EX-4.6





 Exhibit 4.6 

DESCRIPTION OF CAPITAL STOCK 
 General

 IF Bancorp, Inc. is authorized to issue 100,000,000 shares of common stock, par value of $0.01 per share, and 50,000,000 shares of
preferred stock, par value $0.01 per share. Each share of IF Bancorp, Inc. common stock has the same relative rights as, and is identical in all respects to, each other share of common stock. The shares of common stock of IF Bancorp, Inc. represent
nonwithdrawable capital, are not an account of an insurable type, and are not insured by the Federal Deposit Insurance Corporation or any other government agency. 

Common Stock 

Dividends. IF Bancorp, Inc. can pay dividends on its common stock if, after giving effect to such distribution,
(i) it would be able to pay its indebtedness as the indebtedness comes due in the usual course of business and (ii) its total assets exceed the sum of its liabilities and the amount needed, if IF Bancorp, Inc. were to be dissolved at the
time of the distribution, to satisfy the preferential rights in the event of dissolution of any holders of capital stock who have a preference in the event of dissolution; provided, however, that even if IF Bancorp, Inc.’s assets are less than
the amount necessary to satisfy the requirement set forth in (ii) above, IF Bancorp, Inc. may make a distribution from: (A) IF Bancorp, Inc.’s net earnings for the fiscal year in which the distribution is made; (B) IF Bancorp,
Inc.’s net earnings for the preceding fiscal year; or (C) the sum of IF Bancorp, Inc.’s net earnings for the preceding eight fiscal quarters. The holders of common stock of IF Bancorp, Inc. are entitled to receive and share equally in
dividends as may be declared by our Board of Directors out of funds legally available therefor. If IF Bancorp, Inc. issues shares of preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to
dividends. 
 Voting Rights. The holders of common stock of IF Bancorp, Inc. have exclusive voting rights in IF
Bancorp, Inc. They elect IF Bancorp, Inc.’s Board of Directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented to them by the Board of Directors. Generally, each holder of common
stock is entitled to one vote per share and does not have any right to cumulate votes in the election of directors. Any person who beneficially owns more than 10% of the then-outstanding shares of IF Bancorp, Inc.’s common stock, however, is
not entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If IF Bancorp, Inc. issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Certain matters require an 80%
stockholder vote. 
 As a federal stock savings association, corporate powers and control of Iroquois Federal Savings and Loan Association
(“Iroquois Federal”) are vested in its Board of Directors, who elect the officers of Iroquois Federal and who fill any vacancies on the Board of Directors. Voting rights of Iroquois Federal are vested exclusively in the owner of the shares
of capital stock of Iroquois Federal, which is IF Bancorp, Inc., and voted at the direction of IF Bancorp, Inc.’s Board of Directors. Consequently, the holders of the common stock of IF Bancorp, Inc. do not have direct control of Iroquois
Federal. 
 Liquidation. In the event of any liquidation, dissolution or winding up of Iroquois Federal, IF Bancorp,
Inc., as the holder of 100% of Iroquois Federal’s capital stock, would be entitled to receive all assets of Iroquois Federal available for distribution, after payment or provision for payment of all debts and liabilities of Iroquois Federal,
including all deposit accounts and accrued interest thereon, and after distribution of the balance in the liquidation account to Eligible Account Holders. In the event of liquidation, dissolution or winding up of IF Bancorp, Inc., the holders of its
common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of the assets of IF Bancorp, Inc. available for distribution. If preferred stock is issued, the holders thereof may have a
priority over the holders of the common stock in the event of liquidation or dissolution. 
 Preemptive Rights. Holders
of the common stock of IF Bancorp, Inc. are not entitled to preemptive rights with respect to any shares that may be issued, unless such preemptive rights are approved by the Board of Directors. The common stock is not subject to redemption. 












 Preferred Stock 

Preferred stock may be issued with preferences and designations as our Board of Directors may from time to time determine. Our Board of
Directors may, without stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the voting strength of the holders of the common stock and may assist management in impeding an
unfriendly takeover or attempted change in control. 
 RESTRICTIONS ON ACQUISITION OF IF BANCORP, INC. 

The following discussion is a general summary of the material provisions of IF Bancorp, Inc.’s articles of incorporation and bylaws,
Iroquois Federal’s federal stock charter, Maryland corporate law and certain other regulatory provisions that may be deemed to have an “anti-takeover” effect. The following description of
certain of these provisions is necessarily general and, with respect to provisions contained in IF Bancorp, Inc.’s articles of incorporation and bylaws and Iroquois Federal’s federal stock charter, reference should be made in each case to
the document in question. 
 IF Bancorp, Inc.’s Articles of Incorporation and Bylaws 

IF Bancorp, Inc.’s articles of incorporation and bylaws contain a number of provisions relating to corporate governance and rights of
stockholders that might discourage future takeover attempts. As a result, stockholders who might desire to participate in such transactions may not have an opportunity to do so. In addition, these provisions also render the removal of the Board of
Directors or management of IF Bancorp, Inc. more difficult. 
 Directors. The Board of Directors is divided into three
classes. The members of each class are elected for a term of three years and only one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of our directors. The bylaws establish
qualifications for Board members, including restrictions on affiliations with competitors of Iroquois Federal and prior legal or regulatory violations. 

Evaluation of Offers. The articles of incorporation of IF Bancorp, Inc. provide that its Board of Directors, when evaluating a
transaction that would or may involve a change in control of IF Bancorp, Inc. (whether by purchases of its securities, merger, consolidation, share exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy
solicitation or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of IF Bancorp, Inc. and its stockholders and in making any recommendation to the stockholders, give due
consideration to all relevant factors, including, but not limited to: 
  

	 	•	 	 the economic effect, both immediate and long-term, upon IF Bancorp, Inc.’s stockholders, including
stockholders, if any, who do not participate in the transaction; 


  

	 	•	 	 the social and economic effect on the present and future employees, creditors and customers of, and others
dealing with, IF Bancorp, Inc. and its subsidiaries and on the communities in which IF Bancorp, Inc. and its subsidiaries operate or are located; 


  

	 	•	 	 whether the proposal is acceptable based on the historical, current or projected future operating results or
financial condition of IF Bancorp, Inc.; 


  

	 	•	 	 whether a more favorable price could be obtained for IF Bancorp, Inc.’s stock or other securities in the
future; 


  

	 	•	 	 the reputation and business practices of the other entity to be involved in the transaction and its management
and affiliates as they would affect the employees of IF Bancorp, Inc. and its subsidiaries; 


  

	 	•	 	 the future value of the stock or any other securities of IF Bancorp, Inc. or the other entity to be involved in
the proposed transaction; 



  
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	 	•	 	 any antitrust or other legal and regulatory issues that are raised by the proposal; 



 

	 	•	 	 the business and historical, current or expected future financial condition or operating results of the other
entity to be involved in the transaction, including, but not limited to, debt service and other existing financial obligations, financial obligations to be incurred in connection with the proposed transaction, and other likely financial obligations
of the other entity to be involved in the proposed transaction; and 


  

	 	•	 	 the ability of IF Bancorp, Inc. to fulfill its objectives as a financial institution holding company and on the
ability of its subsidiary financial institution(s) to fulfill the objectives of a federally insured financial institution under applicable statutes and regulations. 



If the Board of Directors determines that any proposed transaction should be rejected, it may take any lawful action to defeat such
transaction. 
 Restrictions on Calling Special Meetings. The bylaws provide that special meetings of stockholders can
be called by only the President, a majority of the total number of directors that IF Bancorp, Inc. would have if there were no vacancies on the Board of Directors, or the Secretary upon the written request of stockholders entitled to cast at least a
majority of all votes entitled to vote at the meeting. 
 Prohibition of Cumulative Voting. The articles of
incorporation prohibit cumulative voting for the election of directors. 
 Limitation of Voting Rights. The articles of
incorporation provide that in no event is any person who beneficially owns more than 10% of the then-outstanding shares of common stock, entitled or permitted to vote any of the shares of common stock held in excess of the 10% limit; provided that
such 10% limit shall not apply if a majority of the unaffiliated directors approve the acquisition of shares in excess of the 10% limit prior to such acquisition. 

Restrictions on Removing Directors from Office. The articles of incorporation provide that directors may be removed only
for cause, and only by the affirmative vote of the holders of a majority of the voting power of all of our then-outstanding capital stock entitled to vote generally in the election of directors (after giving effect to the limitation on voting rights
discussed above in “—Limitation of Voting Rights”), voting together as a single class. 
 Authorized but Unissued
Shares. IF Bancorp, Inc. has authorized but unissued shares of common and preferred stock. The articles of incorporation authorize 50,000,000 shares of serial preferred stock. IF Bancorp, Inc. is authorized to issue preferred stock from time
to time in one or more series subject to applicable provisions of law, and the Board of Directors is authorized to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms
and conditions of redemption of such shares. In addition, the articles of incorporation provide that a majority of the total number of directors that IF Bancorp, Inc. would have if there were no vacancies on the Board of Directors may, without
action by the stockholders, amend the articles of incorporation to increase or decrease the aggregate number of shares of stock of any class or series that IF Bancorp, Inc. has the authority to issue. In the event of a proposed merger, tender offer
or other attempt to gain control of IF Bancorp, Inc. that the Board of Directors does not approve, it would be possible for the Board of Directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede
the completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to deter a future attempt to gain control of IF Bancorp, Inc. 

Amendments to Articles of Incorporation and Bylaws. Except as provided under “— Authorized but Unissued
Shares,” above, regarding the amendment of the articles of incorporation by the Board of Directors to increase or decrease the number of shares authorized for issuance, or as otherwise allowed by law, any amendment to the articles of
incorporation must be approved by our Board of Directors and also by a majority of the outstanding shares of our voting stock; provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend the
following provisions: 
  

	 	(i)	 The limitation on voting rights of persons who directly or indirectly beneficially own more than 10% of the
outstanding shares of common stock; 



  
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	 	(ii)	 The division of the Board of Directors into three staggered classes; 



 

	 	(iii)	 The ability of the Board of Directors to fill vacancies on the Board; 



 

	 	(iv)	 The requirement that at least a majority of stockholders must vote to remove directors, and can only remove
directors for cause; 


  

	 	(v)	 The ability of the Board of Directors to amend and repeal the bylaws; 



 

	 	(vi)	 The ability of the Board of Directors to evaluate a variety of factors in evaluating offers to purchase or
otherwise acquire IF Bancorp, Inc.; 


  

	 	(vii)	 The authority of the Board of Directors to provide for the issuance of preferred stock; 



 

	 	(viii)	 The validity and effectiveness of any action lawfully authorized by the affirmative vote of the holders of a
majority of the total number of outstanding shares of common stock; 


  

	 	(ix)	 The number of stockholders constituting a quorum or required for stockholder consent; 



 

	 	(x)	 The indemnification of current and former directors and officers, as well as employees and other agents, by IF
Bancorp, Inc.; 


  

	 	(xi)	 The limitation of liability of officers and directors to IF Bancorp, Inc. for money damages; and



  

	 	(xii)	 The provision of the articles of incorporation requiring approval of at least 80% of the outstanding voting
stock to amend the provisions of the articles of incorporation provided in (i) through (xi) of this list. 


 The
articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of our directors or by the stockholders by the affirmative vote of at least 80% of the total votes eligible to be voted at a duly constituted
meeting of stockholders. Any amendment of this supermajority requirement for amendment of the bylaws would also require the approval of 80% of the outstanding voting stock. 

Maryland Corporate Law 
 Business
combinations between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder.
These business combinations include a merger, consolidation, statutory share exchange or, in circumstances specified in the statute, certain transfers of assets, certain stock issuances and transfers, liquidation plans and reclassifications
involving interested stockholders and their affiliates or issuance or reclassification of equity securities. Maryland law defines an interested stockholder as: (i) any person who beneficially owns 10% or more of the voting power of a
corporation’s voting stock after the date on which the corporation had 100 or more beneficial owners of its stock; or (ii) an affiliate or associate of the corporation at any time after the date on which the corporation had 100 or more
beneficial owners of its stock who, within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the
corporation. A person is not an interested stockholder under the statute if the Board of Directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction,
the Board of Directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the Board. 

  
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 After the five-year prohibition, any business combination between the Maryland corporation
and an interested stockholder generally must be recommended by the Board of Directors of the corporation and approved by the affirmative vote of at least: (i) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of
the corporation; and (ii) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate
the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined
under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. 

Change in Control Laws 
 Under the Change
in Bank Control Act, no person may acquire control of an insured savings association or its parent holding company unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the
proposed acquisition. The Federal Reserve Board takes into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition. In addition, federal regulations provide that
no company may acquire control of a savings association without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a “savings and loan holding company” subject to registration, examination and
regulation by the Federal Reserve Board. 
 Control, as defined under federal law, means ownership, control of or holding irrevocable
proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the company’s directors, or a determination by the Federal Reserve Board that the acquirer has the power to direct, or
directly or indirectly exercise a controlling influence over, the management or policies of the institution. Acquisition of more than 10% of any class of a savings and loan holding company’s voting stock constitutes a rebuttable determination
of control under the regulations under certain circumstances including where, as is the case with Iroquois Federal, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934. Federal Reserve Board regulations
provide that parties seeking to rebut control will be provided an opportunity to do so in writing. 

  
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