Document:

EXHIBIT 10.4

	FELDMAN FINANCIAL ADVISORS, INC.

	1725 K STREET, NW * SUITE 205
WASHINGTON, DC  20006
(202) 467-6862 * FAX (202) 467-6963

May 31, 2006

Confidential

Board of Directors

Citizens Community Bancorp

2174 Eastridge Center

Eau Claire, Wisconsin 54701

Members of the Board:

            This letter agreement ("Agreement") describes the terms under which Feldman Financial Advisors, Inc. ("Feldman Financial") will assist Citizens Community Bancorp ("Citizens") with the business plan ("Business Plan") to be submitted to regulators in conjunction with Citizens' second stage stock offering.  The services we will provide and our fees for this proposal are explained in this Agreement.

Description of Engagement

Under Citizens' direction, we will prepare the text to be submitted in support of the Business Plan.  We will prepare demographic, economic, or geographic data needed for the Business Plan.  The Business Plan that we will provide will include the text and other information as required.  We also will provide the financial projections and other financial information for the Business Plan.  Our preparation of the Busines Plan will be based on information Citizens provides to us regarding Citizens' future business.  After submission of the Business Plan and, as part of our service under this Agreement, we will be available to provide additional services in relation to the Business Plan, including assisting with preparation of your responses to questions or comments from the regulators while the regulators evaluate the Business Plan.  Citizens will be responsible for final approval of the Business Plan and other information before submission to applicable regulators.

Fees and Expenses

Our professional fee for assisting with the deveopment and submission of the Business Plan will be $20,000, payable in two installments: (i) $5,000 retainer fee due upon acceptance and execution of this Agreement; (ii) $15,000 due upon filing the Business Plan with the applicable regulators.  If, after submission of the Business Plan, further services are required of Feldman Financial by Citizens with respect to the Business Plan, Feldman Financial will perform such services at our hourly rates that correspond ot the attached fee schedule.  This work, if required, will be capped at $5,000.  In addition, we will invoice you for actual out-of-pocket expenses for data purchases, copying, express mail, travel, and other costs incurred in connection with providing the professional consulting services under this Agreement.  Out-of-pocket expenses will not exceed $1,500 wihout Citizen's prior approval.

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FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Citizens Community Bancorp

May 31, 2006

Page 2

Termination

Citizens may terminate this Agreement at any time by providing notice of such termination to Feldman Financial.  The "Termination Date" shall be either: (i) the date oral notice of such termination is provided to Feldman Financial, as long as written notice is received within three business days thereafter, or (ii) if oral notice is not provided, the date Feldman Financial receives the written notice of termination.

In the event of termination prior to submission of the Business Plan, Citizens will pay Feldman Financial for all time incurred in preparing the Business Plan through the Termination Date at an hourly rate that corresponds with the aforementioned fee schedule.  Such charges shall not exceed $20,000.  In addition, Citizens will pay Feldman Financial for all expenses incurred through the Termination Date.

Financial Information and Confidentiality

Citizens will use its best efforts to assure Feldman Financial that Citizens will provide such information as Feldman Financial may reasonably request to prepare the Business Plan.  Citizens acknowledges that in performing services hereunder, Feldman Finacial will be relying on the information furnished by Citizens, and Citizens further acknowledges that Feldman Finacial will not independently verify the accuracy and completeness of such information.

Citizens agrees that the intended use of the Business Plan is only for submission with the appropriate regulatory authorities and for other internal purposes.  Citizens will not use the product of Feldman Financial's services under this Agreement in any other manner, including references within a proxy statement or offering circular, without the express written consent of Feldman Financial.

Feldman Financial agrees to hold in confidence all information Citizens provides pursuant to this Agreement, other than information which is or becomes publicly available, unless such disclosure is approved by Citizens or otherwise requried by law.  Similarly, Citizens agrees to hold in confidence all information provided by Feldman Financial pursuant to this Agreement, other than information that is or becomes publicly available, unless such disclosure is approved by Feldman Financial or otherwise requried by law.

Sole Terms of Agreement

This Agreement embodies the sole terms of agreement between Citizens and Feldman Financial with respect to the engagement of Feldman Financial to prepare the Business Plan.  This Agreement can be modified only if such modification is stated in writing and signed by both Citizens and Feldman Financial.

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FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Citizens Community Bancorp

May 31, 2006

Page 3

            To indicate your acceptance of the terms in this Agreement, please sign below and return one original of this letter to me with a check for $5,000, such payment to be credited as the retainer fee.

	 	Sincerely,

Feldman Financial Advisors, Inc.

/s/ Trent R. Feldman

Trent R. Feldman

President

Attachment

AGREED AND ACCEPTED BY:

CITIZENS COMMUNITY BANCORP

	By:	   /s/ James G. Cooley

	Title:	   CEO

	Date:	   6-12-06

Attachment

	FELDMAN FINANCIAL ADVISORS, INC.

	1725 K STREET, NW * SUITE 205
WASHINGTON, DC  20006
(202) 467-6862 * FAX (202) 467-6963

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES

	
PROFESSIONAL FEES
 
	Feldman Financial Advisors, Inc.'s hourly billing rates for professional services are shown below.  Actual time expended for depositions and courtroom testimony is billed at twice the stated hourly rate.

	Title	Hourly Rate
	 
	President	$325
	 
	Principal	$275
	 
	Director	$275
	 
	Senior Vice President	$225
	 
	Vice President	$200
	 
	Research Staff	$100

	
REIMBURSABLE EXPENSES
 
	Out-of-pocket expenses (including, but not limited to, transportation, lodging and meals, express and regular mail, document delivery services, purchase of data or reference materials, color photocopying, and telephone/fax) are billed without mark-up.  The charge for in-house duplication of documents is $0.20 per page.

End.EXHIBIT 10.5

CITIZENS COMMUNITY BANCORP

2004 Stock Option and Incentive Plan

             1.             Plan Purpose.  The purpose of the Plan is to promote the long-term interests of the
Corporation and its stockholders by providing a means for attracting and retaining directors, advisory
directors and employees of the Corporation and its Affiliates.

             2.             Definitions.  The following definitions are applicable to the Plan:

                          "Affiliate" -- means any "parent corporation" or "subsidiary corporation" of the
Corporation, as such terms are defined in Section 424(e) and (f), respectively, of the Code.

                          "Award" -- means the grant by the Committee of an Incentive Stock Option, a Non-Qualified Stock Option, a Right, or any combination thereof, as provided in the Plan.

                        "Award Agreement" -- means the agreement evidencing the grant of an Award made under
the Plan.

                        "Board" -- means the board of directors of the Corporation.

                        "Cause" -- means Termination of Service by reason of personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform
stated duties or gross negligence.

                          "Code" -- means the Internal Revenue Code of 1986, as amended.

                          "Committee" -- means the Committee referred to in Section 3 hereof.

                          "Corporation" -- means Citizens Community Bancorp and any successor thereto.

                          "Financial Institution" - means Citizens Community Federal or any successor entity.

                        "Incentive Stock Option" -- means an option to purchase Shares granted by the Committee
which is intended to qualify as an incentive stock option under Section 422(b) of the Code.  Unless
otherwise set forth in the Award Agreement, any Option which does not qualify as an Incentive Stock
Option for any reason shall be deemed ab initio to be a Non-Qualified Stock Option.

                         "Market Value" -- means, as of any applicable date, the value of a Share determined as
follows:

                        (i)            If the Shares are listed on any established stock exchange or traded on the
Nasdaq National Market or the Nasdaq SmallCap Market, the Market Value of a Share shall be the
closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the
Composite Tape or other comparable reporting system for the exchange or market on the applicable date,
or if the applicable date is not a trading day, on the trading day immediately preceding the applicable
date;

 

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                        (ii)            If the Shares are not traded on a national securities exchange but are traded on
the over-the-counter market, if sales prices are not regularly reported for the Shares for the trading day
referred to in clause (i), and if bid and asked prices for the Shares are regularly reported, the mean
between the bid and the asked price for the Shares at the close of trading in the over-the-counter market
on the applicable date, or if the applicable date is not a trading day, on the trading day immediately
preceding the applicable date; and

                        (iii)            In the absence of such markets for the Shares, the Market Value shall be
determined in good faith by the Committee.

                          "Non-Qualified Stock Option" -- means an option to purchase Shares granted by the
Committee which does not qualify, for any reason, as an Incentive Stock Option.

                          "Option" -- means an Incentive Stock Option or a Non-Qualified Stock Option.

                          "OTS" -- means the Office of Thrift Supervision of the Department of the Treasury or
any successor administrative agency.

                        "Participant" -- means any director, advisory director or employee of the Corporation or
any Affiliate who is selected by the Committee to receive an Award.  

                          "Plan" -- means this Citizens Community Bancorp 2004 Stock Option and Incentive Plan.

                          "Related" -- means (i) in the case of a Right, a Right which is granted in connection with,
and to the extent exercisable, in whole or in part, in lieu of, an Option or another Right and (ii) in the
case of an Option, an Option with respect to which and to the extent a Right is exercisable, in whole or in
part, in lieu thereof.

                          "Right" -- means a stock appreciation right with respect to Shares granted by the
Committee pursuant to the Plan.

                          "Shares" -- means the shares of common stock of the Corporation.

                          "Termination of Service" -- means cessation of service, for any reason, whether
voluntary or involuntary, so that the affected individual is not either (i) an employee of the Corporation
or any Affiliate for purposes of an Incentive Stock Option, or (ii) a director, advisory director or
employee of the Corporation or any Affiliate for purposes of any other Award.

             3.             Administration.  The Plan shall be administered by a Committee consisting of two or
more members of the Board, each of whom (i) shall be an "outside director," as defined under Section
162(m) of the Code and the Treasury regulations thereunder, and (ii) shall be a "non-employee director,"
as defined under Rule 16(b) of the Securities Exchange Act of 1934 or any similar or successor
provision.  The members of the Committee shall be appointed by the Board.  Except as limited by the
express provisions of the Plan or by resolutions adopted by the Board, the Committee shall have sole and
complete authority and discretion to (i) select Participants and grant Awards; (ii) determine the number
of Shares to be subject to types of Awards generally, as well as to individual Awards granted under the
Plan; (iii) determine the terms and conditions upon which Awards shall be granted under the Plan;
(iv) prescribe the form and terms of Award Agreements; (v) establish from time to time regulations for
the administration of the Plan; and (vi) interpret the Plan and make all determinations deemed necessary
or advisable for the administration of the Plan.

 

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             A majority of the Committee shall constitute a quorum, and the acts of a majority of the members
present at any meeting at which a quorum is present, or acts approved in writing by a majority of the
Committee without a meeting, shall be acts of the Committee.

             4.             Shares Subject to Plan.  

                        (a)  Subject to adjustment by the operation of Section 6, the maximum number of Shares
with respect to which Awards may be made under the Plan is 149,046.  As long as the Plan is subject to
the requirements of the OTS regulations, no Participant shall receive Awards under the Plan that
represent in the aggregate more than 25% of the Shares with respect to which Awards may be made
under the Plan, and directors who are not employees of the Corporation or any Affiliate shall not receive
Awards that represent, for any one such director, more than 5%, or, for all such directors in the
aggregate, more than 30% of the Shares with respect to which Awards may be made under the Plan.  The
Shares with respect to which Awards may be made under the Plan may be either authorized and unissued
Shares or previously issued Shares reacquired and held as treasury Shares.  Shares which are subject to
Related Rights and Related Options shall be counted only once in determining whether the maximum
number of Shares with respect to which Awards may be granted under the Plan has been exceeded.  An
Award shall not be considered to have been made under the Plan with respect to any Option or Right
which terminates, and new Awards may be granted under the Plan with respect to the number of Shares
as to which such termination has occurred.

                        (b) During any calendar year, no Participant may be granted Awards under the Plan with
respect to more than 37,262 Shares, subject to adjustment as provided in Section 6.

            5.            Awards.

                        (a)  Options.  The Committee is hereby authorized to grant Options to Participants with
the following terms and conditions and with such additional terms and conditions not inconsistent with
the provisions of the Plan and the requirements of applicable law and OTS regulations as the Committee
shall determine, including the granting of Options in tandem with other Awards under the Plan:

                                    (i)            Exercise Price.  The exercise price per Share for an Option shall be
determined by the Committee; provided, however, that such exercise price shall not be less than 100% of
the Market Value of a Share on the date of grant of such Option.

                                    (ii)            Option Term.  The term of each Option shall be fixed by the Committee,
but shall be no greater than 10 years in the case of an Incentive Stock Option or 15 years in the case of a
Non-Qualified Stock Option.

                                    (iii)            Time and Method of Exercise.  Except as provided in subsection (c)
below, the Committee shall determine the time or times at which an Option may be exercised in whole or
in part and the method or methods by which, and the form or forms (including, without limitation, cash,
Shares, other Awards or any combination thereof, having a fair market value on the exercise date equal to
the relevant exercise price) in which, payment of the exercise price with respect thereto may be made or
deemed to have been made.

                                    (iv)            Incentive Stock Options.  Incentive Stock Options may be granted by
the Committee only to employees of the Corporation or its Affiliates.  No more than 149,046 shares may
be granted as Incentive Stock Options.

 

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                                    (v)            Termination of Service.  Unless otherwise determined by the Committee
and set forth in the Award Agreement evidencing the grant of the Option, upon Termination of Service of
the Participant for any reason other than for Cause, all Options then currently exercisable shall remain
exercisable for the lesser of (A) three years following such Termination of Service or (B) until the
expiration of the Option by its terms.  Upon Termination of Service for Cause, all Options not previously
exercised shall immediately be forfeited.

                        (b)             Rights.  A Right shall, upon its exercise, entitle the Participant to whom such
Right was granted to receive a number of Shares or cash or combination thereof, as the Committee in its
discretion shall determine, the aggregate value of which (i.e., the sum of the amount of cash and/or
Market Value of such Shares on date of exercise) shall equal (as nearly as possible, it being understood
that the Corporation shall not issue any fractional Shares) the amount by which the Market Value per
Share on the date of such exercise shall exceed the exercise price of such Right, multiplied by the number
of Shares with respect to which such Right shall have been exercised.  A Right may be Related to an
Option or may be granted independently of any Option as the Committee shall from time to time in each
case determine.  In the case of a Related Option, such Related Option shall cease to be exercisable to the
extent of the Shares with respect to which the Related Right was exercised.  Upon the exercise or
termination of a Related Option, any Related Right shall terminate to the extent of the Shares with
respect to which the Related Option was exercised or terminated.

                        (c)            Additional Terms of Awards.

                                    (i)            Vesting.  As long as the Plan is subject to the requirements of the OTS
regulations, every Award granted pursuant to this Plan shall vest, beginning not earlier than the one-year
anniversary of the date on which the Plan is approved by the shareholders of the Corporation, in annual
installments of not more than 20%, and the vesting of an Award shall not be accelerated except in the
event of the Participant's death or disability or in connection with a change in control (as set forth in
Section 8 of the Plan).

                                    (ii)            Regulatory Action.  Plan Participants that are executive officers or
directors must exercise or forfeit their Awards in the event the Financial Institution becomes critically
undercapitalized (as defined in 12 C.F.R. §565.4 or any successor law or regulation), is subject to an
OTS enforcement action, or receives a capital directive under 12 C.F.R. §565.7 or any successor law or
regulation.

            6.             Adjustments Upon Changes in Capitalization.  In the event of any change in the
outstanding Shares subsequent to the effective date of the Plan by reason of any reorganization,
recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation or
any change in the corporate structure or Shares of the Corporation, the maximum aggregate number and
class of shares and exercise price of the Award, if any, as to which Awards may be granted under the
Plan and the number and class of shares and exercise price of the Award, if any, with respect to which
Awards have been granted under the Plan shall be appropriately adjusted by the Committee, whose
determination shall be conclusive.  Except as otherwise provided in the Plan, any Award which is
adjusted as a result of this Section 6 shall be subject to the same terms and conditions as the original
Award.

             7.             Effect of Merger on Options or Rights.  In the case of any merger, consolidation or
combination of the Corporation (other than a merger, consolidation or combination in which the
Corporation is the continuing corporation and which does not result in the outstanding Shares being
converted into or exchanged for different securities, cash or other property, or any combination thereof),
any Participant to whom an Option or Right has been granted shall have the additional right (subject to
the provisions of the Plan and any limitation applicable to such Option or Right), thereafter and during
the term of each such Option or Right, to receive upon exercise of any such Option or Right an amount equal

 

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to the excess of the fair market value on the date of such exercise of the securities, cash or other
property, or combination thereof, receivable upon such merger, consolidation or combination in respect
of a Share over the exercise price of such Right or Option, multiplied by the number of Shares with
respect to which such Option or Right shall have been exercised.  Such amount may be payable fully in
cash, fully in one or more of the kind or kinds of property payable in such merger, consolidation or
combination, or partly in cash and partly in one or more of such kind or kinds of property, all in the
discretion of the Committee.

             8.             Effect of Change in Control.  Each of the events specified in the following clauses (i)
through (iii) of this Section 8 shall be deemed a "change in control":  (i) any third person, including a
"group" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, shall become the
beneficial owner of shares of the Corporation with respect to which 25% or more of the total number of
votes for the election of the Board may be cast, (ii) as a result of, or in connection with, any cash tender
offer, merger or other business combination, sale of assets or contested election, or combination of the
foregoing, the persons who were directors of the Corporation shall cease to constitute a majority of the
Board, or (iii) the stockholders of the Corporation shall approve an agreement providing either for a
transaction in which the Corporation will cease to be an independent publicly owned corporation or for a
sale or other disposition of all or substantially all the assets of the Corporation.  If a tender offer or
exchange offer for Shares (other than such an offer by the Corporation) is commenced, or if a change in
control shall occur, unless the Committee shall have otherwise provided in the Award Agreement, all
Options and Rights granted and not fully exercisable shall become exercisable in full; provided, however,
that no Option or Right which has previously been exercised or otherwise terminated shall become
exercisable.

             9.             Assignments and Transfers.  No Incentive Stock Option granted under the Plan shall be
transferable other than by will or the laws of descent and distribution.  Any other Award shall be
transferable by will, the laws of descent and distribution, a "domestic relations order," as defined in
Section 414(p)(1)(B) of the Code, or a gift to any member of the Participant's immediate family or to a
trust for the benefit of one or more of such immediate family members.  During the lifetime of an Award
recipient, an Award shall be exercisable only by the Award recipient unless it has been transferred as
permitted hereby, in which case it shall be exercisable only by such transferee.  For the purpose of this
Section 9, a Participant's "immediate family" shall mean the Participant's spouse, children and
grandchildren.

             10.             Employee Rights Under the Plan.  No person shall have a right to be selected as a
Participant nor, having been so selected, to be selected again as a Participant, and no employee or other
person shall have any claim or right to be granted an Award under the Plan or under any other incentive
or similar plan of the Corporation or any Affiliate.  Neither the Plan nor any action taken thereunder shall
be construed as giving any employee any right to be retained in the employ of the Corporation or any
Affiliate.

             11.             Delivery and Registration of Stock.  The Corporation's obligation to deliver Shares
with respect to an Award shall, if the Committee so requests, be conditioned upon the receipt of a
representation as to the investment intention of the Participant to whom the  Shares are to be delivered, in
such form as the Committee shall determine to be necessary or advisable to comply with the provisions
of the Securities Act of 1933 or any other federal, state or local securities legislation.  It may be provided
that any representation requirement shall become inoperative upon a registration of the Shares or other
action eliminating the necessity of such representation under such Securities Act or other securities
legislation.  The Corporation shall not be required to deliver any Shares under the Plan prior to (i) the
admission of such Shares to listing on any stock exchange on which Shares may then be listed and (ii) the
completion of such registration or other qualification of such Shares under any state or federal law, rule
or regulation, as the Committee shall determine to be necessary or advisable.

 

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             12.             Withholding Tax.  The Corporation shall have the right to deduct from all amounts
paid in cash with respect to the exercise of a Right under the Plan any taxes required by law to be
withheld with respect to such cash payments.  Where a Participant or other person is entitled to receive
Shares pursuant to the exercise of an Option or Right pursuant to the Plan, the Corporation shall have the
right to require the Participant or such other person to pay the Corporation the amount of any taxes which
the Corporation is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or sell
without notice, a number of such Shares sufficient to cover the amount required to be withheld.  All
withholding decisions pursuant to this Section 12 shall be at the sole discretion of the Committee or the
Corporation.

             13.             Amendment or Termination.  

                        (a)            Except to the extent prohibited by OTS regulations, the Board may amend,
alter, suspend, discontinue, or terminate the Plan without the consent of shareholders or Participants,
except that any action will be subject to the approval of the Corporation's shareholders if, when and to
the extent that shareholder approval is necessary or required for purposes of any applicable federal or
state law or regulation or the rules of any stock exchange or automated quotation system on which the
Shares may then be listed or quoted, or if the Board, in its discretion, determines to seek shareholder
approval.

                        (b)            Except to the extent prohibited by OTS regulations, the Committee may waive
any conditions of or rights of the Corporation or modify or amend the terms of any outstanding Award.
The Committee may not, however, amend, alter, suspend, discontinue or terminate any outstanding
Award without the consent of the Participant or holder thereof, except as otherwise provided in this Plan.

             14.             Effective Date and Term of Plan.  The Plan shall become effective upon the later of
its adoption by the Board or its approval by the shareholders of the Corporation.  It shall continue in
effect for a term of fifteen years thereafter unless sooner terminated under Section 13 of this Plan.

 

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End.

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