Document:

First Amended and  Restated ISB Financial Corp. Stock Option Plan

 Exhibit 10.18 
 FIRST AMENDED AND RESTATED 
 ISB FINANCIAL CORP. 
 STOCK OPTION PLAN 
  

	A.	PURPOSES AND SCOPE. 

 The purposes of this Plan are to
encourage stock ownership by employees and directors of ISB Financial Corp. (the “Company”) and its Subsidiaries in order to provide an incentive for employees and directors to expand and improve the profits and success of the Company and
its Subsidiaries, and to assist the Company and its Subsidiaries in attracting and retaining employees through the grant of Options to purchase shares of the Company’s common stock. The Plan shall be administered as a non-statutory stock option
plan. 
  

	B.	DEFINITIONS 

 Unless otherwise required by the context:

 1. “Board of Directors” shall mean the Board of Directors of the Company, also referred to as the Board. 
 2. “Chairman” shall mean the Chairman of the Board of the Company. 
 3. “Company” shall mean ISB Financial Corp., an Iowa corporation. 
 4. “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 5. “Option” shall mean a right to purchase Stock as granted in an Option Agreement pursuant to the Plan. 
 6. “Option Agreement” shall mean a written agreement entered into between the Company and a Participant specifying the terms and conditions of
such Participant’s Option(s) in compliance with the Plan. 
 7. “Option Price” shall mean the purchase price for Stock under
an Option, as determined in Section F below. 
 8. “Participant” shall mean an eligible employee or director of the Company or its
Subsidiaries to whom an Option is granted under the Plan. 
 9. “Plan” shall mean this First Amended and Restated ISB Financial
Corp. Stock Option Plan. 
 10. “Stock” shall mean the commons tock of the Company. 
  

 11. “Subsidiary” shall mean a bank, insurance company, investment management company, trust
company or other financial service company for which the Company holds a controlling ownership interest. 
  

	C.	STOCK TO BE OPTIONED. 

 Subject to the provisions of Section L of the Plan, the maximum number of shares of Stock that may be optioned or sold under the Plan to employees and directors of the Company and its Subsidiaries is a total of
20,0001 shares of the Stock. If an Option granted under the Plan expires or terminates for any reason without having been fully exercised, the number of
shares with respect to which the Option was not exercised at the time of its expiration or termination will again become available for Option grants under the Plan. If any shares issued under the plan are reacquired by the Company, such shares shall
become available for Option grants under the Plan. 
  

	D.	ADMINISTRATION. 

 The Plan shall be administered by the
Chairman. The Chairman shall be responsible to the Board for the operation of the Plan, and shall make recommendations to the Board with respect to participation in the Plan by employees and non-salaried directors of the Company and its
Subsidiaries. The interpretation and construction of any provision of the Plan by the Chairman shall be final unless otherwise determined by the Board. Neither the Chairman nor any member of the Board shall be liable for any action or determination
with respect to the Plan made in good faith. 
  

	E.	ELIGIBILITY. 

 The Board, after considering the
recommendation of the Chairman, may grant Options to key management employees and to non-salaried directors of the Company or its Subsidiaries. For these purposes a key management employee may include, but is not limited to, an employee who is also
a director or officer. Options may be awarded by the Board at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the
Board, upon recommendation by the Chairman, shall determine. Options granted at different times need not contain similar provisions. 
  

	F.	OPTION PRICE. 

 The Price at which a share of Stock may be
purchased pursuant to the exercise of an Option shall be 100 percent of the fair market value (as defined herein) of a share of Stock on the date the Option is granted. Subject to the provisions of Paragraph L, for all purposes of the Plan, the fair
market value of a share of Stock at any date shall be determined in accordance with the following: 
 (a) If the Stock is not traded on a
national securities exchange, the fair market value of a share of Stock shall be determined by the Chairman using such method as he determines to be appropriate. 

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	 This number of shares is based upon Stock circumstances as of March 9, 1993.
The actual number of shares is subject to adjustment as provided in Paragraphs C and L of the Plan. 

  

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 (b) If the Stock is traded on a national securities exchange, the average of the highest and lowest
price at which such stock is traded on that exchange on that date or, if such stock is not traded on that date, on the last preceding date on which such stock was traded. 
  

	G.	TERMS AND CONDITIONS OF OPTIONS. 

 Options granted pursuant
to the Plan shall be authorized by the Board and shall be evidenced by Option Agreements in such form as the Board, upon recommendation of the Chairman, shall from time to time approve. Such Option Agreements shall comply with this Plan and be
subject to the following: 
 1. EMPLOYMENT AGREEMENT. Upon recommendation of the Chairman, the Board may require, in its discretion, that any
Participant receiving an Option under the Plan will agree in writing, as a condition of the exercise of such Option, that the Participant will be an Employee or a Director at the required date in the future. As such, any Option granted under the
Plan may be conditioned upon the Participants remaining in the employ of, and rendering services to, the Company or any of its Subsidiaries for a period of time (specified in the Option Agreement) following the date the Option is granted. Neither
the Plan, the grant of an Option, nor any Option Agreement shall impose upon the Company or any of its Subsidiaries any obligation to continue the employment of the Participant for any period. 
 2. TIME AND METHOD OF PAYMENT. The Option Price shall be paid in full in cash by the Participant to the Company at the time an Option is exercised under
the Plan. Promptly after the exercise of an Option and the payment of the Option Price, the Participant shall be entitled to the issuance of a stock certificate evidencing his or her ownership of such Stock subject to the provisions of Paragraph N
hereof. A Participant shall have none of the rights of a shareholder until shares are issued to him or her, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 3. NUMBER OF SHARES. Each Option Agreement shall state the total number of shares of Stock to which it pertains. 
 4. OPTION PERIOD AND LIMITATIONS ON EXERCISE OF OPTIONS. An option may be exercised only in the last ten (10) days of a calendar quarter.
Notwithstanding the foregoing restriction on the exercise of an Option, in the event of the dissolution or liquidation of the Company, or upon a merger or consolidation in which the Company is not the surviving corporation, the Company shall give
thirty (30) days notice that any Option that is then exercisable under an Option Agreement but has not yet been exercised must be exercised before the liquidation, or such merger or consolidation, or such Option shall lapse. All Options not yet
exercisable shall lapse upon dissolution, liquidation, consolidation or merger. Except as provided in the Option Agreement, an Option may be exercised in whole or in part at any time during its terms. No Option may be exercised after the expiration
of six years from the date it is granted. No Option may be exercised for a fractional share of Stock. 
  

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 5. REQUIRED TAX WITHHOLDING. As a condition to the issuance of shares of Stock upon the exercise of an
Option, the Participant must agree under an Option Agreement to pay to the Company at the time of any exercise of an Option any taxes required to be withheld by the Company under Federal, State or Local law as a result of the exercise of the Option.

  

	H.	TERMINATION OF EMPLOYMENT. 

 Notwithstanding the
restriction of Section G.4 above, if a Participant for any reason ceases to be an employee or non-salaried director of the Company or a Subsidiary, the Participant may, at any time prior to such cessation of service, exercise his or her Options to
the extent that he or she is entitled to exercise them as of the last date of service. 
  

	I.	RIGHTS IN EVENT OF DEATH OR DISABILITY. 

 Notwithstanding
the provisions of Section H, if a Participant’s cessation of service with the Company or its Subsidiary is due to disability or death, the Participant (or the Participant’s spouse in the event of the Participant’s death) following
such cessation of service shall have the same rights, for six months, to exercise the Participant’s Option(s) to the extent the same were exercisable under the applicable Option Agreement at the time of cessation of service. In no event,
however, will an Option be exercisable subsequent to its expiration date as specified in the applicable Option Agreement. 
  

	J.	NO OBLIGATION TO EXERCISE OPTION. 

 The granting of an
Option shall impose no obligation upon the Participant to exercise such Option. 
  

	K.	NONASSIGNABILITY. 

 During a Participant’s lifetime,
Options issued pursuant to the Plan are not assignable or transferable by will or by the laws of descent and distribution, but Options issued pursuant to the Plan may be exercised after the Participant’s death by his or her surviving spouse as
provided at Section I above. 
  

	L.	EFFECT OF CHANGE IN STOCK SUBJECT TO THE PLAN. 

 The
aggregate number of shares of Stock available for Options under the Plan, the shares subject to Option Agreements and the price per share shall all be proportionately adjusted for an increase or decrease in the number of issued shares of Stock of
the Company subsequent to the March 9, 1993 effective date of the Plan resulting from (1) a split, subdivision or consolidation of shares or any other capital adjustment, (2) the payment of a stock dividend, or (3) other increase
or decrease in such shares effected without receipt of consideration by the 

  

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Company. If the Company shall be the surviving corporation in any merger or consolidation, any Option shall pertain, apply, and relate to the securities to
which a holder of the number of shares of Stock subject to the Option would have been entitled after the merger or consolidation. Upon dissolution or liquidation of the Company, or upon a merger or consolidation in which the Company is not the
surviving corporation, all unexercised Options outstanding under the Plan shall terminate; provided, however, that each Participant (and each other person entitled under Section I to exercise an Option) shall have the right, immediately prior to
such dissolution or liquidation, or such merger or consolidation, to exercise such Participant’s Options in whole or in part, but only to the extent that such Options are otherwise exercisable under the terms of the Plan and the
Participant’s Option Agreement. The Company shall give thirty (30) days notice of such corporate change to all interested parties. 
  

	M.	AMENDMENT AND TERMINATION. 

 The Board, by resolution, may
terminate, amend, or revise the Plan with respect to any shares as to which Options have not been granted. The Board may not, without the consent of the holder of an Option, alter or impair any Option previously granted under the Plan, except as
authorized herein. Termination of the Plan shall not affect any Option previously granted. 
 For the purpose of conforming to any changes in
applicable law or governmental regulation, or for any other lawful purpose, the Board shall have the right, with or without approval of the shareholders of the Company, to amend or revise the terms of the Plan at any time; provided, however, that no
such amendment or revision shall: (i) without approval or ratification by the shareholders of the Company, increase the maximum number of shares in the aggregate which are subject to the Plan or which may be granted to Participants (subject,
however, to the provisions of Paragraph L), change the class of persons eligible to be Participants under the Plan or materially increase the benefits accruing to Participants under the Plan; or (ii) materially alter or impair any Option
previously granted under the Plan without the consent of such Option holder. 
  

	N.	AGREEMENT AND REPRESENTATION OF PARTICIPANTS. 

 If the
Board determines that such procedure is or may be desirable, it may require a Participant, upon any acquisition of stock pursuant to the exercise of an Option granted hereunder, to sign and deliver to the Company a written statement, in form and
consent satisfactory to the Board, representing that the Participant’s acquisition of shares of Stock shall be for such person’s own account, for investment and not with a view to the resale or distribution thereof and that any subsequent
offer for sale or sale of any such share shall be made either pursuant to (a) a Registration Statement on an appropriate form under the Securities Act of 1933, as amended (the Securities Act), which Registration Statement has become effective
and is current with respect to the shares being offered and sold, (b) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption the Participant shall, prior to any offer for sale or sale of
such shares, obtain a favorable written opinion from counsel for or approved by the Company as to the availability of such exemption or (c) a sale to the Company pursuant to the agreement described in Paragraph O. The Company may endorse an
appropriate legend referring to the foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the Participant. 
  

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	O.	RESERVATION OF SHARES OF STOCK. 

 The Board, during the
term of this Plan, will reserve and keep available a sufficient number of shares of Stock for issuance pursuant to the exercise of the Options actually granted hereunder, and will make reasonable effort to obtain from any regulatory body having
jurisdiction any requisite authority necessary to sell and to issue the number of shares of Stock that shall be sufficient to satisfy the requirements of the Plan. The inability of the Company, after making such reasonable effort as the Board may
determine, to obtain from any regulatory body having jurisdiction the authority deemed necessary by counsel for the Company for the lawful sale and issuance of its Stock hereunder, shall relieve the Company of any liability with respect to the
failure to sell or issue Stock under the Plan or Option Agreements as to which requisite authority has not been obtained. 
  

	P.	EFFECTIVE DATE OF PLAN. 

 The Plan has been effective from
March 9, 1993, the date that the Plan was approved by the Board, with the shareholders of the Company approving the Plan within 12 months after its adoption by the Board. Options granted prior to the initial shareholder approval of the Plan
were subject to shareholder approval of the Plan and no such Option was exercised prior to such shareholder approval. 
  

	Q.	EFFECTIVE DATE OF AMENDMENTS. 

 As adopted by the Board on the 9th day of March 1993 and approved by the shareholders, the Plan was amended by the Board on
January 9, 2001, and this First Amended and Restated Plan was adopted by the Board on the 18th day of November, 2003, to supercede the March 9,
1993 Plan as amended, and to be recommended for ratification and approval by the shareholders at the next annual meeting of the shareholders. Options granted to any person constituting a new class of Participants not eligible under the March 9,
1993 Plan as amended are subject to shareholder approval of this First Amended and Restated ISB Financial Corp. Stock Option Plan. 
  

	
	
	
	/s/ Thais E. Winkleblack
	Thais E. Winkleblack
	Secretary of the Board of
	Directors of ISB Financial Corp.

  

 6Amended and Restated Supplemental Retirement Agreement for Suzanne Summerwill

 Exhibit 10.27 
 AMENDED AND RESTATED SUPPLEMENTAL RETIREMENT AGREEMENT 
 FOR 
 SUZANNE SUMMERWILL 
 This Amended and
Restated Agreement (“Agreement”) is made and entered into this 21st day of August 2007 by and between the IOWA STATE BANK & TRUST COMPANY (“Corporation”), an Iowa banking corporation organized and
existing under the laws of the State of Iowa, and SUZANNE SUMMERWILL (“Executive”). This Amended and Restated Agreement supercedes the Supplemental Retirement Agreement dated January 1, 1998 (“Previous Agreement”).
This Agreement is intended to be a top-hat plan (i.e., an unfunded deferred compensation plan maintained for a select group of management or highly compensated employees) under Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement
Income Security Act of 1974 (ERISA). This Agreement is further intended to bring the Previous Agreement into compliance with the provisions of §409A of the Internal Revenue Code, as amended, and all notices, rulings and regulations issued or
applicable with respect to §409A. Except as specifically provided in Article Three, nothing in this Agreement shall be interpreted or construed to enhance an existing benefit or right under the Previous Agreement, or add a new benefit or right
to the Previous Agreement. To the extent that any provision of this Agreement would constitute a “material modification” (within the meaning of §409A) of the Previous Agreement, such provision shall be deemed ineffective, and the
remainder of the Plan shall be construed in such a manner that no existing benefit or right under the Previous Agreement is enhanced, and no new benefit or right is added to the Previous Agreement. 
 RECITALS: 
 1. The Executive has been
in the employ of the Corporation since May 1984, and is now serving the Corporation as its Senior Vice President and Trust Officer, and will be accepting new responsibilities in the future. 
 2. It is the consensus of the Board of Directors that the Executive’s services to the Corporation in the past have been of exceptional merit and
have constituted a valuable contribution to the general warfare of the Corporation, helping to bring it to its present status of operating efficiency, and its present position in its field of activity. 
 3. The experience of the Executive, her knowledge of affairs of the Corporation, and her reputation and contacts in the industry are so valuable that
assurances of her continued services is essential for the future growth and profits of the Corporation and it is in the best interest of the Corporation to provide reasonable employment incentives to the Executive so as to reasonably assure her
remaining in the Corporation’s employment until the age of 55, or such later date as mutually agreed upon. 
 4. It is the desire of the
Corporation that the Executive’s services be retained as herein provided. 
 5. The Executive is willing to continue in the employ of
the Corporation provided the Corporation agrees to pay to her or her beneficiaries certain benefits in accordance with the terms and conditions hereinafter set forth. 

 TERMS AND CONDITIONS 
 NOW THEREFORE, in consideration of services performed in the past and to be performed in the future as well as of the mutual promises and covenants herein contained, it is agreed as follows: 
 ARTICLE ONE 
 Definitions 
 1.1 “Supplemental Retirement Agreement” means the Previous Agreement with an effective date of January 1, 1998. 
 1.2 “Amended and Restated Supplemental Retirement Agreement” means this Agreement with
an effective date of August 21st, 2007. 
 1.3 “Actuarial Equivalent Benefit” as provided for hereunder, means the actuarial equivalent of the Supplemental Retirement Benefit provided under paragraph 3.2, calculated on the basis of an interest rate of 7% per annum.

 1.4 “Retirement” shall mean the termination of employment by the Executive on or attaining fifty-five (55) years of age.

 1.5 “Disability” means a medically determinable physical or mental impairment of Executive which renders Executive unable to
engage in any substantial gainful activity, and is expected to result in death, or expected to last for a continuous period of not less than twelve (12) months. Executive shall also be considered disabled if she is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death, or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than
three (3) months under an accident and health plan covering employees of the Corporation. The disability of Executive shall be determined by a physician chosen by the Corporation. 
 ARTICLE TWO 
 2.1 Employment. The Corporation agrees to employ the Executive in
such capacity as the Corporation may from time to time determine, and that such employment and its related duties, title, and compensation shall be commensurate with the duties, title, and compensation of the Executive as of the effective date of
this Agreement. The Executive will continue in the employ of the Corporation in such capacity and with such duties and responsibilities as may be assigned to her, and with such compensation as may be determined from time to time by the Board of
Directors of the Corporation. The supplemental retirement benefits provided by this Agreement are granted by the Corporation as an additional benefit and are not part of any salary reduction plan or an arrangement deferring a bonus or a salary
increase. This Agreement shall not be deemed to constitute a contract of employment between the Corporation and the Executive providing employment for the Executive for any specific period of time. The Executive is an employee at will and her
employment may be ended by the Corporation at any time, with or without cause. Similarly, the Executive may end her employment with the Corporation at any time, with or without cause. 
  

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 ARTICLE THREE 
 3.1 Retirement. If the Executive shall continue in the employment of the Corporation until she attains the age of fifty-five (55), which date is June 12, 2009, she may retire from active daily employment
as of the close of business on June 30, 2009, or upon such later date as may be mutually agreed to by the Executive and the Corporation. 
 3.2 Payment of Supplement Retirement Benefit. If the Executive voluntarily retires effective June 30, 2009, the Corporation agrees that it will pay to the Executive a Supplemental Retirement Benefit as follows: (i) the sum
of Two Thousand Eighty-Three and 33/100 Dollars ($2,083.33) commencing on July 1, 2009, and a like sum on the first day of each month until a total of one hundred eighty (180) monthly payments have been made and thereafter (ii) the
sum of One Thousand Two Hundred Fifty and no/100 Dollars ($1,250.00) on the first day of each month until a total of one hundred eighty (180) additional payments have been made. The Corporation and Executive acknowledge that the Supplemental
Retirement Benefit under the Previous Agreement was $1250.00 per month for 180 months beginning on the first day of the month following the month in which the Executive reached age 65, and that the Supplemental Retirement Benefit provided in this
Section 3.2 exceeds the Supplemental Retirement Benefit provided under the Previous Agreement. In accordance with Treas. Reg. 1.409A-6(a)(4), the Corporation and Executive acknowledge and agree that the additional Supplemental Retirement
Benefit provided by this Agreement is specifically subject to Section 409A of the Code, but nothing herein shall be deemed to make any of the Supplemental Retirement Benefit provided under the Previous Agreement subject to Section 409A.

 3.3 Reduction in Number of Payments. For each month Executive continues in the active daily employment of the Corporation beyond
July 1, 2009, the number of monthly payments of the Supplemental Retirement Benefit due the Executive (or her spouse and/or children) shall be reduced by one payment for each full month of Executive’s employment with the Corporation after
July 1, 2009. Payment of the Supplemental Retirement Benefit shall not commence until the first day of the month following the Executive’s retirement of the Corporation. Any reduction in the number of payments to the Executive under this
Paragraph shall reduce the total number of payments to Executive under this Agreement, buy such payments shall commence in any event on the first day of the month following the Executive’s retirement. The number of payments under Paragraph
3.2(i) (one hundred eighty (180) at Two Thousand Eighty-Three and 33/100 Dollars ($2,083.33)) shall be reduced first and then the number of payments under Paragraph 3.2(ii) (one hundred eighty (180) at One Thousand Two Hundred Fifty and
no/100 Dollars ($1,250.00)). 
 ARTICLE FOUR 
 4.1 Death Benefit. The Corporation agrees that if the Executive shall die after retirement but before receiving all three hundred sixty (360) monthly payments (or the reduced number of the benefits
calculated under Paragraph 3.3.), it will continue to make such monthly payments in the dollar amounts and for the number of months established under paragraphs 3.2 

  

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and 3.3 above to the surviving spouse of the Executive, or in the event the Executive’s spouse is not living or dies prior to receipt of the payments
under Paragraphs 3.1 and 3.3 above, but leaves surviving children under the age of thirty (30), then for the benefit of such surviving children of the Executive. Payments to the surviving spouse, or the surviving children of the Executive, shall
continue for a period which shall terminate upon the earlier of (i) the date of the completion of payments of Supplemental Retirement Benefits due as provided by Article III, or (ii) the later of (a) the death of Executive’s
surviving spouse, if surviving as of the date of the Executive’s death or (b) the date the youngest surviving child of the Executive reaches the age of thirty (30). If the Executive is not survived by a spouse or by surviving children
under the age of thirty (30), then no death benefits will be paid under the terms of this Agreement. 
 4.2 Death Prior to Commencement of
Benefits. If the Executive should die while actively employed by the Corporation at any time after the date of this Agreement, but prior to commencement of payment of Supplemental Retirement Benefits as provided by this Agreement, the
Corporation will, except as provided in the last sentence of this Paragraph 4.2, pay Two Thousand Eighty-Three and 33/100 Dollars ($2,083.33) each month for one hundred eighty (180) months and then One Thousand Two Hundred Fifty and no/100
Dollars ($1,250,00) per month for an additional one hundred eighty (180) months to the surviving spouse of the Executive, or in the event the Executive leaves no surviving spouse, but leaves children of the Executive surviving who are under the
age of thirty (30), for the benefit of the surviving children of the Executive. Such payments shall commence on July 1, 2009, or on the first day of the month following the Executive’s death, whichever is later, and continue for the lesser
of (i) three hundred sixty (360) months or (ii) the lifetime of the surviving spouse, or in the event the spouse does not survive or fails to survive the term of payments under Article Three but leaves surviving children of the
Executive, until such time as the youngest surviving child of the Executive reaches the age of thirty (30). 
 ARTICLE FIVE 
 5.1 Disqualification. All benefits payable under this Agreement to the Executive or her designated beneficiaries shall not be payable and shall be
forfeited if any of the following occur: 
 (a) If the Executive shall die prior to receiving the first payment provided by
this Agreement, and such death is the result of suicide, then and in such event, the death benefit provided by Article Four shall not be payable. 
 (b) If the Executive initiates legal action against the Corporation or any directors, officers, employees or representatives of the Corporation for any claim that arises on or before the date this Agreement is
executed by the parties and that is base on the Executive’s employment with the Corporation, retirement from the Corporation or the terms of this Agreement, all benefits payable under this Agreement shall not be payable and shall be forfeited.
The Executive shall reimburse the Corporation for any payments made to the Executive pursuant to this Agreement prior to the initiation of such legal action. 
  

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 5.2 Involuntary Termination. The Executive is an employee at will and her employment may be ended
by the Corporation at any time, with or without cause. If the Corporation terminates the Executive’s employment for “cause,” the Executive (and her spouse and/or children) shall not be entitled to any benefits under the terms of this
Agreement. For purposes of this Agreement, “Cause” shall mean: 
 (a) conviction of a felony; 
 (b) conviction of any crime involving moral turpitude; 
 (c) material non-performance of job duties; 
 (d) material breach of the duty of loyalty to the Corporation; 
 (e) acts or omissions of the
Executive not in good faith or which involve dishonesty, intentional misconduct, knowing violation of the law, or from which the Executive derives an improper personal benefit. 
 5.3 Termination by Executive. If the Executive terminates employment prior to July 1, 2009, for any reason, including but not limited to
Disability, the Executive shall receive her benefit as defined in paragraphs 3.1 and 3.2 above, adjusted as follows: 
 5.4 Confidential
Information and Nonsolicitation Covenants. 
 (a) Nondisclosure of Confidential Information. Executive shall not,
without the written consent of the Corporation, during employment with the Corporation or thereafter, use for the benefit of Executive or others, or disclose to others, any Confidential Information obtained during the course of employment with the
Corporation. “Confidential Information” shall include, but not be limited to, all the memoranda, notes, records, computer files, papers, documents materials, research data, marketing and sales information, personnel data, bank records,
investment records, customer names and lists, customer financial information, customer personal information, fee schedules, commission schedules, margins, investment strategies, accounts, plans, financial data, forecasts, business practices,
methods, processes, trade secrets and all other data and information relating to the Corporation’s business activities and customers that have not been published or disclosed to the general public and are either (i) in the possession of
the Corporation or any of its employees, or (ii) were made or compiled by or made available to Executive during the course of Executive’s employment with the Corporation. 
 (b) Return of Confidential Information. Confidential Information is and shall be the property of the Corporation and, to the extent
in possession of the Executive, shall be delivered to the Corporation immediately upon Executive’s cessation, for any reason, of employment, with the Corporation. 
 (c) Non-Competition Covenant. In addition to all other conditions for the receipt of the Supplemental Retirement Benefit pursuant
to this Agreement, the Executive’s entitlement to any such Benefit shall be contingent upon the Executive, for a period of sixty (60) months after retirement or termination of employment for any reason (other than death) not providing
services or assistance in any way, as an owner, officer, director, employee, consultant or otherwise, either directly or indirectly, to any financial institution that maintains one or more offices within a fifty (50) mile radius of Iowa City,
Iowa, and offers any products or services 

  

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competitive with the products or services of the Corporation, without the written consent of the Corporation. If the Executive breaches this covenant, all
benefits that would otherwise be payable after the date of such breach, whether to the Executive or the Executive’s beneficiaries, shall be forfeited, and the Executive shall reimburse the Corporation for any prior payments made to the
Executive pursuant to this Agreement. 
 ARTICLE SIX 
 6.1 Nonalienation of Benefits. Neither the Executive, her surviving spouse, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage,
commute, modify or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Executive her
surviving spouse or her beneficiaries, or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Executive, her surviving spouse or any beneficiary attempts assignment, commutation,
hypothecation, transfer or disposal of the benefit hereunder, the Corporation will be under no obligation to honor such requests or attempts. 
 ARTICLE SEVEN 
 7.1 Participation in Other Plans. Nothing contained in this Agreement shall be construed to alter, abridge,
or in any manner affect the right and privileges of the Executive to participate in and be covered by any pension, profit-sharing, group insurance, bonus or similar employee plans which the Corporation may now or hereafter have during the employment
of the Executive. 
 ARTICLE EIGHT 
 8.1 General Funds; No Trust. Nothing contained in this Agreement, nor any action taken pursuant to the provisions of this Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between the
Corporation and the Employee, her designated beneficiary or any other person. The Corporation reserves the absolute right, at its sole and absolute discretion, to invest funds for the purpose of payment benefits under this Agreement, provided that
any funds invested under the provisions of this Agreement shall continue for all purposes to be part of the general funds of the Corporation and no person other than the Corporation shall by virtue of the provisions of this Agreement have any
interest in such funds. Should the Corporation select to fund this Agreement, in whole or in part, through the medium of life insurance, annuities or similar contracts, the Corporation shall be the owner and beneficiary of any such contracts. The
Corporation reserves that absolute right, in its sole discretion, to terminate such life insurance, annuities or similar contracts, as well as any other funding program, at anytime, either in whole or in part. At no time shall the Executive be
deemed to have any right, title or interest in or to any specified asset or assets of the Corporation, including, but not by way of restriction, any insurance or annuity, contract or contracts, or the proceeds therefrom. 
  

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 Any such contract, life insurance or annuity, shall not in any way be considered to be held in any trust
for Employee, or as security for the performance of the obligations of this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Corporation. 
 If the Corporation purchases a life insurance, annuity or similar contract on the life of the Executive, she agrees to sign any papers that may be
required for that purpose and to undergo any medical examination or test that may be necessary. 
 If the Executive is asked to submit
information to an insurance company and if the Executive makes a misrepresentation in an application for any insurance that may be used by the Corporation to insure any or all of its obligations under this Agreement, and if as a result of that
misrepresentation, the insurance company is not required to pay all or any part of the benefits provided under that insurance, the Executive shall forfeit all rights and benefits payable under this Agreement. 
 8.2 Unsecured Creditor. This Article shall not be construed as giving the Executive or her beneficiaries any greater rights than those of any
other unsecured Creditor of the Corporation. 
 8.3 Payments to Children. Any payment to the children of the Executive under this
Agreement shall be made equally among the then surviving children of the Executive provided at least one of Executive’s surviving children is under the age of thirty (30) years. Any payments to children of the Executive shall terminate
when there are no surviving children of the Executive under thirty (30) years of age. 
 ARTICLE NINE 
 9.1 Communications. Any notice or communication required of either party with respect to this Agreement shall be made in writing and may either be
delivered personally or sent to the party by first class mail to: 
 For the Corporation: 
 Iowa State Bank & Trust Company 
 102
South Clinton Street 
 (P.O. Box 1700) 
 Iowa city, Iowa 52244 
 For the Executive: 
 Suzanne Summerwill 
 __________________ 
 __________________ 
 Each party shall have the right be
written notice to change the place to which any notice may be addressed. 
  

 7 

 ARTICLE TEN 
 10.1 Claims Procedure. In the event that benefits under this Agreement are not paid to the Executives (or the surviving spouse or in the alternative, the surviving children of the Executive, designated as
beneficiaries by the Executive under the provisions of this Agreement in the case of the Executive’s death), a claim by the person or persons who would be entitled to receive such benefit shall be made in writing to the president of the
Corporation within sixty (60) days from the date payments are not made. If the claim is denied, in full or in part, the president shall provide a written notice within ninety (90) days after receipt of the claims setting forth the specific
reasons for denial, specific reference to the provisions of this Agreement upon which the denial is based, and any additional material or information that may be required to be submitted to the Corporation to perfect the claim, and shall indicate
the steps to be taken if a review of the denial is desired. A claim shall be deemed denied if the president does not take any action or give a denial notice within the aforesaid ninety (90) day period. 
 If a review is desired, the Executive (or the surviving spouse, or subsequently, the surviving children in the case of the Executive’s death), shall
notify the president of the Corporation in writing within sixty (60) days after receipt of the notice stating the reasons for the denial. The Board of Directors of the Corporation shall then review the requests for review, supporting materials,
and any other relevant documents and information, and provide a written decision within sixty (60) days after receipt of the request for review. This decision shall state the specific reason for the decision and shall include reference to
specific provisions of this Agreement on which the decision is based. 
 ARTICLE ELEVEN 
 11.1 Governing Law. This Agreement shall be performed at least in part in Johnson County Iowa and construed in accordance with and governed by the
laws of the State of Iowa. 
 11.2 Amendment; Termination. The Corporation reserves the right by action of its Board of Directors to
amend this Agreement at any time or times. Any amendment which is necessary to bring this Agreement into conformity with applicable government laws or regulations may be made retroactively. 
  

 8 

 The Corporation has caused this Agreement to be duly executed and attested, with its corporate seal
affixed, and the Executive has duly executed this Agreement, on the date and year first above written. 
  

			
	IOWA STATE BANK & TRUST COMPANY
		
	By:	 	 
		
	Title:	 	 
	
	EXECUTIVE:
	
	 
	SUZANNE SUMMERVILLE

  

			
	 Attest:

		
	By:	 	 
		 	Secretary

  

 9 

 NOMINATION OF BENEFICIARY 
 TO: Iowa State Bank & Trust Company (hereinafter referred to as the Corporation) 
 I, Suzanne
Summerwill, in accordance with the rights granted me in the Supplemental Retirement Agreement between me and the Corporation dated _____________, do hereby nominate as beneficiary thereunder to received payments in the event of my death: 

Beneficiary: ___________________________________ 
 Relationship: Spouse 
 If my spouse does not survive me, my beneficiaries shall be my children. 
 This nomination cancels and supersedes any Nomination of Beneficiary heretofore made by me with respect to said Agreement and the right to received
payments thereunder. 
  

	
	
	
	  
	Suzanne Summerwill
	
	  
	(Date)

 The Corporation hereby acknowledges receipt of the above Nomination of Beneficiary this
______ day of ________________, 2007. 
  

	
	CORPORATION:
	
	  
	Title

  

 10

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