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EXHIBIT 10.20
SEPARATION
AGREEMENT
AND
GENERAL RELEASE
THIS
SEPARATION AGREEMENT AND GENERAL RELEASE (this "Agreement") is
entered into as of December 31, 2006 between MERCHANTS
AND MANUFACTURERS BANCORPORATION, INC., a Wisconsin
corporation (the "Company") and EDWARD H. CICHURSKI
("Mr. Cichurski").
RECITAL
Mr. Cichurski
has decided that it is in his best interests to resign from
all positions with the Company as of the date hereof (the
"Resignation Date"), including, but not limited to, his
positions as President of the Financial Services Division of
the Company and employee of the Company and its various
subsidiaries. The Company and Mr. Cichurski
desire to affect a final resolution and settlement of all
matters and issues relating directly or indirectly to
Mr. Cichurski's employment with the Company and his
resignation from the Company, and have arrived at an agreement
of all such matters as set forth herein.
AGREEMENTS
1.
Resignation; Acknowledgment of Full Compensation
. As of the Resignation Date, Mr. Cichurski hereby
voluntarily resigns as and agrees that he will no longer be
President of the Financial Services Division of the Company,
together with any other office he holds with the Company or
any of its subsidiaries. After the Resignation
Date, Mr. Cichurski shall hold no office or position with
the Company or its subsidiaries. Mr. Cichurski
acknowledges and agrees that he has received all salary and
wages (including, without limitation, bonus payments, whether
in the form of cash, stock or other property), fringe benefits
(including without limitation by enumeration vacation pay,
deferred pay, profit sharing, 401(k) plan contributions and
expense reimbursement) and all other compensation and benefits
owed by the Company to Mr. Cichurski through and
including the Resignation Date, and that Mr. Cichurski is
not entitled to any additional or future compensation based on
services performed through and including the Resignation
Date.
2.
Release . Mr. Cichurski, for himself
and his heirs, personal representatives, successors and
assigns, hereby voluntarily releases all claims of whatever
nature that he may have against the Company, its affiliates,
related entities, subsidiaries, predecessors, successors and
assigns and its present, former or later insurers, agents,
representatives, officers, administrators, directors,
shareholder, principals and employees (collectively
"Releasees"), which arise out of or are in any manner based
upon or related to the employment relationship between
Mr. Cichurski and the Company, and his separation from
the Company, from all other claims or liabilities of any
nature whatsoever which have arisen from any occurrence,
transaction, omission or communication which transpired or
occurred at any time before or on the date of this Agreement;
provided, however, that this Agreement will not prevent any
party from asserting a claim against the other party in the
event the other party breaches this Agreement.
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