AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.3
This Amendment is entered into effective as of August 22, 2005 in order to alter and amend the
Employment Agreement of June 1, 1996 (the “Agreement”) as it continues in effect by and between
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ (the “Executive”), Anchor BanCorp Wisconsin, Inc. (the “Company”), and
AnchorBank fsb, as successor to Anchor Bank SSB (the “Bank”).
RECITALS
WHEREAS, Executive is a key employee, whose background and experience in the financial
institutions industry substantially benefits both the Bank and Company, and whose continued
employment as an executive member of their respective management teams will continue to benefit the
Bank and Company in the future; and
WHEREAS, the parties are mutually desirous of entering into this Amendment to continue the
employment relationship of the Executive with the Bank and Company and to amend that prior
Agreement to enhance the organization’s ability to make provisions to deal with future matters of
management and management succession;
WHEREAS, the Board of Directors of the Bank has approved and authorized this Amendment to the
Agreement with Executive.
AMENDMENT
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth below:
1. The Agreement is amended throughout, as necessary, to reflect that from and after August
22, 2005, Executive shall continue in his Corporate Position as Chief Executive Officer of the Bank
pursuant to the Agreement, but shall have resigned as President of the Bank as of said date.
2. The Executive shall continue as Chief Executive Officer of the Bank pursuant to the
Agreement and the Agreement shall in all other respects continue in effect and remain binding upon
the parties in the same manner and to the same effect as immediately prior to of this Amendment.
IN WITNESS WHEREOF, the undersigned have duly executed this Amendment effective as of the date
first above written.
| EXECUTIVE: | AnchorBank, fsb | |||
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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By: | /s/ J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | ||
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
|
Its: | Executive Vice President, Marketing and Retail Administration | ||
Chief Executive Officer |
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| Anchor BanCorp Wisconsin, Inc. | ||||
| By: | /s/ J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | |||
| Its: | Executive Vice President, Marketing and Retail Administration | |||