HFBC » Topics » Item 5. Other Information

This excerpt taken from the HFBC 10-Q filed Aug 15, 2005.

Item 5. Other Information

 

On July 22, 2005, the Company announced its results of operations for the second quarter ended June 30, 2005. A copy of the related press release is attached as Exhibit 99.1 and incorporated by reference herein.

 

On June 15, 2005, The Company’s Compensation Committee recommended to the Board of Directors that 8,634 shares of restricted stock be awarded to executive management and members of the Company’s Board of Directors as provided in the HopFed Bancorp, Inc. Long-Term Incentive Plan. The stock awards vest over a four-year period and vesting may accelerate under certain conditions. The stock was awarded from authorized but unissued shares on the date of the grant. The Company recorded the stock awards at the market value on the date of the grant ($15.99 per share) as unearned compensation in stockholders’ equity and will amortize the grants over the vesting period.

 

On June 15, 2005, the Board of Directors approved the following base salary increases for the Company’s named executive officers, effective July 1, 2005:

 

Executive


   Previous
Base Salary


  

New

Base Salary


   Incentive
Shares Awarded


John E. Peck

   $ 178,500    $ 196,350    1,841

Michael L. Woolfolk

   $ 149,100    $ 159,537    1,496

Billy C. Duvall

   $ 102,000    $ 114,240    1,071

Boyd M. Clark

   $ 96,600    $ 101,430    951

 

On June 15, 2005, the terms of employment agreements with Messrs. Peck, Woolfolk and Duvall were extended through the agreements’ respective anniversary dates in 2008.

 

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