Document:

EX-10.4

Exhibit 10.4

AMENDMENT NO. 4

TO

LOAN AND SECURITY AGREEMENT

THIS AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 18
day of May, 2006, by and between Silicon Valley Bank (“Bank”) and Sipex Corporation, a Delaware
corporation (“Borrower”) whose address is 233 South Hillview Drive, Milpitas, California 95035.

Recitals

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of
July 21, 2005 (as the same may from time to time be amended, modified, supplemented or restated,
the “Loan Agreement”).

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

C. Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the
Loan Agreement as more fully set forth herein.

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the
extent, in accordance with the terms, subject to the conditions and in reliance upon the
representations and warranties set forth below.

Agreement

Now, Therefore, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the
meanings given to them in the Loan Agreement.

2. Amendments to Loan Agreement.

2.1 Section 7.2 (Changes in Business, Non-Ordinary Course Transactions, Ownership, or Business
Locations.). Section 7.2 is amended in its entirety to read as follows:

“7.2 Changes in Business, Non-Ordinary Course Transactions, Ownership, or Business Locations.

Engage in or permit any of its Subsidiaries to engage in any business other than the
businesses currently engaged in by Borrower or reasonably related or incidental thereto, or permit
any person or group of persons (within the meaning of Rule 13d-5 and successor rules promulgated
under Section 13 of the Securities Exchange Act of 1934, as amended (the “’34 Act”)), but excluding
Alonim Investments, Inc. and Rodfre Holdings LLC to (a) acquire beneficial ownership (within the
meaning of Rule 13d-3 promulgated by the Securities Exchange Commission under the ‘34 Act) of
thirty percent (30%) or more of the outstanding equity securities of Borrower entitled to vote for
members of the board of directors, or (b) acquire all or substantially all of the assets of
Borrower and its Subsidiaries taken as a whole. Borrower will not, without at least 30 days prior
written notice to the Bank, relocate its chief executive office, change its state of formation
(including reincorporation), change its organizational number or name or add any new offices or
business locations within the United States in which Borrower maintains or stores over $500,000 in
Collateral.”

2.2 Section 7.6 (Distributions; Investments). Section 7.6 is amended in its entirety to read
as follows:

“7.6 Distributions; Investments. Make any Investment in any Person, other than
Permitted Investments, or permit any of its Subsidiaries to do so. Pay any cash dividends
or make any distribution or payment or redeem, retire or purchase any capital stock, except
for (i) the repurchase of stock from employees, officers, and directors of Borrower pursuant
to the terms of applicable repurchase agreements in an aggregate amount not to exceed
$500,000 in any fiscal year, provided that no Event of Default has occurred or is continuing
or would exist after giving effect to such repurchases; (ii) distributions or dividends
consisting solely of Borrower’s capital stock; (iii) purchases for value of any rights
distributed in connection with any stockholder rights plan; (iv) distributions of cash in
lieu of fractional shares upon conversion or exchange of convertible or exchangeable
securities or repurchases of capital stock upon the exercise of dissenters’ rights in
connection with a transaction permitted under Section 7.3, so long as such distributions and
repurchases pursuant to this clause (iv) do not exceed $500,000 in the aggregate; and (v) if
no Default or Event of Default exists or would result from such payment, scheduled interest
payments under the Indenture Documents, in accordance with the terms therein as they exist
on the date hereof; provided however, scheduled cash interest payments shall not, in any
given year, exceed the difference of $3,000,000 less any amounts paid with Borrower’s common
stock to the extent permitted therein.

2.3 Section 7.7 (Transaction with Affiliates). Section 7.7 is amended in its entirety to read
as follows:

“Section 7.7 Transactions with Affiliates. Directly or indirectly enter into or permit to
exist any material transaction with any Affiliate of Borrower except for (i) transactions that are
in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction with a nonaffiliated
Person; (ii) customary fees, expenses and compensation including employee benefits paid or
reimbursed to directors, officers or employees who are Affiliates; (iii) transactions permitted
under Section 7.4 (with respect to the transaction described under clause (i) of the definition of
Permitted Indebtedness) or under Section 7.6 and (iv) transactions contemplated by the Indenture
Documents.”

2.4 Section 7.8 (Subordinated Debt). Section 7.8 is amended in its entirety to read as
follows:

“7.8 Subordinated Debt; Indenture Documents. (a) Make or permit any payment,
prepayment or redemption of any Subordinated Debt or the Indebtedness under the Indenture
Documents except (i) if no Default or Event of Default exists or would result from such
payment, scheduled interest payments permitted under the subordination provisions (which
includes any separate subordination or intercreditor agreements) of such Subordinated Debt;
(ii) payments made with Borrower’s common stock or other Subordinated Debt; or (iii) if no
Default or Event of Default exists or would result from such payment, scheduled interest
payments under the Indenture Documents in accordance with the terms therein as they exist on
the date hereof; provided however, scheduled cash interest payments shall not, in any given
year, exceed the difference of $3,000,000 less any amounts paid with Borrower’s common stock
to the extent permitted therein, or (b) change, amend or waive the terms of any Subordinated
Debt or any Indenture Document if the effect of such change, amendment or waiver is to: (i)
change the payment, redemption or prepayment provisions of the Subordinated Debt or the
Indenture Documents other than to (1) extend the dates therein or (2) reduce the premiums
payable in connection therewith; (ii) increase the interest rate or cash paid in respect of
interest or other compensation regarding the Subordinated Debt or the Indebtedness under the
Indenture Documents prior to the payment in full of the Obligations; (iii) prohibit the
making of a payment in respect of the Obligations which Borrower is contractually obligated
to make under this Agreement; (iv) cause the Subordinated Debt or the Indebtedness under any
Indenture Documents to be assumed by, guaranteed by, co-made by, or otherwise become the
obligation of any Subsidiary of Borrower which is not a Borrower or guarantor hereunder; (v)
shorten or eliminate existing cure periods or add any additional events of default; (vi)
grant any security or collateral to secure payment of any Subordinated Debt or any
Indebtedness under the Indenture Documents; or (vii) otherwise change, amend or include
terms and conditions, including financial covenants, subordination provisions and events of
default, that are more onerous with respect to Borrower or adverse to the interests of Bank
than the terms and conditions contained in the Subordinated Debt or the Indenture Documents
as in effect on the date hereof.”

2.5 Section 13 (Definitions). The following new definition of “Indenture Documents” is
inserted after the definition of “Indebtedness”:

““Indenture Documents” means that certain Indenture dated as of May 16, 2006, between
Borrower, as issuer, and Wells Fargo Bank, National Association, as trustee, relating to the 5.5%
Convertible Senior Notes due 2026, as supplemented from time to time and the other Transaction
Documents as defined in the Securities Purchase Agreement dated as of May 16, 2006, by and among
Borrower and the Buyers as defined therein.”

2.6 Section 13 (Definitions). The following definition of “Permitted Indebtedness” is amended
as follows:

In the definition of “Permitted Indebtedness”, the “and” at the end of clause (h) is
hereby deleted, the “.” after clause (i) is replaced with “; and” and the following new
clause (j) shall be inserted thereafter:

“(j) Indebtedness under the Indenture Documents not to exceed the aggregate principal
amount of $30,000,000 minus any amounts converted into common stock of Borrower.”

3. Limitation of Amendments.

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth
herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any
amendment of any other term or condition of any Loan Document, or (b) otherwise prejudice any right
or remedy which Bank may now have or may have in the future under or in connection with any Loan
Document.

3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan
Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full
force and effect.

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower
hereby represents and warrants to Bank as follows:

4.1 Immediately after giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date), and (b) no Event of Default has occurred and
is continuing;

4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform
its obligations under the Loan Agreement, as amended by this Amendment;

4.3 The organizational documents of Borrower delivered to Bank on the Effective Date remain
true, accurate and complete and have not been amended, supplemented or restated and are and
continue to be in full force and effect;

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, have been duly
authorized;

4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or
other governmental or public body or authority, or subdivision thereof, binding on Borrower, or
(d) the organizational documents of Borrower;

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not require any
order, consent, approval, license, authorization or validation of, or filing, recording or
registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made; and

4.7 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles relating to or affecting
creditors’ rights.

5. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument.

6. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and
delivery to Bank of this Amendment by each party hereto, (b)  simultaneous execution and delivery
of the Indenture Documents, and (c) evidence of Borrower’s receipt of not less than $30,000,000
from the sale of the notes and warrants issued under the Indenture Documents.

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed
and delivered as of the date first written above.

	 	 	 
	BANK	 	BORROWER
	Silicon Valley Bank

By:   /s/ Ray Aguilar

Name:  Ray Aguilar

Title:  Relationship Manager

	 	Sipex Corporation

By:   /s/ Clyde R. Wallin

Name:  Clyde R. Wallin

Title:  Sr. VP Finance & CFOEX-10.1

Exhibit 10.1

WAUWATOSA HOLDINGS, INC.

2006 EQUITY INCENTIVE PLAN

I. INTRODUCTION.

1.01 Purpose. This plan shall be known as the Wauwatosa Holdings, Inc. 2006 Equity Incentive
Plan (the “Plan”). The purposes of the Plan are to attract and retain the best available employees
and directors of the Company or any Subsidiary which now exists or hereafter is organized or
acquired by the Company, to provide additional incentive to such persons and to promote the success
and growth of the Company. These purposes may be achieved through the grant of options to purchase
Common Stock of Wauwatosa Holdings, Inc., the grant of Stock Appreciation Rights and the grant of
Recognition and Retention Awards, as described below.

1.02 Effective Date. The effective date of the Plan shall be February 14, 2006, subject to
the approval of the Plan by shareholders of the Company at the 2006 annual meeting. Any Awards
granted prior to such stockholder approval shall be expressly conditioned upon such stockholder
approval of the Plan.

II. DEFINITIONS.

2.01 “Award” means an Incentive Stock Option, Non-Qualified Stock Option, Stock Appreciation
Right or Recognition and Retention Award, as appropriate.

2.02 “Award Agreement” means the agreement between the Company and the Grantee specifying the
terms and conditions as described thereunder.

2.03 “Board” means the Board of Directors of Wauwatosa Holdings, Inc.

2.04 “Change in Control” shall be deemed to have occurred if: (a) any “person” (as such term
is used in Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) other than
Lamplighter Financial, MHC (“MHC”) becomes the beneficial owner, directly or indirectly, of a
majority of the capital stock of the Company in a transaction or transactions subject to the notice
provisions of the Change in Bank Control Act of 1978, (12 USC § 1817(j)) as amended from time to
time, or approval under the Bank Holding Company Act of 1956 (12 USC § 1841), as amended from time
to time; (b) during any period of two (2) consecutive years, the individuals, who at the beginning
of any such period constituted the directors of the Company, cease for any reason to constitute at
least a majority thereof; (c) the Company files a report or proxy statement with the Securities and
Exchange Commission and/or the Federal Reserve Board disclosing in response to Item 5.01 of Form
8-K or Item 5 of Part II of Form 10-Q, each promulgated pursuant to the Securities Exchange Act of
1934, as amended (“Exchange Act”) or Item 6(e) of Schedule 14A promulgated thereunder, or successor
Items, that a change in control of the Company has or may have occurred pursuant to any contract or
transaction; or (d) any person other than the Company or MHC becomes the owner of more than 25% of
the voting securities of Wauwatosa Savings Bank. However, notwithstanding the foregoing
provisions, a reorganization of the Company and MHC in which the shareholders of the Company prior
to such reorganization, the members of MHC and any members of the public, which acquire shares of
such entity pursuant to a public offering of securities approved in advance by the board of
directors of MHC, together control the successor entity shall not constitute a “Change in Control”
hereunder.

2.05 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time.

2.06 “Committee” means the committee described in Article IV or the person or persons to whom
the committee has delegated its power and responsibilities under Article IV.

2.07 “Common Stock” or “Stock” means the common stock of the Company having a par value of
$.01 per share.

2.08 “Company” means Wauwatosa Holdings, Inc., a Wisconsin corporation.

2.09 “Fair Market Value” means for purposes of the Plan at any date (i) the reported closing
price of such stock on the New York Stock Exchange or other established stock exchange or Nasdaq
National Market on such date, or if no sale of such stock shall have been made on that date, on the
preceding date on which there was such a sale, (ii) if such stock is not then listed on an exchange
or the Nasdaq National Market, the last trade price per share for such stock in the
over-the-counter market as quoted on Nasdaq or the pink sheets or successor publication of the
National Quotation Bureau on such date, or (iii) if such stock is not then listed or quoted as
referenced above, an amount determined in good faith by the Board or the Committee.

2.10 “Grant Date” means the date on which an Award is deemed granted, which shall be the date
on which the Committee authorizes the Award or such later date as the Committee shall determine in
its sole discretion.

2.11 “Grantee” means an individual who has been granted an Award.

2.12 “Incentive Stock Option” or “ISO” means an option that is intended to meet the
requirements of Section 422 of the Code and regulations thereunder.

2.13 “Non-Qualified Stock Option” or “NSO” means an option other than an Incentive Stock
Option.

2.14 “Option” means an Incentive Stock Option or Non-Qualified Stock Option, as appropriate.

2.15 “Performance Goal” means a performance goal established by the Committee prior to the
grant of any Award of Restricted Stock that is based on the attainment of goals relating to one or
more of the following business criteria measured on an absolute basis or in terms of growth or
reduction: net income (pre-tax or after-tax and with adjustments as stipulated), earnings per
share, return on equity, return on capital employed, return on assets, return on tangible book
value, operating income, earnings before depreciation, interest, taxes and amortization (EBDITA),
loss ratio, expense ratio, stock price, total shareholder return, economic value added and
operating cash flow.

2.16 “Plan” means the Wauwatosa Holdings, Inc. 2006 Equity Incentive Plan as set forth herein,
as it may be amended from time to time.

2.17 “Recognition and Retention Award” means Restricted Stock Shares or Restricted Stock
Units, as awarded under Article VIII of the Plan.

2.18 “Subsidiary” means any corporation in which the Company or another entity qualifying as a
Subsidiary within this definition owns 50% or more of the total combined voting power of all
classes of stock, or any other entity (including, but not limited to, partnerships and joint
ventures) in which the Company or another entity qualifying as a Subsidiary within this definition
owns 50% or more of the combined equity thereof.

2.19 “Stock Appreciation Right” or “SAR” means the right to receive cash or shares of Common
Stock based upon the excess of the Fair Market Value of one share of Common Stock on the date the
SAR is exercised over the Fair Market Value of one share of Common Stock on the Grant Date.

III. SHARES SUBJECT TO AWARD.

3.01 Available Shares. The number of shares of Common Stock of the Company which may be
issued under the Plan shall not exceed 1,494,298 shares; provided that no individual can be granted
Awards covering, in the aggregate, more than 373,575 shares of Common Stock in any calendar year.
A maximum of 426,942 shares of Common Stock are available for the issuance of Recognition and
Retention Awards under the Plan and a maximum of 1,067,356 shares of Common Stock are available for
the issuance of other Awards under the Plan. Shares issued under the Plan may come from authorized
but unissued shares, from treasury shares held by the Company, from shares purchased by the Company
on an open market for such purpose, or from any combination of the foregoing. If any Award granted
under this Plan is canceled, terminates, expires, or lapses for any reason, any shares subject to
such Award again shall be available for the grant of an Award under the Plan.

3.02 Changes in Common Stock. If any stock dividend is declared upon the Company Stock, or if
there is any stock split, stock distribution, or other recapitalization of the Company with respect
to the Common Stock, resulting in a split or combination or exchange of shares, the Committee shall
make or provide for such adjustment in the number of and class of shares which may be delivered
under the Plan, and in the number and class of and/or price of shares subject to outstanding Awards
as it may, in its discretion, deem to be equitable.

IV. ADMINISTRATION

4.01 Administration by the Committee. For purposes of the power to grant Awards to Company
directors, the Committee shall consist of the entire Board. For other Plan purposes, the Plan
shall be administered by a committee designated by the Board to administer the Plan and shall
initially be the Compensation Committee of the Board. The Committee shall be constituted to permit
the Plan to comply with the provisions of Rule 16b-3 under the Securities Exchange Act of 1979, as
amended or any successor rule, and Section 162(m) of the Code. A majority of the members of the
Committee shall constitute a quorum. The approval of such a quorum, expressed by a vote at a
meeting held either in person or by conference telephone call, or the unanimous consent of all
members in writing without a meeting, shall constitute the action of the Committee and shall be
valid and effective for all purposes of the Plan.

4.02 Award Limits. The Committee shall determine from time to time those persons to whom
Awards shall be granted, provided that (a) no eligible person shall be eligible to receive an Award
or Awards covering or relating to, in the aggregate, more than 25% of the shares available for
issuance under the Plan and (b) directors of the Company or a Subsidiary who are not also employees
of the Company or any Subsidiary may not receive more than 5% individually, or 30% in the
aggregate, of the shares available for issuance under the Plan.

4.03 Committee Powers. The Committee is empowered to adopt such rules, regulations and
procedures and take such other action as it shall deem necessary or proper for the administration
of the Plan. The Committee shall also have authority to interpret the Plan, and the decision of
the Committee on any questions concerning the interpretation of the Plan shall be final and
conclusive. The Committee may consult with counsel, who may be counsel for the Company, and shall
not incur any liability for any action taken in good faith in reliance upon the advice of counsel.
Subject to the provisions of the Plan, the Committee shall have full and final authority to:

	 	(a)	 	designate the persons to whom Awards shall be granted;

	 	(b)	 	grant Awards in such form and amount as the Committee shall determine;

	 	(c)	 	impose such limitations, restrictions and conditions upon any such Award as the
Committee shall deem appropriate;

	 	(d)	 	waive in whole or in part any limitations, restrictions or conditions imposed
upon any such Award as the Committee shall deem appropriate; and

	 	(e)	 	modify, extend or renew any Award previously granted, provided that this
provision shall not provide authority to reprice Awards to a lower exercise price.

4.04 Delegation by Committee. The Committee may delegate all or any part of its
responsibilities and powers to any executive officer or officers of the Company selected by it.
Any such delegation may be revoked by the Board or by the Committee at any time.

V. STOCK OPTIONS.

5.01 Granting of Stock Options. Options may be granted to directors, officers and key
employees of the Company and any of its Subsidiaries; provided, however that a maximum of 1,067,356
shares of stock may be issued pursuant to the exercise of Incentive Stock Options. In selecting
the individuals to whom Options shall be granted, as well as in determining the number of Options
granted, the Committee shall take into consideration such factors as it deems relevant pursuant to
accomplishing the purposes of the Plan. A Grantee may, if he is otherwise eligible, be granted an
additional Option or Options if the Committee shall so determine. Option grants under the Plan
shall be evidenced by agreements in such form and containing such provisions as are consistent with
the Plan as the Committee shall from time to time approve.

5.02 Type of Option. At the time each Option is granted, the Committee shall designate the
Option as an Incentive Stock Option or a Non-Qualified Stock Option. Any Option designated as an
Incentive Stock Option shall comply with the requirements of Section 422 of the Code, including the
requirement that incentive stock options may only be granted to individuals who are employed by the
Company, a parent or a Subsidiary corporation of the Company. If required by applicable tax rules
regarding a particular grant, to the extent that the aggregate fair market value (determined as of
the date an Incentive Stock Option is granted) of the shares with respect to which an Incentive
Stock Option grant under this Plan (when aggregated, if appropriate, with shares subject to other
Incentive Stock Option grants made before said grant under this Plan or another plan maintained by
the Company or any ISO Group member) is exercisable for the first time by an optionee during any
calendar year exceeds $100,000 (or such other limit as is prescribed by the Code), such option
grant shall be treated as a grant of Nonqualified Stock Options pursuant to Code Section 422(d).

5.03 Option Terms. Each option grant agreement shall specify the number of Incentive Stock
Options and/or Nonqualified Stock Options being granted; one option shall be deemed granted for
each share of stock. In addition, each option grant agreement shall specify the exercisability
and/or vesting schedule of such options, if any.

5.04 Purchase Price. The purchase price of the Common Stock covered by each Option shall be
not less than the Fair Market Value of such Stock on the Grant Date. Such price shall be subject
to adjustment as provided in Article III and IX hereof. The purchase price for a share subject to
Option shall not be less than 100% of the Fair Market Value of the share on the date the option is
granted, provided, however, the option price of an Incentive Stock Option shall not be less than
110% of the fair market value of such share on the date the option is granted to an individual then
owning (after the application of the family and other attribution rules of Section 424(d) or any
successor rule of the Code) more than 10% of the total combined voting power of all classes of
stock of the Company.

5.05 Vesting of Options. Options may be exercised only in accordance with the terms of each
option contract. For vesting purposes, options may not be deemed to have been granted prior to the
date of shareholder approval of the Plan. Unless the Committee determines otherwise at the time of
grant, no option shall be exercisable until the optionee has completed at least the number of years
of continuous service from the date of grant of each option as follows, and then the same shall be
exercisable for any amount of shares covered by such option up to the maximum percentage of shares
covered thereunder as follows:

	 	 	 	 	 
	Number of Completed Years of
	 	Maximum Percentage of Shares

	Continuous Service After the Date
	 	Becoming

	of Grant of Option
	 	Exercisable Under the Option

	Less than 1 year
	 	Zero

	At least 1 but less than 2
	 	 	20	%
	At least 2 but less than 3
	 	 	40	%
	At least 3 but less than 4
	 	 	60	%
	At least 4 but less than 5
	 	 	80	%
	At least 5 years
	 	 	100	%

Accelerated vesting of the options is not permitted except for death, disability or a Change
in Control. No fractional shares shall be issuable on exercise of any option and if the
application of the maximum percentage set forth above would result in a fractional share, the
number of shares exercisable shall be rounded up to the next full share. Finally, the maximum fair
market value of Common Stock (determined at the time of grant) covered by ISOs that first become
exercisable by any optionee in any calendar year is limited to $100,000.

5.06 Method of Exercise. An Option that has become exercisable may be exercised from time to
time by written notice to the Company stating the number of shares being purchased and accompanied
by the payment in full of the Option price for such shares. The purchase price may be paid by any
of the following methods, (a) by cash, (b) by check, or (c) to the extent permitted under the
particular grant agreement, by transferring to the Company shares of stock of the Company at their
fair market value as of the date of exercise of the option, provided that the optionee held the
shares of stock for at least six months. Notwithstanding the foregoing, the Company may arrange
for or cooperate in permitting broker-assisted cashless exercise procedures.

5.07 Shareholder Rights. A Grantee shall not, by reason of any Options granted hereunder,
have any right of a shareholder of the Company with respect to the shares covered by Options until
shares of Stock have been issued.

VI. STOCK APPRECIATION RIGHTS.

6.01 Granting of SARs. The Committee may, in its discretion, grant SARs to directors,
officers and key employees of the Company and any of its Subsidiaries.

6.02 SAR Terms. Each SAR grant shall be evidenced by an Award Agreement that shall specify
the grant price (which shall be not less than the Fair Market Value of such Stock on the Grant
Date), the term of the SAR, and such other provisions as the Committee shall determine. The
vesting restrictions applicable to any SAR may lapse no more quickly and in no greater percentage
than options are allowed to vest under Section 5.05 above.

6.03 Method of Exercise. An SAR that has become exercisable may be exercised by written
notice to the Company stating the number of SARs being exercised.

6.04 Payment upon Exercise. Upon the exercise of SARs, the Grantee shall be entitled to
receive an amount determined by multiplying (a) the difference obtained by subtracting the grant
price from the Fair Market Value of a share of Common Stock on the date of exercise, by (b) the
number of SARs exercised. At the discretion of the Committee, the payment upon the exercise of the
SARs may be in cash, in shares of Common Stock of equivalent value, or in some combination thereof.
The number of available shares under Section 3.01 shall only be reduced by shares of Common Stock
issued upon exercise of an SAR and shall not be affected by any cash payments.

VII. EFFECT OF TERMINATION OF EMPLOYMENT, DISABILITY OR DEATH.

7.01 Incentive Stock Options. Unless otherwise provided herein or in a specific Option
Agreement which may provide longer or shorter periods of exercisability, no ISO shall be
exercisable after the expiration of the earliest of:

	 	(a)	 	10 years from the date the option is granted, or five years from the date the
option is granted to an individual owning (after the application of the family and
other attribution rules of Section 424(d) of the Code) at the time such option was
granted, more than 10% of the total combined voting power of all classes of stock of
the Company,

	 	(b)	 	three months after the date the Grantee ceases to perform services for the
Company or its Subsidiaries, if such cessation is for any reason other than death,
disability (within the meaning of Code Section 22(e)(3)), or cause,

	 	(c)	 	one year after the date the Grantee ceases to perform services for the Company
or its Subsidiaries, if such cessation is by reason of death or disability (within the
meaning of Code Section 22(e)(3)), or

	 	(d)	 	the date the Grantee ceases to perform services for the Company or its
Subsidiaries, if such cessation is for cause, as determined by the Board or the
Committee in its sole discretion;

7.02 Non-Qualified Stock Options and SARs. Unless otherwise provided herein or in a specific
NSO or SAR Agreement which may provide longer or shorter periods of exercisability, no ISO shall
be exercisable after the expiration of the earliest of:

	 	(a)	 	10 years from the date of grant,

	 	(b)	 	one year after the date the Grantee ceases to perform services for the Company
or its Subsidiaries, if such cessation is for any reason other than death, permanent
disability, retirement or cause,

	 	(c)	 	two years after the date the Grantee ceases to perform services for the
Company or its Subsidiaries, if such cessation is by reason of the Grantee’s death,
permanent disability or retirement; or

	 	(d)	 	the date the Grantee ceases to perform services for the Company or its
Subsidiaries, if such cessation is for cause, as determined by the Board or the
Committee in its sole discretion;

7.03 ISOs, NSOs and SARs. Unless otherwise provided in a specific grant agreement or
determined by the Committee, an Option or SAR shall only be exercisable for the periods above
following the date a Grantee ceases to perform services to the extent the Award was exercisable on
the date of such cessation. The unvested portion of any Award shall automatically terminate on the
date the Grantee ceases to perform services for the Company or its Subsidiaries.

VIII. RECOGNITION AND RETENTION AWARDS.

8.01 Administration. Recognition and Retention Awards may be issued either alone or in
addition to other Awards granted under the Plan. Recognition and Retention Awards may consist of
shares issued subject to forfeiture if specified conditions are not satisfied (“Restricted Shares”)
or agreements to issue shares in the future if specified conditions are satisfied (“Restricted
Stock Units”). The Committee shall determine the eligible persons to whom and the time or times at
which Recognition and Retention Awards will be granted, the number of shares to be awarded, the
time or times within which such Awards may be subject to forfeiture and any other terms and
conditions of the Awards. The Committee may condition the grant of Recognition and Retention
Awards upon the attainment of specified Performance Goals or such other factors or criteria as the
Committee shall determine. The provisions of the Awards need not be the same with respect to each
recipient.

8.02 Awards and Certificates. A Grantee who receives shares following the satisfaction of the
conditions established by the Committee shall receive an unlegended certificate for such shares.
Each individual receiving Restricted Shares shall be issued a certificate in respect of such
shares. Such certificate shall be registered in the name of such individual and shall bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Award,
substantially in the following form:

“The transferability of this certificate and the shares of stock represented hereby are
subject to the terms and conditions (including forfeiture) of the Wauwatosa Holdings, Inc.
2006 Equity Incentive Plan and an agreement identifying the restrictions applicable to the
 shares. Copies of such Plan and agreement are on file at the corporate office of Wauwatosa
Holdings, Inc.”

The Committee may require that the certificates evidencing such shares be held in custody by
the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award,
the Grantee shall have delivered a stock power, endorsed in blank, relating to the stock covered by
such Award.

8.03 Terms and Conditions. Recognition and Retention Awards shall be subject to the following
terms and conditions:

	 	(a)	 	Until the applicable restrictions lapse or the conditions are satisfied, the
Grantee shall not be permitted to sell, assign, transfer, pledge or otherwise encumber
the Restricted Stock or the Restricted Stock Units.

	 	(b)	 	The restrictions applicable to any Recognition and Retention Award may lapse no
more quickly and in no greater percentage than Options are allowed to vest under
Section 5.05 above.

	 	(c)	 	Except to the extent otherwise provided in the applicable agreement, the
portion of the Award still subject to restriction shall be forfeited by the Grantee
upon termination of a Grantee’s service for any reason.

	 	(d)	 	If and when the applicable restrictions lapse, unlegended certificates for such
 shares shall be delivered to the Grantee.

	 	(e)	 	Each Award shall be confirmed by, and be subject to the terms of, an agreement
identifying the restrictions applicable to the Award.

8.04 Rights as Shareholder. A Grantee receiving a Restricted Stock Award shall have all of
the rights of a shareholder of the Company, including the right to vote the shares and the right to
receive any cash dividends. Unless otherwise determined by the Committee, cash dividends shall be
automatically paid in cash and dividends payable in stock shall be paid in the form of additional
restricted stock. A Grantee receiving an Award of Restricted Stock Units shall not be deemed the
holder of any shares covered by the Award, or have any rights as a shareholder with respect
thereto, until such shares are issued to him/her.

IX. EFFECT OF CORPORATE TRANSACTIONS.

9.01 Merger, Consolidation or Reorganization. In the event of a merger, consolidation or
reorganization with another corporation in which the Company is not the surviving corporation or a
merger, consolidation or reorganization involving the Company in which the Company Stock ceases to
be publicly traded, the Committee shall, subject to the approval of the Board of Directors of the
Company, or the board of directors of any corporation assuming the obligations of the Company
hereunder, take action regarding each outstanding and unexercised Award pursuant to either clause
(a) or (b) below:

	 	(a)	 	Appropriate provision may be made for the protection of such Award by the
substitution on an equitable basis of appropriate shares of the surviving or related
corporation, provided that the excess of the aggregate Fair Market Value of the shares
subject to such Award immediately before such substitution over the exercise price
thereof is not more than the excess of the aggregate fair market value of the
substituted shares made subject to Award immediately after such substitution over the
exercise price thereof; or

	 	(b)	 	The Committee may cancel such Award. In the event any Option or SAR is
canceled, the Company, or the corporation assuming the obligations of the Company
hereunder, shall pay the Grantee an amount of cash (less normal withholding taxes)
equal to the excess of the highest Fair Market Value per share of the Stock during the
60-day period immediately preceding the merger, consolidation or reorganization over
the exercise price, multiplied by the number of shares subject to such Award. In the
event any other Award is canceled, the Company, or the corporation assuming the
obligations of the Company hereunder, shall pay the Grantee an amount of cash or stock,
as determined by the Committee, based upon the highest Fair Market Value per share of
the Stock during the 60-day period immediately preceding the cancellation.

9.02 Change in Control. Notwithstanding any provision in the Plan to the contrary, unless the
particular Award Agreement provides otherwise, the unvested Awards held by each Grantee shall
automatically become vested upon the occurrence, before the expiration or termination of such
Award, of a Change in Control. Further, the Committee shall have the right to cancel such Awards
and pay the Grantee an amount determined under 9.01(b) above.

X. MISCELLANEOUS.

10.01 Withholding. The Company shall have the power and the right to deduct or withhold, or
require a Grantee to remit to the Company, an amount sufficient to satisfy Federal, state, and
local taxes (including the Grantee’s FICA obligation) required by law to be withheld with respect
to any taxable event arising or as a result of this Plan. With respect to withholding required
upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock, Grantees
may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in
whole or in part, by having the Company withhold shares having a Fair Market Value on the date the
tax is to be determined equal to the minimum statutory total tax which could be imposed on the
transaction.

10.02 No Employment or Retention Agreement Intended. Neither the establishment of, nor the
awarding of Awards under this Plan shall be construed to create a contract of employment or service
between any Grantee and the Company or its Subsidiaries; nor does it give any Grantee the right to
continued service in any capacity with the Company or its Subsidiaries or limit in any way the
right of the Company or its Subsidiaries to discharge any Grantee at any time and without notice,
with or without cause, or to any benefits not specifically provided by this Plan, or in any manner
modify the Company’s right to establish, modify, amend or terminate any profit sharing or
retirement plans.

10.03 Non-transferability of Awards. Any Award granted hereunder shall, by its terms, be
non-transferable by a Grantee other than by will or the laws of descent and shall be exercisable
during the Grantee’s lifetime solely by the Grantee or the Grantee’s duly appointed guardian or
personal representative. Notwithstanding the foregoing, the Committee may permit a Grantee to
transfer a Non-Qualified Stock Option or SAR to a family member or a trust or partnership for the
benefit of a family member, in accordance with rules established by the Committee.

10.04 Investment Representation. Unless the shares of stock covered by the Plan have been
registered with the Securities and Exchange Commission pursuant to Section 5 of the Securities Act
of 1933, as amended, each Grantee by accepting an Award represents and agrees, for himself or
herself and his or her transferees by will or the laws of descent and distribution, that all shares
of stock purchased upon the exercise of the option grant will be acquired for investment and not
for resale or distribution. Upon such exercise of any portion of any option grant, the person
entitled to exercise the same shall upon request of the Company furnish evidence satisfactory to
the Company (including a written and signed representation) to the effect that the shares of stock
are being acquired in good faith for investment and not for resale or distribution. Furthermore,
the Company may if it deems appropriate affix a legend to certificates representing shares of stock
that such shares have not been registered with the Securities and Exchange Commission and may so
notify its transfer agent.

10.05 Dissolution or Liquidation. Upon the dissolution or liquidation of the Company, any
outstanding Awards theretofore granted under this Plan shall be deemed canceled.

10.06 Controlling Law. The law of the State of Wisconsin, except its law with respect to
choice of law, shall be controlling in all matters relating to the Plan.

10.07 Termination and Amendment of the Plan. The Plan will expire ten (10) years after the
Effective Date, solely with respect to the granting of Incentive Stock Options or such later date
as may be permitted by the Code for Incentive Stock Options. The Board may from time to time
amend, modify, suspend or terminate the Plan; provided, however, that no such action shall (a)
impair without the Grantee’s consent any Award theretofore granted under the Plan or (b) be made
without shareholder approval where such approval would be required as a condition of compliance
with the Code or other applicable laws or regulatory requirements.

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