Document:

EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT TO 

SEVERANCE AND CHANGE IN CONTROL AGREEMENT 

This First Amendment to Severance and Change in Control Agreement (this “Amendment”) is entered into and effective as of
September 12, 2019, by and between Zafgen, Inc., a Delaware corporation (the “Company”), and Brian P. McVeigh (the “Employee”). 

WHEREAS, the Company and the Employee are parties to a Severance and Change in Control Agreement dated as of May 29, 2018 (the
“Severance and Change in Control Agreement”); 
 WHEREAS, the Company and the Employee wish to amend certain provisions of
the Severance and Change in Control Agreement; and 
 WHEREAS, capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Severance and Change in Control Agreement. 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby accepted and acknowledged by the Employee and the Company, the parties agree as follows: 

1. Section 4 of the Severance and Change in Control Agreement is hereby amended and restated in its entirety as follows: 

4. Change in Control Payment. In the event a Terminating Event occurs on or within the 12 months immediately after a
Change in Control (such 12-month period, the “Change in Control Period”), subject to the Employee signing a separation agreement containing, among other provisions, a general release of claims in
favor of the Company and related persons and entities (but other than claims or future claims (i) for the payments to be made, benefits to be provided and equity awards to be accelerated to or with regard to the Employee pursuant to this
Agreement, (ii) for indemnification at law, pursuant to the Company’s certificate of incorporation and/or by-laws, any other written agreement between the Company and the Employee, and any
governing document concerning a group benefit plan provided by or sponsored by the Company and in which the Employee is a participant, administrator or fiduciary, (iii) as the holder of securities of the Company, or (iv) for
insurance coverage or costs of defense available to the Employee under any policy maintained by the Company), confidentiality, return of property and non-disparagement, in a form and manner reasonably
satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter time period set forth in the Separation
Agreement and Release), the following shall occur: 

 (a) the Company shall pay to the Employee an amount equal to the sum of (A)
12 months of the Employee’s annual base salary in effect immediately prior to the Terminating Event (or the Employee’s annual base salary in effect immediately prior to the Change in Control, if higher) plus (B) the Employee’s
target annual incentive compensation in effect immediately prior to the Terminating Event (or the Covered Employee’s target annual incentive compensation in effect immediately prior to the Change in Control, if higher); 

(b) if the Employee was participating in the Company’s group health plan immediately prior to the Date of Termination and
elects COBRA health continuation, then the Company shall pay to the Employee a monthly cash payment for 12 months, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Employee
(and his eligible dependents) if the Employee had remained employed by the Company; 
 (c) notwithstanding anything to the
contrary in any applicable option agreement or stock-based award agreement, all solely time-based stock options and other stock-based awards with solely time-based vesting held by the Employee shall immediately accelerate and become fully
exercisable or nonforfeitable as of the Employee’s Date of Termination; provided that any awards granted to the Employee that are solely performance-based and/or performance and time-based will be governed by the terms of the applicable award
agreement; and 
 (d) the amounts payable under this Section 4 shall be paid out in a lump sum commencing within
60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amounts shall be paid in the second calendar year by the
last day of such 60-day period; provided further, that the payments under this Section 4 shall be reduced by the amount, if any, that the Employee is paid in the same such calendar year pursuant to
a garden leave payment in a noncompetition agreement. 
 2. Section 5 of the Severance and Change in Control Agreement is hereby amended and
restated in its entirety as follows: 
 5. Severance Outside the Change in Control Period. In the event a Terminating
Event occurs at any time other than during the Change in Control Period, subject to the Employee signing the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of
Termination (or such shorter time period set forth in the Separation Agreement and Release), the following shall occur: 

(a) the Company shall pay to the Employee an amount equal to the sum of (A) 9 months of the Employee’s annual base salary
in effect immediately prior to the Terminating Event plus (B) the Employee’s target annual incentive compensation in effect immediately prior to the Terminating Event; 

  
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 (b) if the Employee was participating in the Company’s group health
plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Employee a monthly cash payment for 9 months in an amount equal to the monthly employer contribution that the Company would
have made to provide health insurance to the Employee (and his eligible dependents) if the Employee had remained employed by the Company; and 

(c) the amounts payable under this Section 5 shall be paid out in substantially equal installments in accordance
with the Company’s payroll practice over 9 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a
second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination, and the payments under this Section 5 shall be reduced by the amount, if any, that the Employee is
paid in the same such calendar year pursuant to a garden leave payment in a noncompetition agreement. 
 3. Notwithstanding anything to the
contrary in this Amendment or the Severance and Change in Control Agreement, this Section 3 of the Amendment shall only apply during the period between the effective date of the Amendment through and including the later of
(i) September 1, 2020 or (ii) the date that is 12 months after a Change in Control in the event that a Change in Control occurs on or before September 1, 2020, after which this Section 3 shall be of no further force and
effect. 
 (a) 3-Month Lookback Period. In the event the Employee experiences a Terminating
Event within the 3 months immediately prior to a Change in Control, and the Change in Control occurs between the effective date of the Amendment through and including September 1, 2020 and the Employee has signed a Separation Agreement and
Release that has become irrevocable and is entitled to the benefits under Section 5 of the Severance and Change in Control Agreement, then the Employee will receive the benefits set forth in Section 4 of the Severance and Change in Control
Agreement following the occurrence of a Change in Control; provided that the lump sum amount under Section 4 to be paid to the Employee following the occurrence of a Change in Control will be decreased by any previously paid benefits to the
Employee pursuant to Section 5, and the Employee will receive no further benefits pursuant to Section 5. In no event may there be duplication of benefits under Section 4 and Section 5. 

(b) Treatment of Unvested Equity. In the event the Employee experiences a Terminating Event on or prior to September 1, 2020 and
the Employee has signed a Separation Agreement and Release that has become irrevocable and is entitled to the benefits under Section 5 of the Severance and Change in Control Agreement, then notwithstanding anything to the contrary in the
applicable option agreement or stock-based award agreement, any termination or forfeiture of the unvested portion of the Employee’s solely time-based stock options or other stock-based awards with solely time-based vesting that would otherwise
occur on the Date of 

  
 3 

 
Termination in the absence of this Amendment will be delayed until the earlier of (i) the date that is 3 months after the Date of Termination or (ii) September 1, 2020 and will
only occur if the vesting pursuant to Section 4(c) of the Severance and Change in Control Agreement does not occur due to the non-occurrence of a Change in Control during such period. For the avoidance of
doubt, the termination or forfeiture of the unvested portion of any awards granted to the Employee that are solely performance-based and/or performance and time-based will be governed by the terms of the applicable award agreement. 

(c) Extended Exercise Period. In the event the Employee experiences a Terminating Event within the 3 months immediately prior to a
Change in Control that occurs on or before September 1, 2020 or within the 12 months immediately following a Change in Control that occurs on or before September 1, 2020, and the Employee has signed a Separation Agreement and Release that
has become irrevocable and is entitled to the benefits under Section 4 of the Severance and Change in Control Agreement, then notwithstanding anything to the contrary in the applicable option agreement or stock-based award agreement, the
exercise period with respect to the Employee’s vested stock options shall not expire until the earlier of (i) the original 10-year expiration date for such vested stock options as provided in the
applicable option agreement, or (ii) two years after the Date of Termination. 
 4. All payments made by the Company to the Employee
under the Severance and Change in Control Agreement, as amended by this Amendment, shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Amendment or the Severance and Change in Control
Agreement shall be construed to require the Company to make any payments to compensate the Employee for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 

5. All other provisions of the Severance and Change in Control Agreement shall remain in full force and effect according to their respective
terms, and nothing contained herein shall be deemed a waiver of any right or abrogation of any obligation otherwise existing under the Severance and Change in Control Agreement except to the extent specifically provided for herein. 

6. The validity, interpretation, construction and performance of this Amendment and the Severance and Change in Control Agreement, as amended
herein, shall be governed by the laws of the Commonwealth of Massachusetts without regard to principles of conflict of laws of such state that would require the application of the laws of any other jurisdiction. The parties hereby consent to
personal jurisdiction of the state and federal courts situated within Massachusetts for purposes of enforcing this Amendment, and waive any objection that he or it might have to personal jurisdiction or venue in those courts. 

7. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original;
but such counterparts shall together constitute one and the same document. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amendment effective on the date
and year first above written. 
  
  

			
	ZAFGEN, INC.
		
	By:	 	 /s/ Jeffrey Hatfield

		 	Name: Jeffrey Hatfield
		 	Title: Chief Executive Officer

  

			
	     /s/ Brian P. McVeigh

	Brian P. McVeighEX-4.6

 Exhibit 4.6 

DESCRIPTION OF CAPITAL STOCK 
 General

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

Common Stock 

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

 Preferred Stock 

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

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

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

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

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

  

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

  

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

  

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

  

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

  

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

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

 

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

  

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

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

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

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

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

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

 

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

 

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

  

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

 

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

  

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

 

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

  

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

 

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

  

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

  

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

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

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

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

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

  
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