Document:

Employment agreement

 EXHIBIT 10.3 
 EMPLOYMENT AGREEMENT 
 This Employment
Agreement (“Agreement”) is made and entered into as of the 28th day of November 2006 and is by and between
Community Financial Shares, Inc, a Delaware Corporation (“CFS”), Community Bank-Wheaton/Glen Ellyn, an Illinois banking corporation (“Community Bank”) and Donald H. Fischer (“Fischer”). 
 R E C I T A L S 
  

	 	A.	Fischer is currently President, Chief Executive Officer and Chairman of CFS and Community Bank and has held those positions since the inception of each of the entities;

  

	 	B.	Fischer has informed CFS and Community Bank of his intention to relinquish his position as President and Chief Executive Officer of each organization, effective with the close of
business on December 31, 2006; 

  

	 	C.	CFS and Community Bank have determined that Fischer’s continued participation in the affairs of CFS and Community Bank, following the termination of his status as Chief
Executive Officer, is essential to the satisfactory transition of authority unto a new President and Chief Executive Officer to insure the continued operation of Community Bank and of CFS in a safe and sound condition; 

  

	 	D.	The Board of Directors of CFS and of Community Bank have determined that Fischer’s continued participation in the operation of each of the entities during the year 2007 is an
essential aspect of each of the entities continued success in maintaining its position in the Glen Ellen/Wheaton market area considering Fischer’s status as the founding Chief Executive Officer of Community Bank and his long-term presence in
the community; and, 

  

	 	E.	The parties have entered into this Agreement for the purpose of memorializing the terms and conditions of Fischer’s continued employment by CFS and his continued activities on
behalf of Community Bank. 

 NOW THEREFORE, in consideration of the mutual Covenants and Agreements herein contained, the parties do
hereby agree as follows: 
 Section 1 Termination of full-time employment as Chief Executive Officer 
 1.1 Effective with the close of business on December 31, 2006, Fischer shall be relieved of his responsibilities of Chief Executive Officer and
President of CFS and of Community Bank. 
 1.2 Fischer’s relinquishment of his responsibilities as Chief Executive Officer is
specifically conditioned upon securing the acceptance of employment of Mr. Scott Hamer as President and Chief Executive Officer (“CEO”) of Community Bank and of CFS. In the event that Mr. Hamer does not assume the position of
CEO, Fischer agrees to continue in the position of Chief Executive Officer until such time as a successor shall have been duly appointed and installed as CEO of CFS and of Community Bank. 
 1.3 Fischer shall, as of the Effective Date of this Agreement, be employed by CFS exclusively, but shall render services on its behalf to Community Bank.
Fischer shall not have any further authority as an officer or employee of Community Bank, including, but not limited to, lending authority, check signing authority and the like. 

 Section 2 Duties as Chairman of Board of Directors 
 2.1 During the Term of this Agreement, as defined in Section Four below, and subject to Fischer’s re-election as a Director of CFS by its
shareholders at the 2007 CFS Annual Shareholders’ Meeting, Fischer agrees to and CFS and Community Bank do hereby agree, to his continuation as Chairman of the Board, respectively, of each organization. 
 2.2 Fischer will continue to have the general responsibilities required of all directors along with the rights and privileges granted thereto.

 2.3 As Chairman, Fischer will be specifically responsible for: 
 2.3.1 Providing guidance and assistance to the CEO in conjunction with the transition of authority from Fischer to him; 
 2.3.2 Acting as Chairman of all meetings of the Board of Directors of Community Bank and of CFS; 
 2.3.3 Acting as a liaison between the Board of Directors of CFS and of Community Bank and the CEO; 
 2.3.4 Assisting the CEO in conjunction with the Community Bank’s marketing activities through the introduction of the CEO to significant bank
customers; to engage in assigned client development activities and, in general, to provide assistance in conjunction with the marketing of Community Bank’s products and services; 
 2.3.5 Providing general oversight in conjunction with the operations of Community Bank; and, 
 2.3.6 Undertaking such assignments which shall, from time to time, be assigned by the CEO. 
 2.4 The Parties agree and acknowledge that Fischer’s employment shall be on a part-time basis but shall, nevertheless, average a minimum of
twenty-five (25) hours per week, excluding five (5) weeks paid vacation and all bank holidays. 
 2.5 Fischer shall continue as a
member of the following Committees of Community Bank: Credit Quality, Loan and ALCO. 
 2.6 As an employee of Community Financial Shares,
Inc., Fischer will be provided an office at Community Bank’s Wheaton Main Facility and will be provided clerical support for his activities. 
 Section 3 Compensation 
 3.1 Fischer shall receive the following compensation throughout the Term of this
Agreement: 
 3.1.1 An annual salary in the amount of One Hundred Ten Thousand ($110,000) Dollars, paid concurrently with the payroll schedule
for Community Bank; 
 3.1.2 Reimbursement, to a maximum of Five Thousand ($5,000) Dollars, for dues to service organizations and/or approved
entities which the Board of Directors deem appropriate for Fischer’s marketing efforts on behalf of Community Bank; 
 3.1.3
Participation in the CFS-Community Bank group health insurance plan, the cost of which shall be borne by Fischer; 

 3.1.4 Payment of Director’s compensation in accordance with the policy established for all
Directors; 
 3.1.5 Reimbursement for actual expenses incurred by Fischer in conjunction with entertainment of Community Bank’s
customers, upon the submission of appropriate documentation supporting these expenditures; and, 
 3.1.6 Mileage reimbursement for actual
miles at the reimbursement rate established by the Internal Revenue Service. 
 3.2 Notwithstanding Fischer’s change in status as it
relates to CFS and Community Bank, he shall still be entitled to participate in the Community Bank Directors’ Retirement Program. 
 3.3
The foregoing shall constitute the sole compensation payable to Fischer in conjunction with his status as Chairman of CFS and of Community Bank. Nothing contained herein shall, however, be deemed to in any manner constitute a waiver of
relinquishment of any rights to compensation and/or bonuses to which Fischer is entitled by virtue of his employment by Community Bank at any time prior to the Effective Date of this Agreement. 
 Section 4 Term and Termination 
 4.1 The
parties agree and acknowledge that the Term of this Agreement shall commence as of January 1, 2007 (the “Effective Date”) and, unless sooner terminated as provided herein, shall terminate on December 31, 2007 (the
“Termination Date”). 
 4.2 This Agreement may be terminated prior to the Termination Date upon the occurrence of the first of the
following: 
 4.2.1 Fischer’s prior resignation as Chairman of CFS and/or Community Bank; 
 4.2.2 Fischer’s Default, following notice and opportunity to cure of his obligations hereunder, as more specifically provided below; or, 

4.2.3 Fischer’s death. 
 4.3 Fischer
shall be deemed to be in default (“Default”) of his obligations hereunder in the event that he: (i) either by action or inaction, substantially and materially fails to perform the duties required of him hereunder; (ii) willfully
violates any of the laws and regulations governing the operation of a banking institution or violates the published codes of conduct in operation of Community Bank and of CFS; (iii) engages in a course of personal conduct which substantially
harms the reputation of CFS and/or of Community Bank; (iv) is found to be in violation of the penal laws of the State of Illinois to the level of a felony; or (v) is banned from participation in any manner in banking by any of the
regulatory authorities governing the operations of Community Bank. 
 4.4 If CFS or Community Bank intends to declare Fischer to be in
Default of his obligations hereunder, it shall provide him with a notice (“Default Notice”) advising him of the nature of the default and the manner of cure. If the nature of the Default is such that it is possible to cure, the Default
Notice shall specify a reasonable period of time, which shall be not less than thirty (30) days within which Fischer shall have an opportunity to cure the Default. 
 4.5 In the event that CFS and/or Community Bank determine that Fischer is in material violation of any of his obligations hereunder, in lieu of declaring Fischer to be in Default, CFS and Community Bank shall have the
right to place Fischer on administrative leave, with pay, throughout the remainder of the term of the Agreement. During that time, Fischer shall be entitled to receive the salary as provided above, and continue participation, at his expense, in the
CFS group health insurance plan. CFS and Community Bank reserve the right to remove Fischer as a member of the Board of Directors and terminate his position as Chairman. In that event, Fischer shall no longer be entitled to the utilization of an
office in Community Bank premises or the provision of any support services. 

 Section 5 Notices 
 5.1 Any notice, communication or demand by either party to the other shall be in writing and shall be delivered by (i) personal receipted delivery;
(ii) a national recognized overnight private mail service; (iii) United States Mail, certified, return receipt requested; or (iv) by facsimile transmission to a designated telephone number with a copy of the notice forwarded by first
class mail on the date of transmission, to the addressee at the address as follows: 
  

			
	 If to Community/CFS:
	  	Community Bank-Wheaton/Glen Ellyn
		  	 357 Roosevelt Road

		  	 Glen Ellyn, Illinois 60137

		  	 Attn: Chief Executive Officer

		
	 If to Fischer:
	  	 Mr. Donald H. Fischer

		  	 1676 Thompson Drive

		  	 Wheaton, Illinois 60187

 5.2 A notice shall be deemed to have been given (i) upon the date of actual receipt if
delivery is affected by personal delivery or by a national recognized overnight courier service; or (ii) on the day of transmission if completed before 5:00 PM prevailing time, and if not completed before 5:00 PM the notice shall be deemed to
have been served on the next business day, or (iii) on the third (3rd) business day after posting if served by United States Mail. 
 5.3 Any party may change an address to which notice is to be sent by serving a notice in conformity with the provisions of this Section 5. 
 Section 6 Miscellaneous 
 6.1 Amendment to Agreement. This Agreement may not be amended except by a
writing executed by each of the parties hereto. 
 6.2 Agreement Supersedes Prior Agreements. This Agreement supersedes all prior
Agreements and understandings between the parties. 
 6.3 Entire Agreement. The parties acknowledge that this Agreement comprises the
entire Agreement of the parties and supersede any other promises or undertakings. 
 6.4 Execution in Counterparts. This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 6.5 Severability. If any term, condition or provision of this Agreement shall be declared invalid or unenforceable, the remainder of this Agreement, other than such term, condition or provision, shall not be
affected thereby and shall remain in full force and effect and shall be valid and enforceable to the fullest extent permitted by law. 
 6.6
Non-Assignability. This Agreement is not assignable by either party without the prior written consent of the other. 
 6.7 Illinois
Law. This Agreement and all amendments thereof shall be governed by and construed in accordance with the laws of the State of Illinois. 

 6.8 Section Headings. The section headings in this Agreement are intended for convenience only and
shall not be taken into consideration in any construction or interpretation of this Agreement or any of its provisions. 
 6.9
Expenses. Each party hereto shall pay and be responsible for the costs and expense, including, without limitation, attorneys’ and accountant’s fees, incurred by such party in conjunction with this transaction. 
 6.10 Jurisdiction. The parties agree that proper jurisdiction for any litigation related to the interpretation or enforcement of this Agreement
shall be Eighteenth Judicial Circuit in the Circuit Court of DuPage County, Illinois or in the case of Federal Jurisdiction, the Eastern Division for the Federal District Court for the Northern District of Illinois. 
 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and date first above written at Glen Ellyn, Illinois. 
  

							
		 		 	Community Financial Shares, Inc
			
	  
	 	By:	 	  

	 Donald H. Fischer
	 	Its:	 	Chief Financial Officer
			
		 		 	Community Bank-Wheaton/Glen Ellyn
				
		 		 	By:	 	  

		 		 	Its:	 	Chief Financial OfficerForm of the Privacy Notices of the Managing Owner

 EXHIBIT 4.5 
 PRIVACY POLICY NOTICE OF KENMAR 
 December 2006 
 This Privacy Policy Notice explains the manner in which Kenmar* collects, utilizes and maintains non-public personal information about customers who are individuals, as
required under federal and other applicable law. Kenmar is committed to protecting a customer’s privacy and maintaining the confidentiality and security of a customer’s personal information. 
 Collection of Information. Kenmar collects non-public information about customers from the following sources: 
  

	 	•	 	 Applications, questionnaires and other information provided by a customer in writing, in person, by telephone, electronically or by any other means. This
information may include name, address, e-mail address, employment information, and financial and investment information; 

  

	 	•	 	 Kenmar-related transactions and investments, including account balances, investments and withdrawals/redemptions; and 

  

	 	•	 	 If you visit Kenmar’s web site, software is used to collect anonymous data such as browser types, pages visited, and date of visit. Kenmar uses this data to
better understand web site usage and to improve its web site. The information is stored in log files and is used for aggregated and statistical reporting. This log information is not linked to personally identifiable information gathered elsewhere
on the site. 

 Use and Disclosure of Information. Kenmar uses personal information in ways compatible with the purposes for which
we originally requested it. Kenmar does not disclose non-public personal information about customers to affiliates or nonaffiliated third parties except in limited circumstances as required or permitted by law. For example, we may share non-public
personal information about customers with affiliated and nonaffiliated parties in the following situations, among others: in connection with the administration and operations of Kenmar and/or to service your account(s), or to provide services or
process transactions that you have requested, with Kenmar’s brokers, custodians, administrators, attorneys, accountants, auditors, or other service providers; to respond to a subpoena or court order, judicial process or regulatory inquiry; to
protect or defend against fraud, unauthorized transactions (such as money laundering), law suits, claims or other liabilities; to protect the security of our records, or to protect our rights or property; in connection with a proposed or actual
sale, merger, or transfer of all or a portion of Kenmar’s business; to otherwise assist Kenmar in offering Kenmar-related products and services to customers; at a customer’s direction/consent, with the customer’s representatives,
advisors and other third parties. Kenmar restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Kenmar maintains appropriate physical, electronic and
procedural safeguards to guard your non-public personal information. 
 Kenmar’s Privacy Policy also applies to former customers. Kenmar reserves the
right to change its Privacy Policy at any time. The examples above are illustrations and are not intended to be exclusive. Kenmar’s Privacy Policy complies with federal law regarding privacy—you may have additional rights under other
foreign or domestic laws that may apply to you. 
 If you have any questions, please call Kenmar’s Investor Services and Communications at 914-307-4000
or send a letter to Kenmar, Attention: Investor Services, 900 King Street, Suite 100, Rye Brook, NY 10573. 

	*	“Kenmar” or “we” means (i) collectively, Kenmar Securities Inc., Preferred Investment Solutions Corp., Kenmar Investment Adviser LLC, Kenmar
Global Investment Management LLC and Kenmar GIM Inc., (ii) private and public investment funds/pools advised by Kenmar, and (iii) each of their affiliates. 

 Important Privacy Choices for California Consumers 
 You have the right to control whether Kenmar shares some of your personal information. Please read the following information carefully before you make your choices
below. 
 Your Rights 
 You have the following rights to
restrict the sharing of personal and financial information with our affiliates (companies we own or control) and outside companies that we do business with. Nothing in this form prohibits the sharing of information necessary for us to follow the
law, as permitted by law, or to give you the best service on your accounts with us. This includes sending you information about some other products or services. 
 Your Choices 
 Restrict Information Sharing With Companies We Own or Control (Affiliates): 
 Unless you say “No,” we may share personal and financial information about you with our affiliated companies. 
 (    ) NO, please do not share personal and financial information with your affiliated companies. 
 Restrict Information Sharing With Other Companies We Do Business With To Provide Financial Products And Services: 
 Unless you say “No,” we may share personal and financial information about you with outside companies we contract with to provide financial products and
services to you. As a practical matter, it may be impossible to provide products and services to you if we cannot share your personal and financial information with such service providers to your account. 
 (    ) NO, please do not share personal and financial information with outside companies you contract with to provide financial products and
services. 
 Restrict Information Sharing With Other Companies That Do Not Provide Products and Services To You: 
 Unless you say “Yes” we may not share personal and financial information about you with outside companies who do not provide financial products and services to
you. 
 (    ) YES, I authorize you to share personal and financial information with outside companies who do not provide
financial products and services to you. 
 Time Sensitive Reply 
 You may make your privacy choice(s) at any time. Your choice(s) marked here or otherwise indicated to us will remain unless you state otherwise. However, if we do not hear from you we may share some of your information with affiliated
companies and other companies with whom we have contracts to provide products and services. 
 To exercise your choices or to modify any of your prior
choices do one of the following: (1) fill out, sign and send back this form to us using the envelope provided (you may want to make a copy for your records); or (2) call Kenmar Investor Services at 914-307-4000 to communicate the
information to us. 
  

											
	Print Name:	 	  
	 		 		 		 	
	Signature:	 	  
	 		 	Date:

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