Document:

Employment Agreement

 EXHIBIT NO. 10.39 – EMPLOYMENT AGREEMENT BETWEEN 
 MID AMERICA BANK, FSB AND THOMAS R. PERZ 
  

 [Thomas R. Perz] 
  

MID AMERICA BANK, FSB 
  
 EMPLOYMENT AGREEMENT 
  
 This AGREEMENT, is made effective as of December 1, 2003 (“Effective Date”), by and between Mid America Bank, fsb (the “Bank”), and
Thomas R. Perz (“Executive”). 
  
 WHEREAS, the Executive
was previously employed by St. Francis Capital Corporation, Inc. (“St. Francis”) and by the St. Francis Bank, F.S.B. (the “St. Francis Subsidiary”); and 
  
 WHEREAS, St. Francis has merged with and into MAF Bancorp, Inc., a Delaware corporation (the “Company”) and the
St. Francis Subsidiary has become a wholly-owned subsidiary of the Company through a merger with the Bank; and 
  
 WHEREAS, the Bank desires to provide for the employment of the Executive by the Bank following the Merger and the termination of his employment agreements
with St. Francis and the St. Francis Subsidiary (such agreements, as amended, the “St. Francis Employment Agreements”) in order to assure itself of his expertise and experience with respect to St. Francis’s markets and customers and
to facilitate the integration of St. Francis and its employees into the Company’s and Bank’s operations; and 
  
 WHEREAS, the Executive is willing to commit himself to serving the Bank on the terms and conditions herein provided; 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
  
 1. POSITION AND RESPONSIBILITIES. 
  
 Executive shall be employed as a Managing Director of the Bank effective as of the date hereof for the Period of Employment as defined hereafter. The Executive shall report to the Chairman of the Board and Chief
Executive Officer of the Bank (the “CEO”). The Executive’s duties and responsibilities shall consist of such duties and responsibilities as may from time to time be assigned to the Executive by the CEO, which duties and
responsibilities shall be duties customary for a Managing Director of the Bank and will initially involve assisting in the integration of the operations of the Bank and the St. Francis Subsidiary and maintaining the retail banking customer
relationships in the former St. Francis and St. Francis Subsidiary offices, representing the Bank in trade association activities, and assisting the Bank in identifying merger and acquisition candidates. The Executive shall devote substantially all
of his business time, attention, skill and efforts to the faithful performance of his duties hereunder including activities and services related to the organization, operation and management of the Bank. 
  
 2. PERIOD OF EMPLOYMENT. 
  
 Subject to earlier termination pursuant to Section 4 below, the period of
the Executive’s employment under this Agreement (the “Period of Employment”) as a Managing Director shall commence upon the Effective Date hereof and shall continue for a period of twenty-four (24) full calendar months thereafter at
which time Executive’s employment shall terminate. In this regard, the Board of Directors of the Company 

  

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and Bank will review the Agreement and the Executive’s performance annually for purposes of determining whether to extend the Agreement, and the results
thereof shall be included in the minutes of the Board’s meeting. 
  
 3.
COMPENSATION AND REIMBURSEMENT. 
  
 (a) Salary.
During the Period of Employment, the Bank shall pay the Executive the compensation specified in this Agreement for the services performed hereunder. The Bank shall pay the Executive as compensation a base salary (“Base Salary”) of $306,000
per year. The Bank may receive reimbursement of some or all of the Base Salary from the Company as may be jointly determined by their respective Boards of Directors to appropriately reflect the allocation of the Executive’s time and efforts
between the Bank and the Company. 
  
 (b) Bonuses. The
Executive shall not be eligible for consideration in 2003 or any subsequent years for annual incentive bonus or other bonus compensation or to receive stock option or other equity-based or long-term incentive compensation, except to the extent
otherwise determined by the Compensation Committee of the Board of Directors in its sole discretion. 
  
 (c) Vacation; Fringe Benefits. During the Period of Employment, the Executive shall be entitled to a paid vacation, periods of absence occasioned
by illness and reasonable leaves of absence, use of a company automobile, and to expense reimbursement related to country club dues, participation in and attendance at professional and civic organizations, meetings and conventions, in each instance
in accordance with Bank policies applicable to the Bank’s comparable executives (“Comparable Executives”). 
  
 (d) Benefit Plans. Except as set forth below, the Executive shall be eligible to participate in or receive benefits under any employee benefit
plans of the Bank applicable to employees generally, including, but not limited to, tax-qualified profit sharing and 401(k) plans, tax-qualified employee stock ownership (ESOP) plans, health-and-accident plans, medical coverage or any other employee
benefit plans or arrangements, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Following the end of the Period of Employment, the Bank shall continue the medical and dental
insurance benefits otherwise provided hereunder for a period that shall extend through the 36 months following the Effective Date; provided, however, that nothing herein shall require the Bank to duplicate any coverage Executive may be entitled to
receive in connection with service on the Board of Directors of the Company or Bank. The Executive shall not be entitled to participate in the Company’s or the Bank’s deferred compensation, supplemental retirement or any other
non-qualified or executive benefit plans or programs. Executive shall be entitled to participate in the Directors’ Deferred Compensation Plan. 
  
 (e) Deferred Compensation Agreement. In accordance with the provisions of the January 1, 1999 Deferred Compensation Agreement (the “DCA”)
between Executive and the St. Francis Subsidiary, the Bank, as successor to the St. Francis Subsidiary, hereby assumes the obligations of the St. Francis Subsidiary under the DCA, as modified by this paragraph 3(e). The DCA is hereby amended as
provided below, it being intended that this Agreement shall constitute an amendment of the DCA made pursuant to Section 9 thereof: 
  

	 	(i)	Upon the termination of Executive’s employment at the end of the two-year Period of Employment set forth in Section 2 above, or upon termination of Executive’s employment
prior to such date due to an Event of Termination, Executive will be entitled to receive the payments described in Section 2 of the DCA (relating to retirement), commencing on January 1, 2010. 

  

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	 	(ii)	In the event Executive’s employment terminates due to Disability (as defined in paragraph 4(f) below) or death, then payments shall be made under Sections 3(c) and 4 of the
DCA, as applicable. 

  

	 	(iii)	In the event of termination of employment for “Cause” (as defined in paragraph 4(e) below), no payments shall be made under the DCA. 

  

	 	(iv)	In the event Executive voluntarily resigns prior to the end of the two-year Employment Period set forth in Section 2 above, other than due to Disability or circumstances
constituting an Event of Termination, then a lump sum payment determined in accordance with Section 3(a) of the DCA will be paid to Executive. 

  
 4. TERMINATION; NOTICE. 
  
 (a) The Bank may terminate the Executive’s employment with the Bank at any time, with or without Cause. The Executive may terminate his employment
with the Bank at any time for any reason. 
  
 (b) As used in this
Agreement, an “Event of Termination” shall mean: 
  

	 	(i)	the termination by the Bank of the Executive’s full-time employment hereunder for any reason other than for Cause or death, or 

  

	 	(ii)	the voluntary termination by the Executive of employment with the Bank and the Company following a substantial breach of this Agreement by the Bank which breach is not cured by the
Bank within thirty (30) days following the date the Executive gives written Notice of Termination indicating the Executive’s intention to voluntarily terminate employment as a result thereof. For purposes of this section, “substantial
breach” by the Bank shall include, but not be limited to, either of the following events: 

  
 (1) a reduction by the Bank in the Executive’s Base Salary or failure to pay or provide the compensation described in paragraphs 3(c)
and (d) above, in either case without the Executive’s written consent; or 
  

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 (2) the Bank requires the Executive’s principal office location to be outside of the
Milwaukee, Wisconsin metropolitan area, without Executive’s written consent and exclusive of required business travel. 
  
 (c) Following the occurrence of an Event of Termination, the Bank shall continue to pay to the Executive, or, in the event of his subsequent death, his
beneficiary or beneficiaries, or his estate, as the case may be, as liquidated damages, the Base Salary described in paragraph 3(a) above (or in the case in which the Event of Termination is due to Disability, 75% of the Base Salary) and to continue
the life, medical (to the extent not otherwise provided due to his status as a director) and other insurance benefits otherwise provided hereunder for the remainder of the Period of Employment (except as otherwise provided in paragraph 4(f)), as if
Executive’s employment continued hereunder (provided that with respect to medical and dental coverage only, such period shall extend through the 36 months following the Effective Date), in exchange for such payments and benefits the Executive
(or his beneficiary in the event of his death) shall execute and deliver to the Bank a release and settlement agreement pursuant to which the Executive shall waive any and all claims resulting from employment at or termination from the Bank other
than payments or benefits which are expressly provided for in this Agreement or are due under the Statement of Benefits entered into by and among the Executive, Company, Bank, St. Francis and St. Francis subsidiary in connection with the Merger. The
Executive shall take reasonable steps to obtain employment and thereby mitigate the amount of liquidated damages due under this paragraph 4(c) (except in the case of Disability); provided, however, that the Executive shall not be required to accept
a position other than one within a 35 mile radius of the City of Milwaukee, Wisconsin. If, during any portion of the period during which payment of liquidated damages in the form of Base Salary is continuing to the Executive pursuant to paragraph
4(c) above, Executive shall receive earned income within the meaning of Section 911(d)(2)(A) of the Code, the aggregate amount of liquidated damages to be paid or provided under paragraph 4(c) this Agreement shall be correspondingly reduced by such
earned income (other than earned income received from the Company or any of its subsidiaries) and, if necessary, liquidated damages payments returned to the Company. 
  
 (d) The term “for Cause” shall mean termination because of the Executive’s personal dishonesty, incompetence,
willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist
order, or material breach of any provision of this Agreement. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the savings institution industry. 
  
 (e) The term “Disability” shall mean the Executive’s absence
from his duties on a full-time basis for six (6) consecutive months as a result of his incapacity due to physical or mental illness and his failure to return to full-time performance of his duties within thirty (30) days after written notice of
potential termination is given to Executive by the Company or Bank. Any Base Salary payments and insurance benefits that, pursuant to the provisions of 

  

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paragraph 4(c), continue after an Event of Termination that is the result of Disability, will end on the earlier of: (i) the date Executive’s full-time
employment begins with another employer; (ii) the date of Executive’s death; (iii) the date that is one year after the Date of Termination; or (iv) the date that is 36 months after the Effective Date. The amount of any such payments will be
offset by any payments actually received by Executive from (a) any disability plans provided by the Bank, and/or (b) any governmental social security or worker’s compensation program. 
  
 (f) Any termination by the Company or Bank or by Executive shall be
communicated by Notice of Termination to the other party hereto and the termination shall become effective as of the “Date of Termination” with respect thereto. For purposes of this Agreement, a “Notice of Termination” shall mean
a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for the termination. The “Date of Termination”
shall be: 
  

	 	(i)	thirty (30) days after the Notice of Termination is given if the Notice of Termination is given by the Company or Bank without Cause or due to Disability, or by the Executive in the
absence of a substantial breach of the Agreement; or 

  

	 	(ii)	the date the Notice of Termination is given if the termination is by the Company or Bank for Cause; or 

  

	 	(iii)	thirty (30) days after the Notice of Termination is given if the Notice of Termination is given in connection with a substantial breach of the Agreement by the Company or the Bank
and such breach is not cured within such thirty (30) day period. 

  
 5. POST-EMPLOYMENT RESTRICTIVE COVENANTS. 
  
 The Executive’s activities during his employment and following the termination of his employment for any reason shall be subject to the Agreement Regarding Post-Employment Restrictive Covenants attached hereto as Appendix A.

  
 6. EFFECT ON PRIOR AGREEMENTS. 
  
 This Agreement contains the entire understanding between the parties hereto
and supersedes any prior employment or severance compensation agreements between Executive and St. Francis or the St. Francis Subsidiary. This Agreement shall not, however, alter or supercede any stock option agreements, deferred compensation
arrangements or Statement of Benefits (described in paragraph 4(c) above) between the Company, Bank, St. Francis and/or St. Francis Bank and Executive as in effect immediately following the Merger. 
  
 7. MODIFICATION AND WAIVER. 
  
 This Agreement may not be modified or amended except by an instrument in
writing signed by the parties hereto. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party
charged with such waiver or estoppel. No such written waiver shall be deemed a continuing 

  

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waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a
waiver of such term or condition for the future as to any act other than that specifically waived. 
  
 8. TAX WITHHOLDING. 
  
 The Bank may withhold from any amounts payable to the Executive under this Agreement all applicable Federal, State, local or other withholding taxes. In the event the Bank fails to withhold such sums for any reason, it may require the
Executive to promptly remit to it sufficient cash to satisfy all applicable income and employment withholding taxes. 
  
 9. ARBITRATION. 
  
 Except as expressly set forth elsewhere in this Agreement, it is mutually agreed between the parties that arbitration shall be the sole and exclusive
remedy to redress any dispute, claim or controversy (hereinafter referred to as “grievance”) involving the interpretation of this Agreement or the terms or conditions of this Agreement or the terms, conditions or termination of the
Executive’s employment with the Company or Bank. It is the intention of the parties that the arbitration award shall be final and binding and that a judgment on the award may be entered in any court of competent jurisdiction and enforcement may
be had according to its terms. Arbitration shall be initiated by one party filing a written demand on the other party. Any demand for arbitration by the Executive shall be made within 20 days after receipt of the Notice of Termination. The
arbitrator shall be chosen in accordance with the voluntary labor arbitration rules of the American Arbitration Association. The place of the arbitration shall be the offices of the American Arbitration Association in Chicago, Illinois. The
arbitrator shall not have jurisdiction or authority to change any of the provisions of this Agreement but shall interpret or apply any clause or clauses of this Agreement. The arbitrator shall have the power to compel the attendance of witnesses at
the hearing. The parties stipulate that the provisions hereof, and the decision of the arbitrator with respect to any grievance, shall be the sole and exclusive remedy for any alleged breach of the employment relationship and in such event the
Company or Bank shall be entitled to seek relief in any court having jurisdiction thereof. The parties hereby acknowledge that subject to the foregoing exception, neither party has the right to resort to any federal, state or local court or
administrative agency concerning breaches of this Agreement and that the decision of the arbitrator shall be a complete defense to any suit, action or proceeding instituted in any federal, state or local court or before any administration agency
with respect to any grievance which is arbitrable as herein set forth. The arbitration provisions hereof shall, with respect to any grievance, survive the termination or expiration of the Executive’s employment under this Agreement. 

 
 10. REQUIRED REGULATORY PROVISIONS 
  
 (a) If Executive is suspended and/or temporarily prohibited from
participating in the conduct of the Bank’s affairs by a notice served under section 8(e)(3), or section 8(g)(1), of the Federal Deposit Insurance Act [12 U.S.C. §1818(e)(3) and (g) (1)], the Bank’s obligations under the Agreement
shall be suspended as of the date of service of the notice unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay Executive all of the compensation withheld while their obligations under this
Agreement were suspended, and (ii) reinstate such obligations as were suspended. 
  

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 (b) If Executive is removed and/or permanently prohibited from participating in the conduct of the
Bank’s affairs by an order issued under section 8(e)(4) or section 8(g)(1) of the Federal Deposit Insurance Act [12 U.S.C. §1818(e)(4) or (g) (1)], the obligations of the Bank under the Agreement shall terminate as of the effective date of
the order, but vested rights of the contracting parties shall not be affected. 
  
 (c) If the Bank is in default as defined in section 3(x)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1813(x)(1)], all obligations under the Agreement shall terminate as of the date of default, but this
paragraph shall not affect any vested rights of the Executive. 
  
 (d) All obligations under the Agreement shall be terminated, except to the extent continuation of the contract is necessary for the Company’s and Bank’s continued operations (i) by the FDIC at the time the FDIC enters into an
agreement to provide assistance to or on behalf of the Company or Bank under the authority of section 13(c) of the Federal Deposit Insurance Act; or (ii) by the OTS upon approval of a supervisory merger to resolve problems related to operation of
the Company or Bank or when the Company or Bank are determined by the OTS to be in an unsafe or unsound condition. Any rights of the parties already vested, however, shall not be affected by such action. 
  
 (e) Any payments made to the Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) and FDIC Regulation 12 CFR Part 359, Golden Parachute and Indemnification Payments. 
  
 11. MISCELLANEOUS. 
  
 (a) If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other
provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
  
 (b) The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  
 (c) To the extent not preempted by Federal law, this Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.

  
 (d) Notwithstanding anything herein to the contrary, to the
extent that any compensation or benefits are paid to or received by Executive from the Bank, the Company or any other subsidiary of the Company, such compensation or benefits shall be deemed to satisfy the Bank’s obligations hereunder.

  
 12. SUCCESSORS. 
  
 This Agreement shall be binding upon and inure to the benefit of the Bank,
and its successors and Executive and his successors and assigns. The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, expressly and unconditionally to assume and agree to
perform the Bank’s 

  

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obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment
had taken place. 
  
 IN WITNESS WHEREOF, the Bank has caused this
Agreement to be executed by its duly authorized officer and the Executive has signed this Agreement, effective as of the date first written above. 
  

			
	 MID AMERICA BANK, FSB

		
	 By:
	 	 /s/ Allen H. Koranda

	 	 	

	 	 	 Allen H. Koranda
 Chairman and Chief Executive Officer

  

	
	
	 Executive:

	
	 /s/ Thomas R. Perz

	

	 Thomas R. Perz

  

 9Restrictive Covenants Agreement

 EXHIBIT NO. 10.40 – AGREEMENT REGARDING POST-EMPLOYMENT RESTRICTIVE 
 COVENANTS BETWEEN MAF BANCORP, INC. AND THOMAS R. PERZ 
  

 APPENDIX A TO PERZ EMPLOYMENT AGREEMENT 
  
 AGREEMENT REGARDING POST- 
 EMPLOYMENT RESTRICTIVE COVENANTS 
  
 THIS AGREEMENT made effective as of December 1, 2003, by and between MAF Bancorp, Inc. (“Purchaser”) and Thomas R. Perz (“Executive”).

  
 W I T N E S
S E T H: 
  
 WHEREAS, Purchaser
and its affiliates are engaged in depository, lending and other financial services businesses (the “Business”); 
  
 WHEREAS, Executive has expertise, experience and capability in the Business; 
  
 WHEREAS, Purchaser has invested significant amounts in the acquisition of all of the stock of St. Francis Capital
Corporation; 
  
 WHEREAS, Executive has served as President and
Chief Executive Officer of St. Francis Capital Corporation and its subsidiaries and will be serving Purchaser and Mid America Bank, fsb (the “Bank”) in the capacity set forth on the signature page hereof; 
  
 WHEREAS, Purchaser desires to enter into this Agreement to obtain
Executive’s agreements regarding confidentiality and post-employment restrictive covenants for Purchaser, the Bank, and/or subsidiaries (Purchaser, the Bank and/or subsidiaries hereinafter “Purchaser or its affiliates”) in return for
the payments set forth herein; and 
  
 WHEREAS, Executive is
willing to provide such agreements to Purchaser and the Bank. 
  
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which consideration is mutually acknowledged by the parties, it is hereby
agreed as follows: 
  
 1. Recitals. 
  
 The recitals hereinbefore set forth constitute an integral part of this
Agreement, evidencing the intent of the parties in executing this Agreement, and describing the circumstances surrounding its execution. Said recitals are by express reference made a part of the covenants hereof, and this Agreement shall be
construed in light thereof. 
  
 2. Confidential Information.

  
 Executive acknowledges that during the course of his
employment he has learned or will learn or develop Confidential Information (as that term is defined in this Section 2). Executive further acknowledges that unauthorized disclosure or use of such Confidential Information, other than in discharge of
Executive’s duties, will cause Purchaser or its affiliates irreparable harm. 
  

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 For purposes of this Section, Confidential Information means trade secrets (such as technical and
non-technical data, a program, method, technique, process) and other confidential or proprietary information concerning the products, processes, services, or customers of Purchaser or its affiliates, including but not limited to: computer programs;
marketing, or organizational research and development; business plans; revenue forecasts; personnel information, including the identity of other employees of Purchaser or its affiliates, their responsibilities, competence, abilities, and
compensation; pricing and financial information; current and prospective customer lists and information on customers or their employees; information concerning planned or pending acquisitions or divestitures; and information concerning purchases of
major equipment or property, which information: (a) has not been made generally available to the public; and (b) is useful or of value to the current or anticipated business, or research or development activities of Purchaser or its affiliates; or
(c) has been identified to Executive as confidential by Purchaser or its affiliates, either orally or in writing. 
  
 Except in the course of his employment and in the pursuit of the business of Purchaser or its affiliates, Executive shall not, during the course of his
employment, or following termination of his employment for any reason, directly or indirectly, disclose, publish, communicate or use on his behalf or another’s behalf, any Confidential Information, proprietary information or other data of
Purchaser or its affiliates. 
  
 Executive acknowledges that as to
certain aspects of its business, Purchaser and its affiliates operate and compete throughout the Chicagoland and Milwaukee areas and that Purchaser or its affiliates will be harmed by unauthorized disclosure or use of Confidential Information
regardless of where such disclosure or use occurs, and that therefore this confidentiality agreement is not limited to any single state or other jurisdiction. 
  

3. Non-Competition. 
  
 During the term of his employment and service on the Board of Directors of the Purchaser and Bank and for the period ending twenty-four (24) months
following the date the Executive ceases all such service (the “Non-Compete Period”), the Executive shall not, in the Territory (except in his capacity as an employee or director of Purchaser or a Purchaser affiliate), (a) engage or
participate in the Business, (b) enter the employ of, or render any services to, any person or entity engaged in the Business or competitive with Purchaser or its affiliates, (c) engage or participate in, be employed by or render services to any
person or entity engaged in the depository, lending or other activities constituting the Business, or (d) directly or indirectly become interested in any person or entity referred to in clauses (b) and (c) above in any capacity, including without
limitation, as an individual, partner, shareholder, lender, officer, director, principal, agent or trustee; provided, however, that the Executive may own, directly or indirectly, solely as an investment, securities of any publicly-traded entity if
Executive is not a controlling person of such entity, or a member of a group which controls such entity and Executive does not own more than 5% of any class of equity securities of such entity. 
  
 “Territory” for purposes hereof shall mean those communities in
which Purchaser or any of its affiliates has a financial institution or a branch thereof, or has filed an application for regulatory approval to establish a financial institution or branch (whether de novo or by acquisition), together with
those communities which are within a 25 mile radius of any such 

  

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financial institutions or branches. As of the date payment to Executive commences pursuant to Section 7 below, the “Territory” shall become fixed,
and shall not be expanded as a result of any additional communities in which Purchaser or any of its affiliates may establish a financial institution or branch. 
  

4. Inducement of Employees and Customers. 
  
 During the Non-Compete Period, Executive will not directly or indirectly solicit, induce or encourage any person or entity who, as of the date immediately
preceding the date of the termination of Executive’s employment, is an employee or customer of Purchaser or any of its affiliates, to terminate his or her or its relationship with Purchaser or its affiliates. 
  
 5. Return of Purchaser’s Property. 
  
 All notes, reports, plans, published memoranda or other documents created,
developed, generated or held by Executive during employment, concerning or related to Purchaser’s or its affiliates’ business, and whether containing or relating to Confidential Information or not, are the property of Purchaser or its
affiliates and will be promptly delivered to Purchaser or its affiliates upon termination of Executive’s employment for any reason whatsoever. 
  
 6. Remedies. 
  
 Executive acknowledges that the restraints and agreements herein provided are fair and reasonable, that enforcement of the provisions of Sections 2, 3, 4
and 5 will not cause him undue hardship and that said provisions are reasonably necessary and commensurate with the need to protect Purchaser or its affiliates and its legitimate and proprietary business interests and property from irreparable harm.

  
 Executive acknowledges that failure to comply with the terms
of this Agreement will cause irreparable damage to Purchaser or its affiliates. Therefore, Executive agrees that, in addition to any other remedies at law or in equity available to Purchaser or its affiliates for Executive’s breach (other than
Executive’s inadvertent breach which is promptly cured upon notice from Purchaser) or threatened breach of this Agreement, Purchaser or its affiliates is entitled to specific performance or injunctive relief, without bond, against Executive to
prevent such damage or breach, and the existence of any claim or cause of action Executive may have against Purchaser will not constitute a defense thereto. Executive further agrees to pay reasonable attorney fees and costs of litigation incurred by
Purchaser or its affiliates in any proceeding relating to the enforcement of the Agreement or to any alleged breach (other than Executive’s inadvertent breach which is promptly cured upon notice from Purchaser) thereof in which Purchaser or its
affiliates prevail in full as determined by a final order entered in such action. 
  
 In the event of a breach or a violation by Executive of any of the covenants and provisions of this Agreement, the running of the Non-Compete Period (but not of Executive’s obligation thereunder), shall be tolled
during the period of the continuance of any actual breach or violation. 
  

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 7. Payments to Executive. 
  
 In consideration of Executive’s agreements hereunder, Purchaser shall pay, or shall cause the Bank or one of its
affiliates to pay to Executive, twenty-four (24) equal monthly payments in the amount set forth on the signature page hereof. The first payment shall be payable as of the first day of the month following the cessation of Executive’s service as
a director of the Purchaser and Bank, with each subsequent payment due on the first day of each month thereafter until all twenty-four (24) payments have been made. In the event of the Executive’s death, the twenty-four (24) monthly payments,
or if payments had commenced, the remaining monthly payments, shall continue to the beneficiary designated by the Executive in writing filed with Purchaser, until twenty-four (24) payments are made. Notwithstanding the foregoing, in the event
Executive’s cessation of service is due to termination for “Cause” as defined in an employment agreement between the Executive and the Company or the Bank, Executive shall remain subject to his obligations hereunder, but no payments
shall be due or payable under this Section 7. All payments hereunder shall be subject to applicable withholding requirements. 
  
 8. Entire Understanding. 
  
 This Agreement constitutes the entire understanding between the parties relating to Executive’s restrictions on Executive’s post-employment
services and supersedes and cancels all prior written and oral understandings and agreements with respect to such matters. 
  
 9. Binding Effect. 
  
 This Agreement shall be binding upon and inure to the benefit of Purchaser and its successors and Executive and his successors and assigns. Purchaser
shall each require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, expressly and unconditionally to assume and agree to perform Purchaser’s obligations under this Agreement, in the same
manner and to the same extent that Purchaser would be required to perform if no such succession or assignment had taken place. 
  
 10. Partial Invalidity. 
  
 The various provisions of this Agreement are intended to be severable and to constitute independent and distinct binding obligations. Should any provision
of this Agreement be determined to be void and unenforceable, in whole or in part, it shall not be deemed to affect or impair the validity of any other provision or part thereof, and such provision or part thereof shall be deemed modified to the
extent required to permit enforcement. Without limiting the generality of the foregoing, if the scope of any provision contained in this Agreement is too broad to permit enforcement to its full extent, but may be made enforceable by limitations
thereon, such provision shall be enforced to the maximum extent permitted by law, and Executive hereby agrees that such scope may be judicially modified accordingly. 
  

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 11. Strict Construction. 
  
 The language used in this Agreement will be deemed to be the language chosen by Purchaser and Executive to express their
mutual intent and no rule of strict construction shall be applied against any person. 
  
 12. Waiver. 
  
 The waiver of any party
hereto of a breach of any provision of this Agreement by any other party shall not operate or be construed as a waiver of any subsequent breach. 
  
 13. Notices. 
  
 Any notice or other communication required or permitted to be given hereunder shall be determined to have been duly given to any party (a) upon delivery
to the address of such party specified on the signature page hereof if delivered personally or by courier; (b) upon dispatch if transmitted by telecopy or other means of facsimile, provided a copy thereof is also sent by regular mail or courier; or
(c) within forty-eight (48) hours after deposit thereof in the U.S. mail, postage prepaid, for delivery as certified mail, return receipt requested, addressed, in any case to the party at the address(es) or telecopy numbers set forth on the
signature page hereof or to such other address(es) or telecopy number(s) as any party may designate by Written Notice in the aforesaid manner. 
  
 14. Governing Law. 
  
 This Agreement shall be governed by, and interpreted, construed and enforced in accordance with, the laws of the State of Illinois. 
  
 15. Gender and Number. 
  
 Wherever from the context it appears appropriate, each term stated in either
the singular of plural shall include the singular and the plural, and the pronouns stated in either the masculine, the feminine or the neuter gender shall include the masculine, feminine or neuter. 
  
 16. Headings. 
  
 The headings of the Sections of this Agreement are for reference purposes only and do not define or limit, and shall not be
used to interpret or construe the contents of this Agreement. 
  

 6 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed at Chicago, Illinois, on
the date above set forth. 
  

			
	 MAF BANCORP, INC.

		
	 By:
	 	 /s/ Allen H. Koranda

	 	 	

	 	 	 Chairman and Chief Executive Officer

  

	
	 EXECUTIVE

	
	 /s/ Thomas R. Perz

	

	 Thomas R. Perz
 Managing Director of Company and Bank

  
 Monthly amount payable under
Paragraph 7: $15,000 
  

 7

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