KFFB » Topics » Base Salary

This excerpt taken from the KFFB DEF 14A filed Oct 12, 2007.
Base Salary. This being the key component in attracting and retaining quality executives, the Committee carefully reviews salaries and makes recommendations to the Board concerning executive compensation on the basis of performance, experience, and retention goals. It should be noted that all three Named Executive Officers also serve executive positions at subsidiary banks—Mr. Whitaker as President and CEO of First Federal of Hazard, Mr. Jennings as Vice Chairman and CEO of First Federal of Frankfort, and Mr. Hulette as President of First Federal of Frankfort, and that these duties are also considered in determining their base salaries. Surveys of salaries paid to executive officers of other savings and loan holding companies, non-diversified savings institutions and other financial institutions similar in size, market capitalization and other characteristics, among other criteria, may be used to insure that salaries are competitive with salaries paid by the Company’s peers.

     All three officers (in addition to one other officer of a subsidiary bank) have written employment contracts which provide for payment in the event of a change of control of the Company and other prescribed events (although officers may be removed for cause without triggering provisions of the contract). The Committee believes these contracts are important to provide security for officers as they explore options for the Company’s future.


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