Exhibit 10.1

EMPLOYMENT AGREEMENT



THIS AGREEMENT (the “Agreement”),
made this 31st day of December 2012, by and betweenKENTUCKY FIRST FEDERAL BANCORP, a federally chartered corporation(the
“Company”),andWILLIAM H. JOHNSON (the “Executive”).  References to the “Bank”
herein shall mean First Federal Savings Bank of Frankfort, a federally chartered savings institution and subsidiary of the Company.



WHEREAS,Executive will serve the
Company in a position of substantial responsibility;



WHEREAS,the Company wishes to assure
the services of Executive for the period provided in this Agreement; and



WHEREAS,Executive is willing to
serve in the employ of the Company for said period.



NOW, THEREFORE,in consideration
of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree
as follows:



1.          Employment.
Executive is employed as Vice President of the Company.  Executive shall perform all duties and shall have all powers
which are commonly incident to those offices.  During the term of this Agreement, Executive also agrees to serve, if
elected, as an officer and/or director of any subsidiary of the Company and in such capacity will carry out such duties and responsibilities
as are reasonably appropriate to those offices.



2.          Location
and Facilities.  Executive will be furnished with the working facilities and staff customary for executive officers
with the title and duties set forth in Section 1 and as are necessary for him to perform his duties.  The location of
such facilities and staff shall be at the principal administrative offices of the Company or the Bank, or at such other site or
sites customary for such offices.



3.          Term.



a.           The
term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective
Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made
pursuant to this Section 3.



b.           Commencing
on the first year anniversary date of this Agreement, and continuing on each anniversary thereafter, the disinterested members
of the board of directors of the Company may extend the Agreement for an additional one-year period beyond the then effective expiration
date, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 20 of
this Agreement.  The Board of Directors of the Company (the “Board”) will review Executive’s performance
annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be included in
the minutes of the Board’s meeting.  The Board shall give notice to Executive as soon as possible after such review
as to whether the Agreement is to be extended.



4.          Base
Compensation.



a.           The
Company agrees to pay Executive during the term of this Agreement a base salary at the rate of $127,392 per year, payable in accordance
with customary payroll practices.











b.           The
Board shall review annually the rate of Executive’s base salary based upon factors they deem relevant, and may maintain or
increase his salary, provided that no such action shall reduce the rate of salary below the rate in effect on the Effective Date.



c.           In
the absence of action by the Board, Executive shall continue to receive salary at the annual rate specified on the Effective Date
or, if another rate has been established under the provisions of this Section 4, the rate last properly established by action of
the Board under the provisions of this Section 4.



5.          Bonuses.  Executive
shall be entitled to participate in discretionary bonuses or other incentive compensation programs that may be awarded from time
to time to senior management employees pursuant to bonus plans or otherwise.



6.          Benefit
Plans.  Executive shall be entitled to participate in such life insurance, medical, dental, pension, profit sharing,
retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time for the
benefit of Company or Bank employees.



7.          Vacation
and Leave. At such reasonable times as the Board shall in its discretion permit, Executive shall be entitled,
without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary
absences to count as vacation time, provided that:



a.           Executive
shall be entitled to an annual vacation in accordance with the policies that the Board periodically establishes for senior management
employees.



b.           Executive
shall accumulate any unused vacation and/or sick leave from one fiscal year to the next, in either case to the extent authorized
by the Board, provided that the Board shall not reduce previously accumulated vacation or sick leave.



c.           In
addition to the above mentioned paid vacations, Executive shall be entitled, without loss of pay, to absent himself voluntarily
from the performance of his employment for such additional periods of time and for such valid and legitimate reasons as the Board
may in its discretion determine.  Further, the Board may grant Executive a leave or leaves or absence, with or without
pay, at such time or times and upon such terms and conditions as the Board in its discretion may determine.



8.          Expense
Payments and Reimbursements.Executive shall be reimbursed for all reasonable out-of-pocket business expenses
that he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with
applicable policies of the Company.



9.          Automobile
Allowance.   During the term of this Agreement, Executive may be entitled to an automobile allowance.   In
the event such automobile allowance is provided by the Company, Executive shall comply with reasonable reporting and expense limitations
on the use of such automobile as may be established by the Company from time to time, and the Company shall annually include on
Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile.



10.        Loyalty
and Confidentiality.



a.           During
the term of this Agreement and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, Executive:
(i) shall devote his full business time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided,
however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in,
companies or organizations which will not present any conflict of interest with the Company or any of its affiliates or unfavorably
affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation
and (ii) shall not engage in any business or activity contrary to the business affairs or interests of the Company or its affiliates.
“Full business time” is hereby defined as that amount of time usually devoted to like companies and institutions by
similarly situated executive officers.











b.           Nothing
contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities of
any business dissimilar from that of the Company, or, solely as a passive, minority investor, in any business.



c.           Executive
agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Company and
its affiliates; the names or addresses of any of the Bank’s borrowers, depositors and other customers; any information concerning
or obtained from such customers; and any other information concerning the Company and its affiliates to which he may be exposed
during the course of his employment.  Executive further agrees that, unless required by law or specifically permitted
by the Board in writing, he will not disclose to any person or entity, either during or subsequent to his employment, any of the
above-mentioned information which is not generally known to the public, nor shall he employ such information in any way other than
for the benefit of the Company and its affiliates.



11.          Termination
and Termination Pay.Subject to Section 12 of this Agreement, Executive’s employment under this Agreement
may be terminated in the following circumstances:



a.           Death.  Executive’s
employment under this Agreement shall terminate upon his death during the term of this Agreement, in which event Executive’s
estate shall be entitled to receive the compensation due to Executive through the last day of the calendar month in which his death
occurred.



b.           Retirement.  This
Agreement shall be terminated upon Executive’s retirement under the retirement benefit plan or plans in which he participates
pursuant to Section 6 of this Agreement or otherwise.



c.Disability.



| |  | i.            The Board or Executive may terminate Executive’s
employment after having determined Executive has a Disability.  For purposes of this Agreement, “Disability”
means a physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement
and that results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the Company
or the Bank (or, if there are no such plans in effect, that impairs Executive’s ability to substantially perform his duties
under this Agreement for a period of one hundred eighty (180) consecutive days).  The Board shall determine whether or
not Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical
advice and other factors that they reasonably believe to be relevant.  As a condition to any benefits, the Board may
require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate.
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| |  | ii.         In the event of such Disability, Executive shall be entitled to the
compensation and benefits provided for under this Agreement for (1) any period during the term of this Agreement and prior to the
establishment of Executive’s Disability during which Executive is unable to work due to the physical or mental infirmity,
and (2) any period of Disability which is prior to Executive’s termination of employment pursuant to this Section 11c.; provided,
however, that any benefits paid pursuant to the Company’s or the Bank’s long-term disability plan will continue as
provided in such plan withoutreduction for payments made pursuant to this Agreement.  During any period that
Executive receives disability benefits and to the extent that Executive shall be physically and mentally able to do so, he shall
furnish such information, assistance and documents so as to assist in the continued ongoing business of the Company and, if able,
he shall make himself available to the Company to undertake reasonable assignments consistent with his prior position and his physical
and mental health.  The Company shall pay all reasonable expenses incident to the performance of any assignment given
to Executive during the Disability period.
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d.Termination
for Cause.



| |  | i.            The
Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately terminate his employment
at any time, for “Cause.”  Executive shall have no right to receive compensation or other benefits for any
period after termination for Cause except for vested benefits.  Termination for Cause shall mean termination because
of, in the good faith determination of the Board, Executive’s:
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| | (1) | Personal dishonesty;
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| | (2) | Incompetence;
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| | (3) | Willful misconduct;
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| | (4) | Breach of fiduciary duty involving personal profit;
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| | (5) | Intentional failure to perform stated duties under this Agreement;
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| | (6) | Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflects adversely
on the reputation of the Company or its affiliates, any felony conviction, any violation of law involving moral turpitude, or any
violation of a final cease-and-desist order; or
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| | (7) | Material breach by Executive of any provision of this Agreement.
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ii.        
 Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless there shall have
been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire
membership of the Board at a meeting of such Board called and held for the purpose (after reasonable notice to Executive and
an opportunity for Executive to be heard before the Board with counsel), of finding that, in the good faith opinion of the
Board, Executive was guilty of the conduct described above and specifying the particulars thereof.



e.           Voluntary
Termination by Executive.  In addition to his other rights to terminate under this Agreement, Executive may voluntarily
terminate employment during the term of this Agreement upon at least ninety (90) days’ prior written notice to the Board,
in which case Executive shall receive only his compensation, vested rights and employee benefits up to the date of his termination.



f.Without
Cause or With Good Reason.



| |  | i.            In
addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate
his employment at any time for a reason other than Cause (a termination “Without  Cause”) and Executive
may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event
constituting “Good Reason,” as defined below (a termination “With Good Reason”).
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| |  | ii.          Subject to Section 12 of this
                                                                                Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive his base salary for
                                                                                the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of such
                                                                                termination.  Also, in such event, Executive shall, for the remaining term of the Agreement, receive the benefits
                                                                                he would have received during the remaining term of the Agreement under any retirement programs (whether tax-qualified or
                                                                                non-qualified) in which Executive participated prior to his termination (with the amount of the benefits determined by
                                                                                reference to the benefits received by Executive or accrued on his behalf under such programs during the twelve (12) months
                                                                                preceding his termination) and continue to participate in any benefit plans that provide health (including medical and
                                                                                dental), life or disability insurance, or similar coverage, upon terms no less favorable than the most favorable terms
                                                                                provided to senior executives during such period.  In the event that the Company or the Bank are unable to provide
                                                                                such coverage by reason of Executive no longer being an employee, the Company or the Bank shall provide Executive with
                                                                                comparable coverage on an individual policy basis.
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| |  | iii.         “Good
Reason” shall exist if, without Executive’s express written consent, the Company or the Bank materially breach any
of their respective obligations under this Agreement.  Without limitation, such a material breach shall be deemed to
occur upon any of the following:
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| | (1) | A material reduction in Executive’s responsibilities or authority in connection with his employment;
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| | (2) | Assignment to Executive of duties of a non-executive nature or duties for which he is not reasonably equipped by his skills
and experience;
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| | (3) | Failure of Executive to be nominated or renominated to the Company’s Board;
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| | (4) | A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in
Section 12 of this Agreement, any reduction in salary or material reduction in benefits below the amounts to which Executive was
entitled prior to the Change in Control;
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| | (5) | Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s participation to such
an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date;
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| | (6) | A requirement that Executive relocate his principal business office or his principal place of residence outside of the area
consisting of a thirty (30) mile radius from the current main office of the Company and any branch of the Bank, or the assignment
to Executive of duties that would reasonably require such a relocation; or
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| | (7) | Liquidation or dissolution of the Company or the Bank.
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iv.        
 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans
maintained by the Company and the Bank as part of a good faith, overall reduction or elimination of such plans or benefits
thereunder applicable to all participants in a manner that does not discriminate against Executive (except as such
discrimination may be necessary to comply with law) shall not constitute an event of Good Reason or a material breach of this
Agreement, provided that benefits of the type or to the general extent as those offered under such plans prior to such
reduction or elimination are not available to other officers of the Company or the Bank or any company that controls either
of them under a plan or plans in or under which Executive is not entitled to participate.



g.           Continuing
Covenant Not to Compete or Interfere with Relationships.  Regardless of anything herein to the contrary, following
a termination by the Company or Executive pursuant to Section 11f.:



i.            Executive’s
obligations under Section 10c. of this Agreement will continue in effect; and



ii.       
  During the period ending on the first anniversary of such termination, Executive shall not serve as an officer,
director or employee of any bank holding company, bank, savings bank, savings and loan holding company, or mortgage company
(any of which shall be a “Financial Institution”) which Financial Institution offers products or services
competing with those offered by the Company or its affiliates from any office within fifty (50) miles from the main office of
the Company or any branch of the Bank and shall not interfere with the relationship of the Company or the Bank and any of
their employees, agents, or representatives.











12.          Termination
in Connection with a Change in Control.



a.           For
purposes of this Agreement, a “Change in Control” means any of the following events:



i.            Merger:
The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result
less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is
held by persons who were stockholders of the Company immediately before the merger or consolidation.



ii.         Acquisition
of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule
(other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses
that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s
voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity
by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities.



iii.         Change
in Board Composition:  During any period of two consecutive years, individuals who constitute the Company’s
Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s
Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the Board
(or first nominated by the Board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who
were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period;
or



iv.         Sale
of Assets:  The Company sells to a third party all or substantially all of its assets.



Notwithstanding anything in this Agreement to the contrary,
in no event shall the conversion of the Bank from mutual to stock form (including a “second-step” reorganization) constitute
a “Change in Control” for purposes of this Agreement.



b.           Termination.  If
within the period ending one year after a Change in Control, (i) the Company and the Bank shall terminate Executive’s employment
Without  Cause, or (ii) Executive voluntarily terminates his employment with Good Reason, the Company and the Bank shall,
within ten calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three  times
Executive’s average Annual Compensation over the five (5) most recently completed calendar years ending with the year immediately
preceding the effective date of the Change in Control.  In determining Executive’s average Annual Compensation,
Annual Compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the
granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses (whether paid or accrued for the
applicable period), as well as retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive
or paid for Executive’s benefit during any such year, profit sharing, employee stock ownership plan and other retirement
contributions or benefits, including to any tax-qualified plan or arrangement (whether or not taxable) made or accrued on behalf
of Executive for such years.The cash payment made under this Section 12b. shall be made in lieu of any payment also
required under Section 11f. of this Agreement because of a termination in such period.  Executive’s rights under
Section 11f. are not otherwise affected by this Section 12.  Also, in such event, Executive shall, for a thirty-six (36)
month period following his termination of employment, receive the benefits he would have received over such period under any retirement
programs (whether tax-qualified or non-tax-qualified) in which Executive participated prior to his termination (with the amount
of the benefits determined by reference to the benefits received by Executive or accrued on his behalf under such programs during
the twelve (12) months preceding the Change in Control) and continue to participate in any benefit plans of the Company or the
Bank that provide health (including medical and dental), life or disability insurance, or similar coverage upon terms no less favorable
than the most favorable terms provided to senior executives during such period.  In the event that the Company or the
Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company or the Bank shall provide
Executive with comparable coverage on an individual policy basis or the cash equivalent.











c.           The
provisions of Section 12 and Sections 14 through 26, including the defined terms used in such sections, shall continue in effect
until the later of the expiration of this Agreement or one year following a Change in Control.



Indemnification and Liability Insurance.



a.           Indemnification.  The
Company agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related thereto,
to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred
by him in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his having
been a director or Executive of the Company or any of its affiliates (whether or not he continues to be a director or Executive
at the time of incurring any such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments,
court costs, and attorneys’ fees and the costs of reasonable settlements, such settlements to be approved by the Board, if
such action is brought against Executive in his capacity as an Executive or director.  Indemnification for expenses shall
not extend to matters for which Executive has been terminated for Cause.  Nothing contained herein shall be deemed to
provide indemnification prohibited by applicable law or regulation.  Notwithstanding anything herein to the contrary,
the obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years.



b.           Insurance.  During
the period in which indemnification of Executive is required under this Section, the Company shall provide Executive (and his heirs,
executors, and administrators) with coverage under a directors’ and officers’ liability policy at the expense of the
Company, at least equivalent to such coverage provided to directors and senior executives of the Company or the Bank.



14.          Reimbursement
of Executive’s Expenses to Enforce this Agreement.The Company shall reimburse Executive for all out-of-pocket
expenses, including, without limitation, reasonable attorneys’ fees, incurred by Executive in connection with successful
enforcement by Executive of the obligations of the Company to Executive under this Agreement.  Successful enforcement
shall mean the grant of an award of money or the requirement that the Company and the Bank take some action specified by this Agreement:
(i) as a result of a court order; or (ii) otherwise following an initial failure of the Company to pay such money or take such
action promptly after written demand therefor from Executive stating the reason that such money or action was due under this Agreement
at or prior to the time of such demand.











15.          Limitation
of Benefits under Certain Circumstances.If the payments and benefits pursuant to Section 12 of this Agreement,
either alone or together with other payments and benefits which Executive has the right to receive from the Company or the Bank,
would constitute a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to Section
12 shall be reduced or revised, in the manner determined by Executive, by the amount, if any, which is the minimum necessary to
result in no portion of the payments and benefits under Section 12 being non-deductible to the Company pursuant to Section 280G
of the Code and subject to the excise tax imposed under Section 4999 of the Code.  The determination of any reduction
in the payments and benefits to be made pursuant to Section 12 shall be based upon the opinion of the Company independent public
accountants and paid for by the Company.  In the event that the Company or Executive do not agree with the opinion of
such counsel, (i) the Company shall pay to Executive the maximum amount of payments and benefits pursuant to Section 12, as selected
by Executive, which such opinion indicates there is a high probability do not result in any of such payments and benefits being
non-deductible to the Company and subject to the imposition of the excise tax imposed under Section 4999 of the Code and (ii) the
Company may request, and Executive shall have the right to demand that they request, a ruling from the IRS as to whether the disputed
payments and benefits pursuant to Section 12 have such consequences.  Any such request for a ruling from the IRS shall
be promptly prepared and filed by the Company, but in no event later than thirty (30) days from the date of the opinion of counsel
referred to above, and shall be subject to Executive’s approval prior to filing, which shall not be unreasonably withheld.  The
Company and Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect
any such rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.  Nothing
contained herein shall result in a reduction of any payments or benefits to which Executive may be entitled upon termination of
employment other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in Section 12 below
zero.



16.          Injunctive
Relief.If there is a breach or threatened breach of Section 11g. of this Agreement or the prohibitions upon
disclosure contained in Section 10c. of this Agreement, the parties agree that there is no adequate remedy at law for such breach,
and that the Company shall be entitled to injunctive relief restraining Executive from such breach or threatened breach, but such
relief shall not be the exclusive remedy hereunder for such breach.  The parties hereto likewise agree that Executive,
without limitation, shall be entitled to injunctive relief to enforce the obligations of the Company under this Agreement.



17.          Source
of Payments.Notwithstanding any provision herein to the contrary, to the extent that payments and benefits,
as provided by this Agreement, are paid to or received by Executive under the Employment Agreement in effect between the Executive
and the Bank (the “Bank Agreement”), such compensation payments and benefits paid by the Bank will be subtracted from
any amount due simultaneously to Executive under similar provisions of this Agreement.  Payments pursuant to this Agreement
and the Bank Agreement shall be allocated in proportion to the activities by Executive as determined by the Company and the Bank.



18.          Successors
and Assigns.



a.           This
Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire,
directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the
Company.



b.           Since
the Company is contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating
his rights or duties hereunder without first obtaining the written consent of the Company.



19.          No
Mitigation.Executive shall not be required to mitigate the amount of any payment provided for in this Agreement
by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits
provided to Executive in any subsequent employment.



20.          Notices.All
notices, requests, demands and other communications in connection with this Agreement shall be made in writing and shall be deemed
to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered
or certified mail, postage prepaid, addressed to the Company at its principal business offices and to Executive at his home address
as maintained in the records of the Company.











21.          No
Plan Created by this Agreement. Executive and the Company expressly declare and agree that this Agreement was
negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any
plan for purposes of the Employee Retirement Income Security Act or any other law or regulation, and each party expressly waives
any right to assert the contrary.  Any assertion in any judicial or administrative filing, hearing, or process that such
a plan was so created by this Agreement shall be deemed a material breach of this Agreement by the party making such an assertion.



22.          Amendments.  No
amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein
otherwise specifically provided.



23.          Applicable
Law.  Except to the extent preempted by federal law, the laws of the State of Kentucky shall govern this Agreement
in all respects, whether as to its validity, construction, capacity, performance or otherwise.



24.          Severability.The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof.



25.          Headings.  Headings
contained herein are for convenience of reference only.



26.          Entire
Agreement.  This Agreement, together with any understanding or modifications thereof as agreed to in writing
by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other
than written agreements with respect to specific plans, programs or arrangements described in Sections 5 and 6.



27.           Section
409A.



a.The
Executive will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified
as deferred compensation only upon a “separation from service” within the meaning of Section 409A.



b.If
at the time of the Executive’s separation from service, (a) the Executive is a “specified employee” (within
the meaning of Section 409A and using the methodology selected by the Company) and (b) the Company make a good faith
determination that an amount payable or the benefits to be provided hereunder constitutes deferred compensation (within the meaning
of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule of Section 409A
in order to avoid taxes or penalties under Section 409A, then the Company will not pay the entire amount on the otherwise
scheduled payment date but will instead pay on the scheduled payment date the maximum amount permissible in order to comply with
Section 409A (i.e., any amount that satisfies an exception under the Section 409A rules from being categorized as deferred compensation)
and will pay the remaining amount (if any) in a lump sum on the first business day after such six month period.



c.To
the extent the Executive would be subject to an additional 20% tax imposed on certain deferred compensation arrangements pursuant
to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such tax and the parties shall promptly execute any amendment reasonably necessary to implement
this Section 27.  The Executive and the Company agree to cooperate to make such amendment to the terms of this Agreement
as may be necessary to avoid the imposition of penalties and taxes under Section 409A; provided, however, that the Executive
agrees that any such amendment shall provide the Executive with economically equivalent payments and benefits, and the Executive
agrees that any such amendment will not materially increase the cost to, or liability of, the Company with respect to any payment.











d.For
purposes of the this Agreement, Section 409A shall refer to Section 409A of the Internal Revenue Code of 1986, as amended, and
the Treasury regulations and any other authoritative guidance issued thereunder.



IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the date first set forth above.



|ATTEST:               |  | KENTUCKY FIRST FEDERAL BANCORP
|--------------------- |  | ------------------------------
|                      |  |                               
|/s/ Deborah Bersaglia |  | By:                           
|Corporate Secretary   |  |                               



|WITNESS:                     |  | EXECUTIVE
|---------------------------- |  | ---------
|                             |  |          
|/s/ Virginia R. S.
    Stump |  | By:      
|Corporate Secretary          |  |