Document:

Form of Special Termination Agreement

 EXHIBIT NO. 10.37—FORM OF SPECIAL TERMINATION AGREEMENT, AS 
 AMENDED, BETWEEN MID AMERICA BANK, fsb AND KENNETH RUSDAL 
 AND VARIOUS OFFICERS. 
  
 The attached
Special Termination Agreement dated April 19, 1990, as amended, between Mid America Bank and Kenneth Rusdal is substantially identical in all material respects (except as otherwise noted below) with the other executive officer contracts listed below
which are not being filed. By action of the Board of Directors of Mid America Bank, fsb, the term of each of these agreements has been extended to December 31, 2006. 
  
 Parties to Special Termination Agreement: 
  
 Mid America Bank and Gerard J. Buccino 
  
 Mid America Bank and Michael J. Janssen 
  
 Mid America Bank and William Haider 
  

Mid America Bank and Thomas Miers 
  
 Mid America Bank and Sharon Wheeler 
  
 Mid America Bank and David Kohlsaat (1) 
  
 Mid America Bank and Mary Christine Roberg (1) 
  
 Mid America Bank and James Allen (1) (2) 
  

	(1)	The provisions contained in section 3(f) of the amended agreement under the heading “Effect of Certain Accounting Rules” are not included in the agreements of David
Kohlsaat, Mary Christine Roberg or James Allen. 

  

	(2)	In determining the termination benefits under the agreement, Section 3(a) of Mr. Allen’s agreement provides that the base salary and annual incentive plan payments for any
portion of the preceding three-year period during which Executive was not employed by the Bank shall be based on Executive’s 2001 base salary and annual incentive plan bonus earned for 2001. 

 MID AMERICA FEDERAL SAVINGS BANK 
 SPECIAL TERMINATION AGREEMENT 
  
 This AGREEMENT is made effective as of April 19, 1990 by and between Mid America Federal Savings Bank (the “Bank”), a federally chartered savings institution, with its office at 55th & Holmes Street,
Clarendon Hills, Illinois, and Kenneth Rusdal (the “Executive”). The Bank is the wholly-owned subsidiary of the Holding Company (the “Company”), a corporation organized under the laws of the State of Delaware. 
  
 WHEREAS, the Bank recognizes the substantial contribution Executive has made
to the Bank and wishes to protect his position therewith for the period provided in this Agreement; and 
  
 WHEREAS, Executive has been elected to, and has agreed to serve in the position of Senior Vice President for the Bank, a position of substantial
responsibility; 
  
 NOW, THEREFORE, in consideration of the
contribution and responsibilities of Executive, and upon the other terms and conditions hereinafter provided, the parties hereto agree as follows: 
  
 1. TERM OF AGREEMENT. 
  
 The term of this Agreement shall be deemed to have commenced as of the date first above written and shall continue for a period of thirty-six (36) full
calendar months thereafter. Commencing on the first anniversary date of this Agreement and continuing at each anniversary date thereafter, this Agreement shall automatically renew for an additional year such that the remaining term shall be three
(3) years unless written notice is provided to Executive, at least ten (10) days and not more than twenty (20) days prior to expiration of such period, then the term of this Agreement shall cease at the end of twenty- four (24) months following the
next anniversary date, or unless the Executive’s employment is voluntarily or involuntarily terminated with the Bank pursuant to Section 2 hereof. 
  
 2. PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. 
  
 (a) Upon the occurrence of a Change in Control of the Bank or the Company (as herein defined) followed at any time during the term of this Agreement by
the voluntary or involuntary termination of Executive’s employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to
elect to voluntarily terminate his employment at any time during the term of this Agreement following any demotion, loss of title, office or significant authority, reduction in his annual compensation, or relocation of his principal place of
employment by more than 50 miles from its location immediately prior to the Change in Control. 
  
 (b) Definition of a Change in Control. A “Change in Control” of the Bank or the Company shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 1 of the
current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results 
  

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 in a Change in Control of the Bank or the Holding Company within the meaning of the Home Owners Loan Act of 1933 and the
Rules and Regulations promulgated by the Office of Thrift Supervision (or its predecessor agency), as in effect on the date hereof including Section 574 of such regulations; or (iii) without limitation, such a Change in Control shall be deemed to
have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities or makes an offer to purchase securities of the Bank or Company representing 20% or more of the Bank’s or Company’s outstanding securities ordinarily having the right to vote at an election of directors except for any
securities of the Bank purchased by the Holding Company in connection with the conversion of the Bank to the stock form and any securities purchased by the Bank’s employee stock ownership plan and trust; or (b) individuals who constitute the
Board of Directors of the Company or the Bank on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose
election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the shareholders was approved by the Nominating Committee, shall be, for purposes of this clause (b),
considered as though he were a member of the Incumbent Board; or (c) merger, consolidation or sale of all or substantially all the assets of the Bank or Company occurs; or (d) a proxy statement shall be distributed soliciting proxies from
stockholders of the Company, by someone other than the current management of the Company, seeking stockholder approval of the reorganization, merger or consolidation of the Company or Bank with one or more corporations as a result of which the
outstanding shares of the class of securities then subject to the Plan are exchanged for or converted into cash or property or securities not issued by the Bank or Company; or (e) a tender offer is made for 20% or more of the outstanding securities
of the Bank or Holding Company. 
  
 (c) Executive shall not have
the right to receive termination benefits pursuant to Section 3 hereof upon Termination for Cause. The term “Termination for Cause” shall mean termination because of the Executive’s personal dishonesty, incompetence, willful
misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order,
or material breach of any material provision of this Agreement. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the savings institutions industry. Notwithstanding the foregoing,
Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board of Directors of the Bank at
a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive was guilty
of conduct justifying Termination for Cause and specifying the particulars thereof in detail. The Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. Any stock options or limited
rights granted to Executive under any stock option plan of the Bank, the Company or any subsidiary or affiliate thereof, shall become null and void effective upon Executive’s receipt of Notice of Termination for Cause and shall not be
exercisable by Executive at any time subsequent to such Termination for Cause. 
  

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 3. TERMINATION BENEFITS. 
  

(a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the voluntary or involuntary termination of
Executive’s employment, other than for Termination for Cause, the Bank and the Company shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or
liquidated damages, or both, a sum equal to three (3) times the average annual base salary paid to Executive for the three (3) years immediately preceding Executive’s termination. In the event the Executive has not been employed by the Bank or
Holding Company during all or part of the three immediately preceding years, the annual base salary paid to Executive for such periods shall, for purposes of this Section 3, be deemed to be equal to the Executive’s initial base salary upon
commencing employment adjusted to reflect assumed annual base salary increases of ten percent (10%). At the discretion of Executive, upon an election pursuant to Section 3(e) hereof, such payment may be made in a lump sum immediately upon severance
of Executive’s employment or paid, on a pro rata basis, semi-monthly during the thirty-six (36) months following the Executive’s termination. 
  
 (b) Upon the occurrence of a Change in Control of the Bank or the Company followed at any time during the term of this Agreement by Executive’s
voluntary or involuntary termination of employment, other than for Termination for Cause, the Bank shall cause to be continued life, health and disability coverage substantially identical to the coverage maintained by the Bank for Executive prior to
his severance. Such coverage shall cease upon the earlier of Executive’s obtaining similar coverage by another employer or twelve (12) months from the date of Executive’s termination. In the event the Executive obtains new employment and
receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Executive prior to termination for a period of twelve (12) months. 
  
 (c) Upon the occurrence of a Change in Control, the Executive will have such
rights as specified in the Company’s Incentive Stock Option Plan or any other employee benefit plan with respect to options and such other rights as may have been granted to Executive under such plans. 
  
 (d) Upon a Change in Control, the Executive will be entitled to the benefits
under the Bank’s Management Recognition and Retention Plans. 
  
 (e) On an annual basis Executive shall elect whether, in the event amounts are payable under Sections 3(a) hereof, such amounts shall be paid in a lump sum or on a pro rata basis pursuant to such sections. Such election shall be irrevocable
for the year for which such election is made. 
  
 (f)
Notwithstanding the preceding paragraphs of this Section 3, in the event that: 
  

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 (i) the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the
“Termination Benefits”) would be deemed to include an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 (the “Code”) or any successor thereto, and 
  
 (ii) if such Termination Benefits were reduced to an amount (the “Non-
Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount”, as determined in accordance with said Section 280G, and the Non- Triggering Amount would be
greater than the aggregate value of the Termination Benefits (without such reduction) minus the amount of tax required to be paid by Executive thereon by Section 4999 of the Code, then the Termination Benefits shall be reduced to the Non-Triggering
Amount. The allocation of the reduction required hereby among the Termination Benefits provided by the preceding paragraphs of this Section 3 shall be determined by Executive. In the event that Executive receives the Non-Triggering Amount pursuant
to this paragraph (f) and it is subsequently determined by the Internal Revenue Service or judicial authority that Executive is deemed to have received an amount in excess of the Non-Triggering Amount, the Bank or Company shall pay to Executive an
amount equal to the value of the payments or benefits in excess of the Non-Triggering Amount he is so deemed to have received. 
  
 4. NOTICE OF TERMINATION. 
  
 Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated. “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a Termination for Cause, shall not be less than thirty
(30) days from the date such Notice of Termination is given); provided that if, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists
concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court
of competent jurisdiction (the time for appeal there from having expired and no appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and
the party giving such notice pursues the resolution of such dispute with reasonable diligence. 
  
 5. SOURCE OF PAYMENTS. 
  
 It is intended by the parties hereto that all payments provided in this Agreement shall be paid in cash or check from the general funds of the Bank. The Company, however, guarantees payment and provision of all amounts and benefits due
hereunder to Executive, if such amounts 
  

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 and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or
provided by the Company. 
  
 6. EFFECT ON PRIOR AGREEMENT AND EXISTING BENEFIT
PLANS. 
  
 This Agreement contains the entire understanding
between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No
provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
  
 7. NO ATTACHMENT. 
  
 (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no
effect. 
  
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive, the Bank and their respective successors and assigns. 
  
 8. MODIFICATION AND WAIVER. 
  
 (a) This Agreement
may not be modified or amended except by an instrument in writing signed by the parties hereto. 
  
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 
  
 9. REQUIRED REGULATORY PROVISIONS. 
  
 (a) The Bank may terminate the Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not
prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 2(c) hereinabove.

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

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 the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Bank’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 Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while their contract
obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
  
 (c) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under
Section 8(e) (12 USC (S) 1818(e)) or 8(g) (12 USC (S) 1818(g)) of the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989, all obligations of the Bank under this contract shall
terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
  
 (d) If the Bank is in default as defined in Section 3(x) (12 USC 1813(x)(1)) of the Federal Deposit Insurance Act, as amended by the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
  
 (e) All obligations of the Bank 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, (i) by the Federal Deposit Insurance Corporation, at the time FDIC enters into an agreement to provide assistance to or on
behalf of the Bank under the authority contained in Section 13(c) (12 USC (S)1823(c))of the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989; or (ii) by the Office of Thrift
Supervision (“OTS”) at the time the OTS or its District Director approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the OTS or 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. 
  
 10. REINSTATEMENT OF BENEFITS UNDER 9(b). 
  
 In the event Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice described in Section 9(b) hereof (the “Notice”) during the term of
this Agreement and a Change in Control, as defined herein, occurs, the Bank will assume its obligation to pay and the Executive will be entitled to receive all of the termination benefits provided for under Section 3 of this Agreement upon the
Bank’s receipt of a dismissal of charges in the Notice. 
  
 11.
SEVERABILITY. 
  
 If, for any reason, any provision of this
Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect. 
  
 12. HEADINGS
FOR REFERENCE ONLY. 
  

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 The headings of sections and paragraphs herein are included solely for convenience of reference and shall
not control the meaning or interpretation of any of the provisions of this Agreement. 
  
 13. GOVERNING LAW. 
  
 The validity,
interpretation, performance, and enforcement of this Agreement shall be governed by Federal law. 
  
 14. ARBITRATION. 
  
 Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association 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 performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement. 
  
 15. PAYMENT OF 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 Bank, which payments are guaranteed by the Company pursuant to Section 5 hereof. 
  
 16. SIGNATURES. 
  
  
 IN WITNESS WHEREOF, the Bank has caused this
Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, on the 19th day of April, 1990. 
  

									
	ATTEST:	 	 	 	MID AMERICA FEDERAL SAVINGS BANK
				
	 /s/ Carolyn Pihera

	 	 	 	BY:	 	 /s/ Allen Koranda

	 Secretary
	 	 	 	 	 	 Chief Executive Officer

  

									
	 WITNESS:
	 	 	 	 
				
	 /s/ Catherine E. Rusdal

	 	 	 	 	 	 /s/ Kenneth B. Rusdal

	 Seal
	 	 	 	 	 	 Executive

  

 8 

 AMENDMENT TO SPECIAL TERMINATION AGREEMENT OF KEN RUSDAL 
  
 The undersigned, in consideration of their mutual promises and other good and valuable
consideration, hereby agree to amend the Special Termination Agreement of Ken Rusdal dated April 19, 1990 (the “Agreement”) by adding the following two new sentences to the end of Section 2(b) of the Agreement: 
  
 However, notwithstanding anything contained in this section to the contrary,
a Change in Control shall not be deemed to have occurred as a result of an event described in (i), (ii) or (iii) (a), (c) or (e) above which resulted from an acquisition or proposed acquisition of stock of the Holding Company by a person, as defined
in the OTS’ Acquisition of Control Regulations (12 C.F.R. (S) 574) (the “Control Regulations”), who was an executive officer of the Holding Company on January 19, 1990 and who has continued to serve as an executive officer of the
Holding Company as of the date of the event described in (i), (ii) or (iii) (a), (c) or (e) above (an “incumbent officer”). In the event a group of individuals acting in concert satisfies the definition of “person” under the
Control Regulations, the requirements of the preceding sentence shall be satisfied, and thus a change in control shall not be deemed to have occurred, if at least one individual in the group is an incumbent officer. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective this August 28,
1990. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA FEDERAL SAVINGS BANK

					
	By:	 	 /s/ Carolyn Pihera

	 	 	 	By:	 	 /s/ Allen Koranda

	 	 	 Carolyn Pihera
	 	 	 	 	 	 Allen Koranda

	 	 	 Corporate Secretary
	 	 	 	 	 	 Chairman of the Board

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 EMPLOYEE

					
	 	 	 	 	 	 	By:	 	 /s/ Ken Rusdal

	 	 	 	 	 	 	 	 	 Ken Rusdal

  
  

 9 

 Amendment to Special Termination Agreement of Kenneth Rusdal 
  
 The undersigned, in consideration of their mutual promises and other good and valuable
consideration, hereby agree to amend the Special Termination Agreement of Kenneth Rusdal dated April 19, 1990, as amended, (the “Agreement”), by revising the third paragraph of the Agreement as shown below, and by revising Section 1 to
read as shown below, all such amendments to be effective as of the date shown below. 
  
 (Revised third paragraph) 
  
 WHEREAS, Executive has been elected to and
has agreed to serve in the position of Senior Vice President-Operations and Information Systems for the Bank, a position of substantial responsibility which will require Executive to render administrative and management services to the Bank such as
are customarily performed by persons in a similar executive capacity; 
  
 (Revised Section 1) 
  
 1. TERM OF AGREEMENT. 
  
 The term of this Agreement shall be deemed to have commenced as of the date first above
written and shall continue for a period of thirty-six (36) full calendar months thereafter. At each anniversary date, the board of directors of the Bank (“Board”) may extend the Agreement an additional year. The Board will review the
Agreement and the Executive’s performance annually for purposes of determining whether to extend the Agreement, and the results thereof shall be included in the minutes of the Board’s meeting. In the event the Executive chooses not to
renew the Agreement, the Executive shall provide the Bank with written notice at least ten (10) days and not more than twenty (20) days prior to such anniversary date. If either the Bank or the Executive chooses not to renew the Agreement for an
additional period, the Agreement shall cease at the end of its remaining term unless the Executive’s employment is voluntarily or involuntarily terminated with the Bank pursuant to Section 2 hereof. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective this August 10,
1992. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA FEDERAL SAVINGS BANK

					
	By:	 	 /s/ Carolyn Pihera

	 	 	 	By:	 	 /s/ Allen Koranda

	 	 	 Carolyn Pihera
	 	 	 	 	 	 Allen Koranda

	 	 	 Corporate Secretary
	 	 	 	 	 	 Chairman and CEO

  
  

 10 

									
	 	 	 	 	 	 	 EMPLOYEE

					
	 	 	 	 	 	 	By:	 	 /s/ Kenneth B. Rusdal

	 	 	 	 	 	 	 	 	 Kenneth Rusdal

  

 11 

 Amendment to Special Termination Agreement of Kenneth Rusdal 
  
 The undersigned, in consideration of their mutual promises and other good and valuable
consideration, hereby agree to amend the Employment Agreement of Kenneth Rusdal dated April 19, 1990, as amended, (the “Agreement”), as shown below. Such amendments shall be effective as of the date shown below. 
  

	1.	Section 2(b)(iii)(a) shall be revised to read as follows: 

  
 (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities or makes an offer to purchase and completes the purchase of securities of the Bank or Company representing 20% or more of the Bank’s or the Company’s
outstanding securities ordinarily having the right to vote at the election of directors except for any securities of the Bank purchased by the Company in connection with the conversion of the Bank to the stock form and any securities purchased by
the Bank’s employee stock ownership plan and trust: 
  

	2.	Section 2(b)(iii)(e) shall be revised to read as follows: 

  
 (e) a tender offer is made and completed for 20% or more of the outstanding securities of the Bank or Company. 
  

	3.	Section 2(b)(iii)(d) shall be revised to read as follows: 

  
 (d) a proxy statement shall be distributed soliciting proxies from stockholders of the Company, by someone other than the current management of the
Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or Bank with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the Plan are
exchanged for or converted into cash or property or securities not issued by the Bank or the Company, and such proxy statement proposal is approved by the shareholders of the Company. 
  

	4.	Section 15, “Payment of Legal Fees” shall be amended to read as follows: 

  
 All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation 
  

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 relating to this Agreement shall be paid or reimbursed by the Bank, if the Executive is successful on the
merits of such dispute or question pursuant to any legal judgement, arbitration or settlement. Such payments are guaranteed by the Company pursuant to Section 5 hereof. 
  

	6.	Section 3(a) shall be amended by adding the following sentence at the end of this paragraph: 

  
 “Notwithstanding the previous sentence, however, the Bank may, in its sole discretion, require such payments to be made
in a lump sum.” 
  
 IN WITNESS WHEREOF, the parties hereto have executed this
Amendment effective this December 21, 1993. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA FEDERAL SAVINGS BANK

					
	By:	 	 /s/ Carolyn Pihera

	 	 	 	By:	 	 /s/ Allen Koranda

	 	 	 Carolyn Pihera
	 	 	 	 	 	 Allen Koranda

	 	 	 Corporate Secretary
	 	 	 	 	 	 Chairman of the Board and

	 	 	 	 	 	 	 	 	 Chief Executive Officer

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 EMPLOYEE

					
	 	 	 	 	 	 	By:	 	 /s/ Kenneth Rusdal

	 	 	 	 	 	 	 	 	 Kenneth Rusdal

  

 13 

 Amendment to Special Termination Agreement of Kenneth Rusdal 
  
 The undersigned, in consideration of their mutual promises and other good and valuable
consideration, hereby agree to amend the Employment Agreement of Kenneth Rusdal dated April 19, 1990, as amended, (the “Agreement”), as shown below. Such amendments shall be effective as of the date shown below. 
  

	1.	Section 3(a) shall be revised to read as follows: 

  
 Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the voluntary or involuntary termination of
Executive’s employment, other than for Termination for Cause, the Bank and the Company shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or
liquidated damages, or both, a sum equal to three (3) times the average annual compensation paid to Executive for the three (3) years immediately preceding Executive’s termination. For purposes of the preceding sentence, compensation shall
include only base salary plus payments made under the MAF Bancorp Executive Annual Incentive Plan (or such other annual cash incentive plan in effect with respect to years ending prior to July 1, 1993). At the discretion of Executive, upon an
election pursuant to Section 3(e) hereof, such payment may be made in a lump sum immediately upon severance of Executive’s employment or paid, on a pro rata basis, semi-monthly during the thirty-six (36) months following Executive’s
termination. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this
Amendment effective this December 20, 1995. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA FEDERAL SAVING BANK

					
	By:	 	 /s/ Carolyn Pihera      

	 	 	 	By:	 	 /s/ Allen Koranda

	 	 	Carolyn Pihera	 	 	 	 	 	Allen Koranda   
	 	 	Corporate Secretary	 	 	 	 	 	Chief Executive Officer
			
	 	 	 	 	 EMPLOYEE 

					
	 	 	 	 	 	 	By:	 	 /s/ Kenneth Rusdal    

	 	 	 	 	 	 	 	 	Kenneth Rusdal

  
  

 14 

 Amendment to Special Termination Agreement of Kenneth Rusdal 
  
 The undersigned, in consideration of their mutual promises and other good and valuable
consideration, hereby agree to amend the Special Termination Agreement of Kenneth Rusdal dated April 19, 1990, as amended, (the “Agreement”), as shown below. Such amendment shall be effective as of the date shown below. 
  
 Section 3(f) shall be revised to read as follows: 
  
 Notwithstanding the preceding paragraphs of this Section 3, in the event it shall be
determined that any payment or distribution of any type to or for the benefit of the Executive by the Bank, any of its affiliates, or any person who acquires ownership or effective control of the Bank or Holding Company or ownership of a substantial
portion of the Bank’s or Holding Company’s assets (within the meaning of Section 280G of the Code, and the regulations thereunder) or any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the
terms of this Agreement or otherwise (the “Total Payments”), is subject to the excise tax imposed by Section 4999 of the Code or any similar successor provision or any interest or penalties with respect to such excise tax (such excise tax,
together with any such interest and penalties, are collectively referred to as the “Excise Tax”), then, except in the case of a Deminimus Excess Amount (as described below), the Executive shall be entitled to receive an additional payment
(a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes imposed upon the Gross-Up Payment (including any federal, state and local income, payroll or excise taxes and any interest or penalties imposed with
respect to such taxes), the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Payments (not including any Gross-Up Payment). 
  
 In the event that the amount by which the present value of the Total Payments which constitute “parachute payments” (within the
meaning of Section 280G of the Code)(the “Parachute Payments”) exceeds three (3) times the Executive’s “base amount” (within the meaning of Section 280G of the Code)(the “Base Amount”) is less than 3% of the amount
determined under Section 3(a) of this Agreement, such excess shall be deemed to be a Deminimus Excess Amount and the Executive shall not be entitled to a Gross-Up Payment. In such an instance, the Parachute Payments shall be reduced to an amount
(the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s Base Amount; provided that such reduction shall not be made unless the Non-Triggering Amount would be
greater than the aggregate value of the Parachute Payments (without such reduction) minus the amount of Excise Tax required to be paid by Executive thereon. The reduction required hereby shall be made by reducing the amount payable under Section
3(a) of this Agreement. 
  
  

 1 

 All determinations as to the portion, if any, of the Total Payments which constitute Parachute Payments, whether a
Gross-Up Payment is required, the amount of such Gross-Up Payment, the amount of any reduction, and any amounts relevant to the foregoing paragraphs of this Section 3(f) shall be made by an independent accounting firm selected by the Bank, which may
be the accounting firm then regularly retained by the Bank (the “Accounting Firm”). The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations, regarding the amount
of any Gross-Up Payment and any other relevant matter, both to the Bank and the Executive, within five (5) days of a date of termination, if applicable, or such earlier time as is requested by the Bank or the Executive (if the Executive reasonably
believes that any of the Total Payments may be subject to the Excise Tax). Any determination by the Accounting Firm shall be binding upon the Bank and the Executive. As a result of uncertainty in the application of Sections 280G and 4999 of the Code
at the time of the initial determination by the Accounting Firm hereunder, or as a result of a subsequent determination by the Internal Revenue Service or a judicial authority, it is possible that the Bank should have made Gross-Up Payments
(“Underpayment”), or that Gross-Up Payments will have been made by the Bank which should not have been made (“Overpayments”). In either such event, the Accounting Firm shall determine the amount of the Underpayment or Overpayment
that has occurred. In the case of the Underpayment, the amount of such Underpayment shall be promptly paid by the Bank to or for the benefit of the Executive. In the case of an Overpayment, the Executive shall, at the direction and expense of the
Bank, take such steps as are reasonably necessary (including the filing of returns and claims for refund), follow reasonable instructions from, and procedures established by, the Bank, and otherwise reasonably cooperate with the Bank to correct such
Overpayment, including repayment of such Overpayment to the Bank. 
  
 Effect of
Certain Accounting Rules. The Executive acknowledges that it is in the Bank and Holding Company’s best interests to remain eligible to account for any business combination into which they may become a party under the “pooling-
of-interests” method of accounting. The Bank does not believe that any provision of the foregoing Amendment to Special Termination Agreement will affect the Bank or Holding Company’s ability to so account for any business combination. Due
to the uncertainties associated with the accounting rules governing the pooling-of-interests method, however, it is possible that the provisions of this Amendment may impact the Bank or Holding Company’s ability to use pooling-of-interests
accounting for business combinations. Accordingly, in the event the Board of Directors determines it to be in the best interests of the Bank or Holding Company to account for a business combination under the pooling-of-interests method and, in the
written opinion of the Accounting Firm referred to above, if any provision of this Amendment makes a business combination to which the Bank or Holding Company is a party ineligible for pooling-of interests accounting under the provisions of APB
Opinion No. 16, as modified or amended, that but for such provision of this Amendment to Special Termination Agreement would otherwise be eligible for such accounting treatment, then the Bank and Executive agree that the terms of this Amendment
shall be rescinded to the extent necessary to enable the business combination to so qualify for such accounting treatment. 
  
  

 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment effective this October 26, 1999. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA BANK, FSB

					
	By:	 	 /s/ Carolyn Pihera      

	 	 	 	By:	 	 /s/   Allen Koranda  

	 	 	Carolyn Pihera	 	 	 	 	 	Allen Koranda  
	 	 	Corporate Secretary	 	 	 	 	 	Chief Executive Officer
			
	 	 	 	 	 EMPLOYEE 

					
	 	 	 	 	 	 	By:	 	 /s/ Kenneth Rusdal     

	 	 	 	 	 	 	 	 	Kenneth Rusdal

  
  

 3 

 Amendment to Mid America Bank Special Termination Agreement 
  
 Section 3(b) shall be revised to read as follows: 
  
 Upon the occurrence of a Change in Control of the Bank or the Company followed at any time
during the term of this Agreement by Executive’s voluntary or involuntary termination of employment, other than for Termination for Cause, the Bank shall cause to be continued life, health and disability coverage substantially identical to the
coverage maintained by the Bank for Executive and his or her dependents prior to his severance. Such coverage shall cease upon the earlier of Executive’s obtaining similar coverage by another employer or thirty-six (36) months from the date of
Executive’s termination. In the event the Executive obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the
Executive and his or her dependents prior to termination for a period of thirty-six (36) months from the date of Executive’s termination. 
  
 IN WITNESS WHEREOF, the parties have executed this Amendment effective this December 20, 2000. 
  

									
	 ATTEST:
	 	 	 	 MID AMERICA BANK, fsb

					
	By:	 	 /s/ Carolyn Pihera      

	 	 	 	By:	 	 /s/   Allen Koranda  

	 	 	Carolyn Pihera	 	 	 	 	 	Allen Koranda  
	 	 	Corporate Secretary	 	 	 	 	 	Chief Executive Officer
			
	 	 	 	 	 EMPLOYEE 

					
	 	 	 	 	 	 	By:	 	 /s/ Kenneth RusdalEmployment Agreement

 EXHIBIT NO. 10.38 – EMPLOYMENT AGREEMENT BETWEEN 
 MAF BANCORP, INC. AND THOMAS R. PERZ 
  

 [Thomas R. Perz] 
  

MAF BANCORP, INC. 
  
 EMPLOYMENT AGREEMENT 
  
 This AGREEMENT, is made effective as of December 1, 2003 (“Effective Date”), by and between MAF BANCORP, INC., a Delaware corporation (the
“Company”) and Thomas R. Perz (“Executive”). 
  
 WHEREAS, the Executive was previously employed by St. Francis Capital Corporation, Inc. (“St. Francis”) and by the St. Francis Bank, F.S.B. (the “St. Francis Subsidiary”); and 
  
 WHEREAS, St. Francis has merged with and into the Company and the St. Francis
Subsidiary has become a wholly-owned subsidiary of the Company through a merger with Mid America Bank, fsb (the “Bank”); and 
  
 WHEREAS, the Company desires to provide for the employment of the Executive by the Company following the Merger and the termination of his employment
agreements with St. Francis and the St. Francis Subsidiary (such agreements, as amended, the “St. Francis Employment Agreements”) in order to assure itself of his expertise and experience with respect to St. Francis’s markets and
customers and to facilitate the integration of St. Francis and its employees into the Company’s operations; and 
  
 WHEREAS, the Executive is willing to commit himself to serving the Company and the Bank on the terms and conditions herein provided; 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
  
 1. POSITION AND RESPONSIBILITIES. 
  
 (a) Executive shall be employed as a Managing Director of the Company effective as of the date hereof for the Period of Employment as defined hereafter. The Executive shall report to the Chairman of the Board and
Chief Executive Officer of the Company (the “CEO”). The Executive’s duties and responsibilities shall consist of such duties and responsibilities as may from time to time be assigned to the Executive by the CEO, which duties and
responsibilities shall be duties customary for a Managing Director of the Company and will initially involve assisting in the integration of the operations of the Company and St. Francis and maintaining the retail banking customer relationships in
the former St. Francis and St. Francis Subsidiary offices, representing the Company in trade association activities, and assisting the Company in identifying merger and acquisition candidates. The Executive shall devote substantially all of his
business time, attention, skill and efforts to the faithful performance of his duties hereunder including activities and services related to the organization, operation and management of the Company. The Executive also agrees to serve if requested
by the Company, as an employee, and, if elected, also as an officer, of the Bank and any other subsidiary or affiliate of the Company. The separate employment agreement between the Bank and/or any 

  

 2 

 
other subsidiary or affiliate of the Company relating to such employment or service is hereinafter referred to as the “Bank Employment Agreement.”

  
 (b) Subject to applicable regulatory requirements, at the
first regularly scheduled meeting of its Board of Directors after the Effective Date, the Company shall cause Executive to be elected to the Board of Directors of the Company for a term expiring at the Company’s 2004 Annual Meeting of
Stockholders and to nominate the Executive for election at such meeting for a term expiring at the Company’s 2007 Annual Meeting of Stockholders. The Company as stockholder of the Bank, shall cause Executive to be elected to the Board of
Directors of the Bank during such period as he is serving as a director of the Company. Executive acknowledges that for so long as he is an employee of the Company or the Bank, he will not be entitled to any compensation in connection with his
service as a director, other than the annual retainer then paid to employee-directors. In the event he becomes a non-employee director, Executive will be entitled to such compensation, including stock option awards, as may then be paid to
non-employee directors. 
  
 2. PERIOD OF EMPLOYMENT. 
  
 Subject to earlier termination pursuant to Section 4 below, the period of
the Executive’s employment under this Agreement (the “Period of Employment”) as a Managing Director shall commence upon the Effective Date hereof and shall continue for a period of twenty-four (24) full calendar months thereafter at
which time Executive’s employment shall terminate. In this regard, the Board of Directors of the Company and Bank will review the Agreement and the Executive’s performance annually for purposes of determining whether to extend the
Agreement, and the results thereof shall be included in the minutes of the Board’s meeting. 
  
 3. COMPENSATION AND REIMBURSEMENT. 
  
 (a) Salary. During the Period of Employment, the Executive shall receive a base salary (“Base Salary”) payable by the Bank in such amount as may from time to time be approved by the Board of Directors
of the Bank; provided, however, that the Company and Executive agree that: (i) a portion of the amount received by the Executive from the Bank will be allocable to time and effort of the Executive spent on behalf of the Company pursuant to this
Agreement; and (ii) that the Company may reimburse the Bank in an amount jointly determined by the Boards of Directors of the Company and the Bank to reflect such allocable portion. 
  
 (b) Bonuses. The Executive shall not be eligible for consideration in 2003 or any subsequent years for annual
incentive bonus or other bonus compensation or to receive stock option or other equity-based or long-term incentive compensation, except to the extent otherwise determined by the Compensation Committee of the Company’s Board of Directors in its
sole discretion. 
  
 (c) Vacation; Fringe Benefits. During
the Period of Employment, the Executive shall be entitled to a paid vacation, periods of absence occasioned by illness and reasonable leaves of absence, use of a company automobile, and to expense reimbursement related to country club dues,
participation in and attendance at professional and civic organizations, meetings and conventions, in each instance in accordance with Company policies applicable to the Company’s comparable executives (“Comparable Executives”).

  

 3 

 (d) Benefit Plans. Except as set forth below, the Executive shall be eligible to participate in or
receive benefits under any employee benefit plans of the Company applicable to employees generally, including, but not limited to, tax-qualified profit sharing and 401(k) plans, tax-qualified employee stock ownership (ESOP) plans,
health-and-accident plans, medical coverage or any other employee benefit plans or arrangements, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Following the end of the
Period of Employment, the Company shall continue the medical and dental insurance benefits otherwise provided hereunder for a period that shall extend through the 36 months following the Effective Date; provided, however, that nothing herein shall
require the Company to duplicate any coverage Executive may be entitled to receive in connection with service on the Board of Directors of the Company or Bank. The Executive shall not be entitled to participate in the Company’s or the
Bank’s deferred compensation, supplemental retirement or any other non-qualified or executive benefit plans or programs. Executive shall be entitled to participate in the Directors’ Deferred Compensation Plan. 
  
 (e) Deferred Compensation Agreement. In accordance with the provisions
of the January 1, 1999 Deferred Compensation Agreement (the “DCA”) between Executive and the St. Francis Subsidiary, the Bank, as successor to the St. Francis Subsidiary, has assumed, pursuant to a Bank Employment Agreement, the
obligations of the St. Francis Subsidiary under the DCA, as modified as follows: 
  

	 	(i)	Upon the termination of Executive’s employment at the end of the two-year Period of Employment set forth in Section 2 above, or upon termination of Executive’s employment
prior to such date due to an Event of Termination, Executive will be entitled to receive the payments described in Section 2 of the DCA (relating to retirement), commencing on January 1, 2010. 

  

	 	(ii)	In the event Executive’s employment terminates due to Disability (as defined in paragraph 4(f) below) or death, then payments shall be made under Sections 3(c) and 4 of the
DCA, as applicable. 

  

	 	(iii)	In the event of termination of employment for “Cause” (as defined in paragraph 4(e) below), no payments shall be made under the DCA. 

  

	 	(iv)	In the event Executive voluntarily resigns prior to the end of the two-year Employment Period set forth in Section 2 above, other than due to Disability or circumstances
constituting an Event of Termination, then a lump sum payment determined in accordance with Section 3(a) of the DCA will be paid to Executive. 

  
 In the event it is determined that any portion of the payments described in clause (i) above are subject to excise tax under Code Section 280G and 4999, the Company shall
pay to Executive, at the time such payments are made, an amount (the “Contingent Gross-Up Payment”) such that the 

  

 4 

 
net amount retained by the Executive after deduction of any federal, state, and local income tax and Excise Tax imposed by Section 4999 of the Internal
Revenue Code (the “Excise Tax”) upon the payment pursuant to this sentence is equal to the Excise Tax imposed and any interest charges or penalties in respect to the imposition of such Excise Tax on the amount paid pursuant to clause (i)
above (to which said Excise Tax applies by reason of Section 280G of the Code). For purposes of determining the amount of the Contingent Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Contingent Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s domicile for income tax purposes on
the date the Contingent Gross-Up Payment is made, net of the maximum reduction of federal income taxes that could be obtained from deduction of such state and local taxes. The determination of the amount, if any, of the Contingent Gross-Up Payment
due under this paragraph 3(e) shall be made by the independent certified public accountants then retained by the Company, or if such independent certified public accountants are precluded from providing such services to the Company, then by another
certified public accounting firm of similar size selected by the Company. 
  
 4. TERMINATION; NOTICE. 
  
 (a) The
Company may terminate the Executive’s employment with the Company at any time, with or without Cause. The Executive may terminate his employment with the Company at any time for any reason. 
  
 (b) As used in this Agreement, an “Event of Termination” shall
mean: 
  

	 	(i)	the termination by the Company of the Executive’s full-time employment hereunder for any reason other than for Cause or death, or 

  

	 	(ii)	the voluntary termination by the Executive of employment with the Company and the Bank following a substantial breach of this Agreement by the Company which breach is not cured by
the Company within thirty (30) days following the date the Executive gives written Notice of Termination indicating the Executive’s intention to voluntarily terminate employment as a result thereof. For purposes of this section,
“substantial breach” by the Company shall include, but not be limited to, either of the following events: 

  
 (1) a reduction by the Company in the Executive’s Base Salary or failure to pay or provide the compensation described in paragraphs
3(c) and (d) above, in either case without the Executive’s written consent; or 
  
 (2) the Company requires the Executive’s principal office location to be outside of the Milwaukee, Wisconsin metropolitan area,
without Executive’s written consent and exclusive of required business travel. 
  

 5 

 (c) Following the occurrence of an Event of Termination, the Company shall pay to the Executive, or, in
the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as liquidated damages, the Base Salary (only to the extent not paid by the Bank) described in paragraph 3(a) above (or in the case in which the
Event of Termination is due to Disability, 75% of such Base Salary) and to continue the life, medical (to the extent not otherwise provided due to his status as a director) and other insurance benefits otherwise provided hereunder for the remainder
of the Period of Employment (except as otherwise provided in paragraph 4(f)), as if Executive’s employment continued hereunder (provided that with respect to medical and dental coverage only, such period shall extend through the 36 months
following the Effective Date), in exchange for such payments and benefits the Executive (or his beneficiary in the event of his death) shall execute and deliver to the Company a release and settlement agreement pursuant to which the Executive shall
waive any and all claims resulting from employment at or termination from the Company other than payments or benefits which are expressly provided for in this Agreement or are due under the Statement of Benefits entered into by and among the
Executive, Company, Bank, St. Francis and St. Francis subsidiary in connection with the Merger. The Executive shall take reasonable steps to obtain employment and thereby mitigate the amount of liquidated damages due under this paragraph 4(c)
(except in the case of Disability); provided, however, that the Executive shall not be required to accept a position other than one within a 35 mile radius of the City of Milwaukee, Wisconsin. If, during any portion of the period during which
payment of liquidated damages in the form of Base Salary is continuing to the Executive pursuant to paragraph 4(c) above, Executive shall receive earned income within the meaning of Section 911(d)(2)(A) of the Code, the aggregate amount of
liquidated damages to be paid or provided under paragraph 4(c) this Agreement shall be correspondingly reduced by such earned income (other than earned income received from the Company or any of its subsidiaries) and, if necessary, liquidated
damages payments returned to the Company. 
  
 (d) In the event the
Event of Termination occurs prior to the first anniversary of the Effective Date, and it is determined that some or all of the post-employment payments and benefits provided under paragraph (c) are subject to excise tax under Code Section 280G and
4999, the Company shall pay to Executive an amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after deduction of any federal, state, and local income tax and Excise Tax imposed by Section 4999 of the
Internal Revenue Code (the “Excise Tax”) upon the payment pursuant to this paragraph 4(d) is equal to the Excise Tax imposed and any interest charges or penalties in respect to the imposition of such Excise Tax on the amounts paid pursuant
to paragraph 4(c) (to which said Excise Tax applies by reason of Section 280G of the Code). For purposes of determining the amount of Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s domicile for income tax purposes on the date the
Gross-Up Payment is made, net of the maximum reduction of federal income taxes that could be obtained from deduction of such state and local taxes. The determination of the amount, if any, of the Gross-Up Payment due under this paragraph 4(d) shall
be made by the independent certified public accountants then retained by the Company, or if such independent certified public accountants are precluded from providing such services to the Company, then by another certified public accounting firm of
similar size selected by the Company. 
  

 6 

 (e) The term “for Cause” shall mean termination because of the Executive’s personal
dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses)
or final cease-and-desist order, or material breach of any provision of this Agreement. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the savings institution industry. 
  
 (f) The term “Disability” shall mean the Executive’s absence
from his duties on a full-time basis for six (6) consecutive months as a result of his incapacity due to physical or mental illness and his failure to return to full-time performance of his duties within thirty (30) days after written notice of
potential termination is given to Executive by the Company or Bank. Any Base Salary payments and insurance benefits that, pursuant to the provisions of paragraph 4(c), continue after an Event of Termination that is the result of Disability, will end
on the earlier of: (i) the date Executive’s full-time employment begins with another employer; (ii) the date of Executive’s death; (iii) the date that is one year after the Date of Termination; or (iv) the date that is 36 months after the
Effective Date. The amount of any such payments will be offset by any payments actually received by Executive from (a) any disability plans provided by the Bank, and/or (b) any governmental social security or worker’s compensation program.

  
 (g) Any termination by the Company or Bank or by Executive
shall be communicated by Notice of Termination to the other party hereto and the termination shall become effective as of the “Date of Termination” with respect thereto. For purposes of this Agreement, a “Notice of Termination”
shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for the termination. The “Date of
Termination” shall be: 
  

	 	(i)	thirty (30) days after the Notice of Termination is given if the Notice of Termination is given by the Company or Bank without Cause or due to Disability, or by the Executive in the
absence of a substantial breach of the Agreement; or 

  

	 	(ii)	the date the Notice of Termination is given if the termination is by the Company or Bank for Cause; or 

  

	 	(iii)	thirty (30) days after the Notice of Termination is given if the Notice of Termination is given in connection with a substantial breach of the Agreement by the Company or the Bank
and such breach is not cured within such thirty (30) day period. 

  
 5. POST-EMPLOYMENT RESTRICTIVE COVENANTS. 
  
 (a) The Executive’s activities during his employment and following the termination of his employment for any reason shall be subject to the Agreement Regarding Post- 

  

 7 

 
Employment Restrictive Covenants attached hereto as Appendix A (the “Non-Compete Agreement”). 
  
 (b) In the event an Event of Termination occurs prior to the first
anniversary of the Effective Date, and it is determined that some or all of the post-employment payments provided under Section 7 of the Non-Compete Agreement are subject to excise tax (“Excise Tax”) under Code Sections 280G and 4999, the
Company shall pay to Executive an amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after deduction of any federal, state, and local income tax and Excise Tax imposed upon the payment pursuant to this
paragraph 5(b) is equal to the Excise Tax imposed and any interest charges or penalties in respect to the imposition of such Excise Tax on the amounts paid pursuant to Section 7 of the Non-Compete Agreement (to which said Excise Tax applies by
reason of Section 280G of the Code). For purposes of determining the amount of Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up
Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s domicile for income tax purposes on the date the Gross-Up Payment is made, net of the maximum reduction of
federal income taxes that could be obtained from deduction of such state and local taxes. The determination of the amount, if any, of the Gross-Up Payment due under this paragraph 5(b) shall be made by the independent certified public accountants
then retained by the Company, or if such independent certified public accountants are precluded from providing such services to the Company, then by another certified public accounting firm of similar size selected by the Company. 
  
 6. EFFECT ON PRIOR AGREEMENTS. 
  
 This Agreement contains the entire understanding between the parties hereto
and supersedes any prior employment or severance compensation agreements between Executive and St. Francis or the St. Francis Subsidiary. This Agreement shall not, however, alter or supercede any stock option agreements, deferred compensation
arrangements or Statement of Benefits (described in paragraph 4(c) above) between the Company, Bank, St. Francis and/or St. Francis Bank and Executive as in effect immediately following the Merger. 
  
 7. MODIFICATION AND WAIVER. 
  
 This Agreement may not be modified or amended except by an instrument in
writing signed by the parties hereto. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party
charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a
waiver of such term or condition for the future as to any act other than that specifically waived. 
  
 8. TAX WITHHOLDING. 
  
 The Company may withhold from any amounts payable to the Executive under this Agreement all applicable Federal, State, local or other withholding taxes. In the event the Company fails to withhold such sums for any reason, it may require the
Executive to promptly remit to it sufficient cash to satisfy all applicable income and employment withholding taxes. 
  

 8 

 9. ARBITRATION. 
  

Except as expressly set forth elsewhere in this Agreement, it is mutually agreed between the parties that arbitration shall be the sole and exclusive
remedy to redress any dispute, claim or controversy (hereinafter referred to as “grievance”) involving the interpretation of this Agreement or the terms or conditions of this Agreement or the terms, conditions or termination of the
Executive’s employment with the Company or Bank. It is the intention of the parties that the arbitration award shall be final and binding and that a judgment on the award may be entered in any court of competent jurisdiction and enforcement may
be had according to its terms. Arbitration shall be initiated by one party filing a written demand on the other party. Any demand for arbitration by the Executive shall be made within 20 days after receipt of the Notice of Termination. The
arbitrator shall be chosen in accordance with the voluntary labor arbitration rules of the American Arbitration Association. The place of the arbitration shall be the offices of the American Arbitration Association in Chicago, Illinois. The
arbitrator shall not have jurisdiction or authority to change any of the provisions of this Agreement but shall interpret or apply any clause or clauses of this Agreement. The arbitrator shall have the power to compel the attendance of witnesses at
the hearing. The parties stipulate that the provisions hereof, and the decision of the arbitrator with respect to any grievance, shall be the sole and exclusive remedy for any alleged breach of the employment relationship and in such event the
Company or Bank shall be entitled to seek relief in any court having jurisdiction thereof. The parties hereby acknowledge that subject to the foregoing exception, neither party has the right to resort to any federal, state or local court or
administrative agency concerning breaches of this Agreement and that the decision of the arbitrator shall be a complete defense to any suit, action or proceeding instituted in any federal, state or local court or before any administration agency
with respect to any grievance which is arbitrable as herein set forth. The arbitration provisions hereof shall, with respect to any grievance, survive the termination or expiration of the Executive’s employment under this Agreement. 

 
 10. MISCELLANEOUS. 
  
 (a) If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law
continue in full force and effect. 
  
 (b) The headings of
sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  
 (c) To the extent not preempted by Federal law, this Agreement shall be governed by and construed in accordance with the
laws of the State of Illinois. 
  
 (d) Notwithstanding anything
herein to the contrary, to the extent that any compensation or benefits are paid to or received by Executive from the Bank, the Company or any other subsidiary of the Company, whether paid pursuant to the Bank Employment Agreement or otherwise, such
compensation or benefits shall be deemed to satisfy the Company’s obligations hereunder. 
  
 11. SUCCESSORS. 
  
 This Agreement shall be binding upon and inure to the benefit of the Company, and its successors and Executive and his successors and assigns. The Company 

  

 9 

 
shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, expressly and unconditionally to assume
and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer and the Executive has signed this Agreement, effective as of the date first written above. 
  

			
	 MAF BANCORP, INC.

		
	By:	 	 /s/ Allen H. Koranda

	 	 	

	 	 	 Allen H. Koranda
 Chairman and Chief Executive Officer

	
	 Executive:

		
	 	 	 /s/ Thomas R. Perz

	 	 	

	 	 	 Thomas R. Perz

  

 10

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