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HOPFED BANCORP INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) On June 18, 2014, the Compensation Committee of the Board of Directors granted restricted stock awards to the following named executive officers: Restricted Name Title Stock Award John E. Peck President & CEO* 6,812 Michael L. Woolfolk Executive VP and Chief Operations Officer 5,105 P. Michael Foley III Senior VP and Chief Credit Officer 4,119 Billy C. Duvall Senior VP, Chief Financial Officer and Treasurer 4,202 The restricted share awards vest over a three year period at 33.3% per year and are subject to the terms and conditions of the HopFed Bancorp, Inc. 2013 Long-Term Incentive Plan and the related Restricted Share Award Agreement. The closing price of the Company's common stock on June 18, 2014, was $11.60 per share. On June 18, 2014, the Compensation Committee voted to extend the employment contracts of Messrs. Peck, Woolfolk and Duvall with the Company and Heritage Bank USA, Inc., the Company's wholly owned, Kentucky chartered commercial bank subsidiary (the "Bank"), for an additional year, each to a term of three years. Additional, Mr. Keith Bennett's employment contract calls for him to receive $5,000 worth of restricted stock on July 1, 2014. The number of shares awarded on July 1, 2014, will be based on the closing price of the Company's stock on July 1, 2014. Mr. Bennett is the Bank's Montgomery County, Tennessee, market president and a named executive officer of the Company. On July 18, 2014, Compensation Committee made the following decisions on annual base compensation to the named executive officers listed below that are to be effective July 1, 2014: Prior New Name Title Base Salary Base Salary John E. Peck President & CEO $ 301,044 $ 316,096 Michael L. Executive VP and Chief Operations Woolfolk Officer $ 225,608 $ 236,888 Billy C. Senior VP, Chief Financial Officer Duvall and Treasurer $ 185,680 $ 194,964 P. Michael Foley III Senior VP and Chief Credit Officer $ 182,000 $ 191,100 -------------------------------------------------------------------------------- On June 18, 2014, the Company's Compensation Committee voted to increase the monthly retainer paid to the Board of Directors of the Bank and the Company by $100 per month, to $500 per month. Individuals who serve on the board of both the Company and Bank receive only one monthly retainer. -------------------------------------------------------------------------------- |