X0306 4 2017-01-17 0 0001123270 BANK MUTUAL CORP BKMU 0001290818 Crowley Michael T Jr 4949 WEST BROWN DEER RD. MILWAUKEE WI 53223 1 0 0 0 Common Stock 2017-01-17 4 A 0 1580 A 1545447 D Common Stock 215635 I By Trust Common Stock 139414 I By spouse Common Stock 133158 I By Trust Common Stock 164170 I By 401(k) Plan Common Stock 16615 I Held in Benefit Restoration Plan Options to buy 5.05 2021-01-18 Common Stock 15000 15000 D Options to buy 3.39 2022-01-17 Common Stock 20000 20000 D Options to buy 4.82 2023-01-22 Common Stock 12000 12000 D Options to buy 7.17 2024-01-21 Common Stock 10000 10000 D Restricted stock grant under the 2014 Incentive Compensation Plan. The shares (1,580 shares in the original grant) vest in annual installments of 33% each beginning January 17, 2018. Includes shares acquired through a dividend reinvestment plan. Reflects distributions from the Bank Mutual Corporation 401(k) Plan and Benefit Restoration Plan that are exempt from reporting. Held as trustee (executor-equivalent) of a trust owning 431,269 shares of common stock. Mr. Crowley Jr. is a 50% beneficiary of the assets in the trust. The reported shares exclude 215,634 shares held in the trust for the benefit of a member of Mr. Crowley Jr.'s family, as to which Mr. Crowley Jr. disclaims any pecuniary interest. As trustee of a family trust. Held in the Bank Mutual Corporation 401(k) Plan. Held in Benefit Restoration Plan, a non-qualified plan, which operates as an "excess benefits" plan relating to two company qualified benefit plans. Stock options granted under the 2004 Stock Incentive Plan. The options are fully vested. Stock options granted under the 2004 Stock Incentive Plan. The options (12,000 in the original grant) vest in annual installments of 20% each beginning January 22, 2014. Stock options granted under the 2004 Stock Incentive Plan. The options (10,000 in the original grant) vest in annual installments of 20% each beginning January 21, 2015. /s/Michael T. Crowley, Jr. 2017-01-19