SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 26, 2016

IF BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)

Maryland
 
001-35226
 
45-1834449
(State or Other Jurisdiction
of Incorporation)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)

201 East Cherry Street, Watseka, Illinois
 
60970
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant's telephone number, including area code:     (815) 432-2476

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   


 
 
 



Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers .

Employment Agreements with Walter H. Hasselbring.   On May 26, 2016, 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, 2016, with the term of the Employment Agreements thereafter continuing until July 7, 2019.  In connection with the renewal of the Employment Agreements, the Board amended the agreements so that the renewal anniversary date would be July 7th each year, in order to have all management contracts considered for renewal at the same time.  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.
 
Forms of Amendment One to the Company and Bank Employment Agreements are attached hereto as Exhibits 10.1 and 10.2.
 
Renewal of Change in Control Agreements .  On May 26, 2016, upon 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, 2016 through July 7, 2018.  In connection with the renewals, Ms. Hamilton’s Change in Control Agreement was revised so that its renewal anniversary date would be July 7th, in order to have all management contracts considered for renewal at the same time.  There were no other material changes to the terms and conditions of the change in control agreements.
 

Item 9.01                       Financial Statements and Exhibits

(d)
 
Exhibits:

Exhibit Number
 
Description
 
                 Exhibit 10.1
 
Exhibit 10.2
 
Exhibit 10.3
 
 
 
Amendment One to Employment Agreement between IF Bancorp, Inc. and Walter H. Hasselbring, III
 
Amendment One to Employment Agreement between Iroquois Federal Savings and Loan Association and Walter H. Hasselbring, III
 
Amendment One to Change in Control Agreement between Iroquois Federal Savings and Loan Association and Linda L. Hamilton
     
 
 
 

 


 
 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


   
IF BANCORP, INC.
 
 
DATE: May 31, 2016
By:
 /s/Walter H. Hasselbring, III
   
Walter H. Hasselbring, III
   
President and Chief Executive Officer

EXHIBIT 10.1
 
Amendment Number One
to
Employment Agreement with
IF Bancorp, Inc.

This Amendment Number One is hereby made to the Employment Agreement (“Agreement”) by and between IF Bancorp, Inc. (the “Company”) and Walter H. Hasselbring, III, President and Chief Executive Officer of the Bank (the “Executive”) as of this 26th day of May, 2016.

WHEREAS , the Company and Executive entered into an Employment Agreement, effective November 25, 2015 (“Effective Date”); and

WHEREAS , the Agreement provides that the Agreement shall be subject to renewal on each anniversary of the Effective Date (each, an “Anniversary Date”), subject to the satisfaction of certain conditions prior thereto;

WHEREAS , the Company and Executive desire to change the renewal dates to correspond to the renewal date of the majority of the Company’s executive contracts, which date is July 7th; and

WHEREAS , Section 14(a) provides that the Agreement may be modified by a written instrument signed by both parties.

NOW THEREFORE, BE IT RESOLVED , that the Agreement shall be modified as follows:

1.           Section 2(a) of this Agreement shall be amended by adding the following sentence at the end thereof:

 
“Effective July 7, 2016, the term of this Agreement shall commence on July 7, 2016 and shall end on the third anniversary thereof, which is July 7, 2019.”

2.           Section 2(b)  of the Agreement is amended to revise the last sentence set forth therein and include the following sentence at the end thereof.

“If notice of nonrenewal is provided to Executive, then in such case the term of this Agreement shall become fixed and shall cease at the end of three years following said Anniversary Date.  Notwithstanding the foregoing, effective May 26, 2016, for purposes of determining the renewal terms of this Agreement, the “Anniversary Date” shall be deemed to be July 7th of each year.”
 

 
 
 

3.             In all other respects, the Agreement remains in full force and effect.

IN WITNESS WHEREOF,  the Company and the Executive have executed this Amendment Number One as of the 26th day of May, 2016.

ATTEST:
IF BANCORP, INC.
   
  /s/ Beth A. Warren   /s/ Gary Martin
   
WITNESS:
WALTER H. HASSELBRING, III
   
  /s/ Beth A. Warren   /s/ Walter H. Hasselbring, III
EXHIBIT 10.2
 
Amendment Number One
to
Employment Agreement with
Iroquois Federal Savings and Loan Association

This Amendment Number One is hereby made to the Employment Agreement (“Agreement”) by and between Iroquois Federal Savings and Loan Association (the “Bank”) and Walter H. Hasselbring, III, President and Chief Executive Officer of the Bank (the “Executive”) as of this 26th day of May, 2016.

WHEREAS , the Bank and Executive entered into an Employment Agreement, effective November 25, 2015 (“Effective Date”); and

WHEREAS , the Agreement provides that the Agreement shall be subject to renewal on each anniversary of the Effective Date (each, an “Anniversary Date”), subject to the satisfaction of certain conditions prior thereto;

WHEREAS , the Bank and Executive desire to change the renewal dates to correspond to the renewal date of the majority of the Bank’s executive contracts, which date is July 7th; and

WHEREAS , Section 15(a) provides that the Agreement may be modified by a written instrument signed by both parties.

NOW THEREFORE, BE IT RESOLVED , that the Agreement shall be modified as follows:

1.           Section 2(a) of this Agreement shall be amended by adding the following sentence at the end thereof:

 
“Effective July 7, 2016, the term of this Agreement shall commence on July 7, 2016 and shall end on the third anniversary thereof, which is July 7, 2019.”

2.           Section 2(b)  of the Agreement is amended to revise the last sentence set forth therein and include the following sentence at the end thereof.

“If notice of nonrenewal is provided to Executive, then in such case the term of this Agreement shall become fixed and shall cease at the end of three years following said Anniversary Date.  Notwithstanding the foregoing, effective May 26, 2016, for purposes of determining the renewal terms of this Agreement, the “Anniversary Date” shall be deemed to be July 7th of each year.”

 
 
 

3.           In all other respects, the Agreement remains in full force and effect.
 

IN WITNESS WHEREOF,  the Bank and the Executive have executed this Amendment Number One as of the 26th day of May, 2016.


ATTEST:
IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION
   
  /s/ Beth A. Warren   /s/ Gary Martin
   
WITNESS:
WALTER H. HASSELBRING, III
   
  /s/ Beth A. Warren   /s/ Walter H. Hasselbring, III

EXHIBIT 10.3
 
Amendment Number One
to
Change in Control Agreement with
Iroquois Federal Savings and Loan Association

This Amendment Number One is hereby made to the Change in Control Agreement (“Agreement”) by and between Iroquois Federal Savings and Loan Association (the “Bank”) and Linda L. Hamilton (the “Executive”) as of this 26th day of May, 2016.

WHEREAS , the Bank and Executive entered into a Change in Control Agreement, effective November 25, 2015 (“Effective Date”); and

WHEREAS , the Agreement provides that the Agreement shall be subject to renewal for a new twenty-four (24) month period on each annual anniversary of the Effective Date (each, an “Anniversary Date”), subject to the satisfaction of certain conditions prior thereto;

WHEREAS , the Bank and Executive desire to change the renewal dates to correspond to the renewal date of the majority of the Bank’s executive contracts, which date is July 7th; and

WHEREAS , Section 8(a) provides that the Agreement may be modified by a written instrument signed by both parties.

NOW THEREFORE, BE IT RESOLVED , that the Agreement shall be modified as follows:

1.           Section 1(a) of this Agreement shall be amended to add the following paragraph thereto:

“Effective July 7, 2016, the term of this Agreement shall commence on July 7, 2016 and shall end on the second anniversary thereof, which is July 7, 2018.  For purposes of determining the renewal terms of this Agreement, the “Anniversary Date” shall be deemed to be July 7th of each year.”

2.           In all other respects, the Agreement remains in full force and effect.

[Signature Page Follows]
 

 
 
 


 
IN WITNESS WHEREOF,  the Bank and the Executive have executed this Amendment Number One as of the 26th day of May, 2016.


ATTEST:
IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION
   
  /s/ Beth H. Warren    /s/ Walter H. Hassebring, III
   
WITNESS:
LINDA L. HAMILTON
   
  /s/ Walter H. Hassebring, III   /s/ Linda L. Hamilton