IF BANCORP, INC. (NASDAQ:IROQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
2017, the Board of Directors of IF Bancorp, Inc. (the
“Company”) and the Board of Directors of Iroquois Federal
Savings and Loan Association (the “Bank”), the wholly owned
subsidiary of the Company, upon the recommendation of the
Compensation Committees of the Company and Bank, each renewed
their respective Employment Agreements (“Employment
Agreements”) with Walter H. Hasselbring, III, the Chief
Executive Officer and President of the Bank and the Company. This
renewal will become effective on July 7, 2017, with the term of
the Employment Agreements thereafter continuing until July 7,
2020. In connection with the renewal of the Employment
Agreements, the Board amended the agreements to eliminate Mr.
Hasselbring’s ability to receive severance benefits upon his
voluntary termination of employment for any reason (other than
“Good Reason,” as defined in the Agreements) within 30 days of
a Change in Control (as defined) and to clarify the timing of
certain health benefit related severance payments. All terms of
Mr. Hasselbring’s 2015 Employment Agreement, which were
disclosed on a Current Report on Form 8-K filed on December 1,
2015, remain in place, other than as described hereinabove.
Agreements are attached hereto as Exhibits 10.1 and 10.2.
the recommendation of the Compensation Committee, the Board of
Directors of the Bank also renewed for an additional year the
executive change in control agreements (“Change in Control
Agreements”) for Pamela J. Verkler, Senior Executive Vice
President and Chief Financial Officer, and Linda L. Hamilton,
Executive Vice President and Chief Operating Officer, and for
five other officers of the Bank so that the term, as renewed,
shall be July 7, 2017 through July 7, 2019. There were no
material changes to the terms and conditions of the change in
Amendment Two to Employment Agreement between IF Bancorp,
Inc. and Walter H. Hasselbring, III
Amendment Two to Employment Agreement between Iroquois
Federal Savings and Loan Association and Walter H.
About IF BANCORP, INC. (NASDAQ:IROQ)
IF Bancorp, Inc. is the holding company for Iroquois Federal Savings and Loan Association (Iroquois Federal). The Company is primarily engaged in the business of directing, planning and coordinating the business activities of Iroquois Federal. Iroquois Federal is a federally chartered savings association. Its business consists primarily of taking deposits from the public and investing those deposits, together with funds generated from operations and borrowings, in a range of loans. It offers alternative delivery channels, including automated teller machines (ATMs), online banking and bill pay, mobile banking with mobile deposit and bill pay, automated clearing house (ACH) origination, remote deposit capture and telephone banking. It also offers annuities, mutual funds, individual and group retirement plans, life, disability and health insurance, individual securities, managed accounts and other financial services at all of its locations.