Document:

<PAGE>

                                                                   Exhibit 10.20

                               MARKETING AGREEMENT

         This Marketing Agreement ("Agreement") is made as of March 13, 2003
(the "Effective Date") between ASV Inc., a Minnesota corporation with a
principal place of business at 840 Lily Lane, Grand Rapids, Minnesota 55744
("ASV") and Jacobsen, a division of Textron Inc., a Delaware corporation with
its principal place of business at 40 Westminster St., Providence, RI
02903("Jacobsen").

         WHEREAS, Jacobsen markets and sells landscaping equipment and products,
under the Jacobsen(R) trademark , to the golf course industry in North America
and worldwide, utilizing a network of independent authorized dealers ("Dealers";
individually "Dealer");

         WHEREAS, ASV manufactures and sells certain rubber-tracked products for
use in low impact landscaping applications;

         WHEREAS, ASV desires to market a rubber-tracked product for the golf
course market, using the ASV and Jacobsen(R) marks, through Jacobsen's network
of independent dealers; and, Jacobsen desires to promote the sale of ASV's
products to its dealers under the ASV and Jacobsen(R) marks and to provide
additional sales and field support;

         NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree as follows:

1.       DEFINITIONS

         As used herein, the following terms will have the following meanings:

         1.1      "Confidential Information" means all trade secrets,
confidential and proprietary data of any kind or nature whatsoever relating to
this Agreement, or the businesses of either party and its affiliates.
Confidential Information also shall include any information prepared or
developed by a party in connection with this Agreement, which reflects,
interprets, evaluates, includes or is derived from the Confidential Information
of another party. Confidential Information, by way of example, but not by way of
limitation, shall include, but not be limited to, technical specifications,
diagrams, discoveries, economic models, pro forma and other financial
information, designs, business opportunities, cost and pricing data, records,
customer lists, and engineering, manufacturing, and marketing know-how.
Confidential Information does not include information which (i) was generally
known or available to the public at the time of its disclosure, discovery or
production hereunder, or which after such disclosure, discovery or production
became generally known or available to the public, provided that such
disclosure, discovery or production was made or occurred through no fault of the
receiving party or its affiliates, or their officers, directors, or employees;
(ii) was in the possession of the receiving party prior to its disclosure,
discovery or production hereunder; (iii) was known or was being independently
developed by the receiving party at the time of its disclosure hereunder; (iv)
is required to be furnished pursuant to law or legal process; or (v) is
rightfully obtained, subsequent

<PAGE>

to its disclosure hereunder, by the receiving party or its affiliates from a
third party who is lawfully in possession of such information and who is not
under an obligation of confidentiality to the disclosing party.

         1.2      "Licensed Mark" means the trademark Jacobsen(R)and design as
it is set forth on Exhibit B hereto

         1.3      "Products" means those products listed on Exhibit C hereto.

2.       MARKETING, DISTRIBUTION AND PRODUCT SUPPORT

         2.1      Jacobsen Dealer Network. Jacobsen shall provide ASV with a
list of its Dealers including appropriate contact information and information
regarding each Dealer's approximate annual sales of Jacobsen products. Jacobsen
shall also make introductions of ASV to its Dealers. ASV shall be entitled to
enter into dealer agreements with such Dealers on terms that ASV and such
Dealers may mutually agree.

         2.2      Jacobsen Marketing Obligations. Jacobsen shall market and
promote the sale of the Products to Dealers in the golf course market in
accordance with the marketing plan set forth on Exhibit A, at Jacobsen's
expense. Jacobsen shall consult with ASV on a regular basis concerning Dealer
and user demand for Products. Jacobsen agrees to refer to ASV any inquiries that
it may receive for sales of the Products. Jacobsen's promotions and
recommendations of Products will be in accordance with ASV's sales materials and
technical data timely provided by ASV, at its own cost, to Jacobsen.

         2.3      Sales of Products. ASV shall take orders for Products directly
from Dealers. ASV may, in its sole discretion, choose to accept, reject or limit
orders from Dealers on the basis of the overall demand for and supply of the
Products, the Dealer's credit rating, ASV's prior credit experience with the
Dealer, or Dealer's failure to provide adequate customer service levels. Dealers
will be entitled to use ASV's credit terms, or to apply for possible financing
with Textron Financial Corporation, a Textron Inc. subsidiary, for their
purchases of Products from ASV. Jacobsen acknowledges that nothing herein shall
limit ASV from selling Products that do not incorporate the Licensed Marks to
other dealers or through such other means of distribution that ASV deems
appropriate.

         2.4      Jacobsen Sales Support and Training. Jacobsen shall provide
reasonable support for the sales and promotion of the Products through the
Dealers and shall designate a product manager with responsibility for promoting
and marketing the Products. ASV will provide sales training to Jacobsen
employees, at ASV's facilities and at a level consistent with sales training
that ASV provides to its own employees and dealers. Each party will bear its own
expenses in connection with such sales training. Jacobsen will be solely
responsible for compensating its product manager, regional sales managers and
other employees in connection with their sales activities for the Products.

         2.5      Dealer Sales Training. With the cooperation of Jacobsen, ASV
shall train Dealers for marketing and servicing Product. Such sales training
shall concern the features, capabilities and appropriate applications for
Product and shall be designed to enable Dealer sales personnel to successfully
promote the sale of Product.

                                       2

<PAGE>

         2.6      Product Warranties. ASV shall warrant the Products to Dealers
and their customers, pursuant to the terms of ASV's standard product warranties.
ASV shall be responsible for administering ASV's warranties of Products sold
through Dealers.

         2.7      Technical Support. Jacobsen shall provide field personnel for
technical training and diagnostics for the Products. ASV shall provide technical
and service engineering support for the Products to such Jacobsen personnel, at
a level comparable with the level of technical and product support customers
generally expect with respect to ASV equipment. To this end, ASV shall employ a
suitable number of qualified engineers and technicians, and shall provide
technical training instruction to such Jacobsen personnel at locations and times
reasonably requested by Jacobsen and mutually agreed upon. Such trained Jacobsen
personnel shall make themselves available to ASV for support of the Products.

         2.8      Marketing Materials. ASV and Jacobsen may use ASV's existing
sales and service literature to market and promote the Products. The parties may
also develop joint marketing materials, to be mutually agreed upon, at
Jacobsen's expense. Such joint marketing materials, and all copyrights therein,
shall be jointly owned by ASV and Jacobsen, without accounting. ASV will also
provide Jacobsen the right to use any ASV-developed artwork in any
Jacobsen-developed promotional material and literature relating to Product.

         2.9      Cooperation. The parties shall cooperate in all reasonable
respects with each other in the fulfillment of their respective responsibilities
under this Agreement.

         2.10     Component Sourcing. If Jacobsen desires to purchase additional
or new products from ASV, ASV will discuss such sourcing arrangement in good
faith with Jacobsen.

3.       COMMISSIONS AND PAYMENT

         3.1      Commissions. In consideration for Jacobsen's services, ASV
shall pay Jacobsen a commission equal to a percent of the standard Dealer net
price for complete machines. "Net Price" shall mean the sale price for complete
machines, excluding shipping, rebates and returns, and taxes, for all Products
sold and delivered to Dealers by ASV, as reflected in the following table:

<TABLE>
<CAPTION>
Number of machines purchased during any calendar year         Commission %
-----------------------------------------------------         ------------
<S>                                                           <C>
                   ***                                           (***)%

                   Next ***                                      (***)%

                   Next *** and over                             (***)%
</TABLE>

-------------------
***  Denotes confidential information that has been omitted from the exhibit and
     filed separately, accompanied by a confidential treatment request, with the
     Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
     Exchange Act of 1934.

                                       3

<PAGE>

         3.2      Payment. ASV shall remit commissions to Jacobsen on a
quarterly basis, within thirty (30) days of the end of the calendar quarter.
Commission statements shall include a report of the aggregate Dealer Net Prices
paid by the Dealers during such quarter. All payments provided for herein shall
be made in U.S. dollars by wire transfer to an account number designated in
writing by Jacobsen.

         3.3      Records. ASV shall maintain accurate and complete records
showing in reasonable detail all pertinent information with respect to its sales
of the Products to the Dealers. Jacobsen, through its duly authorized
representatives (including certified public accountants), shall have the right,
upon request, to examine such records at reasonable times, but not more than
once per calendar year, for the purpose of determining the correctness of the
reports and payments submitted by ASV to Jacobsen under this Agreement.

4.       TRADEMARKS AND BRANDING

         4.1      Joint Branding of Products. The parties intend that the
rubber-tracked Products will be marketed under both the ASV trademarks and trade
dress, and the Licensed Mark. The parties shall jointly agree on the identity
package for the Products, and Jacobsen shall provide ASV with an appropriate
number of identity packages (e.g., Jacobsen logo stickers), at no additional
cost to ASV, for installation by ASV.

         4.2      Trademark License. Jacobsen hereby grants to ASV, a
nonexclusive, non-transferable, world-wide, royalty-free license to use and
apply the Licensed Mark solely in connection with the promotion, marketing and
sale of the Products. ASV acknowledges that (i) it shall have no right to use
the Licensed Mark in combination with any other mark, name or term, (ii) it
shall have no right to use the Licensed Mark for any uses other than for the
promotion, marketing and sales of the Products in the golf market, and (iii) it
shall have no right to grant sublicenses under this Agreement. ASV accepts this
license and agrees to exercise such rights strictly in accordance with the terms
and conditions set forth in this Agreement. Jacobsen reserves the right to grant
to others the right to use or apply the Licensed Mark in connection with the
sale and distribution of any products, in anyplace in the world, and to grant
licenses to third parties.

         4.3      Use of Trademark. ASV may use the Licensed Mark only as it
appears on Exhibit B. Furthermore, ASV shall not use the Licensed Mark or any
trademark or trade name confusingly similar thereto in connection with any goods
other than the Products. Jacobsen shall have the right to disapprove of the use
of the Licensed Mark as applied to all Products, as well as its use with
advertisements, brochures and any other promotional materials related to such
Products.

         4.4      Infringement. (a) ASV shall promptly advise Jacobsen in
writing of any suit or other proceeding commenced against ASV based upon a claim
that ASV's use or application of the Licensed Mark in accordance with this
Agreement infringes any trademark, service mark or other proprietary right
belonging to a third party, or if ASV becomes aware that a third party may be
infringing upon the rights of Jacobsen in the Licensed Mark. (b) Jacobsen shall
have the sole and absolute right to control the defense of any such infringement
suit or proceeding and may settle the same if desirable, in Jacobsen's sole and
absolute discretion. In addition, Jacobsen

                                       4

<PAGE>

shall also have the sole and absolute right to bring any action or take any
other steps to enforce its rights in the Licensed Mark. ASV agrees to assist
Jacobsen, at Jacobsen's request and expense, in any such defense and/or
enforcement action by providing information and witnesses as needed.

         4.5      Quality Standards. All use by ASV of the Licensed Mark shall
be in compliance with the reasonable quality standards of Jacobsen. ASV shall,
at the request of Jacobsen, provide Jacobsen with a reasonable number of samples
of any advertising materials, packaging, labels and other printed material
bearing the Licensed Mark and used in the marketing of the Product in order for
Jacobsen to verify that ASV is meeting the required quality standards. In
addition, ASV agrees that Jacobsen representatives may enter ASV's premises at
any time during regular business hours in order to inspect ASV's manufacturing
operations and quality control procedures to ensure the maintenance of such
written quality standards of Jacobsen. If Jacobsen does not believe that the ASV
quality control standards meet those established by Jacobsen, it shall inform
ASV in writing, and ASV shall comply with Jacobsen's reasonable instructions to
bring them back into conformance. ASV shall not sell, display, market,
distribute or use for any purpose, any Products or Licensed Mark or promotional
and packaging material related thereto which fail to meet Jacobsen's quality
standards or the trademark requirements set forth in this Agreement.

         4.6      Marking Requirements. ASV's use of the Licensed Mark pursuant
to this Agreement shall comply with all marking requirements and other laws
pertaining to trademarks in force during the term of this Agreement.

         4.7      Ownership of Licensed Marks. ASV acknowledges and agrees that
Jacobsen has the exclusive right and interest in the Licensed Mark, that all use
of the Licensed Mark by ASV shall inure to the benefit of Jacobsen, including
its successors and assigns, that ASV will not take any action that is
inconsistent with Jacobsen's ownership of the Licensed Mark, or to contest the
validity of the Licensed Mark or in any way injure or discredit any part
thereof, and that, upon termination of this Agreement, all rights in the
Licensed Mark, including the goodwill connected therewith, shall remain the
property of Jacobsen.

         4.8      Registrations. Jacobsen shall be solely responsible for, and
may exercise its sole discretion in, deciding whether to apply for and prosecute
applications for registration of the Licensed Mark in any jurisdiction and
whether to maintain any such registrations therefor.

5.       TERM AND TERMINATION

         5.1      Term. Unless terminated earlier pursuant to Section 5.2 below,
this Agreement shall remain in effect for three (3) years from the Effective
Date ("Initial Term"). This Agreement may be extended for additional twelve (12)
month periods, by mutual written agreement of the parties.

         5.2      Termination. If either party fails to perform this Agreement
in any material respect (and does not remedy such failure to the complete
satisfaction of the non-defaulting party, within thirty (30) days after written
notice thereof has been sent to the other party) or becomes insolvent, bankrupt
or consents to the appointment of a trustee or receiver, or if any

                                       5

<PAGE>

trustee or receiver is appointed for the greater part of either party's
properties without the consent of that party and such trustee or receiver is not
discharged within thirty (30) days, or if any bankruptcy, reorganization,
arrangement or liquidation proceedings are instituted by either party or if
instituted against either party are consented to by it or permitted to remain
undismissed for thirty (30) days, then, in such event, the other party may
terminate this Agreement immediately upon written notice to such party.

         5.3      Effect of Termination or Expiration. Promptly after
termination or expiration of this Agreement, ASV shall pay Jacobsen any
commissions earned prior to the date of such termination or expiration. The
parties' rights and obligations under Sections 6, 7 and 8 shall survive
termination or expiration of this Agreement. Termination or expiration of this
Agreement shall not terminate any dealer agreements entered into between ASV and
the Dealers. ASV shall have the right to sell its inventory of Products that
bear the Licensed Mark for a period of six months following termination or
expiration of this Agreement and shall thereafter cease use of the Licensed Mark
on the Products.

6.       CONFIDENTIALITY

         6.1      Confidentiality Obligation. Each party (a "disclosing party")
may from time to time disclose to the other party (a "receiving party") certain
Confidential Information in connection with performance of this Agreement. The
receiving party shall hold the disclosing party's Confidential Information in
strictest confidence and trust and shall use the Confidential Information only
in connection with the purposes of this Agreement. The receiving party shall not
disclose Confidential Information provided by the disclosing party, or the fact
that it has been made available to the receiving party, except that the
receiving party may disclose Confidential Information and the fact that it has
been provided to those employees, officers, directors, agents, consultants and
representatives of the receiving party who have a need to know such information
in connection with the purposes of this Agreement.

         6.2      Public Disclosure. If the receiving party is required by law
or legal process to disclose any of the Confidential Information of the
disclosing party, the receiving party shall promptly notify the disclosing party
in writing so that the disclosing party may seek an appropriate protective order
or other remedy at the sole cost of the disclosing party.

         6.3      Return of Information. All reports, notes, data, memoranda,
records, or other tangible expressions of Confidential Information of the other
party, including any electronically stored data, will be returned to the
disclosing party promptly upon request of such disclosing party.

         6.4      Survival of Obligation. The confidentiality obligation shall
survive expiration or termination of this Agreement for any reason for a period
of one (1) year.

7.       INDEMNIFICATION

         7.1      By ASV. ASV shall defend, indemnify and hold Jacobsen and
Jacobsen's officers, directors, and employees harmless from and against any and
all claims, demands, liabilities, losses, damages, judgements, awards, fines,
costs and expenses, including attorneys' fees and costs, which arise from any
third party claim of injury or death of any person or loss of

                                       6

<PAGE>

or damage to property, resulting from, arising out of or connected with the
Products or ASV's performance under this Agreement including ASV's use of the
Licensed Mark, except to the extent that such claims, etc. result from the
negligence or willful misconduct of Jacobsen or to the extent that Jacobsen is
obligated to indemnify ASV pursuant to Section 7.2(b) below.

         7.2      By Jacobsen. Jacobsen shall defend, indemnify and hold ASV and
ASV's officers, directors and employees harmless from and against any and all
claims, demands, liabilities, losses, damages, costs and expenses, including
attorneys' fees and costs, which arise from (a) any third party claim of injury
or death of any person or loss of or damage to property, resulting from
Jacobsen's performance under this Agreement, except to the extent that such
claims, etc. result from the negligence or willful misconduct of ASV, or (b) any
third party claim that the use of the Licensed Trademarks infringes any third
party trademark or trade dress, except to the extent that such claims result
from ASV's failure to use the Licensed Mark according to the terms of this
Agreement.

         7.3      Procedures. The party entitled to indemnification shall
promptly notify the indemnifying party of any claim subject to this Section 7,
and shall permit the indemnifying party to control the defense and settlement of
such claim. The indemnified party shall provide reasonable cooperation to the
indemnifying party in such defense, at the indemnifying party's request and
expense.

8.       MISCELLANEOUS

         8.1      Notices. When written notice is required by this Agreement, it
shall be sent by registered mail, by courier or by such other method as will
permit the sender to verify delivery, to the addresses set forth below:

         For Jacobsen:

         Jacobsen, a division of Textron Inc.
         3800 Arco Corporate Drive
         Suite 310
         Charlotte, North Carolina 28273
         Facsimile: (704) 504-6654
         Attn: Jeff Dailey

         For ASV:

         ASV Inc.
         840 Lily Lane
         Grand Rapids, Minnesota 55744
         Facsimile: (218) 326-5579
         Attn: Gary Lemke

         Written notice may also be sent by facsimile to the numbers listed
above, but such notice shall not be effective unless the sender receives a
return facsimile acknowledging receipt of the notice. Notice shall be deemed
received when actually delivered to the recipient as demonstrated

                                       7

<PAGE>

by postal records. Facsimile notice shall be deemed received upon receipt by the
sender of an acknowledgement as described above. The addresses and transmittal
numbers set forth above can be changed only by written notice, which complies
with the requirements of this Section 8.1.

         8.2      No Waiver. Any failure of any party to enforce at any time any
of the provisions of this Agreement, or any rights or remedies with respect
thereto, or to exercise any election herein provided, shall not constitute a
waiver of any such provision, right, remedy or election or in any way affect the
validity thereof or of this Agreement. The exercise by any party of any of its
rights, remedies or elections under the terms of this Agreement shall not
preclude or prejudice such party's right to exercise at any other time the same
or any other right, remedy or election it may have under this Agreement. The
rights of termination provided herein are in addition to any other right, remedy
or election a party may have hereunder or at law or in equity, including the
right to sue for breach without terminating this Agreement.

         8.3      Force Majeure. No failure or omission by either party in the
performance of any of its obligations under this Agreement shall be deemed a
breach of this Agreement, nor create any liability or give rise to any right to
terminate this Agreement, if the same shall arise from or as a consequence of a
fire, flood, severe weather or other act of God, war, insurrection, civil
disturbance, or any other cause similar to the causes above enumerated, and any
such cause shall absolve the affected party from responsibility for such failure
to perform said obligation.

         8.4      Entire Amendment; Agreement. This Agreement, including the
Exhibits attached hereto or referred to herein, constitutes the entire agreement
between the Parties and there are no prior understandings, agreements,
representations or warranties between the parties relating hereto. No
modification or amendment to this Agreement or any of its provisions shall be
binding unless contained in a writing signed by both parties.

         8.5      Survival. The provisions of this Agreement shall survive
expiration or termination of this Agreement to the extent required for their
full observation and performance.

         8.6      Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
the remainder thereof.

         8.7      Applicable Law and Jurisdiction. This Agreement shall be
governed by and subject to the laws of the State of Minnesota, without regard to
the conflict of laws provisions thereof.

         8.8      Assignment. This Agreement may not be assigned by either party
without the prior written consent of the other party, which consent shall not be
unreasonably withheld.

         8.9      Relationship. The relationship between Jacobsen and ASV shall
be that of independent contractors, and nothing in this Agreement shall be
construed to establish a fiduciary, partnership, agency, or joint venture
relationship between the parties, or constitute Jacobsen, its agents and
employees as the agents or employees of ASV or to grant them any power or
authority to act for, bind or otherwise create or assume any obligation on
behalf of ASV for any purpose whatsoever.

                                       8

<PAGE>

         8.10     Headings. The headings to the sections of this Agreement are
solely for convenience of reference, and they shall not govern, limit or aid in
the interpretation of any terms or provisions of this Agreement.

         IN WITNESS WHEREOF, the parties have executed this Agreement by their
duly authorized representatives as of the date first above written.

ASV INC.                                         JACOBSEN, A DIVISION OF TEXTRON
                                                 INC.

By:    /s/ Gary Lemke                            By:    /s/ Joe Thompson
       --------------------                             ------------------------
Name:  Gary Lemke                                Name:  Joe Thompson
Title: Chairman                                  Title: Vice President

                                       9

<PAGE>

                                    EXHIBIT A
                                     TO THE
                               MARKETING AGREEMENT

                                 MARKETING PLAN

-    GCS Trade Show - share a booth

-    Co-op advertising with Jacobsen product

-    ASV/Jacobsen identity package

-    Direct mailers to 17,000 North American Golf Courses

-    Advertisements in YOUR COURSE magazine

-    Listing of ASV on the dealer locater on website - www.textronturf.com

-    ASV in Jacobsen literature

                                       10

<PAGE>

                                    Exhibit B
                                     to the
                               Marketing Agreement

                                  Licensed Mark

                                       11

<PAGE>

                                    Exhibit C
                                     to the
                               Marketing Agreement

                                    Products

RC-30 ALL SURFACE LOADER TURF EDITION

RC-50 ALL SURFACE LOADER TURF EDITION

                                       12<PAGE>

                             PLAN OF RESTRUCTURING

                                    FOR THE

                         CONVERSION AND REORGANIZATION

                                       OF

                            BANK MUTUAL BANCORP, MHC

                          AS ADOPTED ON APRIL 21, 2003
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                 PAGE
<S>                                                                                                              <C>
1.  INTRODUCTION...........................................................................................         1
2.  DEFINITIONS............................................................................................         2
3.  PROCEDURES FOR CONVERSION..............................................................................         7
4.  HOLDING COMPANY APPLICATIONS AND APPROVALS.............................................................        10
5.  SALE OF SUBSCRIPTION SHARES............................................................................        10
6.  PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES.......................................................        11
7.  RETENTION OF CONVERSION PROCEEDS BY THE HOLDING COMPANY................................................        12
8.  SUBSCRIPTION RIGHTS OF ELIGIBLE ACCOUNT HOLDERS (FIRST PRIORITY).......................................        12
9.  SUBSCRIPTION RIGHTS OF EMPLOYEE PLANS (SECOND PRIORITY)................................................        13
10. SUBSCRIPTION RIGHTS OF SUPPLEMENTAL ELIGIBLE ACCOUNT HOLDERS (THIRD PRIORITY)..........................        13
11. SUBSCRIPTION RIGHTS OF OTHER MEMBERS (FOURTH PRIORITY).................................................        14
12. COMMUNITY OFFERING.....................................................................................        14
13. SYNDICATED COMMUNITY OFFERING..........................................................................        15
14. LIMITATIONS ON PURCHASES...............................................................................        15
15. PAYMENT FOR HOLDING COMPANY COMMON STOCK...............................................................        17
16. MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER FORMS...........................................        18
17. UNDELIVERED, DEFECTIVE OR LATE ORDER FORM; INSUFFICIENT PAYMENT........................................        19
18. RESIDENTS OF FOREIGN COUNTRIES AND CERTAIN STATES......................................................        19
19. ESTABLISHMENT OF LIQUIDATION ACCOUNT...................................................................        20
20. VOTING RIGHTS OF SHAREHOLDERS..........................................................................        21
21. RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION.......................................................        21
22. REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS FOLLOWING THE CONVERSION....................        22
23. TRANSFER OF DEPOSIT ACCOUNTS...........................................................................        22
24. REGISTRATION AND MARKETING.............................................................................        22
25. TAX RULINGS OR OPINIONS................................................................................        23
26. STOCK BENEFIT PLANS AND EMPLOYMENT AGREEMENTS..........................................................        23
27. RESTRICTIONS ON ACQUISITION OF BANK AND HOLDING COMPANY................................................        24
28. PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK...........................................................        25
29. CHARTER AND BYLAWS.....................................................................................        25
30. CONSUMMATION OF CONVERSION AND EFFECTIVE DATE..........................................................        25
31. EXPENSES OF CONVERSION.................................................................................        25
32. AMENDMENT OR TERMINATION OF PLAN.......................................................................        25
33. CONDITIONS TO CONVERSION...............................................................................        26
34. INTERPRETATION.........................................................................................        26
</TABLE>

                                       i
<PAGE>
EXHIBIT A   AGREEMENT OF MERGER BETWEEN BANK MUTUAL CORPORATION, BKMU INTERIM
            SAVINGS BANK I AND BANK MUTUAL

EXHIBIT B   AGREEMENT OF MERGER BETWEEN BANK MUTUAL BANCORP, MHC, BKMU INTERIM
            SAVINGS BANK II AND BANK MUTUAL

EXHIBIT C   AGREEMENT OF MERGER BETWEEN BANK MUTUAL AND MUTUAL INTERIM SAVINGS
            BANK

EXHIBIT D   ARTICLES OF INCORPORATION OF THE HOLDING COMPANY

EXHIBIT E   BYLAWS OF THE HOLDING COMPANY
<PAGE>
                              PLAN OF RESTRUCTURING

                                     FOR THE

                        CONVERSION AND REORGANIZATION OF

                            BANK MUTUAL BANCORP, MHC

INTRODUCTION

      This Plan of Restructuring (the "Plan") provides for the conversion of
Bank Mutual Bancorp, MHC, a federal mutual holding company f/k/a Mutual Savings
Bancorp MHC (the "MHC"), into the capital stock form of organization. The MHC
currently owns a majority of the common stock of Bank Mutual Corporation, a
federal stock holding company (the "Mid-Tier Company"), which owns 100% of the
common stock of Bank Mutual, a federal stock savings association f/k/a Mutual
Savings Bank (the "Bank"). The MHC, the Mid-Tier Company and the Bank are
headquartered in Brown Deer, Wisconsin. The purpose of the Conversion is to
provide the Bank and its stock holding company resulting from the conversion
(the "Holding Company") with greater operating flexibility and capital resources
to respond to changing regulatory and market conditions, and to effect corporate
transactions, including mergers and acquisitions. The Holding Company will offer
for sale Holding Company Common Stock upon the terms and conditions set forth
herein to Eligible Account Holders, the Employee Plans established by the Bank
or the Holding Company, Supplemental Eligible Account Holders and Other Members
according to the respective priorities set forth in this Plan. Any shares not
subscribed for by the foregoing classes of Persons will be offered for sale to
certain members of the public directly by the Holding Company through a
Community Offering or a Syndicated Community Offering or through an underwritten
firm commitment public offering, or through a combination thereof.

      As part of the Conversion, each Minority Shareholder will receive Holding
Company Common Stock in exchange for Minority Shares.

      The Conversion will result in the voting interests of the MHC's Members
being transferred to Persons who purchase Holding Company Common Stock in the
Offering. The Conversion will have no impact on depositors, borrowers or other
customers of the Bank. After the Conversion, the Bank will continue to be
regulated by the OTS as its chartering authority. The Bank also will continue to
be a member of the Federal Home Loan Bank System and all insured savings
deposits in the Bank will continue to be insured by the FDIC to the extent
provided by applicable law.

      This Plan has been adopted by the Boards of Directors of the MHC, the
Mid-Tier Company and the Bank and must also be approved by (i) a majority of the
total number of votes entitled to be cast by Voting Members of the MHC at a
Special Meeting of Members to be called for that purpose, and (ii) at least
two-thirds of the outstanding shares of common stock of the Mid-Tier Company
entitled to be voted at the Special Meeting of Shareholders, including at least
a majority of the votes cast, in person or by proxy, by Minority Shareholders.
Prior to presenting
<PAGE>
this Plan to the Voting Members and Shareholders of the Mid-Tier Company for
consideration, the Plan must be approved by the OTS.

2.    DEFINITIONS

      For the purposes of this Plan, the following terms have the following
meanings:

      ACCOUNT HOLDER - Any Person holding a Deposit Account in the Bank.

      ACTING IN CONCERT - The term Acting in Concert means (i) knowing
participation in a joint activity or interdependent conscious parallel action
towards a common goal whether or not pursuant to an express agreement; or (ii) a
combination or pooling of voting or other interests in the securities of an
issuer for a common purpose pursuant to any contract, understanding,
relationship, agreement or other arrangement, whether written or otherwise. A
Person or company which acts in concert with another Person or company ("other
party") shall also be deemed to be acting in concert with any Person or company
who is also acting in concert with that other party, except that any
Tax-Qualified Employee Stock Benefit Plan will not be deemed to be acting in
concert with its trustee or a Person who serves in a similar capacity solely for
the purpose of determining whether stock held by the trustee and stock held by
the plan will be aggregated.

      AFFILIATE - Any Person that controls, is controlled by, or is under common
control with another Person.

      APPRAISED VALUE RANGE - The range of the estimated consolidated pro forma
market value of the Holding Company, which shall also be equal to the estimated
pro forma market value of the total number of shares of Holding Company Common
Stock to be issued in the Conversion, as determined by the Independent Appraiser
prior to the Subscription Offering and as it may be amended from time to time
thereafter. The maximum and minimum of the Appraised Value Range will vary
within 15% above and 15% below, respectively, of the midpoint of the Appraised
Value Range.

      ASSOCIATE - The term Associate when used to indicate a relationship with
any Person, means (i) any corporation or organization (other than the Mid-Tier
Company, the Bank or a majority owned subsidiary of the Bank) of which such
Person is an officer or partner or is, directly or indirectly, the beneficial
owner of 10% or more of any class of equity securities, (ii) any trust or other
estate in which such Person has a substantial beneficial interest or as to which
such Person serves as trustee or in a similar fiduciary capacity, except that
for the purposes of this Plan relating to subscriptions in the Offering the term
"Associate" does not include any NonTax-Qualified Employee Stock Benefit Plan or
any Tax-Qualified Employee Stock Benefit Plan in which a Person has a
substantial beneficial interest or serves as a trustee or in a similar fiduciary
capacity, and except that for purposes of aggregating total shares that may be
held by Officers and Directors the term "Associate" does not include any
Tax-Qualified Employee Stock Benefit Plan, and (iii) any relative or spouse of
such Person, or any relative of such spouse, who has the same home as such
Person or who is a Director or Officer of the Mid-Tier Company, the Bank or the
Holding Company, or any of their parents or subsidiaries.

      BANK - Bank Mutual, a federal stock savings association f/k/a "Mutual
Savings Bank."

                                      -2-
<PAGE>
      BANK MERGER - The merger of Interim with the Bank as set forth in this
Plan.

      CODE - The Internal Revenue Code of 1986, as amended.

      COMMUNITY - The Wisconsin counties in which the Bank maintains its home
office or one or more branch offices as of the date hereof, and the Minnesota
county of Washington.

      COMMUNITY OFFERING - The offering for sale to certain members of the
general public directly by the Holding Company of shares not subscribed for in
the Subscription Offering.

      CONTROL - (including the terms "controlled by", "controlling" and "under
common control with") means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

      CONVERSION - The conversion and reorganization of the MHC to stock form
pursuant to this Plan, and all steps incident or necessary thereto, include the
Exchange Offer and the Offering.

      DEPOSIT ACCOUNT - Any withdrawable account as defined in Section 561.42 of
the Rules and Regulations of the OTS, and shall include all demand deposit
accounts and certificates of deposit, excluding negotiable certificates of
deposit to the extent the holders thereof are not Members under the MHC's
charter.

      DIRECTOR - A member of the Board of Directors of the Bank, the Mid-Tier
Company, the Holding Company or the MHC, as appropriate in the context.

      ELIGIBLE ACCOUNT HOLDER - Any Person holding a Qualifying Deposit on the
Eligibility Record Date for purposes of determining subscription rights and
establishing subaccount balances in the Liquidation Account.

      ELIGIBILITY RECORD DATE - The date for determining Eligible Account
Holders, which is March 31, 2002.

      EMPLOYEES - All persons who are employed by the Bank, the Mid-Tier Company
or the MHC.

      EMPLOYEE PLANS - Any Tax-Qualified Employee Stock Benefit Plan of the Bank
or the Holding Company, including any ESOP and 401(k) Plan.

      ESOP - An Employee Stock Ownership Plan and related trust (if any)
established by the Bank or the Holding Company.

      EXCHANGE OFFER - The offer of Holding Company Common Stock to Minority
Shareholders in exchange for Minority Shares.

                                      -3-
<PAGE>
      EXCHANGE RATIO - The rate at which shares of Holding Company Common Stock
are exchanged for Minority Shares upon consummation of the Conversion. The
Exchange Ratio shall be determined as of the closing of the Conversion and shall
be the rate that will result in the Minority Shareholders owning in the
aggregate the same percentage of the outstanding shares of Holding Company
Common Stock immediately upon completion of the Conversion (without giving
effect to any shares purchased in the Offering and any cash issued in lieu of
fractional shares), as the percentage of Mid-Tier Company common stock owned by
them in the aggregate immediately prior to the consummation of the Conversion.

      EXCHANGE SHARES - Shares of Holding Company Common Stock issued to
Minority Shareholders in exchange for Minority Shares.

      FDIC - The Federal Deposit Insurance Corporation.

      FIRST NORTHERN - First Northern Savings Bank, a federal stock savings
association that was merged, on or about March 16, 2003, with and into the Bank,
with the Bank as the surviving institution.

      HOLDING COMPANY - The Wisconsin corporation named "Bank Mutual
Corporation" formed for the purpose of acquiring all of the shares of capital
stock of the Bank in connection with the Conversion. The Holding Company will be
the successor to Mid-Tier Company. Shares of Holding Company Common Stock will
be issued in the Conversion to Participants and others in the Conversion.

      HOLDING COMPANY COMMON STOCK - The common stock, par value $.01 per share,
of the Holding Company.

      INDEPENDENT APPRAISER - The appraiser retained by the MHC and the Bank to
prepare an appraisal of the pro forma market value of the Holding Company Common
Stock issued in the Conversion.

      INTERIM - Mutual Interim Savings Bank, the interim federal savings bank
subsidiary of the Holding Company established to effect the Conversion.

      LIQUIDATION ACCOUNT - One or more accounts established in accordance with
12 C.F.R. 563b.450 et. seq. and OTS policy.

      MAJORITY OWNERSHIP INTEREST - The percentage of common stock of Mid-Tier
Company owned by the MHC immediately prior to the completion of the Conversion.

      MEMBER - Any Person or entity who qualifies as a member of the MHC
pursuant to its charter and bylaws.

      MHC - Bank Mutual Bancorp, MHC, the federal mutual holding company of the
Bank, f/k/a "Mutual Savings Bancorp, MHC."

      MHC MERGER - The conversion of the MHC into an interim federal stock
savings bank and subsequent merger with and into the Bank as set forth in this
Plan.

                                      -4-
<PAGE>
      MID-TIER COMPANY - Bank Mutual Corporation, the federal MHC subsidiary
holding company that owns 100% of the Bank's common stock, and any successor
thereto.

      MID-TIER MERGER - The conversion of the Mid-Tier Company into an interim
federal stock savings bank and subsequent merger with and into the Bank as set
forth in this Plan.

      MINORITY SHARE(S) - Any outstanding common stock of the Mid-Tier Company,
or shares of common stock of the Mid-Tier Company issuable upon the exercise of
options or grant of stock awards, in each case held by persons other than the
MHC.

      MINORITY SHAREHOLDER - Any owner of Minority Shares.

      OTS - The Office of Thrift Supervision of the Department of the Treasury
or any successor thereto.

      OFFERING - The offering for sale, pursuant to this Plan, of Holding
Company Common Stock in a Subscription Offering, Community Offering, and
Syndicated Community Offering (or underwritten public offering), as the case may
be. The term "Offering" does not include the Holding Company Common Stock issued
in exchange for Minority Shares pursuant to this Plan.

      OFFERING RANGE - The number of shares of Holding Company Stock offered for
sale in the Offering multiplied by the Subscription Price. The Offering Range
shall be equal to the Appraised Value Range multiplied by the Majority Ownership
Percentage.

      OFFICER - An executive officer of the Bank, the Mid-Tier Company, the
Holding Company or the MHC as appropriate in the context, which includes the
Chief Executive Officer, Chief Operating Officer, President, Executive Vice
Presidents, Senior Vice Presidents, other Vice President in charge of principal
business functions, Secretary and Controller and any Person performing functions
similar to those performed by the foregoing persons.

      ORDER FORM - Any form (together with any cover letter and/or
certifications or acknowledgements), sent by the Bank, the MHC, or their
designee, to any Participant or Person containing among other things a
description of the alternatives available to such Person under the Plan and by
which any such Person may make elections regarding purchases of Holding Company
Common Stock in the Subscription and Community Offerings.

      ORIGINAL ELIGIBLE ACCOUNT HOLDER - Those persons who were "Eligible
Account Holders" as defined under the Original Restructuring Plan, to the extent
such persons continue to hold Qualifying Deposits in the Bank in the same
account number and title at the Eligibility Record Date as they held under the
Original Restructuring Plan.

      ORIGINAL RESTRUCTURING PLAN - The Plan of Restructuring from Mutual
Savings Bank to Mutual Holding Company of Mutual Savings Bank, as amended and
restated on July 31, 2000.

      OTHER MEMBER - Any Member on the Voting Record Date who is not an Eligible
Account Holder or Supplemental Eligible Account Holder.

                                      -5-
<PAGE>
      PARTICIPANT - Any Eligible Account Holder, Employee Plan(s), Supplemental
Eligible Account Holder, or Other Member.

      PERSON - An individual, a corporation, a partnership, an association, a
joint stock company, a trust (including Individual Retirement Accounts and KEOGH
Accounts), any unincorporated organization, a government or political
subdivision thereof or any other entity.

      PLAN - This Plan of Restructuring for the Conversion and Reorganization of
the MHC as it exists on the date hereof and as it may hereafter be amended in
accordance with its terms.

      PROSPECTUS - The one or more documents used in offering the Holding
Company Common Stock in the Offering and the Exchange Offer.

      QUALIFYING DEPOSIT - The aggregate balance of all Deposit Accounts in the
Bank (including, except as otherwise provided herein, Deposit Accounts in First
Northern which has merged into the Bank) of (i) an Eligible Account Holder at
the close of business on the Eligibility Record Date, provided such aggregate
balance is not less than $50, and (ii) a Supplemental Eligible Account Holder at
the close of business on the Supplemental Eligibility Record Date, provided such
aggregate balance is not less than $50.

      RESIDENT - Any Person who occupies a dwelling within the Community, has a
present intent to remain within the Community for a period of time, and
manifests the genuineness of that intent by establishing an ongoing physical
presence within the Community together with an indication that such presence
within the Community is something other than merely transitory in nature. To the
extent the Person is a corporation or other business entity, the principal place
of business or headquarters shall be in the Community. To the extent a Person is
a personal benefit plan, the circumstances of the beneficiary shall apply with
respect to this definition. In the case of all other benefit plans,
circumstances of the trustee shall be examined for purposes of this definition.
The Bank may utilize deposit or loan records or such other evidence provided to
it to make a determination as to whether a Person is a Resident. In all cases,
however, such a determination shall be in the sole discretion of the MHC and the
Bank. A Participant or Person must be a "Resident" for purposes of determining
whether such Person "resides" or is "residing" in the Community as such term is
used in this Plan.

      SEC - The Securities and Exchange Commission.

      SPECIAL MEETING OF MEMBERS - The special meeting of Members of the MHC and
any adjournments thereof held to consider and vote upon this Plan.

      SPECIAL MEETING OF SHAREHOLDERS - The special meeting of Shareholders of
the Mid-Tier Company and any adjournments thereof held to consider and vote upon
the Plan.

      SUBSCRIPTION OFFERING - The offering of Subscription Shares to
Participants.

      SUBSCRIPTION PRICE - The price per Subscription Share to be paid by
Participants in the Subscription Offering and by Persons in the Community
Offering and any Syndicated Community Offering. The Subscription Price will be
determined by the Board of Directors of the MHC and fixed prior to the
commencement of the Subscription Offering.

                                      -6-
<PAGE>
      SUBSCRIPTION SHARES - Shares of Holding Company Common Stock issued in the
Subscription Offering. Subscription Shares do not include Exchange Shares.

      SUPPLEMENTAL ELIGIBLE ACCOUNT HOLDER - Any Person, other than Directors
and Officers of the Bank, the Mid-Tier Company or the MHC and their Associates,
holding a Qualifying Deposit on the Supplemental Eligibility Record Date, who is
not an Eligible Account Holder.

      SUPPLEMENTAL ELIGIBILITY RECORD DATE - The date for determining
Supplemental Eligible Account Holders, which shall be the last day of the
calendar quarter preceding OTS approval of the application for conversion.

      SYNDICATED COMMUNITY OFFERING - The offering of Holding Company Common
Stock following the Subscription and Community Offerings through a syndicate of
broker-dealers.

      TAX-QUALIFIED EMPLOYEE STOCK BENEFIT PLAN - Any defined benefit plan or
defined contribution plan, such as an employee stock ownership plan, stock bonus
plan, profit-sharing plan or other plan, which, with its related trust, meets
the requirements to be "qualified" under Section 401 of the Internal Revenue
Code. The Bank may make scheduled discretionary contributions to a tax-qualified
employee stock benefit plan, provided, however, such contributions do not cause
the Bank to fail to meet its regulatory capital requirement. A "NonTax-Qualified
Employee Stock Benefit Plan" is any defined benefit plan or defined contribution
plan which is not so qualified.

      VOTING MEMBER - Any Person who at the close of business on the Voting
Record Date is entitled to vote as a Member of the MHC pursuant to its charter
and bylaws.

      VOTING RECORD DATE - The date fixed by the Directors in accordance with
OTS regulations for determining eligibility to vote at the Special Meeting of
Members and/or the Special Meeting of Shareholders.

3.    PROCEDURES FOR CONVERSION

      A. After approval of the Plan by the Boards of Directors of the Bank, the
Mid-Tier Company and the MHC, the Plan together with all other requisite
material shall be submitted to the OTS for its approval. Notice of the adoption
of the Plan by the Boards of Directors of the Bank and the MHC and the
submission of the Plan to the OTS for its approval will be published in a
newspaper having general circulation in each community in which an office of the
Bank is located, and copies of the Plan will be made available at each office of
the Bank for inspection by the Members, or by another means permitted by the
OTS. The MHC also will publish a notice of the filing with the OTS of an
application to convert in accordance with the provisions of this Plan.

      B. Promptly following approval by the OTS, the Plan will be submitted to a
vote of (1) the Voting Members at the Special Meeting of Members, and (2) the
shareholders of the Mid-Tier Company at the Special Meeting of Shareholders. The
MHC will mail to all Members as of the Voting Record Date, at their last known
address appearing on the records of the Bank at that

                                      -7-
<PAGE>
date, a proxy statement in either long or summary form describing the Plan which
will be presented to a vote of the Members at the Special Meeting of Members.
The Mid-Tier Company also will mail to all Shareholders as of the Voting Record
Date, a proxy statement describing the Plan and the Conversion, which will be
presented to a vote of Shareholders at the Special Meeting of Shareholders. The
Holding Company will also mail to all Participants either a Prospectus and Order
Form for the purchase of Subscription Shares or a letter informing them of their
right to receive a Prospectus and Order Form and a postage prepaid card to
request such materials, subject to other provisions of this Plan. In addition,
all Participants will receive, or be given the opportunity to request by either
returning a postage prepaid card which may be distributed with the proxy
statement or by letter addressed to the Bank's Secretary, a copy of the Plan as
well as the articles of incorporation or bylaws of the Holding Company. Upon
approval of the Plan by:

      (1)   a majority of the total number of votes entitled to be cast by the
            Voting Members;

      (2)   at least two-thirds of the outstanding common stock of the Mid-Tier
            Company; and

      (3)   a majority vote of the votes cast by Minority Shareholders present
            in person or by proxy,

the MHC, the Holding Company and the Bank will take all other necessary steps
pursuant to applicable laws and regulations to consummate the Conversion and
Offering. The Conversion must be completed within 24 months of the approval of
the Plan by the Voting Members, unless a longer time period is permitted by
governing laws and regulations.

      C. The Conversion will be effected as follows or in any other manner
selected by the Board of Directors of the MHC which is consistent with the
purposes of this Plan and applicable laws and regulations. The choice of which
method to use to effect the Conversion will be made by the Board of Directors of
the MHC immediately prior to the closing of the Conversion. Each of the steps
shall be deemed to occur in the order set forth below or in such order as is
necessary to consummate the Conversion pursuant to the Plan, the intent of the
Boards of Directors of the MHC, the Mid-Tier Company and the Bank, and OTS
regulations. Approval of the Plan by the Members and by the Shareholders of the
Mid-Tier Company shall also constitute approval of each of the transactions
below that are necessary to implement the Plan.

      (1)   The Mid-Tier Company will convert into or exchange its charter for
            an interim federal stock savings bank (which shall continue to be
            referred to as the "Mid-Tier Company") and will merge with and into
            the Bank (in the "Mid-Tier Merger") with the Bank as the resulting
            entity, pursuant to the Agreement of Merger attached hereto as
            Exhibit A, whereby the Mid-Tier Company Shareholders will
            constructively receive shares of Bank common stock in exchange for
            their Mid-Tier Company common stock.

      (2)   The MHC will exchange its charter for an interim federal stock
            savings bank charter and simultaneously merge with and into the Bank
            (in the "MHC Merger") pursuant to the Agreement of Merger attached
            hereto as Exhibit B between the

                                      -8-
<PAGE>
            MHC and the Bank, whereby the shares of common stock of the Bank
            constructively held by the MHC will be canceled and each Eligible
            Account Holder and Supplemental Eligible Account Holder will receive
            an interest in a Liquidation Account of the Bank in exchange for
            such person's interest in the MHC.

      (3)   The Bank will establish the Holding Company as a first-tier stock
            holding company subsidiary.

      (4)   Immediately after the MHC Merger, the Holding Company will charter
            Interim as a wholly-owned subsidiary.

      (5)   Immediately after the formation of Interim, Interim will merge with
            and into the Bank with the Bank as the surviving entity (in the
            "Bank Merger") pursuant to the Agreement of Merger attached hereto
            as Exhibit C between the Bank and Interim, whereby the Holding
            Company will become the sole Shareholder of the Bank. Constructive
            shareholders of the Bank (i.e., Minority Shareholders) will exchange
            the shares of Bank common stock that they constructively received in
            the Mid-Tier Merger for Holding Company Common Stock.

      (6)   Contemporaneously with the Bank Merger, the Holding Company will
            offer for sale its Common Stock in the Offering.

      D. As part of the Conversion, each Minority Share shall automatically,
without further action of the holder thereof, be converted into and become the
right to receive Holding Company Common Stock based upon the Exchange Ratio. No
fractions of a share of Holding Company Common Stock shall be issued; such
fraction share interests shall instead be automatically converted into cash
based upon the Subscription Price. The Holding Company may require that
certificates representing Minority Shares shall be submitted for exchange prior
to providing a new stock certificate for shares of the Holding Company Common
Stock or cash in lieu of fractional interests. In addition, cash dividends on
Holding Company Common Stock shall be held until such exchange of certificates
has been made, whereupon they shall be paid (without interest) to the holder
thereof. The basis and arrangements for exchange of Minority Shares for Holding
Company Common Stock shall otherwise be fair and reasonable.

      E. Options to purchase shares of Mid-Tier Company common stock which are
outstanding immediately prior to the consummation of the Conversion shall be
converted into options to purchase shares of Holding Company Common Stock, with
the number of shares subject to the option and the exercise price per share to
be adjusted based upon the Exchange Ratio so that the aggregate exercise price
remains unchanged, and with the duration, vesting schedule and other terms of
the options remaining unchanged.

      F. Concurrently with the filing of the Conversion application with the
OTS, the Holding Company shall also seek to register the Holding Company Common
Stock with the SEC and, to the extent required, any appropriate state securities
authorities. In addition, the Mid-Tier Company shall prepare preliminary proxy
materials as well as other applications and information

                                      -9-
<PAGE>
for review by the SEC and the OTS in connection with the solicitation of
Shareholder approval of the Plan.

      G. The Articles of Incorporation of the Holding Company (the "Articles")
shall read substantially in the form of Exhibit D.

      H. The home office and branch offices of the Bank shall be unaffected by
the Conversion. The executive offices of the Holding Company shall be located at
the current offices of the MHC.

4.    HOLDING COMPANY APPLICATIONS AND APPROVALS

      The Board of Directors of the Mid-Tier Company, the Bank and the MHC will
take all necessary steps to convert the MHC to stock form, form the Holding
Company and complete the Offering. The Holding Company shall make timely
applications for any requisite approvals, including without limitation, an
Application on Form AC and a Holding Company Application on Form H-(e)1 or Form
H-(e)1-s, to be filed with the OTS and a Registration Statement to be filled
with the SEC.

5.    SALE OF SUBSCRIPTION SHARES

      The Subscription Shares will be offered simultaneously in the Subscription
Offering to the Participants in the respective priorities set forth in this
Plan. Subscription Shares will be available for purchase only in the priorities
set forth in this Plan. The Subscription Offering may begin as early as the
mailing of the proxy statement for the Special Meeting of Members. The Holding
Company Common Stock will not be insured by the FDIC. The Bank will not
knowingly lend funds or otherwise extend credit to any Person to purchase shares
of Holding Company Common Stock.

      Any Subscription Shares not subscribed for in the Subscription Offering
may be offered for sale in the Community Offering. The Subscription Offering may
begin prior to the Special Meeting of Members and, in that event, the Community
Offering may also begin prior to the Special Meeting of Members. The offer and
sale of Holding Company Common Stock prior to the Special Meeting of Members
will, however, be conditioned upon approval of the Plan by the Voting Members
and Shareholders of the Mid-Tier Company.

      If feasible, any shares of Holding Company Common Stock remaining after
the Subscription and Community Offerings, will be offered for sale in a
Syndicated Community Offering or underwritten public offering in a manner that
will achieve the widest distribution of the Holding Company Common Stock. The
sale of all Holding Company Common Stock purchased in the Subscription and
Community Offerings will be consummated simultaneously with the sale of any
Holding Company Common Stock in the Syndicated Community Offering or
underwritten public offering.

                                      -10-
<PAGE>
6.    PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES

      The total number of shares (or a range thereof) of Holding Company Common
Stock to be offered for sale in the Offering will be determined by the Board of
Directors of the MHC immediately prior to the commencement of the Subscription
and Community Offerings, and will be equal to the Offering Range divided by the
Subscription Price. The Offering Range will be equal to the Appraised Value
Range multiplied by the Majority Ownership Interest. The estimated pro forma
consolidated market value of the Holding Company will be subject to adjustment
within the Appraised Value Range if necessitated by market or financial
conditions, with the approval of the OTS, if necessary, and the maximum of the
Appraised Value Range may be increased by up to 15% subsequent to the
commencement of the Subscription and Community Offerings to reflect changes in
market and financial conditions. The number of shares of Holding Company Common
Stock issued in the Conversion will be equal to the estimated pro forma
consolidated market value of the Holding Company, as may be amended, divided by
the Subscription Price, and the number of shares of Holding Company Common Stock
sold in the Offering will be equal to the product of (i) the estimated pro forma
consolidated market value of the Holding Company, as may be amended, divided by
the Subscription Price, and (ii) the Majority Ownership Interest.

      In the event that the Subscription Price multiplied by the number of
shares of Holding Company Common Stock to be issued in the Conversion is below
the minimum of the Appraised Value Range, or materially above the maximum of the
Appraised Value Range, a resolicitation of purchasers may be required, provided,
however, that up to a 15% increase above the maximum of the Appraised Value
Range will not be deemed material so as to require a resolicitation. Any such
resolicitation shall be effected in such manner and within such time as the Bank
and the MHC shall establish, with the approval of the OTS if required.

      Notwithstanding the foregoing, shares of Holding Company Common Stock will
not be issued unless, prior to the consummation of the Conversion, the
Independent Appraiser confirms to the Bank, the MHC, the Holding Company and to
the OTS that, to the best knowledge of the Independent Appraiser, nothing of a
material nature has occurred which, taking into account all relevant factors,
would cause the Independent Appraiser to conclude that the number of shares of
Holding Company Common Stock issued in the Conversion multiplied by the
Subscription Price is incompatible with its estimate of the aggregate pro forma
consolidated market value of the Holding Company. An increase in the aggregate
value of the Holding Company Common Stock by up to 15% above the maximum of the
Appraised Value Range, would not be deemed to be material. If such confirmation
is not received, the Holding Company may cancel the Offering, extend the
Conversion, establish a new Subscription Price and/or Appraised Value Range and
reopen or hold a new Offering, or take such other action as the OTS may permit.

      The Holding Company Common Stock to be issued in the Conversion shall,
upon issuance in accordance with this Plan, be deemed duly issued, fully paid
and nonassessable, subject only to the provisions of Wis. Stats. Section
180.0622(2)(b), as it and its predecessor statutes have been judicially
interpreted.

                                      -11-
<PAGE>
7.    RETENTION OF CONVERSION PROCEEDS BY THE HOLDING COMPANY

      The Holding Company will apply to the OTS to retain up to 50% of the
proceeds of the Offering. The Holding Company believes that the Offering
proceeds will provide economic strength to the Holding Company and the Bank in a
highly competitive financial services industry, and would facilitate the
possible expansion through acquisition of other financial institutions, possible
diversification into other related businesses and for other business and
investment purposes, including the possible payment of dividends and future
repurchases of the Holding Company Common Stock.

8.    SUBSCRIPTION RIGHTS OF ELIGIBLE ACCOUNT HOLDERS (FIRST PRIORITY)

      A. Each Eligible Account Holder shall receive, without payment,
nontransferable subscription rights to subscribe in the Subscription Offering
for a number of shares equal to up to the greater of 100,000 shares, 0.10% of
the total number of shares of Holding Company Common Stock issued in the
Offering, or fifteen times the product (rounded down to the next whole number)
obtained by multiplying the total number of shares of Holding Company Common
Stock issued in the Offering by a fraction, the numerator of which is the amount
of the Eligible Account Holder's Qualifying Deposit and the denominator is the
total amount of Qualifying Deposits of all Eligible Account Holders, in each
case on the Eligibility Record Date, subject to the provisions of Section 14.

      B. In the event that Eligible Account Holders exercise subscription rights
for a number of Subscription Shares in excess of the total number of such shares
eligible for subscription, the Subscription Shares shall be allocated among the
subscribing Eligible Account Holders as follows:

      (1)   Pursuant to the terms of the Original Restructuring Plan, the
            Original Eligible Account Holders shall be afforded the first
            priority to purchase subscription shares. However, no reduction or
            subordination of the subscription rights of officers and directors
            based upon increased deposits in the one year prior to the
            eligibility record date under the Original Restructuring Plan shall
            apply in computing this provision.

      (2)   Then, to all Eligible Account Holders to the extent their Qualifying
            Deposits do not qualify them under the prior paragraph.

In each case, priorities among these subclasses shall be determined so as to
permit each subscribing Eligible Account Holder to purchase a number of shares
sufficient to make his or her total allocation of Subscription Shares equal to
the lesser of 100 shares or the number of shares for which such Eligible Account
Holder has subscribed. Any remaining shares will be allocated among the
subscribing Eligible Account Holders whose subscriptions remain unsatisfied in
the proportion that the amount of the Qualifying Deposit of each Eligible
Account Holder whose subscription remains unsatisfied bears to the total amount
of the Qualifying Deposits of all Eligible Account Holders whose subscriptions
remain unsatisfied. If the amount so allocated exceeds the amount subscribed for
by any one or more Eligible Account Holders, the excess shall be reallocated
(one or more times as necessary) among those Eligible Account Holders

                                      -12-
<PAGE>
whose subscriptions are still not fully satisfied on the same basis until all
available shares have been allocated.

      C. Subscription rights of Directors, Officers and their Associates as
Eligible Account Holders which are based on deposits made by such Persons during
the twelve (12) months preceding the Eligibility Record Date shall be
subordinated to the subscription rights of all other Eligible Account Holders.

9.    SUBSCRIPTION RIGHTS OF EMPLOYEE PLANS (SECOND PRIORITY)

      If Subscription Shares remain available after all subscriptions of
Eligible Account Holders have been satisfied, the Employee Plans of the Holding
Company and the Bank shall receive, without payment, subscription rights to
purchase in the aggregate up to 10% of the total number of shares of Holding
Company Common Stock issued in the Offering. The Employee Plans, if any, may
purchase any shares of Holding Company Common Stock to be issued in the Offering
as a result of an increase in the maximum of the Appraised Value Range after
commencement of the Subscription Offering and prior to completion of the
Conversion, notwithstanding the subscription rights of Eligible Account Holders.
Consistent with applicable laws and regulations and practices and policies of
the OTS, the Employee Plans may use funds contributed by the Holding Company or
the Bank and/or borrowed from an independent financial institution to exercise
such subscription rights, and the Holding Company and the Bank may make
scheduled discretionary contributions thereto, provided that such contributions
do not cause the Holding Company or the Bank to fail to meet any applicable
regulatory capital requirements. The Employee Plans shall not be deemed to be
Associates or Affiliates of or persons Acting in Concert with any Director or
Officer of the Holding Company or the Bank.

10.   SUBSCRIPTION RIGHTS OF SUPPLEMENTAL ELIGIBLE ACCOUNT HOLDERS (THIRD
      PRIORITY)

      A. Each Supplemental Eligible Account Holder shall receive, without
payment, nontransferable subscription rights to subscribe in the Subscription
Offering for a number of shares equal to up to the greater 100,000 shares, 0.10%
of the total number of shares of Holding Company Common Stock issued in the
Offering, or fifteen times the product (rounded down to the next whole number)
obtained by multiplying the total number of shares of Holding Company Common
Stock issued in the Offering by a fraction, the numerator of which is the amount
of the Supplemental Eligible Account Holder's Qualifying Deposit and the
denominator is the total amount of Qualifying Deposits of all Supplemental
Eligible Account Holders, in each case on the Supplemental Eligibility Record
Date, subject to the availability of sufficient shares after filling in full all
subscription orders of the Eligible Account Holders and Employee Plans and to
the purchase limitations specified in Section 14.

      B. In the event that Supplemental Eligible Account Holders exercise
subscription rights for a number of Subscription Shares in excess of the total
number of such shares eligible for subscription, the Subscription Shares shall
be allocated among the subscribing Supplemental Eligible Account Holders so as
to permit each such subscribing Supplemental Eligible Account Holder, to the
extent possible, to purchase a number of shares sufficient to make his or her
total allocation of Subscription Shares equal to the lesser of 100 shares or the
number of shares for

                                      -13-
<PAGE>
which each such Supplemental Eligible Account Holder has subscribed. Any
remaining shares will be allocated among the subscribing Supplemental Eligible
Account Holders whose subscriptions remain unsatisfied in the proportion that
the amount of the Qualifying Deposit of each such Supplemental Eligible Account
Holder bears to the total amount of the Qualifying Deposits of all Supplemental
Eligible Account Holders whose subscriptions remain unsatisfied. If the amount
so allocated exceeds the amount subscribed for by any one or more Supplemental
Eligible Account Holders, the excess shall be reallocated (one or more times as
necessary) among those Supplemental Eligible Account Holders whose subscriptions
are still not fully satisfied on the same basis until all available shares have
been allocated or all subscriptions satisfied.

11.   SUBSCRIPTION RIGHTS OF OTHER MEMBERS (FOURTH PRIORITY)

      A. Each Other Member shall receive, without payment, nontransferable
subscription rights to subscribe in the Subscription Offering for a number of
Subscription Shares equal to up to the greater of 100,000 shares, or 0.10% of
the total number of shares of Holding Company Common Stock issued in the
Offering, subject to the availability of sufficient shares after filling in full
all subscription orders or Eligible Account Holders, Employee Plans and
Supplemental Eligible Account Holders and to the purchase limitations specified
in Section 14.

      B. In the event that such Other Members subscribe for a number of
Subscription Shares which, when added to the Subscription Shares subscribed for
by the Eligible Account Holders, Employee Plans and Supplemental Eligible
Account Holders, is in excess of the total number of Subscription Shares to be
issued, the subscriptions of such Other Members will be allocated to Other
Members in proportion to the amounts of their relative subscriptions.

12.   COMMUNITY OFFERING

      If less than the total number of shares of Holding Company Common Stock to
be sold in the Offering are subscribed for in the Subscription Offering, shares
remaining unsubscribed for may be made available for purchase in the Community
Offering to members of the general public. In the Community Offering, any Person
may purchase up to 100,000 shares, subject to the overall purchase limitations
specified in Section 14. The shares may be made available in the Community
Offering through a direct community marketing program which may provide for a
broker, dealer, consultant or investment banking firm experienced and expert in
the sale of savings institutions securities. Such entities may be compensated on
a fixed fee basis or on a commission basis, or a combination thereof. In the
event orders for Holding Company Common Stock in the Community Offering exceed
the number of shares available for sale, shares may be allocated (to the extent
shares remain available) first to cover orders of Minority Shareholders as of
the Voting Record Date, next to cover orders of natural persons residing in the
Community, and thereafter to cover orders of other members of the general
public. In the event orders for Holding Company Common Stock in any of these
categories exceed the number of shares available for sale, shares shall be
allocated up to a maximum of 2% of the Holding Company Common Stock issued in
the Offering and thereafter remaining shares shall be allocated on a pro rata
basis within a category based on the amount of the relative orders. The Holding
Company shall make the distribution of the Holding Company Common Stock to be
sold in the Community Offering in such a manner as to promote a wide
distribution of the Holding

                                      -14-
<PAGE>
Company Common Stock. The Holding Company reserves the right to reject any or
all orders, in whole or in part, which are received in the Community Offering.

13.   SYNDICATED COMMUNITY OFFERING

      If feasible, the Board of Directors of the MHC may determine to offer for
sale in a Syndicated Community Offering shares of Holding Company Common Stock
not purchased in the Subscription and Community Offerings, subject to such
terms, conditions and procedures as may be determined by the Holding Company, in
a manner that will achieve the widest distribution of the Holding Company Common
Stock, subject to the right of the Bank to accept or reject in whole or in part
any subscriptions in the Syndicated Community Offering. In the Syndicated
Community Offering, any Person may purchase up to 100,000 shares, subject to the
maximum purchase limitations specified in Section 14. Provided the Subscription
Offering has begun, the MHC may begin the Syndicated Community Offering at any
time after the mailing to the Members of the proxy statement to be used in
connection with the Special Meeting of Members, provided, however, that the
completion of the offer and sale of Holding Company Common Stock in the
Conversion shall be conditioned upon the approval of this Plan by the Voting
Members. If the Syndicated Community Offering does not begin pursuant to the
provisions of the preceding sentence, the Syndicated Community Offering will
begin as soon as practicable following the date upon which the Subscription and
Community Offerings terminate.

      Alternatively, if a Syndicated Community Offering is not held, the Bank
shall have the right to sell any shares of Holding Company Common Stock
remaining following the Subscription and Community Offerings in an underwritten
firm commitment public Offering. The provisions of Section 14 shall not be
applicable to sales to underwriters for purposes of such an Offering but shall
be applicable to the sales by the underwriters to the public. The price to be
paid by the underwriters in such an Offering shall be equal to the Subscription
Price less an underwriting discount to be negotiated among such underwriters and
the MHC, which will in no event exceed an amount deemed to be acceptable by the
OTS.

      If for any reason a Syndicated Community Offering or an underwritten firm
commitment public offering of shares of Holding Company Common Stock not sold in
the Subscription and Community Offerings cannot be effected, or in the event
that any insignificant residue of shares of Holding Company Common Stock is not
sold in the Subscription and Community Offerings or in the Syndicated Community
or underwritten firm commitment public Offering, other arrangements will be made
for the disposition of unsubscribed shares by the MHC, if possible. Such other
purchase arrangements will be subject to the approval of the OTS.

14.   LIMITATIONS ON PURCHASES

      The following limitations shall apply to all purchases of shares of
Holding Company Common Stock in the Conversion:

      A. The maximum number of shares of Holding Company Common Stock which may
be subscribed for or purchased in all categories in the Offering by any Person
or Participant together with any Associate or group of Persons Acting in Concert
shall not exceed 250,000 shares of Holding Company Common Stock, except for the
Employee Plans which may

                                      -15-
<PAGE>
subscribe for up to 10% of the Holding Company Common Stock issued in the
Offering (including shares issued in the event of an increase in the maximum of
the Offering Range of up to 15%).

      B. The maximum number of shares of Holding Company Common Stock which may
be purchased in all categories of the Offering by Officers and Directors and
their Associates in the aggregate, when combined with Exchange Shares received
by such Persons, shall not exceed 25% of the shares of Holding Company Common
Stock issued in the Conversion.

      C. A minimum of 25 shares of Holding Company Common Stock must be
purchased by each Person purchasing shares in the Offering to the extent those
shares are available; provided, however, that in the event the minimum number of
shares of Holding Company Common Stock purchased times the price per share
exceeds $500, then such minimum purchase requirement shall be reduced to such
number of shares which when multiplied by the price per share shall not exceed
$500, as determined by the Board.

      D. The maximum number of shares of Holding Company Common Stock which may
be subscribed for or purchased in all categories of the Offering by any Person
or Participant together with any Associate or group of Persons Acting in
Concert, combined with Exchange Shares received by any such Person or
Participant together with any Associate or group of Persons Acting in Concert,
shall not exceed 3% of the shares of Holding Company Common Stock outstanding
immediately upon completion of the Conversion, except for the Employee Plans
which may subscribe for up to 10% of the shares of Holding Company Common Stock
issued in the Offering (including shares issued in the event of an increase in
the maximum of the Offering Range of up to 15%).

      If the number of shares of Holding Company Common Stock otherwise
allocable pursuant to Sections 8 through 13, inclusive, to any Person or that
Person's Associates would be in excess of the maximum number of shares permitted
as set forth above, the number of shares of Holding Company Common Stock
allocated to each group consisting of a Person and that Person's Associates
shall be reduced so that the aggregate allocation to that Person and his or her
Associates complies with the above limits.

      Depending upon market or financial conditions, the Board of Directors of
the MHC, with the approval of the OTS and without further approval of the
Members, may decrease or increase the purchase limitations in this Plan,
provided, however, that the maximum purchase limitations may not be increased to
a percentage in excess of 5% of the shares issued in the Conversion except as
provided below. If the MHC increases the maximum purchase limitations, the
Holding Company is only required to resolicit Persons who subscribed in the
Subscription Offering for the maximum purchase amount and may, in the sole
discretion of the MHC resolicit certain other large subscribers. In the event
that the maximum purchase limitation is increased to 5% of the shares issued in
the Conversion, such limitation may be further increased to 9.99%, provided,
however, that orders for Holding Company Common Stock exceeding 5% of the shares
of Holding Company Common Stock issued in the Conversion shall not exceed in the
aggregate 10% of the total shares of Holding Company Common Stock issued in the
Conversion. Requests to purchase additional shares of the Holding Company Common
Stock in the event that the purchase limitation is so increased will be
determined by the Board of Directors of the MHC in

                                      -16-
<PAGE>
its sole discretion. In the event of an increase in the total number of shares
offered in the Offering due to an increase in the maximum of the Offering Range
of up to 15% (the "Adjusted Maximum"), the additional shares will be used in the
following order of priority: (i) to fill the Employee Plans' subscription to the
Adjusted Maximum; (ii) in the event that there is an oversubscription at the
Eligible Account Holder, Supplemental Eligible Account Holder or Other Member
levels, to fill unfulfilled subscriptions of such subscribers according to such
respective priorities; and (iii) to fill unfulfilled subscriptions in the
Community Offering with preference given first to Minority Shareholders as of
the Voting Record Date and then to natural persons residing in the Community.

      For purposes of this Section 14 and notwithstanding any other provision
hereof, (i) the Directors of the Bank, the Mid-Tier Company and the Holding
Company shall not be deemed to be Associates or a group affiliated with each
other or otherwise Acting in Concert solely as a result of their being Directors
of the Bank, the Mid-Tier Company, the MHC or the Holding Company; and (ii)
except for the limitations provided by Section 14(D), which shall apply, Holding
Company Common Stock obtained (or to be obtained upon the exercise of options)
upon the conversion of Minority Shares in the Exchange Offer shall not be
included in determining any limitations on subscriptions.

      Each Person purchasing Holding Company Common Stock in the Conversion
shall be deemed to confirm that such purchase does not conflict with the above
purchase limitations contained in this Plan.

15.   PAYMENT FOR HOLDING COMPANY COMMON STOCK

      All payments for Holding Company Common Stock purchased in the
Subscription and Community Offerings must be delivered in full to the Bank,
together with a properly completed and executed Order Form, up to the expiration
date of the Offering; provided, however, that if the Employee Plans subscribe
for shares during the Subscription Offering, such plans will not be required to
pay for the shares at the time they subscribe but rather may pay for such shares
of Holding Company Common Stock subscribed for by such plans at the Subscription
Price upon consummation of the Conversion. Notwithstanding the foregoing, the
Holding Company shall have the right, in its sole discretion, to permit
institutional investors to submit contractually irrevocable orders in the
Offering and to thereafter submit payment by wire transfer for the Holding
Company Common Stock for which they are subscribing in the Offering at any time
prior to 48 hours before the completion of the Conversion, unless such 48 hour
period is waived by the Holding Company in its sole discretion.

      Payment for Holding Company Common Stock subscribed for shall be made
either by check, money order or bank draft. Alternatively, subscribers in the
Subscription and Community Offerings may pay for the shares for which they have
subscribed by authorizing the Bank on the Order Form to make a withdrawal from
the types of Deposit Accounts at the Bank indicated on the Order Form in an
amount equal to the aggregate Subscription Price of such shares. Such authorized
withdrawal, whether from a savings passbook or certificate account, shall be
without penalty as to premature withdrawal. If the authorized withdrawal is from
a certificate account, and the remaining

                                      -17-
<PAGE>
balance does not meet the applicable minimum balance requirement, the
certificate shall be canceled at the time of withdrawal, without penalty, and
the remaining balance will earn interest at the Bank's passbook rate. Funds for
which a withdrawal is authorized will remain in the subscriber's Deposit Account
but may not be used by the subscriber during the Offering. Thereafter, the
withdrawal will be given effect only to the extent necessary to satisfy the
subscription (to the extent it can be filled) at the subscription Price per
share. Interest will continue to be earned on any amounts authorized for
withdrawal until such withdrawal is given effect. Interest will be paid by the
Bank at the passbook rate on payments for Holding Company Common Stock received
by check. Such interest will be paid from the date payment is received by the
Bank until consummation or termination of the Conversion. If for any reason the
Conversion is not consummated, all payments made by subscribers in the
Subscription and Community Offerings will be refunded to them with interest. In
case of amounts authorized for withdrawal from Deposit Accounts, refunds will be
made by canceling the authorization for withdrawal. The Bank is prohibited by
regulation from knowingly making any loans or granting any lines of credit for
the purchase of stock in the Conversion, and therefore, will not do so.

16.   MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER FORMS

      As soon as practicable after the Prospectus prepared by the Holding
Company and Bank has been declared effective by the SEC, Order Forms will be
distributed to the Eligible Account Holders, Employee Plans, Supplemental
Eligible Account Holders and Other Members at their last known addresses as of
the most recent eligibility date that appears on the records of the Bank for the
purpose of subscribing for shares of Holding Company Common Stock in the
Subscription Offering and will be made available for use by Persons in the
Community Offering. Notwithstanding the foregoing, the MHC may elect to send
Order Forms only to those Persons who request them after receipt of such notice
in a form approved by the OTS and which is adequate to apprise the Eligible
Account Holders, Employee Plans, Supplemental Eligible Account Holders and Other
Members of the pendency of the Subscription Offering. Such notice may be
included with the proxy statement for the Special Meeting of Members and the
proxy statement for the Special Meeting of Shareholders, and may also be
included in the notice of the pendency of the Conversion and the Special Meeting
of Members sent to all Eligible Account Holders in accordance with regulations
of the OTS.

      Each Order Form will be preceded or accompanied by a Prospectus describing
the Holding Company, the Bank, the Holding Company Common Stock and the
Offering. Each Order Form will contain, among other things, the following:

      A. A specified date by which all Order Forms must be received by the Bank,
which date shall be not less than twenty (20), nor more than forty-five (45)
days, following the date on which the Order Forms are mailed by the Bank, and
which date will constitute the termination of the Subscription Offering;

      B. The Subscription Price per share for shares of Holding Company Common
Stock to be sold in the Offering;

      C. A description of the minimum and maximum number of Subscription Shares
which may be subscribed for pursuant to the exercise of subscription rights or
otherwise purchased in the Community Offering;

                                      -18-
<PAGE>
      D. Instructions as to how the recipient of the Order Form is to indicate
thereon the number of Subscription Shares for which such person elects to
subscribe and the available alternative methods of payment therefor;

      E. An acknowledgment that the recipient of the Order Form has received a
final copy of the Prospectus prior to execution of the Order Form;

      F. A statement to the effect that all subscription rights are
nontransferable, will be void at the end of the Subscription Offering, and can
only be exercised by delivering to the Holding Company within the subscription
period such properly completed and executed Order Form, together with payment in
the full amount of the aggregate purchase price as specified in the Order Form
for the shares of Holding Company Common Stock for which the recipient elects to
subscribe (or by authorizing on the Order Form that the Bank withdraw said
amount from the subscriber's Deposit Account at the Bank); and

      G. A statement to the effect that the executed Order Form, once received
by the Holding Company, may not be modified or amended by the Subscriber without
the consent of the Holding Company.

      Notwithstanding the above, the Holding Company reserves the right in its
sole discretion to accept or reject orders received on photocopied or facsimiled
Order Forms.

17.   UNDELIVERED, DEFECTIVE OR LATE ORDER FORM; INSUFFICIENT PAYMENT

      In the event Order Forms (a) are not delivered and are returned to the
Holding Company or the Bank by the United States Postal Service, (b) are not
received by the Holding Company or are received by the Holding Company after the
expiration date specified thereon, (c) are completed or executed defectively,
(d) are not accompanied by the full required payment, or, in the case of
institutional investors in the Community Offering, by delivering irrevocable
orders together with a legally binding commitment to pay by wire transfer the
full amount of the Subscription Price prior to 48 hours before the completion of
the Conversion, unless waived by the Holding Company, for the shares of Holding
Company Common Stock subscribed or ordered (including cases in which Deposit
Accounts from which withdrawals are authorized are insufficient to cover the
amount of the required payment), or (e) are not mailed pursuant to a "no mail"
order placed in effect by the Account Holder, the subscription rights of the
Person to whom such rights have been granted will lapse as though such Person
failed to return the completed Order Form within the time period specified
thereon; provided, however, that the Holding Company may, but will not be
required to, waive any immaterial irregularity on any Order Form or require the
submission of corrected Order Forms or the remittance of full payment for
subscribed or ordered shares by such date as the Holding Company may specify.
The interpretation of the Holding Company of terms and conditions of this Plan
and of the Order Forms will be final, subject to the authority of the OTS.

18.   RESIDENTS OF FOREIGN COUNTRIES AND CERTAIN STATES

      The Holding Company will make reasonable efforts to comply with the
securities laws of all states in the United States in which Persons entitled to
subscribe for shares of Holding

                                      -19-
<PAGE>
Company Common Stock pursuant to this Plan reside. However, no such Person will
be issued subscription rights or be permitted to purchase shares of Holding
Company Common Stock in the Subscription Offering if such Person resides in a
foreign country; or in a State of the United States with respect to which any of
the following apply: (A) a small number of Persons otherwise eligible to
subscribe for shares under the Plan reside in such state; (B) the issuance of
subscription rights or the offer or sale of shares of Holding Company Common
Stock to such Persons would require the Holding Company under the securities
laws of such state, to register as a broker, dealer, salesman or agent or to
register or otherwise qualify its securities for sale in such state; or (C) such
registration or qualification would be impracticable for reasons of cost or
otherwise.

19.   ESTABLISHMENT OF LIQUIDATION ACCOUNT

      The Bank shall establish at the time of the MHC Merger a Liquidation
Account in an amount equal to the greater of: (a) the percentage of the
outstanding shares of the common stock of the Mid-Tier Company owned by the MHC
prior to the Mid-Tier Merger multiplied by the Mid-Tier Company's total
Shareholders' equity as reflected in the latest statement of financial condition
contained in the final Prospectus utilized in the Conversion; or (b) the
retained earnings of the Bank at the time the Bank underwent its mutual holding
company reorganization. Following the Conversion, the Liquidation Account will
be maintained by the Bank for the benefit of the Eligible Account Holders and
Supplemental Eligible Account Holders who continue to maintain their Deposit
Accounts at the Bank. Each Eligible Account Holder and Supplement Eligible
Account Holder shall, with respect to his Deposit Account, hold a related
inchoate interest in a portion of the Liquidation Account balance, in relation
to his Deposit Account balance at the Eligibility Record Date or Supplemental
Eligibility Record Date, respectively, or to such balance as it may be
subsequently reduced, as hereinafter provided.

      In the unlikely event of a complete liquidation of the Bank (and only in
such event), following all liquidation payments to creditors (including those to
Account Holders to the extent of their Deposit Accounts), each Eligible Account
Holder and Supplemental Eligible Account Holder shall be entitled to receive a
liquidating distribution from the Liquidation Account in the amount of the then
adjusted subaccount balance of his Deposit Account then held, before any
liquidation distribution may be made to any holders of the Bank's capital stock.
No merger, consolidation, purchase of bulk assets with assumption of Deposit
Accounts and other liabilities, or similar transactions with an FDIC insured
institution, in which the Bank is not the surviving institution, shall be deemed
to be a complete liquidation for this purpose. In such transactions, the
Liquidation Account shall be assumed by the surviving institution.

      The initial subaccount balance for a Deposit Account held by an Eligible
Account Holder and Supplemental Eligible Account Holder shall be determined by
multiplying the opening balance in the Liquidation Account by a fraction, the
numerator of which is the amount of the Qualifying Deposits of such Account
Holder and the denominator of which is the total amount of all Qualifying
Deposits of all Eligible Account Holders and Supplemental Eligible Account
Holders. Such initial subaccount balance shall not be increased, but shall be
subject to downward adjustment as described below. If, at the close of business
on any December 31 annual closing date, commencing on or after the effective
date of the Conversion, the deposit balance in the Deposit Account of an
Eligible Account Holder or Supplemental Eligible Account Holder is less

                                      -20-
<PAGE>
than the lesser of (i) the balance in the Deposit Account at the close of
business on any other annual closing date subsequent to the Eligibility Record
Date or Supplemental Eligibility Record Date, or (ii) the amount of the
Qualifying Deposit in such Deposit Account as of the Eligibility Record Date or
Supplemental Eligibility Record Date, the subaccount balance for such Deposit
Account shall be adjusted by reducing such subaccount balance in amount
proportionate to the reduction in such deposit balance. In the event of such
downward adjustment, the subaccount balance shall not be subsequently increased,
notwithstanding any subsequent increase in the deposit balance of the related
Deposit Account. If any such Deposit Account is closed, the related subaccount
shall be reduced to zero.

      The creation and maintenance of the Liquidation Account shall not operate
to restrict the use or application of any of the net worth accounts of the Bank,
except that Bank shall not declare or pay a cash dividend on, or repurchase any
of, its capital stock if the effect thereof would cause its net worth to be
reduced below (i) the amount required for the Liquidation Account; or (ii) the
minimum regulatory capital requirements of the Bank contained in Part 567 of the
Rules and Regulations of the OTS.

20.   VOTING RIGHTS OF SHAREHOLDERS

      Following consummation of the Conversion, voting rights with respect to
the Bank shall be held and exercised exclusively by the holders of its capital
stock. The holders of the voting capital stock of the Holding Company shall have
the exclusive voting rights with respect to the Holding Company.

21.   RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION

      A. All shares of Holding Company Common Stock purchased by Directors or
Officers in the Offering shall be subject to the restriction that, except as
provided in this Section or as may be approved by the OTS, no interest in such
shares may be sold or otherwise disposed of for value for a period of one year
following the date of purchase in the Offering.

      B. The restriction on disposition of Holding Company Common Stock set
forth above in this Section shall not apply to the following:

      (1)   Any exchange of such shares in connection with a merger or
            acquisition involving the Bank or the Holding Company, as the case
            may be, which has been approved by the OTS; and

      (2)   Any disposition of such shares following the death of the person to
            whom such shares were initially sold under the terms of this Plan.

      C. With respect to all shares of Holding Company Common Stock subject to
the restrictions on resale or subsequent disposition described in paragraph A
above, each of the following provisions shall apply:

      (1)   Each certificate representing shares restricted by this section
            shall bear a legend prominently stamped on its face giving notice of
            the restriction;

                                      -21-
<PAGE>
      (2)   Instructions shall be issued to the stock transfer agent for the
            Holding Company not to recognize or effect any transfer of any
            certificate or record of ownership of any such shares in violation
            of the restriction on transfer; and

      (3)   Any shares of capital stock of the Holding Company issued with
            respect to a stock dividend, stock split, or otherwise with respect
            to ownership of outstanding shares of Holding Company Common Stock
            subject to the restriction on transfer hereunder shall be subject to
            the same restriction as is applicable to such Holding Company Common
            Stock.

22.   REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS FOLLOWING THE
      CONVERSION

      For a period of three years following the Conversion, no Officer, Director
or their Associates shall purchase, without the prior written approval of the
OTS, any outstanding shares of Holding Company Common Stock except from a
broker-dealer registered with the SEC. This provision shall not apply to
negotiated transactions involving more than 1% of the outstanding shares of
Holding Company Common Stock, the exercise of any options pursuant to a stock
option plan or purchases of Holding Company Common Stock made by or held by any
Tax-Qualified Employee Stock Benefit Plan or NonTax-Qualified Employee Stock
Benefit Plan of the Bank or the Holding Company (including the Employee Plans)
which may be attributable to any Officer or Director. As used herein, the term
"negotiated transaction" means a transaction in which the securities are offered
and the terms and arrangements relating to any sale are arrived at through
direct communications between the seller or any Person acting on its behalf and
the purchaser or his investment representative. The term "investment
representative" shall mean a professional investment advisor acting as agent for
the purchaser and independent of the seller and not acting on behalf of the
seller in connection with the transaction.

23.   TRANSFER OF DEPOSIT ACCOUNTS

      Each Person holding a Deposit Account at the Bank at the time of
Conversion shall retain an identical Deposit Account at the Bank following the
Conversion in the same amount and subject to the same terms and conditions
(except as to voting and liquidation rights).

24.   REGISTRATION AND MARKETING

      Within the time period required by applicable laws and regulations, the
Holding Company will register the securities issued in connection with the
Conversion pursuant to the Securities Exchange Act of 1934 (or will be a
successor issuer that succeeds to the registration of the Mid-Tier Company) and
will not deregister such securities for a period of at least three years
thereafter, except that the maintenance of registration for three years
requirement may be fulfilled by any successor to the Bank or any holding company
of the Bank. In addition, the Bank or Holding Company will use its best efforts
to encourage and assist a market-maker to the establish and maintain a market
for the Holding Company Common Stock and to list those securities on a national
or regional securities exchange or the Nasdaq Stock Market.

                                      -22-
<PAGE>
25.   TAX RULINGS OR OPINIONS

      Consummation of the Conversion is expressly conditioned upon prior receipt
by the MHC, the Mid-Tier Company and the Bank of either a ruling or an opinion
of counsel with respect to federal tax laws, and either a ruling, an opinion of
counsel, or a letter of advice from their tax advisor with respect to Wisconsin
tax laws, to the effect that consummation of the transactions contemplated by
the Conversion and this Plan will not result in a taxable reorganization under
the provisions of the applicable codes or otherwise result in any adverse tax
consequences to the MHC, the Mid-Tier Company, the Holding Company or the Bank,
or the Account Holders receiving subscription rights before or after the
Conversion, except in each case to the extent, if any, that subscription rights
are deemed to have value on the date such rights are issued.

26.   STOCK BENEFIT PLANS AND EMPLOYMENT AGREEMENTS

      A. The Holding Company and the Bank are authorized to adopt Tax-Qualified
Employee Stock Benefit Plans in connection with the Conversion, including
without limitation, an ESOP. Existing as well as any newly created Tax-Qualified
Employee Stock Benefit Plans may purchase shares of Holding Company Common Stock
in the Conversion, to the extent permitted by the terms of such benefit plans
and this Plan.

      B. As a result of the Conversion, the Holding Company shall be deemed to
have ratified and approved the stock benefit plans maintained by the Bank and
the Mid-Tier Company and shall have agreed to issue (and reserve for issuance)
Holding Company Common Stock in lieu of common stock of the Mid-Tier Company
pursuant to the terms of such benefit plans. Upon consummation of the
Conversion, the Mid-Tier Company common stock held by such benefit plans shall
be converted into Holding Company Common Stock based upon the Exchange Ratio.
Also upon consummation of the Conversion, (i) all rights to purchase, sell or
receive Mid-Tier Company common stock and all rights to elect to make payment in
Mid-Tier Company common stock under any agreement between the Bank or the
Mid-Tier Company on the one hand and any Director, Officer or Employee thereof
on the one hand or under any plan or program of the Bank or the Mid-Tier Company
shall automatically, by operation of law, be converted into and shall become an
identical right to purchase, sell or receive Holding Company Common Stock and an
identical right to make payment in Holding Company Common Stock under any such
agreement between the Bank or the Mid-Tier Company on the one hand and any
Director, Officer or Employee thereof on the one hand or under such plan or
program of the Bank, and (ii) rights outstanding under any stock option plan of
the Bank or the Mid-Tier Company shall be assumed by the Holding Company and
thereafter shall be rights only for shares of Holding Company Common Stock, with
each such right being for a number of shares of Holding Company Common Stock
based upon the Exchange Ratio and the number of shares of Mid-Tier Company
common stock that were available thereunder immediately prior to consummation of
the Conversion, with the price adjusted to reflect the Exchange Ratio but with
no change in any other term or condition of such right.

      C. The Holding Company and the Bank are authorized to enter into
employment agreements with their executive officers. Existing employment
agreements shall remain in effect

                                      -23-
<PAGE>
and binding upon any successor corporations, subject to their terms, unless
affirmatively terminated or replaced.

      D. The Holding Company and the Bank are authorized to adopt stock option
plans, restricted stock grant plans and other Non-Tax-Qualified Employee Stock
Benefit Plans, provided that such plans conform to any applicable requirements
of OTS regulations.

27.   RESTRICTIONS ON ACQUISITION OF BANK AND HOLDING COMPANY

      A. In accordance with OTS regulations, for a period of three years from
the date of consummation of the Conversion, no Person shall directly or
indirectly offer to acquire or acquire the beneficial ownership of more than 10%
of any class of an equity security of the Holding Company without the prior
written consent of the OTS.

      (1)   The charter of the Bank may contain a provision stipulating that no
            Person, except the Holding Company, for a period of five years
            following the closing date of the Conversion, may directly or
            indirectly offer to acquire or acquire the beneficial ownership of
            more than 10% of any class of an equity security of the Bank,
            without the prior written approval of the OTS. In addition, such
            charter may also provide that for a period of five years following
            the closing date of the Conversion, shares beneficially owned in
            violation of the above-described charter provision shall not be
            entitled to vote and shall not be voted by any Person or counted as
            voting stock in connection with any matter submitted to Shareholders
            for a vote. In addition, special meetings of the shareholders
            relating to changes in control or amendment of the charter may only
            be called by the Board of Directors of the Bank, and shareholders
            shall not be permitted to cumulate their votes for the election of
            Directors.

      (2)   The Articles of the Holding Company will contain a provision
            stipulating that in no event shall any record owner (other than any
            Employee Benefit Plan) of any outstanding shares of Holding Company
            Common Stock who beneficially owns in excess of 10% of such
            outstanding shares during the period provided in Subsection (A)(1)
            above be entitled or permitted to any vote in respect to any shares
            held in excess of 10%. In addition, the Articles and Bylaws of the
            Holding Company will contain provisions which provide for staggered
            terms of the Directors, non-cumulative voting for Directors,
            limitations on the calling of special meetings and certain notice
            requirements.

      B. For the purposes of this section:

      (1)   The term "Person" includes an individual, a firm, a corporation or
            other entity;

      (2)   The term "offer" includes every offer to buy or acquire,
            solicitation of an offer to sell, tender offer for, or request or
            invitation for tenders of, a security or interest in a security for
            value;

      (3)   The term "acquire" includes every type of acquisition, whether
            effected by purchase, exchange, operation of law or otherwise; and

                                      -24-
<PAGE>
      (4)   The term "security" includes nontransferable subscription rights
            issued pursuant to a plan of conversion as well as a "security" as
            defined in Section 2(a)(1) of the Securities Act of 1933.

28.   PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK

      A. The Holding Company shall comply with any applicable OTS regulation in
the repurchase of any shares of its capital stock during the first year
following consummation of the Conversion.

      B. The Bank shall not declare or pay a cash dividend on, or repurchase any
of, its capital stock if the effect thereof would cause its regulatory capital
to be reduced below (i) the amount required for the Liquidation Account or (ii)
the minimum regulatory capital requirement in Section 567.2 of the Rules and
Regulations of the OTS. Otherwise, the Bank may declare dividends or make
capital distributions in accordance with applicable law and regulations,
including 12 C.F.R. Section 563.141 et. seq. or its successor.

29.   CHARTER AND BYLAWS

      By voting to adopt this Plan, Members of the MHC will be voting to adopt
the Articles and the Bylaws for the Holding Company attached as Exhibits D and E
to this Plan.

30.   CONSUMMATION OF CONVERSION AND EFFECTIVE DATE

      The Effective Date of the Conversion shall be the date upon which the
Articles of Combination shall be filed with the OTS with respect to the MHC
Merger, the Mid-Tier Merger and the Bank Merger. The Articles of Combination
shall be filed with the OTS after all requisite regulatory, member and
Shareholder approvals have been obtained, all applicable waiting periods have
expired, and sufficient subscriptions and orders for Subscription Shares have
been received. The Closing of the sale of all shares of Holding Company Common
Stock sold in the Subscription Offering, Community Offering and/or Syndicated
Community Offering shall occur simultaneously on the effective date of the
Closing.

31.   EXPENSES OF CONVERSION

      The MHC, the Mid-Tier Company, the Bank and the Holding Company may retain
and pay for the services of legal, financial and other advisors to assist in
connection with any or all aspects of the Conversion, including the Offering,
and such parties shall use their best efforts to assure that such expenses shall
be reasonable.

32.   AMENDMENT OR TERMINATION OF PLAN

      This Plan may be substantively amended by the Board of Directors of the
MHC at the discretion of the Board of Directors or as a result of comments from
regulatory authorities at any time prior to the solicitation of proxies from
Members and Mid-Tier Company Shareholders to vote on this Plan, and at any time
thereafter by the Board of Directors of the MHC with the concurrence of the OTS.
Any amendment to this Plan made after approval by the Members and Mid-Tier
Company Shareholders with the approval of the OTS shall not necessitate further

                                      -25-
<PAGE>
approval by the Members or Mid-Tier Company Shareholders unless otherwise
required by the OTS. This Plan may be terminated by the Board of Directors of
the MHC at any time prior to the Special Meeting of Members and the Special
Meeting of Shareholders to vote on this Plan, and at any time thereafter with
the concurrence of the OTS.

      By the adoption of the Plan, the Members of the MHC authorize the Board of
Directors of the MHC to amend or terminate the Plan under the circumstances set
forth in this Section.

33.   CONDITIONS TO CONVERSION

      Consummation of the Conversion pursuant to this Plan is expressly
conditioned upon the following:

      A. Prior receipt by the MHC, the Mid-Tier Company, and the Bank of rulings
of the United States Internal Revenue Service and the State of Wisconsin taxing
authorities, or opinions of counsel or tax advisers, as described in Section 25
hereof;

      B. The sale of the shares of Holding Company Common Stock offered in the
Conversion; and

      C. The completion of the Conversion within the time period specified in
Section 3 of this Plan.

34.   INTERPRETATION

      All interpretations of this Plan and application of its provisions to
particular circumstances made by a majority of the Board of Directors of the MHC
shall be final for all intents and purposes, subject to the authority of the
OTS.

                                      -26-
<PAGE>
                                                                       EXHIBIT A

                       FORM OF AGREEMENT OF MERGER BETWEEN
                            BANK MUTUAL CORPORATION,
                           BKMU INTERIM SAVINGS BANK I
                                       AND
                                   BANK MUTUAL

      THIS AGREEMENT OF MERGER (this "Merger Agreement"), dated as of
_____________, 2003, is made by and between Bank Mutual Corporation, a federal
corporation ("Mid-Tier Company"), Bank Mutual, a federal savings association
f/k/a "Mutual Savings Bank" (the "Bank") and BKMU Interim Savings Bank I, an
interim federal savings bank ("Interim I").

                                R E C I T A L S :

      1. Mid-Tier Company is a federal corporation which owns 100% of the common
stock of the Bank.

      2. Pursuant to the Merger Agreement, Mid-Tier Company will convert to or
exchange its charter for a federal interim savings bank charter and shall merge
with and into the Bank with the Bank as the surviving entity (the "Mid-Tier
Merger"). The Mid-Tier Company Shareholders shall constructively receive shares
of Bank common stock in exchange for Mid-Tier Company common stock that they
actually or constructively hold.

      3. At least two-thirds of the members of the boards of directors of the
Bank, Interim I and Mid-Tier Company have approved this Merger Agreement under
which Mid-Tier Company shall be merged with and into the Bank with the Bank as
the surviving or resulting institution (the "Resulting Institution"), and
authorized the execution and delivery thereof.

      4. This Merger Agreement (and the transactions contemplated hereby) are
being entered into to facilitate the conversion of Bank Mutual Bancorp, MHC to
stock form pursuant to that certain Plan of Restructuring for the Conversion and
Reorganization of Bank Mutual Bancorp, MHC (the "Plan").

      NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto have agreed as follows:

      1. MERGER. At and on the Effective Date (as defined below), (i) Mid-Tier
Company shall exchange its charter for the charter of Interim I and will merge
with and into the Bank with the Bank as the Resulting Institution, and (ii)
Mid-Tier Company/Interim I Shareholders shall constructively receive shares of
Bank common stock in exchange for their Mid-Tier Company/Interim I common stock.

      2. EFFECTIVE DATE. The Mid-Tier Merger shall not be effective until and
unless it is approved by the Director of the Office of Thrift Supervision (the
"OTS") after approval by at least two-thirds of the outstanding common stock of
Mid-Tier Company and the Articles of Combination shall have been filed with the
OTS with respect to the Mid-Tier Merger. Approval

                                      A-1
<PAGE>
of the Plan by the Shareholders of Mid-Tier Company shall also constitute
approval of this Merger Agreement.

      3. NAME. The name of the Resulting Institution shall be Bank Mutual.

      4. OFFICES. The main office of the Resulting Institution shall be 4949 W.
Brown Deer Road, Brown Deer, Wisconsin 53223. The offices of the Bank that were
in lawful operation prior to the Mid-Tier Merger shall be operated as offices of
the Resulting Institution after the Mid-Tier Merger.

      5. DIRECTORS AND OFFICERS. The directors and officers of the Bank
immediately prior to the Effective Date shall be the directors and officers of
the Resulting Institution after the Effective Date.

      6. RIGHTS AND DUTIES OF THE RESULTING INSTITUTION. At the Effective Date,
the Mid-Tier Company shall convert to Interim I, which shall be merged with and
into the Bank with the Bank as the Resulting Institution. The business of the
Resulting Institution shall be that of a federal savings association as provided
in its charter. All assets, rights, interests, privileges, powers, franchises
and property (real, personal and mixed) of Mid-Tier Company, Interim I and the
Bank shall be automatically transferred to and vested in the Resulting
Institution by virtue of the Mid-Tier Merger without any deed or other document
of transfer. The Resulting Institution, without any order or action on the part
of any court or otherwise and without any documents of assumption or assignment,
shall hold and enjoy all of the properties, franchises and interests, including
appointments, powers, designations, nominations and all other rights and
interests as the agent or other fiduciary in the same manner and to the same
extent as such rights, franchises, and interests and powers were held or enjoyed
by Mid-Tier Company, Interim I and the Bank. The Resulting Institution shall be
responsible for all of the liabilities, restrictions and duties of every kind
and description of Mid-Tier Company, Interim I and the Bank immediately prior to
the Mid-Tier Merger, including liabilities for all debts, obligations and
contracts of Mid-Tier Company, Interim I and the Bank, matured or unmatured,
whether accrued, absolute, contingent or otherwise and whether or not reflected
or reserved against on balance sheets, books of accounts or records of the
Mid-Tier Company and the Bank. The Shareholders of the Bank shall possess all
voting rights with respect to the shares of stock of the Bank. All rights of
creditors and other obligees and all liens on property of Mid-Tier Company,
Interim I and the Bank shall be preserved and shall not be released or impaired.

      7. OTHER TERMS. All terms used in this Merger Agreement shall, unless
defined herein, have the meanings set forth in the Plan. The Plan is
incorporated herein by this reference and made a part hereof to the extent
necessary or appropriate to effect and consummate the terms of this Merger
Agreement and the Conversion.

                                      A-2
<PAGE>
      IN WITNESS WHEREOF, Mid-Tier Company, Interim I and the Bank have caused
this Merger Agreement to be executed as of the date first above written.

                                         BANK MUTUAL CORPORATION
ATTEST:

By:_______________________________       By:____________________________________
   Eugene H. Maurer, Jr., Secretary         Michael T. Crowley, Jr., Chairman

                                         BANK MUTUAL
ATTEST:

By:_______________________________       By:____________________________________
   Eugene H. Maurer, Jr., Secretary         Michael T. Crowley, Jr., President

                                         BKMU INTERIM SAVINGS BANK I
ATTEST:

By:_______________________________       By:____________________________________
   Eugene H. Maurer, Jr., Secretary         Michael T. Crowley, Jr., President

                                      A-3
<PAGE>
                                                                       EXHIBIT B

                           FORM OF AGREEMENT OF MERGER
                                     BETWEEN
                            BANK MUTUAL BANCORP, MHC,
                          BKMU INTERIM SAVINGS BANK II
                                       AND
                                   BANK MUTUAL

      THIS AGREEMENT OF MERGER (this "Merger Agreement"), dated as of
___________, 2003, is made by and between Bank Mutual Bancorp, MHC, a federal
mutual holding company f/k/a "Mutual Savings Bancorp, MHC" (the "MHC"), Bank
Mutual, a federal savings association f/k/a "Mutual Savings Bank" (the "Bank"),
and BKMU Interim Savings Bank II, an interim federal savings bank ("Interim
II").

                                R E C I T A L S :

      1. The MHC is a federal mutual holding company with no authorized shares
of capital stock.

      2. After the merger of Bank Mutual Corporation and BKMU Interim Savings
Bank I into the Bank, the majority of the shares of common stock of the Bank
will be owned by the MHC, and the remainder of the shares of common stock of the
Bank will be constructively owned by the Bank's employees, directors and the
public (the "Minority Shareholders").

      3. Pursuant to this Merger Agreement, the MHC will convert to or exchange
its charter for the federal interim savings bank charter of Interim II, and
Interim II shall merge with and into the Bank with the Bank as the surviving
entity (the "MHC Merger"). Each Eligible Account Holder and Supplemental
Eligible Account Holder, as defined in the Plan of Restructuring for the
Conversion and Reorganization of Bank Mutual Bancorp, MHC (the "Plan"), will
receive as interest in a liquidation account ("Liquidation Account") of the Bank
in exchange for such person's interest in the MHC.

      4. At least two-thirds of the members of the boards of directors of the
Bank and the MHC have approved this Merger Agreement and the MHC Merger (as
described below) and authorized the execution and delivery thereof.

      5. This Merger Agreement (and the transactions contemplated hereby) are
being entered into to facilitate the conversion of the MHC to stock form
pursuant to the Plan.

      NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto have agreed as follows:

      1. MERGER. At and on the Effective Date (as defined below), (i) the MHC
shall convert to or exchange its charter for the charter of Interim II, and
Interim II will merge with and into the Bank (the "MHC Merger") with the Bank as
the surviving or resulting institution (the "Resulting Institution"), (ii) each
share of Bank common stock owned by the MHC shall be canceled, and (iii) each
Eligible Account Holder and Supplemental Eligible Account Holder

                                      B-1
<PAGE>
shall automatically receive an interest in the Liquidation Account which shall
be established in the Bank, in exchange for such person's interest in the MHC as
set forth in the Plan.

      2. EFFECTIVE DATE. The MHC Merger shall not be effective until and unless
it is approved by the Director of the Office of Thrift Supervision (the "OTS")
after approval by (i) two-thirds of the outstanding common stock of the Bank,
and (ii) a majority of the members of the MHC, and the Articles of Combination
shall have been filed with the OTS with respect to the MHC Merger. Approval of
the Plan by the members of the MHC shall also constitute approval of this Merger
Agreement.

      3. NAME. The name of the Resulting Institution shall be Bank Mutual.

      4. OFFICES. The main offices of the Resulting Institution shall be 4949
West Brown Deer Road, Brown Deer, Wisconsin 53223. The offices of the Bank that
were in lawful operation prior to the MHC Merger shall continue to be operated
as the offices of the Resulting Institution after the MHC Merger.

      5. DIRECTORS AND OFFICERS. The directors and officers of the Bank
immediately prior to the Effective Date shall be the directors and officers of
the Resulting Institution after the Effective Date.

      6. RIGHTS AND DUTIES OF THE RESULTING INSTITUTION. At the Effective Date,
the MHC shall convert to Interim II, which shall merge with and into the Bank
with the Bank as the Resulting Institution. The business of the Resulting
Institution shall be that of a federal savings association as provided in its
Charter. All assets, rights, interests, privileges, powers, franchises and
property (real, personal and mixed) of the MHC, Interim II and the Bank shall be
automatically transferred to and vested in the Resulting Institution by virtue
of such merger without any deed or other document of transfer. The Resulting
Institution, without any order or action on the part of any court or otherwise
and without any documents of assumption or assignment, shall hold and enjoy all
of the properties, franchises and interests, including appointments, powers,
designations, nominations and all other rights and interests as the agent or
other fiduciary in the same manner and to the same extent as such rights,
franchises, and interests and powers were held or enjoyed by the MHC, Interim II
and the Bank. The Resulting Institution shall be responsible for all of the
liabilities, restrictions and duties of every kind and description of both the
MHC, Interim II and the Bank immediately prior to the MHC Merger, including
liabilities, debts, obligations and contracts of the MHC, Interim II and the
Bank, matured or unmatured, whether accrued, absolute, contingent or otherwise
and whether or not reflected or reserved against on balance sheets, books of
accounts or records of the MHC, Interim II and the Bank. The Shareholders of the
Bank shall possess all voting rights with respect to the shares of stock of the
Bank. All rights of creditors and other obligees and all liens on property of
either the MHC, Interim II and the Bank shall be preserved and shall not be
released or impaired.

      7. OTHER TERMS. All terms used in this Merger Agreement shall, unless
defined herein, have the meanings set forth in the Plan. The Plan is
incorporated herein by this reference and made a part hereof to the extent
necessary or appropriate to effect and consummate the terms of this Merger
Agreement and the Conversion.

                                      B-2
<PAGE>
      IN WITNESS WHEREOF, the MHC, Interim II and the Bank have caused this
Merger Agreement to be executed as of the date first above written.

                                           BANK MUTUAL BANCORP, MHC
ATTEST:

By:________________________________        By:__________________________________
   Eugene H. Maurer, Jr., Secretary           Michael T. Crowley, Jr., President

                                           BANK MUTUAL
ATTEST:

By:________________________________        By:__________________________________
   Eugene H. Maurer, Jr., Secretary           Michael T. Crowley, Jr., President

                                           BKMU INTERIM SAVINGS BANK II
ATTEST:

By:________________________________        By:__________________________________
   Eugene H. Maurer, Jr., Secretary           Michael T. Crowley, Jr., President

                                      B-3
<PAGE>
                                                                       EXHIBIT C

                           FORM OF AGREEMENT OF MERGER
                                     BETWEEN
                                   BANK MUTUAL
                                       AND
                           MUTUAL INTERIM SAVINGS BANK

      THIS AGREEMENT OF MERGER (this "Merger Agreement"), dated as of
__________________, 2003, is made by and between Bank Mutual, a federal savings
association f/k/a "Mutual Savings Bank" (the "Bank"), and Mutual Interim Savings
Bank, an interim federal savings Bank ("Interim").

                                R E C I T A L S :

      1. The Bank is a federal savings association that immediately prior to the
transactions contemplated by this Merger Agreement and the Plan of Restructuring
for the Conversion and Reorganization of Bank Mutual Bancorp, MHC (the "Plan")
was a wholly-owned subsidiary of Bank Mutual Corporation (the "Mid-Tier
Company"), a Federal corporation. Mid-Tier Company was a majority-owned
subsidiary of Bank Mutual Bancorp, MHC (the "MHC").

      2. Pursuant to the Plan and its related merger agreements, (i) Mid-Tier
Company has converted to BKMU Interim Savings Bank I, an interim federal savings
bank ("Interim I") and Interim I has merged with and into the Bank (the
"Mid-Tier Merger") with the Bank as the resulting entity, (ii) Mid-Tier Company
Shareholders have constructively received shares of Bank common stock in
exchange for their Mid-Tier Company common stock, (iii) the MHC has converted
to, or exchanged its charter for, a federal interim savings bank ("Interim II")
which has merged with and into the Bank with the Bank as the resulting entity,
and (iv) each Eligible Account Holder and Supplemental Eligible Account Holder
(as defined in the Plan) has received an interest in a Liquidation Account of
the Bank in exchange for such person's interest in the MHC.

      3. Pursuant to the Plan, following the completion of each of the steps
outlined in paragraph 2 above, the Bank has organized Bank Mutual Corporation, a
Wisconsin corporation (the "Holding Company"), to become the holding company of
the Bank, and the Holding Company has organized Interim for the purpose of
facilitating the conversion of the MHC to stock form (the "Conversion") pursuant
to the Plan.

      4. At least two-thirds of the members of the boards of directors of the
Bank and Interim have approved this Merger Agreement under which Interim shall
be merged with and into the Bank with the Bank as the surviving or resulting
institution, and authorized the execution and delivery thereof.

      5. This Merger Agreement (and the transactions contemplated hereby) is
being entered into to facilitate the conversion of the MHC to stock form
pursuant to the Plan.

                                      C-1
<PAGE>
      NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto have agreed as follows:

      1. MERGER. At and on the Effective Date (as defined below) and immediately
following the Mid-Tier Merger and the MHC Merger (i) Interim will merge with and
into the Bank (the "Bank Merger") with the Bank as the surviving or resulting
institution ("Resulting Institution"), whereby (ii) all constructive
shareholders of the Bank (i.e., Minority Shareholders immediately prior to the
Conversion) will exchange the shares of Bank common stock that they
constructively received in the Mid-Tier Merger for Holding Company Common Stock.

      2. STOCK OFFERING. Immediately after the Bank Merger, the Holding Company
shall sell shares of its common stock in a subscription and community offering
as described in the Plan.

      3. EFFECTIVE DATE. The Bank Merger shall not be effective until and unless
it is approved by the Director of the Office of Thrift Supervision (the "OTS")
after approval by at least two-thirds of the outstanding common stock of the
Bank and Interim, and the Articles of Combination shall have been filed with the
OTS with respect to the Bank Merger.

      4. NAME. The name of the Resulting Institution shall be Bank Mutual.

      5. OFFICES. The main offices of the Resulting Institution shall be 4949
West Brown Deer Road, Brown Deer, Wisconsin 53223. The offices of the Bank that
were in lawful operation prior to the Bank Merger shall be operated as offices
of the Resulting Institution after the Bank Merger.

      6. DIRECTORS AND OFFICERS. The directors and officers of the Bank
immediately prior to the Effective Date shall be the directors and officers of
the Resulting Institution after the Effective Date.

      7. RIGHTS AND DUTIES OF THE RESULTING INSTITUTION. At the Effective Date,
Interim shall be merged with and into the Bank with the Bank as the Resulting
Institution. The business of the Resulting Institution shall be that of a
federal savings association as provided in its charter. All assets, rights,
interests, privileges, powers, franchises and property (real, personal and
mixed) of Interim and the Bank shall be automatically transferred to and vested
in the Resulting Institution by virtue of the Bank Merger without any deed or
other document of transfer. The Resulting Institution, without any order or
action on the part of any court or otherwise and without any documents of
assumption or assignment, shall hold and enjoy all of the properties, franchises
and interests, including appointments, powers, designations, nominations and all
other rights and interests as the agent or other fiduciary in the same manner
and to the same extent as such rights, franchises, and interests and powers were
held or enjoyed by Interim and the Bank. The Resulting Institution shall be
responsible for all of the liabilities, restrictions and duties of every kind
and description of Interim and the Bank immediately prior to the Bank Merger,
including liabilities for all debts, obligations and contracts of Bank and
Interim, matured or unmatured, whether accrued, absolute, contingent or
otherwise and whether or not reflected or reserved against on balance sheets,
books of accounts or records of Interim and the Bank. The Shareholders of the
Resulting Institution shall possess all voting rights with

                                      C-2
<PAGE>
respect to the shares of stock of the Bank. All rights of creditors and other
obligees and all liens on property of Interim and the Bank shall be preserved
and shall not be released or impaired.

      8. OTHER TERMS. All terms used in this Merger Agreement shall, unless
defined herein, have the meanings set forth in the Plan. The Plan is
incorporated herein by this reference and made a part hereof to the extent
necessary or appropriate to effect and consummate the terms of the Merger
Agreement and the Conversion.

      IN WITNESS WHEREOF, the Bank and Interim have caused this Merger Agreement
to be executed as of the date first above written.

                                           BANK MUTUAL
ATTEST:

By:________________________________        By:__________________________________
   Eugene H. Maurer, Jr., Secretary           Michael T. Crowley, Jr., President

                                           MUTUAL INTERIM SAVINGS BANK
ATTEST:

By:________________________________        By:__________________________________
   Eugene H. Maurer, Jr., Secretary           Michael T. Crowley, Jr., President

                                      C-3
<PAGE>
                                                                       Exhibit D

                                    RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                             BANK MUTUAL CORPORATION

These Restated Articles of Incorporation ("Articles") of Bank Mutual
Corporation, a corporation incorporated under Chapter 180 of the Wisconsin
Statutes, the Wisconsin Business Corporation Law, supersede and take the place
of the existing Articles of Incorporation and all prior amendments thereto.

                                ARTICLE I. NAME

The name of the corporation is BANK MUTUAL CORPORATION.

                              ARTICLE II. PURPOSE

The corporation is organized for the purposes of (1) acting as a bank holding
company, savings bank or savings association holding company and/or financial
holding company and (2) engaging in any lawful activity within the purposes for
which corporations may be organized under the Wisconsin Business Corporation
Law.

                   ARTICLE III. DESCRIPTION OF CAPITAL STOCK

      3.01 Authorized Number and Classes of Shares

      The aggregate number of shares which the corporation shall have authority
      to issue is Two Hundred Twenty Million (220,000,000) shares, consisting of
      Two Hundred Million (200,000,000) shares of Common Stock of the par value
      of One Cent ($.01) per share (hereinafter called the "Common Stock") and
      Twenty Million (20,000,000) shares of Preferred Stock of the par value of
      One Cent ($.01) per share (hereinafter called the "Preferred Stock").

      3.02 Common Stock Provisions

            (a) Dividends. Subject to any rights of holders of Preferred Stock,
such dividends (payable in cash, stock or otherwise) as may be determined by the
Board of Directors may be declared and paid on the Common Stock from time to
time from any funds, property or shares legally available therefor.

            (b) Voting Rights. Subject to any rights of holders of Preferred
Stock to vote on a matter as a class or series, [and subject to the other
provisions of these Articles of Incorporation and of Wisconsin law,] each
outstanding share of Common Stock shall be entitled to one vote on each matter
submitted to a vote of holders of Common Stock at a meeting of Shareholders.

                                      D-1
<PAGE>
            (c) Liquidation, Dissolution or Winding Up. In the event of any
liquidation, dissolution or winding up of the corporation, the holders of Common
Stock, subject to any rights of holders of Preferred Stock, shall be entitled to
receive the net balance of any remaining assets of the corporation.

            (d) No Preemptive Rights. No holder of Common Stock shall be
entitled as such, as a matter of right, to subscribe for or purchase or receive
any part of any new or additional issue of stock, or securities convertible into
stock, of any class whatever, whether now or hereafter authorized, or whether
issued for cash, property or services, by way of dividend, or in exchange for
the stock of another corporation.

      3.03 Preferred Stock Provisions

      The Board of Directors shall have authority to divide the Preferred Stock
      into series, to issue shares of any such series and, within the
      limitations set forth in these Articles of Incorporation or prescribed by
      law, to fix and determine the relative rights and preferences of the
      shares of any series so established. Each such series shall be so
      designated as to distinguish the shares thereof from the shares of all
      other series and classes. All shares of Preferred Stock shall be identical
      except as to the following relative rights and preferences, as to which
      there may be variations between different series:

            (a) The rate of dividend;

            (b) The price at and the terms and conditions on which shares may be
redeemed;

            (c) The amount payable upon shares in the event of voluntary or
involuntary liquidation of the corporation;

            (d) Sinking fund provisions for the redemption or purchase of
shares;

            (e) The terms and conditions on which shares may be converted, if
shares are issued with the privilege of conversion;

            (f) Voting rights, if any; and

            (g) Any other rights or preferences as to which the laws of the
State of Wisconsin, as in effect at the time of the determination thereof,
permit variations between different series of Preferred Stock.

      Shares of Preferred Stock shall have only such voting rights, if any,
      preemptive rights, if any, and other rights as are fixed and determined by
      the Board of Directors in accordance with the foregoing provisions or as
      may be required by law.

      3.04 Certain Other Provisions Affecting Shareholders

            (a) Restriction on Certain Purchases of Common Stock at Market
Premium

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<PAGE>
            The corporation shall not purchase any shares of Common Stock from
            any person or other entity if more than 5% of the outstanding shares
            of Common Stock are believed by the Board of Directors to be
            Beneficially Owned by such person or other entity at the time the
            purchase is authorized by the Board, at a price exceeding
            significantly (as determined by the Board of Directors) the then
            current market price. This provision shall not apply, however, to
            (i) any purchase of shares believed by the Board to have been
            Beneficially Owned by the seller, or by the seller and any of the
            seller's Affiliates consecutively, for at least the two-year period
            ending with the date of purchase; (ii) any purchase of shares which
            has been approved by affirmative vote by a majority of the aggregate
            number of votes which the holders of the then outstanding shares of
            Common Stock and Preferred Stock are entitled to cast, voting
            together as a class, in the election of directors; or (iii) any
            purchase pursuant to a tender offer to all holders of Common Stock
            on the same terms.

            (b) Bylaw Provisions Fixing Greater Voting Requirements

            The Bylaws may require a greater Shareholder vote than would
            otherwise be required by law or by these Articles for: (i) removal
            of a director from office; or (ii) amending provisions of the Bylaws
            relating to or in connection with taking action by the unanimous
            consent of Shareholders without a meeting; the number, term,
            qualification, classification and election of directors; the removal
            of a director from office; notice for shareholders' meetings;
            indemnification of officers, directors and other persons by the
            corporation; or Bylaw amendments. For purposes of Sections 180.1021
            and 180.1706(4) of the Wisconsin Statutes, each section of the
            Bylaws shall be deemed to be a separate bylaw.

            (c) Five Year Restriction on Voting Rights

                  (1) Notwithstanding any other provision of these Articles,
            until August 31, 2008, in no event shall any record owner of any
            outstanding Common Stock which is beneficially owned, directly or
            indirectly, by a person who, as of any record date for the
            determination of shareholders entitled to vote on any matter,
            beneficially owns in excess of 10% of the then-outstanding shares of
            Common Stock (the "Limit"), be entitled, or permitted to any vote in
            respect of the shares held in excess of the Limit, except that such
            restriction and all restrictions set forth in this subsection (3)
            shall not apply to any tax qualified employee stock benefit plan
            established by the corporation, which shall be able to vote in
            respect to shares held in excess of the Limit. The number of votes
            which may be cast by any record owner by virtue of the provisions
            hereof in respect of Common Stock beneficially owned by such person
            owning shares in excess of the Limit shall be a number equal to the
            total number of votes which a single record owner of all Common
            Stock owned by such person would be entitled to cast, multiplied by
            a fraction, the numerator of which is the number of shares of such
            class or series which are both beneficially owned by such person and
            owned of record by such record owner and the denominator of which is
            the total number of

                                      D-3
<PAGE>
            shares of Common Stock beneficially owned by such person owning
            shares in excess of the Limit.

                  (2) The Board of Directors shall have the power to construe
            and apply the provisions of this subsection and to make all
            determinations necessary or desirable to implement such provisions,
            including but not limited to matters with respect to (i) the number
            of shares of Common Stock beneficially owned by any person, (ii)
            whether a person is an Affiliate of another, (iii) whether a person
            has an agreement, arrangement, or understanding with another as to
            the definition of beneficial ownership, (iv) the application of any
            other definition or operative provision of the section to the given
            facts, or (v) any other matter relating to the applicability or
            effect of this subsection. Any constructions, applications, or
            determinations made by the Board of Directors pursuant to this
            section in good faith and on the basis of such information and
            assistance as was then reasonably available for such purpose shall
            be conclusive and binding upon the corporation and its Shareholders.

                  (3) The Board of Directors shall have the right to demand that
            any person who is reasonably believed to beneficially own Common
            Stock in excess of the Limit (or holds of record Common Stock
            beneficially owned by any person in excess of the Limit) supply the
            corporation with complete information as to (i) the record owner(s)
            of all shares beneficially owned by such person who is reasonably
            believed to own shares in excess of the Limit, (ii) any other
            factual matter relating to the applicability or effect of this
            section as may reasonably be requested of such person.

            (d) The following definitions shall apply to this Article III,
Section D.:

            (1) "Affiliate" with respect to any person or other entity, shall
      mean any other person or other entity that directly, or indirectly through
      one or more intermediary, controls, is controlled by, or is under common
      control with, such former person or other entity.

            (2) "Beneficially Owned" shall have the meaning provided in, and
      "beneficial ownership" shall be determined pursuant to, Rule 13d-3
      promulgated by the US Securities and Exchange Commission under the
      Securities Exchange Act of 1934, as in effect on the date of the filing
      hereof.

            (3) A "person" shall include an individual, firm, a group acting in
      concert, a corporation, a partnership, a limited liability company, an
      association, a joint venture, a pool, a joint stock company, a trust, an
      unincorporated organization or similar company, or any other group formed
      for the purpose of acquiring, holding or disposing of securities of any
      other entity.

            (e) In the event that any provision (or portion thereof) of this
Section D. shall be found to be invalid, prohibited or unenforceable for any
reason, the remaining provisions (or portions thereof) of this subsection shall
remain in full force and effect, and shall be construed as

                                      D-4
<PAGE>
if such invalid, prohibited or unenforceable provision had been stricken
herefrom or otherwise rendered inapplicable, it being the intent of the
corporation and its Shareholders that such remaining provision (or portion
thereof) of this Section remain, to the fullest extent permitted by law,
applicable and enforceable as to all Shareholders, including Shareholders owning
an amount of stock over the Limit, notwithstanding any such finding.

                  ARTICLE IV. NUMBER AND CLASSES OF DIRECTORS

The Board of Directors shall consist of such number of directors as shall be
fixed from time to time by or in the manner provided in the Bylaws. The Bylaws
may provide that the directors shall be divided into three classes, with
staggered terms in office, as contemplated in Section 180.0806 of the Wisconsin
Statutes or any successor provision.

                        ARTICLE V. EMERGENCY PROVISIONS

The business and affairs of the corporation shall be managed by its Board of
Directors, except as otherwise provided in this Article V after the occurrence
and during the continuance of any Emergency. During any Emergency the provisions
of this Article V shall apply to the maximum extent permitted by the Wisconsin
Business Corporation Law, particularly Sections 180.0207 and 180.0303 thereof,
or any successor provisions, as at the time in effect. The provisions of this
Article V shall control during any Emergency, notwithstanding any contrary
provisions of these Articles or the Bylaws of the corporation.

As used in this Article V, "Emergency" means a catastrophic event that prevents
a quorum of the Board of Directors from being readily assembled.

During any Emergency, the business and affairs of the corporation shall be
managed by an interim Board of Directors consisting of so many of the incumbent
directors, if any, as are known to be alive and not incapacitated, and whom the
corporation is able to contact by normal means of communication, together with
provisional directors selected as hereinafter provided. The total number of
directors on such interim Board of Directors shall be the lesser of the number
determined in or pursuant to the Bylaws, or the number of eligible persons who
are known to be alive, are not incapacitated and can be readily contacted by the
usual means of communication. The Board of Directors by resolution may from time
to time designate a list of provisional directors and the order of priority in
which such persons shall become interim directors in the event of Emergency,
which designation shall continue in effect until such resolution has been
subsequently amended or rescinded or has by its terms ceased to have effect.
Interim directors need not be Shareholders of the corporation. In addition to
the exercise, on a temporary basis, of all of the powers of the regular Board of
Directors, the interim Board of Directors shall have the authority to declare
vacancies in any positions of the regular Board of Directors in cases where any
incumbent director is incapacitated or missing or otherwise unable to be
contacted within a reasonable time, and to fill such vacancies, as well as any
vacancy resulting from the death of a director, by electing replacements to the
regular Board of Directors to serve until the next succeeding annual meeting of
Shareholders.

When an Emergency has occurred, any director or provisional director named in
any aforementioned resolution is empowered on behalf of the corporation to
declare the provisions of

                                      D-5
<PAGE>
this Article V to be in effect, and to call a meeting of either the regular or
an interim Board of Directors on such notice, which may be shorter than the
notice provided for in the Bylaws for special meetings of the Board of
Directors, as such person may determine to be advisable. In the case of a
meeting of the interim Board of Directors, reasonable efforts shall be made to
give such notice to all persons who are or may be eligible to serve as interim
directors. At the first meeting of any interim Board of Directors, three or more
interim directors may act, notwithstanding any other quorum requirement provided
by these Articles or the Bylaws of the corporation, and notwithstanding any
failure of other interim directors to receive notice of the meeting. Prior to
any initial meeting of the interim Board of Directors three or more interim
directors, and thereafter a majority of the interim directors who are deemed to
be serving as such, may take action as the Board of Directors by telephone
meeting, written instrument or other means which reasonably evidences the assent
to the action of a majority of such number of interim directors, in lieu of
action at a meeting.

                     ARTICLE VI. ACQUISITION OF OWN SHARES

Subject to the provisions of subsection D.(1) of Article III of these Articles,
the corporation is authorized to purchase, take, receive or otherwise acquire
shares of Common Stock or Preferred Stock of the corporation, with the approval
of the Board of Directors, with or without any vote or consent of Shareholders.

                    ARTICLE VII. AMENDMENTS TO THE ARTICLES

Any lawful amendment of these Articles may be made by affirmative vote by at
least the proportion specified below of the aggregate number of votes which the
holders of the then outstanding shares of Common Stock and Preferred Stock are
entitled to cast on the amendment and, if the shares of one or more classes or
series are entitled under these Articles of Incorporation or otherwise by law to
vote thereon as a class, affirmative vote by the same proportion of the
aggregate number of votes which the holders of the then outstanding shares of
such one or more classes or series are entitled to cast on the amendment. The
proportion referred to above in this Article VII shall be 66 ?% in the case of
any amendment of the provisions set forth in Section D. of Article III of these
Articles, in this Article VII, and any amendment rendering inapplicable to the
corporation Sections 180.1130 through 180.1134, Sections 1140 to 1144, and/or
Section 180.1150 of the Wisconsin Business Corporation Law or any successor
provisions. Such portion shall be a majority in all other cases.

                        ARTICLE VIII. EFFECT OF HEADINGS

The descriptive headings in these Articles are inserted herein for convenience
only and shall not be deemed to affect the meaning or construction of any of the
provisions hereof.

                    ARTICLE IX. REGISTERED OFFICE AND AGENT

The address of the registered office of the corporation is 4949 West Brown Deer
Road, Brown Deer, Wisconsin 53223 and the name of its registered agent at such
address is Michael T. Crowley, Jr. The county of such registered office is
Milwaukee County.

                                      D-6
<PAGE>
                               ARTICLE X. BYLAWS

The Board of Directors shall have the power to adopt, amend and repeal the
Bylaws of the corporation to the maximum extent permitted from time to time by
Wisconsin law, subject to the rights of the Shareholders to adopt, amend or
repeal the Bylaws; provided, however, that Section 10.01(c) (or any successor
provision) and the other provisions of the Bylaws referred to therein may be
amended or repealed only by the affirmative vote of at least 66 ?% of the
aggregate number of votes which the holders of the then outstanding shares of
Common Stock and Preferred Stock, voting together as a class, are entitled to
cast in an election of directors.

                                      D-7
<PAGE>
                                                                       Exhibit E

                                     BYLAWS

                             BANK MUTUAL CORPORATION
                             A WISCONSIN CORPORATION

                                     ADOPTED

                              _______________, 2003

                                      E-1
<PAGE>
                          ARTICLE I. OFFICES; RECORDS

      1.01 Principal and Business Offices. The corporation may have such
principal and other business offices, either within or without the State of
Wisconsin, as the Board of Directors may designate or as the business of the
corporation may require from time to time.

      1.02 Registered Office and Registered Agent. The registered office of the
corporation required by the Wisconsin Business Corporation Law to be maintained
in the State of Wisconsin may be, but need not be, identical with the principal
office in the State of Wisconsin. The address of the registered office may be
changed from time to time by any officer or by the registered agent. The office
of the registered agent of the corporation shall be identical to such registered
office.

      1.03 Corporate Records. The following documents and records shall be kept
at the corporation's principal office or at such other reasonable location as
may be specified by the corporation:

            (a) Minutes of shareholders' and Board of Directors' meetings and
any written notices thereof.

            (b) Records of actions taken by the shareholders or directors
without a meeting.

            (c) Records of actions taken by committees of the Board of
Directors.

            (d) Accounting records.

            (e) Records of its shareholders.

            (f) Current Bylaws.

            (g) Written waivers of notice by shareholders or directors (if any).

            (h) Written consents by shareholders or directors for actions
without a meeting (if any).

            (i) Voting trust agreements (if any).

            (j) Stock transfer agreements to which the corporation is a party or
of which it has notice (if any).

                            ARTICLE II. SHAREHOLDERS

      2.01 Annual Meeting. The annual meeting of the shareholders shall be held
on the Second Monday of May in each year at 10:00 a.m., or at such other time
and date as may be fixed by or under the authority of the Board of Directors,
for the purpose of electing directors and for the transaction of such other
business as may come before the meeting. If the day fixed for the annual meeting
is a legal holiday in the State of Wisconsin, such meeting shall be held on

                                      E-2
<PAGE>
the next succeeding business day. If the election of directors is not held on
the day designated herein, or fixed as herein provided, for any annual meeting
of the shareholders, or at any adjournment thereof, the Board of Directors shall
cause the election to be held at a meeting of the shareholders as soon
thereafter as may be convenient.

      2.02 Special Meetings. Special meetings of the shareholders, for any
purpose or purposes, unless otherwise prescribed by statute, may be called by
the Chief Executive Officer or the Board of Directors. If, and only to the
extent, required by the Wisconsin Business Corporation Law, a special meeting
shall be called upon written demand describing one or more purposes for which it
is to be held by holders of shares with at least 10% of the votes entitled to be
cast on any issue proposed to be considered at the meeting. The purpose or
purposes of any special meeting shall be described in the notice required by
Section 2.04 of these Bylaws.

      2.03 Place of Meeting. The Board of Directors may designate any place,
either within or without the State of Wisconsin, as the place of meeting for any
annual meeting or any special meeting. If no designation is made, the place of
meeting shall be the principal office of the corporation but any meeting may be
adjourned to reconvene at any place designated by vote of a majority of the
shares represented thereat.

      2.04 Notices to Shareholders.

            (a) Required Notice. Written notice, or any other type of notice
permitted by the Wisconsin Business Corporation Law, stating the place, day and
hour of the meeting and, in case of a special meeting, the purpose or purposes
for which the meeting is called, shall be delivered not less than five (5) days
nor more than sixty (60) days before the date of the meeting (unless a different
time is provided by law or the Articles of Incorporation), by or at the
direction of the Chairperson of the Board, if there is one, the Chief Executive
Officer, the President or the Secretary, to each shareholder entitled to vote at
such meeting or, for the fundamental transactions described in subsections
(e)(1) to (4) below (for which the Wisconsin Business Corporation Law requires
that notice be given to shareholders not entitled to vote), to all shareholders.
If mailed, such notice is effective when deposited in the United States mail,
and shall be addressed to the shareholder's address shown in the current record
of shareholders of the corporation, with postage thereon prepaid. At least
twenty (20) days' notice shall be provided if the purpose, or one of the
purposes, of the meeting is to consider a plan of merger or share exchange for
which shareholder approval is required by law, or the sale, lease, exchange or
other disposition of all or substantially all of the corporation's property,
with or without good will, otherwise than in the usual and regular course of
business.

            (b) Adjourned Meeting. Except as provided in the next sentence, if
any shareholder meeting is adjourned to a different date, time, or place, notice
need not be given of the new date, time, and place, if the new date, time, and
place is announced at the meeting before adjournment. If a new record date for
the adjourned meeting is or must be fixed, then notice must be given pursuant to
the requirements of paragraph (a) of this Section 2.04, to those persons who are
shareholders as of the new record date.

            (c) Waiver of Notice. A shareholder may waive notice in accordance
with Article VI of these Bylaws.

                                      E-3
<PAGE>
            (d) Contents of Notice. The notice of each special shareholder
meeting shall include a description of the purpose or purposes for which the
meeting is called, and only business within the purpose described in the meeting
notice may be conducted at a special shareholders' meeting. Except as otherwise
provided in subsection (e) of this Section 2.04, in the Articles of
Incorporation, or in the Wisconsin Business Corporation Law, the notice of an
annual shareholders' meeting need not include a description of the purpose or
purposes for which the meeting is called.

            (e) Fundamental Transactions. If a purpose of any shareholder
meeting is to consider either: (1) a proposed amendment to the Articles of
Incorporation (including any restated articles) required to be approved by the
shareholders; (2) a plan of merger or share exchange for which shareholder
approval is required by law; (3) the sale, lease, exchange or other disposition
of all or substantially all of the corporation's property, with or without good
will, otherwise than in the usual and regular course of business; (4) the
dissolution of the corporation; or (5) the removal of a director, the notice
must so state and in cases (1), (2) and (3) above must be accompanied by,
respectively, a copy or summary of the: (1) proposed articles of amendment or a
copy of the restated articles that identifies any amendment or other change; (2)
proposed plan of merger or share exchange; or (3) proposed transaction for
disposition of all or substantially all of the corporation's property. If the
proposed corporate action creates dissenters' rights, the notice must state that
shareholders and beneficial shareholders are or may be entitled to assert
dissenters' rights, and must be accompanied by a copy of Sections 180.1301 to
180.1331 of the Wisconsin Business Corporation Law.

      2.05 Fixing of Record Date. The Board of Directors may fix in advance a
date as the record date for one or more voting groups for any determination of
shareholders entitled to notice of a shareholders' meeting, to demand a special
meeting, to vote, or to take any other action, such date in any case to be not
more than seventy (70) days prior to the meeting or action requiring such
determination of shareholders, and may fix the record date for determining
shareholders entitled to a share dividend or distribution. If no record date is
fixed for the determination of shareholders entitled to demand a shareholder
meeting, to notice of or to vote at a meeting of shareholders, or to consent to
action without a meeting, (a) the close of business on the day before the
corporation receives the first written demand for a shareholder meeting, (b) the
close of business on the day before the first notice of the meeting is mailed or
otherwise delivered to shareholders, or (c) the close of business on the day
before the first written consent to shareholder action without a meeting is
received by the corporation, as the case may be, shall be the record date for
the determination of shareholders. If no record date is fixed for the
determination of shareholders entitled to receive a share dividend or
distribution (other than a distribution involving a purchase, redemption or
other acquisition of the corporation's shares), the close of business on the day
on which the resolution of the Board of Directors is adopted declaring the
dividend or distribution shall be the record date. When a determination of
shareholders entitled to vote at any meeting of shareholders has been made as
provided in this section, such determination shall be applied to any adjournment
thereof unless the Board of Directors fixes a new record date and except as
otherwise required by law. A new record date must be set if a meeting is
adjourned to a date more than 120 days after the date fixed for the original
meeting.

                                      E-4
<PAGE>
      2.06 Shareholder List. The officer or agent having charge of the stock
transfer books for shares of the corporation shall, before each meeting of
shareholders, make a complete record of the shareholders entitled to notice of
such meeting, arranged by class or series of shares and showing the address of
and the number of shares held by each shareholder. The shareholder list shall be
available at the meeting and may be inspected by any shareholder or his or her
agent or attorney at any time during the meeting or any adjournment. Any
shareholder or his or her agent or attorney may inspect the shareholder list
beginning two (2) business days after the notice of the meeting is given and
continuing to the date of the meeting, at the corporation's principal office or
at a place identified in the meeting notice in the city where the meeting will
be held and, subject to Section 180.1602(2)(b) 3 to 5 of the Wisconsin Business
Corporation Law, may copy the list, during regular business hours and at his or
her expense, during the period that it is available for inspection hereunder.
The original stock transfer books and nominee certificates on file with the
corporation (if any) shall be prima facie evidence as to who are the
shareholders entitled to inspect the shareholder list or to vote at any meeting
of shareholders. Failure to comply with the requirements of this section shall
not affect the validity of any action taken at such meeting.

      2.07 Quorum and Voting Requirements. Except as otherwise provided in the
Articles of Incorporation or in the Wisconsin Business Corporation Law, a
majority of the votes entitled to be cast by shares entitled to vote as a
separate voting group on a matter, represented in person or by proxy, shall
constitute a quorum of that voting group for action on that matter at a meeting
of shareholders. If a quorum exists, action on a matter, other than the election
of directors, by a voting group is approved if the votes cast within the voting
group favoring the action exceed the votes cast opposing the action unless a
greater number of affirmative votes is required by the Wisconsin Business
Corporation Law or the Articles of Incorporation. If the Articles of
Incorporation or the Wisconsin Business Corporation Law provide for voting by
two (2) or more voting groups on a matter, action on that matter is taken only
when voted upon by each of those voting groups counted separately. Action may be
taken by one (1) voting group on a matter even though no action is taken by
another voting group entitled to vote on the matter. Once a share is represented
for any purpose at a meeting, other than for the purpose of objecting to holding
the meeting or transacting business at the meeting, it is considered present for
purposes of determining whether a quorum exists for the remainder of the meeting
and for any adjournment of that meeting unless a new record date is or must be
set for that meeting.

      2.08 Conduct of Meetings. The Chairperson of the Board, or if there is
none, or in his or her absence, the Chief Executive Officer, and in his or her
absence, the President, and in the President's absence, a Vice President in the
order provided under Section 4.08 of these Bylaws, and in their absence, any
person chosen by the shareholders present shall call the meeting of the
shareholders to order and shall act as chairperson of the meeting, and the
Secretary shall act as secretary of all meetings of the shareholders, but, in
the absence of the Secretary, the presiding officer may appoint any other person
to act as secretary of the meeting.

      2.09 Proxies. At all meetings of shareholders, a shareholder entitled to
vote may vote in person or by proxy appointed in writing by the shareholder or
by his or her duly authorized attorney-in-fact. All proxy appointment forms
shall be filed with the Secretary or other officer or agent of the corporation
authorized to tabulate votes before or at the time of the meeting. Unless the
appointment form conspicuously states that it is irrevocable and the appointment
is coupled

                                      E-5
<PAGE>
with an interest, a proxy appointment may be revoked at any time. The presence
of a shareholder who has filed a proxy appointment shall not of itself
constitute a revocation. No proxy appointment shall be valid after eleven months
from the date of its execution, unless otherwise expressly provided in the
appointment form. The Board of Directors shall have the power and authority to
make rules that are not inconsistent with the Wisconsin Business Corporation Law
as to the validity and sufficiency of proxy appointments.

      2.10 Voting of Shares. Each outstanding share shall be entitled to one (1)
vote on each matter submitted to a vote at a meeting of shareholders, except to
the extent that the voting rights of the shares are enlarged, limited or denied
by the Articles of Incorporation or the Wisconsin Business Corporation Law.
Shares owned directly or indirectly by another corporation are not entitled to
vote if this corporation owns, directly or indirectly, sufficient shares to
elect a majority of the directors of such other corporation. However, the prior
sentence shall not limit the power of the corporation to vote any shares,
including its own shares, held by it in a fiduciary capacity. Redeemable shares
are not entitled to vote after notice of redemption is mailed to the holders and
a sum sufficient to redeem the shares has been deposited with a bank, trust
company, or other financial institution under an irrevocable obligation to pay
the holders the redemption price on surrender of the shares.

      2.11 Notice of Shareholder Nominations and/or Proposals.

            (a) Except with respect to any nomination or proposal adopted or
recommended by the Board of Directors for inclusion in the corporation's proxy
statement for its annual meeting, a shareholder entitled to vote at a meeting
may nominate a person or persons for election as a directors or directors and/or
propose an action or actions to be taken at a meeting only as follows. Written
notice of any shareholder nomination(s) and/or proposal(s) to be considered for
a vote at an annual meeting of shareholders must be delivered personally or
mailed by Certified Mail-Return Receipt Requested at least seventy (70) days and
not more than one hundred (100) days before the scheduled date of such meeting
to the Secretary of the corporation at the principal business office of the
corporation.

                  (1) With respect to shareholder nomination(s) for the election
            of directors, each such notice shall set forth:

                        (i) the name and address of the shareholder who intends
                  to make the nomination(s), of any beneficial owner of shares
                  on whose behalf such nomination is being made and of the
                  person or persons to be nominated;

                        (ii) a representation that the shareholder is a holder
                  of record of stock of the corporation entitled to vote at such
                  meeting (including the number of shares the shareholder owns
                  as of the record date (or as of the most recent practicable
                  date if no record date has been set) and the length of time
                  the shares have been held) and intends to appear in person or
                  by proxy at the meeting to nominate the person or persons
                  specified in the notice;

                                      E-6
<PAGE>
                        (iii) a description of all arrangements and
                  understandings between the shareholder or any beneficial
                  holder on whose behalf it holds such shares, and their
                  respective affiliates, and each nominee and any other person
                  or persons (naming such person or persons) pursuant to which
                  the nomination or nominations are to be made by the
                  shareholder;

                        (iv) such other information regarding each nominee
                  proposed by such shareholder as would have been required to be
                  included in a proxy statement filed pursuant to the proxy
                  rules of the Securities and Exchange Commission (whether or
                  not such rules are applicable) had each nominee been
                  nominated, or intended to be nominated, by the Board of
                  Directors; and

                        (v) the consent of each nominee to serve as a director
                  of the corporation if so elected.

                  (2) With respect to shareholder proposal(s) for action(s) to
            be taken at an annual meeting of shareholders, the notice shall
            clearly set forth:

                        (i) the name and address of the shareholder who intends
                  to make the proposal(s);

                        (ii) a representation that the shareholder is a holder
                  of record of the stock of the corporation entitled to vote at
                  the meeting (including the number of shares the shareholder
                  owns as of the record date (or as of the most recent
                  practicable date if no record date has been set) and the
                  length of time the shares have been held) and intends to
                  appear in person or by proxy to make the proposal(s) specified
                  in the notice;

                        (iii) the proposal(s) and a brief supporting statement
                  of such proposal(s); and

                        (iv) such other information regarding the proposal(s) as
                  would have been required to be included in a proxy statement
                  filed pursuant to the proxy rules of the Securities and
                  Exchange Commission (whether or not such rules are
                  applicable).

            (b) Except with respect to any nomination or proposal adopted or
recommended by the Board of Directors for inclusion in the notice to
shareholders for a special meeting of shareholders, a shareholder entitled to
vote at a special meeting may nominate a person or persons for election as
director(s) and/or propose action(s) to be taken at a meeting only if written
notice of any shareholder nomination(s) and/or proposal(s) to be considered for
a vote at a special meeting is delivered personally or mailed by Certified
Mail-Return Receipt Requested to the Secretary of the corporation at the
principal business office of the corporation so that it is received in a
reasonable period of time before such special meeting and only if such
nomination or proposal is within the purposes described in the notice to
shareholders of the special meeting. All other notice requirements regarding
shareholder nomination(s) and/or

                                      E-7
<PAGE>
proposal(s) applicable to annual meetings also apply to nomination(s) and/or
proposal(s) for special meetings.

            (c) The chairperson of the meeting may refuse to acknowledge the
nomination(s) and/or proposal(s) of any person made without compliance with the
foregoing procedures. This section shall not affect the corporation's rights or
responsibilities with respect to its proxies or proxy statement for any meeting.

                        ARTICLE III. BOARD OF DIRECTORS

      3.01 General Powers and Number.

            (a) All corporate powers shall be exercised by or under the
authority of, and the business and affairs of the corporation shall be managed
under the direction of, its Board of Directors. The number of directors of the
corporation shall be not fewer than seven nor more than thirteen, with the
precise number to be determined from time to time by the Board of Directors.

            (b) The directors shall be divided into three classes as nearly
equal in number as possible, with the term of the directors of the first class
to expire at the first annual meeting of shareholders after their election, that
of the second class to expire at the second annual meeting after their election,
and that of the third class to expire at the third annual meeting after their
election. At each annual meeting, the number of directors equal to the number of
the class whose term expires at the time of such meeting shall be elected to
hold office until the third succeeding annual meeting.

            (c) The number of directors may be increased or decreased from time
to time within the limits provided above, provided that the number of directors
of the respective classes shall be as nearly equal as possible, and no decrease
in the number of directors shall have the effect of shortening the term of an
incumbent director.

      3.02 Election, Removal, Tenure and Qualifications.

            (a) Unless action is taken without a meeting under Section 7.01 of
these Bylaws, directors shall be elected by a plurality of the votes cast by the
shares entitled to vote in the election at a shareholders meeting at which a
quorum is present; i.e., the individuals with the largest number of votes in
favor of their election are elected as directors up to the maximum number of
directors to be chosen in the election. Votes against a candidate are not given
legal effect and are not counted as votes cast in an election of directors. In
the event two (2) or more persons tie for the last vacancy to be filled, a
run-off vote shall be taken from among the candidates receiving the tie vote.

            (b) Each director shall hold office until the annual meeting of
shareholders at which the term of office of his or her class expires, and until
the director's successor shall have been elected or there is a decrease in the
number of directors, or until his or her prior death, resignation or removal.

                                      E-8
<PAGE>
            (c) Directors need not be residents of the State of Wisconsin.
Directors shall own not fewer than 100 shares of the Corporation Common Stock.
Unless the Articles of Incorporation or these Bylaws provide that a director may
not be removed without cause, a director may be removed without cause upon the
affirmative vote by the holders of at least 66?% of the aggregate voting power
of then-outstanding shares of stock of the Corporation, voting together as a
single class, are entitled to be cast in the election of directors. If a
director is elected by a voting of shareholders, only the shareholders of that
voting group may participate in the vote to remove that director, but such
removal of vote shall require the affirmative vote of holders of at least 66?%
of the outstanding voting power of that class.

            (d) A director may resign at any time by delivering a written
resignation to the Board of Directors, to the Chairperson of the Board (if there
is one), to the Chief Executive Officer or to the corporation through the
Secretary or otherwise.

            (e) If cumulative voting for directors is not authorized by the
Articles of Incorporation, any director or directors may be removed from office
for cause by the shareholders if the number of votes cast to remove the director
exceeds the number cast not to remove him or her, taken at a meeting of
shareholders called for that purpose (unless action is taken without a meeting
under Section 7.01 of these Bylaws), provided that the meeting notice states
that the purpose, or one of the purposes, of the meeting is removal of the
director. If a director is elected by a voting group of shareholders, only the
shareholders of that voting group may participate in the vote to remove that
director.

      3.03 Regular Meetings. A regular meeting of the Board of Directors shall
be held, without other notice than this Bylaw, immediately after the annual
meeting of shareholders, and each adjourned session thereof. The place of such
regular meeting shall be the same as the place of the meeting of shareholders
which precedes it, or such other suitable place as may be announced at such
meeting of shareholders. The Board of Directors and any committee may provide,
by resolution, the time and place, either within or without the State of
Wisconsin, for the holding of additional regular meetings without other notice
than such resolution.

      3.04 Special Meetings. Special meetings of the Board of Directors may be
called by or at the request of the Chairperson of the Board, if there is one,
the Chief Executive Officer, the President or any two (2) directors. Special
meetings of any committee may be called by or at the request of the foregoing
persons or the chairperson of the committee. The persons calling any special
meeting of the Board of Directors or committee may fix any place, either within
or without the State of Wisconsin, as the place for holding any special meeting
called by them, and if no other place is fixed the place of meeting shall be the
principal office of the corporation in the State of Wisconsin.

                                      E-9
<PAGE>
      3.05 Meetings By Telephone or Other Communication Technology.

            (a) Any or all directors may participate in a regular or special
meeting or in a committee meeting of the Board of Directors by, or conduct the
meeting through the use of, telephone or any other means of communication by
which either: (i) all participating directors may simultaneously hear each other
during the meeting or (ii) all communication during the meeting is immediately
transmitted to each participating director, and each participating director is
able to immediately send messages to all other participating directors.

            (b) If a meeting will be conducted through the use of any means
described in paragraph (a), all participating directors shall be informed that a
meeting is taking place at which official business may be transacted. A director
participating in a meeting by any means described in paragraph (a) is deemed to
be present in person at the meeting.

      3.06 Notice of Meetings. Except as otherwise provided in the Articles of
Incorporation or the Wisconsin Business Corporation Law, notice of the date,
time and place of any special meeting of the Board of Directors and of any
special meeting of a committee of the Board shall be given orally, in writing or
electronically to each director or committee member at least 24 hours prior to
the meeting, except that notice by mail shall be given at least 72 hours prior
to the meeting. The notice need not describe the purpose of the meeting. Notice
may be communicated in person, by telephone, telegraph, electronic mail or
facsimile, or by mail or private carrier, or by any other means permitted by the
Wisconsin's Business Corporation Law. Oral notice is effective when
communicated. Written notice is effective as follows: If delivered in person,
when received; if given by mail, when deposited, postage prepaid, in the United
States mail addressed to the director at his or her business or home address (or
such other address as the director may have designated in writing filed with the
Secretary); if given by facsimile, at the time transmitted to a facsimile number
at any address designated above; and if given by telegraph, when delivered to
the telegraph company.

      3.07 Quorum. Except as otherwise provided by the Wisconsin Business
Corporation Law, a majority of the number of directors as provided in Section
3.01 shall constitute a quorum of the Board of Directors. Except as otherwise
provided by the Wisconsin Business Corporation Law, a majority of the number of
directors appointed to serve on a committee shall constitute a quorum of the
committee.

      3.08 Manner of Acting. Except as otherwise provided by the Wisconsin
Business Corporation Law or the Articles of Incorporation, the affirmative vote
of a majority of the directors present at a meeting at which a quorum is present
shall be the act of the Board of Directors or any committee thereof.

      3.09 Conduct of Meetings. The Chairperson of the Board, or if there is
none, or in his or her absence, the Chief Executive Officer, or in his or her
absence, the President, and in the President's absence, a Vice President in the
order provided under Section 4.08 of these Bylaws, and in their absence, any
director chosen by the directors present, shall call meetings of the Board of
Directors to order and shall chair the meeting. The Secretary of the corporation
shall act as secretary of all meetings of the Board of Directors, but in the
absence of the Secretary, the

                                      E-10
<PAGE>
presiding officer may appoint any assistant secretary or any director or other
person present to act as secretary of the meeting.

      3.10 Vacancies. Any vacancy occurring in the Board of Directors, including
a vacancy created by an increase in the number of directors, may be filled by
the shareholders or the Board of Directors. If the directors remaining in office
constitute fewer than a quorum of the Board, the directors may fill a vacancy by
the affirmative vote of a majority of all directors remaining in office. If the
vacant office was held by a director elected by a voting group of shareholders,
only the holders of shares of that voting group may vote to fill the vacancy if
it is filled by the shareholders, and only the remaining directors elected by
that voting group may vote to fill the vacancy if it is filled by the directors.
A vacancy that will occur at a specific later date (because of a resignation
effective at a later date or otherwise) may be filled before the vacancy occurs,
but the new director may not take office until the vacancy occurs.

      3.11 Compensation. The Board of Directors, irrespective of any personal
interest of any of its members, may fix the compensation of directors.

      3.12 Presumption of Assent. A director who is present and is announced as
present at a meeting of the Board of Directors or a committee thereof at which
action on any corporate matter is taken shall be presumed to have assented to
the action taken unless (i) the director objects at the beginning of the meeting
or promptly upon his or her arrival to holding the meeting or transacting
business at the meeting, or (ii) the director's dissent or abstention from the
action taken is entered in the minutes of the meeting, or (iii) the director
delivers his or her written dissent or abstention to the presiding officer of
the meeting before the adjournment thereof or to the corporation immediately
after the adjournment of the meeting, or (iv) the director dissents or abstains
from the action taken, minutes of the meeting are prepared and fail to show the
director's dissent or abstention from the action taken, and the director
delivers to the corporation a written notice of that omission from the minutes
promptly after receiving a copy of the minutes. Such right to dissent or abstain
shall not apply to a director who voted in favor of such action.

      3.13 Committees. Unless the Articles of Incorporation otherwise provide,
the Board of Directors, by resolution adopted by the affirmative vote of a
majority of all the directors then in office, may create one (1) or more
committees, each committee to consist of two (2) or more directors as members,
which to the extent provided in the resolution as initially adopted, and as
thereafter supplemented or amended by further resolution adopted by a like vote,
may exercise the authority of the Board of Directors, except that no committee
may take action which the Wisconsin Business Corporation Law does not permit a
committee to take. All members of the Board of Directors who are not members of
a given committee shall be alternate members of such committee and may take the
place of any absent member or members at any meeting of such committee, upon
request by the Chairperson of the Board, if there is one, the Chief Executive
Officer, the President or upon request by the chairperson of such meeting. Each
such committee shall fix its own rules (consistent with the Wisconsin Business
Corporation Law, the Articles of Incorporation and these Bylaws) governing the
conduct of its activities and shall make such reports to the Board of Directors
of its activities as the Board of Directors may request. Unless otherwise
provided by the Board of Directors in creating a committee, a committee may
employ counsel, accountants and other consultants to assist it in the exercise
of

                                      E-11
<PAGE>
authority. The creation of a committee, delegation of authority to a committee
or action by a committee does not relieve the Board of Directors or any of its
members of any responsibility imposed on the Board of Directors or its members
by law.

                              ARTICLE IV. OFFICERS

      4.01 Appointment. The principal officers shall include a Chief Executive
Officer, a President, one or more Vice Presidents (the number and designations
to be determined by the Board of Directors), a Secretary, and such other
officers, if any, as may be deemed necessary by the Board of Directors, each of
whom shall be appointed by the Board of Directors. The Board may also designate
an executive or a non-executive Chairperson of the Board, a Chief Operating
Officer and/or a Treasurer. Any two or more offices may be held by the same
person.

      4.02 Resignation and Removal. An officer shall hold office until he or she
resigns, dies, is removed hereunder, or a different person is appointed to the
office. An officer may resign at any time by delivering an appropriate written
notice to the corporation. The resignation is effective when the notice is
delivered, unless the notice specifies a later effective date and the
corporation accepts the later effective date. Any officer may be removed by the
Board of Directors with or without cause and notwithstanding the contract
rights, if any, of the person removed. Except as provided in the preceding
sentence, the resignation or removal is subject to any remedies provided by any
contract between the officer and the corporation or otherwise provided by law.
Appointment shall not of itself create contract rights.

      4.03 Vacancies. A vacancy in any office because of death, resignation,
removal or otherwise, shall be filled by the Board of Directors. If a
resignation is effective at a later date, the Board of Directors may fill the
vacancy before the effective date if the Board of Directors provides that the
successor may not take office until the effective date.

      4.04 Chairperson. The Board of Directors may elect a Chairperson (or
Chairman or Chairwoman) of the Board, in which case it shall designate whether
or not such position is an executive officer position. The Chairperson shall
preside at all meetings of the Board of Directors and the shareholders; in the
absence of the Chairperson, the Chief Executive Officer shall preside at such
meetings. The Chairperson may perform other duties as the Chief Executive
Officer or the Board may prescribe.

      4.05 Chief Executive Officer. The Chief Executive Officer shall be the
chief executive officer of the corporation and, subject to the control and
direction of the Board of Directors, shall in general supervise and control all
of the business and affairs of the corporation. The Chief Executive Officer
shall have authority, subject to such rules as may be prescribed by the Board of
Directors, to appoint such agents and employees of the corporation as he or she
shall deem necessary, to prescribe their powers, duties and compensation, and to
delegate authority to them. Such agents and employees shall hold office at the
discretion of the Chief Executive Officer. The Chief Executive Officer shall
have authority to sign, execute and acknowledge, on behalf of the corporation,
all deeds, mortgages, bonds, stock certificates, contracts, leases, reports and
all other documents or instruments necessary or proper to be executed in the
course of the corporation's regular business, or which shall be authorized by
resolution of the Board of Directors; and, except as otherwise provided by law
or directed by the Board of Directors,

                                      E-12
<PAGE>
the Chief Executive Officer may authorize the Chairperson, the President, the
Chief Operating Officer, any Vice President or other officer or agent of the
corporation to sign, execute and acknowledge such documents or instruments in
his or her place and stead. In general he or she shall perform all duties
incident to the office of Chief Executive Officer and such other duties as may
be prescribed by the Board of Directors from time to time. In the absence of the
Chairperson, the Chief Executive Officer shall preside at meetings of the
shareholders and the Board of Directors.

      4.06 President. The Board of Directors shall elect a President. The
President shall perform all the duties incident to the office of President and
shall perform such duties as the Chief Executive Officer (if the President is
not the Chief Executive Officer) or the Board may prescribe. The President shall
also assist in the discharge of supervisory, managerial and executive duties and
functions. If the President is not the Chief Executive Officer, in the absence
of the Chief Executive Officer, or in the event of his or her death, inability
or refusal to act, the President shall perform the duties of the Chief Executive
Officer and when so acting shall have the powers and duties of the Chief
Executive Officer. The President shall have the authority to sign, execute and
acknowledge, on behalf of the corporation, all deeds, mortgages, bonds, stock
certificates, contracts, leases, reports and all other documents or instruments
necessary or proper to be executed in the course of the corporation's regular
business, or which shall be authorized by resolution of the Board of Directors
and, except as otherwise provided by law or directed by the Board of Directors
or the Chief Executive Officer, the President may authorize the Chief Operating
Officer or any Vice President or other officer or agent of the corporation to
sign, execute and acknowledge such documents or instruments in his or her place
or stead.

      4.07 Chief Operating Officer. The Chief Operating Officer, if one is
designated, shall assist the Chief Executive Officer and the President in the
discharge of supervisory, managerial and executive duties and functions. In the
absence of the Chief Executive Officer and the President, or in the event of
their death, inability or refusal to act, the Chief Operating Officer shall
perform the duties of the President and when so acting shall have the powers and
duties of the President. In general, he or she shall perform such other duties
as from time to time may be designated to him by the Board of Directors or the
Chief Executive Officer. In addition, the Chief Operating Officer shall have
authority to sign, execute and acknowledge, on behalf of the corporation, all
deeds, mortgages, bonds, stock certificates, contracts, leases, reports and all
other documents or instruments necessary or proper to be executed in the course
of the corporation's regular business, or which shall be authorized by
resolution of the Board of Directors and, except as otherwise provided by law or
directed by the Board of Directors or the Chief Executive Officer, the Chief
Operating Officer may authorize any vice president or other officer or agent of
the corporation to sign, execute and acknowledge such documents or instruments
in his or her place or stead.

      4.08 Vice Presidents.

            (a) The Board of Directors shall appoint one or more Vice
Presidents. The Board of Directors may designate various classes, ranks or other
designations of Vice President, such as Executive Vice President and Senior Vice
President. In the event of such designations, all references to Vice Presidents
include any such persons. The Board of Directors also may designate an order of
priority among the Vice Presidents.

                                      E-13
<PAGE>
            (b) In the absence of the Chairperson, the Chief Executive Officer,
the President and the Chief Operating Officer, or in the event of such other
officers' death, inability or refusal to act, or in the event for any reason it
shall be impracticable for such other officers' to act personally, the Vice
President (or in the event there be more than one Vice President, the Vice
Presidents in the order designated by the Board of Directors, or in the absence
of any designation, then in the order of their appointment) shall perform the
duties of the Chief Executive Officer, the President and the Chief Operating
Officer, and when so acting, shall have all the powers of and be subject to all
the restrictions upon the Chief Executive Officer, the President and the Chief
Operating Officer. Any Vice President may sign, with the Secretary or Assistant
Secretary, certificates for shares of the corporation; and shall perform such
other duties and have such authority as from time to time may be delegated or
assigned to him or her by the Chief Executive Officer, the President, the Chief
Operating Officer or the Board of Directors. The execution of any instrument of
the corporation by any Vice President shall be conclusive evidence, as to third
parties, of the Vice President's authority to act in the stead of the President
or other appropriate officer.

      4.09 Secretary. The Secretary shall: (a) keep (or cause to be kept)
regular minutes of all meetings of the shareholders, the Board of Directors and
any committees of the Board of Directors in one or more books provided for that
purpose; (b) see that all notices are duly given in accordance with the
provisions of these Bylaws or as required by law; (c) be custodian of the
corporate records and of the seal of the corporation, if any, and see that the
seal of the corporation, if any, is affixed to all documents which are
authorized to be executed on behalf of the corporation under its seal; (d) keep
or arrange for the keeping of a register of the post office address of each
shareholder which shall be furnished to the Secretary by such shareholder; (e)
sign with the Chairperson, the Chief Executive Officer, the President, the Chief
Operating Officer or a Vice President, certificates for shares of the
corporation, the issuance of which shall have been authorized by resolution of
the Board of Directors; (f) have general charge of the stock transfer books of
the corporation; and (g) in general perform all duties incident to the office of
Secretary and have such other duties and exercise such authority as from time to
time may be delegated or assigned to him or her by the Chief Executive Officer,
the President or by the Board of Directors.

      4.10 Treasurer. If the Board of Directors appoints a Treasurer, the
Treasurer shall: (a) have charge and custody of and be responsible for all funds
and securities of the corporation; (b) receive and give receipts for moneys due
and payable to the corporation from any source whatsoever, and deposit all such
moneys in the name of the corporation in such banks, trust companies or other
depositories as shall be selected by the corporation; and (c) in general perform
all of the duties incident to the office of Treasurer and have such other duties
and exercise such other authority as from time to time may be delegated or
assigned to him or her by the Chief Executive Officer, the President or by the
Board of Directors.

      4.11 Assistants and Acting Officers. The Board of Directors and the Chief
Executive Officer shall have the power to appoint any person to act as assistant
to any officer, or as agent for the corporation in the officer's stead, or to
perform the duties of such officer whenever for any reason it is impracticable
for such officer to act personally, and such assistant or acting officer or
other agent so appointed by the Board of Directors or Chief Executive Officer
shall have the power to perform all the duties of the office to which that
person is so appointed to be

                                      E-14
<PAGE>
assistant, or as to which he or she is so appointed to act, except as such power
may be otherwise defined or restricted by the Board of Directors or the Chief
Executive Officer.

      4.12 Salaries. The salaries of the principal officers shall be fixed from
time to time by, or at the direction of, the Board of Directors or by a duly
authorized committee thereof, and no officer shall be prevented from receiving
such salary by reason of the fact that such officer is also a director of the
corporation.

             ARTICLE V. CERTIFICATES FOR SHARES AND THEIR TRANSFER

      5.01 Certificates for Shares. All shares of this corporation shall be
represented by certificates. Certificates representing shares of the corporation
shall be in such form, consistent with law, as shall be determined by the Board
of Directors. At a minimum, a share certificate shall state on its face the name
of the corporation and that it is organized under the laws of the State of
Wisconsin, the name of the person to whom issued, and the number and class of
shares and the designation of the series, if any, that the certificate
represents. If the corporation is authorized to issue different classes of
shares or different series within a class, the front or back of the certificate
must contain either (a) a summary of the designations, relative rights,
preferences and limitations applicable to each class, and the variations in the
rights, preferences and limitations determined for each series and the authority
of the Board of Directors to determine variations for future series, or (b) a
conspicuous statement that the corporation will furnish the shareholder the
information described in clause (a) on request, in writing and without charge.
Such certificates shall be signed, either manually or in facsimile, by the
Chairperson, the Chief Executive Officer, the President, the Chief Operating
Officer or a Vice President and by the Secretary or an Assistant Secretary. All
certificates for shares shall be consecutively numbered or otherwise identified.
The name and address of the person to whom the shares represented thereby are
issued, with the number of shares and date of issue, shall be entered on the
stock transfer books of the corporation. All certificates surrendered to the
corporation for transfer shall be cancelled and no new certificate shall be
issued until the former certificate for a like number of shares shall have been
surrendered and cancelled, except as provided in Section 5.05.

      5.02 Signature by Former Officers. If an officer or assistant officer, who
has signed or whose facsimile signature has been placed upon any certificate for
shares, has ceased to be such officer or assistant officer before such
certificate is issued, the certificate may be issued by the corporation with the
same effect as if that person were still an officer or assistant officer at the
date of its issue.

      5.03 Transfer of Shares. Prior to due presentment of a certificate for
shares for registration of transfer, and unless the corporation has established
a procedure by which a beneficial owner of shares held by a nominee is to be
recognized by the corporation as the shareholder, the corporation may treat the
registered owner of such shares as the person exclusively entitled to vote, to
receive notifications and otherwise to have and exercise all the rights and
power of an owner. The corporation may require reasonable assurance that all
transfer endorsements are genuine and effective and in compliance with all
regulations prescribed by or under the authority of the Board of Directors.

                                      E-15
<PAGE>
      5.04 Restrictions on Transfer. The face or reverse side of each
certificate representing shares shall bear a conspicuous notation of any
restriction upon the transfer of such shares imposed by the corporation or
imposed by any agreement of which the corporation has written notice.

      5.05 Lost, Destroyed or Stolen Certificates. Where the owner claims that
his or her certificate for shares has been lost, destroyed or wrongfully taken,
a new certificate shall be issued in place thereof if the owner (a) so requests
before the corporation has notice that such shares have been acquired by a bona
fide purchaser, and (b) if required by the corporation, files with the
corporation a sufficient indemnity bond, and (c) satisfies such other reasonable
requirements as may be prescribed by or under the authority of the Board of
Directors.

      5.06 Consideration for Shares. The shares of the corporation may be issued
for such consideration as shall be fixed from time to time and determined to be
adequate by the Board of Directors, provided that any shares having a par value
shall not be issued for a consideration less than the par value thereof. The
consideration may consist of any tangible or intangible property or benefit to
the corporation, including cash, promissory notes, services performed, contracts
for services to be performed, or other securities of the corporation. When the
corporation receives the consideration for which the Board of Directors
authorized the issuance of shares, such shares shall be deemed to be fully paid
and nonassessable by the corporation.

      5.07 Stock Regulations. The Board of Directors shall have the power and
authority to make all such rules and regulations not inconsistent with the
statutes of the State of Wisconsin as it may deem expedient concerning the
issue, transfer and registration of certificates representing shares of the
corporation, including the appointment or designation of one or more stock
transfer agents and one or more registrars.

                          ARTICLE VI. WAIVER OF NOTICE

      6.01 Shareholder Written Waiver. A shareholder may waive any notice
required by the Wisconsin Business Corporation Law, the Articles of
Incorporation or these Bylaws before or after the date and time stated in the
notice. The waiver shall be in writing and signed by the shareholder entitled to
the notice, shall contain the same information that would have been required in
the notice under the Wisconsin Business Corporation Law except that the time and
place of meeting need not be stated, and shall be delivered to the corporation
for inclusion in the corporate records.

      6.02 Shareholder Waiver by Attendance. A shareholder's attendance at a
meeting, in person or by proxy, waives objection to both of the following:

            (a) Lack of notice or defective notice of the meeting, unless the
shareholder at the beginning of the meeting or promptly upon arrival objects to
holding the meeting or transacting business at the meeting.

            (b) Consideration of a particular matter at the meeting that is not
within the purpose described in the meeting notice, unless the shareholder
objects to considering the matter when it is presented.

                                      E-16
<PAGE>
      6.03 Director Written Waiver. A director may waive any notice required by
the Wisconsin Business Corporation Law, the Articles of Incorporation or the
Bylaws before or after the date and time stated in the notice. The waiver shall
be in writing, signed by the director entitled to the notice and retained by the
corporation.

      6.04 Director Waiver by Attendance. A director's attendance at or
participation in a meeting of the Board of Directors or any committee thereof
waives any required notice to him or her of the meeting unless the director at
the beginning of the meeting or promptly upon his or her arrival objects to
holding the meeting or transacting business at the meeting and does not
thereafter vote for or assent to action taken at the meeting.

                      ARTICLE VII. ACTION WITHOUT MEETINGS

      7.01 Shareholder Action Without Meeting. Action required or permitted by
the Wisconsin Business Corporation Law to be taken at a shareholders' meeting
may be taken without a meeting only by all shareholders entitled to vote on the
action. The action must be evidenced by one or more written consents describing
the action taken, signed by the shareholders consenting thereto and delivered to
the corporation for inclusion in its corporate records. A consent hereunder has
the effect of a meeting vote and may be described as such in any document. The
Wisconsin Business Corporation Law requires that notice of the action be given
to certain shareholders and specifies the effective date thereof and the record
date in respect thereto.

      7.02 Director Action Without Meeting. Unless the Articles of Incorporation
provide otherwise, action required or permitted by the Wisconsin Business
Corporation Law to be taken at a Board of Directors meeting or committee meeting
may be taken without a meeting if the action is taken by all members of the
Board or committee. The action shall be evidenced by one or more written
consents describing the action taken, signed by each director and retained by
the corporation. Action taken hereunder is effective when the last director
signs the consent, unless the consent specifies a different effective date. A
consent signed hereunder has the effect of a unanimous vote taken at a meeting
at which all directors or committee members were present, and may be described
as such in any document.

                         ARTICLE VIII. INDEMNIFICATION

      8.01 Indemnification for Successful Defense. Within twenty (20) days after
receipt of a written request pursuant to Section 8.03, the corporation shall
indemnify a director or officer, to the extent he or she has been successful on
the merits or otherwise in the defense of a proceeding, for all reasonable
expenses incurred in the proceeding if the director or officer was a party
because he or she is a director or officer of the corporation.

      8.02 Other Indemnification.

            (a) In cases not included under Section 8.01, the corporation shall
indemnify a director or officer against all liabilities and expenses incurred by
the director or officer in a proceeding to which the director or officer was a
party because he or she is a director or officer of the corporation, unless
liability was incurred because the director or officer breached or failed

                                      E-17
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to perform a duty he or she owes to the corporation and the breach or failure to
perform constitutes any of the following:

                  (1) A willful failure to deal fairly with the corporation or
            its shareholders in connection with a matter in which the director
            or officer has a material conflict of interest.

                  (2) A violation of criminal law, unless the director or
            officer had reasonable cause to believe that his or her conduct was
            lawful or no reasonable cause to believe that his or her conduct was
            unlawful.

                  (3) A transaction from which the director or officer derived
            an improper personal profit.

                  (4) Willful misconduct.

            (b) Determination of whether indemnification is required under this
Section shall be made pursuant to Section 8.05.

            (c) The termination of a proceeding by judgment, order, settlement
or conviction, or upon a plea of no contest or an equivalent plea, does not, by
itself, create a presumption that indemnification of the director or officer is
not required under this Section.

      8.03 Written Request. A director or officer who seeks indemnification
under Sections 8.01 or 8.02 shall make a written request to the corporation.

      8.04 Nonduplication. The corporation shall not indemnify a director or
officer under Sections 8.01 or 8.02 to the extent the director or officer has
previously received indemnification or allowance of expenses from any person,
including the corporation, in connection with the same proceeding. However, the
director or officer has no duty to look to any other person for indemnification.

      8.05 Determination of Right to Indemnification.

            (a) Unless otherwise provided by the Articles of Incorporation or by
written agreement between the director or officer and the corporation, the
director or officer seeking indemnification under Section 8.02 shall select one
of the following means for determining his or her right to indemnification:

                  (1) By a majority vote of a quorum of the Board of Directors
            consisting of directors not at the time parties to the same or
            related proceedings. If a quorum of disinterested directors cannot
            be obtained, by majority vote of a committee duly appointed by the
            Board of Directors and consisting solely of two (2) or more
            directors who are not at the time parties to the same or related
            proceedings. Directors who are parties to the same or related
            proceedings may participate in the designation of members of the
            committee.

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<PAGE>
                  (2) By independent legal counsel selected by a quorum of the
            Board of Directors or its committee in the manner prescribed in sub.
            (1) or, if unable to obtain such a quorum or committee, by a
            majority vote of the full Board of Directors, including directors
            who are parties to the same or related proceedings.

                  (3) By a panel of three (3) arbitrators consisting of one
            arbitrator selected by those directors entitled under sub. (2) to
            select independent legal counsel, one arbitrator selected by the
            director or officer seeking indemnification and one arbitrator
            selected by the two (2) arbitrators previously selected.

                  (4) By an affirmative vote of shares represented at a meeting
            of shareholders at which a quorum of the voting group entitled to
            vote thereon is present. Shares owned by, or voted under the control
            of, persons who are at the time parties to the same or related
            proceedings, whether as plaintiffs or defendants or in any other
            capacity, may not be voted in making the determination.

                  (5) By a court under Section 8.08.

                  (6) By any other method provided for in any additional right
            to indemnification permitted under Section 8.07.

            (b) In any determination under (a), the burden of proof is on the
corporation to prove by clear and convincing evidence that indemnification under
Section 8.02 should not be allowed.

            (c) A written determination as to a director's or officer's
indemnification under Section 8.02 shall be submitted to both the corporation
and the director or officer within 60 days of the selection made under (a).

            (d) If it is determined that indemnification is required under
Section 8.02, the corporation shall pay all liabilities and expenses not
prohibited by Section 8.04 within ten (10) days after receipt of the written
determination under (c). The corporation shall also pay all expenses incurred by
the director or officer in the determination process under (a).

      8.06 Advance of Expenses. Within ten (10) days after receipt of a written
request by a director or officer who is a party to a proceeding, the corporation
shall pay or reimburse his or her reasonable expenses as incurred if the
director or officer provides the corporation with all of the following:

            (a) A written affirmation of his or her good faith belief that he or
she has not breached or failed to perform his or her duties to the corporation.

            (b) A written undertaking, executed personally or on his or her
behalf, to repay the allowance to the extent that it is ultimately determined
under Section 8.05 that indemnification under Section 8.02 is not required and
that indemnification is not ordered by a court under Section 8.08(b)(2). The
undertaking under this subsection shall be an unlimited general obligation of
the director or officer and may be accepted without reference to his or her
ability to repay the allowance. The undertaking may be secured or unsecured.

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<PAGE>
      8.07 Nonexclusivity.

            (a) Except as provided in (b), Sections 8.01, 8.02 and 8.06 do not
preclude any additional right to indemnification or allowance of expenses that a
director or officer may have under any of the following:

                  (1) The Articles of Incorporation.

                  (2) A written agreement between the director or officer and
            the corporation.

                  (3) A resolution of the Board of Directors.

                  (4) A resolution, after notice, adopted by a majority vote of
            all of the corporation's voting shares then issued and outstanding.

            (b) Regardless of the existence of an additional right under (a),
the corporation shall not indemnify a director or officer, or permit a director
or officer to retain any allowance of expenses unless it is determined by or on
behalf of the corporation that the director or officer did not breach or fail to
perform a duty he or she owes to the corporation which constitutes conduct under
Section 8.02(a)(1), (2), (3) or (4). A director or officer who is a party to the
same or related proceeding for which indemnification or an allowance of expenses
is sought may not participate in a determination under this subsection.

            (c) Sections 8.01 to 8.13 do not affect the corporation's power to
pay or reimburse expenses incurred by a director or officer in any of the
following circumstances.

                  (1) As a witness in a proceeding to which he or she is not a
            party.

                  (2) As a plaintiff or petitioner in a proceeding because he or
            she is or was an employee, agent, director or officer of the
            corporation.

      8.08 Court-Ordered Indemnification.

            (a) Except as provided otherwise by written agreement between the
director or officer and the corporation, a director or officer who is a party to
a proceeding may apply for indemnification to the court conducting the
proceeding or to another court of competent jurisdiction. Application shall be
made for an initial determination by the court under Section 8.05(a)(5) or for
review by the court of an adverse determination under Section 8.05(a) (1), (2),
(3), (4) or (6). After receipt of an application, the court shall give any
notice it considers necessary.

            (b) The court shall order indemnification if it determines any of
the following:

                  (1) That the director or officer is entitled to
            indemnification under Sections 8.01 or 8.02.

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<PAGE>
                  (2) That the director or officer is fairly and reasonably
            entitled to indemnification in view of all the relevant
            circumstances, regardless of whether indemnification is required
            under Section 8.02.

            (c) If the court determines under (b) that the director or officer
is entitled to indemnification, the corporation shall pay the director's or
officer's expenses incurred to obtain the court-ordered indemnification.

      8.09 Indemnification and Allowance of Expenses of Employees and Agents.
The corporation shall indemnify an employee of the corporation who is not a
director or officer of the corporation, to the extent that he or she has been
successful on the merits or otherwise in defense of a proceeding, for all
reasonable expenses incurred in the proceeding if the employee was a party
because he or she was an employee of the corporation. In addition, the
corporation may indemnify and allow reasonable expenses of an employee or agent
who is not a director or officer of the corporation to the extent provided by
the Articles of Incorporation or these Bylaws, by general or specific action of
the Board of Directors or by contract.

      8.10 Insurance. The corporation may purchase and maintain insurance on
behalf of an individual who is an employee, agent, director or officer of the
corporation against liability asserted against or incurred by the individual in
his or her capacity as an employee, agent, director or officer, regardless of
whether the corporation is required or authorized to indemnify or allow expenses
to the individual against the same liability under Sections 8.01, 8.02, 8.06,
8.07 and 8.09.

      8.11 Securities Law Claims.

            (a) Pursuant to the public policy of the State of Wisconsin, the
corporation shall provide indemnification and allowance of expenses and may
insure for any liability incurred in connection with a proceeding involving
securities regulation described under (b) to the extent required or permitted
under Sections 8.01 to 8.10.

            (b) Sections 8.01 to 8.10 apply, to the extent applicable to any
other proceeding, to any proceeding involving a federal or state statute, rule
or regulation regulating the offer, sale or purchase of securities, securities
brokers or dealers, or investment companies or investment advisers.

      8.12 Liberal Construction. In order for the corporation to obtain and
retain qualified directors, officers and employees, the foregoing provisions
shall be liberally administered in order to afford maximum indemnification of
directors, officers and, where Section 8.09 of these Bylaws applies, employees.
The indemnification above provided for shall be granted in all applicable cases
unless to do so would clearly contravene law, controlling precedent or public
policy.

      8.13 Definitions Applicable to this Article. For purposes of this Article:

            (a) "Affiliate" shall include, without limitation, any corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise
that directly or indirectly through

                                      E-21
<PAGE>
one or more intermediaries, controls or is controlled by, or is under common
control with, the corporation.

            (b) "Corporation" means this corporation and any domestic or foreign
predecessor of this corporation where the predecessor corporation's existence
ceased upon the consummation of a merger or other transaction.

            (c) "Director or officer" means any of the following:

                  (1) An individual who is or was a director or officer of this
            corporation.

                  (2) An individual who, while a director or officer of this
            corporation, is or was serving at the corporation's request as a
            director, officer, partner, trustee, member of any governing or
            decision-making committee, employee or agent of another corporation
            or foreign corporation, partnership, joint venture, trust or other
            enterprise.

                  (3) An individual who, while a director or officer of this
            corporation, is or was serving an employee benefit plan because his
            or her duties to the corporation also impose duties on, or otherwise
            involve services by, the person to the plan or to participants in or
            beneficiaries of the plan.

                  (4) Unless the context requires otherwise, the estate or
            personal representative of a director or officer.

            For purposes of this Article, it shall be conclusively presumed that
            any director or officer serving as a director, officer, partner,
            trustee, member of any governing or decision-making committee,
            employee or agent of an affiliate shall be so serving at the request
            of the corporation.

            (d) "Expenses" include fees, costs, charges, disbursements, attorney
fees and other expenses incurred in connection with a proceeding.

            (e) "Liability" includes the obligation to pay a judgment,
settlement, penalty, assessment, forfeiture or fine, including an excise tax
assessed with respect to an employee benefit plan, and reasonable expenses.

            (f) "Party" includes an individual who was or is, or who is
threatened to be made, a named defendant or respondent in a proceeding.

            (g) "Proceeding" means any threatened, pending or completed civil,
criminal, administrative or investigative action, suit, arbitration or other
proceeding, whether formal or informal, which involves foreign, federal, state
or local law and which is brought by or in the right of the corporation or by
any other person.

                                      E-22
<PAGE>
                                ARTICLE IX. SEAL

            The Board of Directors may provide a corporate seal which may be
circular in form and have inscribed thereon the name of the corporation and the
state of incorporation and the words "Corporate Seal."

                             ARTICLE X. AMENDMENTS

      10.01 By Shareholders.

            (a) These Bylaws may be amended or repealed and new Bylaws may be
adopted by the shareholders by the vote provided in Section 2.07 of these Bylaws
or as specifically provided below.

            (b) If authorized by the Articles of Incorporation, these Bylaws may
include, and the shareholders may adopt or amend, a Bylaw that fixes a greater
or lower quorum requirement or a greater voting requirement for shareholders or
voting groups of shareholders than otherwise is provided in the Wisconsin
Business Corporation Law. The adoption or amendment of a Bylaw that adds,
changes or deletes a greater or lower quorum requirement or a greater voting
requirement for shareholders must meet the same quorum requirement and be
adopted by the same vote and voting groups required to take action under the
quorum and voting requirement then in effect.

            (c) Notwithstanding any other provision of these Bylaws, any
amendment of Section 2.02, 2.11, 3.01, 3.02, 7.01, 10.01 or 10.02 of these
Bylaws may only be adopted by the affirmative vote of the holders of 66?% of the
voting power of all shares of the Corporation entitled to vote thereon.

      10.02 By Directors. Except as the Articles of Incorporation may otherwise
provide, these Bylaws may also be amended or repealed and new Bylaws may be
adopted by the Board of Directors by the vote provided in Section 3.08, but (a)
no Bylaw adopted by the shareholders shall be amended, repealed or readopted by
the Board of Directors if the Bylaw so adopted so provides and (b) a Bylaw
adopted or amended by the shareholders or designated in Section 10.01(c) of
these Bylaws that fixes a greater or lower quorum requirement or a greater
voting requirement for the Board of Directors than otherwise is provided in the
Wisconsin Business Corporation Law may not be amended or repealed by the Board
of Directors unless the Bylaw expressly provides that it may be amended or
repealed by a specified vote of the Board of Directors. Action by the Board of
Directors to adopt or amend a Bylaw that changes the quorum or voting
requirement for the Board of Directors must meet the same quorum requirement and
be adopted by the same vote required to take action under the quorum and voting
requirement then in effect, unless a different voting requirement is specified
as provided by the preceding sentence. A Bylaw that fixes, provides or requires
a greater or lower quorum requirement or a greater voting requirement for
shareholders or voting groups of shareholders than otherwise is provided in the
Wisconsin Business Corporation Law may not be adopted, amended or repealed by
the Board of Directors.

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<PAGE>
      10.03 Implied Amendments. Any action taken or authorized by the
shareholders or by the Board of Directors, which would be inconsistent with the
Bylaws then in effect but is taken or authorized by a vote that would be
sufficient to amend the Bylaws so that the Bylaws would be consistent with such
action, shall be given the same effect as though the Bylaws had been temporarily
amended or suspended so far, but only so far, as is necessary to permit the
specific action so taken or authorized.

                                      E-24

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