Corporate GovernanceJul 2, 2026, 05:07 PM
Home Federal Bancorp Amends CEO James R. Barlow's Retirement Agreement
AI Summary
Home Federal Bancorp, Inc. of Louisiana's subsidiary, Home Federal Bank, entered into an Amended and Restated Supplemental Executive Retirement Agreement for James R. Barlow, Chairman, President, and CEO, effective July 1, 2026. The agreement increases the vesting percentage to 10% per year, making Mr. Barlow 100% vested by December 31, 2030, if he remains employed. The target retirement date is December 31, 2033, after which he will receive annual retirement benefits of $120,000 over ten years. The agreement also outlines provisions for separation from service, change in control, and death.
Key Highlights
- Amended and Restated Supplemental Executive Retirement Agreement for CEO James R. Barlow effective July 1, 2026.
- Vesting percentage increased to 10% per year, leading to 100% vesting by December 31, 2030.
- Target retirement date remains December 31, 2033.
- Annual retirement benefits of $120,000, payable over ten years post-retirement.
- Provisions for lump sum payment upon separation from service prior to retirement date (without cause).
- Additional service credit for change in control scenarios.
- Lump sum payment of full retirement benefit to beneficiaries in case of death while in active service.
Price Impact
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