Exhibit 10.1

 



 

October 14, 2011

 

Stephen M. Bianchi

c/o HF Financial Corp.

225 South Main Avenue

Sioux Falls, South Dakota 57104

 

Dear Steve:

 

On behalf of the Board of Directors of HF Financial Corp. (the “Holding Company”) and its operating subsidiary, Home Federal Bank (the “Bank”), I am pleased to confirm our offer to serve as the Interim President and Chief Executive Officer of the Holding Company and the Bank on the terms below.

 

Reference is made to the Employment Agreement and the Change in Control Agreement between the Bank and Stephen M. Bianchi (the “Executive”), each dated April 26, 2010, providing for the employment of the Executive as Senior Vice President / President — Twin Cities Market (the “Employment Agreement” and the “Change in Control Agreement,” respectively). The Employment Agreement and Change in Control Agreement remain in effect and are not amended except as set forth expressly in this Letter Agreement.

 

	
1. Effective Date:
    	
 
    	
October 14, 2011
    
	
 
    	
 
    	
 
    
	
2. Title:
    	
 
    	
Interim President and Chief Executive   Officer of the Bank; Interim President and Chief Executive Officer of the   Holding Company.
    
	
 
    	
 
    	
 
    
	
3. Increase in Salary:
    	
 
    	
For each month in which the Executive serves   as the Interim President and Chief Executive Officer for any part of such month,   an additional $10,000 payment of salary, payable in accordance with the   Bank’s normal payroll policies and procedures. Notwithstanding the foregoing,   a minimum of $50,000 shall be paid in the aggregate under this section.
    
	
 
    	
 
    	
 
    
	
4. Term of Interim Service:
    	
 
    	
Service as Interim President and Chief   Executive Officer is at the will of the Board of Directors of the Bank and   the Holding Company. Upon termination of service as Interim President and   Chief Executive Officer, the terms of this Letter Agreement shall no longer   apply (with the exception of Section 5, below). For
    


 











 

	
 
    	
 
    	
avoidance of doubt, termination of this   Letter Agreement does not constitute termination of Executive’s employment   under the Employment Agreement.
    
	
 
    	
 
    	
 
    
	
5. Extension of Contract:
    	
 
    	
Notwithstanding Section 1 of the   Employment Agreement, the term of the Employment Agreement is extended to   July 1, 2013, and thereafter the term of the agreement shall   automatically be extended for one additional year, unless, no later than   March 31 of that year, the Bank or the Employee shall have given notice   that the Employment Agreement shall not be extended. This provision shall   survive termination of the Letter Agreement.
    
	
 
    	
 
    	
 
    
	
6. Expense Reimbursement:
    	
 
    	
Executive is eligible to receive   reimbursement for all reasonable expenses incurred in connection with travel   to and residing in the Sioux Falls area during his term of service as Interim   President and CEO. All expenses are to be paid upon submission of receipts   for such expenses.
    
	
 
    	
 
    	
 
    
	
7. Incentive Payments:
    	
 
    	
Executive is eligible to receive incentive   payments upon reaching goals to be established by the Personnel, Compensation   and Benefits Committee of up to $50,000 in the aggregate for fiscal year   2012.
    


 

The Board is grateful for your dedication to the company and is confident that your talent and experience will enable you to make even more significant contributions in your new role as Interim President and CEO.

 

Please indicate your acceptance of this offer by signing and returning this letter to me.

 

Sincerely,

 

 

	
/s/ Thomas Van Whye
    	
 
    
	
Thomas Van Whye
    	
 
    
	
Chairman, Corporate Governance and
    	
 
    
	
Nominating Committee
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ACCEPTED AND AGREED:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Stephen M. Bianchi
    
	
 
    	
Stephen M. Bianchi