Document:

EXHIBIT 10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (the “Agreement”) is entered into as of this 15th day of April, 2008, by and among PULASKI FINANCIAL CORP., a
Missouri corporation (the “Corporation”), PULASKI BANK, a savings bank chartered under federal law and a wholly owned subsidiary of the Corporation (the “Bank”), and GARY W. DOUGLASS, (the “Executive”).
The Corporation and the Bank are referred to in this Agreement individually and together as the “Employer.” 
 WHEREAS, the
Executive has accepted a position of substantial responsibility with the Corporation and the Bank; 
 WHEREAS, the Corporation and the
Bank wish to set forth the terms of the Executive’s employment in such position; 
 NOW THEREFORE, in consideration of these
premises, the mutual covenants contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 ARTICLE 1 
 EMPLOYMENT 
 1.1 Employment. The Employer hereby employs the Executive to serve as Chief Executive Officer according to the terms and conditions of this
Agreement and for the period stated in section 1.3. The Executive hereby accepts employment according to the terms and conditions of this Agreement and for the period stated in section 1.3. 
 1.2 Duties. As Chief Executive Officer, the Executive shall serve under the direction of the Employer’s board of directors. The
Executive shall report directly to the board of directors. The Executive shall serve the Employer faithfully, diligently, competently, and to the best of the Executive’s ability. The Executive shall exclusively devote full working time, energy,
and attention to the business of the Employer and to the promotion of the Employer’s interests throughout the term of this Agreement. Without the written consent of the board of directors of each of the Corporation and the Bank, during the term
of this Agreement the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether it is
paid directly or indirectly to the Executive. Nothing in this section 1.2 shall prevent the Executive from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the Executive’s
duties and responsibilities under this Agreement. 
 1.3 Term. The initial term of employment under this Agreement shall be
three years, commencing May 1, 2008 (the “effective date”). Commencing on the first anniversary of the effective date, the term of the Agreement shall be extended by one day each day such that the remaining term shall always be two
years, unless the Executive, on the one hand, or the boards of directors of the Corporation and the Bank, on the other hand, elect not to extend the term of this Agreement by giving written notice in accordance with section 8.4 of this Agreement. In
the event such notice is given, this Agreement shall nevertheless remain in force until its then existing term expires. A decision by the Corporation and the Bank not to extend the term shall not give the Executive any rights under this Agreement to
claim an adverse change in position, compensation, or circumstances or otherwise to claim entitlement to severance benefits under Articles 4 or 5. References herein to the term of this Agreement mean the initial term, as the same may be extended.

 1.4 Service on the Board of Directors. The Executive will be appointed as a member of the
board of directors each of the Corporation and the Bank as soon as practicable after the effective date. The board of directors of each of the Corporation and the Bank shall undertake every lawful effort to ensure that the Executive continues
throughout the term of his employment to be elected or reelected as a director of the Bank. Notwithstanding anything in this Agreement to the contrary, the Executive shall be deemed to have resigned as a director of each of the Corporation and the
Bank effective immediately after termination of the Executive’s employment under Article 3 of this Agreement, regardless of whether the Executive submits a formal, written resignation as director. 
 ARTICLE 2 
 COMPENSATION AND BENEFITS

 2.1 Base Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the
Employer shall pay or cause to be paid to the Executive a salary at the annual rate of not less than $325,000, payable according to the Employer’s regular payroll practices. The Executive’s salary shall be subject to annual review but in
no event shall the Executive’s salary be decreased below the rate in effect immediately prior to such review. The Executive’s salary, as the same may be modified from time to time, is referred to in this Agreement as the “Base
Salary.” All compensation under this Agreement shall be subject to customary withholding taxes and such other employment taxes as are imposed by law. 
 2.2 Benefit Plans and Perquisites. For as long as the Executive is employed by the Employer the Executive shall be eligible (x) to participate in any and all officer or employee compensation,
incentive compensation (including the Bank’s annual cash incentive plan for senior officers) and benefit plans in effect from time to time, including without limitation plans providing pension, retirement, medical, dental, disability, and group
life benefits and including stock-based compensation, incentive, bonus, or purchase plans existing on the date of this Agreement or adopted after the date of this Agreement, provided that the Executive satisfies the eligibility requirements for any
such plans or benefits, and (y) to receive any and all other fringe benefits provided from time to time, including the specific items described in (a)-(c) below. Notwithstanding anything in this Agreement to the contrary, Executive shall
not be eligible to receive (i) any cash incentive compensation except as the board of directors of the Bank may determine in its sole discretion or, (ii) except as set forth in Section 2.2(c) below, stock-based compensation during, or
with respect to, the Employer’s fiscal year ending September 30, 2008. 
 (a) Club dues. The Employer shall
pay or cause to be paid the Executive’s dues and assessments in one civic and/or social club of the Executive’s choice within the greater St. Louis area. The Executive shall be solely responsible for personal expenses for use of such club.

 (b) Reimbursement of business expenses. The Executive shall be entitled to reimbursement for all reasonable business
expenses, including automobile expenses, incurred while performing his obligations under this Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred while acting at the request of or in the service
of the Employer and reasonable expenses for attendance at annual and other periodic meetings of trade associations. 
 (c) Grant of
Stock Options. On the effective date, the Executive shall receive a stock option grant covering 100,000 shares of the Corporation’s common stock, which grant shall become exercisable in equal annual installments over a five-year period
on each anniversary of the effective date. In all other respects, the terms of the award shall be subject to the terms of the Corporation’s 2006 Long Term Incentive Plan. 
  

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 2.3 Vacation; Leave. The Executive shall be entitled to sick leave and paid annual vacation
in accordance with policies established from time to time by the Employer. 
 2.4 Insurance. The Employer shall maintain or
cause to be maintained directors and officers liability insurance covering the Executive throughout the term of this Agreement. 
 ARTICLE
3 
 EMPLOYMENT TERMINATION 
 3.1 Termination Because of Death.  
 (a) Death. The Executive’s employment shall terminate
automatically at the Executive’s death. If the Executive dies in active service to the Employer, the Executive’s estate shall receive any sums due to the Executive as Base Salary and reimbursement of expenses through the end of the month
in which death occurred. 
 (b) Disability. By delivery of written notice 30 days in advance to the Executive, the Employer may
terminate the Executive’s employment if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent physician selected by the Employer and reasonably acceptable to the
Executive or the Executive’s legal representative determines that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform the Executive’s duties for a period of 90
consecutive days. The Executive shall not be considered disabled, however, if the Executive returns to work on a full-time basis within 30 days after the Employer gives notice of termination due to disability. If the Executive is terminated by
either of the Corporation or the Bank because of disability, the Executive’s employment with the other shall also terminate at the same time. During the period of incapacity leading up to the termination of the Executive’s employment under
this provision, the Employer shall continue to pay the full Base Salary at the rate then in effect and all perquisites and other benefits (other than bonus) until the Executive becomes eligible for benefits under any disability plan or insurance
program maintained by the Employer, provided that the amount of the Employer’s payments to the Executive under this section 3.1(b) shall be reduced by the sum of the amounts, if any, payable to the Executive for the same period under any
disability benefit or pension plan covering the Executive. 
 3.2 Involuntary Termination with Cause. The Employer may
terminate the Executive’s employment for Cause. If the Executive’s employment terminates for Cause, the Executive shall receive the Base Salary through the date on which termination becomes effective and reimbursement of expenses to which
the Executive is entitled when termination becomes effective. If the Executive is terminated for Cause by either of the Corporation or the Bank, the Executive shall be deemed also to have been terminated for Cause by the other. The Executive shall
not be deemed to have been terminated for Cause under this Agreement unless and until there is delivered to the Executive a copy of a resolution adopted at a meeting of the board of directors called and held for the purpose, which resolution shall
(x) contain findings that, in the good faith opinion of the board, the Executive has committed an act constituting Cause, and (y) specify the particulars thereof. The resolution of the board of directors shall be deemed to have been duly
adopted if and only if it is adopted by the affirmative vote of a majority of the directors of the Corporation then in office or a majority of the directors of the Bank then in office, in either case excluding the Executive. Notice of the meeting
and the proposed termination for Cause shall be given to the Executive a reasonable time before the board’s meeting. The Executive and the Executive’s counsel (if the Executive chooses to have counsel present) shall have a reasonable
opportunity to be heard by the board at the meeting. For purposes of this Agreement “Cause” means any of the following: 
  

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	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence; 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties; 

  

	 	(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; or 

  

	 	(7)	Material breach of any provision of this Agreement. 

 3.3 Voluntary Termination by the Executive Without Good Reason. If the Executive terminates employment without Good Reason, the Executive shall receive the Base Salary and expense reimbursement to which the Executive is
entitled through the date on which termination becomes effective. 
 3.4 Involuntary Termination Without Cause and Voluntary
Termination with Good Reason. With written notice to the Executive 30 days in advance, the Employer may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the 30-day period. With advance
written notice to the Employer as provided in clause (y), the Executive may terminate employment for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason, the Executive shall be
entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses
(x) and (y) are satisfied: 
 (x) a voluntary termination by the Executive shall be considered a voluntary termination with Good
Reason if any of the following occur without the Executive’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance written consent: 
  

	 	(1)	a material diminution of the Executive’s Base Salary, 

  

	 	(2)	a material diminution of the Executive’s authority, duties, or responsibilities, or 

  

	 	(3)	a change in the geographic location at which the Executive must perform services for the Employer by more than 35 miles from such location at the effective date.

 (y) the Executive must give notice to the Employer of the existence of one or more of the conditions described in clause
(x) within 60 days after the initial existence of the condition, and the Employer shall have 30 days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more of the
conditions described in clause (x) must occur within 6 months after the initial existence of the condition. 
  

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 ARTICLE 4 
 SEVERANCE COMPENSATION 
 4.1 Cash Severance after Termination Without Cause or Termination for
Good Reason. 
 (a) Subject to the possibility that cash severance after employment termination might be delayed under section
4.1(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Executive (or, in the event of his death prior to receipt of all payments, to his
estate) shall receive in an amount in cash equal to two times the Executive’s annual compensation. Subject to section 4.1(b), such amount shall be payable in substantially equal installments in accordance with the Employer’s regular
payroll practices over a 24 month period beginning with the first payroll following the date the Executive terminates employment. For this purpose, annual compensation means (x) the Executive’s Base Salary when his termination occurs plus
(y) any cash bonus or cash incentive compensation earned by the Executive for the fiscal year of the Corporation ended immediately before the year in which his termination occurs, regardless of when the cash bonus or cash incentive compensation
earned for the preceding fiscal year is paid and regardless of whether all or part of the bonus or incentive compensation is subject to elective deferral or vesting. Annual compensation shall be calculated without regard to any deferrals under
qualified or nonqualified plans, but annual compensation shall not include interest or other earnings credited to the Executive under qualified or nonqualified plans or any compensation paid to the Executive in the Executive’s capacity as a
director. However, the Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5
of this Agreement. 
 (b) If when employment termination occurs the Executive is a specified employee within the meaning of Section 409A
of the Internal Revenue Code of 1986, if the cash severance payment under section 4.1(a) would be considered deferred compensation under Section 409A, and finally if an exemption from the six-month delay requirement of
Section 409A(a)(2)(B)(i) is not available, the Executive’s continued Base Salary under section 4.1(a) for the first six months after employment termination shall be paid to the Executive in a single lump sum without interest on the first
day of the seventh month after the month in which the Executive’s employment terminates. References in this Agreement to Section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application
issued by the Department of the Treasury under Internal Revenue Code Section 409A. 
 4.2 Post-Termination Insurance
Coverage. 
 (a) If the Executive’s employment terminates involuntarily
but without Cause or voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense medical insurance benefits for the period ending 24 months after the date the
Executive’s employment terminates. Upon the expiration of such period, the Executive may, at his own expense, continue to participate in the Corporation’s medical insurance program through his 65th birthday to the extent such coverage is available under the terms of the program then in effect. 
 (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment
termination occurs the Executive is a specified employee within the meaning of Section 409A of the Internal Revenue Code of 1986, if any of the continued insurance coverage benefits specified in section 4.2(a) would be considered deferred
compensation under Section 409A, and finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) is not available for that particular insurance 

  

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benefit, the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to
maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for 24 months. The lump-sum payment shall be made 30 days after
employment termination or, if section 4.1(b) applies, on the first day of the seventh month after the month in which the Executive’s employment terminates. 
 4.3 Vesting of Stock Options. Notwithstanding anything in any stock compensation plan of the Corporation or stock compensation award agreement to the contrary, if the Executive’s employment
terminates involuntarily but without Cause or voluntarily but with Good Reason, all unvested stock options held by the Executive shall become immediately exercisable as of the date the Executive’s employment terminates. Thereafter, all options
held by the Executive shall continue to be exercisable for the periods specified in the applicable stock option agreement and the plan under which such options were granted. 
 ARTICLE 5 
 CHANGE IN CONTROL BENEFITS 
 5.1 Change in Control Benefits. If a Change in Control occurs during the term of this Agreement and, thereafter, the Executive’s
employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Employer shall make or cause to be made a lump-sum payment to the Executive (or, in the event of his death prior to
payment, to his estate) in an amount in cash equal to two times the Executive’s annual compensation. For this purpose, annual compensation means (x) the Executive’s Base Salary when the Change in Control occurs plus (y) any cash
bonus or cash incentive compensation earned by the Executive for the fiscal year of the Corporation ended immediately before the year in which the Change in Control occurs, regardless of when the cash bonus or cash incentive compensation earned for
the preceding fiscal year is paid and regardless of whether all or part of the bonus or incentive compensation is subject to elective deferral or vesting. Annual compensation shall be calculated without regard to any deferrals under qualified or
nonqualified plans, but annual compensation shall not include interest or other earnings credited to the Executive under qualified or nonqualified plans or any compensation paid to the Executive in the Executive’s capacity as a director. The
amount payable to the Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. The payment required under this paragraph is payable no later than five business days after the Executive’s
termination of employment. If the Executive receives payment under section 5.1, the Executive shall not be entitled to any additional severance benefits under section 4.1 of this Agreement. 
 5.2 Change in Control Defined. For purposes of this Agreement “Change in Control” means a change in control as defined in
Internal Revenue Code Section 409A and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury, including: 
 (a) Change in ownership: a change in ownership of the Corporation occurs on the date any one person or group accumulates ownership of Corporation stock constituting more than 50% of the total fair
market value or total voting power of Corporation stock, 
 (b) Change in effective control: (x) any one person or
more than one person acting as a group acquires within a 12-month period ownership of Corporation stock possessing 30% or more of the total voting power of Corporation stock, or (y) a majority of the Corporation’s board of directors is
replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of the Corporation’s board of directors, or 
  

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 (c) Change in ownership of a substantial portion of assets: a change in ownership of
a substantial portion of the Corporation’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from the Corporation assets having a total gross fair market value equal to or exceeding 40% of
the total gross fair market value of all of the Corporation’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Corporation’s assets, or the value of the assets
being disposed of, determined without regard to any liabilities associated with the assets. 
 5.3 Tax Indemnification.

 (a) Additional payment to account for Excise Taxes. If, in connection with a Change Control, the Executive receives payments
or benefits under sections 4 or 5 of this Agreement, and there occurs a payment(s) to the Executive or an acceleration of the vesting of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer
(collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code of 1986 (the “Excise Tax”), the Employer shall pay or cause
to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment
equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment
Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in sections 4 or 5. 
 Calculating the Excise Tax. For purposes of determining whether any of the Total Benefits will be subject to the Excise Tax and for purposes of determining the amount of the Excise Tax, 
  

	 	1)	Determination of “parachute payments” subject to the Excise Tax: any other payments or benefits received or to be received by the Executive as a result of
the Change in Control or the Executive’s employment termination (whether under the terms of this Agreement or any other agreement or any other benefit plan or arrangement with the Employer, any person whose actions result in a Change in
Control, or any person affiliated with the Employer or such person) shall be treated as “parachute payments” within the meaning of section 280G(b)(2) of the Internal Revenue Code, and all “excess parachute payments” within the
meaning of section 280G(b)(1) shall be treated as subject to the Excise Tax, unless in the opinion, of the certified public accounting firm that is retained by the Employer as of the date immediately before the Change in Control (the
“Accounting Firm”) such other payments or benefits do not constitute (in whole or in part) parachute payments, or such excess parachute payments represent (in whole or in part) reasonable compensation for services actually rendered within
the meaning of section 280G(b)(4) of the Internal Revenue Code in excess of the “base amount” (as defined in Section 280G(b)(3) of the Internal Revenue Code), or are otherwise not subject to the Excise Tax, 

 

	 	2)	Calculation of benefits subject to the Excise Tax: the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of
(x) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (y) the amount of excess parachute payments within the meaning of
Section 280G(b)(1) (after applying clause (1), above), and 

  

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	 	3)	Value of noncash benefits and deferred payments: the value of any noncash benefits or any deferred payment or benefit shall be determined by the Accounting Firm in
accordance with the principles of Sections 280G(d)(3) and (4) of the Internal Revenue Code. 

 Assumed Marginal Tax
Rate. For purposes of determining the Gross-Up Payment Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Gross-Up Payment Amount is to
be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the date of the Change in Control or termination of employment, net of the reduction in federal income
taxes that can be obtained from deduction of state and local taxes (calculated by assuming that any reduction under Section 68 of the Internal Revenue Code in the amount of itemized deductions allowable to the Executive applies first to reduce the
amount of such state and local income taxes that would otherwise be deductible by the Executive, and applicable federal FICA and Medicare withholding taxes). 
 Return of Reduced Excise Tax Payment or Payment of Additional Excise Tax. If the Excise Tax is later determined to be less than the amount taken into account hereunder when the Change in Control occurred
or when the Executive’s employment terminated, the Executive shall repay to the Employer—when the amount of the reduction in Excise Tax is finally determined—the portion of the Gross-Up Payment Amount attributable to the reduction
(plus that portion of the Gross-Up Payment Amount attributable to the Excise Tax, federal, state and local income taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment Amount being repaid by the Executive to the extent that
the repayment results in a reduction in Excise Tax, FICA and Medicare withholding taxes and/or a federal, state or local income tax deduction). 
 If the Excise Tax is later determined to be more than the amount taken into account hereunder when the Change in Control occurred or when the Executive’s employment terminated (due, for example, to a payment whose existence or amount
cannot be determined at the time of the Gross-Up Payment Amount), the Employer shall make an additional payment to the Executive for that excess (plus any interest, penalties or additions payable by the Executive for the excess) when the amount of
the excess is finally determined. 
 (b) Responsibilities of the Accounting Firm and the Employer. Determinations Shall Be Made by the
Accounting Firm. Subject to the provisions of section 5.3(a), all determinations required to be made under this section 5.3(b)—including whether and when a Gross-Up Payment Amount is required, the amount of the Gross-Up Payment Amount
and the assumptions to be used to arrive at the determination (collectively, the “Determination”)—shall be made by the Accounting Firm, which shall provide detailed supporting calculations both to the Employer and the Executive within
15 business days after receipt of notice from the Employer or the Executive that there has been a Gross-Up Payment Amount, or such earlier time as is requested by the Employer. 
 Fees and Expense of the Accounting Firm and Agreement with the Accounting Firm. All fees and expenses of the Accounting Firm
shall be borne solely by the Employer. The Employer shall enter into any agreement requested by the Accounting Firm in connection with the performance of its services hereunder. 
  

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 Accounting Firm’s Opinion. If the Accounting Firm determines that no
Excise Tax is payable by the Executive, the Accounting Firm shall furnish the Executive with a written opinion to that effect, and to the effect that failure to report Excise Tax, if any, on the Executive’s applicable federal income tax return
will not result in the imposition of a negligence or similar penalty. 
 Accounting Firm’s Determination Is
Binding; Underpayment and Overpayment. The Determination by the Accounting Firm shall be binding on the Employer and the Executive. Because of the uncertainty in determining whether any of the Total Benefits will be subject to the Excise Tax
at the time of the Determination, it is possible that a Gross-Up Payment Amount that should have been made will not have been made by the Employer (“Underpayment”), or that a Gross-Up Payment Amount will be made that should not have been
made by the Employer (“Overpayment”). If after a Determination by the Accounting Firm the Executive is required to make a payment of additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment. The
Underpayment (together with interest at the rate provided in Section 1274(d)(2)(B) of the Internal Revenue Code) shall be paid promptly by the Employer to or for the benefit of the Executive. If the Gross-Up Payment Amount exceeds the amount
necessary to reimburse the Executive for the Excise Tax according to section 5.3(a), the Accounting Firm shall determine the amount of the Overpayment. The Overpayment (together with interest at the rate provided in Section 1274(d)(2)(B) of the
Internal Revenue Code) shall be paid promptly by the Executive to or for the benefit of the Employer. Provided that the Executive’s expenses are reimbursed by the Employer, the Executive shall cooperate with any reasonable requests by the
Employer in any contests or disputes with the Internal Revenue Service relating to the Excise Tax. 
 Accounting Firm
Conflict of Interest. If the Accounting Firm is serving as accountant or auditor for the individual, entity, or group effecting the Change in Control, the Executive may appoint another nationally recognized public accounting firm to make the
Determinations required hereunder (in which case the term “Accounting Firm” as used in this Agreement shall be deemed to refer to the accounting firm appointed by the Executive). 
 ARTICLE 6 
 CONFIDENTIALITY AND CREATIVE WORK 
 6.1 Non-disclosure. The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential information of
any nature concerning the Employer or its business, or anything connected therewith. As used in this Article 6 the term “confidential information” means all of the Employer’s and the Employer’s affiliates’ confidential and
proprietary information and trade secrets in existence on the date hereof or existing at any time during the term of this Agreement, including but not limited to: 
 (a) the whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or other financial information, 
 (b) the whole or any portion or phase of any research and development information, design procedures, algorithms or processes, or other technical
information, 
 (c) the whole or any portion or phase of any marketing or sales information, sales records, customer lists, prices, sales
projections, or other sales information, and 
  

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 (d) trade secrets, as defined from time to time by the laws of the State of Missouri. This section 6.1
does not prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive in the ordinary course of business and within the scope of the
Executive’s authority. 
 6.2 Return of Materials. The Executive agrees to immediately deliver or return to the Employer
upon termination, upon expiration of this Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Employer or prepared by the Executive in connection with the Executive’s services
hereunder and to immediately delete all electronically stored data of the Employer maintained on the Executive’s personal computers and to return all Employer-provided computers or communication devices (i.e., laptop, Blackberry, PDA, etc.).
The Executive will retain no copies thereof after termination of this Agreement or termination of the Executive’s employment. 
 6.3
Creative Work. The Executive agrees that all creative work and work product, including but not limited to all technology, business management tools, processes, software, patents, trademarks, and copyrights developed by the Executive
during the term of this Agreement, regardless of when or where such work or work product was produced, constitutes work made for hire, all rights of which are owned by the Employer. The Executive hereby assigns to the Employer all rights, title, and
interest, whether by way of copyrights, trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of whether the same is subject to protection by patent, trademark, or copyright laws. 
 6.4 Affiliates’ Confidential Information is Covered; Confidentiality Obligation Survives Termination. For purposes of this Agreement,
the term “affiliate” of the Employer includes any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Corporation or the Bank. The rights and obligations
set forth in this Article 6 shall survive termination of this Agreement. 
 6.5 Injunctive Relief. The Executive acknowledges
that it is impossible to measure in money the damages that will accrue to the Employer if the Executive fails to observe the obligations imposed by this Article 6. Accordingly, if the Employer institutes an action to enforce the provisions hereof,
the Executive hereby waives the claim or defense that an adequate remedy at law is available to the Employer, and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. The confidentiality and
remedies provisions of this Article 6 shall be in addition to and shall not be deemed to supersede or restrict, limit, or impair the Employer’s rights under applicable state or federal statute or regulation dealing with or providing a remedy
for the wrongful disclosure, misuse, or misappropriation of trade secrets or proprietary or confidential information. 
 ARTICLE 7 

 COMPETITION AFTER EMPLOYMENT TERMINATION 
 7.1 Covenant Not to Solicit Employees. The Executive agrees not to, directly or indirectly, solicit or employ the services of any officer or employee of the Bank (including an individual who was an
officer or employee of the Bank during the one year period following the Executive’s termination) for two years after the Executive’s employment termination. 
 7.2 Covenant Not to Compete. (a) The Executive covenants and agrees not to compete directly or indirectly with the Employer for two years after employment termination. For purposes of this section
7.2: 
  

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	 	(a)	the term compete means: 

  

	 	(1)	providing financial products or services on behalf of any financial institution for any person residing in the territory, 

  

	 	(2)	assisting (other than through the performance of ministerial or clerical duties) any financial institution in providing financial products or services to any person residing in the
territory, or 

  

	 	(3)	inducing or attempting to induce any person who was a customer of the Employer at the date of the Executive’s employment termination to seek financial products or services from
another financial institution. 

  

	 	(b)	the words directly or indirectly mean: 

  

	 	(1)	acting as a consultant, officer, director, independent contractor, or employee of any financial institution in competition with the Employer in the territory, or

  

	 	(2)	communicating to such financial institution the names or addresses or any financial information concerning any person who was a customer of the Employer when the Executive’s
employment terminated. 

  

	 	(c)	the term customer means any person to whom the Employer is providing financial products or services on the date of the Executive’s employment termination or within one
year thereafter. 

  

	 	(d)	the term financial institution means any bank, savings association, or bank or savings association holding company, or any other institution, the business of which is
engaging in activities that are financial in nature or incidental to such financial activities as described in section 4(k) of the Bank Holding Company Act of 1956, other than the Employer or any of its affiliated corporations.

  

	 	(e)	financial product or service means any product or service that a financial institution or a financial holding company could offer by engaging in any activity that is
financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Employer or an affiliate on the date of the Executive’s employment termination, including but
not limited to banking activities and activities that are closely related and a proper incident to banking. 

  

	 	(f)	the term person means any individual or individuals, corporation, partnership, fiduciary or association. 

  

	 	(g)	the term territory means the area within a 10-mile radius of any office of the Employer at the date of the Executive’s employment termination. 

(2) If any provision of this section or any word, phrase, clause, sentence or other portion thereof (including, without limitation, the geographical
and temporal restrictions contained therein) is held to be unenforceable or invalid for any reason, the unenforceable or invalid provision or portion shall be modified or deleted so that the provisions hereof, as modified, are legal and enforceable
to the fullest extent permitted under applicable law. 
  

 11 

 (3) The Executive acknowledges that the Employer’s willingness to enter into this Agreement and to
make the payments contemplated by Articles 3 and 4 is conditioned on the Executive’s acceptance of the covenants set forth in Articles 6 and 7 and that the Employer would not have entered into this Agreement without such covenants in force.

 7.3 Injunctive and Other Relief. Because of the unique character of the services to be rendered by the Executive hereunder,
the Executive understands that the Employer would not have an adequate remedy at law for the material breach or threatened breach by the Executive of any one or more of the Executive’s covenants in this Article 7. Accordingly, the Executive
agrees that the Employer’s remedies for a breach of this Article 7 include, but are not limited to, (x) forfeiture of any money representing accrued salary, contingent payments, or other fringe benefits (including any amount payable
pursuant to Article 4) due and payable to the Executive during the period of any breach by Executive, and (y) a suit in equity by the Employer to enjoin the Executive from the breach or threatened breach of such covenants. The Executive hereby
waives the claim or defense that an adequate remedy at law is available to the Bank and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. Nothing herein shall be construed to prohibit the
Employer from pursuing any other or additional remedies for the breach or threatened breach. 
 7.4 Article 7 Survives Termination But
Is Void After a Change in Control. The rights and obligations set forth in this Article 7 shall survive termination of this Agreement. However, Article 7 shall become null and void effective immediately upon a Change in Control. 

ARTICLE 8 
 MISCELLANEOUS 

 8.1 Successors and Assigns.  
 (a) This Agreement is binding on successors. This Agreement shall be binding upon the Employer and any successor to the Employer, including any persons acquiring directly or indirectly all or substantially all of the
business or assets of the Employer by purchase, merger, consolidation, reorganization, or otherwise. But this Agreement and the Employer’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the
Employer. By agreement in form and substance satisfactory to the Executive, the Employer shall require any successor to all or substantially all of the business or assets of the Employer expressly to assume and agree to perform this Agreement in the
same manner and to the same extent the Employer would be required to perform had no succession occurred. 
 (b) This Agreement is enforceable
by the Executive’s heirs. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and legatees. 
 (c) This Agreement is personal in nature and is not assignable. Without written consent of the other parties, no party shall assign, transfer, or
delegate this Agreement or any rights or obligations under this Agreement, except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder is not assignable or
transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment or transfer that is contrary to
this section 8.1, the Employer shall have no liability to pay any amount to the assignee or transferee. 
 8.2 Governing Law,
Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State of Missouri, without giving effect to any conflict of laws 

  

 12 

 
provision or rule that would cause the application of the laws of any jurisdiction other than the State of Missouri. By entering into this Agreement, the
Executive acknowledges that the Executive is subject to the jurisdiction of both the federal and state courts in the State of Missouri. Any actions or proceedings instituted under this Agreement shall be brought and tried solely in courts located in
St. Louis, Missouri or in the federal court having jurisdiction in St. Louis, Missouri. The Executive expressly waives the right to have any such actions or proceedings brought or tried elsewhere. 
 8.3 Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive by the
Employer. Any oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void by the
parties. 
 8.4 Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be
deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the
address of the Executive on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if addressed to the board of directors of the Corporation and the Bank at the Bank’s executive
officers. 
 8.5 Severability. If there is a conflict between any provision of this Agreement and any statute, regulation, or
judicial precedent, the latter shall prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them within the requirements of law. If any provisions of this Agreement is held by a
court of competent jurisdiction to be indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect unless that would clearly be contrary to the intentions of the parties
or would result in an injustice. 
 8.6 Captions and Counterparts. The captions in this Agreement are solely for convenience.
The captions do not define, limit, or describe the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
instrument. 
 8.7 No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment provided for
in this Agreement by seeking other employment. Moreover, provided the Executive is not in breach of any obligation under Articles 6 and 7, the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned or
benefits provided as the result of employment of the Executive or as a result of the Executive being self-employed after employment termination. 
 8.8 Amendment and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified in any manner, except by an instrument in writing signed by each of the parties hereto. The failure of any
party hereto to enforce at any time any of the provisions of this Agreement shall not be construed to be a waiver of any such provision, nor affect the validity of this Agreement or any part thereof or the right of any party thereafter to enforce
each and every such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 
 8.9 Compliance with Internal Revenue Code Section 409A. The Employer and the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Internal Revenue
Code of 1986. If when the Executive’s employment terminates the 

  

 13 

 
Executive is a specified employee, as defined in Section 409A of the Internal Revenue Code of 1986, and if any payments under this Agreement, including
Articles 4 or 5, will result in additional tax or interest to the Executive because of Section 409A, then despite any contrary provision of this section 8.9, such payments shall be made on the first to occur of the (x) a date that is at
least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (y) the date of the Executive’s death, or (z) any earlier date that does not result in additional tax or interest
to the Executive under Section 409A. As promptly as possible after the end of the period during which payments are delayed under this provision, the entire amount of the delayed payments shall be paid to the Executive in a single lump sum. If
any provision of this Agreement does not satisfy the requirements of Section 409A, such provision shall nevertheless be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Executive to
additional tax or interest under Section 409A, the Employer shall reform the provision. However, the Employer shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to
additional tax or interest, and the Employer shall not be required to incur any additional compensation expense as a result of the reformed provision. 
 8.10 Required Provisions. In the event any of the foregoing provisions of this Agreement conflict with the terms of this section 8.10, this Section 8.10 shall prevail. 
 (a) The Bank’s board of directors may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination
for Cause, shall not prejudice the Executive’s right to compensation or other benefits under this Agreement. The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined
in this Agreement. 
 (b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the
Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended; and
(ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If the Executive is removed and/or permanently
prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the Bank under
this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations under this Agreement shall terminate as of the date of default, but this paragraph
shall not affect any vested rights of the contracting parties. 
 (e) All obligations under this Agreement shall terminate, except to the
extent determined that continuation of the Agreement is necessary for the continued operation of the institution: (i) by the Director of the Office of Thrift Supervision (OTS), or his designee, at the time the Federal Deposit Insurance
Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the Director of
the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the 

  

 14 

 
Bank is determined by the Director (or his designee) to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action. 
 (f) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and
conditioned upon their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 
  

 15 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above. 
  

			
	 PULASKI FINANCIAL CORP.

	
	 /s/ Stanley J. Bradshaw

	Name:	 	 Stanley J. Bradshaw

	Title:	 	 Chairman of the Board

	
	PULASKI BANK
	
	 /s/ Stanley J. Bradshaw

	Name:	 	 Stanley J. Bradshaw

	Title:	 	 Chairman of the Board

	
	 /s/ Gary W. Douglass

	Gary W. Douglass

  

 16EXHIBIT 10.2

 Exhibit 10.2 
 SEPARATION AND RELEASE AGREEMENT 
 THIS SEPARATION AND RELEASE AGREEMENT (this “Agreement”) is entered into as of the 12th day of April, 2008, by and
between PULASKI FINANCIAL CORP., a Missouri corporation (“PFC”), and WILLIAM A. DONIUS (the “Executive”). 
 WHEREAS, PFC and the Executive are parties to an amended and restated Employment Agreement dated February 1, 2002, (the “Employment Agreement”); 
 WHEREAS, the Executive has indicated his intention to terminate his employment with PFC; and 
 WHEREAS, the Executive and PFC intend the terms and conditions of this Agreement to govern all issues related to the Executive’s employment
and separation from PFC. 
 NOW, THEREFORE, in consideration of the covenants and mutual promises contained in this Agreement, the
Executive and PFC agree as follows: 
 1. Resignation; Termination of Employment.  
 a. Resignation. The Executive hereby agrees that, effective as of April 30, 2008 (the “Resignation Date”), he will resign
from his positions as President and Chief Executive Officer of PFC and Chief Executive Officer of Pulaski Bank (the “Bank”). The Executive will execute the resignation attached as Exhibit A contemporaneously with his execution of this
Agreement. Executive further acknowledges that upon the Effective Date (as defined in Section 17), the Employment Agreement and his employment agreement with the Bank dated February 1, 2000 (the “Bank Agreement”) shall terminate
and, thereafter, shall be without force or effect, except to the extent that a provision of either agreement is expressly continued in effect by a provision of this Agreement. 
 b. Termination of Employment. The parties agree that the Executive’s employment with PFC and the Bank will terminate on April 30,
2008 (the “Termination Date”). On and after the Termination Date, the Executive acknowledges and agrees that he will not represent himself as being an employee of PFC or any company affiliated with PFC (each an “Affiliate”) for
any purpose. 
 2. Post-Termination Benefits. In consideration of the termination of the Employment Agreement and the Bank
Agreement and in consideration of the releases provided by the Executive herein, PFC will make the payments and provide the benefits set forth in this Section 2. Subject to the terms and conditions of this Agreement, including the
Executive’s executing (and not revoking) this Agreement and the Supplemental General Release (as described in Section 22), the Executive acknowledges and agrees that he will not be eligible for any compensation or benefits after the
Termination Date except for the following: 

 a. Lump Sum Payment. A lump sum cash payment equal to $1,450,000 within five
(5) business days after the date the revocation period applicable to the Supplemental General Release (as described in Section 22) lapses, provided that the Executive has not prior thereto revoked the execution of this Agreement or the
Supplemental General Release. 
 b. Insurance Benefits. The Bank will continue, at
the Bank’s expense, the Executive’s participation in the Bank’s health, life and disability insurance programs, as the same may be in effect from time to time, for a period of 36 months from the Termination Date. Notwithstanding the
foregoing, if, under the terms of the applicable policy or policies for such insurance programs, it is not possible to continue the Executive’s coverage after the Termination Date by reason of his not being an employee, PFC shall pay to the
Executive in a single lump sum an amount in cash equal to the present value (determined by applying a six percent discount rate) of the Employer’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up
benefit, if applicable) had the Executive’s employment not terminated and assuming continued coverage for 36 months. Such payment, to the extent necessary, shall be made at the same time as the payment due under Section 2(a). 

 c. Stock Compensation; Tax-Qualified Plans. The Executive
shall be eligible to receive any vested benefits to which he is otherwise entitled under the tax-qualified retirement plans and stock compensation plans of PFC and its Affiliates in accordance with the terms of such plans and in the case of the
stock compensation plans, the terms of any applicable award or grant agreements. Notwithstanding anything in this Agreement to the contrary, (i) all stock options held by the Executive as of the Termination Date shall continue to be exercisable
through and including the 90th day after the expiration of the consulting period described in Section 5(e) below and (ii) this
Section 2(c) shall, for all purposes, be deemed an amendment of the Executive’s stock option agreements with PFC under any PFC stock compensation plan. 
 3. Return of Property. The Executive represents to PFC that he has destroyed or returned to PFC any and all files or other property (both tangible and intellectual) of PFC and any Affiliate without
retaining any copies or extracts thereof. Notwithstanding the foregoing, the Executive has no duty with respect to any information that has been or is generally available to the public. 
 4. Full Discharge. The Executive agrees and acknowledges that the payments and benefits provided in this Agreement: (a) are in full
discharge of any and all liabilities and obligations of PFC to the Executive, monetarily or with respect to employee benefits or otherwise, including any and all obligations arising under any alleged written or oral employment agreement, policy,
plan or procedure of PFC or any Affiliate, including the Employment Agreement, the Bank Agreement and/or any alleged understanding or arrangement between the Executive and PFC or any of its officers or directors; and (b) exceed any payment,
benefit, or other thing of value to which the Executive might otherwise be entitled but for this Agreement under any policy, plan or procedure of PFC or any prior agreement between the Executive and PFC or any Affiliate, except for accrued, vested
amounts under any tax-qualified retirement plans and stock-based compensation plans maintained by PFC or any Affiliate which amounts will be paid in accordance with the terms of such plans. 
 5. Future Conduct and Obligations.  
 a. The Executive, for himself and for his family (i.e., parents and sibling), heirs, dependents, assigns, agents, executors, administrators, trustees and legal representatives agrees that he will not (and will use his best efforts to cause
such affiliates to not) at any time engage in any form of conduct, or make any statements or representations, that disparage or otherwise impair the reputation, goodwill, or commercial interests of PFC, any Affiliates or any of their agents,
officers, directors, employees and/or stockholders. PFC and the Bank and their directors agree to not issue any press release 

  

 2 

 
or other statement that disparages or otherwise impairs the Executive’s business reputation. The foregoing shall not be violated by: (i) truthful
statements by either party in response to legal process or required governmental testimony or filings; (ii) statements by PFC or the Bank that they in good faith believe are necessary or appropriate to make in connection with performing their
duties to PFC and/or the Bank; or (iii) statements by the Executive that he in good faith believes are necessary or appropriate to make to refute statements of PFC, the Bank, or the officers or directors of either PFC or Bank. 
 b. The Executive agrees to reasonably assist and cooperate with PFC (and its outside counsel) in connection with the defense or prosecution of any claim
that may be made or threatened against or by PFC or any Affiliate, or in connection with any ongoing or future investigation or dispute or claim of any kind involving PFC or any Affiliate, including any proceeding before any arbitral,
administrative, judicial, legislative, or other body or agency, including preparing for and testifying in any proceeding to the extent such claims, investigations or proceedings relate to services performed by the Executive, pertinent knowledge
possessed by the Executive, or any act or omission by the Executive. The Executive’s agreement under this Section 5(b) is limited such that any assistance and cooperation shall not unreasonably interfere with Executive’s subsequent
employment. PFC will reimburse the Executive for the reasonable out-of pocket expenses incurred as a result of such cooperation. 
 c. The
Executive and the Bank hereby agree that the termination of the Executive’s employment and the termination of the Employment Agreement and the Bank Agreement will not affect or diminish in any way the provisions of the Employment Agreement
which impose continuing obligations on him following such termination, and he specifically agrees to treat his termination of employment as an Event of Termination (as defined in Section 4 of the Employment Agreement) and, accordingly, he
acknowledges and agrees that he will be subject to the restrictions set forth in Sections 10 and 11 of the Employment Agreement on the terms stated therein. 
 d. The Executive hereby agrees that for a period of 36 months from and after the Effective Date (as defined in Section 17), neither the Executive nor any of his Affiliates or Associates (as defined below) will,
without the written consent of PFC, directly or indirectly, solicit, request, advise, assist or encourage others to (i) effect or seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in or in any way assist
any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (A) any acquisition of any assets of PFC; (B) any tender or exchange offer, merger or other business combination involving
PFC; (C) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to PFC; or (D) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the
Securities and Exchange Commission the (“SEC”)); (ii) form, join or in any way participate in a “group”, as defined under the Securities Exchange Act of 1934 (the “Exchange Act”); (iii) act, alone or in
concert with others, to seek to control or influence the management, the composition of the Board of Directors or the policies of PFC; (iv) nominate any person as a director of PFC or propose any matter to be voted on by stockholders of PFC;
(v) take any action which would reasonably be expected to force PFC to make a public announcement regarding any of the types of matters set forth in (i) above; or (vi) enter into any discussions or arrangements with any third party
with respect to any of the foregoing. The Executive also agree not to request PFC (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this paragraph (including this sentence). For purposes of
this paragraph, the term “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act. 
 e. From and after the Resignation Date, the Executive will continue to serve as a member of the Board of Directors of PFC and the Board of Directors of
the Bank, in each case, through the expiration of his term as a director, and beginning May 1, 2008, will receive compensation for such service in the same manner and to the same extent as other non-employee directors. The Executive 

  

 3 

 
further agrees to serve, and the Board of Directors of the Bank will take such action as may be necessary to appoint Executive, as Chairman of the Bank from
the Resignation Date through April 30, 2009. In addition, for a period of 36 months beginning on the Termination Date, Executive hereby agrees to serve as a consultant to PFC with regard to matters relating to the Bank’s operations. During
this period, the Executive shall be available for consultation with the board of directors and management of the Bank by teleconference or in person at such times as the parties may mutually agree upon. In consideration of the Executive’s
consulting services, he shall receive a retainer of $100,000 for each 12 months of service, payable in monthly installments. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended, each retainer payment shall be
considered a separate payment. In his capacity as a consultant, Executive acknowledges that he will (i) be an independent contractor, (ii) be solely responsible for all taxes due with respect his compensation and (iii) have no
authority to bind PFC or the Bank. In the event that, during the consulting period, there occurs a “Change in Control” (as such term is defined in the Employment Agreement), the Executive shall be paid the balance of the consulting
retainer otherwise payable over the remaining consulting period in a lump sum within three (3) business days of the Change in Control effective date and, thereafter, the Executive shall continue to provide consulting services on the terms set
forth herein through the expiration of the consulting period. 
 6. General Release.  
 a. For and in consideration of the payments to be made and the promises set forth in this Agreement, the Executive, for himself and for his heirs,
dependents, assigns, agents, executors, administrators, trustees and legal representatives (collectively, the “Releasors”) hereby forever releases, waives and discharges the Released Parties (as defined below) from each and every claim,
demand, cause of action, fees, liabilities or right of any sort (based upon legal or equitable theory, whether contractual, common-law, statutory, federal, state, local or otherwise), known or unknown, which Releasors ever had, now have, or
hereafter may have against the Released Parties by reason of any actual or alleged act, omission, transaction, practice, policy, procedure, conduct, occurrence, or other matter from the beginning of the world up to and including the Effective Date
(as defined in Section 17), including without limitation, those in connection with, or in any way related to or arising out of, the Executive’s employment or termination of employment or any other agreement, understanding, relationship,
arrangement, act, omission or occurrence, with the Released Parties. 
 b. Without limiting the generality of the previous paragraph, this
Release is intended to and shall release the Released Parties from any and all claims, whether known or unknown, which Releasors ever had, now have, or may hereafter have against the Released Parties including, but not limited to: (1) any claim
of discrimination or retaliation under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, as amended
(excluding claims for accrued, vested benefits under any employee benefit or pension plan of the Released Parties subject to the terms and conditions of such plan and applicable law) and the Family and Medical Leave Act; (2) any claim under the
Missouri Human Rights Act; (3) any other claim (whether based on federal, state or local law or ordinance, statutory or decisional) relating to or arising out of the Executive’s employment, the terms and conditions of such employment, the
termination of such employment and/or any of the events relating directly or indirectly to or surrounding the termination of such employment, including, but not limited to, breach of contract (express or implied), tort, wrongful discharge,
detrimental reliance, defamation, emotional distress or compensatory or punitive damages; and (4) any claim for attorney’s fees, costs, disbursements and the like. 
 c. PFC and the Executive acknowledge and agree that the release set forth in this Section 6 does not in any way affect: (1) the
Executive’s rights of indemnification to which the Executive was entitled immediately prior to the Resignation Date under Section 21 of the Employment Agreement; (2)

  

 4 

 
the Executive’s vested rights under any tax-qualified retirement plans or stock-based compensation maintained by PFC; and (3) the right of the
Executive to take whatever steps may be necessary to enforce the terms of this Agreement. 
 d. For purposes of this Release, the
“Released Parties” means PFC, all current and former parents, subsidiaries, related companies, partnerships, joint ventures and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of such programs), and,
with respect to each of them, their predecessors and successors, and, with respect to each such entity, all of its past, present, and future employees, officers, directors, members, stockholders, owners, representatives, assigns, attorneys, agents,
insurers, and any other person acting by, through, under or in concert with any of the persons or entities listed in this paragraph, and their successors (whether acting as agents for such entities or in their individual capacities). 
 7. No Existing Suit. The Executive represents and warrants that, as of the Effective Date of this Agreement, he has not filed or commenced
any suit, claim, charge, complaint, action, arbitration, or legal proceeding of any kind against PFC or any Affiliate. PFC and its Affiliates represent and warrant that, as of the Effective Date, neither PFC nor any of its Affiliates has filed or
commenced any suit, claim, charge, complaint, action, arbitration or legal proceeding of any kind against the Executive. 
 8. Certain
Forfeitures in Event of Breach or Other Liability to PFC. The Executive acknowledges and agrees that, notwithstanding any other provision of this Agreement, if the Executive materially breaches any obligation under this Agreement, or there
is a final determination by a court of competent jurisdiction or an arbitrator, or an agreement by the Executive as part of a settlement, that the Executive is otherwise liable to PFC or its Affiliates, PFC retains the right to recoup any and all
payments and benefits provided for in Section 2, any damages suffered by PFC or its Affiliates, plus reasonable attorneys’ fees incurred in connection with such recovery and, to the extent that such benefits have not been fully disbursed
to the Executive, PFC reserves its rights to stop all future disbursements of such benefits, except to the extent that such action is prohibited by law or would result in the invalidation of the release provided by the Executive under this
Agreement. The parties agree that any breach of the covenants in Sections 10 and 11 of the Employment Agreement shall be deemed a material breach of an obligation under this Agreement. 
 9. Company Release. For and in consideration of the promises set forth in this Agreement, PFC and each of its Affiliates hereby forever
releases, waives and discharges the Executive from each and every claim, demand, cause of action, fees, liabilities or right of any sort (based upon legal or equitable theory, whether contractual, common-law, statutory, federal, state, local or
otherwise), known or unknown, which PFC and each of its Affiliates ever had, now have, or hereafter may have against the Executive by reason of any actual or alleged act, omission, transaction, practice, policy, procedure, conduct, occurrence, or
other matter from the beginning of the world up to and including the Effective Date (as defined in Section 17), including without limitation, those in connection with, or in any way related to or arising out of, the Executive’s employment
or termination of employment or any other agreement, understanding, relationship, arrangement, act, omission or occurrence, with PFC or its Affiliates; provided, however, notwithstanding the generality of the foregoing, nothing herein will be deemed
to release the Executive from (a) any intentional or knowing violations of law or regulation, (b) any intentional acts of misconduct engaged in by the Executive while employed as an employee of PFC or Bank or while serving as an officer or
director of PFC or Bank, including misappropriation, fraud or theft or (c) any other act or omission that would constitute grounds for terminating the Executive’s employment for “cause” (as defined in the Employment Agreement).

 10. Indemnification. The Executive shall continue to be entitled to indemnification under Section 21 of the Employment
Agreement. In addition, PFC shall continue to cover the Executive under 

  

 5 

 
PFC’s directors’ and officers’ liability insurance policies on the same basis as other officers and directors while liability exists with
regard to such actions or inactions and for his continuing service as a director. 
 11. Entire Agreement. This Agreement sets
forth the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes all prior promises or agreements made by, to, or between the parties, whether oral or written with respect to the subject matter
hereof, including the Employment Agreement (other than as specifically provided herein) and the Bank Agreement. This Agreement may not be amended except by a writing signed by all parties. There are no other promises, agreements, or commitments made
by, to, or between the parties, other than those set forth in the written text of this Agreement. 
 12. Applicable Law. This
Agreement shall be construed, interpreted, and applied in accordance with the law of the State of Missouri without regard to principles of conflict of laws. 
 13. No Transfer by Executive. The Executive represents and warrants that he has not sold, assigned, transferred, conveyed or otherwise disposed of to any third party, by operation of law or otherwise,
any action, cause of action, suit, debt, obligations, account, contract, agreement, covenant, guarantee, controversy, judgment, damage, claim, counterclaim, liability or demand of any nature whatsoever relating to any matter covered by this
Agreement. This Agreement is personal to the Executive and he may not assign, pledge, delegate or otherwise transfer any of his rights, obligations or duties under this Agreement. 
 14. Dispute Resolution; Expenses.  
 a. The parties hereto may attempt to resolve any dispute hereunder informally via mediation or other means. Otherwise, any controversy or claim arising out of or relating to this Agreement, or any breach thereof, will be adjudicated only by
arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (except that the decision of the arbitrator(s) must not be a compromise but must be the adoption of the submission by one of the parties), and
judgment upon such award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitration will be held in St. Louis, Missouri, or such other place as may be agreed upon at the time by the parties to the
arbitration. 
 b. In the event that either party hereto brings any legal action or other proceeding to enforce or interpret any of the
rights, obligations or provisions of this Agreement, or because of a dispute, breach or default in connection with any of the provisions of this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable
attorneys’ fees and all other costs (including the arbitrator’s fees and expenses) in such action or proceeding in addition to any other relief to which such prevailing party may be entitled. 
 c. Notwithstanding anything in this Agreement to the contrary, in the event of a breach or threatened breach by either party of the provisions of
Section 5(a), (i) the parties acknowledge the other party’s remedies at law would be inadequate and, in recognition of this fact, each party agrees that, in the event of such a breach or threatened breach, in addition to any remedies
at law, such party, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be
available and (ii) any controversy or claim arising out of or relating to Section 5(a) of this Agreement will not be settled by mediation or arbitration and the parties hereby irrevocably submit to the exclusive jurisdiction of any state
or federal court in St. Louis, Missouri for any suit, action or proceeding arising out of or relating to or concerning Section 5(a) of this Agreement. 
  

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 15. Notices. Any notice, waiver or other communication given hereunder will be delivered
(except as set forth in Section 17 in respect of a written notice of revocation) as follows: (a) in the case of PFC, by personal delivery, certified or registered mail (return receipt requested), or delivery by a recognized overnight
commercial courier, addressed to PFC at its main office; and (b) in the case of the Executive, by personal delivery, certified or registered mail (return receipt requested), or delivery by a recognized overnight commercial courier, addressed to
the last address on the records of PFC. Notices served will be deemed given and effective upon actual receipt (or refusal of receipt). 
 16.
Nonadmissibility. Nothing contained in this Agreement, or the fact of its submission to the Executive, will be admissible evidence against either party in any judicial, administrative, or other legal proceeding (other than an action
for breach of this Agreement), or be construed as an admission of any liability or wrongdoing on the part of either party or of any violation of federal, state, or local statutory law, common law or regulation. 
 17. Knowing and Voluntary Waiver. By signing this Agreement, the Executive expressly acknowledges and agrees that: (a) he has
carefully read it and fully understands what it means; (b) he has discussed this Agreement with an attorney of his choosing before signing it; (c) he has been given at least 21 calendar days to consider this Agreement; (d) he has
agreed to this Agreement knowingly and voluntarily and was not subjected to any undue influence or duress; (e) the consideration provided to him under this Agreement is sufficient to support the releases provided by him under this Agreement;
(f) he may revoke his execution of this Agreement within seven days after he signs it by sending written notice of revocation as set forth below; and (g) on the eighth day after he executes, this Agreement becomes effective and
enforceable, provided that the Executive does not revoke this Agreement during the revocation period (the “Effective Date”). Any revocation of the Executive’s execution of this Agreement must be submitted, in writing, to PFC at its
main office to the attention of the Chairman of the Board of Directors stating “I hereby revoke my execution of the Agreement.” The revocation must be personally delivered to the Chairman of the Board of Directors or mailed to the Chairman
of the Board of Directors and postmarked within seven days of the Executive’s execution of this Agreement. If the last day of the revocation period is a Saturday, Sunday or legal holiday, then the revocation period will be extended to the
following day which is not a Saturday, Sunday or legal holiday. The Executive agrees that if he does not execute this Agreement or, in the event of revocation, he will not be entitled to receive any of the payments or benefits under Section 2.

 18. Tax Matters.  
 a. PFC may withhold from any amounts payable under this Agreement or otherwise such federal, state and local taxes as are required to be withheld (with respect to amounts payable hereunder or under any benefit plan or arrangement available
to PFC’s employees) pursuant to any applicable law or regulation. 
 b. The parties agree that the payments and benefits provided under
this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder, and, accordingly, this Agreement shall be interpreted to be in compliance therewith. 

19. Third Party Beneficiaries. Each Released Party will be a third party beneficiary to this Agreement, with full rights to enforce this
Agreement and the matters documented herein. 
 20. Interpretation. The parties hereto acknowledge and agree that:
(a) each party hereto and its counsel reviewed and negotiated the terms and provisions of the Agreement and have contributed 

  

 7 

 
to their revision; and (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party will not be employed in
the interpretation of the Agreement. 
 21. Counterparts. This Agreement may be executed (including by facsimile transmission
confirmed promptly thereafter by actual delivery of executed counterparts) with counterpart signature pages or in counterparts, each of which together constitute one and the same instrument. 
 22. Supplemental General Release. The Executive agrees to deliver to PFC an executed Supplemental General Release attached as Exhibit B
within 21 days after the Termination Date. The Executive hereby acknowledges and agrees that all PFC covenants (including PFC’s obligation to make or provide payments and benefits pursuant to Section 2) that relate to its obligations after
the Termination Date are contingent upon the Executive’s execution of (and not revoking) the Supplemental General Release. 
 IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first set forth above. 
  

							
	EXECUTIVE	 		 	PULASKI FINANCIAL CORP.
			
	 /s/ William A. Donius
	 		 	 /s/ Lee S. Wielansky

	William A. Donius	 		 	By:	 	Lee S. Wielansky
		 		 	Its:	 	Chairman of the Board

  

 8 

 EXHIBIT A 
 RESIGNATIONS 
 Effective as of April 30, 2008, I hereby resign from my positions as
President and Chief Executive Officer of Pulaski Financial Corp., a Missouri Corporation and as Chief Executive Officer of Pulaski Bank, a Federal Savings Bank. 
 I acknowledge that such resignations are not on account of any disagreement with Pulaski Financial Corp. or Pulaski Bank relating to their operations, policies or practices. 
  

	
	 /s/ William A. Donius

	William A. Donius

  

 9 

 EXHIBIT B 
 Supplemental General Release 
 This Supplemental General Release, dated as of
            , 2008, is delivered by William A. Donius (the “Executive”) to and for the benefit of the Released Parties (as defined below). The Executive acknowledges that this
Supplemental General Release is being executed in accordance with Section 22 of the Separation and Release Agreement dated April 12, 2008 (the “Agreement”). 
 1. General Release. 
 a. The
Executive, for himself and for his heirs, dependents, assigns, agents, executors, administrators, trustees and legal representatives (collectively, the “Releasors”) hereby forever releases, waives and discharges the Released Parties (as
defined below) from each and every claim, demand, cause of action, fee, liability or right of any sort (based upon legal or equitable theory, whether contractual, common-law, statutory, federal, state, local or otherwise), known or unknown, which
Releasors ever had, now have, or hereafter may have against the Released Parties by reason of any actual or alleged act, omission, transaction, practice, policy, procedure, conduct, occurrence, or other matter from the beginning of the world up to
and including the Effective Date (as defined below), including without limitation, those in connection with, or in any way related to or arising out of, the Executive’s employment or termination of employment or any other agreement,
understanding, relationship, arrangement, act, omission or occurrence, with the Released Parties. 
 b. Without limiting the generality of
the previous paragraph, this Supplemental General Release is intended to and shall release the Released Parties from any and all claims, whether known or unknown, which Releasors ever had, now have, or may hereafter have against the Released Parties
including, but not limited to: (1) any claim of discrimination or retaliation under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act of 1974, as amended (excluding claims for accrued, vested benefits under any employee benefit or pension plan of the Released Parties subject to the terms and conditions of such plan and applicable law) and the Family
and Medical Leave Act; (2) the Missouri Human Rights Act; (3) any other claim (whether based on federal, state or local law or ordinance, statutory or decisional) relating to or arising out of the Executive’s employment, the terms and
conditions of such employment, the termination of such employment and/or any of the events relating directly or indirectly to or surrounding the termination of such employment, including, but not limited to, breach of contract (express or implied),
tort, wrongful discharge, detrimental reliance, defamation, emotional distress or compensatory or punitive damages; and (4) any claim for attorney’s fees, costs, disbursements and the like. 
 c. The foregoing release does not in any way affect: (1) the Executive’s rights of indemnification to which the Executive was entitled
immediately prior to the Resignation Date (as defined in the Agreement) under Section 21 of the Employment Agreement (as defined in the Agreement); (2) the Executive’s vested rights under any tax-qualified retirement plan or stock
compensation plan maintained by PFC or its Affiliates (both as defined in the Agreement); and (3) the right of the Executive to take whatever steps may be necessary to enforce the terms of the Agreement. 
 d. For purposes of this Supplemental General Release, the “Released Parties” means PFC, all current and former parents, subsidiaries, related
companies, partnerships, joint ventures and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of such programs), and, with respect to each of them, their predecessors and successors, and, with respect to each such
entity, all of its past, present, and future employees, officers, directors, members, stockholders, owners, representatives, assigns, attorneys, agents, insurers, and any other person acting by, through, under or in concert with any 

  

 10 

 
of the persons or entities listed in this paragraph, and their successors (whether acting as agents for such entities or in their individual capacities).

 2. No Existing Suit. The Executive represents and warrants that, as of the Effective Date (as defined below), he has not
filed or commenced any suit, claim, charge, complaint, action, arbitration, or legal proceeding of any kind against PFC or its Affiliates. 
 3. Knowing and Voluntary Waiver. By signing this Supplemental General Release, the Executive expressly acknowledges and agrees that: (a) he has carefully read it and fully understands what it means; (b) he has
discussed this Supplemental General Release with an attorney of his choosing before signing it; (c) he has been given at least 21 calendar days to consider this Supplemental General Release; (d) he has agreed to this Supplemental General
Release knowingly and voluntarily and was not subjected to any undue influence or duress; (e) the consideration provided him under Agreement is sufficient to support the releases provided by him under this Supplemental General Release;
(f) he may revoke his execution of this Supplemental General Release within seven days after he signs it by sending written notice of revocation as set forth below; and (g) on the eighth day after he executes this Supplemental General
Release (the “Effective Date”), this Supplemental General Release becomes effective and enforceable, provided that the Executive does not revoke it during the revocation period. Any revocation of the Executive’s execution of this
Supplemental General Release must be submitted, in writing, to PFC at its main office, to the attention of the Chairman of the Board, stating “I hereby revoke my execution of the Supplemental General Release.” The revocation must be
personally delivered to the Chairman of the Board or mailed to the Chairman of the Board and postmarked within seven days of the Executive’s execution of this Supplemental General Release. If the last day of the revocation period is a Saturday,
Sunday or legal holiday, then the revocation period will be extended to the following day which is not a Saturday, Sunday or legal holiday. The Executive agrees that if he does not execute this Supplemental General Release or, in the event of
revocation, he will not be entitled to receive any of the payments or benefits under Section 2 of the Agreement. The Executive must execute this Supplemental General Release on or before the date that is 21 days after the Termination Date (as
defined in the Agreement). 
 This Supplemental General Release is final and binding and may not be changed or modified. 
  

			
	Date:                 	 	                      

		 	William A. Donius

  

 11

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