Document:

EXHIBIT 10.11

 BANKFINANCIAL CORPORATION 
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT (“Agreement”) is made effective as of                     ,
200     (the “Effective Date”), by and between BankFinancial Corporation (the “Company”), a Maryland corporation having its principal office at 15 W 060 North Frontage Road, Burr Ridge,
Illinois, and                      (“Executive”). 
  
 WHEREAS, the Board of Directors of the Company (the “Board”) considers the continued availability of
Executive’s services to be important to the successful management and conduct of the Company’s business, and wishes to assure the continued availability of Executive’s full-time services to the Company as provided in this Agreement;
and 
  
 WHEREAS, Executive is willing to continue to serve
in the employ of the Company on a full-time basis on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows: 
  
 1. POSITION AND RESPONSIBILITIES.

  
 (a) Position. During the period of
employment established by Section 2(a) of this Agreement (the “Employment Period”), Executive agrees to serve, if appointed to serve, as the
                    and the Executive Vice President of the
                     Division of the Company. 
  
 (b) Duties and Responsibilities. Executive shall have and exercise the duties, responsibilities, privileges, powers and authority
commensurate with such position as the Board or the Chief Executive Officer of the Company has assigned and may hereafter assign to Executive. 
  
 (c) Faithful Performance. Except for periods of paid time off taken in accordance with Section 3(f) hereof or following a Disability
Determination made in accordance with Section 4(b) hereof, Executive shall devote substantially all of his business time, attention, skill and efforts during the Employment Period to the faithful performance of his duties hereunder, and shall not
engage in any business or activity that interferes with the performance of such duties or conflicts with the business, affairs or interests of the Bank or the Company; provided that, notwithstanding the foregoing, Executive may: (i) perform his
obligations under any Employment Agreement between the Bank and Executive (the “Bank Agreement”); (ii) hold directorships, offices or other positions in one or more other organizations to the extent permitted by the Company’s
Professional Responsibility Policy, as amended from time to time, or as otherwise approved by the Board or the Chief Executive Officer, and (iii) engage in the occasional
                     provided that the same does not interfere with Executive’s obligation to devote substantially all of his business
time, attention, skill and efforts to the faithful performance of his duties under this Agreement. 
  
 (d) Performance Standards. During the Employment Period, Executive shall perform his duties in accordance with the policies and procedures
of the Company, as amended 

 from time to time, such reasonable performance standards as the Board or the Chief Executive Officer of the Company has
established or may hereafter establish in the exercise of good faith business judgment, including those set forth in the Company’s Personnel Manual, as amended from time to time, and such Business Plans as the Board or the Chief Executive
Officer of the Company has established or may hereafter establish in the exercise of good faith business judgment. 
  
 2. TERM OF EMPLOYMENT. 
  
 (a) Term. The Employment Period shall commence as of the Effective Date and shall thereafter continue for a period of thirty-six (36) months
(as adjusted on                     , 200    , as provided below) unless extended as provided herein. On or before
                    , 200    , and on or before
                     of each succeeding calendar year during the Employment Period (each an “Anniversary Date”), the Board, subject
to the review process set forth in Section 2(b) hereof, may extend the Employment Period for an additional one (1) year so that the remaining term of the Employment Period shall then be thirty-six (36) months. All references herein to the Employment
Period shall mean, for all purposes of this Agreement, Executive’s Employment Period as initially established by, and as may subsequently be extended pursuant to, this Section 2(a). 
  
 (b) Annual Review. The Board shall review this Agreement and the compensation arrangements provided for herein
on or before                      , 200    , and at least annually thereafter on or before each subsequent
Anniversary Date. As part of each annual review, the Board shall determine whether or not to increase Executive’s Base Salary as provided in Section 3(a) hereof and to extend the Employment Period for an additional one (1) year as provided in
Section 2(a) hereof. The rationale and results of such review, and the justification for any such increase or extension, shall be documented in the minutes of the meeting at which the Board conducted such review. The Board or a committee or
representative thereof shall notify Executive in writing as soon as practicable, and not later than each applicable Anniversary Date, of the results of such review, including its decision whether or not to increase Executive’s Base Salary and
to extend the Employment Period. A decision by the Board not to, or the Board’s failure to, increase Executive’s Base Salary shall not constitute a breach of this Agreement or a “Good Reason” under Section 5(b) hereof.

  
 3. COMPENSATION AND OTHER BENEFITS. 
  
 (a) Base Salary. During the Employment Period, the Company
shall pay Executive the annual base salary that is reflected in the payroll records of the Company on the Effective Date (“Base Salary”), subject to any discretionary increases that the Board may hereafter elect to make pursuant to this
Section 3(a). Any portion of annual Base Salary that Executive elects to defer under any deferred compensation arrangement that is now or hereafter maintained by the Company shall be considered part of Base Salary for the purposes of this Agreement.
Executive’s Base Salary shall be payable in accordance with the regular payroll practices of the Company. The Board or the Board’s Compensation Committee (the “Compensation Committee”) may increase Executive’s Base Salary at
any time, but shall not reduce Executive’s Base Salary during the Employment Period without the Executive’s express prior written consent. All references herein to Base Salary shall mean, for all purposes of this Agreement,
Executive’s Base Salary as initially established in, and as may subsequently be increased pursuant to, this Section 3(a). 
  

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 (b) Bonuses; Incentive Compensation. In addition to Executive’s Base Salary, Executive
shall be entitled to incentive compensation and bonuses to the extent earned pursuant to any plan or arrangement of the Company in which Executive is eligible to participate during the Employment Period, or to such other extent as the Board or its
Compensation Committee may determine in its discretion to award to Executive. 
  
 (c) Other Compensation. The Company may provide such additional compensation to Executive in such form and in such amounts as may be approved by the Board or the Compensation Committee in its sole
discretion. 
  
 (d) Special Allowances. The Company
shall provide Executive with an automobile allowance and a cellular telephone allowance during the Employment Period in accordance with the standard policies and practices of the Company. 
  
 (e) Reimbursement of Expenses. The Company shall pay or
reimburse Executive in accordance with the standard policies and practices of the Company for all reasonable expenses incurred by Executive during the Employment Period in connection with his employment hereunder or the business of the Company.

  
 (f) Paid Time Off. Executive shall be entitled
to receive not less than 176 hours of paid time off (“PTO”) per calendar year during the Employment Period in accordance with the PTO policies of the Company as then applicable to senior executive officers of the Company. Executive shall
also be entitled to take time off during all legal holidays approved by the Board for Bank employees generally. Executive shall receive his Base Salary and the other amounts and benefits provided for in Section 3 hereof during all PTO periods and
legal holidays. Except as permitted by the PTO policies of the Company, Executive shall not be entitled to receive any additional compensation for his failure to take PTO or accumulate unused PTO from one year to the next. 
  
 (g) Other Benefits. The Company shall provide Executive with
all other benefits that are now or hereafter provided uniformly to non-probationary full-time employees of the Company during the Employment Period, including, without limitation, benefits under any Section 125 Cafeteria Plan, any group medical,
dental, vision, disability and life insurance plans that are now or hereafter maintained by the Company (collectively, the “Core Plans”), and under any 401(k) plan that is now or hereafter sponsored by the Company, in each case subject to
the Company’s policies concerning employee payments and contributions under such plans. The Company shall not make any changes to any Core Plan that would materially and adversely affect Executive’s rights or benefits under such plan
unless such changes are made applicable to all non-probationary full-time employees of the Company on a non-discriminatory basis. Nothing paid to Executive under any Core Plan or any 401(k) plan shall be deemed to be in lieu of any other
compensation that Executive is entitled to receive under this Agreement. 
  
 (h) Disability Insurance. During the Employment Period, the Company may provide Executive with a disability insurance policy with coverage sufficient to provide 
  

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 Executive with annual disability insurance payments in an amount equal to not less than sixty percent (60%) of
Executive’s Base Salary for a period at least equal to the then remaining term of the Employment Period (the “Disability Policy”) in the event that Executive’s employment is terminated by reason of a Disability Determination (as
defined below). If a Disability Policy is so provided, Executive shall be responsible for the payment of all premiums on the Disability Policy and shall cooperate with the Company in all respects as necessary or appropriate to enable the Company to
procure the Disability Policy, and the Company shall provide Executive with an annual allowance in an amount sufficient, on an after-tax basis, to equal the annual premiums for the Disability Policy. 
  
 (i) Disability Insurance Adjustment. If Executive receives
disability benefits under the Disability Policy or any Core Plan or receives federal Social Security disability benefits (collectively, “Disability Payments”), the Company’s obligation under Section 3(a) and 6(b) hereof to pay
Executive his Base Salary shall be reduced, as of the date the Disability Payments are first received by Executive, to an amount equal to the difference between Executive’s Base Salary and the Disability Payments that Executive received during
each applicable payroll period. The Executive shall make reasonable good faith efforts to notify the Company of the receipt of Disability Payments. 
  
 (j) Life Insurance. During the Employment Period, the Company may provide Executive with a term life insurance policy with coverage
sufficient to provide a death benefit in an amount not less than three (3) times Executive’s Base Salary, as of the date of this Agreement, containing a rider for inflation based adjustments (the “Life Insurance Policy”), unless such
life insurance policy is unobtainable due to the Executive’s failure to cooperate in obtaining the same or Executive is uninsurable. If a Life Insurance Policy is so provided, the Company shall pay all premiums on the Life Insurance Policy and
Executive shall pay all income taxes that become due as a result of the Company’s payment of such premiums; provided, however, that the Company shall provide Executive with an annual Life Insurance Policy allowance in an amount calculated as
follows: (the amount of the annual premiums paid by the Company for the Life Insurance Policy during that year) divided by (1 – Executive’s income tax rate for that year). Executive shall cooperate with the Company in all respects as
necessary or appropriate to enable the Company to procure the Life Insurance Policy. Executive shall own and have exclusive authority to designate one or more beneficiaries under the Life Insurance Policy. Executive shall have the right to assume
responsibility for the payment of the premiums under and to continue the Life Insurance Policy following the termination of Executive’s employment with the Company, but only if such assumption and continuation are permissible under the terms of
the Life Insurance Policy and any costs associated therewith are borne by Executive. The Life Insurance Policy shall be in addition to any life insurance benefits that the Company now or hereafter provides uniformly to non-probationary full-time
employees of the Company during the Employment Period. 
  
 (k)
Club Dues. In addition to any other compensation provided for under this Agreement, the Company shall pay Executive an amount sufficient, on an after-tax basis, to maintain his membership at
                    during the Employment Period. 
  

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 4. TERMINATION BY THE COMPANY. 
  
 (a) Termination For Cause. The Board may terminate Executive’s employment with the Company “For
Cause” at any time during the Employment Period, subject to the requirements set forth in this Section 4(a) and in Section 7 of this Agreement. A termination “For Cause” shall mean the Company’s termination of Executive’s
full-time employment hereunder because of Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or
regulation (other than traffic violations or similar offenses), or final cease-and-desist order, a repeated and material failure to achieve minimum objectives under a Business Plan established in accordance with Section 1(d) of this Agreement, a
repeated and material failure of Executive to meet reasonable performance standards established in accordance with Section 1(d) of this Agreement, or a material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive
shall not be deemed to have been terminated For Cause unless and until (i) there shall have been delivered to Executive a written notice of the Board’s intention to terminate Executive’s employment For Cause, specifying the alleged grounds
for such termination; (ii) if the alleged grounds for such termination are a material breach of a provision of this Agreement, a repeated and material failure to achieve minimum objectives under a Business Plan established in accordance with Section
1(d) of this Agreement, or a repeated and material failure of Executive to meet reasonable performance standards established in accordance with Section 1(d) of this Agreement, providing Executive with a reasonable opportunity to cure, if curable,
any conduct or acts alleged as grounds alleged to be such; (iii) following delivery of such written notice, Executive (together with any counsel selected by him) shall have been given a reasonable opportunity to present to the Board, at a meeting
called and held for or including that purpose, Executive’s position regarding any dispute that exists regarding the alleged grounds for termination For Cause, and (iv) the Board shall adopt a resolution by the affirmative vote of not less than
a majority of its members, finding in good faith and on the basis of reasonable evidence that Executive was guilty of conduct justifying a termination For Cause. The Notice of Termination (as defined in Section 7 below) issued in connection with the
termination of Executive’s employment For Cause shall be accompanied by a copy of such resolution. Should a dispute arise concerning the Executive’s termination For Cause, any review of the For Cause termination in any judicial or
arbitration proceeding will be limited to a determination of whether the Board acted in good faith and on the basis of reasonable evidence. The Board shall also be deemed to have terminated Executive’s employment with the Company For Cause if
Executive’s employment with the Bank is terminated For Cause during the Employment Period in accordance with the requirements set forth in Section 4(a) of the Bank Agreement. 
  
 (b) Termination for Disability. The Board, in its discretion, may terminate Executive’s employment with
the Company at any time from and after the date on which a physician chosen by the Company and reasonably acceptable to Executive or Executive’s personal representatives determines that Executive, due to an accident or a physical or mental
illness, has been, is or will be incapable of fulfilling the duties and responsibilities set forth in Section 1(b) hereof for a period of more than one hundred and eighty (180) days within a one (1) year period (a “Disability
Determination”). Following a Disability Determination, the Board may, in lieu of terminating Executive’s employment by reason of the Disability Determination, appoint one or more other persons to serve as Acting
                     and/or Acting 
  

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 Executive Vice President of the
                     Division and/or Acting
                     of the Company to fulfill, on a temporary basis, the duties and responsibilities of Executive. Any such temporary
appointment shall be without prejudice to the Board’s right to thereafter terminate Executive’s employment based on a Disability Determination made pursuant to this Section 4(b) or as otherwise provided herein. The Board shall also be
deemed to have terminated Executive’s employment with the Company based on a “Disability Determination” if Executive’s employment with the Bank is terminated during the Employment Period based on a “Disability
Determination” in accordance with the requirements set forth in Section 4(b) of the Bank Agreement. 
  
 (c) Termination Without Cause. The Board, in its discretion, may terminate Executive’s employment with the Company “Without
Cause” at any time, subject to the notification requirements set forth in Section 7 hereof. A termination “Without Cause” shall mean the Board’s termination of Executive’s employment for any reason other than a termination
For Cause or a termination based on a Disability Determination. The Board shall also be deemed to have terminated Executive’s employment with the Company Without Cause if Executive’s employment with the Bank is terminated during the
Employment Period “Without Cause” in accordance with the requirements set forth in Section 4(c) of the Bank Agreement. 
  
 5. TERMINATION BY EXECUTIVE OR BY REASON OF DEATH. 
  
 (a) Termination By Resignation. Executive may, in his discretion, terminate his employment with the Company “By Resignation” at
any time during the Employment Period, subject to the notification requirements set forth in Section 7 hereof. A termination “By Resignation” shall mean Executive’s termination of his employment for any reason other than a “Good
Reason” as such term is defined in Section 5(b) hereof. Executive shall also be deemed to have resigned his employment with the Company, and to have terminated his employment with the Company By Resignation, if Executive’s employment with
the Bank is terminated during the Employment Period By Resignation in accordance with the requirements set forth in Section 5(a) of the Bank Agreement. 
  
 (b) Termination For Good Reason. Executive may terminate Executive’s employment with the Company for “Good Reason,” subject
to the requirements set forth in this Section 5(b) and the notification requirements set forth in Section 7 hereof. A termination for “Good Reason” shall mean Executive’s resignation from the Company’s employ during the
Employment Period based upon any of the following acts, omissions but only if taken or occurring during the Employment Period without Executive’s prior written express consent (in the manner specified herein below): (i) a decision by the Board
not to elect or re-elect or to appoint or re-appoint Executive to the offices of                      and Executive Vice President of the
                     Division; (ii) a failure by the Board to elect or re-elect or to appoint or re-appoint Executive to the of offices of
                     and Executive Vice President of the
                     Division of the Company, or a decision by the Board to remove Executive from any such position; (iii); the failure of the
Board to extend the Employment Period on or before an applicable Anniversary Date pursuant to Section 2(a) for an additional one (1) year so that the remaining term thereof will be thirty-six (36) months; (iv) the Board’s relocation of
Executive’s principal place of employment to a place that is more than fifteen (15) miles from the city limits of Chicago, Illinois; (v) a reduction in Executive’s Base Salary, or a material reduction in the benefits that Executive is
entitled to 
  

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 receive under Section 3(d) through (k) of this Agreement; (vi) a liquidation or dissolution of the Company, (vi) a
material uncured breach of this Agreement by the Company; or (vii) ) the occurrence of a “Change in Control” of the Company, as such term is defined in Section 24 hereof. Executive shall have the right to elect to terminate his employment
for Good Reason only by giving the General Counsel of the Company a Notice of Termination (as defined below) within sixty (60) days after the act, omission or event giving rise to said right to elect, provided, however, that the period for Executive
to give Notice of Termination shall be one (1) year from the occurrence of a Change in Control in the event of a Change in Control. Executive’s prior written consent to an act, omission or event which would otherwise constitute “Good
Reason” shall be made in writing, shall be delivered to the President of the Company and shall state specifically the sub-section of this Section 5(b) to which such consent shall apply. Notwithstanding anything herein to the contrary,
Executive’s voting (in any capacity) in favor of a Change in Control shall not be deemed to be consent to the Change in Control for purposes of this Section 5(b). Notwithstanding the foregoing, Executive shall not have a right to elect to
terminate his employment (i) based on the events set forth in this Section 5(b) solely on the basis of the Board’s appointment of an Acting
                     or Acting Executive Vice President of the
                     Division following a Disability Determination made in accordance with Section 4(b) of this Agreement, or (ii) except in
the case of a Notice of Termination delivered pursuant to Section 5(b)(x) following the occurrence of a Change in Control, if the Company fully rescinds or cures, within ten (10) days after its receipt of Executive’s Notice of Termination, the
act, omission or event giving rise to Executive’s right to elect to terminate his employment for Good Reason. Executive shall also be deemed to have terminated his employment with the Company for Good Reason if Executive’s employment with
the Bank is terminated during the Employment Period for Good Reason in accordance with the requirements set forth in Section 5(b) of the Bank Agreement. 
  
 (c) Termination Upon Death. Executive’s employment with the Company shall terminate immediately upon Executive’s death, without
regard to the notification requirements set forth in Section 7 hereof. 
  
 6.
FINANCIAL CONSEQUENCES OF TERMINATION. 
  
 (a)
Termination For Cause. In the event that Executive’s employment is terminated For Cause during the Employment Period, the Company shall pay Executive the unpaid balance of Executive’s Base Salary through the effective date of
the termination of Executive’s employment (“Earned Salary”), but Executive shall receive no bonus or incentive compensation for the current year (all such amounts shall remain unearned and unvested), and shall receive no compensation
or other benefits (including the compensation and benefits set forth in Section 3(a) through (k) and Section 6 hereof) for any period after the effective date of the termination of Executive’s employment; provided, however, that the right of
Executive to assume and continue the Life Insurance Policy under Section 3(j) hereof, any rights of Executive under any applicable state and federal laws, including ERISA and COBRA, and any rights of Executive that have vested, whether by
application of any state or federal law, the provisions of any contract, employee benefits plan or otherwise, shall not be terminated or prejudiced by a termination For Cause. Upon Executive’s death, any payments due under this Section 6(a)
shall be paid, as applicable, to Executive’s estate, trust or as otherwise required by law. 
  

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 (b) Termination for Disability. In the event that Executive’s employment is terminated
during the Employment Period based on a Disability Determination, the Company shall: (i) pay Executive his Earned Salary (as defined above); (ii) pay Executive an amount equal to the annual average of any cash incentive compensation and bonus that
Executive received during the immediately preceding two (2) fiscal years, prorated based on the number of days during such year that elapsed prior to the effective date of the termination of Executive’s employment (“Prorated Incentive
Compensation”); (iii) make, for the benefit of Executive, the matching 401(k) plan contribution that Executive is entitled to receive for the current year, prorated based on the number of days during such year that elapsed prior to the
effective date of the termination of Executive’s employment (“Accrued Plan Contribution”), (iv) subject to the disability insurance adjustment set forth in Section 3(i) hereof, pay Executive the Base Salary that Executive would have
been paid pursuant to Section 3(a) hereof from the effective date of termination through the date the Employment Period would have expired if Executive’s employment had not been sooner terminated based on a Disability Determination; and (v)
provide Executive (or upon his death, his surviving spouse and minor children, if any) with the same coverage under the Core Plans (or if applicable, a Contingent Insurance Stipend under Section 6(h)) that Executive would have been provided pursuant
to Section 3(g) hereof from the effective date of termination through the date the Employment Period would have expired if Executive’s employment had not been sooner terminated based on a Disability Determination (in each case subject to
Executive’s payment of the costs and contributions that such plans provide are the responsibility of the insured employee and the availability of such continued coverage through the Company’s then-current insurance carrier). Except as
provided in Section 3(h), Section 3(j) (but only with respect to the assumption and continuation of the Life Insurance Policy) and this Section 6(b), the Company shall have no obligation to provide Executive with any other compensation or benefits
pursuant Section 3(a) through (k) or Section 6 of this Agreement following a termination of Executive’s employment based on a Disability Determination. Except as provided in Section 6(g) hereof, the amounts payable under Subsections (ii) and
(iv) of this Section 6(b) shall be paid in equal installments over the period beginning on the Company’s first regular payroll date after the effective date of termination and continuing through the Company’s first regular payroll date
after the date the Employment Period would have expired if Executive’s employment had not been sooner terminated based on a Disability Determination. Upon Executive’s death, any payments due under this Section 6(b) shall be paid, as
applicable, to Executive’s estate, trust or as otherwise required by law. 
  
 (c) Termination Without Cause. In the event that Executive’s employment is terminated Without Cause during the Employment Period, the Company shall: (i) pay Executive his Earned Salary (as defined
above); (ii) pay Executive his Prorated Incentive Compensation (as defined above); (iii) make, for the benefit of Executive, the Accrued Plan Contribution (as defined above); (iv) subject to Section 6(h), provide Executive (or upon his death, his
surviving spouse and minor children, if any) with coverage under the Core Plans (or if applicable, a Contingent Insurance Stipend) for a period of thirty-six (36) months from the effective date of the termination of Executive’s Employment (in
each case subject to Executive’s payment of the costs and contributions that such plans provide are the responsibility of the insured employee and the availability of such continued coverage through the Company’s then-current insurance
carrier); and (v) pay Executive an amount equal to three (3) times Executive’s Average Annual Compensation. The term “Average Annual Compensation” shall mean the average of Executive’s annual Compensation based on the most recent
three (3) taxable years, or if 
  

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 Executive was employed by the Company for less than three (3) full taxable years, based on such lesser number of taxable
years or portions thereof as Executive was employed by the Company. The term “Compensation” shall mean, for the purposes of the foregoing definition as it relates to any tax year, all Base Salary, incentive compensation, bonuses, special
allowances, other compensation, club dues and other benefits paid by the Company to Executive in such taxable year pursuant to Section 3(a) through (k) hereof, any director or committee fees paid by the Company to Executive during such tax year, and
any other taxable income paid by the Company to Executive during such tax year. Except as provided in Section 3(j) (but only with respect to the assumption and continuation of the Life Insurance Policy) and this Section 6(c), the Company shall have
no obligation to provide Executive with any other compensation or benefits pursuant Section 3(a) through (k) or Section 6 of this Agreement following a termination of Executive’s employment Without Cause. Except as provided in Section 6(g)
hereof, the amounts payable under Sections (ii) and (v) hereof shall be paid in equal installments over the period beginning on the Company’s first regular payroll date after the effective date of termination and continuing thereafter on each
regular payroll date for thirty-six (36) months. Upon Executive’s death, any payments due under this Section 6(c) shall be paid, as applicable, to Executive’s estate, trust or as otherwise required by law. 
  
 (d) Termination By Resignation. In the event that
Executive’s full-time employment is terminated By Resignation during the Employment Period, the Company shall pay Executive his Earned Salary (as defined above), but Executive shall receive no compensation or other benefits (including the
compensation and benefits set forth in Section 3(a) through (k) hereof) for any period after the effective date of the termination of Executive’s employment; provided, however, that the right of Executive to assume and continue the Life
Insurance Policy under Section 3(j) hereof, any rights of Executive under any applicable state and federal laws, including ERISA and COBRA, and any rights of Executive that have vested, whether by application of any applicable state or federal law,
the provisions of any contract, employee benefits plan or otherwise, shall not be terminated or prejudiced by a termination By Resignation. Except as provided in Section 3(j) (but only with respect to the assumption and continuation of the Life
Insurance Policy) and this Section 6(d), the Company shall have no obligation to provide Executive with any other compensation or benefits pursuant Section 3(a) through (k) or Section 6 of this Agreement following a termination of Executive’s
employment By Resignation. 
  
 (e) Termination for Good
Reason. In the event that Executive’s employment is terminated by Executive for Good Reason during the Employment Period, the Company shall pay Executive the same amounts, and shall, subject to Section 6(h) hereof, provide Executive (or
upon his death, his spouse and minor children, if any) with the same coverages under the Core Plans (or if applicable, the same Contingent Insurance Stipend), that Executive would have been paid and provided pursuant to Section 6(c) hereof if his
employment had been terminated by the Company Without Cause on the effective date of the termination of Executive’s employment. Except as provided in Section 3(j) (but only with respect to the assumption and continuation of the Life Insurance
Policy) and this Section 6(e), the Company shall have no obligation to provide Executive with any other compensation or benefits pursuant Section 3(a) through (k) or Section 6 of this Agreement following a termination of Executive’s employment
for Good Reason. Except as provided in Section 6(c) and Section 6(g) hereof, the amounts payable under this Section shall be paid in equal installments over the period beginning on the Company’s first regular payroll 
  

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 date after the effective date of termination and continuing thereafter on each regular payroll date for thirty-six (36)
months. Upon Executive’s death, any payments due under this Section 6(e) shall be paid, as applicable, to Executive’s estate, trust or as otherwise required by law. 
  
 (f) Termination Upon Death. In the event Executive’s employment with the Company is terminated during the
Employment Period by reason of Executive’s death, the Company shall, subject to Section 6(h) hereof, provide Executive’s surviving spouse and minor children, if any, with the same coverages under the Core Plans (or if applicable, the same
Contingent Insurance Stipend) that Executive would have been provided pursuant to Section 6(b) hereof if his employment had been terminated by the Company based on a Disability Determination on the date of Executive’s death (subject to the
availability of such continued coverage through the Company’s then-current insurance carrier). In addition, the Company shall pay, as applicable, Executive’s estate or trust, in accordance with the Company’s regular payroll practices,
the Base Salary that Executive would have been paid pursuant to Section 3(a) hereof from the effective date of termination through the date the Employment Period would have expired if Executive’s employment had not been sooner terminated based
on Executive’s death; Notwithstanding the foregoing: (i) the Company shall have no obligation to make such payments if it procures and causes Executive to be insured under the Life Insurance Policy in the amount specified in, and otherwise in
accordance with, Section 3(j) hereof; and (ii) if the Company procures and causes Executive to be insured under a Life Insurance Policy obtained pursuant to Section 3(j) hereof, but the death benefits payable thereunder are less than the policy
amount required Section 3(j) hereof, the Company’s obligation to make such payments shall not be extinguished, but shall be reduced by the amount payable under the Life Insurance Policy; provided that in either case the Company’s
obligations to make such payments shall only be reduced by the amount of death benefits that are actually paid to and received by the beneficiaries under the Life Insurance Policy in accordance with Section 3(j) hereof. Except as provided in Section
3(j) or this Section 6(f), the Company shall have no obligation to provide Executive’s estate, surviving spouse or minor children with any other compensation or benefits pursuant to Section 3(a) through (k) or Section 6 of this Agreement
following a termination of Executive’s employment by reason of Executive’s death. This provision shall not negate any rights that Executive, his estate or beneficiaries may have to death benefits under any employee benefit plan of the
Company. Except as provided in Section 6(b) and Section 6(g) hereof, any amounts payable under this Section (f) shall be paid in equal installments over the period beginning on the Company’s first regular payroll date after the date of death
and continuing through the Company’s first regular payroll date after the date the Employment Period would have expired if Executive’s employment had not been sooner terminated based on Executive’s death. 
  
 (g) Installment Payments; Lump Sum Payment Election. At the
election of the Company, all amounts payable hereunder in installments may be paid in a single lump sum within forty-five (45) days of the effective date of the termination of Executive’s employment. For the purpose of calculating the amount of
the lump sum payment, all amounts payable to Executive in installments, other than any cash incentive compensation payments that are payable in accordance with Section 6(b), Section 6(c), Section 6(e) or Section 6(f) of this Agreement, any Core Plan
contributions that are required to be made by the Company and any Contingent Insurance Stipend payable pursuant to Section 6(h), shall be discounted to reflect the present value of such payments using a discount rate equal to the then applicable
rate for two (2) year 
  

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 United States Treasury Notes. If the Company desires to make such an election, it shall be required to do so in a writing
delivered to Executive or if applicable, the executor or personal representative of Executive’s estate or the trustee of Executive’s trust, within forty-five (45) days of the effective date of the termination of Executive’s
employment. Except as provided in Section 8(f), no payments due Executive under this Agreement shall be reduced solely by reason of the fact that Executive obtains other employment following termination of his employment with the Company.

  
 (h) Contingent Insurance Stipend. In the event
that the continued medical insurance coverage that the Company is obligated to provide pursuant to Sections 6(b)(v) and 6(c)(iv) (and by operation of such provisions, pursuant to Sections 6(e) and 6(f)) of this Agreement is not then available, the
Company shall pay Executive (or upon his death, his spouse and minor children, if any), during the applicable period, a stipend in an amount sufficient, on an after-tax basis, to equal the amount that the Company would have contributed for
Executive’s benefit during the applicable period under the Company’s Section 125 Cafeteria Plan if Executive had remained in the Company’s employ during the applicable period. The stipend shall be payable in equal installments during
the applicable period on dates coinciding with the Company’s regular payroll dates. 
  
 (i) General Release. In consideration of the Company’s agreements with respect to the monetary payments provided for in Sections 6(b), 6(c), 6(e) and 6(f) of this Agreement (which payments exceed
the nature and scope of that to which Executive would have been legally entitled to receive absent this Agreement), and as a condition precedent to Executive’s receipt of such payments, Executive (or in the event of Executive’s death,
Executive’s executor, trustee, administrator or personal representative, as applicable), shall, at the time the first of any such payments is tendered, execute and deliver to the Company a general release in favor of the Company and its
Affiliates (as defined below), releasing all claims, demands, causes of actions and liabilities arising out of this Agreement, Executive’s employment or the termination thereof, including, but not limited to, claims, demands, causes of action
and liabilities for wages, back pay, front pay, attorney’s fees, other sums of money, insurance, benefits, or contracts; and all claims, demands, causes of actions and liabilities arising out of or under the statutory, common law or other
rules, orders or regulations of the United States or any State or political subdivision thereof, whether now existed or hereinafter enacted or adopted, including the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act,
and no further payments shall be due Executive until such time as all applicable waiting or rescission periods thereunder shall have expired or shall have been waived. Notwithstanding the foregoing or anything to the contrary herein, the general
release shall not release any unperformed obligations of the Company under this Agreement, or of the Bank under its respective Employment Agreement with Executive. 
  
 7. NOTICE OF TERMINATION. 
  
 Any termination or purported termination by the Company or Executive of Executive’s employment with the Company shall be communicated by a Notice of
Termination to the other party. A “Notice of Termination” shall mean a written notice that shall set forth the effective date of the termination of Executive’s employment, identify the specific termination provision(s) in this
Agreement relied upon, and set forth in reasonable detail the facts and circumstances 
  

 Page 11 of 23 

 claimed to provide a basis for the termination of Executive’s employment under the provision so identified. The
party issuing the Notice of Termination shall cause it to be delivered to the other party either in person, by United States mail or via a reputable commercial delivery service (i) not less than thirty (30) days prior to the effective date of
termination in the case of a termination Without Cause or By Resignation or based on a Disability Determination; (ii) not less than thirty (30) prior to the effective date of termination and as otherwise provided in Section 4(a) hereof in the case
of a termination For Cause; and (iii) as provided in Section 5(b) hereof in the case of a Termination for Good Reason. Notices to the Company shall be addressed and delivered to the principal headquarters office of the Company, Attention:
                    , with a copy concurrently so delivered to General Corporate Counsel to the Company, Barack Ferrazzano Kirschbaum Perlman
& Nagelberg, 333 West Wacker Drive, Suite 2700, Chicago, Illinois 60606, to the joint attention of Edwin S. del Hierro and Lynne D. Mapes-Riordan. Notices to the Executive shall be sent to the address set forth below the Executive’s
signature on this Agreement, or to such other address as Executive may hereafter designate in a written notice given to the Company and its counsel. 
  
 8. NON-COMPETITION AND OTHER AGREEMENTS. 
  
 (a) Non-Competition. Executive shall not, during the Non-Competition Period (as hereinafter defined), directly or indirectly,
and in any capacity, including as an individual for Executive’s own account, or as an employee, agent, independent contractor, consultant, officer, director, stockholder, owner or member of any association, corporation (whether for profit or
not for profit), partnership (whether general or limited), limited liability company, trust, firm, any federal, state or local government, agency, commission, board, district or body politic, any other registered or legal entity of any type (each a
“Legal Entity”), or as an employee, agent, independent contractor or consultant of or for any person, compete with the Company in any of the following lines of business: the business of originating or purchasing loans, leases and payment
streams thereunder, accepting deposits, selling or providing insurance, securities, financial planning, and asset management products and services, accepting referrals of any of the foregoing, and other business contracts, relationships or
activities of the Company and any Affiliate (as defined below) of the Company (collectively, “Banking Business”) from a place that is located within five (5) miles of a place where the Company or any Affiliate maintains a branch, office or
other place of business, or has filed a regulatory notice or application to establish a branch, office or other place of business (collectively, the “Restricted Area”). The term “Non-Competition Period” shall mean: (i) the
greater of (A) six (6) months after the effective date of the termination of Executive’s employment, and (B) any period of time during which Executive is entitled to receive payments or benefits pursuant to Section 6(b), 6(c) or 6(e) of this
Agreement on account of a termination based on a Disability Determination, Without Cause or for Good Reason, respectively, which period shall be determined without regard to any election made by the Company to make any payments in a single lump sum
pursuant to Section 6(g) of this Agreement; and (ii) six (6) months from the effective date of the termination of Executive’s employment if such employment is terminated By Resignation or With Cause. Notwithstanding the foregoing or anything to
the contrary herein, Executive shall be entitled to engage in                      during the Non-Competition Period and the foregoing
restrictions shall not apply to any activities in which Executive engages that are within the scope of Executive’s                     ..
The term “Affiliate” means, for all purposes of this Agreement, any Legal Entity that directly or indirectly, through one or more intermediaries, 
  

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 controls, or is controlled by, or is under common control with, the Company. The following Legal Entities are Affiliates
of the Company as of the date of this Agreement: BankFinancial, F.S.B.; Financial Assurance Services, Inc.; and BF Asset Recovery Corporation. 
  
 (b) Non-Solicitation. Executive shall not, during the Non-Solicitation Period (as hereinafter defined), directly or
indirectly, either as an individual for Executive’s own account, or as an employee, agent, independent contractor or consultant of or for any person or Legal Entity, or as an officer, director, stockholder, owner or member of any Legal Entity:
(i) call upon or solicit for the purpose of obtaining Banking Business from, or do any Banking Business with, any person or Legal Entity that was or is a customer of the Company or any Affiliate at any time between the Effective Date of this
Agreement and the last day of the Non-Solicitation Period (a “Protected Customer”); (ii) divert or take away from the Company or an Affiliate any existing Banking Business between the Company or an Affiliate and a Protected Customer; (iii)
call upon or solicit for the purpose of obtaining Banking Business from, or do any Banking Business with, any person or Legal Entity from which the Company or an Affiliate purchased loans or personal property leases (or any payment streams
thereunder), or that referred or originated loans or personal property leases (or any payment streams thereunder) to, for or on behalf of the Company or an Affiliate at any time between the Effective Date of this Agreement and the last day of the
Non-Solicitation Period (a “Protected Referral Source”); (iv) divert or take away from the Company or an Affiliate any existing Banking Business between the Company or an Affiliate and a Protected Referral Source; (v) solicit or induce any
Protected Customer or Protected Referral Source to terminate or not renew or continue any Banking Business with the Company or any Affiliate, or to terminate or not renew or continue any contractual relationship with the Company or any Affiliate;
(vi) hire, or assist or cause any person or Legal Entity with which Executive is affiliated or associated in hiring, any person who was or is an employee of the Company or any Affiliate between the Effective Date of this Agreement and the last day
of the Non-Solicitation Period (a “Protected Employee”); (vii) solicit or induce any Protected Employee to terminate his or her employment with the Company or any Affiliate; or (viii) attempt to do, or conspire with or aid and abet others
in doing or attempting to do, any of the foregoing. The term “Non-Solicitation Period” shall mean, except as provided in Section 8(f) below, a period of eighteen (18) months commencing on the effective date of the termination of
Executive’s employment. 
  
 (c) Confidentiality.
Executive recognizes and acknowledges that personal information and knowledge thereof regarding the customers of the Company and its Affiliates are protected by state and federal law and the Privacy Principles of the Company and its Affiliates,
as amended from time to time (collectively, “Protected Customer Information”), and that customer lists, trade secrets, nonpublic financial information, and nonpublic past, present, planned or considered business activities of the Company
and its Affiliates and any plans for such business activities (collectively, “Proprietary Information”) are valuable, special and unique assets of the Company. Executive will not, during or after the Employment Period, disclose any
Protected Customer Information or Proprietary Information or his knowledge thereof to any person or Legal Entity other than the Company of any Affiliate, or use any Protected Customer Information or Proprietary Information to the detriment of the
Company, any Affiliate or any of their respective customers or employees, or for the benefit of himself, any person or any Legal Entity, for any reason or purpose whatsoever. Notwithstanding the foregoing, Executive may (i) disclose and use
information that becomes publicly known through no wrongful act or omission 
  

 Page 13 of 23 

 of Executive, but only if the disclosure of such information is not restricted by any applicable state or federal laws or
regulations and the information is not received from a person who was or is bound by an obligation not to disclose such information; (ii) disclose and use any financial, banking, business or economic principles, concepts or ideas that do not
constitute Protected Customer Information or Proprietary Information; (iii) disclose any information regarding the business activities of the Company or its Affiliates to a governmental authority pursuant to a formal written request made by such
governmental authority; and (iv) disclose any information required to be disclosed by Executive pursuant to an order or judicial process issued by a court of competent jurisdiction; provided, however, that to the extent not prohibited by applicable
state or federal law, Executive shall provide the Company or the applicable Affiliate with at least ten (10) days’ prior written notice of his intention to disclose information pursuant to subparagraph (iii) or (iv) of this Section 8(c).

  
 (d) Cooperation in Legal Proceedings. During the
Employment Period and for a period equal to three (3) years from the effective date of the termination of Executive’s employment, Executive shall, upon reasonable notice, furnish such cooperation, information and assistance to the Company as
may reasonably be required by the Company or any Affiliate of the Company in connection with any pending or threatened judicial, administrative or arbitration proceeding or any investigation that is based on events or circumstances in which
Executive had personal knowledge or involvement and in which the Company or any of its Affiliates is or may become a party or target, except for proceedings instituted against Executive by the Company or any governmental or regulatory authority, or
proceedings instituted by Executive against the Company to enforce the terms of this Agreement or any other duties or obligations of the Company to Executive. The Company, or if applicable, its Affiliate, shall reimburse Executive for all reasonable
costs and expenses incurred by Executive in providing such cooperation, information and assistance. Unless Executive’s appearance is compelled by a court order or other legal process, Executive shall not be obligated to devote more than two (2)
days per calendar month in fulfilling his obligations under this Section 8(d), and the Company or its Affiliate shall make reasonable accommodations to avoid interfering with any duties that Executive may then have to any client or other employer.
Notwithstanding anything to the contrary in this Section 8(d) or this Agreement, while Executive will be encouraged to voluntarily provide sworn testimony where appropriate, Executive shall have no duty to provide sworn testimony in any judicial,
arbitration or discovery proceeding except as may be required by any rule of procedure, subpoena or judicial process applicable to or enforceable against Executive, and in no case shall Executive be required to provide any testimony that, in the
judgment of Executive, might or could expose him to civil liability or compromise his privilege against self incrimination. Any testimony given by Executive in such a proceeding shall be truthful, but in no event shall the content of any testimony
given by Executive in such a proceeding constitute a breach of this Section 8(d) or any other provision of this Agreement. Executive may condition his providing of assistance and testimony hereunder on his receipt of an undertaking from the Company
that it will indemnify him for such actions to the fullest extent permitted by applicable law. 
  
 (e) Remedies. Executive and the Company stipulate that irreparable injury will result to the Company and its Affiliates and their business and property in the event of Executive’s violation of any
provision of this Section 8, and agree that, in the event of any such violation by Executive, the Company, and if applicable, its Affiliates, will be entitled, in addition to any other rights, remedies and money damages that may then be available,
to injunctive relief 
  

 Page 14 of 23 

 to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons
acting for, under the direction or control of or in concert with Executive, and to such other equitable remedies as may then be available. Nothing herein will be construed as prohibiting the Company or any Affiliate from pursuing any other remedies
available to the Company or such Affiliate for such breach or threatened breach, including the recovery of money damages from Executive. 
  
 (f) Adjustment of Non-Solicitation Period. The Non-Solicitation Period shall be reduced from eighteen (18) months to ninety (90) days, but
only with respect to the restrictions set forth in Subsection (b)(i) and Subsection (b)(iii) of Section 8 of this Agreement (and the prohibitions in Subsection (b)(viii) of Section 8 against, aiding, abetting, inducing or conspiring with others to
violate those restrictions), in the event that the Company terminates Executive’s employment For Cause based on a repeated and material failure to achieve minimum objectives under a Business Plan established in accordance with Section 1(d) of
this Agreement, or a repeated and material failure of Executive to meet reasonable performance standards established in accordance with Section 1(d) of this Agreement. The Non-Solicitation Period shall be reduced from eighteen (18) months to six (6)
months, but only with respect to the restrictions set forth in Subsection (b)(i) and Subsection (b)(iii) of Section 8 of this Agreement (and the prohibitions in Subsection (b)(viii) of Section 8 against, aiding, abetting, inducing or conspiring with
others to violate those restrictions), in the event that the Company terminates this Agreement Without Cause or Executive terminates this Agreement for Good Reason, provided that, in either case, Executive executes and delivers to the Company a
writing, acceptable in form and substance to the Company, that releases and waives any and all obligations that the Company may have under Section 6(c) or 6(e) of this Agreement to pay Executive any Base Salary after the expiration of such six-month
period, or to provide Executive (or upon his death, his surviving spouse and minor children, if any) with coverage under the Core Plans after the expiration of such six-month Non-Solicitation Period. Notwithstanding the foregoing, in the event that
the Company has theretofore made a lump sum payment to Executive pursuant to Section 6(g) of this Agreement that included amounts attributable to any period of time after the expiration of such six-month Non-Solicitation Period, Executive shall
refund to the Company all amounts attributable to such period of time as a condition precedent to the reduction of the Non-Solicitation Period from eighteen (18) months to six (6) months. 
  
 9. SOURCE OF FUNDS; ALLOCATION. 
  
 All payments provided in this Agreement shall be timely paid in cash or
check from the general funds of the Company; provided, however, that to the extent that any compensation payments and benefits provided for in this Agreement are paid to or received by Executive from the Bank pursuant to the Bank Agreement or
otherwise, such compensation payments and benefits paid by the Bank shall be subtracted from any amounts due simultaneously to Executive under this Agreement. Payments due Executive pursuant to this Agreement and the Bank Agreement shall be
allocated in proportion to the services rendered and time expended on such activities by Executive as determined by the Bank and the Company on a quarterly basis or as required by law. 
  

 Page 15 of 23 

 10. EFFECT ON PRIOR AGREEMENTS AND EXISTING PLANS. 
  
 This Agreement contains the entire understanding between the parties hereto
with respect to Executive’s employment with the Company, and supersedes any prior offer of employment, employment letter or other agreements or understandings between the Company and Executive, whether oral or written, with respect thereto,
except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind provided for in any Core Plan or any separate plan or program established for the benefit of Bank employees generally, or any
separate plan or program established after the date of this Agreement for the specific benefit of Executive. 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. 
  
 11. MODIFICATION AND
WAIVER. 
  
 This Agreement may not be modified or amended
except by an instrument in writing signed by the parties hereto and approved by the Board. 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. Notwithstanding the foregoing, in the event that any provision or the implementation of any provision
of this Agreement is finally determined to violate any applicable law, regulation or other regulatory requirement that is binding on the Company, or to constitute an unsafe and unsound banking practice, Executive and the Company agree to amend such
provision to the extent necessary to remove or eliminate such violation or unsafe and unsound banking practice, and such provision shall then be applicable in the amended form. 
  
 12. NO ATTACHMENT. 
  
 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.

  
 13. REQUIRED PROVISIONS. 
  
 In the event any of the foregoing provisions of this Agreement are in
conflict with the provisions of this Section 13, this Section 13 shall prevail. 
  
 (a) Rights Not Prejudiced. The Company may terminate Executive’s employment at any time, but any termination by the Company, other than For Cause, shall not prejudice any right of Executive to
compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after a termination For Cause as provided in Section 6(a) hereof. 
  

 Page 16 of 23 

 (b) Certain Payments. Any payments made to Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the rules and regulations promulgated thereunder in 12 C.F.R. Part 359. 
  
 14. WITHHOLDING. 
  
 All payments required to be made to Executive under this Agreement shall be subject to the withholding of such amounts, if
any, relating to tax and other payroll deductions as the Company reasonably determines should be withheld pursuant to any applicable state or federal law or regulation. 
  
 15. SEVERABILITY. 
  
 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision that is not held invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. Without limiting the foregoing, if any
provisions of Section 8 of this Agreement are held to be unenforceable because of the scope, duration or area of applicability, the court making such determination shall have the power to modify such scope, duration or area of applicability, or all
of them, and such provision shall then be applicable in the modified form. 
  
 16. 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. 
  
 17. GOVERNING LAW. 
  
 The validity, interpretation, performance and enforcement of this Agreement shall be governed by the internal laws of the State of Illinois, without
regard or reference to any principles of conflicts of law of the State of Illinois, except to the extent that such internal laws are preempted by the laws of the United States or the regulations of the OTS or any other agency of the United States.

  
 18. DISPUTE RESOLUTION. 
  
 (a) Arbitration. Except for claims, cases or controversies
based on or arising out of Section 8 of this Agreement (“Section 8 Claims”), all claims, cases or controversies arising out of or in connection with either this Agreement, Executive’s employment with the Company or the termination or
cessation of such employment (collectively, “Employment Claims”), whether asserted against the Company, an Affiliate (as defined below), and/or an officer, director or employee of the Company or an Affiliate, and whether based on this
Agreement or existing or subsequently enacted or adopted statutory or common law doctrines, shall be finally settled by arbitration conducted by JAMS Endispute or a successor entity (“JAMS”) in Chicago, Illinois, in accordance with the
then applicable Employment Arbitration Rules and Procedures of JAMS, or 
  

 Page 17 of 23 

 in the event JAMS or a successor in interest of JAMS no longer provides arbitration services, by the American Arbitration
Association or a successor entity (the “AAA”) in accordance with its then applicable National Rules for the Resolution of Employment Disputes. The costs and fees imposed by JAMS or the AAA for conducting such arbitration shall be borne
equally by Executive and the Company unless the arbitrator determines otherwise. The award rendered by the arbitrator(s) shall be final and binding upon Executive, the Company and any other parties to such proceeding, and may be entered and enforced
as a judgment in any court of competent jurisdiction. The Employment Claims subject to arbitration hereunder shall include, but shall not be limited to, those arising under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act
of 1964, as amended, including the amendments of the Civil Rights Act of 1991, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the law of contract, the law of tort, and other claims under federal, state or local
statutes, ordinances and rules or the common law. Executive and the Company acknowledge that by agreeing to arbitration they are relinquishing all rights they have to sue each other for Employment Claims that do not constitute Section 8 Claims and
any rights that they may have to a jury trial on Employment Claims that do not constitute Section 8 Claims. 
  
 (b) Section 8 Claims. All Section 8 Claims shall be brought, commenced and maintained only in a state or federal court of competent
jurisdiction situated in the County of Cook or the County of DuPage, State of Illinois. Executive and the Company each hereby (i) consents to the exercise of jurisdiction over his or its person and property by any court of competent jurisdiction
situated in the County of Cook or the County of DuPage, State of Illinois for the enforcement of any claim, case or controversy based on or arising under Section 8 of this Agreement; (ii) waives any and all personal or other rights to object to such
jurisdiction for such purposes; and (iii) waives any objection which it may have to the laying of venue of any such action, suit or proceeding in any such court. 
  
 19. INDEMNIFICATION AND INSURANCE. 
  

(a) General. The Company shall indemnify Executive, and shall promptly pay to Executive, in advance of the final disposition of Proceeding to
which Executive is a Party by reason of his service in his Official Capacity, the reasonable Expenses incurred by Executive in such Proceeding, in each case to the maximum extent permitted or required by Maryland law as in effect on the date hereof
and as amended from time to time, including, without limitation, Section 2-418 of the Maryland General Corporation Law (the “MGCL”); provided that: (i) the Company shall not be obligated to pay or advance any amounts otherwise
indemnifiable or payable hereunder if and to the extent that Executive has otherwise actually received such payment or advance under any insurance policy or any other contract or agreement to which Executive is a Party, including, without
limitation, the Bank Employment Contract or any directors’ and officers’ liability insurance policy maintained by the Company, the Bank or any affiliate of either; and (ii) the Company shall only pay and advance Expenses under procedures
permitted or required by applicable law. For the purposes of this Section 19, the terms “Expenses,” “Official Capacity,” “Party” and “Proceeding” shall have the meanings provided in Section 2-418 of the MGCL,
as in effect on the date hereof. 
  
 (b) Successful Defense of
Claims. If a claim for indemnification under this Section 19 is based on Executive’s successful defense of a Proceeding, Executive shall be deemed to have 
  

 Page 18 of 23 

 been successful in the defense of a claim, issue or matter asserted in such Proceeding if it is dismissed pursuant to a
settlement agreement that is approved by the Company in writing, or if such claim, issue or matter is otherwise dismissed, on the merits or otherwise, with or without prejudice. If Executive is successful in the defense of one or more but less than
all claims, issues or matters asserted or arising in a Proceeding, the Company shall indemnify Executive for all Expenses actually and reasonably incurred by Executive or on his behalf in connection with each claim, issue or matter that Executive
has successfully defended. In such event, Expenses shall be allocated on a reasonable and proportionate basis among the claims, issues and matters that have been successfully defended, and among any that have not been successfully defended.

  
 (c) Procedures. To seek indemnification or the advance
of Expenses hereunder, Executive shall submit to the Company a written request therefor, which shall: (i) describe with reasonable particularity the claim that has been made or threatened against Executive and the reasons why Executive believes that
it is lawful and appropriate for the Company to indemnify and/or pay, advance or reimburse Expenses to Executive in connection therewith; and (ii) contain or include such documentation and information as is reasonably available to Executive and is
reasonably necessary to enable the Board of Directors or a committee thereof, or if applicable, special legal counsel to the Board of Directors, to determine whether to approve, deny or otherwise respond to such request. Such determination shall be
made and communicated to Executive in writing as soon as reasonably practicable, but in no case more than thirty (30) days of the Company’s receipt of Executive’s request. In any Proceeding commenced to enforce Executive’s entitlement
to indemnification or the advance of Expenses, the Company shall have the burden of proving that Executive is not entitled to indemnification or the advance of Expenses, as the case may be. All other procedures with respect to indemnification and
the payment, advancement or reimbursement of Expenses in connection with a Proceeding to which Executive is a Party by reason of his service in his Official Capacity shall be as provided in the charter or bylaws of the Company and Maryland law.

  
 (d) Survival of Rights and Benefits. The rights and
benefits provided to Executive under this Section 19 shall survive the termination or expiration of this Agreement and shall not be deemed to be exclusive of any other rights or benefits to which Executive may at any time be entitled under Maryland
law or any other applicable law, the charter or bylaws of the Company, or any other agreement to which Executive is a Party. No amendment, alteration or repeal of any applicable Maryland law or any provision of the charter or bylaws of the Company
shall: (i) have the effect of reducing, limiting or restricting the rights and benefits that were available to Executive under this Section 19 based on such law or provision as in effect on the date hereof; or (ii) limit or restrict any right of or
benefit to Executive hereunder in respect of any action taken or omitted by Executive in his official capacity prior to such amendment, alteration or repeal. 
  
 20. COSTS AND LEGAL FEES. 
  
 (a) Payment to Executive. Except as provided in Section 18(a) hereof, in the event any dispute or controversy arising under or in connection
with any provision of this Agreement other than Section 8 hereof is resolved on the merits in favor of Executive pursuant to an arbitration award or final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom
having expired and no appeal having been perfected), the Company shall be obligated to pay Executive, within thirty (30) after the date on which such judgment becomes final and not subject to further appeal, all reasonable costs and legal fees paid
or incurred by Executive in connection with such dispute or controversy. 
  

 Page 19 of 23 

 (b) Payment to the Company. Except as provided in Section 18(a) hereof, in the event any
dispute or controversy arising under or in connection with Section 8 of this Agreement is resolved on the merits in favor of the Company pursuant to an arbitration award or final judgment, order or decree of a court of competent jurisdiction (the
time for appeal therefrom having expired and no appeal having been perfected), Executive shall be obligated to pay the Company, within thirty (30) after the date on which such judgment becomes final and not subject to further appeal, all reasonable
costs and legal fees paid or incurred by the Company in connection with such dispute or controversy. 
  
 21. NO CONFLICTS. 
  
 Executive has heretofore advised the Company and hereby represents that the execution and delivery of this Agreement and the performance of the obligations hereunder do not and will not conflict with, or result in any default, violation or
breach of any contract or agreement to which Executive is a party, or of any legal duty of Executive. 
  
 22. SURVIVAL. 
  
 The rights and obligations of Executive and the Company under Sections 6, 8, 13, 17, 18, 19 and 20 of this Agreement shall survive the termination of Executive’s employment and the termination or expiration of this Agreement. All other
rights and obligations of Executive and the Company shall survive the termination or expiration of this Agreement shall survive such termination only to the extent that they expressly contemplate future performance and remain unperformed.

  
 23. SUCCESSORS AND ASSIGNS. 
  
 (a) Continuing Rights and Obligations. This Agreement
shall be binding upon, and inure to the benefit of, Executive and his heirs, executors, administrators and assigns, and the Company and its successors and assigns. The Company shall require any of its respective successors or assigns, whether
resulting from a purchase, merger, consolidation, reorganization, conversion or a transfer of all or substantially all of its business or assets, to expressly and unconditionally to assume and agree to perform its respective obligations under this
Agreement, in the same manner and to the same extent that it would be required to perform such obligations if no such succession or assignment had occurred. 
  
 (b) Payments to Estate or Trust. Any amounts due Executive hereunder shall be paid to Executive’s estate in the event of
Executive’s death except as expressly provided herein; provided that, notwithstanding the foregoing, Executive may, in his discretion, provide for the payment of some or all of such amounts to a trust established by Executive, and may provide
for the payment of amounts payable under the Life Insurance Policy to the beneficiaries designated by Executive. In the event that Executive desires that such amounts be paid to a trust, Executive shall notify the Company of such intention in
writing and comply with any requirements of applicable law. 
  

 Page 20 of 23 

 24. CHANGE IN CONTROL DEFINITION. 
  
 (a) For the purposes of this Agreement, including Section 5(b) hereof, the term “Change in Control” means any of
the following: 
  
 (i) any “person,” as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (a “Person”), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of
securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding voting securities, provided that, notwithstanding the foregoing and for all purposes of this Section 9.3: (A) the
term “Person” shall not include (1) the Company or any of its subsidiaries, (2) an employee benefit plan of the Company or any of its subsidiaries (including the Plan), and any trustee or other fiduciary holding securities under any such
plan, and (3) a corporation or other entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; (B) no Person shall be deemed the beneficial owner of any
securities acquired by such Person in an Excluded Transaction (as defined below); and (C) no director or officer of the Company or any direct or indirect subsidiary of the Company (or any affiliate of any such director or officer) shall, by reason
of any or all of such directors or officers acting in their capacities as such, be deemed to beneficially own any securities beneficially owned by any other such director or officer (or any affiliate thereof); or 
  
 (i) the “Incumbent Directors” (as defined below) cease, for any
reason, to constitute a majority of the “Whole Board” (as defined below); or 
  
 (ii) a plan of reorganization, merger, consolidation or similar transaction involving the Company and one or more other corporations or entities is consummated, other than a plan of reorganization, merger,
consolidation or similar transaction that is an “Excluded Transaction” (as defined below), or the stockholders of the Company approve a plan of complete liquidation of the Company, or a sale, liquidation or other disposition of all or
substantially all of the assets of the Company or the Bank is consummated; or 
  
 (iii) a tender offer is made for 20% or more of the outstanding voting securities of the Company and the stockholders owning beneficially or of record 20% or more of the outstanding voting securities of the Company
have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror; or 
  
 (iv) A “Potential Change in Control” (as defined below) occurs, and the Board determines, pursuant to the vote of at majority of the Whole
Board, with at least two-thirds (2/3) of the Incumbent Directors then in office voting in favor of such determination, to deem the Potential Change in Control to be a Change in Control for the purposes of this Section 9.3. 
  
 The term “Excluded Transaction” means a plan of reorganization,
merger, consolidation or similar transaction that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving corporation or any parent thereof) at least 50% of the combined voting power of the voting securities of the entity surviving the plan of 
  

 Page 21 of 23 

 reorganization, merger, consolidation or similar transaction (or the parent of such surviving entity) immediately after
such plan of reorganization, merger, consolidation or similar transaction. 
  
 (b) For purposes of the definition of Change in Control set forth in Section 24(a) above, the term “Incumbent Directors” means: 
  
 (i) the individuals who, on the date hereof, constitute the Board; and 
  
 (ii) any new director whose appointment or election by the Board or
nomination for election by the Company’s stockholders was approved or recommended: (A) by the vote of at least two-thirds (2/3) of the Whole Board, with at least two-thirds of the Incumbent Directors then in office voting in favor of such
approval or recommendation; or (B) by a Nominating Committee of the Board whose members were appointed by the vote of at least two-thirds (2/3) of the Whole Board, with at least two-thirds of the Incumbent Directors then in office voting in favor of
such appointments. 
  
 (b) For purposes of the definition of
Change in Control set forth in Section 24(a) above, the term “Whole Board” means the total number of directors that the Company would have if there were no vacancies on the Board at the time the relevant action or matter is presented to
the Board for approval. 
  
 (c) For purposes of the definition of
Change in Control set forth in Section 24(a) above, the term “Potential Change in Control” shall mean: 
  
 (i) the public announcement by any Person of an intention to take or to consider taking actions which, if consummated, would constitute a Change in
Control; or 
  
 (ii) one or more transactions, events or
occurrences that result in a change in control of the Bank or the Company within the meaning of the Home Owners Loan Act, as amended, and the applicable rules and regulations promulgated thereunder, as in effect at the time of the change in control;
or 
  
 (iii) a proxy statement soliciting proxies from
stockholders of the Company is filed or distributed seeking stockholder approval of a plan of reorganization, merger, consolidation or similar transaction involving the Company and one or more other entities, but only if such plan of reorganization,
merger, consolidation or similar transaction has not been approved by the vote of at least two-thirds (2/3) of the Whole Board, with at least two-thirds (2/3) of the Incumbent Directors then in office voting in favor of such plan of reorganization,
merger, consolidation or similar transaction. 
  

 Page 22 of 23 

 IN WITNESS WHEREOF, BankFinancial Corporation has caused this Agreement to be executed by its duly
authorized officers and directors, and Executive has signed this Agreement as of this              day of
                     200    . 
  

					
	 BANKFINANCIAL CORPORATION
	 	EXECUTIVE
			
	 By:
	 	  

	 	

	 	 	 	 	Name:
	 Its:
	 	  

	 	 

  
 EVP HC JJB 10-28 
  

 Page 23 of 23EX-10.1

EXHIBIT 10.1

LIFECORE BIOMEDICAL, INC.

FORM OF RESTRICTED STOCK AWARD AGREEMENT

	 	 	 	 	 	 	 	 	 
	AWARDED TO

	 	AWARD DATE
	 	NUMBER OF SHARES OF

RESTRICTED STOCK
	 	MARKET PRICE ON

DATE OF AWARD
	 	SOCIAL SECURITY

NUMBER
	 

	 	 
	 	 
	 	 
	 	 

	 	1.	 	The Award. Lifecore Biomedical, Inc., a Minnesota corporation (“Lifecore”), hereby grants to
you as of the above Award Date the above number of restricted shares of Lifecore common stock,
par value $.01 per share (the “Shares”), on the terms and conditions contained in this
Restricted Stock Award Agreement (this “Agreement”) and the Lifecore Biomedical, Inc. 1996
Stock Plan (the “Plan”).

	 	2.	 	Restriction Period. The Shares are subject to the restrictions contained in this Agreement
and the Plan during the period (the “Restriction Period”) commencing on the Award Date and
ending on the fourth anniversary of the Award Date or upon achievement of the earnings per
share goals set forth herein, subject to the provisions of Section 4 below. Except as
otherwise provided in this Agreement, the Shares shall vest at the earlier of (a) the fourth
anniversary of the Award Date, or (b) in installments, upon achievement of the following
earnings per share (“EPS”) goals as described more fully below:

	 	 	 	 	 
	Year	 	EPS	 	Number of Shares to be Vested
	2005

	 	$   
	 	[one-third]
	 
	 	 	 	 
	2006

	 	$   
	 	[one-third]
	 
	 	 	 	 
	2007

	 	$   
	 	[one-third]

One-third of the Shares shall vest in each of the three years in which the EPS goal is
achieved, and the EPS goals and vesting shall be cumulative. Accordingly, if the EPS goals
in 2005 and 2006 are not met but the sum of the actual 2005, 2006 and 2007 EPS is equal to
or greater than the sum of the 2005, 2006 and 2007 goals ($   ), then the Shares shall
fully vest. Likewise, if the 2005 EPS goal was not met but the sum of the actual 2005 and
2006 EPS is equal to or greater than the sum of the 2005 and 2006 goals ($   ), then
two-thirds of the Shares shall vest. The EPS shall be based upon adjusted proforma EPS as
determined and adjusted by the Committee.

Upon vesting, the restrictions on the Shares shall lapse and the Shares shall become
transferable and non-forfeitable.

	 	3.	 	Restrictions. The Shares shall be subject to the following restrictions during the
Restriction Period:

	 	(a)	 	The Shares shall be subject to forfeiture to Lifecore as provided in this
Agreement and the Plan.

	 	(b)	 	The Shares may not be sold, assigned, transferred or pledged during the
Restriction Period.

	 	(c)	 	The Shares will be issued in your name and represented by a stock certificate,
which certificate will be held by Lifecore. The certificate will bear an appropriate
legend referring to the restrictions applicable to the Shares.

	 	4.	 	Forfeiture/Acceleration. In the event your employment is terminated prior to the fourth
anniversary of the Award Date, your rights to the Shares that are still subject to
restrictions shall be immediately and irrevocably forfeited; provided, however, that the
Committee may, in its sole discretion, waive in whole or in part any or all remaining
restrictions with respect to the Shares under special hardship circumstances; and
provided, further, that in the event your employment is terminated by reason
of death, Disability, or Retirement (as those capitalized terms are defined in the Addendum to
this Agreement), the restrictions with respect to all of the Shares shall lapse and the Shares
shall become transferable and non-forfeitable as of the date of such termination.

Notwithstanding the foregoing, all restrictions with respect to the Shares shall lapse on
the date determined by the Committee, prior to, but in no event more than 60 days prior to,
the occurrence of a Significant Change in Lifecore (as defined in the Addendum to this
Agreement).

While you are still employed by Lifecore, the Committee may, in its sole discretion, waive
in whole or in part any or all remaining restrictions with respect to the Shares in the
event of an unforeseeable emergency.

	 	5.	 	Rights. Upon issuance of the Shares, you shall, subject to the restrictions of this
Agreement and the Plan, have all of the rights of a shareholder with respect to the Shares,
including the right to vote the Shares and receive any cash dividends and any other
distributions thereon, unless and until the Shares are forfeited. Cash dividends will be paid
to you at the time such dividends are paid on shares of Lifecore common stock, less any
applicable tax withholding amounts.

	 	6.	 	Income Taxes. You are liable for any federal and state income or other taxes applicable upon
the grant of the Restricted Stock if you make an election under Section 83(b) of the Internal
Revenue Code of 1986, as amended, within 30 days of the date of grant, or upon the lapse of
the restrictions on the Shares, and the subsequent disposition of the Shares, and you
acknowledge that you should consult with your own tax advisor regarding the applicable tax
consequences. Upon the lapse of the restrictions on the Shares, you shall promptly pay to
Lifecore in cash, or in previously acquired shares of Lifecore common stock having a fair
market value equal to the amount of, all applicable taxes required by Lifecore to be withheld
or collected upon the lapse of the restrictions on the Shares. In the alternative, prior to
the end of the Restriction Period, you may direct Lifecore to withhold from the Shares the
number of Shares having a fair market value equal to the amount of all applicable taxes
required by Lifecore to be withheld upon the lapse of the restrictions on the Shares.

	 	7.	 	Terms and Conditions. This Agreement does not guarantee your continued employment or alter
the right of Lifecore or its affiliates to terminate your employment at any time. This Award
is granted pursuant to the Plan and is subject to its terms. In the event of any conflict
between the provisions of this Agreement and the Plan, the provisions of the Plan shall
govern. This Agreement is governed by the internal law of the State of Minnesota. By your
acceptance of this award, you acknowledge receipt of a copy of the Prospectus for the Plan and
your agreement to the terms and conditions of the Plan and this Agreement.

LIFECORE BIOMEDICAL, INC.

By:

EMPLOYEE

By:

1

ADDENDUM TO

FORM OF RESTRICTED STOCK AWARD AGREEMENT

For the purposes hereof the terms used herein shall have the following meanings:

“Committee” means the Committee referred to in Section 2 of the Plan. If at any time no
Committee shall be in office, then the functions of the Committee specified in the Plan shall be
exercised by the Board, unless the Plan specifically states otherwise.

“Disability” means permanent and total disability as determined by the Committee.

“Early Retirement” means retirement, with consent of the Committee at the time of
retirement, from active employment with Lifecore and any subsidiary or parent corporation of
Lifecore.

“Normal Retirement” means retirement from active employment with Lifecore and any
subsidiary or parent corporation of Lifecore on or after age 65.

“Retirement” means Normal Retirement or Early Retirement.

A “Significant Change” of Lifecore has occurred upon the any of the following events:

	 	(i)	 	dissolution or liquidation of Lifecore, other than in conjunction with a
bankruptcy of Lifecore or any similar occurrence; or

	 	(ii)	 	any merger, consolidation, acquisition, separation, reorganization, or similar
occurrence, where Lifecore will not be the surviving entity; or

	 	(iii)	 	the transfer of substantially all of the assets of Lifecore or 75% or more of
the outstanding stock of Lifecore.

2

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