Exhibit 10.3



 Exhibit 10.3 
 [Form of] 
 LIFE INSURANCE 

ENDORSEMENT METHOD SPLIT DOLLAR PLAN 
 AGREEMENT 
  

			
	 Insurer:
	  	Massachusetts Mutual Life Insurance Company New York Life Insurance & Annuity Corporation
		
	 Policy Number
	  	
		
	 Bank
	  	 Home Federal Savings and Loan Association

		
	 Insured:
	  	
		
	 Relationship of Insured to Bank:
	  	 Executive

		
	 Trust:
	  	Rabbi Trust for the Executive Supplemental Retirement Plan Agreement and the Life Insurance Endorsement Method Split Dollar Plan Agreement


The respective rights and duties of the Bank, the Trustee and the Insured in the above-referenced policy shall be pursuant to the terms set forth below:

  

	I.	DEFINITIONS 

 Refer to the
policy contract for the definition of any terms in this Agreement that are not defined herein. If a definition of a term in the policy is inconsistent with the definition of a term in this Agreement, then the definition of the term as set forth in
this Agreement shall supersede and replace the definition of the terms as set forth in the policy. 
  

	II.	POLICY TITLE AND OWNERSHIP 


Title and ownership shall reside in the Trustee for the Rabbi Trust for the Executive Supplemental Retirement Plan Agreement and the Life
Insurance Endorsement Method Split Dollar Plan Agreement for its use and for the use of the Insured all in accordance with this Agreement. The Trustee at the direction of the Bank may, to the extent of its interest, exercise the right to borrow or
withdraw on the policy cash values. Where the Trustee at the direction of the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy,
then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement. 
  

	III.	BENEFICIARY DESIGNATION RIGHTS 

 The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured,








 
and to elect and change a payment option for such beneficiary, subject to any right or interest the Trustee at the direction of the Bank or the Trust may have in such proceeds, as provided in
this Agreement. 
  

	IV.	PREMIUM PAYMENT METHOD 


Subject to the Bank’s absolute right to surrender or terminate the policy at any time and for any reason, the Bank or the Trustee at
the direction of the Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force. 
  

	V.	TAXABLE BENEFIT 

 Annually
the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank or the Trustee at the direction of the Bank will report to the Insured the amount of imputed income each year on
Form W-2 or its equivalent. 
  

	VI.	DIVISION OF DEATH PROCEEDS 


Subject to Paragraphs VII and DC herein, the division of the death proceeds of the policy is as follows: 

 

	 	A.	Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to
an amount equal to eighty percent (80%) of the net-at-risk insurance portion of the proceeds. The net-at-risk insurance portion is the total proceeds less the cash value of the policy. 


 

	 	B.	Should the Insured not be employed by the Bank at the time of his or her death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall
be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date of first employment.


  

			
	 Total Years

Of Employment
 With the Bank
	  	 Vested
(to a maximum of 100%

	 0-1
	  	0%
	 1 +
	  	10% per year, to a maximum of 80%
	 30 years or Age 55,

whichever is earliest
	  	100%

  

	 	D.	The Bank shall be entitled to the remainder of such proceeds. 

  

	 	E.	The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the
total proceeds, excluding any such interest. 

  

	VII.	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY 

 The Bank or the Trust shall at all times be entitled to an amount equal to the policy’s cash value, 

  
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as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank or the Trustee at the direction of the Bank and any
applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be. 
  

	VIII.	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS 

 In the event the policy involves an endowment or annuity element, the Bank’s or the Trust’s right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment
period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the policy’s cash value. Such endowment proceeds or annuity benefits shall be considered
to be like death proceeds for the purposes of division under this Agreement. 
  

	IX.	TERMINATION OF AGREEMENT 


This Agreement shall terminate upon the occurrence of any one of the following: 

 

	 	A.	The Insured shall be discharged from employment with the Bank for cause. The term “for cause” shall mean any of the following that result in an adverse effect
on the Bank: (i) gross negligence or gross neglect; (ii) the commission of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the willful violation of any law, rule, or regulation (other than a
traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v) a breach of fiduciary duty involving personal profit; or 


 

	 	B.	Surrender, lapse, or other termination of the Policy by the Bank. 

 Upon such termination, the Insured (or assignee) shall have a fifteen (15) day option to receive from the Bank or the Trustee at the direction of the Bank an absolute assignment of the policy in
consideration of a cash payment to the Bank or the Trustee at the direction of the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be the greater of: 

 

	 	A.	The Bank’s or the Trust’s share of the cash value of the policy on the date of such assignment, as defined in this Agreement; or 


 

	 	B.	The amount of the premiums which have been paid by the Bank or the Trustee at the direction of the Bank prior to the date of such assignment. 


If, within said fifteen (15) day period, the Insured fails to exercise said option, fails to procure the entire aforestated cash
payment, or dies, then the option shall terminate and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the policy shall terminate as of the date of the termination of this Agreement. 

The Insured expressly agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to
receive an absolute assignment of the policy as set forth herein. 
 Except as provided above, this Agreement shall terminate
upon distribution of the death benefit proceeds in accordance with Paragraph VI above. 

  
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	X.	INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS 

 The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the subject policy nor any rights, options, privileges
or duties created under this Agreement. 
  

	XI.	AGREEMENT BINDING UPON THE PARTIES 

 This Agreement shall bind the Insured and the Bank or the Trustee at the direction of the Bank, their heirs, successors, personal representatives and assigns. 

 

	XII.	ERISA PROVISIONS 

 The
following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”): 
  

	 	A.	Named Fiduciary and Plan Administrator. 

 The “Named Fiduciary and Plan Administrator” of this Endorsement Method Split Dollar Agreement shall be Home Federal Savings and Loan Association until its resignation or removal by the Board of
Directors. As Named Fiduciary and Plan Administrator, the Bank or the Trustee at the direction of the Bank shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein. The Named Fiduciary may
delegate to others certain aspects of the management and operation responsibilities of the Plan, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. 

 

	 	B.	Funding Policy. 

 Subject
to the Bank’s absolute right to surrender or terminate the policy at any time and for any reason, the funding policy for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required.

  

	 	C.	Basis of Payment of Benefits. 

 Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. 

 

	 	D.	Claim Procedures. 

 Claim
forms or claim information as to the subject policy can be obtained by contacting Benmark, Inc. (800-544-6079). When the Named Fiduciary has a claim which may be covered under the provisions described in the insurance policy, they should contact the
office named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise the named Fiduciary what further requirements are necessary. The Insurer will evaluate and make a decision as to
payment. If the claim is payable, a benefit check will be issued in accordance with the terms of this Agreement. 

  
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 In the event that a claim is not eligible under the policy, the Insurer will notify the
Named Fiduciary of the denial pursuant to the requirements under the terms of the policy. If the Named Fiduciary is dissatisfied with the denial of the claim and wishes to contest such claim denial, they should contact the office named above and
they will assist in making an inquiry to the Insurer. All objections to the Insurer’s actions should be in writing and submitted to the office named above for transmittal to the Insurer. 

 

	XIII.	GENDER 

 Whenever in this
Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply. 

 

	XIV.	INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT 

 The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed copy of this Agreement. Payment or other performance in
accordance with the policy provisions shall fully discharge the Insurer from any and all liability. 
  

	XV.	CHANGE OF CONTROL 


“Change of Control” means (a) report is filed with the Securities and Exchange Commission (the “SEC”) on Schedule
13D or Schedule 14D-1 (or any successor schedule, form or report), each as promulgated pursuant to the Exchange Act, disclosing that any “person” as such term is used in Section 13(d) and Section 14(d)(2) of the Exchange Act,
other than the company of any company employee benefit plan, is or has become a beneficial owner, directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the
Company’s then outstanding securities; (b) the Company is merged or consolidated with another corporation and, as a result thereof, securities representing less than fifty percent (50%) of the combined voting power of the surviving or
resulting corporation’s securities (or of the securities of a parent corporation in case of a merger in which the surviving or resulting corporation becomes a wholly owned subsidiary of the parent corporation) are owned in the aggregate by
holders of the Company’s securities immediately prior to such merger or consolidation; (c) all or substantially all of the assets of the Company are sold in a single transaction or a series of related transactions to a single purchaser or
a group of affiliated purchasers; or (d) during any period of twenty-four (24) consecutive months, individuals who were Directors of the Company at the beginning of such period cease to constitute at least a majority of the Company’s
board unless the election, or nomination for election by the Company’s shareholders, of more than one-half of any new Directors of the Company then still in office who were Directors of the Company at the beginning of such twenty-four
(24) month period, either actually or by prior operation of this clause (d). The date of a Change of Control shall be deemed to be the date of the earlier of the date of (i) consummation of the transaction involving the Change in Control,
or (ii) the execution of a definitive agreement by the Corporation involving a transaction deemed to be a Change in Control. 
  

	XVI.	AMENDMENT OR REVOCATION 


Subject to the Bank’s absolute right to surrender or terminate the policy at any time and for any reason, it is agreed by and between
the parties hereto that, during the lifetime of the Insured, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Insured and the Bank. 

  
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	XVII.	EFFECTIVE DATE 

 The
Effective Date of this Agreement shall be                  ,            . 

 

	XVIII.	SEVERABILITY AND INTERPRETATION 

 If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms. Further, in the event that any provision is
held to be over broad as written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended. 

 

	XIX.	APPLICABLE LAW 

 The
validity and interpretation of this Agreement shall be governed by the laws of the United States of America. 
 Executed at Ashland, Kentucky
this                 day of            ,
            . 
  

									
		 		 	HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
				
	 	 		 	By:	 	 
	Witness	 		 		 		 	Title
				
	 	 		 	By:	 	 
	Witness	 		 		 	Name	 	Title


  
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