Document:

EXHIBIT 10.2

 

HOME FEDERAL BANK

 

RESTATED EMPLOYMENT AGREEMENT

 

THIS RESTATED
EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 31st
day of December, 2008, contemporaneously with the Restated Change-in-Control
Agreement, by and between HOME FEDERAL BANK, a South Dakota corporation
(hereinafter referred to as the “Bank”), P. O. Box 5000, Sioux Falls, South
Dakota 57117-5000 and                                       
(the “Employee”).

 

RECITALS

 

	
  A.

  	
   

  	
  The Employee is currently serving as                                             .

  
	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  The Board of Directors of the Bank
  recognizes the important service that the Employee provides and will continue
  to provide for the Bank.

  
	
   

  	
   

  	
   

  
	
  C.

  	
   

  	
  The Board of Directors of the Bank has
  previously approved and authorized the execution of an Employment Agreement
  with the Employee.

  
	
   

  	
   

  	
   

  
	
  D.

  	
   

  	
  The Board of Directors of the Bank has
  previously approved and authorized the execution of a Change-in-Control
  Agreement with the Employee.

  
	
   

  	
   

  	
   

  
	
  E.

  	
   

  	
  South Dakota Codified Law
  Section 53-8-7 allows written agreements to be amended without
  additional consideration.

  
	
   

  	
   

  	
   

  
	
  F.

  	
   

  	
  The Board of Directors of the Bank and the
  Employee desire to make certain changes in the Employment Agreement and
  Change-in-Control Agreement.

  
	
   

  	
   

  	
   

  
	
  G.

  	
   

  	
  The changes to the Employment Agreement are
  contained in this Restated Employment Agreement (this “Agreement”).

  
	
   

  	
   

  	
   

  
	
  H.

  	
   

  	
  The HF Financial Corp. Personnel,
  Compensation and Benefits Committee has authorized the Chairman and Chief
  Executive Officer of the Bank to finalize and sign the Agreement with the
  Employee.

  

 

COVENANTS

 

NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements of the parties herein contained and further contained
in the Restated Change-in-Control Agreement between the parties executed
contemporaneously herewith, the parties agree as follows:

 

 

1.             Term

 

This
agreement shall commence on the date set forth above and shall continue in
effect through June 30, 2009, provided,
however, that commencing on
July 1, 2009 and on each July 1 thereafter, the term of this
agreement shall automatically be extended for one additional year unless, no
later than March 31 of the previous year, the Bank or the Employee shall
have given notice that this Agreement shall not be extended. Except as
otherwise provided in the Restated Change-in-Control Agreement, the Employee’s
Restated Change-in-Control Agreement shall terminate when this Agreement
terminates.

 

2.             Employment

 

The
Employee serves as                                     
of the Bank and shall have all such authority, powers, duties, and
responsibilities as may be given to the Employee from time to time by the Chief
Executive Officer. The Employee shall devote substantially all of the Employee’s
working time and efforts to the affairs of the Bank.

 

3.             Compensation

 

(a)           The Bank shall pay
the Employee a base salary at a rate of no less than                                                                 
($                )
per year during the term of this Agreement upon the same frequency and on the
same basis that that Bank normally makes salary payments to other Employee
personnel. Appropriate adjustments will be made to the Employee’s base salary
giving consideration to the value of the Employee’s services and to comparable
adjustments to salaries paid to other executive employees of the Bank.

 

(b)           The Employee shall
participate in the same manner as other executives in the Bank’s executive
incentive plans.

 

4.             Benefits

 

The
Bank shall provide the Employee, in addition to the base salary, all benefits
made available to other officers of the Bank as described in the Bank’s benefit
plan(s) including, but not limited to group term life insurance, group
medical, dental and disability coverage, paid Personal Time Off (PTO), and
retirement.

 

5.             Termination

 

(a)           Termination for Cause.  The
Bank shall have the right to immediately discharge the Employee for Cause.
Cause shall include:

 

(i)            Material
violation of a law or regulation which:

 

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(a)           Governs the Employee’s
conduct as an officer of the Bank; or

 

(b)           In the reasonable
opinion of the Bank affects the Employee’s fitness to serve in the Employee’s
position;

 

(ii)           Substantial neglect of the Employee’s
duties;

 

(iii)          Action or inaction, which materially and
adversely impacts the Bank’s safety, soundness, security, assets, customers or
employees;

 

(iv)          Dishonesty of a material nature;

 

(v)           Failure to comply with material rules,
regulations or policies of the Bank;

 

(vi)          Engaging in personal conduct which, when
considering the Employee’s position with the Bank, would materially detract
from its business reputation in the community served;

 

(vii)         Material breach of any material covenant or
condition of this Agreement; and

 

(viii)        Willful and material misconduct.

 

Nothing in this provision shall prevent the Bank from putting the
Employee on a paid or unpaid administrative leave during the pendency of
criminal charges against the Employee, during an investigation (internal or
otherwise) into any suspected misconduct or illegal conduct of the Employee, or
for any other reason deemed appropriate in the reasonable discretion of the
Bank. Nothing in this provision shall prohibit the Bank from reasonably
disciplining the Employee for wrongdoing or misconduct in a manner that does
not result in termination. Discipline or discharge under this section shall be
preceded by a fair and complete investigation, including an opportunity for the
Employee to provide information which the Employee deems relevant.

 

(b)           Termination  Without Cause.
The Employee’s employment under this
Agreement may be terminated without Cause at any time upon sixty (60) days
written notice to the Employee.

 

The Employee may terminate this Agreement at any time upon sixty (60)
days written notice to the Bank’s Chief Executive Officer.

 

(c)           Absenteeism.  If the Employee is absent from work in
partial-day or full-day increments for any reason, including but not limited to
illness or injury, for a period of time or in a manner that materially affects
the functioning of 

 

3

 

the Employee’s department or of the Employee’s direct or indirect
reports, the Bank may, in its reasonable discretion, terminate the Employee’s
employment with the Bank without prior notice. Nothing in this absenteeism
provision shall relieve the Bank from fulfilling any duties it may have under
the Americans with Disabilities Act, any applicable State Human Rights Act, the
Family and Medical Leave Act, or any other applicable law or regulation nor
shall it preclude the Employee from receiving benefits to which the Employee
may be entitled under any disability plan or agreement sponsored by the Bank.

 

(d)           Death.  The Employee’s employment hereunder shall
terminate automatically upon the Employee’s death.

 

(e)           Severance  Terms.  Upon
termination of the Employee’s employment under this Section 5, the
Employee shall forfeit all rights to future compensation under Section 3;
provided, however, that if employment is terminated as a result of the Employee’s
death or disability as described in Section 5(e)(iii), compensation under Section 3(b) will
not be forfeited, and will be payable to the Employee’s Estate/heirs in
accordance with the terms of the Bank’s executive incentive plans. Except where
termination follows a change in control, as defined in the Employee’s Restated
Change-in-Control Agreement, and subject to the Employee’s signing and not
revoking a release of claims in a form reasonably acceptable to the Bank, and
further subject to compliance with Section 6 below (Agreement Not to
Compete), the Employee shall receive the following amounts, except to the
extent previously paid by the Bank to the Employee, as full payment, compromise
and settlement of all non-vested compensation, and as additional consideration
for the restrictive covenants contained in this Agreement:

 

(i)            In
the event the Employee’s
employment is terminated by the Bank for Cause, the Bank shall pay the Employee
the Employee’s full salary through the date of termination for Cause, at the
rate in effect at the time of notice of termination, and the Bank shall
thereafter have no further obligation to the Employee under this Agreement;

 

(ii)           In the event the Employee’s employment is
terminated by the Bank without Cause, other than by reason of death or
disability as described in Section 5(e)(iii), the Employee shall be paid
the Employee’s full salary through the date of termination and in addition,
shall be paid each month on the first of the month for twelve months
one-twelfth of the total of:  (a) the
Employee’s monthly salary in effect at the time of termination times the number
of months remaining until expiration of this Agreement plus (b) an amount
equal to one year’s annual base salary. Provided, however, that, subject to the
provisions of subsection (vii) of this Section 5(e), 

 

4

 

the first payment shall be made on the first
day of the third month coincident with or next following the Employee’s
termination of employment and shall include all monthly payments theretofore
due under this Agreement;

 

(iii)          In the event the Employee’s employment is
terminated by the Bank because of disability (as defined by and determined
under the Bank’s Disability Plan), the Bank will pay the Employee through the
last day of the month in which the Employee is terminated plus on the 90th day
following the Employer’s termination of employment an amount equal to three (3) month’s
base salary;

 

(iv)          In the event of the Employee’s death, the
Bank shall pay the Employee’s spouse, beneficiary, or the Employee’s estate,
the Employee’s then current salary through the last day of the month in which
such death occurs;

 

(v)           In the event the Employee’s employment is
terminated by the Employee, and if the Employee provides written notice as
required in Section 5(b), the Bank shall, subject to the provisions of
subsection (vii) of this Section 5(e), pay the Employee’s current
salary through the month of termination and on the 60th day following the
Employee’s termination of employment one additional month’s salary. Failure to
give such notice shall result in forfeiture of accrued PTO and the Employee
shall be paid only through the last day worked;

 

(vi)          In the event the Employee’s employment is
terminated because the Employee has chosen not to extend the term of the
Agreement pursuant to Section 1, the Bank shall pay the Employee the
Employee’s full salary during the period of time that the Employee continues to
work (but not beyond the end of the term), at the rate then in effect, plus
accrued PTO.  However, the Bank may
request the Employee to terminate employment before the end of the term in
which event the Bank shall pay the Employee the Employee’s full salary through
the end of the term of the Agreement, at the rate then in effect, plus accrued
PTO. In the event the Employee’s employment is terminated because the Bank has
chosen not to extend the term of the Agreement pursuant to Section 1 the
Bank shall pay the Employee the Employee’s full salary through the end of the
term of the Agreement, at the rate then in effect, plus accrued PTO; and

 

(vii)         Notwithstanding the foregoing payment provisions, if the Bank determines that any
payments described above are subject to 409A(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended (“Code”) (or a successor provision), the
payments

 

5

 

described above shall be
delayed until the earlier of the Employee’s death or the first day of the month
coincident with or next following the sixth month anniversary of the Employee’s
termination of employment and shall include all payments theretofore due under
this Agreement.  Provided, however, that
no payments shall be made and payments already made shall be returned to the
Bank if the Employee violates the non-compete provisions contained in Section 6.

 

Compensation following a change
in control, as defined in the Employee’s Restated Change in Control Agreement,
shall be governed by the terms of that Agreement.

 

6.                                      Agreement
Not to Compete

 

The Employee agrees that during the term of the Employee’s
employment hereunder and for a period of one (1) year after termination of
this Agreement by the Employee or by the Bank for any reason, voluntarily or
involuntarily, with or without Cause under Section 5(b), the Employee will
not:  either directly or indirectly, on
the Employee’s own behalf or as a partner, member, officer, employee,
consultant, stockholder (except by ownership of less than 1% of the outstanding
stock of a publicly held corporation, or the ownership does not involve any
managerial or operation responsibility), director or trustee of any person,
firm, or corporation or otherwise, engage in or assist others to engage in any
business, competing with the business carried on by the Bank, or solicit
business from any customers of the Bank, within the cities, towns,
municipalities, or counties where the Bank conducts business. “Bank” as used in
this provision shall include all branch operations and locations. If the
Employee violates the non-compete provisions of this Section 6 the
Employee shall return to the Bank any severance payments received after
termination under Section 5(e) or under Section 4(a)(iii) of
the Employee’s Restated Change in Control Agreement.

 

7.                                      Solicitation
of Employees

 

The Employee agrees that during
the term of the Employee’s employment and for one (1) year after the termination of such
employment, the Employee will not induce or attempt to induce any person who is an employee of the Bank to
leave the employ of the Bank and engage in any business which competes with the
Bank’s business.

 

8.                                      Confidential
Information

 

The Employee acknowledges that as a result of employment
with the Bank, the Employee has access to and knowledge of confidential, trade
secret and proprietary information of the Bank. In exchange for the
consideration set forth herein and for the consideration set forth in the
Restated Change-in-Control Agreement contemporaneously executed, the Employee
agrees not to disclose to 

 

6

 

anyone inside or outside the Bank or use for the Employee’s
own benefit or the benefit of others, any of this information without the
express written consent of the Bank. The Employee acknowledges an unauthorized
disclosure or use of this information would be unfair and would cause the Bank
irreparable harm.

 

9.                                      Compensation Restrictions under CPP

 

Anything in this Agreement to the contrary notwithstanding,
because HF Financial Corp. is participating in the capital purchase program (“CPP”)
of the United States Treasury Department (“Treasury”) established under the
Emergency Economic Stabilization Act of 2008 (“EESA”), compensation to the
Employee shall be restricted as follows:

 

(a)                                  No Golden Parachute Payments.
The Bank is prohibiting any golden parachute payment to the Employee during any “CPP Covered
Periods.” A “CPP Covered Period” is any period during which (i) the
Employee is a senior executive officer and (ii) Treasury holds an equity
or debt position acquired from the Bank in the CPP.  “Golden parachute payment” is used with same
meaning as in Section 111(b)(2)(C) of EESA.  For purposes of this Section 9, “Bank”
includes any entities treated as a single employer with the Bank under 31
C.F.R. Section 30.1(b) (as in effect on the Closing Date of the CPP
purchase) The Bank shall determine any reductions in such a manner that to the
extent possible, the provisions of Section 409A of the Code are not
violated.

 

(b)                                  Recovery
of Bonus and Incentive Compensation. Any bonus and incentive compensation
paid to the Employee during a CPP Covered Period and while the Employee is a
senior executive officer is subject to recovery or “clawback” by the Bank if
the payments were based on materially inaccurate financial statements or any
other materially inaccurate performance metric criteria.

 

(c)                                  Compensation
Program Amendments. Each of the Bank’s compensation, bonus, incentive and
other benefit plans, arrangements and agreements (including golden parachute,
severance and employment agreements) (collectively, “Benefit Plans”) with
respect to the Employee is hereby amended to the extent necessary to give effect
to provisions (a) and (b), including, but not limited to, this Agreement,
the Change in Control Agreement, the Long Term Incentive Plan, the Short Term
Incentive Plan, any individual incentive program, the Excess Pension Plan and
the Deferred Compensation Agreement.

 

In addition, the Bank is
required to review its Benefit Plans to ensure that they do not encourage
senior executive officers to take unnecessary and excessive risks that threaten
the value of the Bank. To the extent any such review requires revisions to any
Benefit Plan with respect to the Employee that the Bank does not have the
authority to change unilaterally, the 

 

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Employee and the Bank agree to
negotiate such changes promptly and in good faith.

 

This Section 9 is intended to, and will be
interpreted, administered and construed to, comply with Section 111 of
EESA (and, to the maximum extent consistent with the preceding, to permit
operation of the Benefit Plans in accordance with their terms before giving
effect to this Section 9 and without violating the provisions of Section 409A
of the Code).

 

10.                               No
Assignments

 

This Agreement is personal to each of the parties hereto,
and neither party may assign or delegate any of its rights or obligations
hereunder without first obtaining the written consent of the other party;
provided, however, that the Bank will require any successor or assign (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Bank, by an assumption
agreement in form and substance satisfactory to the Employee in the Employee’s
reasonable discretion, to expressly assume and agree to perform this Agreement
in the same manner and to the same extent that the Bank would be required to
perform it if no such succession or assignment had taken place. Failure of the
Bank to obtain such an assumption agreement prior to the effective date of any
such succession or assignment shall be a breach of this Agreement.

 

11.                               Notice

 

For the purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when personally delivered or sent by certified
mail, return receipt requested, postage prepaid, addressed to the respective
addresses set forth on the first page of this Agreement (provided that all
notices to the Bank shall be directed to the attention of the Chief Executive
Officer of the Bank with a copy to the Secretary of the Bank), or to such other
address as either party may have furnished to the other in writing in
accordance herewith. Notices shall be effective upon receipt.

 

12.                               Entire
Agreement/Waivers

 

This Agreement, the contemporaneously executed Restated Change-in-Control
Agreement, and the Letter Agreement dated November     ,
2008, between the Employee and HF Financial Corp. in connection with the CPP
addressed in Section 9 of this Agreement, as any of the same may be
amended from time to time, represent the entire agreement between the parties
and supersede all previous communications, representations, understandings, and
agreements, either oral or written, between the Bank and the Employee with
respect to the employment of the Employee by the Bank. No waiver of the terms
of this Agreement shall be binding upon either party unless in writing, signed
by the party to be charged. The waiver or failure of either party to enforce
the terms of this Agreement in one instance shall 

 

8

 

not constitute a waiver of that party’s rights under this
Agreement with respect to other violations.

 

13.                               Severability

 

The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.

 

14.                               Section 409A
of the Code

 

It is the intent of the parties
that this Agreement be construed to avoid the excise tax and penalties described in Section 409A of the Code. This
Agreement shall be interpreted in a manner consistent with that intent. In that
regard, the concept of “termination of employment” shall be interpreted to mean
“separation from service” within the meaning of Section 409A.

 

15.                               Governing
Law

 

The laws of the United States to the extent applicable and
otherwise the laws of the State of South Dakota shall govern this Agreement.

 

16.                               Arbitration
and Remedies

 

(a)                                  Except as otherwise expressly provided in
this Agreement, any dispute or claim arising under or with respect to this
Agreement, or the termination of this Agreement, will be resolved by
arbitration in the state of South Dakota in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association
by a mutually agreeable neutral arbitrator. The decision or award of the
arbitrator shall be final and binding upon the parties and may be entered as a
judgment or order in any Court of competent jurisdiction;

 

(b)                                  All information and documentation submitted by
the parties or received from any other source, together with all transcripts of
the hearing(s) or other proceedings, and the arbitrator’s findings shall
be treated by the arbitrator and the parties as Confidential Information and
the participants agree not to disclose or turn over any such information or
documentation to a third party without the prior written consent of the
parties, or pursuant to a lawful subpoena or court order, or an order to obtain
injunctive relief;

 

(c)                                  Employee acknowledges that compliance with
Sections 6, 7, and 8 is necessary to protect the business and good will of the
Bank, and that a breach of these sections would irreparably and continually
damage the Bank for which money damages may not be adequate. Consequently, the
Employee agrees that the Bank will be entitled to injunctive and other
equitable relief from the courts for breach or threatened breach of these
sections and the Employee agrees that it will not be a defense to any 

 

9

 

request for such relief that the Bank has an adequate remedy at law.
For purposes of any such proceeding, the Bank and the Employee submit to the
non-exclusive jurisdiction of the courts of the state of South Dakota, and of
the United States located in the State of South Dakota, and each agrees not to
raise and waives any objection to or defense based on the venue of any such
court or forum non-conveniens;

 

(d)                                  If a court of competent jurisdiction
determines that any provision of this Agreement is unreasonable in scope, time,
or geography, it is hereby authorized by the Employee and the Bank to enforce
the same in such narrower scope, shorter time or lesser geography as such court
determines to be reasonable and proper under all the circumstances. The restrictive
covenants in Section 6 shall be deemed separate covenants for each and
every state, county, municipality, and town, and in the event the covenants for
one or more of the geographic territories is determined to be unenforceable,
the remaining covenants shall continue to be effective; and

 

(e)                                  The Bank will also have such other legal
remedies as may be appropriate under the circumstances including, but not
limited to, recovery of damages occasioned by a breach.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year first above written.

 

	
  EMPLOYEE

  	
   

  	
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Curtis L. Hage

  
	
   

  	
   

  	
  By:

  	
  Curtis L. Hage

  
	
   

  	
   

  	
  Its:

  	
  Chairman and Chief Executive Officer

  

 

10EXHIBIT 10.3

 

HOME FEDERAL BANK

 

RESTATED CHANGE-IN-CONTROL
AGREEMENT

 

This Restated
Change-in-Control Agreement (this “Agreement”) is entered into as of this 31st
day of December, 2008, by and between Home Federal Bank, a federally chartered
savings bank and Curtis L. Hage (the “Employee”). As used herein, the term “the
Bank” shall mean Home Federal Bank, or if the context requires, its successor.

 

WHEREAS, the Employee is
currently serving as Chairman and Chief Executive Officer of the Bank; and

 

WHEREAS, the Bank is a
wholly-owned subsidiary of HF Financial Corp., (the Holding Company”), and the
Holding Company offers its common stock for sale to the public and is subject
to supervision by the Securities and Exchange Commission (“SEC”); and

 

WHEREAS, both the Bank and
the Holding Company are subject to supervision by the Office of Thrift
Supervision (the “OTS”); and

 

WHEREAS, the Board of
Directors of the Bank recognizes that, as is the case with publicly held
corporations generally, the possibility of a change-in-control of the Holding
Company may exist and that such possibility, and the uncertainty and questions
which it may raise among management, may result in the departure or distraction
of key management personnel to the detriment of the Bank, the Holding Company
and its stockholders; and

 

WHEREAS, the Board of
Directors of the Bank believes it is in the best interests of the Bank to enter
into a Change-in-Control Agreement with the Employee in order to assure
continuity of management of the Bank and to reinforce and encourage the
continued attention and dedication of the Employee to his assigned duties
without distraction in the face of potentially disruptive circumstances arising
from the possibility of a change-in-control of the Holding Company, although no
such change is now known of; and

 

WHEREAS, the Board of
Directors of the Bank has previously approved and authorized the execution of a
Change-in-Control Agreement with the Employee; and

 

WHEREAS, the parties desire
to make changes to such Agreement to better conform to Section 409A of the
Internal Revenue Code (the “Code”) and for other reasons; and

 

WHEREAS, Section 53-8-7
of the South Dakota Codified Laws permits parties to a written contract to
alter the contract in writing without further consideration; and

 

WHEREAS, the Board of
Directors of the Bank and of HF Financial Corp., the parent company of the
Bank, have approved the execution of this restated Agreement with the Employee
and have authorized the Chair of the HF Financial Corp. Personnel, Compensation
and Benefits Committee to finalize and sign the Agreement to take effect as
stated in Section 1 hereof.

 

NOW, THEREFORE, in
consideration of the foregoing and of the respective covenants and agreements
of the parties herein contained, it is agreed as follows:

 

1.             Term
of Agreement. This Agreement will commence on the date hereof and shall
continue while the Employee is employed with the Bank; provided, however, that
if either party gives a notice of nonextension with respect to the Employee’s
Restated Employment 

 

 

Agreement, this Agreement shall terminate when the Restated Employment
Agreement terminates, except that if such notice of nonextension is given by
the Bank at a time when the Bank is actively negotiating a transaction with a
third party that may result in a Change-in-Control or at a time when
shareholders of the Holding Company are being solicited to vote for directors
who would not be Continuing Directors as defined in Section 2 below and
the election of such directors would effect a Change-in-Control or at a time
when shareholders of the Holding Company are being solicited to tender their
shares in an offering that if successful would result in a Change-in-Control,
this Agreement shall not terminate until nine months following the termination
of the Restated Employment Agreement.

 

2.             Change-in-Control. No benefits
shall be payable hereunder unless there shall have been a Change-in-Control, as
set forth below, and the Employee’s employment is terminated as described in
this Agreement. For purposes of this Agreement, a “Change-in-Control” shall
mean:

 

a.             a
change-in-control of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or
not the Holding Company is then subject to such reporting requirement; or

 

b.             the
public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) of the
Exchange Act) by the Holding Company or any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) that such person has
become the “beneficial owner” (as defined in Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, of securities of the Holding Company
(i) representing 20% or more, but not more than 50%, of the combined
voting power of the Holding Company’s then outstanding securities unless the
transaction resulting in such ownership has been approved in advance by the
Continuing Directors (as hereinafter defined); or (ii) representing more
than 50% of the combined voting power of the Holding Company’s then outstanding
securities (regardless of any approval by the Continuing Directors); provided,
however, that notwithstanding the foregoing, no Change-in-Control shall be
deemed to have occurred for purposes of this Agreement by reason of the
ownership of 20% or more of the total voting capital stock of the Holding
Company then issued and outstanding by the Holding Company, any subsidiary of
the Holding Company or any employee benefit plan of the Holding Company or of
any subsidiary of the Holding Company or any entity holding shares of the
Common Stock organized, appointed or established for, or pursuant to the terms
of, any such plan (any such person or entity described in this clause is
referred to herein as a “Company Entity”); or

 

c.             any
acquisition of control as defined in 12 Code of Federal Regulations Section 574.4,
or any successor regulation, of the Holding Company which would require the
filing of an application for acquisition of control or notice of
Change-in-Control in a manner which is set forth in 12 CFR Section 574.3,
or any successor regulation; or

 

d.             the
Continuing Directors (as hereinafter defined), cease to constitute a majority
of the Holding Company’s Board of Directors; or

 

e.             the
shareholders of the Holding Company approve (i) any consolidation or
merger of the Holding Company in which the Holding Company is not the
continuing or surviving Holding Company or pursuant to which shares of Holding
Company stock would be converted into cash, securities or other property, other
than a merger of the Holding Company in which shareholders immediately prior to
the merger have the same proportionate ownership of stock 

 

2

 

of the surviving Holding Company immediately after the merger; (ii) any
sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Holding
Company; or (iii) any plan of liquidation or dissolution of the Holding
Company.

 

For purposes of this
definition, “Continuing Director” shall mean any person who is a member of the
Board of Directors of the Holding Company, while such person is a member of the
Board of Directors, who is not an Acquiring Person (as defined below) or an
Affiliate or Associate (as defined below) of an Acquiring Person, or a
representative of an Acquiring Person or of any such Affiliate or Associate,
and who (i) was a member of the Board of Directors on July 2, 2007;
or (ii) subsequently becomes a member of the Board of Directors, if such
person’s initial nomination for election or initial election to the Board of
Directors is recommended or approved by a majority of the Continuing Directors.
For purposes of this definition, “Acquiring Person” shall mean any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act)
who or which, together with all Affiliates and Associates of such person, is
the “beneficial owner” (as defined in Rule 13d-3 promulgated under the
Exchange Act) directly or indirectly, of securities of the Holding Company
representing 20% or more of the combined voting power of the Holding Company’s
then outstanding securities, but shall not include the Investors or any Holding
Company Entity; and “Affiliate” and “Associate” shall have their respective
meanings ascribed to such terms in Rule 12b-2 promulgated under the
Exchange Act.

 

3.             Termination
Following a Change-in-Control. If a Change-in-Control
shall have occurred during the term of this Agreement, the Employee shall be
entitled to the benefits provided in Section 4(a) hereof upon
termination of the Employee’s employment within 24 months following the month
in which a Change-in-Control occurs unless such termination is: (i) because
of the Employee’s death or Disability (as defined below); (ii) by the Bank
for Cause (as defined below); or (iii) by the Employee other than for Good
Reason (as defined below):

 

a.             Cause.
Termination by the Bank of the Employee’s employment for “Cause” shall mean
termination upon (i) material violation of a law or regulation which: (a) governs
the Employee’s conduct as an officer of the Bank; or (b) in the reasonable opinion of the Bank affects the Employee’s
fitness to serve in his position; (ii) substantial neglect of the
Employee’s duties; (iii) action or inaction, which materially and
adversely impacts the Bank’s safety, soundness, security, assets, customers or
employees; (iv) dishonesty of a material nature; (v) failure to
comply with material rules, regulations or policies of the Bank; (vi) engaging
in personal conduct which, when considering the Employee’s position with the
Bank, would materially detract from its business reputation in the community
served; (vii) material breach of any material covenant or condition of the
Employee’s Restated Employment Agreement; and (viii) willful and material
misconduct.

 

Termination for Cause shall
be preceded by a fair and complete investigation, including an opportunity for
the Employee to provide information he deems relevant, and by a vote by the
Bank’s Board of Directors that there is Cause under this Agreement to terminate
the Employee.

 

b.             Good
Reason. The Employee’s termination of employment for “Good Reason” shall
mean termination by the Employee upon the occurrence, without his express
written consent, within 24 months following a Change-in-Control of any one or
more of the following:

 

(i)              the
assignment to the Employee of any duties inconsistent in any respect with the
Employee’s position (including status, offices, titles, and reporting 

 

3

 

requirements), authorities, duties, or other responsibilities as in
effect immediately prior to the Change-in-Control or any other action of the
Bank which results in a diminishment in such position, authority, duties, or
responsibilities, other than an insubstantial and inadvertent action which is
remedied by the Bank promptly after receipt of notice thereof given by the
Employee;

 

(ii)             a
reduction by the Bank in the Employee’s base salary as in effect on the date
hereof or as the same shall be increased from time-to-time;

 

(iii)            the
failure by the Bank to (a) continue in effect any material compensation or
benefit plan, program, policy or practice in which the Employee was
participating at the time of the Change-in-Control, or (b) provide the
Employee with compensation and benefits at least equal (in terms of benefit
levels and/or reward opportunities) to those provided for under each employee
benefit plan, program, policy and practice as in effect immediately prior to
the Change-in-Control (or as in effect following the Change-in-Control, if
greater);

 

(iv)            the
failure of the Bank to obtain a satisfactory agreement from any successor to
the Bank to assume and agree to perform this Agreement, as contemplated in Section 8
hereof; and

 

(v)             any
purported termination by the Bank of the Employee’s employment that is not
effected pursuant to a Notice of Termination (as defined below).

 

The Bank’s right to
terminate Employee’s employment pursuant to this Subsection shall not be
affected by the Employee’s Disability as defined below. The Employee’s
continued employment shall not constitute consent to, or a waiver of rights
with respect to, any circumstance constituting Good Reason hereunder. Employee’s
termination of employment for Good Reason as defined in this Subsection 3(b) shall
constitute termination for Good Reason for all purposes of this Agreement,
notwithstanding that the Employee may also thereby be deemed to have “retired”
under any applicable retirement programs of the Bank.

 

c.             Disability.
Disability shall mean incapacity due to physical or mental illness as
determined by the Bank’s disability plan.

 

d.             Notice
of Termination. Any purported termination of the Employee’s employment by
the Bank or by the Employee (other than by reason of the Employee’s death)
within 24 months following the month in which a Change-in-Control occurs, shall
be communicated by Notice of Termination to the other party hereto in
accordance with Section 9 hereof. No purported termination of the Employee’s
employment by the Bank shall be effective if it is not pursuant to a Notice of
Termination. Failure by the Employee to provide Notice of Termination shall not
limit any of the Employee’s rights under this Agreement except to the extent
the Bank can demonstrate that it suffered actual damages by reason of such
failure. For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate the specific termination provision in this
Agreement relied upon and the Date of Termination (as defined below) and shall
set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Employee’s employment under the provision so
indicated.

 

e.             Date
of Termination. “Date of Termination” shall mean the date specified in the
Notice of Termination (except in the case of the Employee’s death, in which
case Date of Termination shall be the date of death); provided, however, that
if the Employee’s employment is terminated by the Bank, the date specified in
the Notice of Termination shall be at least 30 

 

4

 

days from the date the Notice of Termination is given to the Employee
and if the Employee terminates his employment for Good Reason, the date
specified in the Notice of Termination shall not be more than 60 days from the
date the Notice of Termination is given to the Bank.

 

4.             Compensation
Upon Termination. Following a Change-in-Control that occurs during
the term of this Agreement, and upon the Employee’s termination of employment
within 24 months following the month in which the Change-in-Control occurred,
the Employee shall be entitled to the following benefits:

 

a.             If
employment by the Bank is terminated (A) by the Bank for any reason other
than Cause, or (B) by the Employee for Good Reason, the Employee shall be
entitled to the benefits, to be funded from the general assets of the Bank,
provided below:

 

(i)              the
Bank shall pay the Employee his full annual base salary through the Date of
Termination at the rate in effect at the time Notice of Termination is given;

 

(ii)             the
Bank shall pay the Employee in accordance with the terms of the Short-Term
Incentive Plan, any incentive payment Employee has a right to receive on the
last day of the fiscal year prior to Employee’s Date of Termination.

 

(iii)            the
Bank shall pay as severance pay to the Employee, a lump sum severance payment
equal to 2.99 times the sum of (A) the Employee’s annual base salary in
effect at the time Notice of Termination is given or immediately prior to the
date of the Change-in-Control, whichever is greater, and (B) the amount
determined as follows: (1) the amount that the Employee had accrued during
the plan year under the Short-Term Incentive Plan as of the first of the month
following the month in which the Change in Control occurred, annualized by
dividing the amount accrued by the number of months from the start of the plan
year to the first of the month following the month in which the Change in
Control occurred multiplied by twelve; plus, (2) the amount of each of the
Short-Term Incentive Awards, if any, awarded to the Employee in the three years
immediately prior to the Change in Control divided by four; provided, however,
that payments under this subparagraph will be conditioned upon compliance with Section 6
of the Employee’s Restated Employment Agreement (Agreement Not to Compete) and
payments made under this subparagraph must be returned to the Bank if the
Employee violates the non-compete provisions contained in that non-compete
Section;

 

(iv)            the
Bank shall pay the Employee the amount that has accrued to the Employee under the
Long-Term Incentive Plan as of the first day of the month following the Date of
Termination;

 

(v)             (A) for
and during the period of time that the Employee is eligible for and properly
elects continued coverage under the Bank’s health and dental plans, the Bank
will continue to subsidize that coverage as if the Employee remained an active
employee of the Bank but for no more than 36 months following the Date of
Termination and only with respect to the level of health and dental insurance
coverage in which the Employee was enrolled immediately prior to the Notice of
Termination (e.g., single or family).  If
the Employee’s continuation coverage terminates for reasons other than
nonpayment of the Employee’s share of the cost of the coverage or fraud before
the Employee has received 36 months of coverage, then the Bank shall reimburse
the Employee for replacement health and dental coverage during the remainder of
the 36 months following the Date of Termination, but only with respect to the
level of health and dental insurance coverage in which the Employee was
enrolled immediately prior to the Notice of Termination (e.g., single or
family), and only in an amount up to the difference between the then COBRA
premium charged by the Bank (or its successor) to

 

5

 

COBRA continuees and the amount that active employees are required to
pay for their coverage.  Such
reimbursement may be made directly to the provider of the Employee’s health and
dental coverage or as a reimbursement to the Employee upon the presentation of
evidence of the cost and continuation of such coverage.  Provided, however, that all health and dental
benefits receivable by the Employee pursuant to this Subsection (v)(A) shall
be discontinued if the Employee obtains full-time employment providing
comparable health and dental benefits to Employee provided in accordance with
this Subsection (v)(A) during the 36-month period following the Date of
Termination; and

 

(B) for
an 18-month period after the Date of Termination, the Bank will continue to pay
the premiums on the Executive Disability Policy then covering the Employee, as
well as the premiums on the life insurance policy into which the Employee is
permitted to convert the Employee’s group term coverage from the Bank, but only
during the time and to the extent that the Employee continues such coverage
under policies.

 

(vi)            payment
in accordance with the HF Financial Corp. Excess Plan for Executives;

 

(vii)           payment
in accordance with any Deferred Compensation Agreement with the Employee;

 

(viii)          the
Bank shall pay for individual out-placement counseling services for the
Employee in an amount that shall not exceed $10,000 for a period of time not
extending beyond the end of the second calendar year following the calendar
year of the Employee’s Date of Termination to be reimbursed no later than 12
months following the date the expenses were incurred;

 

(ix)             a
lump sum payment equal to 18-months of membership dues to the country club(s) that
the Employee is a member of upon his Date of Termination;

 

(x)              a
lump sum payment equal to $5,000 in lieu of reimbursement for financial
planning and tax preparation expenses;

 

(xi)             a
lump sum payment equal to the value of any other fringe benefits or perquisites
provided to the Employee immediately prior to his Date of Termination; and

 

(xii)            in
accordance with the HF Financial Corp. 1991 and 2002 Stock Option and Incentive
Plan, the vesting of awards and lapsing of restrictions as set forth in the HF
Financial Corp. 1991 and 2002 Stock Option and Incentive Plan and vesting of
similar awards under any successor equity incentive plan.

 

The payments provided for in
Section 4(a) (i), (iii), (iv), (ix), (x), (xi) and (xii) above shall
be made on the 60th day following the date the Employee separated from service
as defined in Section 409A of the Code and regulations and guidance issued
thereunder. The payments provided for in Section 4(a)(v), if paid as
reimbursements, shall be made within 30 days of a request for reimbursement but
only if the request is made within 60 days of the date that the premium payment
is due. Notwithstanding the above, if the Bank determines that any of the
payments in Section 4(a) are subject to 409A(a)(2)(B)(i) of the
Code (or a successor provision), then any such payments shall be delayed until the earlier of the Employee’s death or
the first day of the month coincident with or next following the sixth month
anniversary of the Employee’s termination of employment and shall be
paid in a lump sum on that date.

 

6

 

b.             The
Bank shall also pay to the Employee any reasonable legal fees and reasonable
expenses incurred by the Employee (i) as a result of successful litigation
against the Bank for nonpayment of any benefit hereunder, or (ii) in
connection with any dispute with any Federal, state, or local governmental
agency with respect to benefits claimed under this Agreement. If the Employee
utilizes arbitration to resolve any such dispute, the Bank will pay any reasonable
legal fees and reasonable expenses incurred by the Employee in connection
therewith. Such reimbursement must be requested no later than two months after
the conclusion of the successful litigation and shall be paid within two months
after the request for reimbursement.

 

c.             The
Employee shall not be required to mitigate the amount of any payment provided
for in this Section 4 by seeking other employment or otherwise, nor shall
the amount of any payment provided for in this Section 4 be reduced by any
compensation earned by the Employee as the result of employment by another
employer after the Date of Termination, or otherwise, except as set forth in Section 4(a)(v) hereof.

 

5.             Tax Gross Up.

 

a.             Notwithstanding
any provision contained in this Agreement to the contrary, if any amount or
benefit to be paid or provided under Section 4(a) would be an “Excess
Parachute Payment,” within the meaning of Section 280G of the Code, or any
successor provision thereto, but for the application of this sentence, then the
Bank shall make a Tax Gross Up Payment to or on behalf of the Employee. For
purposes of this Agreement, “Tax Gross Up Payment” shall mean a payment to or
on behalf of the Employee which shall be sufficient to pay, in full, (a) any
excise tax imposed under Section 4999 of the Code on any amount or benefit
to be paid or provided under Section 4(a); and (b) any federal, state
and local income tax, any social security and other employment tax, and any
additional excise tax under Section 4999 of the Code on the amount of the
excise tax payment described in subclause (a) of this Section 5, and
the aggregate amount of additional tax payments described in this clause (b);
but, (c) excluding any interest or penalties assessed by the Internal
Revenue Service on the Employee which are attributable to the Employee’s
willful misconduct or negligence. Such payment shall be made by the close of
the Employee’s taxable year that follows the taxable year of the Employee in
which the excise taxes under Section 4999 of the Code were remitted to the
Internal Revenue Service.

 

b.             If
requested by the Employee or the Bank, the determination of whether any Tax
Gross Up Payment is required pursuant to the preceding paragraph will be made
by an independent accounting firm that is a “Big-4 Accounting Firm” (or other
accounting firm mutually acceptable to the Employee and the Bank) not
then-engaged as the Bank’s independent public auditor, at the expense of the
Bank, and the determination such independent accounting firm will be final and
binding on all parties. In making its determination, the independent accountant
will allocate a reasonable portion of the payments described in Section 4(a) to
the value of any personal services rendered by the Employee following the
Change in Control and the value of any non-competition agreement or similar
agreements to the extent that such items reduce the amount of the parachute
payment.

 

6.             No Exclusivity
Rights. Nothing in this Agreement shall prevent or limit the Employee’s
continuing or future participation in any benefit, bonus, incentive, retirement
or other plan or program provided by the Bank and for which the Employee may
qualify, nor, except as provided in Section 14, shall anything herein
limit or reduce such rights as the Employee may have under any other agreement
with, or plan, program, policy or practice of the Bank. Amounts which are
vested benefits or which the Employee is otherwise entitled to receive under
any

 

7

 

agreement with, or plan, program, policy or practice of the Bank
(including, without limitation, the cash out of unused vacation days upon
termination of employment) shall be payable in accordance with such agreement,
plan, program, policy or practice, except as explicitly modified by this
Agreement.

 

7.             Compensation
Restrictions under CPP. 
Anything in this Agreement to the contrary notwithstanding, because HF
Financial Corp. is participating in the capital purchase program (“CPP”) of the
United States Treasury Department (“Treasury”) established under the Emergency
Economic Stabilization Act of 2008 (“EESA”), compensation to the Employee shall
be restricted as follows:

 

a.             No
Golden Parachute Payments. The Bank is prohibiting any golden parachute payment
to the Employee during any “CPP Covered Periods.” A “CPP Covered Period” is any
period during which (i) the Employee is a senior executive officer and (ii) Treasury
holds an equity or debt position acquired from the Bank in the CPP.  “Golden parachute payment” is used with same meaning
as in Section 111(b)(2)(C) of EESA. 
For purposes of this Section 7, “Bank” includes any entities
treated as a single employer with the Bank under 31 C.F.R. Section 30.1(b) (as
in effect on the Closing Date of the CPP purchase). The Bank shall determine
any reductions in such a manner that to the extent possible, the provisions of Section 409A
of the Code are not violated.

 

b.             Recovery
of Bonus and Incentive Compensation. Any bonus and incentive compensation paid
to the Employee during a CPP Covered Period and while the Employee is a senior
executive officer is subject to recovery or “clawback” by the Bank if the
payments were based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.

 

c.             Compensation
Program Amendments. Each of the Bank’s compensation, bonus, incentive and other
benefit plans, arrangements and agreements (including golden parachute,
severance and employment agreements) (collectively, “Benefit Plans”) with
respect to the Employee is hereby amended to the extent necessary to give
effect to provisions (a) and (b), including, but not limited to this
Agreement, the Employment Agreement, the Long Term Incentive Plan, the Short
Term Incentive Plan, any individual incentive program, the Excess Pension Plan
and the Deferred Compensation Agreement.

 

In addition, the Bank is required to review its Benefit Plans to ensure
that they do not encourage senior executive officers to take unnecessary and
excessive risks that threaten the value of the Bank. To the extent any such
review requires revisions to any Benefit Plan with respect to the Employee that
the Bank does not have the authority to change unilaterally, the Employee and
the Bank agree to negotiate such changes promptly and in good faith.

 

This Section 7 is
intended to, and will be interpreted, administered and construed to, comply
with Section 111 of EESA (and, to the maximum extent consistent with the
preceding, to permit operation of the Benefit Plans in accordance with their
terms before giving effect to this Section 7 and without violating the
provisions of Section 409A of the Code).

 

8.             Successors.

 

a.             The
Bank will require any successor (whether direct or indirect, by purchase,
merger, consolidation, or otherwise) to all or substantially all of the
business and/or assets of the Bank or of any division or subsidiary thereof
employing the Employee to expressly

 

8

 

assume and agree to perform this Agreement in the same manner and to
the same extent that the Bank would be required to perform if no such
succession had taken place. Failure of the Bank to obtain such assumption and
agreement prior to the effectiveness of any such succession shall be a breach
of this Agreement and shall entitle the Employee to terminate employment within
24 months following the Change-in-Control and to receive compensation from the
Bank in the same amount and on the same terms as he would be entitled hereunder
if his employment were terminated for Good Reason following a
Change-in-Control.

 

b.             This
Agreement shall inure to the benefit of and be enforceable by the Employee’s
personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees, and legatees. If the Employee should die while
any amount would still be payable to him hereunder if he had continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to his devisee, legatee or other designee or,
if there is no such designee, to his estate or, if no estate, in accordance
with applicable law.

 

9.             Notice. For the
purpose of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, postage prepaid,
addressed to the other party as follows:

 

If to the Bank, to:

Home Federal Bank

Attention:
Corporate Secretary

225
South Main Avenue

Sioux
Falls, SD 57104

 

If to Employee, to:

Curtis
L. Hage

225
S. Main Avenue

Sioux
Falls, South Dakota 57104

 

or to the home address which
is maintained on file with the Bank.

 

Either party to this
Agreement may change its address for purposes of this Section 9 by giving
15 days’ prior notice to the other party hereto.

 

10.           Miscellaneous. 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 the Employee
and such officer as may be specifically designated by the Board to sign on
behalf of the Bank. The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws of the State of South Dakota.

 

11.           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.

 

12.           Counterparts. This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
instrument.

 

13.           Arbitration. Any disputes
under this Agreement will be resolved by arbitration, in the state of South
Dakota, in accordance with the National Rules for the Resolution of 

 

9

 

Employment Dispute of the American Arbitration Association by a
mutually agreeable neutral arbitrator. The decision or award of the arbitrator
shall be final and binding upon the parties and may be entered as a judgment or
order in any Court of competent jurisdiction. All information and documentation
submitted by the parties or received from any other source, together with all
transcripts of the hearing(s) or other proceedings, and the arbitrator’s
findings, shall be treated by the arbitrator and the parties as confidential
information and the participants agree not to disclose or turn over any such
information or documentation to a third party without the prior written consent
of the parties, or pursuant to a lawful subpoena or court order, or an order to
obtain a injunctive relief.

 

14.           Employment
Agreement. Reference is hereby made to that certain
Agreement, dated contemporaneously with this Restated Change-in-Control
Agreement, by and between the Bank and the Employee. All terms and conditions
of the Employee’s Restated Employment Agreement, including the non-compete
provisions in Section 6, shall continue in force and effect (until
termination of the Restated Employment Agreement in accordance with its terms),
including following a Change-in-Control, except as expressly modified by this
Section, except that when the Employee is terminated following a
Change-in-Control, the severance provisions in the Employee’s Restated
Employment Agreement shall not apply and payments to the Employee shall be
governed by this Agreement. The mutual promises in this Agreement and in the
Restated Employment Agreement shall serve as consideration for each agreement
contemporaneously executed, to the extent such consideration is required.

 

15.           Effective Date. This
Agreement shall become effective as of the date first set forth above.

 

16.           Employment. This
Agreement does not constitute a contract of employment or impose on the Bank
any obligation to retain the Employee as an employee, to continue his current
employment status, or to change any employment policies of the Bank.

 

17.           Section 409A
of the Code.  It is the
intent of the parties that this Agreement be construed to avoid the excise tax
and penalties described in Section 409A of the Code. The Agreement shall
be interpreted in a manner consistent with that intention. In that regard, the concept of “termination
of employment” shall be interpreted to mean “separation from service” within
the meaning of Section 409A.

 

18.           Amendments. No amendments
or additions to this Agreement shall be binding unless stipulated in writing
and signed by the party to be changed, except as herein otherwise provided.

 

19.           Severability. The
provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or
unenforceability of the other provisions hereof.

 

20.           Governing Law. The laws of
the United States to the extent applicable and otherwise the laws of the State
of South Dakota shall govern this Agreement.

 

10

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the day and year first above
written.

 

 

	
   

  	
  /s/
  Wm. G. Pederson

  
	
   

  	
  By:
  Wm. G. Pederson

  
	
   

  	
  Its:
  

  	
  Chairman,
  HF Financial Corp.

  
	
   

  	
   

  	
  Personnel,
  Compensation and

  
	
   

  	
   

  	
  Benefits
  Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Curtis L. Hage

  
	
   

  	
  Curtis
  L. Hage

  

 

11

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