FORM OF 3 YEAR EMPLOYMENT AGREEMENT] EMPLOYMENT AGREEMENT FOR RALPH SCHANKEmployment Agreement • October 30th, 2008 • St. Joseph Bancorp, Inc. • Savings institution, federally chartered • Missouri
This Employment Agreement (the “Agreement”) is made effective as of the __ day of ____________, 2008 (the “Effective Date”), by and between Midwest Federal Savings and Loan Association of St. Joseph (the “Association”), a federally chartered stock savings association with its principal administrative office at 1901 Frederick Avenue, St. Joseph, Missouri 64501, and Ralph Schank (“Executive”). The Association is a wholly-owned subsidiary of St. Joseph Bancorp, Inc., a Maryland corporation (the “Company”). The Company has executed this Agreement for the sole purpose of guaranteeing the Association’s financial performance hereunder.
488,750 Shares (subject to increase up to 562,063 shares in the event of an increase in the pro forma market value of the Company’s Common Stock) ST. JOSEPH BANCORP, INC. (a Maryland corporation) Common Stock (par value $0.01 per share) AGENCY AGREEMENTAgency Agreement • October 30th, 2008 • St. Joseph Bancorp, Inc. • Savings institution, federally chartered • New York
St. Joseph Bancorp, Inc., a Maryland corporation (the “Company”), and Midwest Federal Savings and Loan Association of St. Joseph, a federal savings and loan association (the “Association”), hereby confirm their agreement with Sandler O’Neill & Partners, L.P. (“Sandler O’Neill” or the “Agent”) with respect to the offer and sale by the Company of 488,750 shares (subject to increase up to 562,063 shares in the event of an increase in the pro forma market value of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”)). The shares of Common Stock to be sold by the Company are hereinafter called the “Securities.”
