Exhibit 10.12

 

Notice of Amendment to

Restricted Stock Agreement under the

HMN Financial, Inc. 2009 Equity Incentive Plan

 

 

Participant:___________________________

 

Number of Shares Subject to Award:______________

 

Grant Date:____________________

 

In accordance with Section 16(c) of the HMN Financial, Inc. 2009 Equity
Incentive Plan (the “Plan”), the Compensation Committee of the Board of
Directors of HMN Financial, Inc. (the “Company”) has amended the above
referenced Restricted Stock Agreement between the Participant and the Company
(the “Agreement”), effective ____________, 2016, as follows:

 

 

1.

By inserting the words “or subsection (c)” after the words “subsection (b)” in
subsection (a) of Section 3; and

 

 

2.

By adding the following subsection (c) to Section 3:

 

“(c)     All outstanding Restricted Shares shall immediately vest and become
Vested Shares on the date a Change in Control occurs or a Corporate Transaction
of the type described in clauses (i) and (ii) of the definition of “Corporate
Transaction” occurs.”

 

In all other respects, the Agreement remains in full force and effect in
accordance with its original terms.

 

 

 

HMN FINANCIAL, INC.

 

 

 

By:___________________________________

Title:__________________________________