligible
Participants, either on a free-standing basis (without regard to or in addition
to the grant of an Option) or on a tandem basis (related to the grant of an
underlying Option).

     6.2 Restrictions on Tandem SARs. ISOs may not be surrendered in connection
         ---------------------------
with the exercise of a tandem SAR unless the Fair Market Value of the Stock
subject to the ISO is greater than the Exercise Price for such ISO. SARs granted
in tandem with Options shall be exercisable only to the same extent and subject
to the same conditions as the related Options are exercisable. The Administrator
may, in its discretion, prescribe additional conditions to the exercise of any
such tandem SAR.

     6.3 Amount of Payment Upon Exercise of SARs. A SAR shall entitle the
         ---------------------------------------
Participant to receive, subject to the provisions of the Plan and the Grant
Agreement, a payment having an aggregate value equal to the product of (i) the
excess of (A) the Fair Market Value on the exercise date of one share of Stock
over (B) the base price per share specified in the Grant Agreement, times (ii)
the number of shares specified by the SAR, or portion thereof, which is
exercised. In the case of exercise of a tandem SAR, such payment shall be made
in exchange for the surrender of the unexercised related Option (or any portions
thereof which the Participant from time to time determines to surrender for this
purpose).

     6.4 Form of Payment Upon Exercise of SARs. Payment by the Corporation of
         -------------------------------------
the amount receivable upon any exercise of a SAR may be made by the delivery of
Stock or cash, or any combination of Stock and cash, as determined in the sole
discretion of the Administrator.

     6.5 Transferability. SARs shall be transferable only as provided in the
         ---------------
Grant Agreement.

                                   ARTICLE VII

                        Restricted Stock and Stock Units
                        --------------------------------

     7.1 Grants. Subject to the other applicable provisions of the Plan, the
         ------
Administrator may grant Restricted Stock or Stock Units to Participants in such
amounts and for such consideration, including no consideration or such minimum
consideration as may be required by law, as it determines. Such Awards shall be
made pursuant to a Grant Agreement.

     7.2 Terms and Conditions. A Restricted Stock Award entitles the recipient
         --------------------
to acquire shares of Stock and a Stock Unit Award entitles the recipient to be
paid the Fair Market Value of the Stock on the exercise date. Stock Units may be
settled in Stock, cash or a combination thereof, as determined by the
Administrator. Restricted Stock Awards and Stock Unit Awards are subject to
vesting periods and other restrictions and conditions as the Administrator may
include in the Grant Agreement.

                                       6

<PAGE>

     7.3 Restricted Stock.
         ----------------

         (a) The Grant Agreement for each Restricted Stock Award shall specify
the applicable restrictions on such shares of Stock, the duration of such
restrictions, and the times at which such restrictions shall lapse with respect
to all or a specified number of shares of Stock that are part of the Award.
Notwithstanding the foregoing, the Administrator may reduce or shorten the
duration of any restriction applicable to any shares of Stock awarded to any
Participant under the Plan.

         (b) Share certificates with respect to restricted shares of Stock may
be issued at the time of grant of the Restricted Stock Award, subject to
forfeiture if the restrictions do not lapse, or upon lapse of the restrictions.
If share certificates are issued at the time of grant of the Restricted Stock
Award, the certificates shall bear an appropriate legend with respect to the
restrictions applicable to such Restricted Stock Award (as described in Section
11.1) or, alternatively, the Participant may be required to deposit the
certificates with the Corporation during the period of any restriction thereon
and to execute a blank stock power or other instrument of transfer.

         (c) The extent of the Participant's rights as a shareholder with
respect to the Restricted Stock shall be specified in the Grant Agreement.

     7.4 Stock Units.
         -----------

         (a) The grant of Stock Units shall be evidenced by a Grant Agreement
that states the number of Stock Units evidenced thereby and the terms and
conditions of such Stock Units.

         (b) Stock Units may be exercised in the manner described in the Grant
Agreement.

         (c) The extent of the Participant's rights as a shareholder with
respect to the Stock Units shall be specified in the Grant Agreement.

     7.5 Transferability. Unvested Restricted Stock Awards or Stock Units may
         ---------------
not be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of except as specifically provided in the Grant Agreement.

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<PAGE>

                                  ARTICLE VIII

                                 Tax Withholding
                                 ---------------

     8.1 Corporation's Right to Demand Payment for Withholding.
         -----------------------------------------------------

         (a) Subject to subparagraph (b), as a condition to taking any action
otherwise required under the Plan or any Grant Agreement, the Corporation shall
have the right to require assurance that the Participant will remit to the
Corporation when required an amount sufficient to satisfy federal, state and
local tax withholding requirements. The Administrator may permit such
withholding obligations to be satisfied through cash payment by the Participant,
through the surrender of shares of Stock which the Participant already owns or
through the surrender of shares of Stock to which the Participant is otherwise
entitled under the Plan or through any other method determined by the
Administrator.

         (b) If a Participant makes a disposition of shares of Stock acquired
upon the exercise of an ISO within either two (2) years after the Option was
granted or one (1) year after its exercise by the Participant, the Participant
shall promptly notify the Corporation and the Corporation shall have the right
to require the Participant to pay to the Corporation an amount sufficient to
satisfy federal, state and local tax withholding requirements.

                                   ARTICLE IX

                             Corporate Transactions
                             ----------------------

     9.1 Adjustments Due to Special Circumstances.
         ----------------------------------------

         (a) In the event of any change in the capital structure or business of
the Corporation by reason of any stock dividend or extraordinary dividend, stock
split or reverse stock split, recapitalization, reorganization, merger,
consolidation, split-up, combination or exchange of shares, non-cash
distributions with respect to its outstanding Stock, reclassification of the
Corporation's capital stock, any sale or transfer of all or part of the
Corporation's assets or business, or any similar change affecting the
Corporation's capital structure or business or the capital structure of any
business of any Subsidiary, as determined by the Administrator, if the
Administrator determines that an adjustment is equitable, then the Administrator
may make such adjustments as it deems equitable with respect to the Plan and
Awards, including, without limitation, in: (i) the number of shares of Stock
that can be granted or used for reference purposes pursuant to the Plan; (ii)
the number and kind of shares or other securities subject to any then
outstanding Awards under the Plan; and (iii) the exercise price, base price, or
purchase price applicable to outstanding Awards under the Plan. The adjustment
by the Administrator shall be final, binding and conclusive.

         (b) The Administrator may cancel outstanding Awards, but not
outstanding Stock or Restricted Stock Awards, in connection with any merger,
consolidation of the Corporation, or any sale or transfer of all or part of the
Corporation's assets or business, or any

                                       8

<PAGE>

similar event. The Administrator may determine to make no compensation
whatsoever for any canceled Awards that are not in-the-money (as hereinafter
defined) or for any canceled Awards to the extent not vested. The Corporation
shall provide payment in cash or other property for the in-the-money value of
the vested portion of Awards that are in-the-money and that are canceled as
aforesaid. Awards are "in-the-money" only to the extent of their then realizable
market value, without taking into account the potential future increase in the
value of the Award (whether under Black-Scholes-type formulas or otherwise). The
opinion by the Administrator of the in-the-money value of any Award shall be
final, binding and conclusive.

     9.2 Substitution of Options. In the event that, by reason of a corporate
         -----------------------
merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Board shall authorize the issuance or
assumption of a stock option or stock options in a transaction to which Code
section 424(a) applies, then, notwithstanding any other provision of the Plan,
the Administrator may grant options upon such terms and conditions as it may
deem appropriate for the purpose of assumption of the old option, or
substitution of a new option for the old option, in conformity with the
provisions of Code section 424(a) and the rules and regulations thereunder, as
they may be amended from time to time.

                                    ARTICLE X

                            Amendment and Termination
                            -------------------------

     10.1 Amendment. The Board may amend the Plan at any time and from time to
          ---------
time, provided that (i) no amendment shall deprive any person of any rights
granted under the Plan before the effective date of such amendment, without such
person's consent; and (ii) amendments may be subject to shareholder approval to
the extent needed to comply with applicable law and stock exchange requirements.

     10.2 Termination. The Board reserves the right to terminate the Plan in
          -----------
whole or in part at any time, without the consent of any person granted any
rights under the Plan.

                                   ARTICLE XI

                                  Miscellaneous
                                  -------------

     11.1 Restrictive Legends. The Corporation may at any time place legends
          -------------------
referencing any restrictions described in the Grant Agreement and any applicable
federal or state securities law restrictions on all certificates representing
shares of Stock underlying an Award.

     11.2 Compliance with Governmental Regulations. Notwithstanding any
          ----------------------------------------
provision of the Plan or the terms of any Grant Agreement entered into pursuant
to the Plan, the Corporation shall not be required to issue any shares hereunder
prior to registration of the shares subject to the Plan under the Securities Act
of 1933, as amended, or the Securities Exchange Act of 1934, as amended, if such
registration shall be necessary, or before compliance by the Corporation or

                                       9

<PAGE>

any Participant with any other provisions of either of those acts or of
regulations or rulings of the Securities and Exchange Commission thereunder, or
before compliance with other federal and state laws and regulations and rulings
thereunder, including the rules any applicable securities exchange or quotation
system.

     11.3 No Guarantee of Employment. Participation in this Plan shall not be
          --------------------------
construed to confer upon any Participant the legal right to be retained in the
employ of the Corporation or give any person any right to any payment
whatsoever, except to the extent of the benefits provided for hereunder.

     11.4 Governing Law. The provisions of this Plan shall be governed by,
          -------------
construed and administered in accordance with applicable federal law; provided,
however, that to the extent not in conflict with federal law, this Plan shall be
governed by, construed and administered under the laws of Connecticut, other
than its laws respecting choice of law.

     11.5 Severability. If any provision of the Plan shall be held invalid, the
          ------------
remainder of this Plan shall not be affected thereby and the remainder of the
Plan shall continue in force.

                                       10<PAGE>

                                 EXHIBIT 10.1
                                 ------------

                               LARRY D. HUFFMAN

                             EMPLOYMENT AGREEMENT
                             --------------------

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into as
of the 1st day of April, 2001 (the "Effective Date"), by and between Kankakee
Bancorp, Inc., a Delaware corporation (the "Employer"), and Larry D. Huffman
(the "Executive").

                                   RECITALS
                                   --------

     A.   The Employer desires that Executive serve as the President and Chief
Executive Officer of the Employer and its wholly-owned subsidiary, Kankakee
Federal Savings Bank (the "Bank").

     B.   The Employer and Executive have made commitments to each other on a
variety of important issues concerning his employment, including the performance
that will be expected of him, the compensation that he will be paid, how long
and under what circumstances he will remain employed, and the financial details
relating to any decision that either the Employer or Executive might ever make
to terminate this Agreement.

     NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements hereinafter contained, it is covenanted and agreed by and between the
parties hereto as follows:

                                  AGREEMENTS
                                  ----------

     1.   Position and Duties.  As of the Effective Date, the Employer hereby
          -------------------
employs Executive as the President and Chief Executive Officer of the Employer
and the Bank. During the period of Executive's employment hereunder, Executive
shall devote his best efforts and full business time, energy, skills and
attention to the business affairs of the Employer and the Bank. Executive's
duties and authority shall consist of and include all duties and authority
customarily held and performed by persons holding equivalent positions with
business organizations similar in nature and size to the Employer and the Bank,
as such duties and authority are reasonably defined, modified and delegated from
time to time by the Board of Directors of the Employer (the "Board"). Executive
shall have the powers necessary to perform the duties assigned to him and shall
be provided such supporting services, staff, secretarial and other assistance,
office space and accouterments as shall be reasonably necessary and appropriate
in the light of such assigned duties.

     2.   Compensation.  As compensation for the services to be provided by
          ------------
Executive hereunder, Executive shall receive the following compensation, expense
reimbursement and other benefits:

          (a)  Base Compensation.  Executive shall receive an aggregate annual
               -----------------
     base salary at the rate of one hundred and forty thousand dollars
     ($140,000), which base salary amount shall be increased five percent (5%)
     on each of the first, second and
<PAGE>

     third anniversaries of the Effective Date. On the fourth anniversary of the
     Effective Date, and on each subsequent anniversary of the Effective Date
     during the term of this Agreement, Executive's base salary shall be
     adjusted as determined by the Board in its sole discretion. Executive's
     base salary shall be paid in installments in accordance with the Bank's
     regular payroll practices.

          (b)  Reimbursement of Expenses.  Executive shall be reimbursed, upon
               -------------------------
     submission of appropriate vouchers and supporting documentation, for all
     travel, entertainment and other out-of-pocket expenses reasonably and
     necessarily incurred by Executive in the performance of his duties
     hereunder and shall be entitled to attend seminars, conferences and
     meetings relating to the business of the Employer consistent with the
     Employer's established policies in that regard.

          (c)  Vacation.  Executive shall be entitled to at least three (3)
               --------
     weeks of paid annual vacation during each of the first two (2) years of
     this Agreement and shall be entitled to four (4) weeks of paid annual
     vacation in each year thereafter during the term of this Agreement; such
     vacation shall be taken at times mutually agreeable to the Employer and
     Executive, and which annual vacation shall accrue in equal monthly amounts
     each year and shall not be carried over from one year to any subsequent
     year.

          (d)  Club Membership.  A social membership will be provided at
               ---------------
     Kankakee Country Club for business use.

          (e)  Mileage Reimbursement. Executive shall be reimbursed for business
               ---------------------
     use of his personal automobile at the then current allowable IRS mileage
     rate, and subject to any required documentation of such usage and
     reimbursement.

          (f)  Other Benefits.  Executive shall be entitled to all benefits
               --------------
     specifically established for him, including those included in this
     Agreement, and, when and to the extent he is eligible therefor, to
     participate in all plans and benefits generally accorded to employees of
     the Employer, including, but not limited to, pension, profit-sharing,
     disability income, group life, medical and hospitalization insurance and
     similar or comparable plans, and also to perquisites extended to similarly
     situated employees, provided, however, that such plans, benefits and
                         --------  -------
     perquisites shall be no less favorable than those made available to
     employees of the Employer generally.

          (g)  Withholding.  The Employer shall be entitled to withhold from
               -----------
     amounts payable to Executive hereunder, any federal, state or local
     withholding or other taxes or charges which it is from time to time
     required to withhold. The Employer shall be entitled to rely upon the
     opinion of its legal counsel with regard to any question concerning the
     amount or requirement of any such withholding.

     3.   Term and Termination.
          --------------------

          (a)  Term.  Executive's employment hereunder shall be for a term of
               ----
three (3) years commencing as of the Effective Date.

                                       2
<PAGE>

          (b)  Premature Termination.
               ---------------------

               (i)    If the Employer terminates this Agreement other than in
     accordance with the provisions of paragraphs (a) and (d) of this Section 3,
     then notwithstanding any mitigation of damages by Executive, the Employer
     shall continue to pay to Executive the annual base salary then payable to
     Executive and shall continue to provide coverage for Executive under the
     health insurance program maintained by the Employer for one (1) year
     following such termination, provided, however, that the continued payment
     of these amounts by the Employer shall not offset or diminish any
     compensation or benefits accrued as of the date of termination.

               (ii)   Payment to Executive will be made on a monthly basis
     during the remaining term of this Agreement. At the election of the
     Employer, payments may be made in a lump sum. Such payments shall not be
     reduced in the event Executive obtains other employment following the
     termination of employment by the Employer.

               (iii)  If the Employer is not in compliance with its minimum
     capital requirements or if the payments required under subparagraph (i)
     above would cause the Employer's capital to be reduced below its minimum
     capital requirements, such payments shall be deferred until such time as
     the Employer is in capital compliance.

          (c)  Constructive Termination.  If at any time during the term of this
               ------------------------
     Agreement, except in connection with a termination pursuant to paragraphs
     (a) or (d) of this Section 3, Executive is Constructively Discharged (as
     hereinafter defined) then Executive shall have the right, by written notice
     to the Employer within ninety (90) days of such Constructive Discharge, to
     terminate services hereunder, effective as of thirty (30) days after such
     notice, and Executive shall have no rights or obligations under this
     Agreement other than as provided in Sections 4, 5 and 8 hereof.  Executive
     shall in such event be entitled to a lump sum payment of compensation and
     continuation of health insurance as if such termination of his employment
     was pursuant to paragraph (b) of this Section 3.

     For purposes of this Agreement, Executive shall be deemed "Constructively
     Discharged" upon the occurrence of any one of the following events:

               (i)    Executive shall fail to be vested by the Employer with the
     powers, authority and support services equivalent to his then current
     position; or

               (ii)   The Employer changes the primary employment location of
     Executive to a place that is more than twenty-five (25) miles from the
     primary employment location of Executive as of the Effective Date; or

               (iii)  The Employer otherwise commits a material breach of its
     obligations under this Agreement.

                                       3
<PAGE>

          (d)  Termination for Cause.  This Agreement may be terminated by the
               ---------------------
     Employer on the basis of "Cause" as hereinafter defined. If Executive's
     employment is terminated for Cause, then the Employer shall only be
     obligated to pay to Executive such base salary and vacation pay for unused
     vacation days as shall be accrued and remain unpaid through the effective
     date of termination and such reimbursements for previously approved
     expenses. "Cause" shall mean the termination of Executive employment on the
     basis of or as a result of: (i) a material violation by Executive of any
     applicable material law or regulation respecting the business of the
     Employer; (ii) Executive being found guilty of a felony or an act of
     dishonesty in connection with the performance of his duties as an officer
     of the Employer, or which disqualifies Executive from serving as an officer
     or director of the Employer; (iii) Executive engages in one or more unsafe
     or unsound banking practices that have a material adverse effect on the
     Bank; (iv) Executive is removed or suspended from banking pursuant to
     Section 8(e) of the Federal Deposit Insurance Act, as amended, or any other
     applicable state or federal laws; or (v) Executive's willful or negligent
     failure to perform his duties hereunder in any material respect. Executive
     shall be entitled to at least thirty (30) days' prior written notice of the
     Employer's intention to terminate his employment for Cause specifying the
     grounds for such termination, a reasonable opportunity to cure any conduct
     or act, if curable, alleged as grounds for such termination, and a
     reasonable opportunity to present to the Board his position regarding any
     dispute relating to the existence of such Cause.

          (e)  Termination upon Death.  This Agreement shall terminate upon
               ----------------------
     Executive's death. Upon Executive's death, the Employer shall only be
     obligated to pay to Executive such base salary and vacation pay for unused
     vacation days as shall be accrued and remain unpaid through the date of
     death and such reimbursements for previously approved expenses. The amount,
     if any, that the Employer shall be obligated to pay upon Executive's death
     shall be made to such beneficiary as Executive may designate in writing, or
     failing such designation, to the executor of his estate, in full settlement
     and satisfaction of all claims and demands on behalf of Executive. Such
     payments shall be in addition to any other death benefits of the Employer
     for the benefit of Executive and in full settlement and satisfaction of all
     payments provided for in this Agreement.

          (f)  Termination upon Disability.  The Employer may terminate
               ---------------------------
     Executive's employment after Executive is determined to be disabled under
     the current Employer program or by a physician engaged by the Employer.
     Upon Executive's termination as a result of his disability, the Employer
     shall only be obligated to pay to Executive such base salary and vacation
     pay for unused vacation days as shall be accrued and remain unpaid through
     the effective date of termination and such reimbursements for previously
     approved expenses. For purposes hereof, "disability" shall mean Executive's
     inability, as a result of physical or mental incapacity, substantially to
     perform his duties hereunder for one hundred and twenty (120) business days
     within a consecutive twelve (12) month period, such disability to be deemed
     to exist on the one hundred and twentieth (120/th/) day of such inability.
     In the event of a

                                       4
<PAGE>

     dispute regarding Executive's disability, each party shall choose a
     physician who together will choose a third physician to make a final
     determination. Executive shall be entitled to the compensation and benefits
     provided for under this Agreement for any period during the term of this
     Agreement and prior to the establishment of Executive's disability during
     which Executive is unable to work due to a physical or mental infirmity.
     Notwithstanding anything contained in this Agreement to the contrary, until
     the date specified in a notice of termination relating to Executive's
     disability, Executive shall be entitled to return to his positions with the
     Employer as set forth in this Agreement.

          (g)  Voluntary Termination.  If Executive voluntarily terminates his
               ---------------------
     employment under this Agreement, other than pursuant to Section 3(d)
     (Constructive Termination), then the Employer shall only be obligated to
     pay the Executive such base salary and vacation pay for unused vacation
     days as shall be accrued and remain unpaid through the effective date of
     termination and such reimbursements for previously approved expenses.

          (h)  Regulatory Suspension and Termination.
               -------------------------------------

               (i)    If Executive is suspended from office and/or temporarily
     prohibited from participating in the conduct of the Employer's affairs by a
     notice served under Section 8(e)(3) (12 U.S.C. (S) 1818(e)(3)) or 8(g) (12
     U.S.C. (S) 1818(g)) of the Federal Deposit Insurance Act, as amended, the
     Employer's 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 Employer may in its discretion (A) pay
     Executive all or part of the compensation withheld while the contract
     obligations were suspended and (B) reinstate (in whole or in part) any of
     the obligations which were suspended.

               (ii)   If Executive is removed and/or permanently prohibited from
     participating in the conduct of the Employer's affairs by an order issued
     under Section 8(e) (12 U.S.C. (S) 1818(e)) or 8(g) (12 U.S.C. (S) 1818(g))
     of the Federal Deposit Insurance Act, as amended, all obligations of the
     Employer under this contract shall terminate as of the effective date of
     the order, but vested rights of the contracting parties shall not be
     affected.

               (iii)  If the Employer is in default as defined in Section 3(x)
     (12 U.S.C. (S) 1813(x)(1)) of the Federal Deposit Insurance Act, as
     amended, all obligations of the Employer under this contract shall
     terminate as of the date of default, but this paragraph shall not affect
     any vested rights of the contracting parties.

               (iv)   All obligations of the Employer under this contract shall
     be terminated, except to the extent determined that continuation of the
     contract is necessary for the continued operation of the institution by the
     Federal Deposit Insurance Corporation (the "FDIC"), at the time the FDIC
     enters into an agreement to provide assistance to or on behalf of the
     Employer under the authority contained in

                                       5
<PAGE>

     Section 13(c) (12 U.S.C. (S) 1823(c)) of the Federal Deposit Insurance Act,
     as amended, or when the Employer is determined by the FDIC 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.

               (v)    Any payments made to Executive pursuant to this Agreement,
     or otherwise, are subject to and conditioned upon their compliance with
     Section 18(k) (12 U.S.C. (S)1828(k)) of the Federal Deposit Insurance Act,
     as amended, and any regulations promulgated thereunder.

     4.   Confidentiality and Loyalty.  Executive acknowledges that the nature
          ---------------------------
of his employment will require that he produce and have access to material,
records, data, trade secrets and information that are not generally available to
the public (collectively, "Confidential Information") regarding the Employer and
its subsidiaries and affiliates. Accordingly, during and subsequent to
termination of this Agreement, Executive shall hold in confidence and not
directly or indirectly disclose, use, copy or make lists of any such
Confidential Information, except to the extent that such information is or
thereafter becomes lawfully available from public sources, or such disclosure is
authorized in writing by the Employer, required by a law or any competent
administrative agency or judicial authority, or he is authorized in writing by
the Board to disclose it. All records, files, documents and other materials or
copies thereof relating to the Employer's business which Executive shall prepare
or use, shall be and remain the sole property of the Employer, shall not be
removed from the Employer's premises for other than business purposes without
its written consent, and shall be promptly returned to the Employer upon
termination of Executive's employment hereunder. Executive agrees to abide by
the Employer's reasonable policies, as in effect from time to time, respecting
avoidance of interests conflicting with those of the Employer.

     5.   Non-Competition Covenant.
          ------------------------

          (a)  Restrictive Covenant.  The Employer and Executive have jointly
               --------------------
     reviewed the customer lists and operations of the Employer and have agreed
     that the primary service areas of the Employer's lending and deposit taking
     functions in which the Employer has and will actively participate extends
     separately to each area which encompasses a twenty-five (25) mile radius
     from the main office of the Employer (the primary employment location of
     Executive as of the Effective Date) and from each of the Employer's other
     branches and offices. Therefore, as an essential ingredient of and as
     consideration for this Agreement and the payment of the amounts described
     in Section 2, Executive hereby agrees that, except with the express prior
     written consent of the Employer, for a period of one (1) year after the
     termination of Executive's employment with the Employer (the "Restrictive
     Period"), he will not directly or indirectly compete with the business of
     the Employer, including, but not by way of limitation, by directly or
     indirectly owning, managing, operating, controlling, financing, or by
     directly or indirectly serving as an employee, officer, owner or director
     of or consultant to, or by soliciting or inducing, or attempting to solicit
     or induce, any employee or agent of Employer to terminate employment with
     Employer

                                       6
<PAGE>

     and become employed by any person, firm, partnership, corporation, trust or
     other entity which owns or operates, a bank, savings and loan association,
     credit union or similar financial institution (a "Financial Institution")
     within a twenty-five (25) mile radius of the Employer's main office (the
     primary employment location of Executive as of the Effective Date) and from
     each of the Employer's other branches and offices (the "Restrictive
     Covenant"). If Executive violates the Restrictive Covenant and the Employer
     brings legal action for injunctive or other relief, the Employer shall not,
     as a result of the time involved in obtaining such relief, be deprived of
     the benefit of the full period of the Restrictive Covenant. Accordingly,
     the Restrictive Covenant shall be deemed to have the duration specified in
     this Section 5(a) computed from the date the relief is granted but reduced
     by the time between the period when the Restrictive Period began to run and
     the date of the first violation of the Restrictive Covenant by Executive.
     In the event that a successor assumes and agrees to perform this Agreement,
     this Restrictive Covenant shall continue to apply only to the primary
     service area of the Employer as it existed immediately before such
     assumption and shall not apply to any of the successor's other offices. The
     foregoing Restrictive Covenant shall not prohibit Executive from owning
     directly or indirectly capital stock or similar securities which are listed
     on a securities exchange or quoted on NASDAQ, which do not represent more
     than five percent (5%) of the outstanding capital stock of any Financial
     Institution.

          (b)  Remedies for Breach of Restrictive Covenant.  Executive
               -------------------------------------------
     acknowledges that the restrictions contained in Sections 4 and 5(a) of this
     Agreement are reasonable and necessary for the protection of the legitimate
     business interests of the Employer, that any violation of these
     restrictions would cause substantial injury to the Employer and such
     interests, that the Employer would not have entered into this Agreement
     with Executive without receiving the additional consideration offered by
     Executive in binding himself to these restrictions and that such
     restrictions were a material inducement to the Employer to enter into this
     Agreement. In the event of any violation or threatened violation of these
     restrictions, the Employer, in addition to and not in limitation of, any
     other rights, remedies or damages available to the Employer under this
     Agreement or otherwise at law or in equity, shall be entitled to
     preliminary and permanent injunctive relief to prevent or restrain any such
     violation by Executive and any and all persons directly or indirectly
     acting for or with him, as the case may be.

     6.   Intercorporate Transfers.  If Executive shall be transferred to an
          ------------------------
affiliate of the Employer, such transfer shall not be deemed to terminate or
modify this Agreement and the employing corporation to which Executive shall
have been transferred shall, for all purposes of this Agreement, be construed as
standing in the same place and stead as the Employer as of the date of such
transfer. For purposes hereof, an affiliate of the Employer shall mean any
corporation directly or indirectly controlling, controlled by, or under common
control with the Employer.

                                       7
<PAGE>

     7.   Interest in Assets.  Neither Executive nor his estate shall acquire
          ------------------
hereunder any rights in funds or assets of the Employer, otherwise than by and
through the actual payment of amounts payable hereunder; nor shall Executive or
his estate have any power to transfer, assign, anticipate, hypothecate or
otherwise encumber in advance any of said payments; nor shall any of such
payments be subject to seizure for the payment of any debt, judgment, alimony,
separate maintenance or be transferable by operation of law in the event of
bankruptcy, insolvency or otherwise of Executive.

     8.   Indemnification.  The Employer shall provide Executive (including his
          ---------------
heirs, personal representatives, executors and administrators) for the term of
this Agreement with coverage under a standard directors' and officers' liability
insurance policy at its expense.

     9.   General Provisions.
          ------------------

          (a)  Successors; Assignment.  This Agreement shall be binding upon and
               ----------------------
     inure to the benefit of Executive, the Employer and his and its respective
     personal representatives, successors and assigns, and any successor or
     assign of the Employer shall be deemed the "Employer" hereunder. The
     Employer shall require any successor to all or substantially all of the
     business and/or assets of the Employer, whether directly or indirectly, by
     purchase, merger, consolidation, acquisition of stock, or otherwise, by an
     agreement in form and substance satisfactory to Executive, expressly to
     assume and agree to perform this Agreement in the same manner and to the
     same extent as the Employer would be required to perform if no such
     succession had taken place.

          (b)  Entire Agreement; Modifications.  This Agreement constitutes the
               -------------------------------
     entire agreement between the parties respecting the subject matter hereof,
     and supersedes all prior negotiations, undertakings, agreements and
     arrangements with respect thereto, whether written or oral. Except as
     otherwise explicitly provided herein, this Agreement may not be amended or
     modified except by written agreement signed by Executive and the Employer.

          (c)  Enforcement and Governing Law.  The provisions of this Agreement
               -----------------------------
     shall be regarded as divisible and separate; if any of said provisions
     should be declared invalid or unenforceable by a court of competent
     jurisdiction, the validity and enforceability of the remaining provisions
     shall not be affected thereby. This Agreement shall be construed and the
     legal relations of the parties hereto shall be determined in accordance
     with the laws of the State of Illinois without reference to the law
     regarding conflicts of law.

          (d)  Arbitration.  Any dispute or controversy arising under or in
               -----------
     connection with this Agreement shall be settled exclusively by arbitration,
     conducted before a single arbitrator sitting in a location selected by
     Executive within seventy (70) miles from the location of the Employer, in
     accordance with the rules of En Dispute then in effect. Judgment may be
     entered on the arbitrator's award in any court having jurisdiction;
     provided, however, that Executive shall be entitled to seek specific

                                       8
<PAGE>

     performance of his right to be paid through the date of termination during
     the pendency of any dispute or controversy arising under or in connection
     with this Agreement.

          (e)  Legal Fees.  All reasonable legal fees paid or incurred by
               ----------
     Executive pursuant to any dispute or question of interpretation relating to
     this Agreement shall be paid or reimbursed by the Employer if Executive is
     successful on the merits pursuant to a legal judgment, arbitration or
     settlement.

          (f)  Waiver.  No waiver by either party at any time of any breach by
               ------
     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
     any similar or dissimilar provisions or conditions at the same time or any
     prior or subsequent time.

          (g)  Notices.  Notices pursuant to this Agreement shall be in writing
               -------
     and shall be deemed given when received; and, if mailed, shall be mailed by
     United States registered or certified mail, return receipt requested,
     postage prepaid; and if to the Employer, addressed to the principal
     headquarters of the Employer, attention: Chairman of the Board; or, if to
     Executive, to the address set forth below Executive's signature on this
     Agreement, or to such other address as the party to be notified shall have
     given to the other.

          (h)  Counterparts. This Agreement may be executed in any number of
               ------------
     counterparts, each of which shall be deemed an original, but all of which
     together shall constitute one and the same instrument

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

KANKAKEE BANCORP, INC.                       LARRY D. HUFFMAN

By:  /s/ William Cheffer                      /s/ Larry D. Huffman  4/3/2001
   -------------------------------           ----------------------------------
Name:    William Cheffer
       ---------------------------
Title: Chairman           4/3/2001
       ---------------------------

                                       9

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