Document:

Exhibit 10.3

 

ONE-YEAR CHANGE IN CONTROL AGREEMENT

 

This Change in Control
Agreement (the “Agreement”) is made effective as of the 24th day of May, 2017 (the “Effective Date”),
by and between First Federal Bank of Wisconsin, a federally chartered savings bank (the “Bank”) and David Rosenwald
(the “Executive”).

 

WITNESSETH

 

WHEREAS, Executive is currently
employed as Senior Vice President, Chief Lending Officer of the Bank;

 

WHEREAS, the Bank has adopted a Plan of Reorganization
pursuant to which the Bank will convert (the “Conversion”) to a federally chartered stock savings bank and become
a wholly owned subsidiary of a to be formed mid-tier holding company (the “Company”), and a to be formed mutual holding
company (the “MHC”) will own a majority of the shares of the Company;

 

WHEREAS, even though the
Company and the MHC will be formed after the Effective Date of this Agreement, the parties desire to specify certain provisions
with respect to the Company and MHC, as if such corporate entities were in effect as of the Effective Date;

 

WHEREAS, the Bank desires
to assure itself of the Executive’s continued active participation in the business of the Bank; and

 

WHEREAS, in order to induce
Executive to remain in the employ of the Bank and in consideration of Executive’s agreeing to remain in the employ of the
Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that his employment with the
Bank is terminated under specified circumstances.

 

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

 

		1.	TERM OF AGREEMENT

 

One Year Contract; Annual
Renewal. The term of this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of one
year. Commencing on the first anniversary date of this Agreement (the “Anniversary Date”) and continuing on
each Anniversary Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of
this Agreement is one year; provided, however, that the disinterested members of the Board of Directors of the Bank (the “Board”)
must take the following actions within the time frames set forth below prior to each Anniversary Date: (i) at least thirty (30)
days prior to the Anniversary Date, conduct or review a comprehensive performance evaluation of Executive for purposes of determining
whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall
be included in the minutes of the Board’s meeting. If the decision of such disinterested members of the Board is not to renew
this Agreement, then the Board shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”)
prior to any Anniversary Date, such that this Agreement

 

     

     

    

 

shall terminate at such Anniversary Date. Notwithstanding
the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered
a Change in Control as defined below, then, on the date of such agreement, the term of this Agreement shall be extended and shall
terminate twelve (12) months following the date on which the Change in Control occurs.

 

		2.	DEFINITIONS

 

(a)          Change in Control.
For purposes of this Agreement, a “Change in Control” means any of the following events:

 

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

 

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

 

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

 

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

 

(5)          Notwithstanding
anything herein to the contrary, a Change in Control shall not be deemed to have occurred in connection with the Bank’s mutual
holding company reorganization and/or minority offering or a second-step conversion whereby the Company becomes one-hundred percent
owned by stockholders other than the MHC.

 

(b)          Good Reason
shall mean a termination by Executive following a Change in Control if, without Executive’s express written consent, any
of the following occurs:

 

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		(1)	failure to elect or reelect or to appoint or reappoint Executive
to the title and position that the Executive held immediately prior to the Change in Control; 

 

		(2)	a material change in Executive’s position to become one
of lesser responsibility, importance or scope then the position Executive held immediately prior to the Change in Control;

 

		(3)	a liquidation or dissolution of the Bank other than liquidations
or dissolutions that are caused by reorganizations that do not affect the status of Executive;

 

		(4)	a material reduction in Executive’s base salary and benefits;
or

 

		(5)	a relocation of Executive’s principal place of employment
by more than thirty (30) miles from its location as of the date of this Agreement;

 

provided, however, that prior to any
termination of employment for Good Reason, Executive must first provide written notice to the Bank (or its successor) within ninety
(90) days following the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter
have the right to remedy the condition within thirty (30) days of the date the Bank received the written notice from Executive.
If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect
to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive may deliver
a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

 

(c)          Termination for
Cause shall mean termination because of, in the good faith determination of the Board, Executive’s:

 

		(1)	personal dishonesty;

 

		(2)	incompetence;

 

		(3)	willful misconduct;

 

		(4)	breach of fiduciary duty involving personal profit;

 

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

 

		(6)	material violation of the Sarbanes-Oxley requirements for officers of public companies that in
the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the reputation of the
Bank;

 

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

 

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

 

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

 

A determination of whether
Executive’s employment shall be terminated for Cause shall be made at a meeting of the Board called and held for such purpose,
at which the Board makes a finding that in good faith opinion of the Board an event set forth in clauses (1), (2), (3), (4), (5),
(6), (7), (8), or (9) above has occurred and specifying the particulars thereof in detail.

 

(d)          For purposes of this Agreement,
any termination of Executive’s employment shall be construed to require a “Separation from Service” in accordance
with Code Section 409A and the regulations promulgated thereunder, such that the Bank and Executive reasonably anticipate that
the level of bona fide services Executive would perform after termination of employment would permanently decrease to a level that
is less than 20% of the average level of bona fide services performed (whether as an employee or an independent contractor) over
the immediately preceding thirty-six (36)-month period.

 

		3.	BENEFITS UPON TERMINATION

 

(a)          If Executive’s
employment by the Bank shall be terminated subsequent to a Change in Control and during the term of this Agreement by (i) the Bank
for other than Cause, or (ii) Executive for Good Reason, then the Bank shall:

 

(1) pay Executive,
or in the event of Executive’s subsequent death, Executive’s beneficiary or beneficiaries or estate, as applicable,
a cash severance amount equal to:

 

(i) one (1) times
Executive’s base salary in effect as of the Date of Termination,

 

(ii) the highest
rate of bonus earned by Executive from the Bank in any one of the three calendar years immediately preceding the year in which
the termination occurs, and

 

(iii) payable by
lump sum within ten (10) business days of the Date of Termination.

 

(2) cause to be continued
at no cost to Executive, non-taxable medical and dental coverage substantially identical to the coverage maintained by the Bank
for Executive prior to Executive’s termination for twelve (12) months.

 

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Notwithstanding the
foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees),
or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits
would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal
to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business
days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder
of such insurance coverage) cannot be provided for the foregoing reasons.  

 

(b)          In no event shall the payments or
benefits to be made or provided to Executive under Section 3 hereof (the “Termination Benefits”) constitute an “excess
parachute payment” under Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination
Benefits will be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less than an amount equal to three
(3) times Executive’s “base amount,” as determined in accordance with Section 280G of the Code. The reduction
of the Termination Benefits provided by this Section 3 shall be applied to the cash severance benefits otherwise payable under
Section 3(a) hereof.

 

		4.	NOTICE OF TERMINATION

 

Any purported termination
by the Bank or by Executive in connection with or following a Change in Control shall be communicated by Notice of Termination
to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which
shall indicate the Date of Termination and, in the event of termination by Executive, the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated. “Date of Termination” shall mean the date specified
in the Notice of Termination (which, in the case of a termination for Cause, shall be immediate). In no event shall the Date of
Termination exceed thirty (30) days from the date the Notice of Termination is given.

 

		5.	SOURCE OF PAYMENTS

 

All payments provided in
this Agreement shall be timely paid in cash or check from the general funds of the Bank.

 

		6.	REQUIRED REGULATORY PROVISIONS

 

(a)          If Executive is
suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served
under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act,
the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings.
If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld
while its contract

 

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obligations were suspended
and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

 

(b)          If Executive is
removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section
8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of
the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected.

 

(c)          If the Bank is in
default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank
under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting
parties.

 

(d)          All obligations
under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the
continued operation of the Bank, (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal
Reserve System (collectively, the “Regulator”) or his or her designee, at the time the FDIC enters into an agreement
to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the
Federal Deposit Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee
approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator
to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by
such action.

 

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

 

		7.	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.

 

		8.	ENTIRE AGREEMENT; MODIFICATION AND WAIVER

 

(a)          This Agreement contains
the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that
this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided.
No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available
to her without reference to this Agreement.

 

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(b)          This Agreement may
not be modified or amended except by an instrument in writing signed by the parties hereto.

 

(c)          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 or as to any act other than that
specifically waived.

 

		9.	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 not held so invalid, and each such other provision and part thereof shall to the
full extent consistent with law continue in full force and effect.

 

		10.	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.

 

		11.	GOVERNING LAW

 

This Agreement shall be
governed by the laws of the State of Wisconsin but only to the extent not superseded by federal law.

 

		12.	ARBITRATION

 

Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil
litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank
and Executive, sitting in a location selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance
with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in
effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

 

		13.	PAYMENT OF LEGAL FEES

 

To the extent that such
payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive
pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided
that the dispute or interpretation has been resolved in Executive’s favor, and such reimbursement shall occur no later than
sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor.

 

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		14.	OBLIGATIONS OF BANK

 

The termination of Executive’s
employment, other than following a Change in Control, shall not result in any obligation of the Bank under this Agreement.

 

		15.	SUCCESSORS AND ASSIGNS

 

The
Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all
or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s
obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such
succession or assignment had taken place.

 

[Signature Page Follows]

 

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SIGNATURES

 

IN WITNESS WHEREOF,
the Bank has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, as of
the Effective Date.

 

	 	FIRST FEDERAL BANK OF WISCONSIN
	 	 	 
	 	By:	/s/ Edward H. Schaefer
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	By:	/s/ David Rosenwald

 

    	 	9Exhibit 10.4

 

FIRST FEDERAL BANK OF WISCONSIN

DEFERRED COMPENSATION AGREEMENT

FOR

EDWARD H. SCHAEFER

 

THIS DEFERRED COMPENSATION
AGREEMENT FOR EDWARD H. SCHAEFER (the “Agreement”) is effective as of May 24, 2017, and is entered into
by First Federal Bank of Wisconsin (the “Bank”) and Edward H. Schaefer (“Executive”).

 

WHEREAS, the purpose
of the Agreement is to induce the Executive to continue employment with the Bank, who, as a member of senior management, has contributed
significantly to the success of the Bank, and whose continued services are vital to the Bank’s continued growth and success;
and

 

WHEREAS, Executive
is currently a participant in a deferred compensation agreement, effective as of July 30, 2016, by and between the Executive and
the Bank (the “Original Agreement”);

 

WHEREAS, the Bank
has adopted a Plan of Reorganization pursuant to which the Bank will convert (the “Conversion”) to a federally
chartered stock savings bank and become a wholly owned subsidiary of a to be formed mid-tier holding company (the “Company”),
and a to be formed mutual holding company (the “MHC”) will own a majority of the shares of the Company;

 

WHEREAS, even though
the Company and the MHC will be formed after the Effective Date of this Agreement, the parties desire to specify certain provisions
with respect to the Company and MHC, as if such corporate entities were in effect as of the Effective Date;

 

WHEREAS, the Bank
and the Executive desire to amend and restate the Original Agreement to reflect the Conversion and the Executive agrees that this
Agreement shall replace and supersede the Original Agreement in its entirety as of the Effective Date.

 

WHEREAS, this Agreement
is intended to be an unfunded, non-qualified deferred compensation plan that complies with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and the regulations thereunder and is also intended to be a “top
hat” pension plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

ARTICLE I

DEFINITIONS

 

When used herein, the following
words and phrases shall have the meanings below unless the context clearly indicates otherwise:

 

		1.1	“Account” means an account to which the Bank shall credit all contributions. The Account
shall be utilized solely as a device for the determination and measurement of the

 

     

     

    

 

amounts to be
paid to Executive pursuant to the Agreement. Executive’s Account shall not constitute or be treated as a trust fund of any
kind.

 

		1.2	“Account Balance” means the balance of Executive’s Account as of the applicable
distribution date.

 

		1.3	“Administrator” means the Compensation Committee of the Board of Directors (“Committee”).

 

		1.4	“Bank” means First Federal Bank of Wisconsin and any successor to its business and/or
assets which assumes and agrees to perform the duties and obligations under this Agreement by operation of law or otherwise.

 

		1.5	“Beneficiary” means the person or persons designated by Executive as the beneficiary
to whom the deceased Executive’s benefits are payable. The beneficiary designation shall be made on the form attached hereto
as Exhibit A and filed with the Administrator. If no Beneficiary is so designated, then the Executive’s estate will be deemed
the Beneficiary.

 

		1.6	“Board of Directors” shall mean the Board of Directors of the Bank.

 

		1.7	“Cause” shall mean termination because of: (i) Executive’s personal dishonesty,
willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation
of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order or material breach
of any provision of this Agreement which results in a material loss to the Bank, or (ii) Executive’s conviction of a crime
or act involving moral turpitude or a final judgment rendered against Executive based upon actions of Executive which involve moral
turpitude. For the purposes of this definition, no act, or the failure to act, on Executive’s part shall be “willful”
unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best
interests of the Bank or its affiliates.

 

For purposes of this paragraph, no
act or failure to act on the part of Executive shall be considered “willful” unless done, or omitted to be done, by
Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of
the Bank.

 

		1.8	“Change in Control” shall mean any of the following events: (i) a change in the ownership
of the Company or the Bank; (ii) a change in the effective control of the Company or the Bank; or (iii) a change in the ownership
of a substantial portion of the assets of the Company or the Bank, as described below:

 

		(a)	A change in ownership occurs on the date that any one person, or more than one person acting as
a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank or the Company
that, together with stock held by such person or group, constitutes more than 50% of

 

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               the total fair
market value or total voting power of the stock of the Bank or the Company.

 

		(b)	A change in the effective control of the Company or Bank occurs on the date that either (A) any
one person, or more than one person acting as a group (as defined in Treasury Regulations section 1.409A-3(i)(5)(vi)(B)) acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership
of stock of the Company or the Bank possessing 30% or more of the total voting power of the stock of the Company or the Bank, or
(B) a majority of the members of the Bank’s or the Company’s Board of Directors is replaced during any 12-month period
by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s or the Company’s
Board of Directors prior to the date of the appointment or election, provided that this subsection is inapplicable where a majority
shareholder of the corporation is another corporation.

 

		(c)	A change in the ownership of a substantial portion of the Bank’s
or the Company’s assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury
Regulations section 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such person or persons) assets from the Company or the Bank that have a total gross fair market value equal
to or more than 40% of the total gross fair market value of all of the assets of the Company or the Bank. For purposes of this
Agreement, “gross fair market value” means the value of the assets of the Company or the Bank, or the value of the
assets being disposed of, without regard to any liabilities associated with such assets.

 

		(d)	For all purposes hereunder, the definition of Change in Control shall be construed to be consistent
with the requirements of Treasury Regulations section 1.409A-3(i)(5), except to the extent that such regulations are superseded
by subsequent guidance.

 

		(e)	Notwithstanding anything herein to the contrary, a Change in Control shall not be deemed to have
occurred in connection with the Bank’s mutual holding company reorganization and/or minority offering or a second-step conversion
whereby the Company becomes one-hundred percent owned by stockholders other than the MHC.

 

		1.9	“Disability” means, with respect to Executive, that, in the good faith determination
of the Bank:

 

		(a)	Executive is unable to fulfill his employment responsibilities hereunder by reason of any medically
determinable physical or mental impairment which can be expected to result in death or last for a continuous period of not less
than 12 months;

 

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		(b)	Executive is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or last for a continuous period of not less than 12 months, receiving income replacement benefits for
a period of not less than three months under an accident and health plan covering employees of the Bank.

 

		1.10	“Effective Date” of this Agreement shall be May 24,
2017. 

 

		1.11	“Executive” means Edward H. Schaefer, who has been selected and approved by the Board
of Directors to enter into the Agreement.

 

		1.12	“Separation from Service” (or “Separated from Service”) means Executive’s
death, retirement or other termination of employment with the Bank within the meaning of Code Section 409A. No Separation from
Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of the leave
does not exceed six months or, if longer, so long as Executive’s right to reemployment is provided by law or contract. If
the leave exceeds six months and Executive’s right to reemployment is not provided by law or by contract, then Executive
shall have a Separation from Service on the first date immediately following such six-month period.

 

Whether a Separation from Service
has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated
that no further services would be performed after a certain date or that the level of bona fide services Executive would
perform after that date (whether as an employee or as an independent contractor) would permanently decrease to less than 50% of
the average level of bona fide services performed over the immediately preceding 36 months (or the lesser period of time
in which Executive performed services for the Bank). The determination of whether Executive has had a Separation from Service shall
be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A.

 

Notwithstanding anything in this
Agreement to the contrary, if Executive is a Specified Employee of a publicly-traded company and the payment(s) are due to Executive’s
Separation from Service (other than due to death), then the first payment shall be delayed to the first day of the seventh month
following the date the payment is otherwise due under this Agreement. For purposes of Code Section 409A, the payments due hereunder
shall be deemed a single payment.

 

		1.13	“Specified Employee” means an individual who also satisfies the definition of “key
employee” as that term is defined in Code Section 416(i) (without regard to paragraph (5) thereof).

 

		1.14	“Survivor’s Benefit” means the benefit payable to Executive’s Beneficiary
following his death in accordance with Section 2.4.

 

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		1.15	“Vested Account Balance” means the portion of Executive’s Account Balance that
is vested in accordance with the Vesting Schedule.

 

		1.16	“Vesting Schedule” means the rate at which the Executive’s Account Balance becomes
vested and non-forfeitable. The Executive’s Account Balance shall be 100% vested at all times.

 

ARTICLE II

BENEFITS

 

		2.1	Account. The Bank shall maintain an Account for Executive to which it shall credit all amounts
allocated thereto in accordance with Section 2.2. Executive’s Account shall be adjusted no less often than annually to reflect
the credits made to the Account. The adjustments shall be made as long any amount remains credited to the Account. The amounts
allocated and adjustments made shall comprise the Account at any time.

 

		2.2	Annual
Credits to Account. The Bank shall credit Executive’s Account with $55,000 as of June 30, 2017, and an additional
$55,000 on June 30 (the “Contribution Date”) of each 2018 through and including 2021, for a total contribution of $275,000.
These annual contributions shall only be made if Executive is employed with the Bank as of the Contribution Date. If a Separation
from Service occurs prior to a Contribution Date, the Bank shall credit Executive's Account a pro-rated amount determined by dividing
the number of days during such year, measured from July 1 to June 30, prior to termination of Executive's employment by 365, and
multiplying such quotient by $55,000. The Executive may not make any contributions under this Agreement and the Bank may, but is
not obligated to, make discretionary contributions to Executive’s Account from time to time. Discretionary contributions,
if any, shall be credited at such times and in such amounts as determined by the Board of Directors in its sole discretion. 

 

		2.3	Benefit on Separation from Service Prior to April 1, 2027. Upon Executive’s Separation
from Service prior to April 1, 2017, Executive shall be entitled to the Vested Account Balance, with such amount paid out over
a period of ten (10) years in 120 equal monthly payments commencing on April 1, 2027.

 

		2.4	Benefit on Separation from Service On or After April 1, 2027. Upon Executive’s Separation
from Service on or after April 1, 2017, Executive shall be entitled to the Vested Account Balance, with such amount paid out over
a period of ten (10) years in 120 equal monthly payments commencing on the first day of the month following the date of the Executive’s
Separation from Service.

 

		2.5	Survivor’s Benefit.

 

		(a)	If Executive dies prior to April 1, 2027, Executive’s Beneficiary shall be entitled to the
Vested Account Balance, with such amount paid out over a period of ten (10) years in 120 equal monthly payments commencing on April
1, 2027.

 

    	 	5	 

     

    

 

		(b)	If Executive dies on or after April 1, 2027 but prior to the payment of the full Vested Account
Balance (i.e., 120 monthly payments), Executive’s Beneficiary shall be entitled to the same number of monthly payments (in
the same amount) payable at the same dates as if the Executive had not died.

 

		2.6	Termination for Cause. Notwithstanding any other provision of this Agreement to the contrary,
if Executive is terminated for Cause, all benefits under this Agreement shall be forfeited by Executive and Executive’s participation
in the Agreement shall become null and void.

 

		2.7	Benefit Payable on Separation from Service in Connection With or Two Years Following a Change
in Control. In the event of the Executive’s Separation from Service (other than for Cause) in connection with or within
two (2) years following a Change in Control, the Executive's Account Balance shall be 100% vested and the amount of the Account
Balance shall equal at least $275,000, and such amount shall be paid in a lump sum within five business days following the date
of the Separation from Service.

 

ARTICLE III

BENEFICIARY DESIGNATION

 

Executive shall make an
initial designation of primary and secondary Beneficiaries upon initial participation in the Agreement by completion of a Beneficiary
form substantially in the form attached as Exhibit A, and shall have the right to change the designation, at any subsequent time.
Any Beneficiary designation shall become effective only when receipt thereof is acknowledged in writing by the Administrator.

 

ARTICLE IV

EXECUTIVE’S RIGHT TO ASSETS,

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

At no time shall Executive
be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The rights of Executive,
any Beneficiary, or any other person claiming through Executive under this Agreement, shall be solely those of an unsecured general
creditor of the Bank. Executive, the Beneficiary, or any other person claiming through Executive, shall only have the right to
receive from the Bank those payments so specified under this Agreement. Neither Executive nor any Beneficiary under this Agreement
shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in
advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by Executive or his Beneficiary, nor be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise.

 

    	 	6	 

     

    

 

ARTICLE V

ERISA PROVISIONS

 

		5.1	Named Fiduciary and Administrator. The Bank shall be the “Named Fiduciary” and
the Committee shall be the Administrator of this Agreement. As Administrator, the Committee shall be responsible for the management,
control and administration of the Agreement as established herein. The Committee may delegate to others certain aspects of the
management and operational responsibilities of the Agreement, including the employment of advisors and the delegation of ministerial
duties to qualified individuals.

 

		5.2	Claims Procedure and Arbitration. In the event that benefits under this Agreement is not
paid to Executive (or to his Beneficiary in the case of Executive’s death) and the claimant(s) feel he or they are entitled
to receive the benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are
refused. The Administrator shall review the written claim and, if the claim is denied, in whole or in part, it shall provide in
writing, within thirty (30) days of receipt of such claim, its specific reasons for such denial, reference to the provisions of
this Agreement upon which the denial is based, and any additional material or information necessary for such claimants to perfect
the claim. The written notice by the Administrator shall further indicate the additional steps which must be undertaken by claimants
if an additional review of the claim denial is desired.

 

If claimants desire a second review,
they shall notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Agreement
or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion,
the Administrator shall then review the second claim and provide a written decision within thirty (30) days of receipt of such
claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this
Agreement upon which the decision is based.

 

No claimant shall
institute any action or proceeding in any state or federal court of law or equity or before any administrative tribunal or arbitrator
for a claim for benefits under the Agreement until the claimant has first exhausted the provisions set forth in this Section 5.2.

 

ARTICLE VI

MISCELLANEOUS

 

		6.1	No Effect on Employment Rights. Nothing contained herein will confer upon Executive the
right to be retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with Executive without
regard to the existence of this Agreement.

 

		6.2	State Law. This Agreement is established under, and will be construed according to, the
laws of the State of Wisconsin, to the extent such laws are not preempted by ERISA and valid regulations published thereunder or
any other federal law.

 

    	 	7	 

     

    

 

		6.3	Severability and Interpretation of Provisions. The Bank shall have full power and authority
to interpret, construe and administer this Agreement and the Bank’s interpretation and construction thereof and actions thereunder
shall be binding and conclusive on all persons for all purposes. No employee or representative of the Bank shall be liable to any
person for any actions taken or omitted in connection with the interpretation and administration of this Agreement unless attributable
to his own willful misconduct or lack of good faith. In the event that any of the provisions of this Agreement or portion hereof
are held to be inoperative or invalid by any court of competent jurisdiction, or in the event that any provision is found to violate
Code Section 409A and would subject Executive to additional taxes and interest on the amounts deferred hereunder, or in the
event that any legislation adopted by any governmental body having jurisdiction over the Bank would be retroactively applied to
invalidate this Agreement or any provision hereof or cause the benefits under this Agreement to be taxable, then: (1) insofar as
is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity
and enforceability of the remaining provisions will not be affected thereby. In the event that the intent of any provision shall
need to be construed in a manner to avoid taxability, this construction shall be made by the Administrator in a manner that would
manifest to the maximum extent possible the original meaning of such provisions.

 

		6.4	Incapacity of Recipient. If a benefit is payable to a minor, to a person declared incompetent,
or to a person incapable of handling the disposition of his property, the Bank may pay such benefit to the guardian, legal representative
or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. The distribution shall completely discharge
the Bank for all liability with respect to the benefit.

 

		6.5	Unclaimed Benefit. Executive shall keep the Bank informed of his or her current address
and the current address of his Beneficiaries. If the location of Executive is not made known to the Bank, the Bank shall delay
payment of Executive’s benefit payment(s) until the location of Executive is made known to the Bank; however, the Bank shall
only be obligated to hold the benefit payment(s) for Executive until the expiration of three (3) years. Upon expiration of the
three (3) year period, the Bank may discharge its obligation by payment to Executive’s Beneficiary. If the location of Executive’s
Beneficiary is not known to the Bank, Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if
any, of any benefits provided for such Executive and/or Beneficiary under this Agreement.

 

		6.6	Limitations on Liability. Notwithstanding any of the preceding provisions of the Agreement,
no individual acting as an employee or agent of the Bank, or as a member of the Board of Directors shall be personally liable to
Executive or any other person for any claim, loss, liability or expense incurred in connection with the Agreement.

 

    	 	8	 

     

    

 

		6.7	Gender. Whenever in this Agreement words are used in the masculine or neuter gender, they
shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

 

		6.8	Effect on Other Corporate Benefit Agreements. Nothing contained in this Agreement shall
affect the right of Executive to participate in or be covered by any qualified or nonqualified pension, profit sharing, group,
bonus or other supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future
compensation structure.

 

		6.9	Inurement. This Agreement shall be binding upon and shall inure to the benefit of the Bank,
its successors and assigns, and Executive, his successors, heirs, executors, administrators, and Beneficiaries.

 

		6.10	Headings. Headings and sub-headings in this Agreement
are inserted for reference and convenience only and shall not be deemed a part of this Agreement.

 

		6.11	12 U.S.C. §1828(k). Any payments made to Executive pursuant to this Agreement or otherwise
are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder.

 

		6.12	Payment of Employment Taxes. Any distribution under this Agreement shall be reduced by the
amount of any taxes required to be withheld from the distribution.

 

		6.13	Successors to the Bank. The Bank, as applicable, will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Bank to assume expressly and agree to perform the duties and obligations under this Agreement in the same manner and to the same
extent as the Bank would be required to perform it if no such succession had taken place.

 

		6.14	Legal Fees. In the event Executive retains legal counsel to enforce any of the terms of
the Agreement, the Bank will pay his legal fees and related expenses reasonably incurred by him, but only if Executive prevails
in an action seeking legal and/or equitable relief against the Bank.

 

ARTICLE VII

AMENDMENT

 

		7.1	This Agreement may not be amended or modified, in whole or part, without the mutual written consent
of Executive and the Bank. Notwithstanding anything to the contrary herein, the Agreement may be amended without Executive’s
consent to the extent necessary to comply with existing tax laws or changes to existing tax laws.

 

    	 	9	 

     

    

 

ARTICLE VIII

EXECUTION

 

		8.1	This Agreement sets forth the entire understanding of the Bank and Executive with respect to the
transactions contemplated hereby, and any previous agreements or understandings, including the Original Agreement, between them
regarding the subject matter hereof are merged into and superseded by this Agreement.

 

		8.2	This Agreement shall be executed in duplicate, each copy of which, when so executed and delivered,
shall be an original, but both copies shall together constitute one and the same instrument.

 

[signature page follows]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the
Bank has caused this Agreement to be executed, effective as of the day and date first above written.

 

	 	 	FIRST FEDERAL BANK OF WISCONSIN 
	 	 	 	 
	/s/ Edward H. Schaefer	 	By:	/s/ James Taratino
	EDWARD H. SCHAEFER	 	 	 
	 	 	Title:	Chairman of the Board of Directors
	May 24, 2017	 	 	 
	Date	 	Date:	May 24, 2017

 

    	 	11

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