Document:

Exhibit 10.1

                         MID-WISCONSIN FINANCIAL SERVICES, INC.

                          DIRECTORS DEFERRED COMPENSATION PLAN

                    As in effect for deferrals through December 31, 2004
                                           and
                               As amended April 22, 2008
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                 MID-WISCONSIN FINANCIAL SERVICES, INC.
                  DIRECTORS DEFERRED COMPENSATION PLAN

     1.   Amendment and Restatement of Plan.  Mid-Wisconsin Financial
Services, Inc. ("Mid-Wisconsin") hereby amends and restates the Mid-
Wisconsin Financial Services, Inc. Directors' Deferred Compensation Plan
(the "Plan") effective as of May 1, 2005, for the purpose of transferring
amounts deferred after December 31, 2004 to the Mid-Wisconsin
2005 Directors Deferred Compensation Plan (the "2005 Amendment Date") and
terminating deferrals hereunder after December 31, 2004.

     2.   Purpose.  The purpose of the Plan is to provide an alternative
method of compensating members (the "Directors") of the boards of directors
of Mid-Wisconsin, Mid-Wisconsin Bank, and each other Subsidiary which has
been designated by Mid-Wisconsin to participate in the Plan, whether or not
they otherwise receive compensation as employees, in order to aid Mid-
Wisconsin and its Subsidiaries in attracting and retaining as Directors
persons whose abilities, experience, and judgment can contribute to the
continued progress of Mid-Wisconsin and its Subsidiaries and to provide a
mechanism by which the interests of the Directors and the shareholders of
Mid-Wisconsin can be more closely aligned.

     3.   Definitions.  As used in this Plan, the following terms shall
have the meaning set forth in this paragraph 3:

     (a)  "Accounts" means, as of any date after December 31, 1999, such of
a Participant's Deferred Cash Account and Deferred Stock Account which have
an undistributed balance.

     (b)  "Beneficiary" means such person or persons, or organization or
organizations, as the Participant from time to time may designate by a
written designation filed with Mid-Wisconsin during the Participant's life.
Any amounts payable hereunder to a Participant's Beneficiary shall be paid
in such proportions and subject to such trusts, powers, and conditions as
the Participant may provide in such designation.  Each such designation,
unless otherwise expressly provided therein, may be revoked by the
Participant by a written revocation filed with Mid-Wisconsin during the
Participant's life.  If more than one such designation shall be filed by a
Participant with Mid-Wisconsin, the last designation so filed shall control
over any revocable designation filed prior to such filing.  To the extent
that any amounts payable under this Plan to a Participant's Beneficiary are
not effectively disposed of pursuant to the above provisions of this
paragraph 3(b), either because no designation was in effect at the
Participant's death or because a designation in effect at the Participant's
death failed to dispose of such amounts in their entirety, then for
purposes of this Plan, the Participant's "Beneficiary" as to such
undisposed of amounts shall be the Participant's estate.

     (c)  "Board" means the Board of Directors of Mid-Wisconsin.
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     (d)  "Change in Control" means the happening of any of the following
events:

          (i) The acquisition by any individual, entity or group (within
     the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
     "Person") of beneficial ownership (within the meaning of Rule 13d-3
     promulgated under the Exchange Act) of 25% or more of either (A) the
     then outstanding shares of common stock of Mid-Wisconsin (the
     "Outstanding Company Common Stock") or (B) the combined voting power
     of the then outstanding voting securities of Mid-Wisconsin entitled to
     vote generally in the election of directors (the "Outstanding Company
     Voting Securities"); provided, however, that for purposes of this
     paragraph (i), the following acquisitions shall not constitute a
     Change in Control: (1) any acquisition directly from Mid-Wisconsin
     other than an acquisition by virtue of the exercise of a conversion
     privilege unless the security being so converted was itself acquired
     directly from Mid-Wisconsin, (2) any acquisition by Mid-Wisconsin, (3)
     any acquisition by any employee benefit plan (or related trust)
     sponsored or maintained by Mid-Wisconsin or any entity controlled by
     Mid-Wisconsin, and (4) any acquisition pursuant to a transaction which
     complies with clauses (A), (B), and (C) of paragraph (iii) of this
     paragraph 3(d); or

          (ii) A change in the composition of the Board such that the
     individuals who, as of the Effective Date, constitute the Board (such
     Board shall be hereinafter referred to as the "Incumbent Board") cease
     for any reason to constitute at least a majority of the Board;
     provided, however, for purposes of the Plan, that any individual who
     becomes a member of the Board subsequent to the Effective Date whose
     election, or nomination for election by Mid-Wisconsin's shareholders,
     was approved by a vote of at least a majority of those individuals who
     are members of the Board and who were also members of the Incumbent
     Board (or deemed to be such pursuant to this proviso) shall be deemed
     to be and shall be considered as though such individual were a member
     of the Incumbent Board, but provided, further, that any such
     individual whose initial assumption of office occurs as a result of
     either an actual or threatened election contest (as such terms are
     used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
     Act) or other actual or threatened solicitation of proxies or consents
     by or on behalf of a Person other than the Board shall not be so
     deemed or considered as a member of the Incumbent Board; or
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          (iii) Consummation of a reorganization, merger or consolidation,
     or sale or other disposition of all or substantially all of the assets
     of Mid-Wisconsin or the acquisition of the assets or securities of any
     other entity (a "Corporate Transaction"); excluding, however, such a
     Corporate Transaction pursuant to which (A) all or substantially all
     of the individuals and entities who are the beneficial owners,
     respectively, of the Outstanding Company Common Stock and Outstanding
     Company Voting Securities immediately prior to such Corporate
     Transaction will beneficially own, directly or indirectly, more than
     60% of, respectively, the outstanding shares of common stock and the
     combined voting power of the then outstanding voting securities
     entitled to vote generally in the election of directors, as the case
     may be, of the corporation resulting from such Corporate Transaction
     (including, without limitation, a corporation which as a result of
     such transaction owns Mid-Wisconsin or all or substantially all of
     Mid-Wisconsin's assets either directly or through one or more
     subsidiaries) (the "Resulting Company") in substantially the same
     proportions as their ownership, immediately prior to such Corporate
     Transaction, of the Outstanding Company Common Stock and Outstanding
     Company Voting Securities, as the case may be, (B) no Person (other
     than Mid-Wisconsin, any employee benefit plan (or related trust) of
     Mid-Wisconsin) will beneficially own, directly or indirectly, 25% or
     more of, respectively, the outstanding shares of common stock of the
     Resulting Company or the combined voting power of the then outstanding
     voting securities of such Resulting Company entitled to vote generally
     in the election of directors except to the extent that such ownership
     existed with respect to Mid-Wisconsin prior to the Corporate
     Transaction, and (C) individuals who were members of the Incumbent
     Board will constitute at least a majority of the members of the board
     of directors of the Resulting Company; or

          (iv) The approval by the shareholders of Mid-Wisconsin of a
     complete liquidation or dissolution of Mid-Wisconsin.

     (e)  "Committee and Meeting Fees" means that portion of the annual
amount of Directors' Fees which does not constitute a Director's Retainer,
whether such fees are paid for service on committees of the Board or a
board of directors of a Subsidiary, the attendance at meetings, the
performance of other duties, or otherwise.

     (f)  "Common Stock" means the common stock, $.10 par value, of Mid-
Wisconsin.

     (g)  "Deferred Cash Account" means the account established to record a
Participant's Directors' Fees which have been credited in accordance with
paragraph 6.

     (h)  "Deferred Stock Account" means the account established to record
a Participant's Directors' Fees which have credited with "Stock Equivalent
Units" pursuant to paragraph 7.

     (i)  "Directors' Fees" means all of the compensation to which a
Director would otherwise become entitled for services to be rendered as a
Director, but excluding any compensation to which such person is entitled
to receive in his capacity, if any, as an employee of Mid-Wisconsin or any
Subsidiary.

     (j)  "Ending Balance" means the balance of a Participant's Deferred
Cash Account as determined pursuant to paragraph 8(b) following the
Participant's Termination of Service.

     (k)  "Fair Market Value" of a share of the Common Stock as of any date
means the price per share as determined in accordance with the following:
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          (i) Exchange.  If the principal market for the Common Stock is a
     national securities exchange, "Fair Market Value" means the closing
     price of the Common Stock on the New York Stock Exchange composite
     transaction tape if the Common Stock is then listed for trading on
     such exchange, otherwise, the closing price of the Common Stock in any
     transaction reported on the principal exchange on which the Common
     Stock is then listed for trading.

          (ii) Over-the-Counter.  If the principal market for the Common
     Stock is an over-the-counter market, "Fair Market Value" means the
     closing (last) price of the Common Stock reported in The Nasdaq
     National Market, or The Nasdaq Small Cap Market, or if the Common
     Stock is not then listed for trading in either of such markets, the
     closing (last) price of the Common Stock reported on the OTC Bulletin
     Board, or, if prices for the Common Stock are not quoted on the OTC
     Bulletin Board, the closing (last) price reported on any other bona
     fide over-the-counter stock market selected in good faith by the
     Committee.

          (iii) Other Determination.  If subparagraphs (i) and (ii) are not
     applicable, or if the Board in its sole discretion does not believe
     that the procedure set forth in subparagraphs (i) and (ii) is an
     accurate measurement of the market value of the Common Stock because
     of the limited trading market of the Common Stock, "fair market value"
     means such amount as may be determined by the Board by whatever means
     or method as the Board, in the good faith exercise of its discretion,
     shall at such time deem appropriate.

          (iv) Date.  If the date on which "Fair Market Value" is to be
     determined is not a business day, or, if there shall be no reported
     transactions for such date, such determination shall be made on the
     next preceding business day for which transactions were reported.

     (l)  "Participant"  means a Director who has an undistributed balance
in one or more Accounts.

     (m)  "Prime Rate" means, as of any date, the prime rate as published
in The Wall Street Journal for such date; provided, however, that if such
rate is not published on such date, the prime rate as published in The Wall
Street Journal on the first immediately preceding date.

     (n)  "Rate of Return" for a fiscal year of Mid-Wisconsin shall be
determined in accordance with generally accepted accounting principles and
means a percentage equal to (a) Mid-Wisconsin's return on equity as
determined by dividing (i) Mid-Wisconsin's net income for the applicable
year by (ii) Mid-Wisconsin's average daily equity for such year minus (b)
400 basis points.

     (o)  "Retainer" means that portion of the annual amount of Directors'
Fees which is designated by the Board (or the board of directors of a
Subsidiary) as a retainer payable to a Director irrespective of the
attendance at meetings or the performance of other duties.
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     (p)  "Subsidiary" means Mid-Wisconsin Bank and each other subsidiary
of Mid-Wisconsin, including any subsidiary of the Bank.

     (q)  "Termination of Service" means the BONA FIDE termination of a
Participant's services as a member of the Board and each other board of
directors of any Subsidiary which has been designated as a participating
Subsidiary.

     4.   Deferral of Directors' Fees.

     (a)  Retainer.  No portion of a Retainer shall be paid in cash to a
Director from and after January 1, 2000.  As of each date after December
31, 1999 on which all or any portion of the Retainer would otherwise be
paid in cash to a Director, an amount equal to such payment shall be
credited by Mid-Wisconsin or the Subsidiary, as the case may be, to such
Director's Deferred Stock Account.

     (b)  Annual Election.  Each Director may elect before January 25, 2000
with respect to the year ended December 21, 2000 and before January 1 of
any subsequent fiscal year of Mid-Wisconsin to defer the payment of all or
any portion of the Director's Committee and Meeting Fees to which the
Director would otherwise become entitled for services to be rendered during
each fiscal year subsequent to the date on which such election is
effective.  An election by a Director to defer Committee and Meeting Fees
pursuant to this subparagraph (b) shall be effective with respect to
Committee and Meeting Fees earned during the first fiscal year beginning
after the date such election is made and during each subsequent fiscal year
until revoked or amended, provided, however, that any such revocation or
amendment shall only be effective with respect to fiscal years beginning
after the date written notice of such revocation or amendment is first
received by Mid-Wisconsin.

     (c)  New Director.  Despite any other provision of subparagraph (b),
if a person first becomes a Director during a fiscal year, such Director
may elect to become a Participant with respect to all or any portion of the
Committee and Meeting Fees earned and payable (i) from and after the date
on which he is elected a Director if an election is filed on or before the
date of such election or (ii), if no election is filed pursuant to clause
(i), on the first day of the first month immediately following the month in
such fiscal year in which such election is made.  An election by a Director
to defer Committee and Meeting Fees pursuant to this subparagraph (c) shall
remain in effect until the last day of the fiscal year in which such
election is made and during each subsequent fiscal year until revoked or
amended, provided that any such revocation or amendment shall only be
effective with respect to fiscal years beginning after the date written
notice of such revocation or amendment is first received by Mid-Wisconsin.

     (d)  Payment of Fees.  Directors' Fees which are deferred pursuant to
this paragraph 4 shall be distributable in accordance with paragraph 8
hereof and only after such Participant's Termination of Service.  Any
Committee and Meeting Fees not subject to an election made in accordance
with this paragraph 4 shall be paid to the Director in cash.
<PAGE>
     5.   Accounting and Elections.

     (a)  Accounts.  Mid-Wisconsin and each participating Subsidiary shall
establish a Deferred Cash Account and a Deferred Stock Account in the name
of each of their Directors.

     (b)  December 31, 1999 Balance.  Each Director who does not incur a
Termination of Service prior to January 1, 2000 and who has an
undistributed balance in his account as of December 31, 1999 may file an
election with Mid-Wisconsin on or before December 31, 1999 which specifies
the Account or Accounts (and the respective percentages thereof in the case
two Accounts are specified) to which the balance of his account as of
December 31, 1999 shall be credited as of January 1, 2000.  In the event a
Participant does not file an election in accordance with the preceding
sentence, the balance of such Participant's account as of December 31, 1999
shall be credited to such Participant's Deferred Cash Account on January 1,
2000.

     (c)  Election of Accounts.  Each Participant who elects to defer
Committee and Meeting Fees shall make an election to have such deferred
fees allocated to his Deferred Cash Account or his Deferred Stock Account
at the time his deferral election is filed pursuant to paragraph 4.   Each
fiscal year, a Participant may file a new election with Mid-Wisconsin
specifying the Account or Accounts to which all Committee and Meeting Fees
deferred subsequent to the last day of such fiscal year (and prior to the
effective date of any subsequent election) shall be allocated.

     (d)  Crediting Deferred Fees.  As of each date on which payment of all
or a portion of a Retainer would otherwise be paid in cash, each Director's
Deferred Stock Account shall be credited with such amount by Mid-Wisconsin
or the Subsidiary, as the case may be.  As of each date on which Mid-
Wisconsin or a Subsidiary shall make payment of Committee and Meeting Fees,
the Committee and Meeting Fees of each Participant who has a deferral
election then in effect shall, to the extent deferred, be credited by Mid-
Wisconsin or the Subsidiary, as the case may be, to the Participant's
Deferred Cash Account or Deferred Stock Account, as the case may be, in
accordance with such Participant's most recent effective election.  No
transfers shall be made between a Participants Accounts.

     (e)  Annual Report.  Within 90 days of the end of each fiscal year in
which this Plan is in effect, Mid-Wisconsin shall furnish each Participant
a statement of the year-end balance in such Participant's Deferred Cash
Account and Deferred Stock Account.

     (f)  Notwithstanding any other provision of this Plan, no Directors
Fees shall be deferred and held under the terms of this Plan from and after
the 2005 Amendment Date.

     6.   Deferred Cash Account.
<PAGE>
     (a)  Deferrals Through December 31, 2004.  As of the last day of each
fiscal year which begins on or after January 1, 2000 (the "Current Fiscal
Year") there shall be computed, with respect to the Deferred Cash Account
of each Participant who has not then incurred a Termination of Service,
interest on the average daily balance in the Participant's Account
(assuming that the Committee and Meeting Fees to be deferred during the
year were credited to his Account as of the date on which they would have
otherwise been paid to the Participant in cash) at a rate per annum equal
to the Rate of Return for the fiscal year ending immediately prior to the
Current Fiscal Year; provided, however, that no interest shall be credited
on any amounts credited to such Account after December 31, 2004 as a
deferred Directors Fee.  The amount so determined shall be credited to and
become part of the balance of such Account as of the first day of the next
fiscal year.

     (b)  Deferrals After 2004.  Notwithstanding any other provision of
this Plan, on the 2005 Amendment Date, all Directors' Fees credited to a
Participant's Deferred Cash Account after December 31, 2004 (but not
interest credited with respect to deferrals made prior to January 1, 2005)
shall be transferred and held in such Participant's Deferred Cash Account
under the terms of the Mid-Wisconsin 2005 Directors Deferred Compensation
Plan, as from time to time in effect hereafter.

     7.   Deferred Stock Account.

     (a)  Crediting Director Fees.  As of each date on which the Directors'
Fees otherwise payable to such Participant in cash are credited to a
Participant's Deferred Stock Account, the amount of such deferred
Directors' Fees shall be converted into that number of "Stock Equivalent
Units" (rounded to the nearest one-ten thousandth of a unit) determined by
dividing the amount of such Directors' Fees by an amount equal to the per
share Fair Market Value of the Common Stock on such date.

     (b)  Dividends.  On each date on which a dividend payable in cash or
property is paid on the Common Stock, there shall be credited to each
Deferred Stock Account such number of additional Stock Equivalent Units as
are determined by dividing (i) the amount of the cash or other dividend
which would have then been payable on the number of shares of Common Stock
equal to the number of Stock Equivalent Units (including fractional shares)
then represented in such Account by (ii) an amount equal to the per share
Fair Market Value of the Common Stock on such date.  If the date on which a
dividend is paid on the Common Stock is the same date as of which
Directors' Fees are to be converted into Stock Equivalent Units, the
dividend equivalent to be credited to such Account under this paragraph 7
shall be determined after giving effect to the conversion of the credit
balance in such Account into Stock Equivalent Units.

     (c)  Recording of Stock Equivalent Units. The number of Stock
Equivalent Units credited to a Participant's Deferred Stock Account shall
be adjusted (to the nearest one-ten thousandth of a unit) to reflect any
change in the Common Stock resulting from a stock dividend, stock split-up,
combination, recapitalization or exchange of shares, or the like.
<PAGE>
     (d)  Deferrals After 2004.  Notwithstanding any other provision of
this Plan, on the 2005 Amendment Date all Stock Equivalent Units
attributable to Directors' Fees earned after December 31, 2004 and credited
to a Participant's Deferred Stock Account after December 31, 2004 (but not
additional Stock Equivalent Units credited with respect to deferrals made
prior to January 1, 2005) shall be transferred and held in such
Participant's Deferred Stock Account under the terms of the 2005 Directors
Deferred Compensation Plan, as from time to time in effect hereafter.

     8.   Distribution of Deferred Amounts.

     (a)  Conversion of Deferred Stock Accounts.  As of the last day of the
month in which a Participant's Termination of Service occurs, the number of
Stock Equivalent Units then credited to the Participant's Deferred Stock
Account shall be determined after giving effect to all other adjustments
required by this Plan and such Stock Equivalent Units shall be converted
into a cash equivalent by multiplying the number of such units by an amount
equal to the per share Fair Market Value of the Common Stock on such date
and, as of such date, the Participant's Deferred Stock Account shall be
debited by the number of Stock Equivalent Units so transferred and the
Participant's Deferred Cash Account credited by the amount of cash
equivalent so determined.

     (b)  Determination of Ending Balance.  As of the last day of the month
in which a Participant's Termination of Service occurs, the balance of the
Participant's Deferred Cash Account shall be determined by adding to the
value of his Deferred Cash Account as of the last day of the immediately
preceding fiscal year (i) interest on such value computed at an annual rate
equal to the Rate of Return for the number of days of the fiscal year
elapsed as of the last day of the month in which the Termination of Service
occurred,  (ii) all Committee and Meeting Fees deferred by such Participant
during the fiscal year in which the Termination of Service occurred, (iii)
interest, as determined in clause (i) of this sentence, on the average
daily balance of the Committee and Meeting Fees described in clause (ii)
(assuming that the Directors' Fees deferred during the year were credited
to his Account as of the date on which they would have otherwise been paid
to the Participant in cash), and (iv) the value of the amount credited to
such Deferred Cash Account pursuant to paragraph 8(a).   The amount so
determined pursuant to the preceding sentence, when added to the most
recent year-end balance credited pursuant to paragraph 7 as of the last day
of the fiscal year immediately preceding the year in which the
Participant's Termination of Service occurs, shall constitute the Ending
Balance of the Participant's Deferred Cash Account (the "Ending Balance").

     (c)  Distributions.  Distribution of a Participant's Deferred Cash
Account shall be made in cash in accordance with the following:

          (i) Automatic Form of Payment.  Payment of the Ending Balance of
     a Participant whose Termination of Service occurs for a reason other
     than death and prior to a Change in Control shall be made in a lump
     sum as of the last day of the month in which the Participant's
     Termination of Service occurs unless the Participant elects otherwise
     in accordance with the provisions of paragraph 8(d).
<PAGE>
          (ii) Death Benefit.  In the event that a Participant dies before
     receiving payment of the entire amount to which such Participant is
     entitled under this Plan, the unpaid balance shall be paid in a lump
     sum or in installments, as specified in the Participant's most recent
     election in accordance with the provisions of paragraph 8(d), to the
     Beneficiary of such Participant.  If a Beneficiary dies after the
     Participant's death, but before receiving the entire payment of the
     Beneficiary's portion of the amount to which the Participant was
     entitled under this Plan, the portion of the unpaid balance which such
     Beneficiary would have received if he had not died shall be paid in a
     lump sum to such Beneficiary's estate unless the Participant
     designated otherwise.

          (iii) Change in Control. In the event a Participant incurs a
     Termination of Service in connection with a Change in Control, payment
     of the Ending Balance shall be made in a lump sum as of the last day
     of the month in which the Participant's Termination of Service occurs.

     (d)  Elective Forms of Distribution.  On or before August 15, 2000,
but in no event subsequent to his Termination of Service, a Participant may
elect that payment of the Participant's Ending Balance shall be made in one
of the forms specified in subparagraphs (d)(i), (ii), or (iii) below;
provided, however, that no election shall be effective unless approved by
the Board prior to the effective date of such election.  Thereafter, a
Participant may elect, (1) before the first day of each fiscal year, (2)
subject to the automatic distribution provisions of subparagraph 8(c)(iii),
which shall govern the distribution of benefits in the event of Termination
of Service which occurs in connection with a Change in Control, (3) prior
to his Termination of Service, and (4) with the approval of the Board that
payment of the Participant's Ending Balance shall be made in one of the
forms specified in subparagraphs (d)(i), (ii), or (iii) below.

          (i) 60 Payments.  In 60 monthly installments beginning on the
     last day of any month (the "Initial Payment Date") which is not later
     than the last day of the month in which the first anniversary of the
     Participant's Termination of Service occurs in an amount which is
     determined in accordance with the following:

               (A) The monthly payment for the first twelve months shall be
          equal to the amount necessary to amortize the repayment of a loan
          in an amount equal to the Ending Balance in 60 equal monthly
          payments at the Prime Rate on the first day of the month in which
          the Initial Payment Date occurs;

               (B) As of the last day of the month in which each of the
          first, second, third, and fourth anniversaries of the Initial
          Payment Date occurs, the amount of each of the next twelve
          monthly payments shall be recalculated and shall, for the twelve-
          month period beginning on each such anniversary, be equal to the
          amount necessary to amortize the repayment of a loan in an amount
          equal to the then unpaid Ending Balance in monthly payments over
          the Remaining Payment Period at the Prime Rate on the first day
          of the month in which such anniversary occurred.  As of any
          anniversary, the "Remaining Payment Period" shall be equal to the
          remainder of (1) 60, minus (2) the number of payments which have
          then been made.
<PAGE>
          (ii) Lump Sum.  In a lump sum, payable at any time on or before
     the third anniversary of the Participant's Termination of Service with
     interest at the Prime Rate, determined as of the first day of the
     month in which the Participant's Termination of Service occurred, on
     the average undistributed portion of the Participant's Ending Balance
     through the date immediately preceding the date of distribution; or

          (iii) Other Installments.  In one or more installments of equal
     or unequal amounts payable at one or more times not more frequently
     than monthly; provided, however, the Ending Balance shall be fully
     distributed on or before the third anniversary of the Participant's
     Termination of Service; and provided, further, that the amount payable
     pursuant to any election to receive equal payments shall be determined
     by the amount necessary to amortize the repayment of a loan in an
     amount equal to the Participant's Ending Balance in the number of
     payments so elected at the Prime Rate on the first day of the month in
     which the Participant's Termination of Service occurred.  The average
     daily undistributed Ending Balance of a Participant who has elected a
     form of distribution provided for in this subparagraph (d)(iii) which
     does not provide for level payments shall continue to accrue interest
     at a rate equal to the Prime Rate on the first day of the month in
     which the Participant's Termination of Service occurred; provided,
     however, that if the distribution of the Ending Balance shall not be
     complete on the first anniversary date of the Participant's
     Termination of Service, the interest to be credited to such Account
     after the first anniversary shall be at a rate equal to the Prime Rate
     on the first day of the month in which such anniversary occurred.

     (e)  Payments to Retirees as of December 31, 1999.  Notwithstanding
any other provision of this amended and restated Plan, any Accounts which
were in pay status on December 31, 1999 shall continue to be paid in
accordance with the terms of the Plan as in effect on December 14, 1999.

     (f)  Modification of Payments.  After a Participant's Termination of
Service occurs, neither such Participant or his Beneficiary shall have any
right to modify in any way the schedule for the distribution of amounts
credited to such Participant under this Plan as specified in the last
election filed by the Participant.  However, upon a written request
submitted to the Secretary of Mid-Wisconsin by the person then entitled to
receive payments under this Plan (who may be the Participant or a
Beneficiary), the Board may in its sole discretion, accelerate the time for
payment of any one or more installments remaining unpaid.

     9.   Form for Elections.  The Secretary of Mid-Wisconsin shall provide
election forms for use by Directors in making an initial election to become
a Participant and for making all other elections or designations permitted
or required by the Plan.

     10.  Miscellaneous.
<PAGE>
     (a)  No Assignment.  Amounts payable hereunder may not be voluntarily
or involuntarily sold or assigned, and shall not be subject to any
attachment, levy or garnishment.

     (b)  No Right of Election.  Participation in this Plan by any person
shall not confer upon such person any right to be nominated for re-election
or re-elected to the Board or the board of directors of a Subsidiary.

     (c)  Unsecured Claims.  Neither Mid-Wisconsin nor any Subsidiary shall
be obligated to reserve or otherwise set aside funds for the payment of its
obligations hereunder, and the rights of any Participant under the Plan
shall be an unsecured claim against the general assets of Mid-Wisconsin or
a Subsidiary, whichever, and only to the extent it, established the
Participant's Accounts.  All amounts due Participants or Beneficiaries
under this Plan shall be paid out of the general assets of Mid-Wisconsin or
the Subsidiary, whichever, and only to the extent it, established the
Participant's Accounts and in no event shall there be joint liability for
the payment of an Account established by another participating entity.

     (d)  Plan Administration.  The Board shall have all powers necessary
to administer this Plan, including all powers of Plan interpretation, of
determining eligibility, and the effectiveness of elections, and of
deciding all other matters relating to the Plan; provided, however, that no
Participant shall take part in any discussion of, or vote with respect to,
a matter of Plan administration which is personal to him, and not of
general applicability to all Participants.  All decisions of the Board
shall be final as to any Participant under this Plan.

     (e)  Amendment and Termination.  The Board may amend this Plan in any
and all respects at any time (including, specifically, but not limited to,
the rate at which interest will be credited to any Account from and after
the date of such amendment), or from time to time, or may terminate this
Plan at any time, but any such amendment or termination shall be without
prejudice to any Participant's right to receive amounts previously credited
to such Participant under this Plan.  A Subsidiary of Mid-Wisconsin may
terminate its participation in the Plan at any time by action of its Board
of Directors, but such termination shall be without prejudice to any
Participant's right to receive amounts previously credited to such
Participant under this Plan.Exhibit 10.2

                        MID-WISCONSIN FINANCIAL SERVICES, INC.

                      2005 DIRECTORS DEFERRED COMPENSATION PLAN

                             As amended April 22, 2008
<PAGE>

                  MID-WISCONSIN FINANCIAL SERVICES, INC.
                2005 DIRECTORS DEFERRED COMPENSATION PLAN

     1.   Amendment and Restatement of Plan.  Mid-Wisconsin Financial
Services, Inc. ("Mid-Wisconsin") hereby adopts the Mid-Wisconsin Financial
Services, Inc. 2005 Directors Deferred Compensation Plan (the "Plan")
effective as of May 1, 2005 (the "Effective Date").

     2.   Purpose.  The purposes of the Plan are:

     (a)  to provide, from and after January 1, 2005, an alternative method
of compensating members (the "Directors") of the boards of directors of
Mid-Wisconsin, Mid-Wisconsin Bank, and each other Subsidiary which has been
designated by Mid-Wisconsin to participate in the Plan, whether or not they
otherwise receive compensation as employees, in order to aid Mid-Wisconsin
and its Subsidiaries in attracting and retaining as Directors persons whose
abilities, experience, and judgment can contribute to the continued
progress of Mid-Wisconsin and its Subsidiaries and to provide a mechanism
by which the interests of the Directors and the shareholders of Mid-
Wisconsin can be more closely aligned; and

     (b)  to accept and hold all amounts deferred after December 31, 2004
under the Prior Plan.

     3.   Definitions.  As used in this Plan, the following terms shall
have the meaning set forth in this paragraph 3:

     (a)  "Accounts" means, as of any date after December 31, 2004, such of
a Participant's Deferred Cash Account and Deferred Stock Account which have
an undistributed balance.

     (b)  "Beneficiary" means such person or persons, or organization or
organizations, as the Participant from time to time may designate by a
written designation filed with Mid-Wisconsin during the Participant's life.
Any amounts payable hereunder to a Participant's Beneficiary shall be paid
in such proportions and subject to such trusts, powers, and conditions as
the Participant may provide in such designation.  Each such designation,
unless otherwise expressly provided therein, may be revoked by the
Participant by a written revocation filed with Mid-Wisconsin during the
Participant's life.  If more than one such designation shall be filed by a
Participant with Mid-Wisconsin, the last designation so filed shall control
over any revocable designation filed prior to such filing.  To the extent
that any amounts payable under this Plan to a Participant's Beneficiary are
not effectively disposed of pursuant to the above provisions of this
paragraph 3(b), either because no designation was in effect at the
Participant's death or because a designation in effect at the Participant's
death failed to dispose of such amounts in their entirety, then for
purposes of this Plan, the Participant's "Beneficiary" as to such
undisposed of amounts shall be the Participant's estate.

     (c)  "Board" means the Board of Directors of Mid-Wisconsin.
<PAGE>
     (d)  "Change in Control" means the happening of any of the following
events:

          (i) The acquisition by any individual, entity or group (within
     the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
     "Person") of beneficial ownership (within the meaning of Rule 13d-3
     promulgated under the Exchange Act) of 25% or more of either (A) the
     then outstanding shares of common stock of Mid-Wisconsin (the
     "Outstanding Company Common Stock") or (B) the combined voting power
     of the then outstanding voting securities of Mid-Wisconsin entitled to
     vote generally in the election of directors (the "Outstanding Company
     Voting Securities"); provided, however, that for purposes of this
     paragraph (i), the following acquisitions shall not constitute a
     Change in Control: (1) any acquisition directly from Mid-Wisconsin
     other than an acquisition by virtue of the exercise of a conversion
     privilege unless the security being so converted was itself acquired
     directly from Mid-Wisconsin, (2) any acquisition by Mid-Wisconsin, (3)
     any acquisition by any employee benefit plan (or related trust)
     sponsored or maintained by Mid-Wisconsin or any entity controlled by
     Mid-Wisconsin, and (4) any acquisition pursuant to a transaction which
     complies with clauses (A), (B), and (C) of paragraph (iii) of this
     paragraph 3(d); or

          (ii) A change in the composition of the Board such that the
     individuals who, as of the Effective Date, constitute the Board (such
     Board shall be hereinafter referred to as the "Incumbent Board") cease
     for any reason to constitute at least a majority of the Board;
     provided, however, for purposes of the Plan, that any individual who
     becomes a member of the Board subsequent to the Effective Date whose
     election, or nomination for election by Mid-Wisconsin's shareholders,
     was approved by a vote of at least a majority of those individuals who
     are members of the Board and who were also members of the Incumbent
     Board (or deemed to be such pursuant to this proviso) shall be deemed
     to be and shall be considered as though such individual were a member
     of the Incumbent Board, but provided, further, that any such
     individual whose initial assumption of office occurs as a result of
     either an actual or threatened election contest (as such terms are
     used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
     Act) or other actual or threatened solicitation of proxies or consents
     by or on behalf of a Person other than the Board shall not be so
     deemed or considered as a member of the Incumbent Board; or
<PAGE>
          (iii) Consummation of a reorganization, merger or consolidation,
     or sale or other disposition of all or substantially all of the assets
     of Mid-Wisconsin or the acquisition of the assets or securities of any
     other entity (a "Corporate Transaction"); excluding, however, such a
     Corporate Transaction pursuant to which (A) all or substantially all
     of the individuals and entities who are the beneficial owners,
     respectively, of the Outstanding Company Common Stock and Outstanding
     Company Voting Securities immediately prior to such Corporate
     Transaction will beneficially own, directly or indirectly, more than
     60% of, respectively, the outstanding shares of common stock and the
     combined voting power of the then outstanding voting securities
     entitled to vote generally in the election of directors, as the case
     may be, of the corporation resulting from such Corporate Transaction
     (including, without limitation, a corporation which as a result of
     such transaction owns Mid-Wisconsin or all or substantially all of
     Mid-Wisconsin's assets either directly or through one or more
     subsidiaries) (the "Resulting Company") in substantially the same
     proportions as their ownership, immediately prior to such Corporate
     Transaction, of the Outstanding Company Common Stock and Outstanding
     Company Voting Securities, as the case may be, (B) no Person (other
     than Mid-Wisconsin, any employee benefit plan (or related trust) of
     Mid-Wisconsin) will beneficially own, directly or indirectly, 25% or
     more of, respectively, the outstanding shares of common stock of the
     Resulting Company or the combined voting power of the then outstanding
     voting securities of such Resulting Company entitled to vote generally
     in the election of directors except to the extent that such ownership
     existed with respect to Mid-Wisconsin prior to the Corporate
     Transaction, and (C) individuals who were members of the Incumbent
     Board will constitute at least a majority of the members of the board
     of directors of the Resulting Company; or

          (iv) The approval by the shareholders of Mid-Wisconsin of a
     complete liquidation or dissolution of Mid-Wisconsin.

     (e)  "Code" means the Internal Revenue Code of 1986, as amended, and
reference to any section of the Code shall be deemed to include any
successor section or sections.  Any reference to a section of the Code
shall also be deemed to incorporate any regulation promulgated thereunder.

     (f)  "Committee and Meeting Fees" means that portion of the annual
amount of Directors Fees which does not constitute a Director's Retainer,
whether such fees are paid for service on committees of the Board or a
board of directors of a Subsidiary, the attendance at meetings, the
performance of other duties, or otherwise.

     (g)  "Common Stock" means the common stock, $.10 par value, of Mid-
Wisconsin.

     (h)  "Controlled Group" means Mid-Wisconsin and each other member of
the controlled group of corporations or other entities under common control
to which Mid-Wisconsin belongs for purposes of determining whether a
separation from service has occurred pursuant to Section 409A of the Code
and the regulations promulgated thereunder.

     (i)  "Deferred Cash Account" means the account established to record a
Participant's Directors Fees which have been credited in accordance with
paragraph 6.

     (j)  "Deferred Stock Account" means the account established to record
a Participant's Directors Fees which have credited with "Stock Equivalent
Units" pursuant to paragraph 7.

     (k)  "Directors Fees" means all of the compensation to which a
Director would otherwise become entitled for services to be rendered as a
Director, but excluding any compensation to which such person is entitled
to receive in his capacity, if any, as an employee of Mid-Wisconsin or any
Subsidiary.
<PAGE>
     (l)  "Ending Balance" means the balance of a Participant's Deferred
Cash Account as determined pursuant to paragraph 8(b) following the
Participant's Termination of Service.

     (m)  "Fair Market Value" of a share of the Common Stock as of any date
means the price per share as determined in accordance with the following:

          (i) Exchange.  If the principal market for the Common Stock is a
     national securities exchange, "Fair Market Value" means the closing
     price of the Common Stock on the New York Stock Exchange composite
     transaction tape if the Common Stock is then listed for trading on
     such exchange, otherwise, the closing price of the Common Stock in any
     transaction reported on the principal exchange on which the Common
     Stock is then listed for trading.

          (ii) Over-the-Counter.  If the principal market for the Common
     Stock is an over-the-counter market, "Fair Market Value" means the
     closing (last) price of the Common Stock reported in The Nasdaq
     National Market, or The Nasdaq Small Cap Market, or if the Common
     Stock is not then listed for trading in either of such markets, the
     closing (last) price of the Common Stock reported on the OTC Bulletin
     Board, or, if prices for the Common Stock are not quoted on the OTC
     Bulletin Board, the closing (last) price reported on any other bona
     fide over-the-counter stock market selected in good faith by the
     Committee.

          (iii) Other Determination.  If subparagraphs (i) and (ii) are not
     applicable, or if the Board in its sole discretion does not believe
     that the procedure set forth in subparagraphs (i) and (ii) is an
     accurate measurement of the market value of the Common Stock because
     of the limited trading market of the Common Stock, "fair market value"
     means such amount as may be determined by the Board by whatever means
     or method as the Board, in the good faith exercise of its discretion,
     shall at such time deem appropriate.

          (iv) Date.  If the date on which "Fair Market Value" is to be
     determined is not a business day, or, if there shall be no reported
     transactions for such date, such determination shall be made on the
     next preceding business day for which transactions were reported.

     (n)  "Participant"  means a Director who has made an election to defer
Directors Fees or who has an undistributed balance in one or more Accounts.

     (o)  "Prime Rate" means, as of any date, the prime rate as published
in The Wall Street Journal for such date; provided, however, that if such
rate is not published on such date, the prime rate as published in The Wall
Street Journal on the first immediately preceding date.
<PAGE>
     (p)  "Prior Plan" means the Mid-Wisconsin Directors' Deferred
Compensation Plan as operated and maintained to defer, hold, and pay out
Directors Fees deferred prior to January 1, 2005.

     (q)  "Rate of Return" for a fiscal year of Mid-Wisconsin shall be
determined in accordance with generally accepted accounting principles and
means a percentage equal to (a) Mid-Wisconsin's return on equity as
determined by dividing (i) Mid-Wisconsin's net income for the applicable
year by (ii) Mid-Wisconsin's average daily equity for such year minus (b)
400 basis points.

     (r)  "Retainer" means that portion of the annual amount of Directors
Fees which is designated by the Board (or the board of directors of a
Subsidiary) as a retainer payable to a Director irrespective of the
attendance at meetings or the performance of other duties.

     (s)  "Specified Employee" means any employee of Mid-Wisconsin or any
other member of the Controlled Group who is a "specified employee" as
determined pursuant to Code Section 409A.  For purposes of this paragraph
(s), the Specified Employee identification date shall be December 31, and
the Specified Employee effective date shall be April 1.

     (t)  "Subsidiary" means Mid-Wisconsin Bank and each other subsidiary
of Mid-Wisconsin, including any subsidiary of the Bank.

     (u)  "Termination of Employment" means, with respect to a Director who
is a Specified Employee, termination of the Director's employment with Mid-
Wisconsin and each member of the Controlled Group.

     (v)  "Termination of Service" means the later of (1) the BONA FIDE
termination of a Participant's services as a member of the Board and each
other board of directors of any Subsidiary which has been designated as a
participating Subsidiary, and (2) the Participant's Termination of
Employment.

     4.   Deferral of Directors Fees.

     (a)  Retainer.  No portion of a Retainer shall be paid in cash to a
Director from and after January 1, 2005.  As of each date after December
31, 2004 on which all or any portion of the Retainer would otherwise be
paid in cash to a Director, an amount equal to such payment shall be
credited by Mid-Wisconsin or the Subsidiary, as the case may be, to such
Director's Deferred Stock Account.
<PAGE>
     (b)  Annual Election.  Each Director may elect before April 30, 2005,
with respect to the fiscal year of Mid-Wisconsin ending December 31, 2005
(the "2005 Fiscal Year") and before January 1 of any subsequent fiscal year
of Mid-Wisconsin, to defer the payment of all or any portion of the
Director's Committee and Meeting Fees to which the Director would otherwise
become entitled for services to be rendered during each fiscal year
subsequent to the date on which such election is effective.  An election by
a Director to defer Committee and Meeting Fees pursuant to this
subparagraph (b) shall be effective with respect to Committee and Meeting
Fees earned after April 30, 2005, with respect to the 2005 Fiscal Year, and
with respect to any subsequent fiscal year of Mid-Wisconsin, during the
first fiscal year beginning after the date such election is made and during
each subsequent fiscal year until revoked or amended, provided, however,
that any such revocation or amendment shall only be effective with respect
to fiscal years beginning after the date written notice of such revocation
or amendment is first received by Mid-Wisconsin.

     (c)  New Director.  Despite any other provision of subparagraph (b),
if a person first becomes a Director during a fiscal year, such Director
may elect to become a Participant with respect to all or any portion of the
Committee and Meeting Fees earned and payable (i) from and after the date
on which he is elected a Director if an election is filed on or before the
date of such election or (ii), if no election is filed pursuant to clause
(i), on the first day of the first month immediately following the month in
such fiscal year in which such election is made if such election is made
within 30 days of the date on which he was elected a Director.  An election
by a Director to defer Committee and Meeting Fees pursuant to this
subparagraph (c) shall remain in effect until the last day of the fiscal
year in which such election is made and during each subsequent fiscal year
until revoked or amended, provided that any such revocation or amendment
shall only be effective with respect to fiscal years beginning after the
date written notice of such revocation or amendment is first received by
Mid-Wisconsin.

     (d)  Payment of Fees.  Directors Fees which are deferred pursuant to
this paragraph 4 shall be distributable in accordance with paragraph 8
hereof only after such Participant's Termination of Service.  Any Committee
and Meeting Fees not subject to an election made in accordance with this
paragraph 4 shall be paid to the Director in cash.

     5.   Accounting and Elections.

     (a)  Accounts.  Mid-Wisconsin and each participating Subsidiary shall
establish a Deferred Cash Account and a Deferred Stock Account in the name
of each of their Directors.

     (b)  Election of Accounts.  Each Participant who elects to defer
Committee and Meeting Fees shall make an election to have such deferred
fees allocated to his Deferred Cash Account or his Deferred Stock Account
at the time his deferral election is filed pursuant to paragraph 4.   Each
fiscal year, a Participant may file a new election with Mid-Wisconsin
specifying the Account or Accounts to which all Committee and Meeting Fees
deferred subsequent to the last day of such fiscal year (and prior to the
effective date of any subsequent election) shall be allocated.
<PAGE>
     (c)  Crediting Deferred Fees.  As of each date on which payment of all
or a portion of a Retainer would otherwise be paid in cash, each Director's
Deferred Stock Account shall be credited with such amount by Mid-Wisconsin
or the Subsidiary, as the case may be.  As of each date on which Mid-
Wisconsin or a Subsidiary shall make payment of Committee and Meeting Fees,
the Committee and Meeting Fees of each Participant who has a deferral
election then in effect shall, to the extent deferred, be credited by Mid-
Wisconsin or the Subsidiary, as the case may be, to the Participant's
Deferred Cash Account or Deferred Stock Account, as the case may be, in
accordance with such Participant's most recent effective election.  No
transfers shall be made between a Participant's Accounts.

     (d)  Annual Report.  Within 90 days of the end of each fiscal year in
which this Plan is in effect, Mid-Wisconsin shall furnish each Participant
a statement of the year-end balance in such Participant's Deferred Cash
Account and Deferred Stock Account.

     6.   Deferred Cash Account.  As of the last day of each fiscal year
which begins on or after January 1, 2005 (the "Current Fiscal Year") there
shall be computed, with respect to the Deferred Cash Account of each
Participant who has not then incurred a Termination of Service, interest on
the average daily balance in the Participant's Account (assuming that the
Committee and Meeting Fees to be deferred during the year were credited to
his Account as of the date on which they would have otherwise been paid to
the Participant in cash and assuming further, that all amounts transferred
to such Account from the Prior Plan had been transferred as of the date on
which the Directors Fees to which they are attributable would otherwise
have been paid in cash) at a rate per annum equal to the Rate of Return for
the fiscal year ending immediately prior to the Current Fiscal Year.  The
amount so determined shall be credited to and become part of the balance of
such Account as of the first day of the next fiscal year.

     7.   Deferred Stock Account.

     (a)  Crediting Director Fees.  As of each date on which the Directors
Fees otherwise payable to such Participant in cash are credited to a
Participant's Deferred Stock Account, the amount of such deferred Directors
Fees shall be converted into that number of "Stock Equivalent Units"
(rounded to the nearest one-ten thousandth of a unit) determined by
dividing the amount of such Directors Fees by an amount equal to the per
share Fair Market Value of the Common Stock on such date.

     (b)  Dividends.  On each date on which a dividend payable in cash or
property is paid on the Common Stock, there shall be credited to each
Deferred Stock Account such number of additional Stock Equivalent Units as
are determined by dividing (i) the amount of the cash or other dividend
which would have then been payable on the number of shares of Common Stock
equal to the number of Stock Equivalent Units (including fractional shares)
then represented in such Account by (ii) an amount equal to the per share
Fair Market Value of the Common Stock on such date.  If the date on which a
dividend is paid on the Common Stock is the same date as of which Directors
Fees are to be converted into Stock Equivalent Units, the dividend
equivalent to be credited to such Account under this paragraph 7 shall be
determined after giving effect to the conversion of the credit balance in
such Account into Stock Equivalent Units.

     (c)  Recording of Stock Equivalent Units. The number of Stock
Equivalent Units credited to a Participant's Deferred Stock Account shall
be adjusted (to the nearest one-ten thousandth of a unit) to reflect any
change in the Common Stock resulting from a stock dividend, stock split-up,
combination, recapitalization or exchange of shares, or the like.
<PAGE>
     8.   Distribution of Deferred Amounts.

     (a)  Conversion of Deferred Stock Accounts.  As of the last day of the
month in which a Participant's Termination of Service occurs, the number of
Stock Equivalent Units then credited to the Participant's Deferred Stock
Account shall be determined after giving effect to all other adjustments
required by this Plan and such Stock Equivalent Units shall be converted
into a cash equivalent by multiplying the number of such units by an amount
equal to the per share Fair Market Value of the Common Stock on such date
and, as of such date, the Participant's Deferred Stock Account shall be
debited by the number of Stock Equivalent Units so transferred and the
Participant's Deferred Cash Account credited by the amount of cash
equivalent so determined.

     (b)  Determination of Ending Balance.  As of the last day of the month
in which a Participant's Termination of Service occurs, the balance of the
Participant's Deferred Cash Account shall be determined by adding to the
value of his Deferred Cash Account as of the last day of the immediately
preceding fiscal year (i) interest on such value computed at an annual rate
equal to the Rate of Return for the number of days of the fiscal year
elapsed as of the last day of the month in which the Termination of Service
occurred,  (ii) all Committee and Meeting Fees deferred by such Participant
during the fiscal year in which the Termination of Service occurred, (iii)
interest, as determined in clause (i) of this sentence, on the average
daily balance of the Committee and Meeting Fees described in clause (ii)
(assuming that the Directors Fees deferred during the year were credited to
his Account as of the date on which they would have otherwise been paid to
the Participant in cash), and (iv) the value of the amount credited to such
Deferred Cash Account pursuant to paragraph 8(a).   The amount so
determined pursuant to the preceding sentence, when added to the most
recent year-end balance credited pursuant to paragraph 7 as of the last day
of the fiscal year immediately preceding the year in which the
Participant's Termination of Service occurs, shall constitute the Ending
Balance of the Participant's Deferred Cash Account (the "Ending Balance").

     (c)  Distributions.  Subject to subparagraph (e), distribution of a
Participant's Deferred Cash Account shall be made in cash in accordance
with the following:

          (i) Automatic Form of Payment.  Payment of the Ending Balance of
     a Participant whose Termination of Service occurs for a reason other
     than death and prior to a Change in Control shall be made in a lump
     sum as of the last day of the month in which the Participant's
     Termination of Service occurs unless the Participant has otherwise
     made an effective election in accordance with the provisions of
     paragraph 8(d).

          (ii) Death Benefit.  In the event that a Participant dies before
     receiving payment of the entire amount to which such Participant is
     entitled under this Plan, the unpaid balance shall be paid in a lump
     sum or in installments, as specified in the Participant's most recent
     effective election in accordance with the provisions of paragraph
     8(d), to the Beneficiary of such Participant.  If a Beneficiary dies
     after the Participant's death, but before receiving the entire payment
     of the Beneficiary's portion of the amount to which the Participant
     was entitled under this Plan, the portion of the unpaid balance which
     such Beneficiary would have received if he had not died shall be paid
     in a lump sum to such Beneficiary's estate unless the Participant
     designated otherwise.
<PAGE>
          (iii) Change in Control. In the event a Participant incurs a
     Termination of Service in connection with a Change in Control, payment
     of the Ending Balance shall be made in a lump sum as of the last day
     of the month in which the Participant's Termination of Service occurs.

     (d)  Elective Forms of Distribution.  At the same time as a Director's
election to participate is filed pursuant to paragraph 4, the Director
shall elect a form of distribution of his Accounts as provided in this
subparagraph (d), provided, however, that no election shall be effective
unless approved by the Board prior to the effective date of such election.
Subsequent to a Participant having filed his election to participate in the
Plan pursuant to paragraph 4, but prior to his Termination of Service, the
Participant may elect an optional form of distribution of his Accounts (or
change a previous election), but such election shall be effective only if
(1) such election, by its terms, will be effective not less than 12 months
after the date on which it is received by Mid-Wisconsin, (2) such election
is made not less than 12 months prior to the date on which distribution of
his Accounts was otherwise scheduled to begin, (3) such election defers the
distribution of such Accounts to a date which is not less than five years
subsequent to the date on which distribution of his Accounts was otherwise
scheduled to begin, (4) such election does not result in the acceleration
of the distribution of the Participant's Accounts, and (5) such election is
approved by the Board prior to the date specified in the election as its
effective date.  All such elections shall be subject to the automatic
distribution provisions of paragraph 8(c)(ii) or (iii), which shall govern
the distribution of benefits in the event of Termination of Service which
occurs because of death or in connection with a Change of Control.  Subject
to the limitations of this subparagraph (d), a participant may elect that
payment of the Participant's Ending Balance shall be made in one of the
forms specified in subparagraphs (d)(i), (ii), or (iii) below.

          (i) 60 Payments.  In 60 monthly installments beginning on the
     last day of any month (the "Initial Payment Date") which is not later
     than the last day of the month in which the first anniversary of the
     Participant's Termination of Service occurs in an amount which is
     determined in accordance with the following:

               (A) The monthly payment for the first twelve months shall be
          equal to the amount necessary to amortize the repayment of a loan
          in an amount equal to the Ending Balance in 60 equal monthly
          payments at the Prime Rate on the first day of the month in which
          the Initial Payment Date occurs;
<PAGE>
               (B) As of the last day of the month in which each of the
          first, second, third, and fourth anniversaries of the Initial
          Payment Date occurs, the amount of each of the next twelve
          monthly payments shall be recalculated and shall, for the twelve-
          month period beginning on each such anniversary, be equal to the
          amount necessary to amortize the repayment of a loan in an amount
          equal to the then unpaid Ending Balance in monthly payments over
          the Remaining Payment Period at the Prime Rate on the first day
          of the month in which such anniversary occurred.  As of any
          anniversary, the "Remaining Payment Period" shall be equal to the
          remainder of (1) 60, minus (2) the number of payments which have
          then been made.

          (ii) Lump Sum.  In a lump sum, payable at any time on or before
     the third anniversary of the Participant's Termination of Service with
     interest at the Prime Rate, determined as of the first day of the
     month in which the Participant's Termination of Service occurred, on
     the average undistributed portion of the Participant's Ending Balance
     through the date immediately preceding the date of distribution; or

          (iii) Other Installments.  In one or more installments of equal
     or unequal amounts payable at one or more times not more frequently
     than monthly; provided, however, the Ending Balance shall be fully
     distributed on or before the third anniversary of the Participant's
     Termination of Service; and provided, further, that the amount payable
     pursuant to any election to receive equal payments shall be determined
     by the amount necessary to amortize the repayment of a loan in an
     amount equal to the Participant's Ending Balance in the number of
     payments so elected at the Prime Rate on the first day of the month in
     which the Participant's Termination of Service occurred.  The average
     daily undistributed Ending Balance of a Participant who has elected a
     form of distribution provided for in this subparagraph (d)(iii) which
     does not provide for level payments shall continue to accrue interest
     at a rate equal to the Prime Rate on the first day of the month in
     which the Participant's Termination of Service occurred; provided,
     however, that if the distribution of the Ending Balance shall not be
     complete on the first anniversary date of the Participant's
     Termination of Service, the interest to be credited to such Account
     after the first anniversary shall be at a rate equal to the Prime Rate
     on the first day of the month in which such anniversary occurred.

     (e)  Notwithstanding any other provision of the Plan or any election
made or permitted to be made hereunder, no election as to the timing or
form, or both, of the distribution of a Participant's Accounts, and no
other distribution otherwise provided for by this Plan, shall be effective
or made, as the case may be, if such timing or distribution would cause the
Plan to fail to meet the requirements of Code Section 409A and cause the
Participant to be subject to the interest and additional tax imposed
pursuant to Code Section 409A(a)(1)(B), and any such election or such other
provision shall be modified in the operation of the Plan so that the timing
or form, or both, as the case may be, corresponds as closely as possible to
such election or other provision, but will then comply with the
requirements of Code Section 409A so as to preclude the application of Code
Section 409A(a)(1)(B); including, if required, the deferral of any
distribution for a period of not less than six months following the
Termination of Employment of a Participant who was a Specified Employee.
<PAGE>
     (f)  Modification of Payments.  After a Participant's Termination of
Service occurs, neither such Participant nor his Beneficiary shall have any
right to modify in any way the schedule for the distribution of amounts
credited to such Participant under this Plan as specified in the last
election filed by the Participant.

     9.   Form for Elections.  The Secretary of Mid-Wisconsin shall provide
election forms for use by Directors in making an initial election to become
a Participant and for making all other elections or designations permitted
or required by the Plan.

     10.  Miscellaneous.

     (a)  No Assignment.  Amounts payable hereunder may not be voluntarily
or involuntarily sold or assigned, and shall not be subject to any
attachment, levy or garnishment.

     (b)  No Right of Election.  Participation in this Plan by any person
shall not confer upon such person any right to be nominated for re-election
or re-elected to the Board or the board of directors of a Subsidiary.

     (c)  Unsecured Claims.  Neither Mid-Wisconsin nor any Subsidiary shall
be obligated to reserve or otherwise set aside funds for the payment of its
obligations hereunder, and the rights of any Participant under the Plan
shall be an unsecured claim against the general assets of Mid-Wisconsin or
a Subsidiary, whichever, and only to the extent it, established the
Participant's Accounts.  All amounts due Participants or Beneficiaries
under this Plan shall be paid out of the general assets of Mid-Wisconsin or
the Subsidiary, whichever, and only to the extent it, established the
Participant's Accounts and in no event shall there be joint liability for
the payment of an Account established by another participating entity.

     (d)  Plan Administration.  The Board shall have all powers necessary
to administer this Plan, including all powers of Plan interpretation, of
determining eligibility, and the effectiveness of elections, and of
deciding all other matters relating to the Plan; provided, however, that no
Participant shall take part in any discussion of, or vote with respect to,
a matter of Plan administration which is personal to him, and not of
general applicability to all Participants.  All decisions of the Board
shall be final as to any Participant under this Plan.

     (e)  Amendment and Termination.  The Board may amend this Plan in any
and all respects at any time (including, specifically, but not limited to,
the rate at which interest will be credited to any Account from and after
the date of such amendment), or from time to time, or may terminate this
Plan at any time, but any such amendment or termination shall be without
prejudice to any Participant's right to receive amounts previously credited
to such Participant under this Plan.  A Subsidiary of Mid-Wisconsin may
terminate its participation in the Plan at any time by action of its Board
of Directors, but such termination shall be without prejudice to any
Participant's right to receive amounts previously credited to such
Participant under this Plan; and, provided further, that any amendment or
termination of the Plan shall not cause any amount otherwise payable
hereunder to be accelerated in violation of the requirements of Code
Section 409A.

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