SEC Contract Filing

Filing Date: 2018-06-26

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d524307dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EMPLOYMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AGREEMENT (this &#147;Agreement&#148;) is entered into as of the 26th day of June, 2018, by and between HopFed Bancorp, Inc. (the
&#147;Company&#148;) and Bailey K. Knight (the &#147;Employee&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employee serves in a position of substantial
authority; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to ensure the Employee&#146;s services for the term of this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employee and the Company acknowledge and agree that this Agreement shall supersede all prior agreements and understandings
(whether written or oral) between the Company and the Employee with respect to the subject matter herein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employee is
willing to continue to serve in the employ of the Company on the terms and conditions set forth below, and the Board of Directors of the Company (the &#147;Board&#148;) has determined that such terms are reasonable and in the best interests of the
Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, it is AGREED as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment</U>. The Employee shall continue to be employed by the Company as its Chief Credit Officer. Except to the extent that the
President and Chief Executive Officer of the Company shall have delegated a portion of such authority to one or more other officers, as Chief Credit Officer of the Company, the Employee shall perform such administrative and management services for
the Company as are currently rendered and as are customarily performed by persons situated in a similar executive capacity. The Employee shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Consideration from Company Joint, and Several Liability</U>. In lieu of paying the Employee a base salary or other
benefits due under this Agreement during the term of this Agreement, the Company hereby agrees that to the extent permitted by law, it shall be jointly and severally liable with its subsidiary, Heritage Bank USA, Inc. (the &#147;Bank&#148;), for the
payment of all amounts due under the employment agreement of even date herewith between the Bank and the Employee. Nevertheless, the Board may in its discretion at any time during the term of this Agreement agree to pay the Employee a base salary
for the remaining term of this Agreement. If the Board agrees to pay such salary, the Board shall thereafter review, not less often than annually, the rate of the Employee&#146;s salary, and in its sole discretion may decide to increase his salary.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Discretionary Bonuses</U>. The Employee shall participate in an equitable manner with all other senior management employees of the
Company in discretionary bonuses that the Board may award from time to time to the Company&#146;s senior management employees. No other compensation provided for in this Agreement shall be deemed a substitute for the Employee&#146;s right to
participate in such discretionary bonuses. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. (a) <U>Participation in Retirement, Medical and Other Plans</U>. The Employee shall be
entitled to participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i)<U></U> pension, profit-sharing, or other retirement benefits, (ii)<U></U> medical insurance or the reimbursement of medical or
dependent care expenses, or (iii)<U></U>&nbsp;other group benefits, including disability and life insurance plans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Employee
Benefits</U>. The Employee shall participate in any fringe benefits that are or may become available to the Company&#146;s senior management employees, including, for example: any stock option or incentive compensation plans and any other benefits
that are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Expenses</U>.
The Employee shall be reimbursed for all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> business expenses that he shall incur in connection with his services under this Agreement upon
substantiation of such expenses in accordance with the policies of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent