SEC Contract Filing

Filing Date: 2015-12-01

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit10-3.htm
<DESCRIPTION>10-3_HAMILTON-CIC
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<div style="TEXT-ALIGN: right">Exhibit 10.3<br>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CHANGE IN CONTROL AGREEMENT</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 18pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">THIS</font> <font style="FONT-WEIGHT: bold; DISPLAY: inline">CHANGE IN CONTROL AGREEMENT</font> (&#8220;Agreement&#8221;) is entered into, effective as of<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font>the ____ day of _________, 2015 (the &#8220;Effective Date&#8221;),<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font>by and between Iroquois Federal Savings and Loan Association, a federally-chartered savings bank<font style="FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font>(the &#8220;Bank&#8221;), Linda L. Hamilton (the &#8220;Executive&#8221;) and IF Bancorp, Inc., a Maryland corporation and the stock holding company of the Bank, as guarantor (the &#8220;Company&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: bold; DISPLAY: inline">WHEREAS</font>, the Executive is currently an officer of the Bank; and</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">WHEREAS</font>, the Bank recognizes the importance of Executive to the Bank&#8217;s operations and wishes to protect her position with the Bank in the event of a change in control of the Bank or the Company for the period provided for in this Agreement; and</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">WHEREAS</font>, Executive and the Boards of Directors of the Bank and the Company desire to enter into an agreement setting forth the terms and conditions of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">NOW, THEREFORE</font>, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Term of Agreement.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The term of this Agreement will begin as of the Effective Date and will continue for twenty-four (24) full calendar months thereafter.&#160;&#160;Within ninety (90) days of each anniversary of the Effective Date of this Agreement (the &#8220;Anniversary Date&#8221;), the disinterested members of the Board of Directors of the Bank (the &#8220;Board&#8221;) will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend this Agreement for an additional year, and the results thereof will be included in the minutes of the Board&#8217;s meeting.&#160;&#160;On the basis of the results of the performance evaluation, the disinterested members of the Board may extend the term of this Agreement for an additional year such that the remaining term shall be twenty-four (24) months, and notice of such extension shall be provided to Executive.&#160;&#160;If such notice is not provided to Executive, the term of this Agreement will terminate twelve (12) months following such Anniversary Date.&#160;&#160;Notwithstanding the foregoing, in the event of a &#8220;Change in Control&#8221; as defined herein, this Agreement shall automatically renew for a term of twelve (12) months following the effective date of such Change in Control if such term is longer than the remaining term.</font></div>

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