Document:

Exhibit 10.1

 

HF
FINANCIAL CORP.

2002 STOCK
OPTION AND INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

 

 

HF Financial Corp., a Delaware corporation
(the “Company”), hereby grants to _______________ (the “Optionee”), an option
(the “Option”) to purchase a total of _______________ shares of Common Stock
(the “Shares”), at the price determined as provided herein, and in all respects
subject to the terms, definitions and provisions of the 2002 Stock Option and
Incentive Plan (the “Plan”) adopted by the Company, which is incorporated
herein by reference. Unless otherwise defined herein, the terms defined in the
Plan shall have the same defined meanings herein.

 

1.                                       Nature of the
Option.  This Option is intended to
qualify as an Incentive Stock Option as defined in Section 422 of the
Code.

 

2.                                       Exercise
Price.  The exercise price for each
share of Common Stock is the price at which shares subject to this Option may
be purchased upon exercise of the Option. 
The Exercise Price under this Agreement shall be the Market Value (as
that term is defined in the Plan) on the date of Grant, _______________, that
being _______________ and __/100 Dollars ($_______).

 

3.                                       Exercise of
Option.  This Option shall be
exercisable during its term in accordance with the provisions of Section 7
of the Plan as follows:

 

(i)                                     Right to
Exercise.

 

(a)                                  Subject to
subsections 3(i)(b), (c), (d) and (e) below, this Option shall be
exercisable cumulatively, to the extent of thirty-three and one-third percent
(33 1/3%) of the Shares subject to the Option, commencing on _______________
and an additional thirty-three and one-third percent (33 1/3%) of the Shares
subject to the Option each consecutive June 30 as more completely
described in Exhibit A.

 

(b)                                 This Option may not be
exercised for a fraction of a share.

 

(c)                                  In the event
of Optionee’s death, disability or other termination of employment, the
exercisability of the Option is governed by Sections 7, 8 and 9 below, subject
to the limitations contained in subsections 3(i)(d) and (e).

 

(d)                                 In no event may this
Option be exercised after the date of expiration of the term of this Option as
set forth in Section 11 below.

 

(e)                                  To the extent that
the aggregate fair market value of the Shares with respect to which Options
designated as Incentive Stock Options are exercisable for the first time by you
during any calendar year (under all plans of the Company) exceeds $100,000,
such options shall be treated as Non-Qualified Stock Options.  For purposes of the preceding sentence, (i) Options
shall be taken into account in the order in which they were granted and (ii) the
fair market value of the Shares shall be determined as of the time the Option
with respect to such Shares is granted.

 

(ii)  Method of Exercise.  This Option shall be exercisable by written
notice which shall state the election to exercise the Option, the number of
Shares in respect of which the Option is being exercised, and such other
representations and agreements as to the holder’s investment intent with
respect to such shares of Common Stock as may be required by the Company
pursuant to the provisions of the Plan. 
Such written notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the Secretary of the Company.  The written notice shall be accompanied by
payment of the exercise price.  Until
certificates for the Shares are issued to the Optionee, such Optionee shall not
have any rights as a Shareholder of the Company.

 

 

No Shares will be issued pursuant to the
exercise of an Option unless such issuance and such exercise shall comply with
all relevant provisions of law and the requirements of any stock exchange upon
which the Shares may then be listed. 
Assuming such compliance, for income tax purposes the Shares shall be considered
transferred to the Optionee on the date on which the Option is exercised with
respect to such Shares.

 

4.                                       Optionee’s
Representations.  In the event the
Shares purchasable pursuant to the exercise of this Option have not been
registered under the Securities Act of 1933, as amended, at the time this
Option is exercised, Optionee shall, concurrently with the exercise of all or
any portion of this Option, deliver to the Company an Investment Representation
Statement in the form attached hereto as Exhibit B.  The Company shall not be required to deliver
any shares upon exercise of this Option prior to (i) the admission of such
shares to listing on any stock exchange on which the shares of Common Stock may
then be listed, and (ii) the completion of such registration as the
Committee shall determine to be necessary or advisable.

 

5.                                       Method of
Payment.  Payment of the exercise
price shall be by (i) cash; (ii) check, bank draft or money order; or
(iii) if authorized by the Board of Directors’ Stock Option Committee (the
“Committee”), by delivery of (A) Common Stock of the Company (valued at
the fair market value thereof on the date of exercise) or (B) a
combination of cash and Common Stock. 
The Committee may, in order to prevent any possible violation of law,
require the Exercise Price to be paid in cash.

 

6.                                       Restrictions
on Exercise.  This Option may not be
exercised if the issuance of such Shares upon such exercise or the method of
payment of consideration for such shares would constitute a violation of any
applicable federal or state securities or other law or regulation, including
any rule under Part 207 of Title 12 of the Code of Federal
Regulations (“Regulation G”) as promulgated by the Federal Reserve Board.  As a condition to the exercise of this
Option, the Company may require Optionee to make any representation and
warranty to the Company as may be required by any applicable law or regulation.

 

7.                                       Termination
of Status as an Employee.  In the
event of termination, Optionee may, but only within three months after the date
of such termination (but in no event later than the date of expiration of the
term of this Option as set forth in Section 11 below), exercise this
Option to the extent that Optionee was entitled to exercise it at the date of
such termination. To the extent that Optionee was not entitled to exercise this
Option at the date of such termination (as in the event of Optionee’s
termination of employment for cause), or if Optionee does not exercise this
Option within the time specified herein, the Option shall terminate.

 

8.                                       Disability of
Optionee.  Notwithstanding the
provisions of Section 7 above, in the event of termination of Optionee’s
status as an employee as a result of Optionee’s partial or total disability,
Optionee may, but only within three months from the date of termination of
employment (but in no event later than the date of expiration of the term of
this Option as set forth in Section 11 below), exercise his Option to the
extent Optionee was entitled to exercise it at the date of such
termination.  To the extent that Optionee
was not entitled to exercise the Option at the date of termination, or if
Optionee does not exercise such Option (which Optionee was entitled to
exercise) within the time specified herein, the Option shall terminate.

 

9.                                       Death of
Optionee.  In the event of the death
of Optionee:

 

(i)                                     during the term of
this Option and while an employee of the Company and having been in continuous
employment (as determined by the Board in its sole discretion) since the date
of grant of the Option, the Option may be exercised, at any time within one (1) year
following the date of death (but in no event later than the date of expiration
of the term of this Option as set forth in Section 11 below), by Optionee’s
estate or by a person who acquired the right to exercise the Option by bequest
or inheritance, but only to the extent Optionee was entitled to exercise the
Option at the date of death; or

 

(ii)                                  within three months
after termination, the Option may be exercised, at any time within twelve (12)
months following the date of death (but in no event later than the date of
expiration of the term of this Option as set forth in Section 11 below),
by Optionee’s estate or by a person who acquired the right to exercise the
Option by bequest or inheritance, but only to the extent of the right to
exercise that had accrued at the date of termination.

 

 

(iii)                               the Committee may, in
its discretion, elect to pay to the person to whom such Option is transferred
by will or by the laws of descent and distribution or pursuant to a qualified
domestic relations order the amount by which the Market Value per share on the
date of exercise shall exceed the Exercise Price, multiplied by the number of
shares which can be properly purchased under the Option.

 

10.                                 Non-Transferability
of Option.  This Option may not be
transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by
Optionee.  The terms of this Option shall
be binding upon the Optionee and his or her personal representatives, heirs,
successors and assigns.

 

11.                                 Term of Option.  This Option may not be exercised after
_______________, and may be exercised only in accordance with the Plan and the
terms of this Option.

 

12.                                 Early Disposition
of Stock.  Optionee understands that
if he or she disposes of any Shares received under this Option within two (2) years
after the date of this Agreement or within one (1) year after such Shares
were transferred to Optionee, then Optionee may be treated for federal income
tax purposes as having received ordinary income at the time of such disposition
in an amount generally measured by the difference between the price paid for
the Shares and the lower of the fair market value of the Shares at the date of
the exercise or the fair market value of the Shares at the date of
disposition.  The amount of such ordinary
income may be measured differently if Optionee is an officer, director or 10%
shareholder of the Company, or if the Shares were subject to a substantial risk
of forfeiture at the time they were transferred to Optionee.  Optionee hereby agrees to notify the
Company in writing within 30 days after the date of any such disposition of the
number of the Shares sold, the sales price and the date of the sale.  Optionee understands that if he or she
disposes of such Shares at any time after the expiration of both the two-year
and the one-year holding periods, any gain on such sale will be taxed as long-term
capital gain.

 

13.                                 Effect of Merger
Combination or Consolidation.  In the
event of a merger, combination or consolidation, this Option is subject to the
agreement governing such transaction in accordance with Section 13 of the
Plan.

 

14.                                 Plan Interpretation.  Optionee hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Board of
Directors and, where applicable, the Plan Committee, upon questions arising
under the Plan.

 

15.                                 Withholding Taxes.  As a condition to the issuance of Shares of
Common Stock of the Company under this Option, the Optionee authorizes the
Company to withhold in accordance with applicable law from any regular cash
compensation payable to Optionee any taxes required to be withheld by the
Company under federal or state law as a result of his exercise of this Option.

 

16.                                 Notices.  Any notice to the Company hereunder shall be
delivered or mailed to the Secretary of HF Financial Corp., 225 South Main
Avenue, Sioux Falls, South Dakota 57104. 
Any notice to the Optionee shall be mailed or personally delivered to
the address listed below, unless the Company receives notice of an address
change.

 

	
  DATE OF GRANT:

  	
   

  	
   

  
	
   

  
	
   

  	
  HF FINANCIAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Curtis L. Hage

  	
   

  
	
   

  	
   

  	
   Chairman, President & CEO

  	
   

  
						

 

 

OPTIONEE ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO SECTION 3 HEREOF IS EARNED ONLY BY
CONTINUING EMPLOYMENT AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING
HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER).  OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S STOCK OPTION PLAN WHICH IS
INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH
RESPECT TO CONTINUATION OF EMPLOYMENT BY THE COMPANY, NOR SHALL IT INTERFERE IN
ANY WAY WITH HIS RIGHT OR THE COMPANY’S RIGHT TO TERMINATE HIS EMPLOYMENT AT
ANY TIME, WITH OR WITHOUT CAUSE.

 

Optionee acknowledges receipt of a copy of
the Plan and certain information related thereto and represents that Optionee
is familiar with the terms and provisions thereof, and hereby accepts this
Option subject to all of the terms and provisions thereof.  Optionee has reviewed the Plan and this
Option in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Option and fully understands all provisions of
the Option.  Optionee hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under the Plan.  Optionee further agrees to notify the Company
upon any change in the residence address indicated below.

 

	
  DATE OF GRANT:

  	
   

  	
   

  
	
   

  
	
   

  	
  Optionee:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Residence Address:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

 

EXHIBIT A

 

 

EMPLOYEE
OPTION AND VESTING DATA

 

 

Name of Employee: 
_______________

 

Date of Commencement of Employment: 
_______________

 

Number of Shares Subject to Option: 
_______________

 

Date of Grant:  _______________

 

 

INCENTIVE
STOCK OPTION VESTING SCHEDULE

 

	
   

  	
   

  	
  NO. OF
  SHARES

  
	
  DATE

  	
   

  	
  EXERCISABLE

  

 

 

The above vesting schedule assumes
continuous employment.  Your rights to
exercise the unvested portion of your option will cease upon termination of
employment.  Reference is made to Section 7
of the 2002 Stock Option and Incentive Plan for your rights to exercise the
vested  portion of your option in the
event of termination of employment during lifetime or upon death.  The above vesting schedule is in all
respects subject to the terms of the Plan.

 

 

A-1

 

EXHIBIT B

 

 

INVESTMENT
REPRESENTATION STATEMENT

 

 

	
  PURCHASER

  	
  :

  	
  _______________

  
	
   

  	
   

  	
   

  
	
  ISSUER:

  	
   

  	
  HF Financial Corp.

  
	
   

  	
   

  	
   

  
	
  SECURITY:

  	
   

  	
  COMMON STOCK

  
	
   

  	
   

  	
   

  
	
  AMOUNT:

  	
   

  	
  _______________ STOCKS

  
	
   

  	
   

  	
   

  
	
  DATE OF GRANT:

  	
   

  	
  _______________

  
				

 

 

In connection with the purchase of the Common
Stock (“Securities”) of HF FINANCIAL CORP. (the “Company”), the undersigned
represents to the Company the following:

 

(a)                                  I am aware of the Company’s
business affairs and financial condition, and have acquired sufficient
information about the Company to reach an informed and knowledgeable decision
to acquire the Securities.  I am
purchasing these Securities for my own account for investment purposes only and
not with a view to, or for the resale in connection with, any “distribution”
thereof for purposes of the Securities Act of 1933, as amended (the “Securities
Act”)

 

(b)                                 I understand that the
Securities have not been registered under the Securities Act in reliance upon a
specific exemption therefrom, which exemption depends upon, among other things,
the bona fide nature of my investment intent as expressed herein. In this
connection, I understand that, in the view of the Securities and Exchange
Commission (the “SEC”), the statutory basis for such exemption may be
unavailable if my representation was predicated solely upon a present intention
to hold these Securities for the minimum capital gains period specified under
tax statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future.

 

(c)                                  I further understand
that the Securities must be held indefinitely unless subsequently registered under
the Securities Act or unless an exemption from registration is otherwise
available.  Moreover, I understand that
the Company is under no obligation to register the Securities.  In addition, I understand that the
certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel for the Company.

 

(d)                                 I am familiar with the
provisions of Rule 701 and Rule 144, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly, from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions.  Rule 701 provides that if the issuer
qualifies under Rule 701 at the time of issuance of the Securities, such
issuance will be exempt from registration under the Securities Act.  In the event the Company later becomes
subject to the reporting requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, ninety (90) days thereafter the securities
exempt under Rule 701 may be resold, subject to the satisfaction of
certain of the conditions specified by Rule 144, including among other
things:  (1) the sale being made
through a broker in an unsolicited “broker’s transaction” or in transactions
directly with a market maker (as said term is defined under the Securities
Exchange Act of 1934); and, in the case of an affiliate, (2) the
availability of certain public information about the Company, and the amount of
securities being sold during any three month period not exceeding the
limitations specified in Rule 144(e), if applicable.  Notwithstanding this paragraph (d), I
acknowledge and agree to the restrictions set forth in paragraph (e) hereof.

 

 

In the event that the Company does not
qualify under Rule 701 at the time of issuance of the Securities, then the
Securities may be resold in certain limited circumstances subject to the
provisions of Rule 144, which requires among other things:  (1) the availability of certain public
information about the Company, (2) the resale occurring not less than two
years after the party has purchased, and made full payment for, within the
meaning of Rule 144, the securities to be sold; and, in the case of an
affiliate, or of a non-affiliate who has held the securities less than three
years, (3) the sale being made through a broker in an unsolicited “broker’s
transaction” or in transactions directly with a market maker (as said term is
defined under the Securities Exchange Act of 1934) and the amount of securities
being sold during any three month period not exceeding the specified
limitations stated therein, if applicable.

 

(e)                                  I further understand
that in the event all of the applicable requirements of Rule 144 or Rule 701
are not satisfied, registration under the Securities Act, compliance with
Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 and Rule 701 are not
exclusive, the Staff of the SEC has expressed its opinion that persons
proposing to sell private placement securities other than in a registered
offering and otherwise than pursuant to Rule 144 or Rule 701 will
have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales, and that such persons and
their respective brokers who participate in such transactions do so at their
own risk.

 

	
   

  	
  DATE OF GRANT:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature of Purchaser:Exhibit 10.2

 

HF
FINANCIAL CORP.

2002
STOCK OPTION AND INCENTIVE PLAN

 

RESTRICTED
STOCK AGREEMENT

 

 

THIS AGREEMENT, entered
into as of the Grant Date (as defined in paragraph 1), by and between the
Participant and HF Financial Corp. (the “Company”);

 

WITNESSETH THAT:

 

WHEREAS, the Company
maintains the HF Financial Corp. 2002 Stock Option and Incentive Plan (the “Plan”),
which is incorporated into and forms a part of this Agreement, and the
Participant has been selected by the committee administering the Plan (the “Committee”)
or the Chairman of the Company’s Board of Directors as its delegate to receive
a grant of Restricted Stock under the Plan;

 

NOW, THEREFORE, IT IS
AGREED, by and between the Company and the Participant, as follows:

 

1.                                       Terms of Grant.  For
following terms used in this Agreement shall have the meanings set forth in
this paragraph 1:

 

(a)                                  The “Participant” is _______________.

 

(b)                                 The “Grant Date” is _______________.

 

(c)                                  The “Restricted Period” is the period
beginning on the Grant Date and ending on the date set forth on Exhibit A
(the “Vesting Date”), provided that the Participant continues in continuous
employment with the Company to the end of the Restricted Period.

 

(d)                                 The number of shares of “Restricted Stock”
granted under this Agreement shall be _______________
shares.  Shares of “Restricted Stock” are
shares of Stock granted under this Agreement and are subject to the terms of
this Agreement and the Plan.

 

All
shares of “Restricted Stock” granted under this Agreement shall be fully vested
and nonforfeitable as of the Vesting Date, that is, upon the expiration of the
Restricted Period.

 

Other terms used in this
Agreement are defined pursuant to paragraph 6 or elsewhere in this Agreement.

 

2.                                       Grant.  As of the
Grant Date specified in this Agreement, the Participant is granted the number
of shares of Restricted Stock set forth in paragraph 1.

 

3.                                       Dividends and Voting Rights. 
The Participant shall be entitled to receive any dividends paid with
respect to shares of Restricted Stock that become payable during the Restricted
Period; provided, however, that no dividends shall be payable to or for the
benefit of the Participant with respect to record dates occurring prior to the
Grant Date, or with respect to record dates occurring on or after the date, if
any, on which the Participant has forfeited the Restricted Stock.  The Participant shall be entitled to vote the
shares of Restricted Stock during the Restricted Period to the same extent as
would have been applicable to the Participant if the Participant’s rights in
the shares were unrestricted; provided, however, that the Participant shall not
be entitled to vote the shares with respect to record dates for such voting
rights arising prior to the Grant Date, or with respect to record dates occurring
on or after the date, if

 

 

any, on which the Participant has forfeited the
Restricted Stock.

 

4.                                       Deposit of Shares of Restricted Stock. 
Each certificate issued in respect of shares of Restricted Stock granted
under this Agreement shall be registered in the name of the Participant.  The grant of Restricted Stock is conditioned
upon the Participant endorsing in blank a stock power for the Restricted Stock.

 

5.                                       Transfer and Forfeiture of Shares. 
If the Participant’s Date of Termination (as defined below) does not
occur during the Restricted Period, then, at the end of the Restricted Period,
the Participant shall become vested in all rights in the shares of Restricted
Stock, and shall own the shares free of all restrictions otherwise imposed by
this Agreement.  The Participant shall be
vested in the shares of Restricted Stock, and shall own the shares free of all
restrictions otherwise imposed by this Agreement, prior to the end of the
Restricted Period, as follows:

 

(a)                                  If the Participant’s Date of Termination
occurs by reason of the Participant’s death, total or partial Disability or
normal or early retirement and prior to the expiration of the Restricted
Period, such portion of such shares of Restricted Stock awarded to such
Participant which at the time of such Date of Termination is subject to the
restrictions imposed by paragraph 1(c) as shall be equal to the portion of
the Restricted Period with respect to such shares which shall have elapsed at
the time of such termination of Continuous Service shall be free of
restrictions and shall not be forfeited.

 

(b)                                 If (i) a Change in Control, as
defined in Section 14 of the Plan, occurs prior to the end of the
Restricted Period, (ii) the Participant’s Date of Termination does not
occur before the Change in Control date and (iii) the Continuous Service
of Participant for the Company or for any Affiliate is involuntarily terminated
for whatever reason, at any time within eighteen months after a Change in
Control the Restricted Period shall lapse upon such termination and all
unvested shares of Restricted Stock shall immediately be fully vested,
nonforfeitable and free of all restrictions on transferability except as
specified in the Plan or the Company’s bylaws.

 

Shares of Restricted
Stock may not be sold, assigned, transferred, pledged or otherwise encumbered
until the expiration of the Restricted Period.

 

(c)                                  Each certificate in respect of share of
Restricted Stock awarded under the Plan shall be registered in the name of the
Participant and deposited by the Participant, together with a stock power
endorsed in blank, with the Corporation and shall bear the following (or a
similar) legend:

 

“The transferability of this
certificate and the shares of stock represented hereby are subject to the terms
and conditions (including forfeiture) contained in the 2002 Stock Option and
Incentive Plan of HF Financial Corp. and an Agreement entered into between the
registered owner and HF Financial Corp. 
Copies of such Plan and Agreement are on file in the offices of the Secretary
of HF Financial Corp., 225 South Main Avenue, Sioux Falls, South Dakota, 57102.”

 

6.                                       Definitions. 
For purposes of this Agreement, the terms used in this Agreement shall
be subject to the following:

 

(a)                                  Date of Termination. 
The Participant’s “Date of Termination” shall be the first day occurring
on or after the Grant Date on which the Participant is not employed by the
Company or any Subsidiary, regardless of the reason for the termination of
employment; provided that a termination of employment shall not be deemed to
occur by reason of a transfer of the Participant between the Company and a
Subsidiary or between two Subsidiaries; and further provided that the
Participant’s employment shall not be considered terminated while the
Participant is on a leave of absence from the Company or a Subsidiary approved
by the Participant’s employer.  If, as a
result of a sale or other transaction, the Participant’s employer ceases to be
a Subsidiary (and the Participant’s employer is or becomes an entity that is separate
from the Company), the occurrence of such transaction shall be treated as the

 

 

Participant’s Date of Termination caused by the
Participant being discharged by the employer.

 

(b)                                 Disability.  Except as
otherwise provided by the Committee, the Participant shall be considered to
have a “Disability” during the period in which the Participant is unable, by
reason of a medically determinable physical or mental impairment, to engage in
any substantial gainful activity, which condition, in the opinion of a
physician selected by the Committee, is expected to have a duration of not less
than 120 days.

 

(c)                                  Plan Definitions. 
Except where the context clearly implied or indicates the contrary, a
word, term, or phrase used in the Plan is similarly used in this Agreement and
the definitions in the Plan are incorporated in this Agreement by reference and
apply as if they were defined in this Agreement.

 

7.                                       Heirs and Successors. 
This Agreement shall be binding upon, and inure to the benefit of, the
Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially
all of the Company’s assets and business. 
If any rights of the Participant or benefits distributable to the Participant
under this Agreement have not been exercised or distributed, respectively, at
the time of the Participant’s death, such rights shall be exercisable by the
Designated Beneficiary, and such benefits shall be distributed to the
Designated Beneficiary, in accordance with the provisions of this Agreement and
the Plan.  The “Designated Beneficiary”
shall be the beneficiary or beneficiaries designated by the Participant in a
writing filed with the Committee in such form and at such time as the Committee
shall require.  If a deceased Participant
fails to designate a beneficiary, or if the Designated Beneficiary does not
survive the Participant, any rights that would have been exercisable by the
Participant and any benefits distributable to the Participant shall be
exercised by or distributed to the legal representative of the estate of the
Participant.  If a deceased Participant
designates a beneficiary but the Designated Beneficiary dies before the
Designated Beneficiary’s exercise of all rights under this Agreement or before
the complete distribution of benefits to the Designated Beneficiary under this
Agreement, then any rights that would have been exercisable by the Designated
Beneficiary shall be exercised by the legal representative of the estate of the
Designated Beneficiary, and any benefits distributable to the Designated
Beneficiary shall be distributed to the legal representative of the estate of
the Designated Beneficiary.

 

8.                                       Administration. 
The authority to manage and control the operation and administration of
this Agreement shall be vested in the Committee, and the Committee shall have
all powers with respect to this Agreement as it has with respect to the
Plan.  Any interpretation of the
Agreement by the Committee and any decision made by it with respect to the
Agreement is final and binding.

 

9.                                       Plan Governs. 
Notwithstanding anything in this Agreement to the contrary, the terms of
this Agreement shall be subject to the terms of the Plan, a copy of which may
be obtained by the Participant from the office of the Secretary of the Company.

 

10.                                 Amendment.  This
Agreement may be amended by written Agreement of the Participant and the
Company, without the consent of any other person.

 

 

IN WITNESS WHEREOF, the
Participant has executed this Agreement, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Grant
Date.

 

	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HF FINANCIAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
    Curtis
  L. Hage

  
	
   

  	
  Its:

  	
    Chairman,
  President & CEO

  
				

 

 

EXHIBIT A

 

HF
FINANCIAL CORP.

2002
Stock Option Plan

 

Restricted
Stock Agreement

 

The following schedule shall
apply to the vesting of shares of restricted stock under this Agreement.  At the time shares of stock become vested and
the restricted period expires, the provisions of the Agreement and of the Plan
as to transferability apply without limitation.

 

	
   

  	
   

  	
  Cumulative Percentage

  	
   

  
	
   

  	
   

  	
  of

  	
  Actual Number

  
	
   

  	
  Date

  	
  Covered Shares Which

  	
  of Shares

  
	
   

  	
   

  	
  Become Vested

  	
   

  
	
   

  	
   

  	
   

  33.33%

  	
   

  
	
   

  	
   

  	
   

  33.33%

  	
   

  
	
   

  	
   

  	
   

  33.33%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]