LSB FINANCIAL CORP
EMPLOYMENT AGREEMENT DATED FEBRUARY 9, 2006, BETWEEN LSB FINANCIAL CORP. AND MAR
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>lsb_8k0210ex2.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT DATED FEBRUARY 9, 2006, BETWEEN LSB FINANCIAL CORP. AND MARY JO DAVID
<TEXT>
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    <title>
      Employment Agreement dated February 9, 2006, between LSB Financial Corp. and
      Mary Jo David
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
      10.2</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>EMPLOYMENT
      AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
      EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of this
      9th
      day of February, 2006 (the &#8220;Commencement Date&#8221;), by and between LSB Financial
      Corp. (the "Company") and Mary Jo David (the "Employee").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Employee currently serves as the Vice President and Chief Financial Officer
      of the Company and of the Company's wholly-owned subsidiary, Lafayette Savings
      Bank, FSB (the "Bank");</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the board of directors of the Company (the "Board of Directors" or the "Board")
      believes it is in the best interests of the Company and its subsidiaries for
      the
      Company to enter into this Agreement with the Employee in order to assure
      continuity of management of the Company and its subsidiaries; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Board of Directors has approved and authorized the execution of this
      Agreement with the Employee to take effect on the Commencement
      Date;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, in consideration of the foregoing and of the respective covenants
      and
      agreements of the parties herein, it is AGREED as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Definitions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      "Change in Control" means (1) an acquisition of securities of the Company or
      the
      Bank that is determined by the Board of Directors to constitute an acquisition
      of control of the Company or the Bank within the meaning of the Change in Bank
      Control Act (12 U.S.C. &#167; 18170)) and the Savings and Loan Holding Company Act
      (12 U.S.C. &#167;1467aff), and any successor sections and the applicable regulations
      thereunder; (2) an event that would be required to be reported in response
      to
      Item 1 of the current report on Form 8-K, as in effect on the Commencement
      Date,
      pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
      "Exchange Act"); (3) any person (as the term is used in Sections 13(d) and
      14(d)
      of the Exchange Act) is or becomes the beneficial owner (as defined in Rule
      13d-3 under the Exchange Act) directly or indirectly of securities of the
      Company or the Bank representing 25% or more of the combined voting power of
      the
      Company's or the Bank's outstanding securities; (4) individuals who are members
      of the Board of Directors on the Commencement Date (the "Incumbent Board")
      cease
      for any reason to constitute at least a majority thereof, provided that any
      person becoming a director subsequent to the Commencement Date whose election
      was approved by a vote of at least three-quarters of the directors comprising
      the Incumbent Board, or whose nomination for election by the Company's
      stockholders was approved by a nominating committee serving under an Incumbent
      Board, shall be considered a member of the Incumbent Board; or (5) consummation
      of a plan of reorganization, merger or consolidation of the Company, sale of
      all
      or substantially all of the assets of the Company, a similar transaction in
      which the Company is not the resulting entity; provided that the term "change
      in
      control" shall not include an acquisition of securities by an employee benefit
      plan of the Bank or the Company. In the application of regulations under the
      Change in Bank Control Act or the Savings and Loan Holding Company</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Act,
      determinations to be made by the applicable federal banking regulator shall
      be
      made by the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      "Consolidated Subsidiaries" means any subsidiary or subsidiaries of the Company
      (or its successors) that are part of the consolidated group of the Company
      (or
      its successors) for federal income tax reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      "Date of Termination" means the date upon which the Employee's employment with
      the Company or the Bank or both ceases, as specified in a notice of termination
      pursuant to Section 8 of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      "Involuntary Termination" means the termination of the employment of the
      Employee (i) by either the Company or the Bank or both without her express
      written consent; or (ii) by the Employee within 120 days following the earlier
      of the date the Employee becomes aware of or the date the Employee reasonably
      should have become aware of a material diminution of or interference with her
      duties, responsibilities or benefits, including (without limitation) any of
      the
      following actions unless consented to in writing by the Employee: ( 1) a
      requirement that the Employee be based at any place other than Lafayette,
      Indiana, or within 35 miles thereof, except for reasonable travel on Company
      or
      Bank business; (2) a material demotion of the Employee; (3) a material reduction
      in the number or seniority of personnel reporting to the Employee or a material
      reduction in the frequency with which, or in the nature of the matters with
      respect to which such personnel are to report to the Employee, other than as
      part of a Bank- or Company-wide reduction in staff; (4) a reduction in the
      Employee's salary or a material adverse change in the Employee's perquisites,
      benefits, contingent benefits or vacation, other than prior to a Change in
      Control as part of an overall program applied uniformly and with equitable
      effect to all members of the senior management of the Bank or the Company;
      (5) a
      material permanent increase in the required hours of work or the workload of
      the
      Employee; or (6) the failure of the Board of Directors ( or a board of directors
      of a successor of the Company) to elect her as Vice President and Chief
      Financial Officer of the Company ( or a successor of the Company) or any action
      by the Board of Directors ( or a board of directors of a successor of the
      Company) removing her from any of such offices, or the failure of the board
      of
      directors of the Bank (or any successor of the Bank) to elect her as Vice
      President and Chief Financial Officer of the Bank (or any successor of the
      Bank)
      or any action by such board ( or board of a successor of the Bank) removing
      her
      from any of such offices. The term "Involuntary Termination" does not include
      Termination for Cause or termination of employment due to retirement, death,
      disability or suspension or temporary or permanent prohibition from
      participation in the conduct of the Bank's affairs under Section 8 of the
      Federal Deposit Insurance Act ("FDIA ").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      terms
      "Termination for Cause" and "Terminated for Cause" mean termination of the
      employment of the Employee with either the Company or the Bank, as the case
      may
      be, because of the Employee's dishonesty, incompetence, willful misconduct,
      breach of a fiduciary duty involving personal profit, intentional failure to
      perform stated duties, willful violation of any law, rule, or regulation
      (excluding traffic violations or similar offenses) or final cease-and-desist
      order, or material breach of any provision of this Agreement. No act or failure
      to act by the Employee shall be considered willful unless the Employee acted
      or
      failed to act with an absence of good faith and without a reasonable belief
      that
      her action or failure to act was in the best interest of the Company. The
      Employee shall not be deemed to have been Terminated for Cause unless and until
      there shall have been delivered to the Employee a copy of a resolution, duly
      adopted by the affirmative vote of not less than a majority of the entire
      membership of the Board</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="HDR">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      Directors at a meeting of the Board duly called and held for such purpose (after
      reasonable notice to the Employee and an opportunity for the Employee, together
      with the Employee's counsel, to be heard before the Board), stating that in
      the
      good faith opinion of the Board of Directors the Employee has engaged in conduct
      described in the preceding sentence and specifying the particulars thereof
      in
      detail. The opportunity of the Employee to be heard before the Board shall
      not
      affect the right of the Employee to arbitration as set forth in paragraph
      19.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Term.
      The
      initial term of this Agreement shall be for the period commencing on the
      Commencement Date and terminating on December 31, 2006, subject to earlier
      termination as provided herein. Beginning on December 31, 2006, and on each
      anniversary thereafter, the term of this Agreement shall be extended for a
      period of one year, provided that the Company has not given notice to the
      Employee in writing at least 90 days prior to such anniversary that the term
      of
      this Agreement shall not be extended further, and provided further that the
      Employee has not received an unsatisfactory performance review by either the
      Board of Directors or the board of directors of the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment.
      The Employee is employed as the Vice President and Chief Financial Officer
      of
      the Company and the Bank effective as of the Commencement Date. As such, the
      Employee shall render administrative and management services as are customarily
      performed by persons situated in similar executive capacities, and shall have
      such other powers and duties as the Board of Directors or the board of directors
      of the Bank may prescribe from time to time. The Employee shall also render
      services to any subsidiary or subsidiaries of the Company or the Bank as
      requested by the Company or the Bank from time to time consistent with her
      executive position. The Employee shall devote her best efforts and full time
      and
      attention to the business and affairs of the Company and the Bank to the extent
      necessary to discharge her responsibilities hereunder. The Employee may (i)
      serve on corporate or charitable boards or committees, and (ii) manage personal
      investments, so long as such activities do not interfere materially with
      performance of her responsibilities hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compensation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Salary.
      The Company agrees to pay the Employee during the term of this Agreement an
      annualized base salary of at least $100,000 per year (the "Company Salary");
      provided that any amounts of salary actually paid to the Employee by any
      Consolidated Subsidiaries shall reduce the amount to be paid by the Company
      to
      the Employee. The Company Salary shall be paid no less frequently than monthly
      and shall be subject to customary tax withholding. The amount of the Employee's
      Company Salary shall be increased (but shall not be decreased) from time to
      time
      in accordance with the amounts of salary approved by the Board of Directors
      or
      the board of directors of any of the Consolidated Subsidiaries after the
      Commencement Date. Adjustments in salary or other compensation shall not limit
      or reduce any other obligation of the Company under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Discretionary:
      Bonuses. The Employee shall be entitled to participate in an equitable manner
      with all other executive officers of the Company and the Bank in such
      performance-based and discretionary bonuses, if any, as are authorized and
      declared by the Board of Directors for executive officers of the Company and
      by
      the board of directors of the Bank for executive officers of the
      Bank.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expenses.
      The Employee shall be entitled to receive prompt reimbursement for all
      reasonable expenses incurred by the Employee in performing services under this
      Agreement in accordance with the policies and procedures applicable to the
      executive officers of the Company and the Bank, provided that the Employee
      accounts for such expenses as required under such policies and
      procedures.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferral
      of Non-Deductible Compensation. In the event that the Employee's aggregate
      compensation (including compensatory benefits which are deemed remuneration
      for
      purposes of Section 162(m) of the Internal Revenue Code of 1986 as amended
      (the
      "Code'.')) from the Company and the Consolidated Subsidiaries for any calendar
      year exceeds the greater of (i) $1,000,000 or (ii) the maximum amount of
      compensation deductible by the Company or any of the Consolidated Subsidiaries
      in any calendar year under Section 162(m) of the Code (the "maximum allowable
      amount"), then any such amount in excess of the maximum allowable amount shall
      be mandatorily deferred with interest thereon at 8% per annum, compounded
      annually, to a calendar year such that the amount to be paid to the Employee
      in
      such calendar year, including deferred amounts and interest thereon, does not
      exceed the maximum allowable amount. Subject to the foregoing, deferred amounts
      including interest thereon shall be payable at the earliest time permissible.
      All unpaid deferred amounts shall be paid to the Employee not later than her
      Date of Termination unless her Date of Termination is on a December 31st, in
      which case, the unpaid deferred amounts shall be paid to the Employee on the
      first business day of the next succeeding calendar year. The provisions of
      this
      subsection shall survive any termination of the Employee's employment and any
      termination of this Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Benefits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Participation
      in Benefit Plans. The Employee shall be entitled to participate, to the same
      extent as executive officers of the Company and the Bank generally, in all
      plans
      of the Company and the Bank relating to pension, retirement, thrift,
      profit-sharing, savings, group or other life insurance, hospitalization, medical
      and dental coverage, travel and accident insurance, education, cash bonuses,
      and
      other retirement or employee benefits or combinations thereof. In addition,
      the
      Employee shall be entitled to be considered for benefits under all of the stock
      and stock option related plans in which the Company's or the Bank's executive
      officers are eligible or become eligible to participate.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fringe
      Benefits. The Employee shall be eligible to participate in, and receive benefits
      under, any other fringe benefit plans or perquisites which are or may become
      generally available to the Company's or the Bank's executive officers, including
      but not limited to supplemental retirement, incentive compensation, supplemental
      medical or life insurance plans, company cars, club dues, physical examinations,
      financial planning and tax preparation services.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Salary
      and Benefits Provided by the Bank. To the extent that the Bank pays salary
      and
      pays or provides other compensation and benefits of any kind provided for in
      this Agreement, the Company's obligation do so under this Agreement shall be
      excused.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vacations;
      Leave. The Employee shall be entitled to annual paid vacation, in accordance
      with the policies established by the Board of Directors and the board of
      directors of the Bank for executive officers, in no event less than&#160;28 days
      per year, and to voluntary leaves of absence, with or without pay, from time
      to
      time at such times and upon such conditions as the Board of Directors may
      determine in its discretion.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
      of Employment. The Board of Directors may terminate the Employee's employment
      at
      any time and such termination of employment, except in the case of Termination
      for Cause, shall not prejudice the Employee's right to compensation or other
      benefits under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
      for Cause. In the event of Termination for Cause, the Company shall pay the
      Employee the Employee's salary through the Date of Termination, and the Company
      shall have no further obligation to the Employee under this
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Voluntary
      Termination. The Employee's employment may be voluntarily terminated by the
      Employee at any time upon 90 days' written notice to the Company or such shorter
      period as may be agreed upon between the Employee and the Board of Directors,
      for reasons other than reasons that constitute Involuntary Termination. In
      the
      event of such voluntary termination, the Bank shall be obligated to continue
      to
      pay to the Employee the Employee's salary and benefits only through the Date
      of
      Termination, at the time such payments are due, and the Company shall have
      no
      further obligation to the Employee under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Involuntary
      Termination Not Related to a Change in Control. In the event the Employee
      experiences an Involuntary Termination not related to a Change in Control,
      (1)
      the Company shall pay to the Employee during the remaining term of this
      Agreement the Employee's salary at the rate in effect immediately prior to
      the
      Date of Termination, payable in such manner and at such times as such salary
      would have been payable to the Employee under Section 4(a) if the Employee
      had
      continued to be employed by the Company, and (2) the Company shall provide
      to
      the Employee during the remaining term of this Agreement health insurance
      benefits as maintained for the benefit of its Senior Executives from time to
      time during the remaining term of the Agreement on substantially the same terms
      as would apply if she had continued to be employed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Involuntary
      Termination Related to a Change in Control. In the event the Employee
      experiences an Involuntary Termination at the time of, or within 12 months
      following a Change in Control, the Company shall (1) pay to the Employee in
      a
      lump sum in cash within 25 business days after the Date of Termination an amount
      equal to 299% of the Employee's "base amount" as defined in Section 280G of
      the
      Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to
      the
      Employee during the remaining term of this Agreement, at no cost to Employee,
      health benefits as are maintained for Senior Executives from time to time during
      the remaining term of this Agreement on substantially the same terms as would
      apply if she had continued to be employed. Anything in this Agreement to the
      contrary notwithstanding, in the event that the Company's independent public
      accountants determine that any payment by the Company to or for the benefit
      of
      the Employee, whether paid or payable pursuant to the terms of this Agreement,
      would be non-deductible by the Company or the Bank for federal income tax
      purposes because of Section 280G of the Code, then the amount payable to or
      for
      the benefit of the Employee pursuant to this Agreement shall be reduced (but
      not
      below zero) to the Reduced Amount. For purposes of this Section 7(d), the
&#8220;Reduced Amount&#8221; shall be the amount which maximizes the amount payable without
      causing the payment to be non-deductible by the Company or the Bank because
      of
      Section 280G of the Code. Any payments made to Employee pursuant to this
      Agreement or otherwise, are subject to and conditional upon their compliance
      with 12 U.S.C. &#167;1828(k) and FDIC regulation 12 C.F.R. Part 359 (Golden Parachute
      and Indemnification Payments) and any other regulations promulgated thereunder,
      to the extent applicable to such parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Death;
      Disability. In the event of the death of the Employee while employed under
      this
      Agreement and prior to any termination of employment, the Employee's estate,
      or
      such person as the Employee may have previously designated in writing, shall
      be
      entitled to receive from the Company the salary of the Employee through the
      last
      day of the calendar month in which the Employee died. If the Employee becomes
      "permanently disabled" while employed under this Agreement, the Board of
      Directors shall be entitled to terminate this Agreement and the employment
      of
      the Employee at any time at its discretion. For purposes of this Agreement,
      the
      term "permanently disabled" means that the Employee has a mental or physical
      infirmity which permanently impairs her ability to perform substantially her
      duties and responsibilities under this Agreement and which results in (i)
      eligibility of the Employee under the long-term disability plan of the Company
      or the Bank, if any; or (ii) inability of the Employee to perform substantially
      her duties and responsibilities under this Agreement for a period of 180
      consecutive days.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Temporary
      Suspension or Prohibition. If the Employee 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 (g)(l) of the FDIA, 12 U.S.C. &#167; 1818(e)(3) and
      (g)(l), the Company's obligations under this Agreement shall be suspended as
      of
      the date of service, unless stayed by appropriate proceedings. If the charges
      in
      the notice are dismissed, the Company may in its discretion (i) pay the Employee
      all or part of the compensation withheld while its obligations under this
      Agreement were suspended and (ii) reinstate in whole or in part any of its
      obligations which were suspended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Permanent
      Suspension or Prohibition. If the Employee 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 (g)(l) of the FDIA, 12 U.S.C. &#167; 1818(e)(4) and
      (g)(l), all obligations of the Company under this Agreement shall terminate
      as
      of the effective date of the order, but vested rights of the contracting parties
      shall not be affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Default
      of the Bank. If the Bank is in default (as defined in Section 3(x)(1) of the
      FDIA), all obligations of the Company under this Agreement shall terminate
      as of
      the date of default, but this provision shall not affect any vested rights
      of
      the contracting parties. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
      by Regulators. All obligations of the Company under this Agreement shall be
      terminated, except to the extent determined that continuation of this Agreement
      is necessary for the continued operation of the Bank: (i) by the Director of
      the
      Office of Thrift Supervision (the "Director") or her or her designee, at the
      time the Federal Deposit Insurance Corporation enters into an agreement to
      provide assistance to or on behalf of the Bank under the authority contained
      in
      Section 13( c ) of the FDIA; or (ii) by the Director or her or her designee,
      at
      the time the Director or her or her designee approves a supervisory merger
      to
      resolve problems related to operation of the Bank or when the Bank is determined
      by the Director to be in an unsafe or unsound condition. Any rights of the
      parties that have already vested, however, shall not be affected by any such
      action.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notice
      of
      Termination. In the event that the Company or the Bank, or both, desire to
      terminate the employment of the Employee during the term of this Agreement,
      the
      Company or the Bank, or both, shall deliver to the Employee a written notice
      of
      termination, stating whether such termination constitutes Termination for Cause
      or Involuntary Termination, setting forth in reasonable detail the facts and
      circumstances that are the basis for the termination, and </font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">specifying
      the date upon which employment shall terminate, which date shall be at least
      30
      days after the date upon which the notice is delivered, except in the case
      of
      Termination for Cause. In the event that the Employee determines in good faith
      that she has experienced an Involuntary Termination of her employment, she
      shall
      send a written notice to the Company stating the circumstances that constitute
      such involuntary termination and the date upon which her employment shall have
      ceased due to such Involuntary Termination. In the event that the Employee
      desires to effect a voluntary termination as described in Section 7(b) above,
      she shall deliver a written notice to the Company, stating the date upon which
      employment shall terminate, which date shall be at least 90 days after the
      date
      upon which the notice is delivered, unless the parties agree to a date sooner.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      Mitigation. The Employee shall not be required to mitigate the amount of any
      salary or other payment or benefit provided for in this Agreement by seeking
      other employment or otherwise, nor shall the amount of any payment or benefit
      provided for in this Agreement be reduced by any compensation earned by the
      Employee as the result of employment by another employer, by retirement benefits
      after the Date of Termination or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attorneys
      Fees. The Company shall pay all legal fees and related expenses (including
      the
      costs of experts, evidence and counsel) incurred by the Employee as. a result
      of
      (i) the Employee's contesting or disputing any termination of employment, or
      (ii) the Employee's seeking to obtain or enforce any right or benefit provided
      by this Agreement or by any other plan or arrangement maintained by the Company
      (or its successors) or the Consolidated Subsidiaries under which the Employee
      is
      or may be entitled to receive benefits; provided that the Company's obligation
      to pay such fees and expenses is subject to the Employee's prevailing with
      respect to the matters in dispute in any action initiated by the Employee or
      the
      Employee's having been determined to have acted reasonably and in good faith
      with respect to any action initiated by the Company or the Bank.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Disclosure
      and Non-Solicitation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Disclosure.
      The Employee acknowledges that she has acquired, and will continue to acquire
      while employed by the Company and/or any Consolidated Subsidiary, special
      knowledge of the business, affairs, strategies and plans of the Company and
      the
      consolidated Subsidiaries which has not been disclosed to the public and which
      constitutes confidential and proprietary business information owned by the
      Company and the Consolidated Subsidiaries, including but not limited to,
      information about the customers, customer lists, software, data, formulae,
      processes, inventions, trade secrets, marketing information and plans, and
      business strategies of the Company and the Consolidated Subsidiaries, and other
      information about the products and services offered or developed or planned
      to
      be offered or developed by the Company and/or the Consolidated Subsidiaries
      ("Confidential Information"). The Employee agrees that, without the prior
      written consent of the Company, she shall not, during the term of her employment
      or at any time thereafter, in any manner directly or indirectly disclose any
      Confidential Information to any person or entity other than the Company and
      the
      Consolidated Subsidiaries. Notwithstanding the foregoing, if the Employee is
      requested or required (including but not limited to by oral questions,
      interrogatories, requests for information or documents in legal proceeding,
      subpoena, civil investigative demand or other similar process) to disclose
      any
      Confidential Information the Employee shall provide the Company with prompt
      written notice of any such request or requirement so that the Company and/or
      a
      Consolidated Subsidiary may seek a protective order or other appropriate remedy
      and/or waive compliance with the provisions of </font></div>
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      Section 11(a). If, in the absence of a protective order or other remedy or
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      receipt of a waiver from the Company, the Employee is nonetheless legally
      compelled to disclose Confidential Information to any tribunal or else stand
      liable for contempt or suffer other censure or penalty, the Employee may,
      without liability hereunder, disclose to such tribunal only that portion of
      the
      Confidential Information which is legally required to be disclosed, provided
      that the Employee exercise her best efforts to preserve the confidentiality
      of
      the Confidential Information, including without limitation by cooperating with
      the Company and/or a Consolidated Subsidiary to obtain an appropriate protective
      order or other reliable assurance that confidential treatment will be accorded
      the Confidential Information by such tribunal. On the Date of Termination,
      the
      Employee shall promptly deliver to the Company all copies of documents or other
      records (including without limitation electronic records) containing any
      Confidential Information that is in her possession or under her control, and
      shall retain no written or electronic record of any Confidential
      Information.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Solicitation.
      During the three year period next following the Date of Termination, the
      Employee shall not directly or indirectly solicit, encourage, or induce any
      person while employed by the Company or any Consolidated Subsidiary to (i)
      leave
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      with the Company or any Consolidated Subsidiary or (iii) accept employment
      with
      another entity or person. </font></div>
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      provisions of this Section 11 shall survive any termination of the Employee's
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Agreement is personal to each of the parties hereto, and neither party may
      assign or delegate any of its rights or obligations hereunder without first
      obtaining the written consent of the other party; provided, however, that the
      Company shall require any successor or assign (whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise) by an assumption agreement in
      form
      and substance satisfactory to the Employee, to expressly assume and agree to
      perform this Agreement in the same manner and to the same extent that the
      Company would be required to perform it if no such succession or assignment
      had
      taken place. Failure of the Company to obtain such an assumption agreement
      prior
      to the effectiveness of any such succession or assignment shall be a breach
      of
      this Agreement and shall entitle the Employee to compensation and benefits
      from
      the Company in the same amount and on the same terms as provided for an
      Involuntary Termination under Section 7 hereof. For purposes of implementing
      the
      provisions of this Section 12(a), the date on which any such succession becomes
      effective shall be deemed the Date of Termination.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Agreement and all rights of the Employee hereunder shall inure to the benefit
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      and be enforceable by the Employee's personal and legal representatives,
      executors, administrators, successors, heirs, distributees, devisees and
      legatees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notice.
      For the purposes of this Agreement, notices and all other communications
      provided for in this Agreement shall be in writing and shall be deemed to have
      been duly given when personally delivered or sent by certified mail, return
      receipt requested, postage prepaid, to the Company at its home office, to the
      attention of the Board of Directors with a copy to the Secretary of the Company,
      or, if to the Employee, to such home or other address as the Employee has most
      recently provided in writing to the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      No amendments or additions to this Agreement shall be binding unless in writing
      and signed by both parties, except as herein otherwise provided.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Headings.
      The headings used in this Agreement are included solely for convenience and
      shall not affect, or be used in connection with, the interpretation of this
      Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Severability.
      The provisions of this Agreement shall be deemed severable and the invalidity
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      enforceability of the other provisions hereof. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Governing
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbitration.
      Any dispute or controversy arising under or in connection with this Agreement
      (other than relating to the enforcement of the provisions of Section 11) shall
      be settled exclusively by arbitration in accordance with the rules of the
      American Arbitration Association then in effect. Judgment may be entered on
      the
      arbitrator's award in any court having jurisdiction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Equitable
      and Other Judicial Relief. In the event of an actual or threatened breach by
      the
      Employee of any of the provisions of Section 11, the Company shall be entitled
      to equitable relief in the form of an injunction from a court of competent
      jurisdiction and such other equitable and legal relief as such court deems
      appropriate under the circumstances. The parties agree that the Company shall
      not be required to post any bond in connection with the grant or issuance of
      an
      injunction (preliminary, temporary and/or permanent) by a court of competent
      jurisdiction, and if a bond is nevertheless required, the parties agree that
      it
      shall be in a nominal amount. The parties further agree that in the event of
      a
      breach by the Employee of any of the provisions of Section 11, the Company
      will
      suffer irreparable damage and its remedy at law against the Employee is
      inadequate to compensate it for such damage.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      WITNESS WHEREOF, the parties have executed this Agreement as of the day and
      year
      first above written.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attest:</font></div>
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            <td align="left" colspan="3" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LSB
                FINANCIAL CORP.</font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="35%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="35%">&#160;</td>
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            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
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                Randolph F. Williams</font></div>
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                Mariellen M. Neudeck</font></div>
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            <td align="left" valign="top" width="5%">&#160;</td>
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            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="5%">
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            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="top" width="40%">&#160;</td>
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          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="top" width="40%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
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          <tr>
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            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="23%">&#160;</td>
            <td align="left" valign="top" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="23%">&#160;</td>
            <td align="left" valign="top" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="top" width="40%" style="border-bottom: black thin solid;">
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                Mary Jo David</font></div>
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          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="32%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mary
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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