SEC Contract Filing

Filing Date: 2022-03-24

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>8
<FILENAME>d326680dex106.htm
<DESCRIPTION>EX-10.6
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<TITLE>EX-10.6</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS FIRST AMENDMENT (the &#147;Amendment&#148;) is adopted March&nbsp;23, 2022 by and among Emclaire Financial Corp., a
Pennsylvania-chartered bank holding company (the &#147;Corporation&#148;), The Farmers National Bank of Emlenton, a national banking association (the &#147;Bank&#148;), and Amanda L. Engles (&#147;the &#147;Executive&#148;) (the Corporation and the
Bank are referred to together herein as the &#147;Employers&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employers and the Executive are parties to an Amended
and Restated Change in Control Agreement dated November&nbsp;15, 2017 (the &#147;Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties desire to amend
the Agreement to add <FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> provisions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;9 of the Agreement provides that the Employers and the Executive may amend or terminate the Agreement at any time; and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board of Directors of each of the Employers have approved this Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing, the Employers and the Executive hereby amend the Agreement as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Agreement is hereby amended to add a new Section&nbsp;20 to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;20. <B>Competition after Date of Termination</B>. The Executive shall forfeit all rights to any further benefits
hereunder if the Executive, without the prior written consent of the Employers, violates any of the following restrictive covenants. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <B><FONT STYLE="white-space:nowrap">Non-compete</FONT> provision</B>. During (x)&nbsp;the period that the Executive is
employed by the Employers, (y)&nbsp;the period of three years following the Date of Termination if such event occurs prior to a Change in Control, and (z)&nbsp;the period of six months following a Change in Control if a Date of Termination has not
occurred prior to such Change in Control, the Executive shall not, directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual,
partnership, corporation or other entity (excluding an ownership interest of three percent (3%) or less in the stock of a publicly-traded company): </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;become employed by, participate in, or become connected in any
manner with the ownership, management, operation or control of any bank, savings and loan or other similar financial institution if the Executive&#146;s responsibilities will include providing banking or other financial services within twenty-five
(25)&nbsp;miles of any office maintained by the Employers as of the Date of Termination of the Executive&#146;s employment; provided that the foregoing shall not prevent the Executive from owning for passive investment purposes less than five
percent (5%) of the publicly traded voting securities of any company engaged in the banking, financial services, insurance, brokerage or other business similar to or competitive with the Employers (so long as the Executive has no power to manage,
operate, advise, consult with or control the competing enterprise and no power, alone or in conjunction with other affiliated parties, to select a director, manager, general partner, or similar governing official of the competing enterprise other
than in connection with the normal and customary voting powers afforded the Executive in connection with any permissible equity ownership); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;participate in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or
otherwise engaging, on a temporary, part-time or permanent basis, any individual who was employed by the Employers as of the Date of Termination of the Executive&#146;s employment (excluding those employees whose employment is terminated by the
Employers); </P> <P STYLE="margin-top:6pt; margi