Document:

Exhibit 10.9

 Exhibit 10.9 
 RETENTION AND NON-COMPETITION AGREEMENT 
 FOR 

ROBERT S. CURTIS 
 This Retention Agreement (the “Agreement”) is entered into by and between Home Federal Savings and Loan Association, a savings institution organized and existing under the laws of the United
States of America (the “Association” or “Employer”) and Robert S. Curtis (the “Executive”), effective as of April 29, 2011. 
 PREAMBLE 
 An integral part of the Agreement is to encourage and induce the
Executive to remain as a full-time executive officer of the Association until he attains the retirement age of sixty-five (65) and to recognize his service to the Association. 

WITNESSETH: 
 WHEREAS, the Association desires to be ensured of the Executive’s continued active participation in the business of the Association; and 

WHEREAS, to induce the Executive to continue in the Association’s employ to age sixty-five (65), the Association proposes to
supplement the benefits payable to the Executive upon his retirement. 
 NOW, THEREFORE, in consideration of the mutual promises of the
parties hereto, the parties agree as follows: 
 1. Payment upon Termination of Employment On or After Age 65. 

If the Executive’s employment is terminated for any reason other than Cause on or after the date he attains the age of sixty-five
(65), the Association shall pay the Executive an amount equal to one time his base salary, as in effect in the fiscal year preceding the fiscal year of termination of employment (“Retention Bonus”). The Retention Bonus shall be paid in
four equal annual installments (each installment payment shall equal 25% of the Retention Bonus). The first payment will be made to the Executive on the first day of the seventh month after the date of termination of employment and the remaining
three payments will be made on each anniversary date of the first payment. 
 2. Payment upon Termination of Employment On or After Age
64. 
 If the Executive’s employment is terminated for any reason other than Cause on or after the date he attains the
age of sixty-four (64) but prior to age sixty-five (65), the Association shall pay the Executive an amount equal to one-half (50%) of his Retention Bonus (“50% of Retention Bonus”). The 50% of Retention Bonus shall be paid in
four equal annual installments (each installment payment shall equal 12.5% of the Retention 

 
Bonus). The first payment will be made to the Executive on the first day of the seventh month following the date of termination of employment and the remaining three payments will be made on each
anniversary date of the first payment. 
 3. No Payment upon Termination of Employment Prior to Age 64. 

Upon a termination of employment prior to age sixty-four (64), the Executive shall not receive any payment under this Agreement, unless
such termination of employment is due to death or Disability or as provided in Section 8 of this Agreement. 
 4. Payment upon
Death. 
 Upon the death of the Executive prior to termination of employment, the Retention Bonus shall be paid to the
Executive’s beneficiary in a single lump sum payment within thirty (30) days following the occurrence of death. 
 If
the Executive dies after termination of employment, the Executive’s beneficiary shall receive all remaining payments to which the Executive was otherwise entitled to in a single lump sum payment within thirty (30) days following the
occurrence of death. 
 5. Payment upon Disability. 
 Upon the termination of employment of the Executive due to Disability, the Executive shall be paid an amount equal to his Retention Bonus. The Retention Bonus shall be paid in four equal annual
installments (each installment payment shall equal 25% of the Retention Bonus). The first payment will be made to the Executive on the first day of the seventh month following the date of termination of employment and the remaining three payments
will be made on each anniversary date of the first payment. For purposes hereof, Disability shall mean the Executive qualifies for benefits under the Association’s long-term disability plan. 

6. Termination of Employment Requires Separation from Service. 
 For purposes of this Agreement, any termination of Executive’s employment shall be construed to require a “Separation from Service” in accordance with Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder, such that the Association and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination of employment would
permanently decrease to a level that is less than 20% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36)-month period. 

7. Termination for Cause. 
 Upon a termination of the Executive’s employment for Cause, the Executive shall not be entitled to any benefits under this Agreement. Cause shall mean termination 

  
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because of, in the good faith determination of the Board of Directors of the Association (“Board”), Executive’s personal dishonesty; incompetence; willful misconduct; breach of
fiduciary duty involving personal profit; material breach of the Association’s or its holding company’s Code of Ethics; material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion
of the Board will likely cause substantial financial harm or substantial injury to the reputation of the Association or its holding company; or willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that
reflect adversely on the reputation of the Association, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order. A determination of whether Executive’s employment shall be
terminated for Cause shall be made at a meeting of the Board called and held for such purpose, at which the Board makes a finding that in good faith opinion of the Board an event constituting Cause has occurred and specifying the particulars thereof
in detail. 
 8. Termination without Cause. 
 In the event the Association involuntarily terminates the Executive’s employment for a reason other than Cause, the Executive shall be entitled to a pro-rated amount of the Retention Bonus. The
pro-rated amount shall be determined by multiplying the Retention Bonus by a fraction, with the numerator equal to the number of full months the Executive worked commencing with the date of this Agreement and the denominator equal to the number of
full months measured from the date of this Agreement to the Executive’s 65th birthday. 
 9. Covenant Not to Compete. 

 

	 	(a)	Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Association and, accordingly, agrees that during the period he is
receiving payments under this Agreement, Executive shall not, except as otherwise permitted in writing by the Association: 

 (i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the
Association and Poage Bankshares, Inc. (the “Company”), or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any
capacity whatsoever to, any firm, corporation, entity or enterprise that competes with the business of the Association and the Company, or any of their direct or indirect subsidiaries or affiliates, and has offices within a twenty (20) mile
radius of the Association’s offices, determined as of the effective date of such 

  
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termination, except as agreed to pursuant to a resolution duly adopted by the Board of Directors (“Competitor”); 

(ii) serve as a consultant, director, independent contractor, employee of, or provide financial or other assistance to, any Competitor;
or 
 (iii) directly or indirectly solicit persons or entities who were customers, clients, or referral sources of the
Association and the Company, or their subsidiaries to become a customer, client, or referral source of any Competitor. 
  

	 	(b)	If Executive violates any provision contained in Section 9 of this Agreement, the Executive acknowledges and agrees that the Association and the Company will be
entitled to seek an injunction restraining Executive from competing or disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Association and to recover any provable damages. Nothing
herein will be construed as prohibiting the Association from pursuing any other remedies available to the Association for such breach or threatened breach, including the recovery of damages from Executive. 

 

	 	(c)	It is expressly understood and agreed that, although Executive and the Association and the Company consider the restrictions contained in Section 9(a) hereof
reasonable for the purpose of preserving for the Association and the Company and their subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or
any other restriction contained in Section 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Executive, the provisions of Section 9(a) hereof shall not be rendered void but shall be deemed amended to apply as to
such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. 

  

	 	(d)	The provisions of this Section 9 shall survive the termination of the Agreement, regardless of the reason for termination. 

10. Designation of Beneficiary. 
 The Executive may from time to time, by providing a written notification to the Employer, designate any person, estate or trust as a beneficiary to receive benefits which are payable under this Agreement.
Each beneficiary designation shall revoke all prior designations and will be effective only when filed in writing with the Association’s Compensation Committee, or any successor thereto (the “Committee”). If the Executive fails to
designate a beneficiary, then the benefits which are payable as provided in this Agreement shall be paid to his estate. 

  
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 11. Claims Procedure. The Executive or his designated beneficiary or beneficiaries may make a claim
for benefits under this Agreement by filing a written request with the Committee. If a claim is wholly or partially denied, the Committee shall furnish the claimant with written notice of: 

(a) the specific reason or reasons for the denial; and 
 (b) specific reference to the pertinent provisions of this Agreement on which the denial is based. 
 Such notice shall be furnished to the claimant within ninety (90) days after the receipt of his claim, unless special circumstances require an extension of time for processing his claim. If an
extension of time for processing is required, the Committee shall, prior to the termination of the initial ninety (90) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension and the date
by which the Committee expects to render its decision. In no event shall an extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period. 

A claimant may request the Committee to review a denied claim. Such request shall be in writing and must be delivered to the Committee
within sixty (60) days after receipt by the claimant of written notification of denial of claim. A claimant or his duly authorized representative may: 
 (a) review pertinent documents, and 
 (b) submit issues and comments in writing.

 The Committee shall notify the claimant of its decision on review not later than sixty (60) days after receipt of a
request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of a request for
review. If an extension of time for review is required because of special circumstances, written notice of the extension must be furnished to the claimant prior to the commencement of the extension. The Committee’s decision on the review shall
be in writing and shall include specific reasons for the decision, as well as specific references to the pertinent provisions of this Agreement on which the decision is based. 
 12. Withholding. To the extent required by the law in effect at the time payment of the Retention Bonus is made, the Association shall withhold from such payment any taxes or other amounts required
by law to be withheld. 
 13. Unsecured Promise. Nothing contained in this Agreement shall create or require the Employer to create a
trust of any kind to fund the benefits payable hereunder. To the extent that the Executive or any other person acquires a right to receive payments from 

  
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 the Employer, such individual shall at all times remain an unsecured general creditor of the Employer.

 14. Assignment. The right of the Executive or any other person to the payment of benefits under this Agreement shall not be subject to
alienation, assignment, garnishment, attachment, execution or levy of any kind, and any attempt to cause such benefits to be so subjected shall not be recognized by the Employer. 
 15. Employment. Nothing contained herein shall be construed to grant the Executive the right to be retained in the employ of the Employer or any other rights or interests other than those
specifically set forth herein. 
 16. Amendment, Suspension or Termination. This Agreement shall be binding upon and inure to the benefit
of the Employer and the Executive. The Employer shall have the right to suspend, terminate or amend this Agreement only with the mutual consent of the Executive; provided, however, no such suspension, termination or amendment shall adversely affect
the rights of the Executive or any beneficiary to the funds and benefits which have accrued as of the date of such action. 
 17.
Successors. This Agreement shall be binding upon and inure to the benefit of the Employer, its successors and assigns and the Executive and his heirs, executors, administrators, and legal representatives. 

18. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky. 

19. ERISA. The parties intend that this Agreement shall at all times be characterized as a “top hat” plan of deferred compensation
maintained for the Executive who is a highly compensated employee, as described under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (the “ERISA”), and the Agreement shall at all times
satisfy Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and as enacted under the American Jobs Creation Act of 2004. The provisions of the Agreement shall be construed to effectuate such intentions. The
Agreement shall be unfunded for tax purposes and for purposes of Title I of ERISA. 

  
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 IN WITNESS HEREOF, this Agreement has been executed as of the date first above
written. 
  

			
	HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
		
	By:	 	/s/ Tom Rupert
		 	Tom Rupert
		 	Chairman of the Board
		
	By:	 	/s/ Darryl Akers
		 	Darryl Akers
		 	President & CEO
	
	EXECUTIVE
		
	By:	 	/s/ Robert S. Curtis
		 	Robert S. Curtis

  
 7Exhibit 10.10

 Exhibit 10.10 
 NON-COMPETITION, CONSULTING 
 AND 

HEALTH INSURANCE AGREEMENT 
 THIS NON-COMPETITION, CONSULTING AND HEALTH INSURANCE AGREEMENT (the “Agreement”) is made as of the 29th day of April, 2011, between Home Federal Savings and Loan Association
(“Association”) and Robert S. Curtis (the “Executive” or the “Consultant”). 
 WITNESSETH

 WHEREAS, the Association is a wholly owned subsidiary of Poage Bankshares, Inc., a corporation organized under the laws
of the Commonwealth of Kentucky (the “Company”); 
 WHEREAS, the Association wishes to retain the Executive as
Co-President and Co-Chief Executive Officer of the Association; 
 WHEREAS, the Company and the Association desire to be ensured
of the Executive’s continued active participation in the business of the Association; and 
 WHEREAS, in order to induce
the Executive to remain in the employ of the Association and in consideration of the Executive’s agreeing to remain in the employ of the Association, the parties desire to specify the consulting and health insurance benefits which shall be due
the Executive in the event that his employment with the Association is terminated prior to the Executive attaining age sixty-five (65). 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 

 

	1.	Consultant Relationship. Consultant hereby agrees to serve the Association under the terms and conditions set forth in this Agreement. Consultant hereby
acknowledges and recognizes that at all such times he will be classified as an independent contractor. 

  

	2.	 Duties of Consultant. Consultant shall provide consulting services as may reasonably be requested by the Association. Consultant shall be
available to provide services for 400 hours per year, upon reasonable notice and during normal business hours, and such services may be rendered by telephonic or electronic means. Notwithstanding the foregoing, in no event shall the Consultant be
required to provide services that would exceed 20% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the thirty-six (36)-month period immediately preceding the date

	 	 
of termination. 

  

	3.	Term of Agreement. 

Commencement Date: The obligations under this Agreement shall commence on the date of the Executive’s termination of
employment (the “Commencement Date”). 
 Termination Date: This Agreement, including the consulting services,
non-compete and health provisions, shall terminate on the date the Consultant qualifies for Medicare and the Consultant’s spouse, Mary Susan Curtis, qualifies for Medicare (the “Termination Date”). For purposes of clarity, this
Agreement shall continue in the event the Consultant qualifies for Medicare but Ms. Curtis does not. If either the Consultant or Ms. Curtis does not pay their share of employee premiums, the Association shall not be obligated to continue
such individuals on the Association’s group health plan. Notwithstanding the foregoing, if, on the date the Executive terminates employment, the Executive and Ms. Curtis qualify for Medicare, this Agreement shall be void and shall be of no
force and effect and no payments or benefits shall be made under this Agreement. In addition, notwithstanding anything else herein to the contrary, in no event shall the Association be obligated to pay benefits hereunder after January 26, 2016.

  

	4.	Compensation. 

Cash Compensation: Association shall pay Consultant a commercially reasonable amount for his services as a Consultant under this
Agreement and for Consultant’s agreement not to compete under Section 6 hereof, payable in monthly installments over the consulting term pursuant to Association’s customary practices for non-employee service providers beginning on the
Commencement Date and ending on the Termination Date (the “Consulting Term”). In no event shall Consultant’s fee exceed, on a prorated basis, his salary on his date of termination. 

Health Insurance: During the Consulting Term, the Association agrees to allow (i) the Consultant to remain in the
Association’s group health plan until he qualifies for Medicare, and (ii) Mary Susan Curtis to remain in the Association’s group health plan until she qualifies for Medicare, provided that the Consultant and Ms. Curtis pay the
employee share of such insurance premiums. 
  

	5.	 Unauthorized Disclosure. During the Consulting Term, or at any later time, the Consultant shall not, without the written consent of the
President and Chief Executive Officer of the Association or a person authorized thereby, knowingly disclose to any person, other than an employee of Association or a person to whom disclosure is reasonably necessary or appropriate in connection with
the performance by the Consultant of his duties, any material confidential information 

  
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obtained by him while performing services for Association with respect to any of the Association and Poage Bankshares, Inc.’s (the “Company’s”) services, products,
improvements, formulas, designs or styles, processes, customers, methods of business or any business practices the disclosure of which could be or will be damaging to the Association and the Company; provided, however, that confidential information
shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Consultant or any person with the assistance, consent or direction of the Consultant) or any information of a type not
otherwise considered confidential by persons engaged in the same business or a business similar to that conducted by the Association and the Company or any information that must be disclosed as required by law. 

 

	6.	Covenant Not to Compete. 

  

	 	(a)	Consultant hereby acknowledges and recognizes the highly competitive nature of the business of the Association and, accordingly, agrees that during the period starting
on the Commencement Date and ending on the Termination Date, Consultant shall not, except as otherwise permitted in writing by the Association: 

 (i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the
Association and the Company, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any firm,
corporation, entity or enterprise that competes with the business of the Association and the Company, or any of their direct or indirect subsidiaries or affiliates, and has offices within a twenty (20) mile radius of the Association’s
offices, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board of Directors (“Competitor”); 
 (ii) serve as a consultant, director, independent contractor, employee of, or provide financial or other assistance to, any Competitor; or 

(iii) directly or indirectly solicit persons or entities who were customers, clients, or referral sources of the Association and the
Company, or their subsidiaries to become a customer, client, or referral source of any Competitor. 
  

	 	(b)	 If Consultant violates any provision contained in Section 6 of this Agreement, the Consultant acknowledges and agrees that the Association and the
Company will be entitled to seek an injunction restraining 

  
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Consultant from competing or disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Association and to recover any provable damages.
Nothing herein will be construed as prohibiting the Association from pursuing any other remedies available to the Association for such breach or threatened breach, including the recovery of damages from Consultant. 

 

	 	(c)	It is expressly understood and agreed that, although Consultant and the Association and the Company consider the restrictions contained in Section 6(a) hereof
reasonable for the purpose of preserving for the Association and the Company and their subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or
any other restriction contained in Section 6(a) hereof is an unreasonable or otherwise unenforceable restriction against Consultant, the provisions of Section 6(a) hereof shall not be rendered void but shall be deemed amended to apply as
to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. 

  

	 	(d)	The provisions of this Section 6 shall survive the termination of the Agreement, regardless of the reason for termination. 

 

	7.	Work Made for Hire. Any work performed by the Consultant under this Agreement should be considered a “Work Made for Hire” as the phrase is
defined by the U.S. patent laws and shall be owned by and for the express benefit of the Association and the Company and their subsidiaries and affiliates. In the event it should be established that such work does not qualify as a Work Made for
Hire, Consultant agrees to and does hereby assign to the Association and the Company and their affiliates and subsidiaries, all of his rights, title, and/or interest in such work product, including, but not limited to, all copyrights, patents,
trademarks, and propriety rights. 

  

	8.	Return of Association and Company Property and Documents. Consultant agrees that, at the time of termination of this Agreement, regardless of the reason
for termination, he will deliver to the Association and the Company and their subsidiaries and affiliates, any and all company property, including, but not limited to, keys, security codes or passes, mobile telephones, records, data, notes, reports,
proposals, lists, correspondence, specifications, drawings, blueprints, sketches, software programs, equipment, other documents or property, or reproductions of any of the aforementioned items developed or obtained by the Consultant during the
course of this Agreement. 

  

	9.	Notices. Except as otherwise provided in this Agreement, any notice required or permitted to be given under this Agreement shall be deemed properly given
if in writing and if mailed by registered or certified mail, postage prepaid with return receipt requested, to Consultant’s residence, in the case of notices to Consultant, and to the principal executive offices of Association, in the case of
notices to the Association and the Company. 

  
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	10.	Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and
signed by Consultant and the President and Chief Executive Officer of the Association. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

  

	11.	Assignment. This Agreement shall not be assignable by any party, except by Association to any successor in interest to their respective businesses.

  

	12.	Entire Agreement. This Agreement supersedes any and all agreements, either oral or in writing, between the parties regarding Consultant’s consulting
services and contains all the covenants and agreements between the parties with respect to the consulting arrangement. 

  

	13.	Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect. 

  

	14.	Applicable Law. This Agreement shall be governed by and construed in accordance with the domestic, internal laws of the Commonwealth of Kentucky, without
regard to its conflicts of laws principles. 

  

	15.	Headings. The section headings of this Agreement are for convenience only and shall not control or affect the meaning or construction or limit the scope
or intent of any of the provisions of this Agreement. 

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Association has caused this Agreement to be executed by its
duly authorized officer, and Consultant has signed this Agreement, as of the date first written above. 
  

			
	HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
		
	By:	 	/s/ Tom Rupert
		 	Tom Rupert
		 	Chairman of the Board
		
	By:	 	/s/ Darryl Akers
		 	Darryl Akers
		 	President & CEO
	
	CONSULTANT
		
	By:	 	/s/ Robert S. Curtis
		 	Robert S. Curtis

  
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