Document:

Incentive Bonus Plan

 Exhibit 10.1 

KEWAUNEE SCIENTIFIC CORPORATION 

FISCAL YEAR 2011 

INCENTIVE BONUS PLAN 
 The
Fiscal Year 2011 Incentive Bonus Plan (the Plan) will provide for a bonus pool and bonus payouts based upon achievement of various levels of pre-tax earnings (after bonus accruals) for the year and other conditions described herein, as approved by
the Company’s Board of Directors. The Plan is proposed as a one-year plan for Fiscal Year 2011. 
 The provisions of the Plan are:

  

	1.	Eligibility of Participants to Share in the Bonus Pool 

  

	 	a.	Eligible participants of the Plan will be nominated by the President and approved by the Board of Directors, upon recommendation by the Compensation Committee. The
bonus potential percentages for each participant in the Plan will also be approved by the Board of Directors, upon recommendation by the Compensation Committee. 

 

	 	b.	Each participant will be eligible to share in the pool up to the specified percentage of his or her fiscal year 2011 base salary. 

 

	 	c.	In addition to individuals reporting directly to the President, managers fulfilling the following criteria are eligible to participate in the Plan:

  

	 	1.	Salary Grade 14 or above; 

  

	 	2.	Seniority of one year or more; 

  

	 	3.	Is not currently in another incentive plan (e.g., sales plan); 

  

	 	4.	Is a direct report to a direct report to the President; or 

  

	 	5.	Is a manager recommended by the President. 

  

	 	d.	Participants in the Plan and their applicable bonus potential percentages are shown on attached Charts IV-VII. 

 

	2.	Building of a Bonus Pool 

  

	 	a.	Operational Units  

  

	 	•	 	 The operational units (Statesville Operations, Technical Furniture, and International Operations) will start to accrue pools for potential bonus
payouts once pre-tax operating earnings of each operational unit reach the amounts shown as Start Point on Chart I, and maximum incentive bonus payouts will be accrued and available for payout based upon the guidelines shown on that schedule.

  

	 	b.	Corporate Pool 

  

	 	•	 	 A pool will start accumulating once pre-tax earnings reach the amounts shown as Start Point on Chart I, and maximum bonus payouts will be accrued and
available for payout based upon the guidelines shown on that schedule. 

  

	3.	Bonus Payout Conditions 

  

	 	a.	If the Company achieves pre-tax earnings less than the amounts shown as Start Point on Chart I, no awards will be paid to any corporate employee with that goal, except
at the discretion of the Board of Directors, upon recommendation by the Compensation Committee. 

  

	 	b.	If an operational unit achieves pre-tax earnings less than the amounts shown for it as Start Point on Chart I, no awards will be paid to its employees except at the
discretion of the Board of Directors, upon recommendation by the Compensation Committee. 

  

	 	c.	All participants will earn their awards dependent on their operational unit’s performance and their individual MBO performance. 

 

	 	d.	Beginning with the achievement of Start Point, the bonus potential percentage for each participant is linear between each goal with the corresponding increase in
pre-tax earnings, up to the individual’s maximum bonus potential percentage. 

  

	 	e.	Positive or negative financial adjustments outside the control of management (such as, but not limited to, proceeds from insurance claims, gains or losses from the sale
of capital assets, adoption of new generally accepted accounting pronouncements, etc.) will be assessed by the Board of Directors and the pre-tax earnings under the Plan may be adjusted for these items. 

 

	 	f.	Any portion of the bonus pool not awarded to participants will be retained by the Company. 

 

	 	g.	If a participant transfers between performance entities during the year, his or her incentive compensation will be based on the performance of the respective entities
on a pro rata basis from his or her transfer date as determined by the President. 

  

	 	h.	A participant must be an employee of the Company on the last day of the plan year (April 30) to be eligible to receive a bonus. In unusual circumstances, however,
the Board of Directors, upon recommendation by the Compensation Committee, may grant a discretionary bonus. 

  

	 	i.	The Board of Directors, upon recommendation by the Compensation Committee, may approve the pro rata participation of a participant who joins the Company or who is
appointed to a key position within the Company after the outset of the Plan year, with a pro rata increase in the bonus pool. 

  

	4.	Participant’s Bonus Potential 

Each participant’s bonus potential will be comprised of the following: 

 

	 	a.	A Fixed Bonus equal to 75% of each participant’s bonus potential will be based on achievement of corporate or divisional pre-tax earnings goals, as set forth in
the Plan, and 

  

	 	b.	A Discretionary Bonus up to the remaining 25% of each participant’s bonus potential will be calculated, taking into account the participant’s MBO achievements
and other relevant factors during the year. The discretionary portion of each participant’s bonus will take into account the participant’s achievement of management goals established, and weighted, in June 2010, and approved by the
President. The degree of achievement of these goals will be recommended by each participant’s manager immediately subsequent to April 30, 2011, and the discretionary bonus, if any, will then be determined and awarded at the discretion of
the Board of Directors, upon recommendation by the President and the Compensation Committee. 

  

	5.	The Plan may be amended at any time by the Board of Directors. 

  

	6.	Upon occurrence of a Change of Control, as such term is defined in the Company’s 2008 Key Employee Stock Option Plan, the Fiscal Year 2011 Incentive Bonus Plan
will terminate as of that date, and the performance bonus for each participant under such plan is calculated giving consideration to the level of year-to-date pretax earnings for the operational unit through the most recent month-end as compared to
the operations pretax earnings goals through the most recent month-end, with such bonus amount prorated based on the percentage of the performance period passed before the Change of Control and after giving consideration of each participant’s
performance of their individual MBOs as described in the Plan. The year-to-date pretax earnings shall exclude the positive or negative impact of any financial adjustments related to the Change of Control. A participant must be an employee of the
Company as of the date of the Change of Control, but need not be an employee of the Company on the last day of the Plan Year (April 30).Restricted Stock Agreement

 Exhibit 10.1 

HOPFED BANCORP, INC. 

2004 LONG-TERM INCENTIVE PLAN 
  

 
 Restricted
Share Award Agreement 
  
  

Award No. 2010-4      

You are hereby awarded Restricted Shares subject to the terms and conditions set forth in this Restricted Share Award Agreement
(“Award”) and in the HopFed Bancorp, Inc. 2004 Long-Term Incentive Plan (“Plan”), which is attached hereto as Exhibit A. All terms in this Award that begin with a capital letter are defined in the Plan or in
this Award. A summary of the Plan appears in the Prospectus, which is attached as Exhibit B. You should carefully review these documents, and consult with your personal financial advisor, before making any decisions relating to this award.

 By executing this Award, you agree to be bound by all of the Plan’s terms and conditions as if they had been set out
verbatim in this Award. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award will be made by the Committee, and shall be final, conclusive and binding on all parties,
including you and your successors in interest. 
 Specific Terms. Your Restricted Shares have the following terms:

  

			
	Name of Participant	  	John E. Peck
		
	Shares Subject to this Award	  	8,317 shares of common stock of the Company.
		
	Purchase Price per Share	  	Not applicable.
		
	Grant Date	  	June 23, 2010
		
	Vesting	  	Subject to Part 5, your Award will vest in accordance with the Plan and the provisions included in Part 3 of this document, and the vesting schedule may be
accelerated based on events outlined in Part 4 of this document.
		
	Restrictions on Transfer of Shares	  	You may sell or otherwise transfer the Shares subject to this Award after the vesting period is complete under the terms of Part 5 and as applicable, Part 3 or
Part 4.

 1. Dividends. Upon lapse of the transfer restrictions of this Award, the Participant
will receive an amount equal to any cash dividends (plus simple interest at five percent (5%) per year), plus a number of Shares equal to any stock dividends, which were declared and paid to the Company’s stockholders between the Award
Date and the date such unrestricted Shares are issued to the Participant. 
 2. Investment Purposes. The Participant
acknowledges that he is acquiring the Restricted Shares for investment purposes only and without any present intention of selling or distributing them. 

3. Vesting Schedule. The Restricted Shares shall vest according to the following schedule: 

 

						
	 Percentage of Shares Vesting
	  	Vesting Date (later of these two dates)	 
	  	Later of this Grant
Date
Anniversary...	  	...or
when this percentage of TARP
assistance has been repaid
(excluding warrants)
	 
	 First 25%
	  	first	  	25	% 
	 Next 25% (total 50%)
	  	second	  	50	% 
	 Next 25% (total 75%)
	  	third	  	75	% 
	 Final 25% (all shares vested)
	  	fourth	  	100	% 

 Any unvested Restricted Shares
will be forfeited upon termination of employment, except as provided by Part 4, as those provisions are limited by Part 5. 

4. Acceleration of Vesting Schedule. Notwithstanding Part 3, the Restricted Shares or the applicable portion thereof may
become fully vested immediately (at the option of the recipient) under the following circumstances: 
 (a)
Change in Control. In the event of a Change of Control, the Participant will become fully vested with respect to all Restricted Shares granted as part of this Award, provided such acceleration is permitted under Part 5. 

(b) Termination of Employment Without Cause. If the Participant’s continuous service is terminated without
just Cause, he will become fully vested with respect to all Restricted Shares granted as part of this Award, provided such acceleration is permitted under Part 5. 

(c) Death or Disability of Recipient. All Restricted Shares granted to the Participant as part of this Award will
become fully vested upon termination of continuous service due to his death or disability, provided such acceleration is permitted under Part 5. 
  

 2 

 (d) Partial Vesting Permitted For Payment of Taxes Due. If the
Participant does not make a Section 83(b) election (see Part 7), then at any time beginning upon the date upon which any portion of Restricted Shares becomes substantially vested (as defined in 26 C.F.R. 1.83-3(b)) and ending on
December 31 of the calendar year including that date, a portion of the Restricted Shares may be made transferable as may reasonably be required to pay the federal, state, local or foreign taxes that are anticipated to apply to the income
recognized due to the vesting, and the amounts made transferable for this purpose shall not count toward the “Percentages of Shares Vesting” in the vesting schedule of Part 3 above. 

5. Additional Award Restrictions In Effect During Company’s Participation in the CPP. 

(a) Limitation on Amount and Kind of Incentive Compensation for Most Highly-Compensated Employee. This Award is
intended to provide and evidence a grant of long-term restricted stock which will not fully vest during the period in which Company participates in the U.S. Treasury’s TARP Capital Purchase Program (the “CPP”), excluding any
period during which the U.S. Treasury only holds warrants to purchase common stock, as permitted by Section 111(a)(5) of the Emergency Economic Stabilization Act of 2008, as amended. The Participant acknowledges that, as of the Grant Date, he is
currently the most highly compensated employee of the Company and understands that, notwithstanding the vesting provisions of Part 3 and Part 4, this Award may not fully vest until such time as the Company no longer participates in the
CPP (excluding outstanding Treasury warrants to purchase common stock). 
 (b) Applicability of the CPP
Requirements. This Award is a “Benefit Plan” as defined and described in the letter agreement between the Participant and the Company (the “Letter Agreement”) which was entered into in connection with the
Company’s participation in the CPP. As such, this Award is subject to the Letter Agreement as it may be amended from time to time. Notwithstanding anything herein to the contrary, this Award must conform to the Letter Agreement and all such
other laws, rules, and regulations pertaining to the Company’s CPP participation, as those may be amended from time to time (collectively, “CPP Requirements”). In the event of any contradiction between the Plan, this Award,
or the CPP Requirements, the terms of the CPP Requirements shall govern. To the extent permitted, this Award and the Restricted Shares granted hereunder shall be deemed amended (i) to the extent necessary to conform to the CPP Requirements and
(ii) for the period of time during which such requirements apply to the Company and certain of its employees. 
 6.
Timing of Stock Transfers. As soon as possible after the end of each vesting period, the Company shall cause certificates to be issued and delivered to the Participant, free from any restrictions, for all shares fully vested. New certificates
shall not be delivered to the Participant unless he has made arrangements satisfactory to the Committee to satisfy tax-withholding obligations. 
  

 3 

 7. Section 83(b) Election Notice. If the Participant elects under Code Section 83(b)
to be taxed immediately on Restricted Shares upon grant, he promises to notify the Company of the election within 10 days of filing that election with the Internal Revenue Service. Exhibit C is a suggested form of Section 83(b) election.

 8. Limitations on Rights of Participants. By executing this Award, the Participant acknowledges and agrees that (1)
nothing contained in this Award or the Plan shall give him the right to be retained in the service of the Company or to interfere with or restrict the right of the Company, which is hereby expressly reserved, to discharge or retire him, except as
otherwise provided by a written agreement between him and the Company, at any time without notice and with or without cause; (2) execution of this Award will not give him any right or claim to any benefit hereunder except to the extent such right
has specifically become fixed under the terms of this Award and the Plan; and (3) the doctrine of substantial performance shall have no application to him. 

9. Severability. Subject to one exception, every provision of this Award and the Plan is intended to be severable, and any illegal
or invalid term shall not affect the validity or legality of the remaining terms. The only exception is that this Award shall be unenforceable if any provision of Part 8 is illegal, invalid, or unenforceable. 

10. Notices. Any notice, payment or communication required or permitted to be given by any provision of this Award shall be in
writing and shall be delivered personally or sent by certified mail, return receipt requested, addressed as follows: (i) if to the Company, 4155 Lafayette Road, Hopkinsville, KY 42440, to the attention of: Committee of the HopFed Bancorp, Inc. 2004
Long-Term Incentive Plan; (ii) if to the Participant, at the address he specifies after his signature below. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this
Award. Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed. 
 11.
Binding Effect. Every provision of this Award shall be binding on and inure to the benefit the parties’ respective heirs, legatees, legal representatives, successors, transferees, and assigns. 

12. Headings. Headings shall be ignored in interpreting this Award. 

13. Counterparts. This Award may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute the same instrument. 
 14.
Construction. Subject to Part 5, this Award shall be administered, interpreted and construed in accordance with the applicable provisions of the Plan. 

 

 4 

 15. Compliance with Section 409A of the Internal Revenue Code. It is intended that
this Award be administered, interpreted, and construed in compliance with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended, including any exemptions. Notwithstanding the foregoing, the Participant and
his successor-in-interest shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed in connection with this Award (including any taxes and penalties under Section 409A); and neither the Company nor
any of its affiliates shall have any obligation to indemnify or otherwise hold the Participant or his successor-in-interest harmless from any or all of such taxes or penalties. 

BY THE PARTICIPANT’S SIGNATURE BELOW, along with the signature of the Company’s representative, the Participant and the Company
agree that the Restricted Shares are awarded under and governed by the terms and conditions of this Award and the Plan. 
  

			
	HOPFED BANCORP, INC.
		
	By:	 	  

	Name:	 	Thomas I Miller
	Title:	 	Compensation Committee Chairman

The undersigned Participant hereby accepts the terms of this Award and the Plan. The Participant further acknowledges that, as the
most highly-compensated employee and a senior executive officer of the Company, (1) his compensation is subject to the CPP Requirements, and (2) the Company may unilaterally amend this Award to the extent and for the duration of time
necessary to comply with the CPP Requirements. 
  

			
	PARTICIPANT
		
	By:	 	  

	Name:	 	John E. Peck
	Address:	 	

  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]