Document:

Exhibit 10.11(b)

 

BANK MUTUAL CORPORATION

(BKMU)

 

MANAGEMENT INCENTIVE COMPENSATION 

PLAN

 

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BANK MUTUAL CORPORATION

 

Management Incentive Compensation Plan (MIP)

 

This document describes the annual Management Incentive Compensation
Plan (the Plan) of BANK MUTUAL CORPORATION (“BKMU”).

 

PURPOSE

 

Incentive compensation is an essential element of total annual cash
compensation. The Plan is designed to direct the efforts of those whose duties, responsibilities, and decisions have a significant
impact on the achievement of BKMU’s basic business objectives by initiating actions, rather than merely responding to external
conditions. Specific objectives of the Plan are to:

 

		·	Contribute toward achieving short-term performance goals;

 

		·	Recognize and reward superior individual performance;

 

		·	Assure corporate financial gain before incentive payments are earned;

 

		·	Provide compensation which is competitive with the market place; and

 

		·	Restrict participation to key officers.

 

PLAN DESCRIPTION

 

To meet the above objectives, the Plan provides incentive reward
opportunities in return for outstanding performance. The Plan is a “look forward” plan which generates incentive funds
based on actual operating results measured against predetermined performance goals.

 

The Plan is integrally related to the BKMU’s salary program
in that the incentive award opportunities are measured as a designated percent of each Participant’s Base Salary. The combination
of Base Salary and Target Incentive Award is designed to provide the Participant with total annual cash compensation that is consistent
with each Participant’s respective position and individual performance.

 

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Under the Plan, two factors determine the amount of incentive awards
each Participant will receive:

 

		·	BKMU’s corporate performance measured against predetermined financial goals, and

 

		·	Each Participant’s individual performance measured against predetermined individual goals.

 

PLAN ADMINISTRATION

 

The Bank Mutual Corporation Compensation Committee (the Committee)
has final authority for Plan provisions and has the responsibility for supervising the administration of the Plan.

 

ELIGIBILITY

 

Eligible positions are those whose decisions have a material and
direct impact on annual operating results. Eligibility for participation does not necessarily mean participation every year. Participants
will be designated annually by the Committee. This designation will take place prior to the beginning of BKMU’s fiscal year,
except that if an officer is hired or promoted during the program year, it is up to the discretion of the Committee to determine
if that person is included in the Plan and to what extent of the annual Base Salary.

 

SIZE OF AWARDS

 

Target Incentive Awards should be consistent with the competitive
labor market and should reflect the responsibility levels of the Participants. The Participants are grouped into tiers to reflect
the various responsibility levels of the Participants, and a target incentive percentage of Base Salary is established for each
tier. The incentive percentages for the responsibility tiers are shown below:

 

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	Incentive Award Opportunities
	(As a % of Salary)
	Responsibility 
Tier	 	Threshold	 	 	Target	 	 	Maximum	 
	 	 	 	 	 	 	 	 	 	 
	Tier I	 	 	14.0	%	 	 	20.0	%	 	 	40.0	%
	Tier II	 	 	12.6	%	 	 	18.0	%	 	 	36.0	%
	Tier III	 	 	10.5	%	 	 	15.0	%	 	 	30.0	%
	Tier IV	 	 	7.0	%	 	 	10.0	%	 	 	20.0	%

 

Target Incentive Awards represent incentive funds that will be earned
for each position if BKMU and the Participant achieved the predetermined goals. Participants’ base salaries are multiplied
by their respective target incentive percentage to determine their target incentive award. Actual incentive awards may be higher
or lower than target levels, depending on actual operating results compared to predetermined goals.

 

INCENTIVE MIX

 

A portion of each Participant’s incentive opportunities is
based on corporate performance and a portion of individual performance. The following table shows the distribution of awards based
on corporate performance and awards based on individual performance.

 

Performance Mix

 

	Tier	 	Corporate	 	 	Individual	 
	 	 	 	 	 	 	 
	I	 	 	100	%	 	 	—	 
	II	 	 	50	%	 	 	50	%
	III	 	 	50	%	 	 	50	%
	IV	 	 	50	%	 	 	50	%

 

The individual portion of the Target Incentive Award will be based
on the measured performance of each Participant, based on the results of the goals performance appraisal process.

 

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INCENTIVE POOL

 

The size of the incentive pool will be based on BKMU’s operating
success relative to goal. The Plan requires establishing annual performance goals and measures actual operating results relative
to the established goals to generate the incentive awards.

 

Goal Setting

 

Annual performance goals will be established at the beginning of
each year. The CEO will make such recommendations to the Committee for subsequent approval. If mutually agreed upon performance
goals cannot be reached, the Committee has final authority to set the performance goals. The performance criteria will be communicated
in Appendix A to the Plan for that year.

 

Incentive Matrix

 

Each year, an incentive compensation matrix is prepared that relates
the performance criteria to the factor applied to the Target Incentive Award (the Factor). In the matrix, the performance criteria
are expressed as a percentage of the predetermined performance goals.

 

At the beginning of each year, the CEO will recommend an incentive
compensation matrix to the Committee for their approval. The matrix approved by the Committee shall become Appendix A to the Plan
for that year.

 

Performance Threshold

 

To protect ownership interests, there will be a threshold performance
level below which no Incentive Awards will be earned.

 

Maximum

 

The maximum incentive award that can be funded shall be no more
than two times the Target Incentive Award to protect against windfall profits and poor planning. The maximum Factor that may be
used in the incentive matrix is two times.

 

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CORPORATE INCENTIVES

 

If BKMU achieves or exceeds the predetermined performance goals,
the incentive pool is generated. The corporate portion of the incentive pool is automatically earned by Participants.

 

INDIVIDUAL INCENTIVES

 

If an incentive pool is generated by BKMU performance, the individual
portion for each Participant is based on measured individual performance.

 

Individual incentive awards will be based on measured performance
of each Participant, as reflected in BKMU’s performance evaluation process.

 

FORM AND TIMING

 

Distribution of the earned Incentive awards shall be paid in cash
to the Participants in one installment within thirty (30) days following the close of BKMU’s fiscal year for which the incentive
was computed. To the extent that it is not possible to compute the incentive within thirty (30) days following the close of BKMU’s
fiscal year, an estimated payment may be made with proper adjustment as soon as practical.

 

In the case of death of a Participant, between the end of the fiscal
year and the following 30 days, the total incentive earned shall be paid to the beneficiary designated in writing by the Participant.
In case of a failure of the Participant to designate a beneficiary, payment will be made to the Participant’s estate.

 

TERMINATION

 

Upon voluntary termination or involuntary termination during the
year, all accrued benefits of the Participant are lost. In the case of retirement, death, or permanent disability during the Plan
year, incentive awards will be paid at the end of the year, on a pro-rata basis.

 

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If the Participant takes a leave of absence or a disability leave
during the year, they will not accrue any benefits for the time they are absent (adjusted to the nearest half-month).

 

AMENDMENT

 

The Committee can change, amend, or terminate the Plan at any time,
except that no such action will adversely affect any accrued incentive awards that are earned up until the time of the amendment.

 

NO EMPLOYMENT AGREEMENT INTENDED  

 

This Agreement does not confer upon Participants any right to continuation
of employment in any capacity by BKMU and does not constitute an employment agreement of any kind.

 

DEFINITIONS

 

		1.	Base Salary shall mean the total W-2 cash wages (excluding any awards paid under the Plan for the prior year) earned
by each Participant during the calendar year of the Plan. Disability payments are excluded for the purpose of this definition.

 

		2.	Corporate Incentive Award shall mean the amount that is actually accrued for and paid to each Participant based on BKMU’s
performance.

 

		3.	Individual Incentive Award shall mean the amount that is actually accrued for and paid to each Participant based on
each Participant’s individual performance.

 

		4.	Earnings per Share-diluted (EPS) shall mean net income after taxes, before dividends, for the year, divided by the weighted-average
number of common shares outstanding for the period. Non-vested MRP and stock option shares are considered dilutive potential common
shares and are included in the weighted-average number of shares outstanding for diluted EPS.

 

		5.	Target Incentive Award shall mean the amount that would be earned if BKMU and the individual achieved predetermined
performance goals.

 

    	7AMENDMENT TO EMPLOYMENT AGREEMENT

 

AMENDMENT TO
EMPLOYMENT AGREEMENT (this “Amendment”) dated as of February 29, 2012, is by and between CorMedix Inc.,
a Delaware corporation with principal executive offices at 745 Route 202-206, Suite 303, Bridgewater, NJ 08807 (the “Company”),
and Mark A. Klausner,  (the “Executive”).

 

WITNESSETH:

 

WHEREAS,
the Company and Executive entered into that certain Employment Agreement, dated as of February 25, 2011 (the “Agreement”);
and

 

WHEREAS, the
Company and Executive wish to amend certain terms and conditions of the Agreement in order to modify the Executive’s duties,
compensation and employment status.

 

NOW, THEREFORE,
in consideration of the promises and mutual covenants hereinafter contained, the parties hereto agree as follows:

 

		1.	Defined Terms. All capitalized terms contained in this Amendment shall, for the purposes
hereof, have the same meaning ascribed to them in the Agreement unless the context hereof clearly provides otherwise or unless
otherwise defined herein.

 

		2.	Amendments. The Agreement is hereby amended as follows:

 

a.Section
1(a) of the Agreement is hereby deleted and replaced in its entirety with the following:

 

(a)Services.
The Executive will be employed, on a part-time basis, by the Company as its Chief Medical Officer. The Executive will report to
the Chief Executive Officer of the Company and shall perform such duties as are consistent with his position as Chief Medical Officer
(the “Services”). The Executive agrees to perform such Services faithfully, and while he remains employed, not to engage
in any other business activity that is in conflict with his duties and obligations to the Company without the prior written consent
of the Chief Executive Officer and the Board of Directors of the Company (the “Board”). The Executive further agrees
to carry out and abide by all lawful directions of the Chief Executive Officer and the Board consistent with his position as Chief
Medical Officer.

 

(b)Section
2 of the Agreement is hereby deleted and replaced in its entirety with the following:

 

Term.
The Executive’s employment under this Agreement (the “Term”) commenced on March 1, 2011 (the “Commencement
Date”) and shall continue for a term of two (2) years, unless sooner terminated pursuant to Section 8 of this Agreement.
Notwithstanding anything to the contrary contained herein, the provisions of this Agreement specified in Sections 5,6,9, and 10
shall survive the expiration or termination hereof.

    	 

    	 	

    

 

Section
3(a) of the Agreement is hereby deleted and replaced in its entirety with the following:

 

The
Executive shall devote half, or fifty percent (50%) of his business time, attention and energies to the business and affairs of
the Company and shall use his best efforts to advance the best interests of the Company and shall not, during the Term, be actively
engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage,
that will materially interfere with the performance by the Executive of his duties hereunder or the Executive’s availability
to perform such duties or that the Executive knows, or should reasonably know, will adversely affect, or negatively reflect upon,
the Company.

 

Sections
4(a), 4(b) and 4(g) of the Agreement are hereby deleted and replaced in their entirety with the following:

 

(a)
Base Salary.  The Company shall pay Executive a salary equal to One - Hundred Fifty Five Thousand Dollars ($155,000.00)
per year (as it may be increased from time to time the “Base Salary”), less applicable withholdings and deductions.
Payment shall be made in accordance with the Company’s normal payroll practices. The Board shall annually review the Base
Salary to determine whether an increase in the amount thereof is warranted.

 

(b) Discretionary
Bonus.  At the sole discretion of the Board, the Company shall pay the Executive an additional cash bonus each calendar
year during the Term (the “Discretionary Bonus”) in an amount equal to up to thirty percent (35%) of the Executive’s
aggregate Base Salary

        

(g) Vacation.  The
Executive shall accrue two (2) weeks of paid vacation per annum, in addition to holidays observed by the Company, to be taken in
accordance with the Company’s employee policies, and subject to the requirement that no more than two weeks be taken consecutively
and that all vacation is subject to the prior approval of the Chief Executive Officer.  The Executive shall not be entitled
to carry any vacation forward to the next year of employment and shall not receive any compensation for unused vacation days. 

 

		3.	Effectiveness of Amendments. The Amendments set forth in Section 2 shall be effective
as of March 1, 2012.

 

    	 

    	 	

    
  

		4.	Conflicting Provisions. In the event of any conflict or inconsistency between
                                                        the provisions of this Amendment and those contained in the Employment Agreement, the provisions of this Amendment
                                                        shall govern and control and be binding upon the parties hereto.

		5.	Miscellaneous Provisions.

 

a.Except
as modified by this Amendment, the Employment Agreement and all executory covenants, agreements, terms and conditions thereof
shall remain in full force and effect and are hereby in all respects ratified and confirmed.

 

b.This
Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New Jersey, without
giving effect to its principles of conflicts of laws.

c.The
covenants, agreements, terms and conditions contained in this Amendment shall bind and inure to the benefit of the parties hereto
and, except as may otherwise be provided in the Employment Agreement, as hereby modified and supplemented, their respective legal
successors and assigns.

d.This
Amendment may not be changed orally but only by a writing signed by both parties hereto.

e.This
Amendment may be executed in any number of counterparts, each of which shall constitute an original, but all of which together
shall constitute one and the same instrument.

 

 IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

	
         

         

        CORMEDIX INC.

	 	 
	By:	/s/ Richard M. Cohen
	Name:	  Richard M. Cohen
	Title:	Chairman and Interim Chief Executive Officer
	 	 
	EXECUTIVE
	 
	/s/ Mark A. Klausner
	Mark A. Klausner

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