BANK MUTUAL CORPORATION 
CODE OF CONDUCT

VII.     VIOLATIONS, PENALTIES, AND DISCIPLINARY ACTION

1. Violations.

i. Violations of Bank Mutual's CODE OF CONDUCT or any of the applicable laws and regulations or regulatory requirements will result in disciplinary action, or where appropriate, termination of employment.

ii. If you fail to comply with certain policies, you also may violate the applicable laws and regulations subjecting both yourself and Bank Mutual to criminal and/or civil liability.

2. Disciplinary Action.

i. The Human Resources Director, acting on behalf of Bank Mutual, shall consider the circumstances of the violation and the employee's overall work record before choosing a particular disciplinary action. The Chief Executive Officer shall be consulted, where appropriate.

ii. The Human Resources Director shall base the disciplinary action on the circumstances and the degree of the violation, and shall consider each case on an individual basis when determining the appropriate disciplinary action.

iii. In all cases, the Human Resources Director, or designee, shall take one or more of the following actions:

a) Verbal and documented counseling,

b) Probation,

c) Suspension, or

d) Discharge.

iv. If you have a question concerning a disciplinary action, consult your immediate supervisor, the Human Resources Director, or the Chief Executive Officer.

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Table of Contents

* Code Of Conduct
I Personal Conduct
II Confidentiality of Information
III Personal Finances and Investments
IV Conflicts of Interest
V Professional Conduct
VI Full and Fair Disclosure; Additional Provisions for Senior Financial Officers
VII Violations, Penalties and Disciplinary Action
VIII Reporting a Discrepancy of a Violation

 

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Bank Mutual Corporation, November 2006