Document:

ex10-20todec312006form10ka.htm

    EXHIBIT
      10.20

     

    SEPARATION
      AGREEMENT

    AND
      GENERAL RELEASE

     

    THIS
      SEPARATION AGREEMENT AND GENERAL RELEASE (this "Agreement") is entered into
      as
      of December 31, 2006 between MERCHANTS AND MANUFACTURERS BANCORPORATION,
      INC., a Wisconsin corporation (the "Company") and EDWARD H. CICHURSKI
      ("Mr. Cichurski").

     

    RECITAL

     

    Mr. Cichurski
      has decided that it is in his best interests to resign from all positions with
      the Company as of the date hereof (the "Resignation Date"), including, but
      not
      limited to, his positions as President of the Financial Services Division of
      the
      Company and employee of the Company and its various subsidiaries.  The
      Company and Mr. Cichurski desire to affect a final resolution and
      settlement of all matters and issues relating directly or indirectly to
      Mr. Cichurski's employment with the Company and his resignation from the
      Company, and have arrived at an agreement of all such matters as set forth
      herein.

     

    AGREEMENTS

     

    1.           Resignation;
      Acknowledgment of Full Compensation.  As of the Resignation Date,
      Mr. Cichurski hereby voluntarily resigns as and agrees that he will no longer
      be
      President of the Financial Services Division of the Company, together with
      any
      other office he holds with the Company or any of its
      subsidiaries.  After the Resignation Date, Mr. Cichurski shall
      hold no office or position with the Company or its
      subsidiaries.  Mr. Cichurski acknowledges and agrees that he has
      received all salary and wages (including, without limitation, bonus payments,
      whether in the form of cash, stock or other property), fringe benefits
      (including without limitation by enumeration vacation pay, deferred pay, profit
      sharing, 401(k) plan contributions and expense reimbursement) and all other
      compensation and benefits owed by the Company to Mr. Cichurski through and
      including the Resignation Date, and that Mr. Cichurski is not entitled to
      any additional or future compensation based on services performed through and
      including the Resignation Date.

     

    2.           Release.  Mr. Cichurski,
      for himself and his heirs, personal representatives, successors and assigns,
      hereby voluntarily releases all claims of whatever nature that he may have
      against the Company, its affiliates, related entities, subsidiaries,
      predecessors, successors and assigns and its present, former or later insurers,
      agents, representatives, officers, administrators, directors, shareholder,
      principals and employees (collectively "Releasees"), which arise out of or
      are
      in any manner based upon or related to the employment relationship between
      Mr. Cichurski and the Company, and his separation from the Company, from
      all other claims or liabilities of any nature whatsoever which have arisen
      from
      any occurrence, transaction, omission or communication which transpired or
      occurred at any time before or on the date of this Agreement; provided, however,
      that this Agreement will not prevent any party from asserting a claim against
      the other party in the event the other party breaches this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Without
      limitation to the foregoing, Mr. Cichurski specifically releases, waives
      and forever discharges the Releasees from and against all liabilities, claims,
      actions, demands, damages, fees and costs of every nature, whether known or
      unknown, asserted or unasserted, which arise under the Wisconsin Fair Employment
      Act and other local, state or federal discrimination-related,
      employment-related, labor-related, bias-related or equal rights-related laws,
      statutes, regulations, orders or ordinances; federal and Wisconsin Wage and
      Hour
      laws; Title VII of the Civil Rights Act of 1964, as amended; the Americans
      With
      Disabilities Act; the Fair Labor Standards Act; the Equal Pay Act; local, state
      or federal parental, family and medical leave acts; or arising under any other
      local, state or federal statute, ordinance, regulation or order, or which
      involve a claim or action for wrongful discharge, wrongful termination,
      defamation, misrepresentation, violation of public policy, invasion of privacy,
      emotional distress, breach of contract (express or implied; written or oral)
      and/or any other tort or common law cause of action.

     

    This
      waiver and release does not affect those rights or claims that arise after
      the
      execution of this Agreement.

     

    3.           No
      Reinstatement, Re-employment or Rehire.  Mr. Cichurski
      expressly declines reinstatement, re-employment or rehire by the Company and
      its
      subsidiaries and waives all rights to claim such relief.  If he should
      apply for employment with the Company or with any of its related entities in
      the
      future, he agrees that he has no entitlement to such employment, and that he
      may
      be denied such employment on the basis of this Agreement.

     

    4.           Employment
      Agreement.  Mr. Cichurski acknowledges and agrees that the
      Employment Period under his Employment Agreement with the Company, dated
      September 8, 2000 (the "Employment Agreement"), terminated pursuant to
      Section 5(iii) of the Employment Agreement on the Resignation
      Date.  Notwithstanding the foregoing, Mr. Cichurski acknowledges
      and agrees that he is bound by the confidentiality and noncompete restrictions
      set forth in such Employment Agreement and such restrictions remain in full
      force and effect.

     

    5.           Binding
      Agreement; Severability.  This Agreement shall be binding upon
      Mr. Cichurski and upon his heirs, administrators, representatives,
      executors, successors and assigns and shall inure to the benefit of the
      Releasees and to their heirs, administrators, representatives, executors,
      successors and assigns.  It is understood and agreed that the
      provisions of this Agreement shall be deemed severable, and the invalidity
      or
      unenforceability of any one or more of the provisions herein shall not affect
      the validity and enforceability of the other provisions herein.

     

    6.           Complete
      and Exclusive Agreement.  The parties understand and agree that
      this Agreement is final and binding and constitutes the complete and exclusive
      statement of the terms and conditions of settlement, that no representations
      or
      commitments were made by the parties to induce this Agreement other than as
      expressly set forth herein and that this Agreement is fully understood by the
      parties.  This Agreement may not be modified or supplemented except by
      a subsequent written agreement signed by the party against whom enforcement
      is
      sought.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7.           Acknowledgment.  The
      undersigned parties acknowledge and agree that they have carefully read the
      foregoing document, that a copy of the document was available to them prior
      to
      execution, that they understand its contents including its release of claims,
      that they have been given the opportunity to ask any questions concerning the
      Agreement and its contents, and have signed this Agreement as their free and
      voluntary act.

     

    8.           Governing
      Law.  This Agreement shall be governed by and construed
      exclusively in accordance with the laws of the State of Wisconsin, regardless
      of
      choice of law requirements.

     

    IN
      WITNESS WHEREOF, the parties herein executed this Separation Agreement and
      General Release as of the date first written above.

     

    
      	 	
              MERCHANTS
                AND MANUFACTURERS 

              BANCORPORATION,
                INC.

            
	 	
               

              BY: 
                /s/ Michael J.
                Murry                                   
                  

              Michael J.
                Murry, Chairman
                of

              the
                Board

            
	 	
               

              /s/
                Edward H.
                Cichurski                                      
                

              Edward H.
                Cichurski

            

    

     

     

    3ex10-21todec312006form10ka.htm

    EXHIBIT
      10.21

     

    CONSULTING
      AGREEMENT

     

    Agreement
      made this 1st day of February, 2007, by and between MERCHANTS AND MANUFACTURERS
      BANCORPORATION, INC., a Wisconsin corporation ("Merchants"), which maintains
      its
      principal office at 5445 South Westridge Drive, New Berlin, Wisconsin, and
      EDWARD H. CICHURSKI, an individual ("Consultant").

     

    RECITALS

     

    WHEREAS,
      Merchants is a multi-bank holding company with several wholly-owned subsidiaries
      desiring to provide management continuity and stability within its organization;
      and

     

    WHEREAS,
      Consultant is experienced in the business of banking and would be of substantial
      value to Merchants and several of its subsidiary banks; and

     

    WHEREAS,
      Merchants and Consultant have voluntarily terminated the Executive Employment
      Agreement dated September 8, 2000, by and between Merchants and Consultant
      (the "Employment Agreement"), effective January 31, 2007; and

     

    WHEREAS,
      Merchants does desire to engage an independent consultant with the experience
      and expertise of Consultant to assist in various activities as set forth
      hereunder; and

     

    WHEREAS,
      Consultant is willing to assist Merchants on a nonexclusive basis on certain
      specific terms and conditions,

     

    NOW
      THEREFORE, as an inducement to Consultant to consult with and advise Merchants
      in those matters which are within the area of his expertise; and for good and
      other valuable consideration; and on the terms, provisions, and conditions
      hereof, the parties agree as follows:

     

    SECTION
      ONE

    INCORPORATION
      BY REFERENCE

     

    The
      foregoing recitals are incorporated herein by this reference; and this agreement
      shall be construed by reference thereto.

     

    SECTION
      TWO

    NATURE
      AND TERM OF SERVICE

     

    Merchants
      agrees to engage the services of Consultant and Consultant agrees to perform
      services as Consultant for a term which shall continue from the date hereof
      for
      a period of seven (7) years unless terminated pursuant to Section Six below
      (the
      "Consulting Term").

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Consultant
      shall make reasonable efforts to be available to work at reasonable periods
      of
      time, upon reasonable notice, for the purposes of performing the services
      required by Merchants, the nature of which are described more fully in this
      agreement; upon the specific condition however, that such services shall be
      within the expertise of Consultant as known to Merchants, and as reasonably
      agreed upon by Merchants and Consultant.

     

    SECTION
      THREE

    DUTIES
      AND RESPONSIBILITIES

     

    During
      the term of this agreement the Consultant shall devote his nonexclusive services
      to the discharge of any duties and responsibilities delegated to him by the
      Chairman of Merchants, for the purposes contemplated by this agreement and
      specifically within the expertise of Consultant.  Said duties shall
      include:

     

    Consultant
      will work closely with the Chairman of Merchants and with other Officers
      specified by him in an effort to efficiently and expertly accomplish any task
      that is delegated to him, but that Consultant will use his own knowledge and
      skills in the discharge of the duties that are delegated to him, all within
      reasonable commercial standards and in compliance with all pertinent federal
      and
      state banking laws and regulations.

     

    Nothing
      in this agreement shall be construed to give either party the power to direct
      or
      control the daily activities of the other party, to constitute the parties
      as
      employer/employee, principal and agent, partners, joint venturers or otherwise
      as participants in a joint undertaking or allow either party to create or assume
      any obligation on behalf of the other party for any purpose
      whatsoever.

     

    SECTION
      FOUR

    COMPENSATION

     

    In
      consideration of all services rendered during the term of this agreement,
      including any necessary travel time, Consultant shall be compensated at a rate
      of $65,000 per year adjusted annually for inflation in accordance with the
      Consumer Price Index, Midwest Region All Items, 1982-84, which compensation
      shall be due and payable in equal installments at the end of each
      month.  In addition, Consultant shall be reimbursed for reasonable
      out-of-pocket expenses regarding business development.

     

    Merchants
      will not deduct federal, state, and social security taxes, or workman's
      compensation, or unemployment insurance premiums, from such compensation, the
      payment of which shall be the sole and exclusive responsibility of Consultant
      as
      an independent contractor.  Consultant shall also be responsible for
      any and all pertinent benefit items including, but not limited to, retirement
      plan contributions, and medical and dental insurance premiums.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    SECTION
      FIVE

    RELATIONSHIP
      OF PARTIES

     

    The
      parties to this agreement stipulate that Consultant is an individual, and that
      the relationship created by this agreement is that of a principal-independent
      contractor, that Consultant is not an employee of Merchants or any of its
      subsidiaries and that Consultant is not entitled to benefits normally provided
      by Merchants to an employee.  It is further agreed and understood that
      by reason of the independent contractor status of Consultant, Merchants will
      not
      withhold from compensation paid to Consultant any sums for federal and state
      withholding taxes and/or FICA taxes, and/or unemployment or workmen's
      compensation insurance.

     

    Consultant
      may operate his business for the benefit of others during those periods when
      Consultant is not performing work under this contract for
      Merchants.

     

    Consultant
      will be responsible for, and shall hold Merchants harmless by reason of any
      negligence, or intentional acts or omissions that may cause damage to any person
      or party as a result of his performance of this agreement.

     

    SECTION
      SIX

    TERMINATION

     

    Merchants
      may terminate this agreement immediately upon written notice to the Consultant
      (a) for "Cause" (as defined below) or (b) if Consultant materially
      breaches this agreement or his obligations under Section 7(ii) of the
      Employment Agreement and such breach continues for a period of 15 days
      after written notice from Merchants.  Further, this agreement will
      terminate upon the death or disability of Consultant.

     

    For
      purposes of this agreement, "Cause" shall mean:

     

    
      	
               

            	
              (a)

            	
              A
                failure by Consultant to substantially perform his duties (other
                than
                failure resulting from incapacity) after a written demand by Merchants,
                which demand identifies, with reasonable specificity, the manner
                in which
                the Board of Directors of Merchants (the "Board") believes Consultant
                has
                not substantially performed, and Consultant's failure to cure within
                fifteen (15) days after his receipt of this
                notice;

            

    

     

    
      	
               

            	
              (b)

            	
              A
                criminal conviction of or plea of nolo contendere by Consultant
                for any act involving dishonesty, breach of trust or a violation
                of the
                banking laws of the State of Wisconsin or the United States which,
                in the
                reasonable judgment of the Board, is substantially related to the
                Consultant's position with Merchants or substantially impairs the
                Consultant's ability to perform his duties with
                Merchants;

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
               

            	
              (c)

            	
              A
                criminal conviction of or plea of nolo contendere by Consultant
                for the commission of any felony which, in the reasonable judgment
                of the
                Board, is substantially related to the Consultant's services to Merchants
                or substantially impairs the Consultant's ability to perform his
                services
                for Merchants;

            

    

     

    
      	
               

            	
              (d)

            	
              A
                breach of fiduciary duty by Consultant involving personal
                profit;

            

    

     

    
      	
               

            	
              (e)

            	
              A
                willful violation of any law, rule or order by Consultant (other
                than
                traffic violations or similar offenses) which, in the reasonable
                judgment
                of the Board, is substantially related to the Consultant's services
                to
                Merchants or substantially impairs the Consultant's ability to perform
                his
                services for Merchants; or

            

    

     

    
      	
               

            	
              (f)

            	
              the
                Consultant's engagement in gross misconduct or a material breach
                of any
                provision of this agreement which results in a demonstrably material
                injury to Merchants, monetary or otherwise, provided such misconduct
                or
                breach was not in good faith and he had no reasonable belief such
                act or
                omission was in the best interests of Merchants and its
                shareholders.

            

    

     

    For
      purposes of this Section Six, no act, or failure to act, on Consultant's part
      shall be deemed "willful" unless done, or omitted to be done, by Consultant
      not
      in good faith and without reasonable belief that the action or omission was
      in
      the best interest of Merchants.

     

    SECTION
      SEVEN

    CONFIDENTIALITY

     

    Consultant
      acknowledges that any information Consultant has obtained or will obtain in
      the
      future regarding the operation of Merchants or its affiliates, its products,
      services, policies or any other aspect of its business is confidential; and
      shall not be reveled or disclosed to any person, company, or other entity
      without the express written permission of Merchants and shall not be used by
      Consultant except in the performance of his duties on behalf of Merchants.
      Consultant acknowledges that he is aware of, and will adhere to, the
      restrictions of the privacy provisions of the Gramm-Leach-Bliley Act, and as
      amended from time-to-time.  This provision shall be in full force and
      effect from the effective date of this agreement, and shall survive the
      termination of this agreement unless extended due to the provisions of any
      pertinent law or statute.

     

    The
      parties agree that nothing in this agreement shall be construed to limit or
      negate the common or statutory law of torts or trade secrets where it provides
      either party with broader protection than that provided herein.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    SECTION
      EIGHT

    CHANGES
      AND ALTERATIONS

     

    No
      change, alteration, amendment, modification, or addition to this agreement
      shall
      be effective unless in writing and properly executed by the parties
      hereto.

    

    SECTION
      NINE

    ASSIGNMENT

     

    This
      agreement may not be assigned or otherwise transferred by either party
      hereto.

     

    SECTION
      TEN

    OTHER
      AGREEMENTS

     

    This
      agreement supersedes all previous agreements and understandings with respect
      to
      the matters covered hereby.  Agreements dated prior to the execution
      of this agreement between Consultant and Merchants are hereby amended to conform
      to this agreement. Consultant and Merchants agree that the Employment Agreement
      has been voluntarily terminated by Consultant and no further amounts or
      obligations are owing to or from Consultant or Merchants
      thereunder.  Notwithstanding the foregoing, the provisions of
      Section 7(ii) of the Employment Agreement shall continue and apply in
      accordance with their terms.

     

    SECTION
      ELEVEN

    APPLICABLE
      LAW

     

    This
      agreement and any disputes relating thereto shall be construed under and
      pursuant to the laws of the State of Wisconsin.

     

    SECTION
      TWELVE

    CONTRACT
      TERMS EXCLUSIVE

     

    This
      agreement constitutes the entire agreement between the parties hereto and the
      parties acknowledge and agree that neither of them has made any representations
      with respect to the subject matter of this agreement, or any representations
      inducing the execution and delivery hereof; except as specifically set forth
      herein; and each of the parties hereto acknowledge that he or it has relied
      on
      its own judgment in entering the same.

     

    SECTION
      THIRTEEN

    FACSIMILE
      SIGNATURE; COUNTERPARTS

     

    This
      agreement may be executed by facsimile signature and in counterparts, each
      of
      which shall be deemed an original but both of which taken together shall
      constitute one and the same instrument.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    SECTION
      FOURTEEN

    WAIVER

     

    The
      failure of any party to assist, in any one or more instances, upon the
      performance of any of the terms of this agreement shall not be construed as
      a
      waiver or a relinquishment of any right granted hereunder for the future
      performance of any such term, covenant or condition.

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this agreement on the date
      first written above.

     

    
      	 	
              CONSULTANT

            
	 	
               

              /s/
                Edward H.
                Cichurski                                    
                

              Edward H.
                Cichurski

               

            
	 	
              MERCHANTS
                AND MANUFACTURERS 

              BANCORPORATION,
                INC.

            
	 	
               

              /s/
                Michael J.
                Murry                                         
                

              Michael J.
                Murray, Chairman of

              the
                Board

            

    

     

     

    6

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