Document:

Exhibit
10.29

    

    

     

    March 23,
2010

    

    Mr.
Gregory M. Krzemien

    1743
Central Park

    Orefield,
PA 18069

    

    Dear
Greg:

     

    You are
presently employed by Mace Security International, Inc. (“Company”) and, through
February 12, 2010, you were employed pursuant to a written contract that has
expired.  The Company is pleased now to offer to you (“Employee”)
employment with the Company (“Offer”) on the terms of this letter agreement,
including Schedule A hereto, (the “Agreement”), which includes additional and
new consideration provided to you.  If you accept the Offer, please
sign this Agreement and return it to the Company.

     

    Note that
your employment with the Company is at-will, which means that you or the Company
may terminate your employment, with or without reason, at any
time.  This can be altered only by an express written agreement signed
by the Company’s CEO and approved by the Mace Board of Directors Compensation
Committee.

     

    The
Company is excited about your continued employment and looks forward to a
continued beneficial and productive relationship.

     

    1.           Employment, Duties, and
Location.

    a.           Employment.  Subject
to the terms and conditions hereinafter set forth and in the Company’s Manual
for Employees, you shall be employed as an at-will employee.  The
Company or the Employee may terminate the employment relationship without
notice, with or without cause at any time.  In the event you decide to
leave employment with the Company, you are requested to provide two (2) weeks
prior written notice.  The Term automatically terminates on Employee’s
death or inability to perform his/her duties.

    b.           Duties.  Your job
title shall be Chief Financial Officer.  If requested by the Company
you will continue to serve and/or accept election as Treasurer of the Company
and/or any of its subsidiaries, or affiliated entities, as well as Interim
Secretary of the Company.  Your duties are as set
forth on the attached Exhibit 1, Job Description-CFO.  The Company
reserves the right to vary, increase, or decrease the duties at its discretion
consistent with your position as CFO, which will not be materially different
than your current responsibilities.

     

    
      
        	 
      	
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                Company
      Confidential Version 32310

              	 
      	
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                Mace
      Security International, Inc.

              	
                240
      Gibraltar Rd. #230

              	
                Horsham,
      PA 19044

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    c.           Full Time Position and
Supervisor.  During Employee’s employment (“Term”), Employee
shall devote his best efforts and substantially all of his business time and
services to the Company.  Employee shall report to and be supervised
by the CEO of the Company and also provide a reporting relationship to the
Chairman of the Audit Committee of the Mace Board of
Directors.  Employee shall perform such duties and services as the
Employee’s supervisor requests.  During the Term, Employee will not
engage in any other employment, occupation, consulting or other business
activity directly related to the business in which the Company is now involved
or becomes involved with, nor will Employee engage in any other activities that
conflict with Employee’s obligations to the Company.

    d.           Location.  You will
perform your duties principally from the offices of the Company located at
Horsham, PA, but shall travel as necessary to other Company
locations.

    e.           Restrictions on
Company.  While this Agreement is in effect, the Company may
not, without Employee’s consent: (a) materially change or materially reduce the
duties of Employee as CFO except as otherwise provided on Schedule
A,  (b) move the principal location of Employee’s employment more than
25 miles from Horsham, PA, or (c) reduce Employee’s base salary hereunder or
(d), there is a failure by a successor to this agreement, as defined in Item 6,
to properly assume and fulfill the requirements of this agreement.  In
the event the Company violates this provision and does not cure such violation
within thirty (30) days after receipt of written notice from Employee specify
the violation, Employee may resign and receive severance, as provided herein in
Schedule A.

    

    2.           Salary.  Employee
hereby agrees to accept as compensation for all services rendered by Employee in
any capacity hereunder during the Term a salary at the annual rate of
$230,000.00, paid in accordance with the Company’s regular payroll
practices, effective February 12,
2010.  (the “Salary”).  The Salary shall be inclusive of all
applicable income, social security and other taxes and charges which are
required by law to be withheld by the Company but shall be in addition to any
Bonus and Additional Compensation and Benefits (as set forth in Paragraphs 3 and
4 below).

    

    3.           Bonus.  Employee
shall be eligible to receive an annual bonus which may be awarded at the sole
discretion of the CEO.  Employee does not have any entitlement to any
bonus.  Your Supervisor will establish a written bonus program for you
within 60 days of your start.  Bonuses customarily are paid within 60
days following the end of the calendar year, and an employee who leaves
employment for any reason prior to the date when bonuses are paid is not
eligible to receive payment of any bonus.

    

    4.           Additional Compensation and
Benefits.  Employee shall be entitled to the additional
compensation and benefits set forth on Schedule A attached
hereto.

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.           Confidential Information and
Inventions.  Employee shall execute and comply with the
Company’s standard Confidential Information and Invention
Agreement.

    

    6.           Successors and
Assigns.  The Company may assign this Agreement to any
successor or transferee, provided that such successor or transferee agrees to
assume the obligations of the Company hereunder.  The Employee may not
assign this Agreement.

    

    7.           Notice.  Any
notice or communication required or permitted under this Agreement shall be made
in writing and (i) sent by commercial overnight delivery service, (ii) e-mailed
with a copy sent by ordinary mail or (iii) sent by fax, addressed to the
addresses of the parties set forth on page 1 hereof or to such other address as
either party may from time to time duly specify by notice given to the other
party in the manner specified above.

    

    8.           Noncompetition
Covenants.  Section 4 of the Employment Contract between the
Company and Employee, dated as of February 12, 2007 (the “2007 Contract”) is
incorporated herein by reference, except in paragraph 4b, the non-compete term
shall be equal to six months after termination.

    

    9.           Entire Agreement;
Amendments.  This Agreement and the Confidential Information
and Invention Agreement referred to in section 5 above set forth the
understanding of the parties hereto relating to the subject matter hereof, and
merge and supersede all prior and contemporaneous discussions, agreements, and
understandings of every nature between the parties hereto relating to the
employment of Employee with the Company.  Notwithstanding the
foregoing, sections 5 (Confidential Information), and 6 (Inventions) of the 2007
Contract, are not superseded and shall remain in effect to the extent they
provide to the Company broader rights or protection than the terms of this
Agreement, and section 15 (Insurance and Indemnification) of the 2007 Contract,
is not superseded and shall remain in effect to the extent it provides to
Employee or the Company broader rights or protection than the terms of this
Agreement.  This Agreement may not be changed or modified, except by a
writing signed by each of the parties hereto.

    

    10.          Waiver.  Any
waiver by either party of any breach of any term or condition in this Agreement
shall not operate as a waiver of any other breach of such term or condition or
of any other term or condition, nor shall any failure to enforce any provision
hereof operate as a waiver of such provision or of any other provision hereof or
constitute or be deemed a waiver or release of any other rights, in law or in
equity..

    

    11.         Governing
Law.  Notwithstanding any contrary choice of laws principles,
this Agreement shall be governed by and construed in accordance with the
substantive laws of the State of Delaware, applicable to contracts executed and
performed within the State of Delaware.

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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      3/23/10    

            
	
              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.         Jurisdiction and
Venue.  The parties agree that any dispute arising out of or in
relation to this Agreement, the performance of it by either party, or Employee’s
employment, shall be litigated in the Philadelphia County Court of Common Pleas,
or in the United States District Court for the Eastern District of Pennsylvania
if that federal court would have subject matter jurisdiction, and the parties
hereby consent to the jurisdiction of those courts, which shall have exclusive
jurisdiction over any such litigation.  The parties consent to those
forums and, in connection with any such litigation, neither party shall raise as
a defense lack of personal jurisdiction or improper venue or seek to have the
action dismissed on grounds of forum non conveniens or transferred to any other
court.

    

    13.         Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or
validity of any provision in any other jurisdiction, and this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

    

    14.         Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which together shall be deemed to be one and the
same instrument.  A faxed or pdf signature shall have the same force
and effect as an original signature.

    

    Please
have this agreement reviewed by your own legal counsel.  Please
indicate your acceptance of the Offer by executing and returning a copy of this
Agreement.  The Offer will expire, if not accepted within ten days of your
receipt of this offer letter.

    

    
      
        	
                Sincerely,

              
	 
      
	
                MACE
      SECURITY INTERNATIONAL, INC.

              
	 
      
	
                By:

              	
                /s/Dennis Raefield

              
	
                Name:  Dennis
      Raefield

              
	
                Title:   
      CEO and President

              

      

    

     

    Agreed to
and Accepted:

     

    
      
        
          
            
              
                	
                        /s/Gregory M. Krzemien

                      	 	
                        3/23/2010

                      
	
                        Gregory
      M. Krzemien

                      	 	
                        Date

                      

              

            

          

        

      

    

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
A

    ADDITIONAL
COMPENSATION AND BENEFITS

     

    
      	
            	
              1.

            	
              Equipment.  During
      the term the Company will supply Employee for his use in performing his
      duties, and not for Employee’s personal use the following items: cell
      phone, Blackberry, desktop or laptop computer as needed,
      (“Equipment”).  All items of Equipment shall be returned
      by Employee to Company upon request of the Company and upon the
      termination of Employee’s employment by the
  Company

            

    

    

    
      	
            	
              2.

            	
              Expense
      Reimbursement.  Employee shall be entitled to receive
      reimbursement from the Company for all reasonable out-of-pocket expenses
      incurred by Employee in performing his or her duties under the Agreement,
      in accordance with the expense reimbursement policy established from time
      to time by the Company, upon presentation of expense statements or
      vouchers and such other supporting information as may be
      required.

            

    

    

    
      	
            	
              3.

            	
              Vacation; Sick
      Leave.  Employee shall be entitled to four weeks paid
      vacation time in each year of the term of this Agreement, and sick leave
      (PTO) in accordance with such general policies as may be in effect from
      time to time for
  supervisory  employees.

            

    

    

    
      	
            	
              4.

            	
              Other
      Benefits.  Employee shall be entitled, if and to the
      extent eligible under the applicable policies or plans, to participate in
      any group life, hospitalization or disability insurance plan, health
      program, pension plan, similar benefit plan or other so-called fringe
      benefits of the Company.  The current benefits include Medical
      and Dental Insurance (75% of premiums paid by Company for Employee and 25%
      of premiums paid by Company for Spouse and/or eligible Family members),
      Short and Long term Disability Insurance and Employee Term Life Insurance
      (100% paid by Company), 401K Retirement Plan (currently with no Company
      funding), Employee Assistance Plan, and other optional plans available at
      Employee cost (AFLAC and Vision plans).  All Company benefits
      are subject to review, change, and/or termination at any
    time.

            

    

     

    
      	
            	
              5.

            	
              Car
      Allowance.  Employee will be paid a monthly car allowance
      of $700.00, which will be pro-rated and paid with each normal
      paycheck.  Employee will be responsible for tires, wear and
      tear, maintenance, insurance, and damage
claims.

            

    

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              6.

            	
              Gas
      Usage.  Employee shall be issued a company gas card,
      which shall be used to cover normal business driving for the company’s
      benefit.  Employee agrees to not use gas card for personal
      use.

            

    

    

    
      	
            	
              7.

            	
              Stock
      Options.  At the first meeting of the Company’s
      Compensation Committee of the Board of Directors occurring after the date
      the Employee executes this Agreement, the Company shall recommend that the
      Compensation Committee grant the Employee stock options (“Options”)
      exercisable for 50,000 shares
      of MSI’s common stock at a per-share exercise price equal to the closing
      trading price of the stock on the date of grant.  The Options
      will be Non-Incentive and shall vest over three years, one-third vesting
      each anniversary date of this Agreement’s execution.  The
      Options shall cease all vesting on the date that Employee is no longer
      employed by the Company, for any reason, and any unvested Options shall be
      canceled.  If the Company has a change in control, as defined in
      the 2007 Contract, all options shall be fully vested.  The
      Options shall be governed in all respects by the Company’s 1999 Stock
      Option Plan and the stock option agreement that shall be issued to
      Employee.

            

    

    

    
      Employee
shall be eligible for additional stock options under the Company's stock option
plans based on Employee's performance of his duties, and at the discretion of
the Compensation Committee of the Board of Directors.

    

    

    
      	
            	
              8.

            	
              Notice Pay and
      Severance.  Employee is an “at will” employee who can be
      terminated at any time with or without cause.  The eligibility
      for payments under this paragraph and the subsequent paragraph is in lieu
      of, and not in addition to, any other right to or claim for payment on
      account of notice or severance, including under any employment contract or
      any prior, existing, or future plan, policy, or practice of the Company,
      which employee expressly waives.  However, Company agrees it
      will pay Employee the sum equal to six months of the then current Salary
      as severance, if the Company terminates the Employee and does not have
      “Good Cause”, as hereafter defined, or if the Employee terminates this
      Agreement by reason of the material breach by the Company which breach is
      not cured within thirty (30) days after written notice to the Company from
      Employee specifying the breach.  No severance shall be payable
      if the termination of Employee’s employment is in connection with the sale
      of the Company or any part of its business where Employee is offered
      employment by the acquirer as the CFO under similar terms. Good Cause for
      the Company not to pay notice pay and severance, exists if any of the
      following occur:

            

    

    (i)  Employee’s
refusal to perform his duties or other obligations under this Agreement, or
Employee’s intentional or grossly negligent conduct causing material harm to the
Company as determined by the Company, on fifteen (15) days notice after the
Company has provided Employee written notice of such failure to perform and
Employee has failed to cure the unsatisfactory performance, if capable of cure,
within thirty (30) business days; or

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii)   Employee’s
conviction of a felony, or a misdemeanor involving moral turpitude, or
Employee’s engaging in conduct involving dishonesty toward the Company or its
customers, or engaging in conduct that could damage the reputation or good will
of the Company, whether or not occurring in the workplace; or

    (iii)  Employee’s
death, or inability with reasonable accommodation to perform his duties under
this Agreement because of illness or physical or mental disability or other
incapacity which continues for a period of 120 consecutive days, as determined
by a medical doctor; or

    (iv)  If
Employee engages in any type of discrimination, harassment, violence or threat
thereof, or other behavior toward other employees of MSI, the Company, or any of
their subsidiaries or toward third parties or employees of a third
party;

    (v)  alcohol
abuse and/or use of controlled substances during employment hours, or a positive
test for use of controlled substances that are not prescribed by a medical
doctor; or

    (vi)  gross
negligence or willful misconduct with respect to the Company, or any of its
affiliates or subsidiaries; or

    (vii)  on
fifteen (15) days notice for any other material intentional breach of this
Agreement or the Company’s Employee Manual by Employee not cured within 30 days
after Employee’s receipt of written notice of the same from the
Company.

     

    
      	
            	
              9.

            	
              Notice Pay and the
      Notice Period.  In the event the Company terminates
      Employee’s employment for any reason other than for Good Cause as defined
      in  Paragraph 8 above, Employee shall be given two (2) weeks
      prior notice or, at the Company’s election, he shall be paid two (2) weeks
      base salary in lieu of notice. In the event Employee elects to terminate
      his employment with the Company other than in accordance with Paragraph 1e
      of this Agreement, he shall give to the Company two (2) weeks prior
      notice.  After the giving of notice by either the Company or
      Employee and during the period prior to the end of the notice
      period,  Employee shall continue to perform his duties, which
      may be modified by the Company including assigning to Employee other or
      reduced duties and the Company may designate another person to serve as
      CFO. The giving of notice by the Employee as described in this paragraph,
      and the continued performance of his duties, including as they may be
      modified during the notice period, shall constitute a condition to receipt
      of severance by Employee pursuant to Paragraph 8 above.  If the
      Company is merged or acquired by another company, the Company will
      increase the amount of notice from two weeks to three
      months.  Employee shall be required to work during that notice
      period, with duties as stated in this
paragraph.

            

    

     

    
      	 
      	
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              Company
      Confidential Version 32310

            	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              10.

            	
              Indemnification.  During
      his employment under this Agreement and for the same period as that
      provided to the Board members (directors) and other officers, but in no
      event less than three years after his termination, the Company agrees to
      indemnify Employee to the maximum extent permitted under Delaware law, and
      following the termination of his Employment under this Agreement, to
      maintain in force officer and director liability insurance coverage at
      least as favorable as the coverage in effect for the Board members
      (directors) and other officers during and for the same tail period, in no
      event less than three years.

            

    

     

    End of
Schedule A

     

    
      	 
      	
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              Mace
      Security International, Inc.

            	
              240
      Gibraltar Rd. #230

            	
              Horsham,
      PA 19044Unassociated Document

    
      
        Exhibit
10.22

         

        RESIGNATION,
SETTLEMENT, AND RELEASE AGREEMENT

         

        In order
to settle as fully as possible all known and unknown claims I, Kyle Cook, might
have against First Federal Savings Bank of Iowa (the “Bank”) and all
related parties (including the Company’s holding company), the Bank and I agree
as follows:

         

        (a)           Consideration and Release:  In
consideration of the Bank’s agreement to enter into the consulting agreement
attached as “Exhibit
1” and other promises and consideration set forth herein, I agree that,
effective December 31, 2009 and without any further action by me or anyone of
any kind, I hereby –

         

        (i)          resign
not only from my employment with the Bank and each and every affiliate, but also
from any and all of my positions with the Bank and its affiliates,
and

         

        (ii)         release
(i.e., give up) all
known and unknown claims that I presently have against the Bank, its current and
former, direct and indirect owners, parents, subsidiaries, brother-sister
companies, and all other affiliates and related entities, and their current and
former partners, employees, agents, and other related parties (the “Released Parties”),
except claims that the law does not permit me to waive by signing this
Agreement.

         

        For example, I am releasing all common
law contract, tort, or other claims I might have, as well as all claims I might
have under the Age Discrimination in Employment Act (“ADEA”), the Worker
Adjustment & Retraining Notification Act (the “WARN Act”), Title VII
of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act
of 1866, the Americans With Disabilities Act (the “ADA”), the Employee
Retirement Income Security Act of 1974 (“ERISA”), and any
similar state, domestic, or foreign laws.

         

        (b)           Applicable
Law:  This Agreement is governed by Federal laws to the extent
they preempt state law, and otherwise by the laws of Iowa (including those
relating to conflicts of law).

         

        (c)           Representations and
Promises:  The Bank and I acknowledge and agree
that:

         

        (i)          Complete
Agreement:  This Agreement and Exhibit 1 represent and
constitute the entire agreement relating to my service with the Bank or any
Released Party (including termination of my employment), as well as to any
claims or future rights that I might have with respect to the Bank and the
Released Parties.  This Agreement shall supersede and nullify any
prior employment or other employment-related agreement between me and the
Company or any Released Party.  Once in effect, this Agreement is a
legally admissible and binding agreement.  It shall not be construed
strictly for or against me, the Bank, or any Released Party.

         

        (ii)         Amendments:  This
Agreement only may be amended by a written agreement that the Bank and I both
sign.

         

        (iii)        Cooperation:  I
agree that, as requested by the Bank, I will fully cooperate with the Bank or
any affiliate in effecting a smooth transition of my responsibilities to others.
I further agree that, as requested by the Bank, I will cooperate fully with the
Bank or its representatives in any investigation, proceeding, administrative
review or litigation brought against the Bank or any Released Party by any
government agency or private party pertaining to matters occurring during my
employment with the Bank or any Released Party.  The Bank will pay me
for my reasonable time (at the rates and under the terms and conditions set
forth in Article 2 of the consulting agreement attached as Exhibit 1), and will
reimburse me for my out of pocket expenses incurred as a result of such
cooperation (provided that all such reimbursements shall be requested and paid
within three months after being incurred).

         

         

        
                                                                                                           Initials:
___ Employee

           ___Company

           

        

        
          
            
            

          

          
            Page 1 of
4

            
              

            

          

          
            
            

          

        

         

        (iv)       Agreement to be
Confidential:  Except for confirming any specific public
disclosures that the Bank makes concerning this Agreement, I have not disclosed
and will not disclose the underlying facts that led up to this Agreement, or the
terms or existence of this Agreement, to anyone other than a member of my
immediate family or my attorney or other professional advisor and, even as to
such a person, only if the person agrees to honor this confidentiality
requirement.  Such a person’s violation of this confidentiality
requirement shall be treated as a violation by me.  This subsection
does not prohibit disclosures to the extent necessary legally to enforce this
Agreement or to the extent required by law (but only if I notify the Bank of a
disclosure obligation or request within a reasonable period of time (not
exceeding 14 days) after I learn of it and permit the Bank to take all steps it
deems to be appropriate to prevent or limit the required
disclosure).  Except to the extent necessary legally to enforce this
Agreement or to the extent required by law (and subject to all required SEC
disclosures), the Bank’s executive officers shall not disclose to unrelated
private third parties (excluding for this purpose any and all legal or financial
advisors to the Bank) the underlying facts that led up to this Agreement, or the
terms or existence of this Agreement.

         

        (v)        Return of Bank
Property:  I have returned to the Bank all files, memoranda,
documents, records, copies of the foregoing, Bank-provided credit cards, keys,
building passes, security passes, access or identification cards, and any other
property of the Bank or any Released Party in my possession or
control.  I have cleared all expense accounts, paid all amounts I owe
on Bank-provided credit cards or accounts (such as cell phone accounts), and
canceled or personally assumed any such credit cards or accounts.  I
agree not to incur any expenses, obligations, or liabilities on behalf of the
Bank.

         

        (vi)       Non-disparagement:  I
agree not to criticize, denigrate, or otherwise disparage the Bank, any other
Released Party, or any of their services, products, processes, policies,
practices, standards of business conduct, or areas or techniques of
research.  However, nothing in this subsection shall prohibit me from
complying with any lawful subpoena or court order or taking any other actions
affirmatively authorized by law.

         

        (vii)      Indemnification: To the
maximum extent permitted under applicable law, until the expiration of the time
provided by law for the commencement of any judicial or administrative
proceeding on the basis of my service as an employee or officer of the Bank, the
Bank shall indemnify, and shall cause its subsidiaries and affiliates to
indemnify me against and hold me harmless from any costs, liabilities, losses
and exposures to the fullest extent and on the most favorable terms and
conditions that similar indemnification is offered to any director or officer of
the Bank or any subsidiary or affiliate thereof.  No indemnification
shall be paid that would violate 12 U.S.C. 1828(k) or any regulations
promulgated thereunder, or 12 C.F.R. 545.121.

         

        
           

          
                                                                                                             Initials:
___ Employee

             ___Company

          

        

         

        
          
            
            

          

          
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        (viii)     Representations:  When
I decided to sign this Agreement, I was not relying on any representations that
are not in this Agreement or in the consulting agreement attached as Exhibit
1.  The Bank would not have agreed to pay the consideration I am
getting in exchange for this Agreement but for the representations and promises
I am making by signing it.  I have not suffered any job-related wrongs
or injuries, such as any type of discrimination, for which I might still be
entitled to compensation or relief now or in the future.  I have
properly reported all hours that I have worked and I have been paid all wages,
overtime, commissions, compensation, benefits, and other amounts that the Bank
or any Released Party should have paid me in the past.  I understand
that my old job may be refilled.  I have not been told that the Bank
or any Released Party ever will employ me in the future.  I have been
told that, subject to applicable law, the Bank will not contest my application
for unemployment insurance benefits should I apply for such.

         

        (ix)        No Wrongdoing:  This
Agreement is not an admission of wrongdoing by me or by the Bank or any other
Released Party; neither it nor any drafts shall be admissible evidence of
wrongdoing.

         

        (x)         Unknown Claims:  I
am intentionally releasing claims that I do not know that I might have and that,
with hindsight, I might regret having released.  I have not assigned
or given away any of the claims I am releasing.

         

        (xi)        Effect of Void Provision: If
the Bank or I successfully assert that any provision in this Agreement is void,
the rest of the Agreement shall remain valid and enforceable unless the other
party to this Agreement elects to cancel it.  If this Agreement is
cancelled, I will repay the consideration I received for signing
it.

         

        (xii)       Consideration of
Agreement:   If I initially did not think any
representation I am making in this Agreement was true or if I initially was
uncomfortable making it, I resolved all my doubts and concerns before signing
this Agreement.  I have carefully read this Agreement, I fully
understand what it means, I am entering into it knowingly and voluntarily,
and all my
representations in it are true.  The
consideration period described in the box above my signature started when I
first was given this Agreement, and I waive any right to have it restarted or
extended by any subsequent changes to this Agreement.

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      YOU
      MAY NOT MAKE ANY CHANGES TO THE TERMS OF THIS AGREEMENT.  BEFORE
      SIGNING THIS AGREEMENT, READ IT CAREFULLY, AND THE BANK SUGGESTS THAT YOU
      DISCUSS IT WITH YOUR ATTORNEY (AT YOUR OWN EXPENSE).  TAKE AS
      MUCH TIME AS YOU NEED TO CONSIDER THIS AGREEMENT BEFORE DECIDING WHETHER
      TO SIGN IT, UP TO 21 DAYS.  BY SIGNING IT YOU WILL BE WAIVING
      YOUR KNOWN AND UNKNOWN CLAIMS.

                                       

                                      JANUARY
      21, 2010, AT NOON CENTRAL TIME, IS THE DEADLINE FOR YOU TO DELIVER A
      SIGNED COPY OF THIS AGREEMENT TO DAVID BRADLEY AT THE BANK’S DES MOINES
      OFFICE.  IF YOU FAIL TO DO SO, YOU WILL NOT RECEIVE THE SPECIAL
      PAYMENTS OR BENEFITS DESCRIBED IN IT.

                                       

                                      YOU
      MAY REVOKE THIS AGREEMENT IF YOU REGRET HAVING SIGNED IT.  TO DO
      SO, YOU MUST DELIVER A WRITTEN NOTICE OF REVOCATION TO DAVID BRADLEY AT
      THE BANK’S MAIN OFFICE BEFORE SEVEN 24-HOUR PERIODS EXPIRE FROM THE TIME
      YOU SIGNED IT.  IF YOU REVOKE THIS AGREEMENT, IT WILL NOT GO
      INTO EFFECT AND YOU WILL NOT RECEIVE THE SPECIAL PAYMENTS OR BENEFITS
      DESCRIBED IN
IT.

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
             

                                                                                                             Initials:
___ Employee

             ___Company

          

        

        

        
          
            
            

          

          
            Page 3 of
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                    FIRST
      FEDERAL SAVINGS BANK OF IOWA

                     

                     

                    By:             /s/ David M.
      Bradley                      

                     Its CEO &
      Chairman

                     

                    Date
      of Signature: January 5, 2010

                     

                  	
                    EMPLOYEE

                     

                     

                    Signature:             /s/ Kyle
      Cook                              

                     

                    Printed
      Name: Kyle Cook

                     

                    Date
      of Signature: January 5, 2010

                  

          

        

         

        

          
                                                                                                             Initials:
___ Employee

             ___Company

          

           

          
            
              
              

            

            
              Page 4 of
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