SEC Contract Filing

Filing Date: 2021-08-26

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1 FORM OF EMPLOYMENT AGREEMENT AMONG PYRAMAX BANK, FSB, 1895 BANCORP OF WISCONSIN, INC. AND STEVEN T. KLITZING
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 <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 12pt;">Exhibit 10.1</font><br>
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 <div style="text-align: center; font-size: 12pt; font-weight: bold;">EMPLOYMENT AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Employment Agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is entered into on October 1, 2021 and made effective as of October 31, 2021 (the &#8220;<font style="font-weight: bold;">Effective Date</font>&#8221;), by
 and between PyraMax Bank, FSB, a federally chartered savings bank (the &#8220;<font style="font-weight: bold;">Bank</font>&#8221;) and Steven T. Klitzing (the &#8220;<font style="font-weight: bold;">Executive</font>&#8221;).&#160; The Bank and Executive are sometimes collectively referred to herein as the &#8220;parties.&#8221;&#160; Any reference to the &#8220;<font style="font-weight: bold;">Company</font>&#8221; shall mean 1895 Bancorp of Wisconsin, Inc., the Maryland chartered stock holding company of the Bank.&#160; The Company is a signatory to this Agreement for the purpose of guaranteeing the
 Bank&#8217;s performance hereunder.</div>
 <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">WITNESSETH</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">WHEREAS</font>,
 Executive has been hired to fill the role of Senior Vice President, Chief Financial Officer and Treasurer of the Bank and the Company upon the resignation and retirement of the existing Chief Financial Officer;</div>
 <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Bank desires to
 assure itself of the continued availability of the Executive&#8217;s services as provided in this Agreement; and</div>
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 <div style="text-align: justify;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.</font></div>
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 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>,
 in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows:</div>
 <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 12pt; font-weight: bold;">POSITION AND RESPONSIBILITIES.</font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">During the term of this Agreement Executive shall serve as Senior Vice President, Chief Financial Officer and
 Treasurer, and Executive accepts such employment, subject to the terms and conditions set forth in this Agreement.&#160; Executive shall have such duties, responsibilities and powers as are set forth by the Board of Directors of the Bank, the Chief
 Executive Officer and/or the President of the Bank provided that such duties are generally consistent with those as Senior Vice President, Chief Financial Officer and Treasurer.</div>
 <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 12pt; font-weight: bold;">TERM AND DUTIES.</font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><u>Eighteen-Month Contract with Annual Renewal</u>.&#160; The term (&#8220;<font style="font-weight: bold;">Term</font>&#8221;) of this Agreement shall commence as of the Effective Date and shall continue, initially, through April 30, 2023.&#160; On January 8, 2022 (for
 these purposes, referred to herein as the &#8220;<font style="font-weight: bold;">Anniversary Date</font>&#8221;), the disinterested members of the Board of Directors of the Bank (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;) will meet to consider the renewal or nonrenewal of this Agreement.&#160; In connection with such consideration, the Board shall conduct a
 comprehensive performance evaluation of Executive (or review such performance evaluation conducted by the Compensation Committee of the Board) for purposes of determining whether to extend this Agreement through July 8, 2023, which decision shall
 be included in the minutes of the Board&#8217;s meeting.&#160; If the decision of such disinterested members of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal (&#8220;<font style="font-weight: bold;">Non-Renewal Notice</font>&#8221;) that this Agreement shall terminate at the end of its then Term (i.e.,