BANK MUTUAL CORPORATION EXECUTIVE EXCESS BENEFIT PLAN (as amended effective January 1, 2005)

Exhibit 10.3

BANK MUTUAL CORPORATION

EXECUTIVE EXCESS BENEFIT PLAN

(as amended effective January 1, 2005)

Table of Contents

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BANK MUTUAL CORPORATION

EXECUTIVE EXCESS BENEFIT PLAN

Preamble

The Bank Mutual Corporation Executive Excess Benefit Plan (the "Excess Plan") has been established to provide deferred compensation benefits for key employees of Bank Mutual Corporation and its affiliates. The Excess Plan is now being amended, effective January 1, 2005, to comply with the provisions of Section 409A of the Internal Revenue Code (the “Code”). Each provision and term of the amended Excess Plan should be interpreted accordingly, but if any provision or term of such amended Excess Plan would be prohibited by or be inconsistent with Section 409A of the Code or would constitute a material modification to the Excess Plan with respect to benefits earned and vested as of December 31, 2004, then such provision or term shall be deemed to be reformed to comply with Section 409A of the Code or be ineffective to the extent it results in a material modification to the Excess Plan with respect to benefits earned and vested as of December 31, 2004. The Mutual Savings Bank Executive Excess Benefit Plan is hereby amended effective as of January 1, 2005 to read as follows:

The calculation of the Participant’s accrued pension under paragraph (a) above shall be made on the assumption that service shall be credited from a Participant's initial date of employment with Mutual (rather than initial date of plan participation) and that there is no cap on the number of years of service with Mutual which are permitted to be taken into account in calculating benefits under clauses (a) and (b) of Section 3.01 of the Pension Plan.

The calculation of the death benefit under paragraph (a) above shall be made on the assumption that service shall be credited from a Participant's initial date of employment with Mutual (rather than initial date of plan participation) and that there is no cap on the number of years of service with Mutual which are permitted to be taken into account in calculating benefits under clauses (a) and (b) of Section 3.01 of the Pension Plan.

If the Participant dies prior to commencement of receipt of payments hereunder so that a Pre-Retirement Death Benefit is payable to the Participant’s beneficiary as described in paragraph 4 above, such Pre-Retirement Death Benefit shall commence on the first of the month following the later of the Participant’s 65th birthday or termination of employment. However, if the Participant dies prior to age 65, the Pre-Retirement Death Benefit shall commence on the first of the month following his 65th birthday or at such earlier date following his death as is requested by the Participant and to which the Board of Directors of the Company, in its discretion, agrees. If such earlier commencement is agreed to, such Pre-Retirement Death Benefit shall be subject to the same actuarial reductions, if any, as apply under the Pension Plan.

If the request for review by a Claimant concerns the interpretation and application of the provisions of this Excess Plan and the Company’s obligations, then the review shall be conducted by the entire Board of Directors. The Board shall afford the Claimant a hearing and the opportunity to review all pertinent documents and submit issues and comments orally and in writing and shall render a review decision in writing, all within sixty (60) days after receipt of a request for a review, provided that, in special circumstances (such as the necessity of holding a hearing) the Board may extend the time for decision by not more than sixty (60) days upon written notice to the Claimant. The Claimant shall receive written notice of the Board’s review decision, together with specific reasons for the decision and reference to the pertinent provisions of this Excess Plan.