Exhibit 10.1

 

UST #10

 

UNITED STATES DEPARTMENT OF THE TREASURY

1500 Pennsylvania Avenue, NW
Washington, D.C.  20220

 

June 30, 2009

 

Ladies and Gentlemen:

 

Reference is made to that certain letter agreement (the “Repurchase Letter
Agreement”), dated as of the date set forth on Schedule A hereto, between the
United States Department of the Treasury (the “Investor”) and the company set
forth on Schedule A hereto (the “Company”). Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Repurchase Letter
Agreement.

 

As documented by the Repurchase Letter Agreement, the Company has completed the
repurchase from the Investor of all of the Preferred Shares issued to the
Investor pursuant to the Securities Purchase Agreement. Following such time, the
Company delivered a Warrant Repurchase Notice dated as of the date set forth on
Schedule A hereto to the Investor. In connection with the consummation, on the
date hereof, of the repurchase of the Warrant by the Company from the Investor,
as contemplated by the Warrant Repurchase Notice and Section 4.9 of the
Securities Purchase Agreement:

 

(a)           The Company hereby acknowledges receipt from the Investor of the
Warrant; and

 

(b)           The Investor hereby acknowledges receipt from the Company of a
wire transfer to the account of the Investor set forth on Schedule A hereto in
immediately available funds of the aggregate purchase price set forth on
Schedule A hereto, representing payment in full for the Warrant, determined in
accordance with Section 4.9 of the Securities Purchase Agreement.

 

This letter agreement will be governed by and construed in accordance with the
federal law of the United States if and to the extent such law is applicable,
and otherwise in accordance with the laws of the State of New York applicable to
contracts made and to be performed entirely within such State.

 

This letter agreement may be executed in any number of separate counterparts,
each such counterpart being deemed to be an original instrument, and all such
counterparts will together constitute the same agreement. Executed signature
pages to this letter agreement may be delivered by facsimile and such facsimiles
will be deemed sufficient as if actual signature pages had been delivered.

 

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In witness whereof, the parties have duly executed this letter agreement as of
the date first written above.

 

 

UNITED STATES DEPARTMENT OF THE

 

TREASURY

 

 

 

 

 

By:

/s/ Herbert M. Allison, Jr.

 

Name:

Herbert M. Allison, Jr.

 

Title:

Assistant Secretary for Financial Stability

 

 

 

 

 

HF FINANCIAL CORP.

 

 

 

 

 

 

By:

/s/ Curtis L. Hage

 

Name: Curtis L. Hage

 

Title: Chairman and Chief Executive Officer

 

 

 

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Left Blank Intentionally

 

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SCHEDULE A

 

 

 

Company Information:

 

 

 

 

 

Name of the Company:

 

HF Financial Corp.

 

 

 

Corporate or other organizational form of the Company:

 

Corporation

 

 

 

Jurisdiction of organization of the Company:

 

Delaware

 

 

 

Information related to the Preferred Share Repurchase:

 

 

 

 

 

Date of Repurchase Letter Agreement for the repurchase of all of the Preferred
Shares:

 

June 3, 2009

 

 

 

Terms of the Warrant Repurchase:

 

 

 

 

 

Date of Warrant Repurchase Notice:

 

June 10, 2009

 

 

 

Aggregate purchase price for the Warrant:

 

$650,000

 

 

 

Investor wire information for payment of purchase price for the Warrant:

The Bank of New York Mellon
ABA #
GLA/
Ref :
Ref: 

 

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