AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO AN EMPLOYMENT AGREEMENT is made and entered into as of the 18th day of
August, 2008, by and between Bank Mutual, a federally chartered savings bank (hereinafter referred
to as “Employer”) and Xxxxxxx X. Xxxxxxx (hereinafter referred to as “Executive”).
WHEREAS, Employer and Executive previously entered into an Employment Agreement dated August
18, 2008 (“Employment Agreement”);
WHEREAS, subsequent to the date of the Employment Agreement various changes were made in the
Internal Revenue Code of 1986, as amended, particularly to Section 409A thereof (“Section 409A”);
WHEREAS, such changes to Section 409A provide certain adverse treatment of “deferred
compensation” to “specified employees” all within the meaning of Section 409A;
WHEREAS, Employer and Executive desire to avoid such adverse treatment of deferred
compensation and wish to bring the Employment Agreement into compliance with Section 409A.
NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is hereby agreed as follows:
1. Notwithstanding anything in the Employment Agreement to the contrary, in the event that the
Executive is deemed by the Bank to be a “specified employee” within the meaning of Section 409A of
the internal Revenue Code of 1986, as amended (“Section 409A”), no payment that is “deferred
compensation” subject to Section 409A shall be made to the Executive prior to the date that is six
(6) months after the date of the Executive’s separation from service (as defined in Section 409A)
(or, if earlier, the Executive’s date of death). In such event, the payments subject to the six
(6) month delay will be paid in a lump sum on the earliest permissible payment date with interest
on the delayed payments credited at the rate that Bank Mutual is paying on the date of the
Executive’s separation from service on a six month certificate of deposit for such a lump sum
amount.
2. Except as expressly amended herein, the Agreement shall remain in full force and effect
according to its terms.
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| BANK MUTUAL | ||||||
BY:
|
/s/ Xxxxxxx X. Xxxxxxx, Xx.
|
Date: August 18, 2008 | ||||
| President and CEO | ||||||
| EXECUTIVE | ||||||
| /s/ Xxxxxxx X. Xxxxxxx
|
Date: August 18, 2008 | |||||
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