Document:

Exhibit 10.6

 Exhibit 10.6 
  
 PROPOSED 
 EQUITABLE BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 Effective January 1, 2005 

 Proposed Equitable Bank 
 Supplemental Executive Retirement Plan 
  
 Table of Contents 
  

					
	Article I	  	Introduction	  	1
			
	Article II	  	Definitions	  	2
			
	Article III	  	Eligibility and Participation	  	5
			
	Article IV	  	Benefits	  	6
			
	Article V	  	Accounts	  	8
			
	Article VI	  	Supplemental Benefit Payments	  	9
			
	Article VII	  	Claims Procedures	  	10
			
	Article VIII	  	Amendment and Termination	  	11
			
	Article IX	  	General Provisions	  	12

 Article I 
 Introduction 
  
 Section 1.01
Purpose, Design and Intent. 
  

	(a)	The purpose of the Equitable Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Equitable Bank (the “Bank”) and its affiliates in retaining
the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental retirement benefits to such employees.

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income Security Act of 1974,
as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Bank but for the applicable
limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

  

 1 

 Article II 
 Definitions 
  
 Section 2.01
Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and
“him,” shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings: 
  
 (a) “Affiliate” means any corporation, trade or business, which, at
the time of reference, is together with the Bank, a member of a controlled group of corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as described in Sections 414(b),
414(c), and 414(m) of the Code, respectively, or any other organization treated as a single employer with the Bank under Section 414(o) of the Code. 
  
 (b) “Applicable Limitations” means one or more of the following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits under
tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

  
 (c) “Bank” means Equitable
Bank, and its successors. 
  
 (d) “Board of
Directors” means the Board of Directors of the Bank. 
  
 (e) “Change in Control” means the earliest occurrence of one of the following events: 
  
 (i) Merger: The Company merges into or consolidates with another corporation, or merges another corporation into 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 immediately before the merger or consolidation. 
  
 (ii) Acquisition of Significant Share Ownership: There is filed or
required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in
concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company 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. 
  
 (iii) Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’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 Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the 
  

 2 

 board (or first nominated by the board for election by the stockholders) 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 
  
 (iv) Sale of Assets: The Company sells to a third party all or substantially all of its assets. 
  
 Notwithstanding anything in this Agreement to the contrary, in no event
shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for
purposes of this Agreement. 
  
 (f) “Code” means the
Internal Revenue Code of 1986, as amended. 
  
 (g)
“Committee” means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan. 
  
 (h) “Common Stock” means the common stock of the Company. 
  

(i) “Company” means Equitable Financial Corp. and its successors. 
  
 (j) “Eligible Individual” means any Employee who participates in the ESOP or the 401(k) Plan, as the
case may be, and whom the Board of Directors determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
  
 (k) “Employee” means any person employed by the Bank or an Affiliate.

  
 (l) “Employer” means the Bank or
Affiliate thereof that employs the Employee. 
  
 (m)
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 (n) “ESOP” means the Equitable Bank Employee Stock Ownership Plan, as amended from time to time. 
  
 (o) “ESOP Acquisition Loan” means a loan or other extension of credit
incurred by the trustee of the ESOP in connection with the purchase of Common Stock on behalf of the ESOP. 
  
 (p) “ESOP Valuation Date” means any day as of which the investment experience of the trust fund of the ESOP is determined and individuals’ accounts under the ESOP are
adjusted accordingly. 
  
 (q) “Effective
Date” means January 1, 2005. 
  
 (r)
“Participant” means an Eligible Employee who is entitled to benefits under the Plan. 
  
 (s) “Plan” means this Equitable Bank Supplemental Executive Retirement Plan. 
  
 (t) “401(k) Plan” means the Equitable Federal Savings Bank of Grand Island Employees’ Savings & Profit Sharing Plan and Trust, as amended
from time to time. 
  

 3 

 (u) “Supplemental ESOP Account” means an account established by an Employer,
pursuant to Section 5.01 of the Plan, with respect to a Participant’s Supplemental ESOP Benefit. 
  
 (v) “Supplemental ESOP Benefit” means the benefit credited to a Participant pursuant to Section 4.01 of the Plan. 
  
 (w) “Supplemental Savings Benefit” means the benefit credited to a Participant pursuant to Section 4.03 of the Plan.

  
 (x) “Supplemental Savings Account” means an account
established by an Employer, pursuant to Section 5.03 of the Plan, with respect to a Participant’s Supplemental Savings Benefit. 
  
 (y) “Supplemental Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with
respect to a Participant’s Supplemental Stock Ownership Benefit. 
  
 (z)
“Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 
  

 4 

 Article III 
 Eligibility and Participation 
  
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible
Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation
at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

  

 5 

 Article IV 
 Benefits 
  
 Section 4.01
Supplemental ESOP Benefit. 
  
 As of the last day of each plan year of
the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP Benefit equal to the excess of (a) over (b), where: 
  

	(a)	Equals the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations; and 

  

	(b)	Equals the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection with the repayment of an ESOP Acquisition Loan
that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations.

  
 Section 4.02 Supplemental Stock Ownership Benefit.

  

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less (ii), the
result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

  

	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of (i) and (ii) by (iii),
where: 

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

 6 

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

  
 Section 4.03 Supplemental Savings Benefit. 
  
 A Participant’s Supplemental Savings Benefit under the Plan shall be equal to the excess of (a) over (b), where: 
  

	 	(a)	is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the 401(k) Plan for a
particular year, if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 

  

	 	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the 401(k) Plan
for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

  

 7 

 Article V 
 Accounts 
  
 Section 5.01
Supplemental ESOP Benefit Account. 
  
 For each Participant who is
credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year, the Committee shall credit to the Participant’s Supplemental ESOP Account
the amount of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise
been made to the Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s
Supplemental ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.02 Supplemental Stock Ownership Account. 
  
 The Employer shall establish, as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the
Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The Committee shall credit the account with an amount equal to the appropriate number of shares
of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions
credited to a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
  
 Section 5.03 Supplemental Savings Account. 
  
 The Employer shall establish a memorandum account, the “Supplemental Savings
Account” for each Participant on its books, and each year the Committee will credit the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be
credited monthly with interest at a rate equal to the combined weighted return provided to the Participant’s account(s) under the 401(k) Plan. 
  

 8 

 Article VI 
 Supplemental Benefit Payments 
  
 Section 6.01 Payment of Supplemental ESOP Benefit. 
  

	(a)	A Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form, time and
medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage as he has benefits allocated to him under
the ESOP at the time the benefits become distributable to him under the ESOP. 

  
 Section 6.02 Payment of Supplemental Stock Ownership Benefit. 
  

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form,
time and medium (i.e., cash and/or shares of Common Stock) as his benefits are paid under the ESOP. 

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

  
 Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, in the same form and at the
same time as his benefits are paid under the 401(k) Plan. 

  

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to his matching contributions under the 401(k)
Plan at the time the benefits become distributable to him under the 401(k) Plan. 

  
 Section 6.04 Alternative Payment of Benefits. 
  
 Notwithstanding the other provisions of this Article VI, a Participant may, with prior written consent of the Committee and upon such terms and conditions as the Committee may impose, request that the Supplemental
ESOP Benefit and/or the Supplemental Stock Ownership Benefit and/or the Supplemental Savings Benefit to which he is entitled be paid commencing at a different time, over a different period, in a different form, or to different persons, than the
benefit to which he or his beneficiary may be entitled under the ESOP or the 401(k) Plan. 
  

 9 

 Article VII 
 Claims Procedures 
  
 Section 7.01
Claims Reviewer. 
  
 For purposes of handling claims with respect to
this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates another person or group of persons as Claims Reviewer. 
  
 Section 7.02 Claims Procedure. 
  

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances require
the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before the expiration of the
initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the end of the initial 90-day
period. 

  

	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner
calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for the claimant to perfect
the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

  

	(d)	Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may
have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant receives written
notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s views as
to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day period. If such
extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the claim within 120 days of
the receipt of the claimant’s written request for review. The action of the Committee shall be in the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim.

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded
the claimant by this Article VII. 

  

 10 

 Article VIII 
 Amendment and Termination 
  
 Section
8.01 Amendment of the Plan. 
  
 The Bank may from time to time and at
any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become
entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal
or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently be ratified by the Board of Directors. 
  
 Section 8.02 Termination of the Plan. 
  
 The Bank may at any time terminate the Plan; provided, however, that such termination may not adversely affect the rights of any Participant
or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such termination without the consent of the Participant or beneficiary. Any amounts
credited to the supplemental accounts of any Participant shall remain subject to the provisions of the Plan and no distribution of benefits shall be accelerated because of termination of the Plan. 
  

 11 

 Article IX 
 General Provisions 
  
 Section 9.01
Unfunded, Unsecured Promise to Make Payments in the Future. 
  
 The
right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank or its Affiliates, and neither a Participant, nor his designated beneficiary or beneficiaries,
shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of
ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any
benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s
beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
  
 Section 9.02 Committee as Plan Administrator. 
  

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 

  

	(b)	The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the duty and
responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the Committee shall have the authority and power to delegate any of its administrative duties to employees of the Bank or an
Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by
the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the Committee shall be final and binding on all persons and parties concerned. 

  
 Section 9.03 Expenses. 
  
 Expenses of administration of the Plan shall be paid by the Bank or an Affiliate.

  
 Section 9.04 Statements. 
  
 The Committee shall furnish individual annual statements of accrued benefits to each
Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 
  
 Section 9.05 Rights of Participants and Beneficiaries. 
  

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be
entitled to hereunder. 

  

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	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an Affiliate will be
sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Bank or an Affiliate and any Participant or other
individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of employment or service.

  
 Section 9.06 Incompetent Individuals. 

 
 The Committee may, from time to time, establish rules and procedures which it determines
to be necessary for the proper administration of the Plan and the benefits payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally
charged with that Participant’s or beneficiary’s care. Except as otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such
Participant’s or beneficiary’s benefits to such conservator, person legally charged with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such
Participant or beneficiary. Any such payment shall constitute a complete discharge of any liability of the Bank or an Affiliate and the Plan for such Participant or beneficiary. 
  
 Section 9.07 Sale, Merger or Consolidation of the Bank. 
  
 The Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or with another corporation or
entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to Participant’s deferral accounts
shall be placed in a grantor trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to the provisions of Section 8.02
of the Plan. Any legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate of which the Participant is an Employee or, if
applicable, a member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
  
 Section 9.08 Location of Participants. 
  
 Each Participant shall keep the Bank informed of his current address and the current address of his designated beneficiary or beneficiaries. The Bank shall not be obligated to search for any person. If such person is not located within
three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as though the Participant or his beneficiary had died at the end of such three-year period. 

 
 Section 9.09 Liability of the Bank and its Affiliates. 
  
 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual
acting as an employee or agent of the Bank shall be liable to any Participant, former Participant, beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or
willful misconduct on the part of the Bank or any such employee or agent of the Bank. 
  

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 Section 9.10 Governing Law. 
  
 All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United
States and, to the extent not preempted by such laws, by the laws of the State of Nebraska. 
  
 Having been adopted by its Board of Directors, this Plan is executed by its duly authorized officer this              day of
                    , 2005. 
  

					
	Attest:	 	EQUITABLE BANK
			
	  

	 	By:	 	  

	Corporate Secretary	 	 	 	For the Entire Board of Directors

  

 14Exhibit 10.7

 EXHIBIT 10.7 
  
 POSITION OF PRESIDENT/CEO 
 EQUITABLE BUILDING AND LOAN ASSOCIATION, FSB 
  
 The position of president and chief executive officer has been offered to Mr. Richard L. Harbaugh with the following considerations. 
  

	1)	Seat on the Board of Directors. 

  

	2)	Benefits 

  

	 	•	 	Health Insurance: 

  
 He will be enrolled in the bank health insurance plan including dental, $500 deductible, cafeteria options, etc. There will be no waiting period. If a
waiting period is imposed, the bank will pay the COBRA premiums for coverage until he is accepted. 
  

	 	•	 	Life Insurance: 

  
 VEBA (our insurance carrier with Nebraska Bankers) allows 4 times annual base salary in additional life insurance. The bank will pay the difference
between what Mr. Harbaugh currently pays for life insurance up to a maximum amount of $600.00 and what any new premium for the same coverage would currently be, either through VEBA or for coverage through another agency. 
  

	 	•	 	Long Term Disability: 

  
 Automatically included in life insurance policy. After mandatory 90 day waiting period, policy pays 66.66% of annual salary plus bonus to age 65. Amount
is gradually reduced after age 65. Coverage begins at day 0. Bank will continue salary for the 90 day waiting period. 
  

	 	•	 	401 K Plan: 

  
 He will be eligible to participate in the 401 K Plan. 
  

	 	•	 	Profit Sharing: 

  
 The board has the authority to initiate a profit-sharing plan for the President/CEO over and above (or separate from) the normal bank profit-sharing plan.

  

	3)	Additional Benefits 

  

	 	•	 	Riverside Membership: 

  
 Basic membership dues plus stock purchase, if necessary, will be paid for by bank. There will be an $800.00 per month allowance for business purposes.

  

	 	•	 	Vacation: 

  
 Mr. Harbaugh will be granted 4 weeks (20 working days) paid vacation. 12 additional PDO’s (paid days off) will be granted per year for sickness or
other 

 personal reasons, this is in addition to the regular paid holidays off. Additionally, be may accumulate
an additional 30 contingency PDO’s at the rate of 6 per year. Accumulation period will be waived and the 30 contingency PDO’s will be allowed as of date of employment. 
  

	 	•	 	Car Allowance: 

  
 We will pay Mr. Harbaugh $200.00 per month for the use of his personal vehicle. 
  

	 	•	 	Risk Management Association: 

  
 The bank will pay institutional and membership dues for Mr. Harbaugh and will pay all expenses for him and his spouse to attend the board of directors and
annual meetings. 
  

	4)	Compensation 

  

	 	•	 	Signing Bonus: 

  
 Employee is to receive a $25,000 signing bonus to be paid with the first payroll period on 11-14-00. This bonus is to compensate the employee for the loss
of the quarterly profit sharing, bonus and 401 K match by leaving prior to 12-31-00. 
  

	 	•	 	Annual salary: 

  
 Mr. Harbaugh’s annual salary will be a total of $175,000.00 payable as follows. $150,000.00 will be payable in 24 equal payments of $6250.00 subject
to normal taxes and other deductions for benefits. $25,000.00 shall be paid annually on or before 6-30 or the final pay period of the fiscal year and this sum shall be placed into a tax deferred Executive Compensation account mutually agree upon.

  

	 	•	 	Incentive Bonus: 

  
 At the discretion of the Board, the employee may be subject to an incentive bonus based on the following criteria: 
  

	 	a)	effectively addressing our loan/deposit ratio 

  

	 	b)	increasing deposits 

  

	 	c)	initiating a “process” to re-structure Equitable into a “full service community bank” 

  

	 	d)	changing our culture to make us an “aggressive” player in the local banking market 

  
 All of these conditions are combined with the opportunity to run a fine financial institution without corporate interference. You will play
a key role in all decisions with full board support.

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