Document:

ex10-1.htm

Exhibit 10.1

 

MAUI LAND & PINEAPPLE COMPANY, INC. 
EXECUTIVE SEVERANCE PLAN

 

 

 

INTRODUCTION

 

The purpose of the Maui Land & Pineapple Company, Inc. Executive Severance Plan (the “Plan”) is to retain key employees and to encourage such employees to use their best business judgment in managing the affairs of Maui Land & Pineapple Company, Inc. and its subsidiaries and affiliates (the “Company”). Therefore, Maui Land & Pineapple Company, Inc. is willing to provide the severance benefits described below to protect these employees in the event of an involuntary termination. It is further intended that this Plan will complement other compensation program components to assure a sound basis upon which the Company will retain key employees.

 

Article 1 
Definitions and Exclusions

 

Whenever used in this Plan, the following words and phrases shall have the meanings set forth below. When the defined meaning is intended, the term is capitalized:

 

1.1.         “Base Salary” means the total amount of base salary payable to a participant at the salary rate in effect immediately prior to the participant’s Separation from Service with the Company. Base Salary does not include bonuses, reimbursed expenses, credits or benefits under any plan of deferred compensation, to which the Company contributes, or any additional cash compensation or compensation payable in a form other than cash. 

 

1.2.          “Board of Directors” shall mean the Board of Directors of Maui Land & Pineapple Company, Inc.

  

1.3.          “Cause” to terminate a participant’s employment shall include any of the following facts or circumstances:

  

(a)     the participant’s failure to follow a legal order of the Board of Directors, other than any such failure resulting from the participant’s Disability, and such failure is not remedied within 30 days after receipt of written notice; 

  

(b)     the participant’s gross or willful misconduct in the performance of duties that causes or is reasonably likely to cause damage to the Company;

  

(c)     the participant’s conviction of felony or crime involving material dishonesty or moral turpitude;

 

 

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(d)     the participant’s fraud or, other than with respect to a de minimis amount, personal dishonesty involving the Company’s assets; or

  

(e)     the participant’s unlawful use, including being under the influence, or possession of illegal drugs on the Company’s premises or while performing the participant’s duties and responsibilities to the Company.

  

Prior to a termination pursuant to subsection 1.3(c) above, the Company shall conduct a reasonable investigation to determine, based on the information reasonably available to the Company, whether Cause for termination exists.

  

1.4.          “Compensation Committee” means the Compensation Committee of the Board of Directors.

  

1.5.          “Disability” shall mean the absence of a participant from the participant’s duties to the Company on a full-time basis for a total of 6 months during any 12-month period because of incapacity due to mental or physical illness, which determination is made by a physician selected by the Company and acceptable to the participant or the participant’s legal representative (such agreement as to acceptability not to be withheld unreasonably). Notwithstanding the foregoing, a Disability shall not be “incurred” hereunder until, at the earliest, the last day of the 6th month of such absence and in no event shall the participant be determined to be Disabled unless such physician determines that such illness can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

  

1.6.          “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

  

1.7.         “General Release” means a full and complete general waiver and release of all claims that a participant may have against the Company or persons affiliated with the Company in the form provided by the Company.

  

1.8.        “Good Reason” means a participant’s resignation due to the occurrence of any of the following conditions which occurs without the participant’s written consent, provided that the requirements regarding advance notice and an opportunity to cure set forth below are satisfied: 

  

(a)     a material diminution in the authority, duties or responsibilities of the participant or the supervisor to whom the participant is required to report;

  

(b)     the Company’s material breach of this Plan or the participant’s employment offer letter or employment agreement (including, without limitation, the Company’s material failure to provide payments or benefits required under this Plan or the participant’s employment offer letter or employment agreement); or

 

 

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(c)     the relocation of the participant’s principal office, without his or her consent, to a location that is in excess of 200 miles from Honolulu, Hawaii. 

  

In order for a participant to resign for Good Reason, the participant must provide written notice to Maui Land & Pineapple Company, Inc. of the existence of the Good Reason condition within 90 days of the initial existence of such Good Reason condition. Upon receipt of such notice, Maui Land & Pineapple Company, Inc. will have 30 days during which it may remedy the Good Reason condition. If the Good Reason condition is not remedied within such 30-day period, the participant may resign based on the Good Reason condition specified in the notice effective no later than 30 days following the expiration of Maui Land & Pineapple Company, Inc.’s 30-day cure period.  

 

1.9.          “Involuntary Separation from Service” shall have the meaning set forth in Treasury Regulation 1.409A-1(n).

  

1.10.        “Separation from Service” shall have the meaning set forth in Treasury Regulation 1.409A-1(h). 

  

 

Article 2 
Eligibility for Benefits

 

2.1.         Eligibility. As of April 28, 2017, this Plan covers the following positions – Chairman & Chief Executive Officer, and the Chief Financial Officer (“CFO”). Additions to the eligibility requirements can be made only by Maui Land & Pineapple Company, Inc.’s Chief Executive Officer (“CEO”), with the approval of the Compensation Committee. 

  

2.2.         Benefits. If a participant experiences (a) a Separation from Service as a result of the participant’s death or Disability or (b) an Involuntary Separation from Service by the Company without Cause or as a result of the participant’s resignation for Good Reason, the Company shall pay to the participant the severance benefits described in Section 3.2. Notwithstanding anything stated herein or in any other plan, program, arrangement or agreement otherwise, a participant receiving benefits under this Plan shall not be eligible for severance benefits under any other severance plan, policy or arrangement sponsored by the Company or any other written agreement by and between the Company and the participant, including without limitation, any employment offer letter or employment agreement, whether entered into before or after this Plan is adopted by the Company.

  

2.3.         Notice of Termination. Any termination of a participant’s employment by the Company or by the participant (other than termination that occurs as a result of the participant’s death) shall be communicated by a written notice to the other party indicating the specific basis for the termination, referencing the applicable provisions of this Plan, and specifying a termination date. Any notice of termination submitted by a participant shall specify a termination date that is at least 30 days following the date of such notice; provided, however, the Company may, in its sole discretion, change the termination date to any date following the Company’s receipt of the notice of termination. Except as set forth below with respect to a termination as a result of a participant’s Disability, any notice of termination submitted by the Company may provide for any termination date (e.g., the date the participant receives the notice of termination, or any date thereafter specified by the Company in its sole discretion). Any notice of termination submitted by the Company where the basis for the termination is a participant’s Disability shall specify a termination date that is 30 days after receipt of such notice by the participant, and participant’s termination shall be effective as of such date, provided that, within the 30 days after such receipt, the participant shall not have returned to the full-time performance of his or her duties. This Section 2.3 shall be construed in a manner consistent with the requirements of the Americans with Disabilities Act and Hawaii Employment Practices law. The failure by a participant or the Company to set forth in the notice of termination any fact or circumstance that contributes to a showing of Cause or Good Reason shall not waive any right of the participant or the Company or preclude the participant or the Company from asserting such fact or circumstance in enforcing the participant’s or the Company’s rights.

 

 

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2.4.         Plan Administration. The Compensation Committee, or such other committee as may be appointed by the Board of Directors from time to time, shall administer this Plan (the “Plan Administrator”). The Plan Administrator is responsible for the general administration and management of this Plan and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the discretion to interpret and apply this Plan and to determine all questions relating to eligibility for benefits. This Plan shall be interpreted in accordance with its terms and their intended meanings. However, the Plan Administrator and all plan fiduciaries shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion they deem to be appropriate in their sole discretion, and to make any findings of fact needed in the administration of this Plan. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious.

 

Article 3 
Severance Benefits

 

3.1.         Termination for Cause or Resignation without Good Reason. If a participant’s employment is terminated by the Company for Cause, or by participant without Good Reason, the participant shall not be entitled to any severance payments or benefits. 

 

3.2.         Termination. 

 

(a)     Termination upon Death or Disability. If a participant experiences a Separation from Service as a result of such participant’s death or Disability, such participant (or the participant’s estate) will receive the following severance payments and benefits from the Company: 

 

    (i)     Severance Pay. The Company will pay the participant at the date of the participant’s Separation from Service an amount equal to (a) for the CEO, the CEO’s annual Base Salary multiplied by 100%, and (b) for the CFO, the CFO’s annual Base Salary multiplied by 75%. 

 

 

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    (ii)      Incentive Compensation Plan Severance. The Company will pay the participant at the date of the participant’s Separation from Service in cash or stock, at the discretion of the participant, an amount equal to (a) for the CEO, the average of the CEO’s annual incentive compensation and long-term incentive compensation for the most recently completed two (2) year period multiplied by 100%, and (b) for the CFO, the average of the CFO’s annual incentive compensation and long-term incentive compensation for the most recently completed two (2) year period multiplied by 75%.

  

(b) Termination without Cause or Resignation for Good Reason. If a participant experiences an Involuntary Separation from Service by the Company without Cause or as a result of the participant’s resignation for Good Reason, the participant will receive the following severance payments and benefits from the Company:

  

    (i)     Severance Pay. The Company will pay, in separate and distinct equal installment payments in accordance with the Company’s regular payroll practice at the time of the participant’s Separation from Service, the participant’s Base Salary in each case for the period beginning on the date of such Separation from Service and ending on the earliest to occur of: (1) for the CEO, on the twenty-four (24) month anniversary of the date of the CEO’s Separation from Service, (2) for the CFO, on the eighteen (18) month anniversary of the date of the CFO’s Separation from Service, (3) the first date the participant violates any restrictive covenant that may be described in his or her employment offer letter or employment agreement, including, without limitation, any non-competition, non-solicitation, non-disparagement or confidentiality covenant, (4) the fifth day following the date of the participant’s termination in the event the Company has not received by that date a General Release executed by the participant and the participant’s voluntary waiver of any review period, or (5) the first date of the participant’s revocation of the General Release (such period ending on the earliest of such dates, the “Severance Period”). 

 

    (ii)    Health Insurance. Continued coverage (at the Company’s expense), for the Severance Period, for the participant and any dependents under the Company group health plan in which the participant and any dependents were entitled to participate immediately prior to the Separation from Service, excluding Exec-U-Care or similar supplemental coverage policies for senior executives. If the foregoing coverage is not available, and if the participant elects to continue his or her health insurance coverage (excluding Exec-U-Care or similar supplemental coverage policies for senior executives) under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), then the Company will pay 100% of the participant’s monthly premiums due for such COBRA coverage from the first date on which the participant loses health coverage as an employee of the Company (with any payments commencing after such date being made retroactively to such date) through the date the Company has paid for COBRA premiums for a length of time equal to the Severance Period or, if earlier, the expiration of the participant’s coverage under COBRA or the date when the participant receives substantially equivalent health insurance coverage in connection with new employment or self-employment. 

 

 

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    (iii)     Incentive Compensation Plan Severance. The Company will pay, in separate and distinct equal installment payments over the Severance Period in accordance with the Company’s regular payroll practice at the time of the participant’s Separation from Service, in cash or stock, at the discretion of the participant, an amount equal to (a) for the CEO, the average of the CEO’s annual incentive compensation and long-term incentive compensation for the most recently completed two (2) year period multiplied by 200%, and (b) for the CFO, the average of the CFO’s annual incentive compensation and long-term incentive compensation for the most recently completed two (2) year period multiplied by 150%.

  

3.3.         Code Section 409A. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended, the regulations and other guidance there under and any state law of similar effect (collectively “Section 409A”), each payment that is paid pursuant to this Plan is hereby designated as a separate payment.  The parties intend that all payments made or to be made under this Plan comply with, or are exempt from, the requirements of Section 409A so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be so exempt.  Specifically, any severance payments made in connection with the participant’s Separation from Service under this Plan and paid on or before the 15th day of the 3rd month following the end of the participant’s first tax year in which the participant’s Separation from Service occurs or, if later, the 15th day of the 3rd month following the end of the Company’s first tax year in which the participant’s Separation from Service occurs, shall be exempt from Section 409A to the maximum extent permitted pursuant to Treasury Regulation Section 1.409A-1(b)(4) and any additional severance provided in connection with the participant’s Separation from Service under this Plan shall be exempt from Section 409A to the maximum extent permitted pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) (to the extent it is exempt pursuant to such section it will in any event be paid no later than the last day of the participant’s 2nd taxable year following the taxable year in which the participant’s Separation from Service occurs).  Notwithstanding the foregoing, if any of the payments provided in connection with the participant’s Separation from Service do not qualify for any reason to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4), Treasury Regulation Section 1.409A-1(b)(9)(iii), or any other applicable exemption and the participant is, at the time of the participant’s Separation from Service, a “specified employee,” as defined in Treasury Regulation Section 1.409A-1(i), each such payment will not be made until the first regularly scheduled payroll date of the 7th month after the participant’s Separation from Service and, on such date (or, if earlier, the date of the participant’s death), the participant will receive all payments that would have been paid during such period in a single lump sum. Any lump sum payment of delayed payments pursuant to the preceding sentence shall be paid with interest to reflect the period of delay, with such interest to accrue at the prime rate in effect at Citibank, N.A. at the time of the participant’s Separation from Service. Any remaining payments due under the Plan shall be paid as otherwise provided herein. The determination of whether the participant is a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i) as of the time of such Separation from Service shall made by the Company in accordance with the terms of Section 409A. 

 

 

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Article 4 
Employment Status

 

4.1.        Right to Terminate Employment. This Plan shall not be deemed to constitute an employment contract between the Company and any participant. Nothing contained herein shall give any participant the right to be retained in the employ of the Company or to interfere with the right of the Company to discharge the participant at any time, nor shall it give the Company the right to require the participant to remain in its employ or to interfere with the participant’s right to terminate employment at any time. 

 

4.2.         Status During Benefit Period. Commencing upon the date of the participant’s Separation from Service, the participant shall cease to be an employee of the Company for any purpose. The payment of severance benefits under this Plan shall be payments to a former employee.

 

Article 5 
Claims and Review Procedures

 

5.1.         Claims Procedure. Severance benefits will be provided to each participant in the amount determined hereunder by Maui Land & Pineapple Company, Inc. If a participant believes he or she has not been provided with the severance pay benefits to which he or she is entitled under this Plan, then the participant may file a request for review within 90 days after the date he or she should have received such benefits according to the Plan. The request for review must be submitted to the Plan Administrator. The Plan Administrator will respond to the request for review within 90 days after it is received, setting forth the reasons for its determination in writing. If the participant’s request for review is denied, the participant or the participant’s duly authorized representative may, within 60 days after receiving written notice of such denial, file a written appeal with the Plan Administrator setting forth the reasons for disagreeing with the initial determination including any documents or records which support the participant’s appeal. The Plan Administrator shall respond to this appeal within 60 days after it is received, setting forth the reasons for its determination in writing. The participant may review pertinent Plan documents and his or her employment records, and as part of the written request for review may submit issues and comments concerning the claim.

 

 

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5.2.         Authority. In determining whether to approve or deny any claim or any appeal from a denied claim, the Plan Administrator shall exercise its discretionary authority to interpret the Plan and the facts presented with respect to the claim, and its discretionary authority to determine eligibility for benefits under the Plan. Any approval or denial shall be final and conclusive upon all persons.

  

5.3.         Exhaustion of Remedies. Except as required by applicable law, no action at law or equity shall be brought to recover a benefit under the Plan unless and until the claimant has: (a) submitted a claim for benefits, (b) been notified by the Plan Administrator that the benefits (or a portion thereof) are denied, (c) filed a written request for a review of denial with the Plan Administrator, and (d) been notified in writing that the denial has been affirmed.

  

5.4.      Arbitration. Except as otherwise required by applicable law, any claim, dispute or controversy with respect to any alleged breach or interpretation of the Plan shall be settled by arbitration in the State of Hawaii before a single arbitrator. The arbitration shall be governed by the Federal Arbitration Act (“FAA”) and conducted in accordance with the Arbitration Rules, Procedures and Protocols of Dispute Prevention and Resolution, Inc. (“DPR”) or its successor. In the event of any conflict, the FAA shall prevail. The arbitrator shall be selected in accordance with DPR’s Arbitration Rules, Procedures and Protocols, provided, however, that the arbitrator may not award punitive or exemplary damages or attorneys’ fees unless such damages or fees are expressly allowed by the law under which the claim arises. The award of the arbitrator shall be final and binding, and judgment upon the award may be entered in accordance with the FAA, unless such law is not applicable then in which case in accordance with Hawaii Revised Statutes Chapter 658A, as amended, in any court having jurisdiction thereof. This procedure shall be the exclusive means of settling any disputes that may arise under the Plan. All fees and expenses of the arbitrator and all other expenses of the arbitration, except for the fees and expenses of each party’s attorneys and witnesses, shall be shared equally by the parties thereto, unless the claimant establishes to the satisfaction of the arbitrator that the claimant is financially unable to pay any of DPR’s fees or costs for conducting the arbitration, in which case the arbitrator may assess such fees and costs to the Company. Each party shall bear the fees and costs of its own attorneys and witnesses. 

 

Article 6 
Information Required by ERISA

 

6.1.         Plan Information. The Plan is administered by Maui Land & Pineapple Company, Inc. The Plan sponsor’s and Plan Administrator’s name, address, telephone number, employer identification number and Plan number are as follows:

 

	
 
	
Plan Name:   
	
Maui Land & Pineapple Company, Inc. Executive Severance Plan 

	
 
	
Plan Sponsor/ 
	
Maui Land & Pineapple Company, Inc. 

	
 
	
Administrator:
	
c/o Compensation Committee

	
 
	
 
	
1100 Alakea Street, Suite 3000 

	
 
	
 
	
Honolulu, Hawaii 96813

	
 
	
 
	
 

	 	Telephone No.:	(808) 534-7777
	 	Employer I.D. No.: 	99-0107542
	 	Plan No.: 	xxx
	 	Plan Year:  	January 1 through December 31
	 	Effective Date:	xxxxxxxxx

   

 

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6.2.         Type of Plan. This is an unfunded welfare benefit severance plan. The Company provides benefits from its general assets. 

 

6.3.         Agent for Service of Legal Process. The name and address of the person designated as agent for service of legal process is the same as the name and address of the Plan Administrator.

  

6.4.         Statement of ERISA Rights. Participants in this Plan are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants shall be entitled to:

  

(a)         Examine, without charge, at the Plan Administrator's office, all Plan documents, including the Plan instrument (which is this document) and copies of all documents filed by the Plan Administrator with the Department of Labor.

  

(b)         Copies of all Plan documents and other Plan information may also be obtained upon written request to the Plan Administrator; provided, however, that a reasonable charge may be made for copies.

 

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of this Plan. The people who operate the Plan have a duty to do so prudently and in the interest of Plan participants and beneficiaries. However, employees and agents of the Company carrying out their responsibilities with respect to the Plan are acting as representatives of the Company and not as fiduciaries in their own right. No one, including a participant’s employer or any other person, may fire a participant or otherwise discriminate against a participant in any way to prevent a participant from obtaining benefits or exercising the participant’s rights under ERISA. If a participant’s claim for benefits is denied in whole or in part, the participant must receive a written explanation of the reason for this denial. A participant has the right to have the Plan Administrator review and reconsider the participant’s claim, as described elsewhere in this document.

 

 

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Under ERISA, there are several steps a participant can take to enforce the above rights. For instance, if a participant requests certain materials required to be furnished by the Plan and the participant does not receive them within 30 days, a participant may file suit in federal court. In such a case, the court may require that the participant be provided with the materials and may fine the Company up to $100 a day until the participant receives them, unless the materials were not sent because of reasons beyond the Plan Administrator's control. If a participant has a claim for benefits which is denied or ignored in whole or in part, the participant may file suit in a state or federal court. If a participant is discriminated against for asserting the participant’s rights, the participant may seek assistance from the United States Department of Labor or the participant may file suit in federal court. The court will decide who should pay the court costs and legal fees. If a participant is successful, the court may order the person the participant has sued to pay these costs and fees. If a participant loses, the court may order the participant to pay these costs and fees if, for example, it finds the participant’s claim is frivolous.

 

If any participant has any questions about this Plan, the participant should contact the Plan Administrator. If any participant has any questions about this statement or about the participant’s rights under ERISA, the participant should contact the nearest office of the Labor-Management Services Administration, United States Department of Labor.

 

6.5.         Plan Administration and Interpretations. Maui Land & Pineapple Company, Inc. is the named fiduciary, which has the authority to control and manage the operation and administration of the Plan. Maui Land & Pineapple Company, Inc. shall make such rules, regulations and computations and shall take such other actions to administer the Plan as it may deem appropriate. Maui Land & Pineapple Company, Inc. shall have sole and complete discretion to interpret and administer the terms of the Plan and to determine eligibility for benefits and the amount of any such benefits pursuant to the terms of the Plan. In administering the Plan, Maui Land & Pineapple Company, Inc. shall act in a nondiscriminatory manner to the extent legally required and shall at all times discharge its duties with respect to the Plan in accordance with the standards set forth in Section 404(a)(1) and other applicable sections of ERISA. 

 

6.6.        Limitation of Liability and Indemnification. No member of the Board of Directors or the Compensation Committee nor any officer or employee of the Company (each, an “Affected Person”) shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, including any payment made under the Plan. To the fullest extent permitted by federal and Hawaii law, the Company shall indemnify each Affected Person who is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit, arbitration or proceeding, whether civil, criminal, administrative or investigative and whether formal or informal, by reason of any action taken or failure to act under or in connection with the Plan, against all expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such Affected Person in connection with such action, suit, arbitration or proceeding. The Company shall advance funds to pay for or reimburse the reasonable expenses and attorneys’ fees incurred by each Affected Person before final disposition of an action, suit, arbitration or proceeding, provided that such Affected Person delivers a written affirmation of such Affected Person’s good faith belief that such Affected Person has met the requisite standard of conduct for indemnification and delivers a written undertaking to repay such amount if it is ultimately determined that such Affected person did not meet the standard of conduct. The indemnification provided for in this section shall be cumulative and not exclusive, and shall be in addition to any other indemnification provided by law, under the Company’s Articles of Incorporation or Bylaws, or by any other agreement. Any repeal, amendment, modification or termination of this section or the Plan shall not affect the indemnification provided hereunder for any acts or omissions occurring prior to such repeal, amendment, modification or termination. The indemnification provided for in this section shall continue as to any Affected Person who has ceased to be a member of the Board of Directors or the Compensation Committee, or an officer or an employee of the Company, and shall inure to the benefit of such Affected Person’s heirs, personal representatives, executors and administrators.

 

 

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Article 7 
Amendment and Termination

 

It is intended that the Plan shall continue from year to year, subject to an annual review by the Board of Directors or the Compensation Committee. However, the Board of Directors and the Compensation Committee reserves the right to modify, amend or terminate the Plan at any time; provided, that no amendment or termination shall be made that would materially and adversely affect the rights of any participant without his or her consent. 

 

Article 8 
Miscellaneous

 

8.1.        Benefits Non-Assignable. No right or interest of a participant in this Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy, assignments for the benefit of creditors, receiverships, or in any other manner; provided, however, that this section shall not apply to any transfer by operation of law as a result solely of mental incompetency nor, following the death of a participant, to any transfer of any payments or other benefits due under the Plan to the participant’s heirs, legal representatives, testamentary trusts, successors and assigns.

  

8.2.        Withholding and Required Deductions. The severance benefits payable under this Plan are subject to all withholding and any other deductions required by applicable law.

  

8.3.          Applicable Law. This Plan is a welfare plan subject to ERISA and it shall be interpreted, administered, and enforced in accordance with that law and the applicable laws of the State of Hawaii.

 

 

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8.4.         Severability. If any provision of this Plan is held invalid or unenforceable by a court of competent jurisdiction, all remaining provisions shall continue to be fully effective. 

 

8.5.      Binding Agreement. This Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the participants and their heirs, executors, administrators and legal representatives. 

 

 

IN WITNESS WHEREOF, Maui Land & Pineapple Company, Inc. has caused this amended and restated Plan to be executed by its duly authorized officer effective as of the 28th day of April, 2017.

 

 

	
 
	
MAUI LAND & PINEAPPLE COMPANY, INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
 
	
 

	
 
	
 
	
Warren H. Haruki
	
 

	
 
	
 
	
Its Chairman and Chief Executive Officer
	
 

 

 

 

 

12Exhibit 10.1

 

[FORM
OF]

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made effective as of __________ __, 2017 (the “Effective Date”), by
and between Eagle Savings Bank , an Ohio savings bank (the “Bank”) and Gary Koester (the “Executive”).
The Bank and Executive are sometimes collectively referred to herein as the “parties.” Any reference to the “Company”
shall mean Eagle Financial Bancorp, Inc., the holding company of the Bank. The Company is a signatory to this Agreement for the
purpose of guaranteeing the Bank’s performance hereunder.

 

WITNESSETH

 

WHEREAS, Executive
is currently employed as President and Chief Executive Officer of the Bank;

 

WHEREAS, the Bank
has adopted a Plan of Conversion pursuant to which the Bank will convert to an Ohio-chartered stock savings and loan association
and become a wholly owned subsidiary of the Company;

 

WHEREAS, the Bank
desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement; and

 

WHEREAS, the Executive
is willing to serve the Bank on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties
hereby agree as follows:

 

		1.	POSITION AND RESPONSIBILITIES.

 

During the term of this
Agreement Executive agrees to serve as President and Chief Executive Officer of the Bank, and will perform all duties and will
have all powers that are generally incident to the office of the President and Chief Executive Officer. Without limiting the generality
of the foregoing, Executive will be responsible for the overall management of the Bank, and will be responsible for establishing
the business objectives, policies and strategic plans of the Bank in conjunction with the Board of Directors of the Bank (the “Board”).
Executive also will be responsible for providing leadership and direction to all departments or divisions of the Bank, and will
be the primary contact between the Board and other officers and employees of the Bank. As President and Chief Executive Officer,
Executive will report directly to the Board. Executive also agrees to serve, if elected, as an officer and director of any affiliate
of the Bank.

 

		2.	TERM AND DUTIES.

 

(a)       Three
Year Contract; Annual Renewal. The term of this Agreement shall commence as of the Effective Date and continue for a period
of thirty-six (36) full calendar

 

     

     

    

 

months thereafter. As of
January 1st of each year (the “Renewal Date”), beginning with the first January 1st following the Effective
Date, this Agreement shall renew for an additional year such that the remaining term shall again be thirty-six (36) full calendar
months from the Renewal Date (the “Term”); provided, however, that in order for this Agreement to renew, the
disinterested members of the Board of Directors of the Bank (the “Board”) must take the following actions within
the time frames set forth below prior to each Renewal Date: (i) at least twenty (20) days prior to the Renewal Date, conduct or
review a comprehensive performance evaluation of Executive for purposes of determining whether to extend this Agreement; and (ii)
affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the Board’s
meeting. If the decision of such disinterested members of the Board is not to renew this Agreement, then the Board shall provide
Executive with a written notice of non-renewal (“Non-Renewal Notice”) prior to any Renewal Date, such that this
Agreement shall terminate at the end of twenty-four (24) months following such Renewal Date. Notwithstanding the foregoing, in
the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change
in Control as defined below, then the term of this Agreement shall be extended and shall terminate thirty-six (36) months following
the date on which the Change in Control occurs.

 

(b)       Termination
of Agreement. Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate
Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of
this Agreement.

 

(c)       Continued
Employment Following Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s
employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank and Executive may
mutually agree.

 

(d)       Duties;
Membership on Other Boards. During the term of this Agreement, except for periods of absence occasioned by illness, reasonable
vacation periods, and reasonable leaves of absence approved by the Board, 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 Bank; provided, however, that, Executive may serve, or continue to serve,
on the boards of directors of, and hold any other offices or positions in, business companies or business or civic organizations,
which, in the Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance
of Executive’s duties pursuant to this Agreement. Executive shall provide the Board of Directors annually for its approval
a list of organizations for which the Executive acts as a director or officer.

 

		3.	COMPENSATION, BENEFITS AND REIMBURSEMENT.

 

(a)       Base
Salary. In consideration of Executive’s performance of the duties set forth in Section 2, the Bank shall provide Executive
the compensation specified in this Agreement. The Bank shall pay Executive a salary of $_________ per year (“Base Salary”).
The Base Salary shall be payable biweekly, or with such other frequency as officers of the Bank are generally paid. During the
term of this Agreement, the Base Salary shall be reviewed at least

 

    	 	2	 

     

    

 

annually by the Board or
by a committee designated by the Board, and the Bank may increase, but not decrease (except for a decrease that is generally applicable
to all employees) Executive’s Base Salary. Any increase in Base Salary shall become “Base Salary” for purposes
of this Agreement.

 

(b)       Bonus
and Incentive Compensation. Executive shall be entitled to equitable participation in incentive compensation and bonuses in
any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under
any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

 

(c)       Employee
Benefits. The Bank shall provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent
to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the
term of this Agreement, and the Bank shall not, without Executive’s prior written consent, make any changes in such plans,
arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes
that are applicable to all participating employees. Without limiting the generality of the foregoing provisions of this Section
3(c), Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited
to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans,
medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in the future
to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and
overall administration of such plans and arrangements.

 

(d)       Paid
Time Off. Executive shall be entitled to paid vacation time each year during the term of this Agreement (measured on a fiscal
or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other paid absences
in accordance with the Bank’s policies and procedures for senior executives. Any unused paid time off during an annual period
shall be treated in accordance with the Bank’s personnel policies as in effect from time to time.

 

(e)       Expense
Reimbursements. The Bank shall also pay or reimburse Executive for all reasonable travel, entertainment and other reasonable
expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation,
fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate
in connection with the performance of his duties under this Agreement, upon presentation to the Bank of an itemized account of
such expenses in such form as the Bank may reasonably require, provided that such payment or reimbursement shall be made as soon
as practicable but in no event later than March 15 of the year following the year in which such right to such payment or reimbursement
occurred.

 

		4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

 

(a)       Upon
the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section
4 shall apply; provided, however, that in the event such Event of Termination occurs within eighteen (18) months following a Change
in

 

    	 	3	 

     

    

 

Control (as defined in Section
5 hereof), Section 5 shall apply instead. As used in this Agreement, an “Event of Termination’’ shall mean and
include any one or more of the following:

 

(i)          the
involuntary termination of Executive’s employment hereunder by the Bank for any reason other than termination governed by
Section 5 (in connection with or following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement),
or Section 8 (for Cause), provided that such termination constitutes a “Separation from Service” within the meaning
of Section 409A of the Internal Revenue Code (“Code”); or

 

(ii)          Executive’s
resignation from the Bank’s employ upon any of the following, unless consented to by Executive:

 

(A)       failure
to appoint Executive to the position set forth in Section 1, or a material change in Executive’s function, duties, or responsibilities,
which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position
and responsibilities described in Section 1, to which Executive has not agreed in writing (and any such material change shall be
deemed a continuing breach of this Agreement by the Bank);

 

(B)       a
relocation of Executive’s principal place of employment to a location that is more than 30 miles from the location of the
Bank’s principal executive offices as of the date of this Agreement;

 

(C)       a
material reduction in the benefits and perquisites, including Base Salary, to Executive from those being provided as of the Effective
Date (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees
of the Bank);

 

(D)       a
liquidation or dissolution of the Bank; or

 

(E)       a
material breach of this Agreement by the Bank.

 

Upon the occurrence of any
event described in clause (ii) above, Executive shall have the right to elect to terminate his employment under this Agreement
by resignation for “Good Reason” upon not less than thirty (30) days prior written notice given within a reasonable
period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which termination by Executive
shall be an Event of Termination. The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination,
provided that the Bank may elect to waive said thirty (30) day period.

 

(b)       Upon
the occurrence of an Event of Termination, the Bank 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, the Base Salary and bonuses
that Executive would be entitled to for the remaining unexpired term of the Agreement. For purposes

 

    	 	4	 

     

    

 

of determining the bonus(es)
payable hereunder, the bonus(es) will be deemed to be (i) equal to the highest bonus paid at any time during the prior three years,
and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination. Such payments shall be
paid in a lump sum on the 30th day following the Executive’s Separation from Service (within the meaning of Section
409A of the Code) and shall not be reduced in the event Executive obtains other employment following the Event of Termination.
Notwithstanding the foregoing, Executive shall not be entitled to any payments or benefits under this Section 4 unless and until
(i) Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors,
successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations
or grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not
including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits
required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this
Agreement (the “Release”), and (ii) the payments and benefits shall begin on the 30th day following
the date of the Executive’s Separation from Service, provided that before that date, the Executive has signed (and not revoked)
the Release and the Release is irrevocable under the time period set forth under applicable law.

 

(c)       Upon
the occurrence of an Event of Termination, the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary
or beneficiaries, or his estate, as the case may be, a lump sum cash payment reasonably estimated to be equal to the present value
of the contributions that would have been made on the Executive’s behalf under the Bank’s defined contribution plans
(e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank), as if Executive had continued working
for the Bank for the remaining unexpired term of the Agreement following such Event of Termination, earning the salary that would
have been achieved during such period. Such payments shall be paid in a lump sum within thirty (30) days of the Executive’s
Separation from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

 

(d)       Upon
the occurrence of an Event of Termination, the Bank shall provide, at the Bank’s expense, nontaxable medical and dental coverage
and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive
prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees,
and this insurance coverage shall cease upon the earlier of: (i) Executive’s employment by another employer whereby the Executive
receives or may elect to receive substantially similar insurance coverage (for purposes of clarity, it is understood that there
may be some differences in co-pays, deductibles, premiums and policy limitations), or (ii) the expiration of the remaining term
of this Agreement. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating
in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable
health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump
sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to
be made by lump sum within ) business days of the Date of Termination, or if later, the date on which the Bank determines that
such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

 

    	 	5	 

     

    

 

(e)       For
purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate
that either no further services will be performed by the Executive after the date of the Event of Termination (whether as an employee
or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide
services in the 12 months immediately preceding the Event of Termination. For all purposes hereunder, the definition of Separation
from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a Specified Employee,
as defined in Code Section 409A and any payment to be made under sub-paragraph (b) or (c) of this Section 4 shall be determined
to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum
extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation
from Service.

 

		5.	CHANGE IN CONTROL.

 

(a)         Any
payments made to Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant
to this Agreement under Section 4, such that Executive shall either receive payments pursuant to Section 4 or pursuant to Section
5, but not pursuant to both Sections.

 

(b)          For
purposes of this Agreement, the term “Change in Control” shall mean:

 

		(1)	Merger: The Company or the Bank merges into or consolidates with another entity, or merges
another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of
the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company
or the Bank immediately before the merger or consolidation;

 

		(2)	Acquisition of Significant Share Ownership: A person or persons acting in concert has or
have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided,
however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held
in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding
voting securities;

 

		(3)	Change in Board Composition: During any period of two consecutive years, individuals who
constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason
to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes
of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders
or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period
shall be deemed to have also been a director at the beginning of such period; or

 

    	 	6	 

     

    

 

		(4)	Sale of Assets: The Company or the Bank sells to a third party all or substantially all
of its assets.

 

		(5)	Notwithstanding anything herein to the contrary, a Change in Control shall not be
deemed to have occurred in connection with a conversion of the Bank from a mutual to a stock bank and/or the Bank’s reorganization
as a subsidiary of the Company.

 

(c)         Upon
the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4
hereof), Executive, shall receive as severance pay or liquidated damages, or both, a lump sum cash payment equal to three times
the sum of (i) Executive’s highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii)
the highest bonus paid to Executive with respect to the three completed fiscal years prior to the Change in Control. Such payment
shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Section
409A of the Code) and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

 

(d)         Upon
the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4
hereof), the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate,
as the case may be, a lump sum cash payment reasonably estimated to be equal to the present value of the contributions that would
have been made on Executive’s behalf under the Bank’s defined contribution plans (e.g., 401(k) Plan, ESOP, and any
other defined contribution plan maintained by the Bank), as if Executive had continued working for the Bank for thirty-six (36)
months after the effective date of such termination of employment, earning the salary that would have been achieved during such
period. Such payments shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service and shall
not be reduced in the event Executive obtains other employment following the Event of Termination. If Executive is a Specified
Employee, as defined in Code Section 409A and any payment to be made under this sub-paragraph (c) or (d) of this Section 5 shall
be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment
(to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s
Separation from Service.

 

(e)         Upon
the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4
hereof), the Bank (or its successor) shall provide at the Bank’s (or its successor’s) expense, nontaxable medical and
dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the
Bank for Executive prior to his termination, except to the extent such coverage may be changed in its application to all Bank employees
and then the coverage provided to Executive shall be commensurate with such changed coverage. This insurance coverage shall cease
upon the earlier of: (i) Executive’s employment by another employer whereby the Executive receives or may elect to receive
substantially similar insurance coverage (for purposes of clarity, it is understood that there may be some differences in co-pays,
deductibles, premiums and policy limitations), or (ii) thirty-six (36) months following the termination of Executive’s employment.
Notwithstanding the foregoing, if applicable law (including, but not limited to,

 

    	 	7	 

     

    

 

laws prohibiting discriminating
in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable
health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump
sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to
be made by lump sum within ) business days of the Date of Termination, or if later, the date on which the Bank determines that
such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.  

 

(f)       Notwithstanding
the preceding paragraphs of this Section 5, in the event that the aggregate payments or benefits to be made or afforded to Executive
in the event of a Change in Control would be deemed to include an “excess parachute payment” under Section 280G of
the Internal Revenue Code or any successor thereto, then such payments or benefits shall be reduced to an 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 Section 280G of the Code. In the event a reduction is necessary, then the cash severance payable by the Bank
pursuant to Section 5 shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable
by the Bank under Section 5 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to excise tax imposed
under Section 4999 of the Code.

 

		6.	TERMINATION FOR DISABILITY.

 

(a)       Termination
of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal
Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous
period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected
to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits
for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or
(iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and
(c) shall apply upon the termination of the Executive’s employment based on Disability. Upon the determination that Executive
has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.

 

(b)       Executive
shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives.
To the extent such benefits are less than Executive’s Base Salary, the Bank shall pay Executive an amount equal to the difference
between such disability plan benefits and the amount of Executive’s Base Salary for the longer of one (1) year following
the termination of his employment due to Disability or the remaining term of this Agreement, which shall be payable in accordance
with the regular payroll practices of the Bank.

 

(c)       The
Bank shall cause to be continued life insurance coverage and non-taxable medical and dental coverage substantially comparable,
as reasonably available, to the coverage

 

    	 	8	 

     

    

 

maintained by the Bank for Executive prior to the termination of
his employment based on Disability, except to the extent such coverage may be changed in its application to all Bank employees
or not available on an individual basis to an employee terminated based on Disability. This coverage shall cease upon the earlier
of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by another
employer; (iii) expiration of the remaining term of this Agreement; or (iv) Executive’s death.

 

		7.	TERMINATION UPON RETIREMENT.

 

Termination of Executive’s
employment based on “Retirement” shall mean termination of Executive’s employment in accordance with any retirement
policy, as applicable, established by the Board with Executive’s consent as it applies to him. Upon termination of Executive
based on Retirement, no amounts or benefits shall be due Executive under this Agreement, and Executive shall be entitled to all
benefits under any retirement plan of the Bank and other plans to which Executive is a party.

 

		8.	TERMINATION FOR CAUSE.

 

(a)         The
Bank may terminate Executive’s employment at any time, but any termination other than termination for “Cause,”
as defined herein, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive
shall have no right to receive compensation or other benefits for any period after termination for “Cause.” The term
“Cause” as used herein, shall exist when there has been a good faith determination by the Board that there shall have
occurred one or more of the following events with respect to the Executive:

 

		(1)	personal dishonesty in performing Executive’s duties on behalf of the Bank;

 

		(2)	incompetence in performing Executive’s duties on behalf of the Bank;

 

		(3)	willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank
or injury to the business reputation of the Bank;

 

		(4)	breach of fiduciary duty involving personal profit;

 

		(5)	material breach of the Bank’s Code of Ethics;

 

		(6)	intentional failure to perform stated duties under this Agreement after written notice thereof
from the Board;

 

		(7)	willful violation of any law, rule or regulation (other than traffic violations or similar offenses)
that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or
any violation of a final cease-and-desist order; or

 

		(8)	material breach by Executive of any provision of this Agreement.

 

    	 	9	 

     

    

 

Notwithstanding the foregoing, Cause shall
not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative
vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose
(after reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding that in the
good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof. Prior
to holding a meeting at which the Board is to make a final determination whether Cause exists, if the Board determines in good
faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find
that the Executive was guilty of conduct constituting Cause as described above, the Board may suspend the Executive from his duties
hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting at which the Executive shall
be given the opportunity to be heard before the Board. Upon a finding of Cause, the Board shall deliver to the Executive a Notice
of Termination, as more fully described in Section 10 below.

 

(b)       For
purposes of this Section 8, no act or failure to act, on the part of Executive, shall be considered “willful” unless
it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission
was in the best interests of the Bank. Any act, or failure to act, based upon the direction of the Board or based upon the advice
of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the
best interests of the Bank.

 

		9.	RESIGNATION
FROM BOARDS OF DIRECTORS

 

In the event of Executive’s
termination of employment due to an Event of Termination, Executive’s service as a director of the Bank, the Company, and
any affiliate of the Bank or the Company shall immediately terminate. This Section 9 shall constitute a resignation notice for
such purposes.

 

		10.	NOTICE.

 

(a)       Any
purported termination by the Bank for Cause shall be communicated by Notice of Termination to Executive. If, within thirty (30)
days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination,
the parties shall promptly proceed to arbitration, as provided in Section 20. Notwithstanding the pendency of any such dispute,
the Bank shall discontinue paying Executive’s compensation until the dispute is finally resolved in accordance with this
Agreement. If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5, the payment of such
compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest
due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street
Journal from time to time).

 

(b)       Any
other purported termination by the Bank or by Executive shall be communicated by a “Notice of Termination” (as defined
in Section 10(c)) to the other party. If, within thirty (30) days after any Notice of Termination is given, the party receiving
such Notice

 

    	 	10	 

     

    

 

of Termination notifies the
other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in
Section 20. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive his Base Salary, and other
compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive
for Cause); provided, however, that such payments and benefits shall not continue beyond the date that is 36 months from the date
the Notice of Termination is given. In the event the voluntary termination by Executive of his employment is disputed by the Bank,
and if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall
return all cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as published in
The Wall Street Journal from time to time, if it is determined in arbitration that Executive’s voluntary termination
of employment was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination.
If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base
Salary and other compensation and benefits made to Executive under this Section 10 shall offset the amount of any severance benefits
that are due to Executive under this Agreement.

 

(c)       For
purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment under the provision so indicated.

 

		11.	POST-TERMINATION OBLIGATIONS.

 

(a)         One
Year Non-Solicitation. Executive hereby covenants and agrees that, for a period of one year following his termination of
employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly:

 

(i)       
solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would
expect) to have the effect of causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries
or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation
in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their
direct or indirect subsidiaries or affiliates or has headquarters or offices within 30 miles of the locations in which the Bank
or the Company has business operations or has filed an application for regulatory approval to establish an office, or

 

(ii)       contact
(with a view toward selling any product or service competitive with any product or service sold or proposed to be sold by the Company,
the Bank, or any subsidiary of such entities) any person, firm, association or corporation (A) to which the Company, the Bank,
or any subsidiary of such entities sold any product or service within thirty-six months of the Executive’s termination of
employment, (B) which Executive solicited, contacted or otherwise dealt with on behalf of the Company, the Bank, or any subsidiary
of such entities within one year of the Executive’s termination of employment, or (C) which Executive was otherwise aware
was a client of the Company, the Bank, or any subsidiary of such entities at the time of termination of employment. Executive will
not directly or indirectly make any such

 

    	 	11	 

     

    

 

contact, either for his own benefit or for
the benefit of any other person, firm, association, or corporation.

 

(b)        Six
Month Non-Competition. Executive hereby covenants and agrees that, for a period of six months following his termination
of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly become an officer,
employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or
stockholder, partner or trustee of any savings association, savings and loan association, savings and loan holding company, credit
union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity
or business that competes with the business of the Bank or its affiliates or has headquarters or offices within 30 miles of Cincinnati,
Ohio. Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive’s employment is terminated
following a Change in Control.

 

(c)        
As used in this Agreement, “Confidential Information” means information belonging to the Bank which is of value to
the Bank in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage
to the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions,
improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales
information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions
of businesses or facilities) which have been discussed or considered by the management of the Bank. Confidential Information includes
information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information
to which the Executive may have access in connection with the Executive’s employment. Confidential Information also includes
the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential
Information does not include information in the public domain. The Executive understands and agrees that the Executive’s
employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential Information.
At all times, both during the Executive’s employment with the Bank and after its termination, the Executive will keep in
confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without
the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s duties to
the Bank.

 

(d)        Executive
shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank, in
connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however,
that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive
and the Bank or any of its subsidiaries or affiliates.

 

(e)       All
payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 11.
The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s
breach of this Section 11, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to
any other remedies and damages available, to an injunction to restrain the violation

 

    	 	12	 

     

    

 

hereof by Executive and all persons acting
for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive
can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that the enforcement
of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting
the Bank or the Company from pursuing any other remedies available to them for such breach or threatened breach, including the
recovery of damages from Executive.

 

		12.	SOURCE OF PAYMENTS.

 

All payments provided in
this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company may accede to this Agreement
but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

 

		13.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

 

This Agreement contains
the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor
of 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.

 

		14.	NO ATTACHMENT; BINDING ON SUCCESSORS.

 

(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 effect 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 and the Bank and their respective successors and assigns.

 

		15.	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 as to any act other
than that specifically waived.

 

    	 	13	 

     

    

 

		16.	REQUIRED PROVISIONS.

 

(a)       The
Bank may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause
shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right
to receive compensation or other benefits for any period after termination for Cause.

 

(b)       If
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)(1) [12 USC §1818(g)(1)] of the Federal Deposit
Insurance Act, 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 Executive all or part
of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its
obligations which were suspended.

 

(c)       If
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)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all
obligations of the Bank under this Agreement 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)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations
of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights
of the contracting parties.

 

(e)       All
obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary
for the continued operation of the Bank, (i) by either the Federal Deposit Insurance Corporation (the “FDIC”)
or the Board of Governors of the Federal Reserve System (collectively, the “Regulator”) or his or her designee, at
the time the 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 §1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Regulator or his or her designee
at the time the Regulator or his or her designee approves a supervisory merger to resolve problems related to operation of the
Bank or when the Bank is determined by the Regulator 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.

 

(f)       Notwithstanding
anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement
or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

		17.	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

 

    	 	14	 

     

    

 

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.

 

		18.	HEADINGS FOR REFERENCE ONLY.

 

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.

 

		19.	GOVERNING LAW.

 

This Agreement shall be
governed by the laws of the State of Ohio except to the extent superseded by federal law.

 

		20.	ARBITRATION.

 

Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil
litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location
selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration
Bank’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect. One arbitrator
shall be selected by Executive, one arbitrator shall be selected by the Bank and the third arbitrator shall be selected by the
arbitrators selected by the parties. If the arbitrators are unable to agree within fifteen (15) days upon a third arbitrator, the
arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules. Judgment may
be entered on the arbitrator’s award in any court having jurisdiction.

 

		21.	INDEMNIFICATION.

 

(a)       Executive
shall be provided with coverage under a standard directors’ and officers’ liability insurance policy, and shall be
indemnified for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable
law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding
in which he may be involved by reason of his having been a director or officer of the Bank or any affiliate (whether or not he
continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to
include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements
must be approved by the Board), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities
incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any
such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k),
and the regulations issued thereunder in 12 C.F.R. Part 359.

 

(b)       Any
indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

 

    	 	15	 

     

    

 

		22.	Notice.

 

For the purposes of this
Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed
to the respective addresses set forth below:

 

	To the Bank:	Chairman of the Board
	 	Eagle Savings Bank
	 	6415 Bridgetown Road
	 	Cincinnati, Ohio 45248
	 	 
	To Executive:	_______________
	 	At the address last appearing on 
	 	the personnel records of the Bank

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the Bank and the Company have caused this Agreement to be executed by their duly authorized representatives, and Executive has
signed this Agreement, on the date first above written.

 

	 	EAGLE SAVINGS BANK	 
	 	 	 	 
	 	By:	 	 
	 	 	Chairman of the Board	 
	 	 	 	 
	 	EAGLE FINANCIAL BANCORP, INC.	 
	 	 	 	 
	 	By: 	 	 
	 	 	Chairman of the Board	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 	 
	 	 	 	 

 

    	 	17

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