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): February 2, 2015

 

 

HOPFED BANCORP, INC.

(Exact name of Registrant as Specified in Charter)

 

 

 

Delaware   0-23667   61-1322555

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

4155 Lafayette Road, Hopkinsville, Kentucky 42240

(Address of Principal Executive Offices)

(270) 885-1171

Registrant’s telephone number, including area code

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:

 

¨   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 1.01 Entry Into a Material Definitive Agreement

On February 2, 2015, HopFed Bancorp, Inc. (the “Company”) entered into a Stock Purchase Agreement to purchase 534,943 shares of the Company’s common stock at a price of $13.50 per share from Maltese Capital Management, LLC and affiliates (collectively, the “Seller”). The shares represent approximately 7.4% of the Company’s outstanding shares.

On February 2, 2015, the Company also entered into a Standstill Agreement with the Seller which restricts the Seller or any of its affiliates and persons or entities acting in consent with it from acquiring or offering to acquire shares of the Company’s common stock, either directly or indirectly, for a period of three years from the date of the Agreement unless terminated prior to such date by a written agreement between the parties.

Copies of the Stock Purchase Agreement dated February 2, 2015, and the Standstill Agreement dated February 2, 2015, are attached to the Report as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The Company intends to use the shares at a later date for general corporate purposes and employee benefit plans.

 

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are filed herewith

 

Exhibit

  

Description

Exhibit 99.1    Stock Purchase Agreement, dated as of February 2, 2015, between HopFed Bancorp, Inc. and Maltese Capital Management, LLC.
Exhibit 99.2    Standstill Agreement, dated as of February 2, 2015, between HopFed Bancorp, Inc. and Maltese Capital Management, LLC.


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.

 

    HOPFED BANCORP, INC.
Dated: February 2, 2015     By:  

/s/ John E. Peck

      John E. Peck
      President and Chief Executive Officer

Exhibit 99.1

STOCK PURCHASE AGREEMENT

STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of February 2, 2015, between HopFed Bancorp, Inc., a Delaware corporation (“HopFed Bancorp”) and Maltese Capital Management, LLC (the “Seller”).

WHEREAS, the Seller owns of record and beneficially 534,943 shares of common stock, par value $0.01 per share, of HopFed Bancorp (the “Shares”); and

WHEREAS, HopFed Bancorp desires to purchase from the Seller, and the Seller desires to sell to HopFed Bancorp, all of the Shares on the terms and subject to the conditions set forth herein and in the Standstill Agreement between HopFed Bancorp and the Seller dated as of the date hereof (the “Standstill Agreement”).

NOW THEREFORE, the parties agree as follows:

 

1. PURCHASE AND SALE OF THE SHARES

(a) Subject to the terms and conditions of this Agreement and the Standstill Agreement, including the accuracy of the representations and warranties set forth herein, HopFed Bancorp agrees to purchase from the Seller, and the Seller agrees to sell the Shares to HopFed Bancorp at the Closing (as defined below).

(b) The purchase price for the Shares is $13.50 per Share (the “Share Price”).

(c) At the Closing, the Seller shall deliver to HopFed Bancorp, in a form and in a manner reasonably acceptable to HopFed Bancorp, all of the Shares, free and clear of all liens, pledges, charges, equities, claims or other encumbrances, together with any further documents or instruments, including, if appropriate, stock powers duly endorsed in blank or stock transfer stamps affixed thereto, or certificates from broker-dealers previously holding liens on the Shares or holding the Shares for the Seller, reasonably requested by HopFed Bancorp.

(d) At the Closing, HopFed Bancorp shall pay the Seller by wire transfer an amount equal to the Share Price multiplied by the number of Shares being sold to HopFed Bancorp by the Seller.

 

2. THE CLOSING

(a) The Closing shall occur as soon as practicable, and shall be on such date and at such time and location as is mutually agreed by HopFed Bancorp and the Seller.

(b) Upon payment by HopFed Bancorp to the Seller of the Share Price for the Shares and delivery by the Seller of the Shares to HopFed Bancorp, the Closing shall have occurred and the purchase and sale of the Shares shall be deemed to be complete.


3. DISCLOSURE OF THIS AGREEMENT

The parties contemplate that the Seller will file a Schedule 13G amendment, that HopFed Bancorp will file a Current Report on Form 8-K (the “Form 8-K”) disclosing and attaching this Agreement, and that there will be no other public comments (except as required by applicable Securities and Exchange Commission regulations) by the parties regarding this Agreement other than a press release by HopFed Bancorp factually summarizing this Agreement and attached as an exhibit to the Form 8-K filing.

 

4. REPRESENTATIONS AND WARRANTIES OF THE SELLER

The Seller hereby represents and warrants to HopFed Bancorp as of the date of this Agreement and the Closing as follows:

(a) The Seller has the requisite capacity, power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

(b) The execution, delivery and performance of this Agreement by the Seller and the sale and delivery of the Shares hereunder have been duly authorized by all necessary actions on the part of the Seller and any necessary third party (including any consultation, approval or other action by or with any other person or governmental entity), and will not conflict with or result in a breach or violation of any of the terms or provisions of its certificate of incorporation or bylaws or result in the material breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, nor will any such action result in any violation of the provisions of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property.

(c) This Agreement has been duly executed and delivered by the Seller and constitutes a valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles (regardless of whether enforcement is sought in a proceeding in equity or at law).

(d) The Seller has record and beneficial ownership of and good and valid title to the Shares, and such ownership and title are free and clear of all liens, pledges, charges, equities, claims or other encumbrances.

(e) Upon each delivery of the Shares hereunder and payment therefor pursuant hereto, good and valid title to the Shares, free and clear of all liens, pledges, charges, equities, claims and encumbrances, will pass to HopFed Bancorp.

(f) The Seller does not hold or own, of record or beneficially, any securities of HopFed Bancorp other than the Shares.

 

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(g) The Seller is not participating with any other person in any “group”, as such term is used in Rule 13D under the Securities Exchange Act of 1934, as amended, with respect to any HopFed Bancorp security.

(h) There is not pending or, to the knowledge of the Seller, threatened against the Seller any action, suit or proceeding at law or in equity before any court, tribunal, governmental body, agency or official or any arbitrator that might affect the legality, validity or enforceability against the Seller of this Agreement or the Seller’s ability to perform the Seller’s obligations hereunder.

(i) No person or entity acting on behalf or under the authority of the Seller is or will be entitled to any broker’s, finder’s, or similar fee or commission in connection with the transactions contemplated by this Agreement.

 

5. REPRESENTATIONS AND WARRANTIES OF HOPFED BANCORP

HopFed Bancorp represents and warrants to the Seller as of the date of this Agreement and the Closing as follows:

(a) HopFed Bancorp is duly organized and is validly existing under the laws of Delaware.

(b) HopFed Bancorp has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

(c) Except for the regulatory review contemplated by Paragraph 6(a)(1) of this Agreement, the execution, delivery and performance of this Agreement by HopFed Bancorp has been duly authorized by all necessary actions on the part of HopFed Bancorp and any necessary third party (including any consultation, approval or other action by or with any other person or governmental entity). The execution, delivery and performance of this Agreement by HopFed Bancorp will not conflict with or result in a breach or violation of any of the terms or provisions of its certificate of organization or bylaws, or result in the material breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, nor will any such action result in any violation of the provisions of any statute or any order, rule or regulation of any court or governmental or regulatory agency or body having jurisdiction over it or its property.

(d) This Agreement has been duly executed and delivered by HopFed Bancorp and constitutes a valid and binding obligation of HopFed Bancorp, enforceable against HopFed Bancorp in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles (regardless of whether enforcement is sought in a proceeding in equity or at law).

(e) There is not pending or, to HopFed Bancorp’s knowledge, threatened against HopFed Bancorp any action, suit or proceeding at law or in equity before any court, tribunal, governmental body, agency or official or any arbitrator that might affect the legality, validity or enforceability against it of this Agreement or its ability to perform its obligations hereunder.

(f) No person or entity acting on behalf or under the authority of HopFed Bancorp is or will be entitled to any broker’s, finder’s, or similar fee or commission in connection with the transactions contemplated by this Agreement.

 

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6. CONDITIONS TO THE OBLIGATIONS OF THE PARTIES

(a) CONDITIONS TO THE OBLIGATIONS OF HOPFED BANCORP. The obligations of HopFed Bancorp to consummate the transactions contemplated by this Agreement are subject to the satisfaction at or prior to the Closing of the following conditions, unless waived by HopFed Bancorp:

(1) Regulatory Review . Any review of the transactions contemplated by this Agreement required under law, regulations or policies by regulatory authorities with jurisdiction over HopFed Bancorp, Heritage Bank USA, Inc. (the “Bank”) and their affiliates shall have been completed, and no such regulatory authority shall have advised HopFed Bancorp or the Bank that it may not proceed to consummate the transactions contemplated by this Agreement.

(2) Representations and Warranties . The representations and warranties of the Seller contained in Paragraph 4 of this Agreement shall be true and correct, in all material respects, on and as of the Closing with the same effect as though made on and as of the Closing.

(b) CONDITIONS TO THE OBLIGATIONS OF THE SELLER. The obligations of the Seller to consummate the transactions contemplated by this Agreement are subject to the satisfaction at or prior to the Closing of the following condition, unless waived by the Seller:

(1) Representations and Warranties . The representations and warranties of the HopFed Bancorp contained in Paragraph 5 of this Agreement shall be true and correct, in all material respects, on and as of the Closing with the same effect as though made on and as of the Closing.

 

7. TERMINATION

This Agreement may be terminated at any time prior to the Closing (i) by mutual consent in writing of the parties, (ii) by either HopFed Bancorp or the Seller in the event the Closing shall not have occurred within 30 days following the date of this Agreement, (iii) by HopFed Bancorp in the event any of the conditions set forth in Paragraph 6(a) herein is not satisfied as of the Closing, or (iv) by the Seller in the event the condition set forth in Paragraph 6(b) herein is not satisfied as of the Closing.

 

8. NON-DISPARAGEMENT

For a period of five years after the Closing, (i) the Seller agrees not to disparage HopFed Bancorp, the Bank, or any officers, directors (including director nominees) or employees of HopFed Bancorp or the Bank in any public forum, and (ii) HopFed Bancorp and the Bank agree not to disparage any of the Seller or any officers or employees of the Seller in any public forum.

 

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9. MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and understanding among each of HopFed Bancorp and the Seller with respect to the subject matter hereof and supersedes all other prior agreements, understandings and arrangements, whether oral or written, among the parties hereto.

(b) EXPENSES. Each party hereto shall be responsible for and shall pay its own costs and expenses, including attorneys’ fees and accountants’ fees and expenses, incurred in connection with the negotiation, execution and delivery of this Agreement. The Seller shall pay any transfer taxes imposed on transferors payable in connection with the sale of its Shares to be sold by him or it hereunder.

(c) GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Kentucky applicable to contracts made and to be performed in such Commonwealth without regard to the conflict of law principles thereof.

(d) SUCCESSORS AND ASSIGNS. This Agreement shall benefit and bind the successors and permitted assigns of the parties hereto. Any assignment of this Agreement by any party without the prior written consent of each of the other parties shall be void ab initio.

(e) AMENDMENTS. This Agreement may only be amended or modified by a written instrument signed by all of the parties hereto.

(f) WAIVERS. No waiver of any provision of this Agreement by any party shall be deemed to be a continuing waiver of any provision of this Agreement by such party.

(g) EQUITABLE RELIEF. The parties hereby expressly recognize and acknowledge that immediate, extensive and irreparable damage would result in the event the covenants and agreements in this Agreement are not specifically enforced. Therefore, in addition to, and not in limitation of, any other remedy available to HopFed Bancorp and the Seller, the respective rights and obligations of HopFed Bancorp and the Seller shall be enforceable in a court of equity by decree of specific performance and appropriate injunctive relief may be applied for and granted in connection therewith.

(h) COUNTERPARTS; DELIVERY. This Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. Delivery may be effected via facsimile.

 

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IN WITNESS WHEREOF, the HopFed Parties and the Seller have executed this Agreement on the date set forth below.

Dated: February 2, 2015

 

MALTESE CAPITAL MANAGEMENT, LLC     HOPFED BANCORP, INC.
By:  

/s/ Terry Maltese

    By:  

/s/ John E. Peck

  President and CEO       John E. Peck
        President and CEO

 

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Exhibit 99.2

STANDSTILL AGREEMENT

THIS AGREEMENT, dated as of the 2nd day of February 2015, by and between HopFed Bancorp, Inc. (the “Company” ), a Delaware corporation that owns all of the stock of Heritage Bank USA, Inc. (the “Bank”), and Maltese Capital Management, an Investment Management Company formerly known as Sandler O’Neill Asset Management, LLC (“Maltese”).

RECITALS

WHEREAS, the Company and Maltese have agreed to enter into a Stock Purchase Agreement; and

WHEREAS, Maltese is the beneficial owner of XXX shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), as of the date of this Agreement; and

WHEREAS, Maltese has agreed to enter into this Agreement and to refrain from purchasing or otherwise acquiring the beneficial ownership of any shares of capital stock of the Company;

NOW, THEREFORE, in consideration of the recitals and the representations, warranties, covenants and agreements contained herein and other good and valuable consideration, the parties hereto mutually agree as follows:

1. Agreement of the Company . The Company hereby agrees, in consideration of agreements and covenants under this Agreement and the Stock Purchase Agreement, to enter into the Stock Purchase Agreement and this Agreement.

2. Agreement of Maltese . Maltese hereby agrees, in consideration of the Company’s agreements and covenants under this Agreement and the Stock Purchase Agreement, to enter into the Stock Purchase Agreement and this Agreement.

3. Other Agreements and Covenants . During the term of this Agreement and the Stock Purchase Agreement, Maltese covenants and agrees not to, and shall cause each of its affiliates and persons or entities acting in concert with it, directly or indirectly, alone or acting in concert with any affiliate, group or other person, not to:

(a) own, acquire, offer or propose to acquire or agree to acquire directly or indirectly, whether by purchase, tender or exchange offer, the beneficial ownership of or the right to vote any such beneficially owned shares of Common Stock or any securities convertible into such stock; provided, however, that such agreement and covenant shall not apply to any shares of Common Stock acquired by Maltese through the acquisition of control of another person or entity (including through a merger or consolidation);


(b) initiate, request, induce, encourage or attempt to induce or give encouragement to any other person to initiate, or otherwise provide assistance to any person who has made or is contemplating making, or enter into discussions or negotiations with respect to, any proposal constituting, or that can reasonably be expected to result in, a Company Transaction Proposal;

(c) solicit proxies (or written consents) or assist or participate in any other way, directly or indirectly, in any solicitation of proxies (or written consents), or otherwise become a “participant” in a “solicitation,” or assist any “participant” in a “solicitation” (as such terms are defined in Rule 14a-1 of Regulation 14A and Instruction 3 of Item 4 of Schedule 14A, respectively, under the Securities Exchange Act of 1934) in opposition to the recommendation or proposal of the Company’s Board of Directors, or recommend or request or induce or attempt to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to the voting of (or the execution of a written consent in respect of) the capital stock of the Company;

(d) participate, by encouragement or otherwise, in any litigation against or derivatively on behalf of the Company, and/or against any of the Company’s officers or directors, acting in such capacity, for any matter relating to, or arising from, directly or indirectly: (i) any and all claims, actions or causes of action, asserted in, or that could have been asserted in, or that may be asserted, in connection with any proxy solicitation whether initiated against or on behalf of Security; (ii) any and all claims, actions or causes of action asserted in, or that could have been asserted in, or that may be asserted, in connection with the ownership of Security Common Stock; and (iii) any and all claims, actions or causes of action asserted in, or that could have been asserted in, or that may be asserted, under the Securities Act of 1933, the Securities Exchange Act of 1934, and all other federal and state securities laws and regulations, and the Delaware General Corporation Law and/or federal and/or state banking laws; provided, however, that nothing herein shall preclude the parties to this Agreement from bringing an action arising from or related to any other party’s performance of or the failure to perform its obligations under this Agreement and the Stock Purchase Agreement;

(e) make any public statement, by press release or comment to any news or similar media regarding the affairs of the Company; or

(f) advise, assist, encourage or finance (or arrange, assist or facilitate financing to or for) any other person in connection with any of the matters restricted by, or to otherwise seek to circumvent the limitations of, this Agreement and the Stock Purchase Agreement.

4. Representations and Warranties of the Company . The Company hereby represents and warrants to Maltese, as follows:

(a) The Company has full power and complete authority to enter into this Agreement, and to make and comply with the representations, warranties and covenants contained herein, and this Agreement constitutes a valid and binding obligation of the Company.

(b) There are no arrangements, agreements or understandings between the Company and other than as set forth in this Agreement and the Stock Purchase Agreement and the Stock Purchase Agreement.

 

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5. Representation and Warranties of Maltese . Maltese hereby represents and warrants to the Company as of the date of this Agreement and throughout the term of this Agreement, as follows:

(a) Terry Maltese, Managing Partner of Maltese, has full power and complete authority to enter into this Agreement and to make and comply with the representations, warranties and covenants contained herein, and this Agreement constitutes a valid and binding agreement of Maltese.

(b) There are no arrangements, agreements or understandings between Maltese and the Company other than as set forth in this Agreement and the Stock Purchase Agreement.

6. Remedies . The Company and Maltese acknowledge and agree that a material breach or threatened material breach by either party may give rise to irreparable injury inadequately compensable in damages, and accordingly each party shall be entitled to injunctive relief to prevent a material breach of the provisions hereof and to enforce specifically the terms and provisions hereof in any state or federal court having jurisdiction, in addition to any other remedy to which such aggrieved party may be entitled in law or at equity. In the event either party institutes any legal action to enforce such party’s rights under, or recover damages for breach of this Agreement, the prevailing party or parties in such action shall be entitled to recover from the other party or parties all costs and expenses, including but not limited to actual and reasonable attorneys’ fees, court costs, witness fees, disbursements and any other expenses of litigation or negotiation, incurred by such prevailing party or parties.

7. Term . This Agreement will commence on February 2, 2015, and shall remain in effect for a period of three years following such date unless terminated before such date by a written agreement executed by all parties to this Agreement.

8. Publicity . During the term of this Agreement, neither the Company nor Maltese shall cause, suffer or, to the extent within its control, permit any press release or other communication to be transmitted to the news media, concerning the Company or its operations, on the one hand, or against Maltese, on the other, unless either party is required to disclose such information by law, without prior written approval of the other party.

 

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9. Notices . All notice requirements and other communications indicated shall be deemed given when personally delivered or on the third succeeding business day after being mailed by registered or certified mail, return receipt requested, addressed to Maltese and the Company below (except for communications pursuant to paragraph 9 above, which shall be permitted to be given by facsimile):

 

Maltese:    Maltese Capital Management
   150 E. 52 nd Street, 30 th Floor
   New York, NY 10022
   Attn: Terry Maltese
The Company:    HopFed Bancorp, Inc.
   4155 Lafayette Road
   Hopkinsville, KY 42240
   Attn: John E. Peck, President and Chief Executive Officer

10. Governing Law and Choice of Forum . Delaware law, unless applicable federal law or regulation is deemed controlling, shall govern the construction and enforceability of this Agreement.

11. Severability . If any term, provision, covenant or restriction of this Agreement is held by any governmental authority or court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

12. Successors and Assigns . This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the successors and assigns, and transferees by operation of law, of the parties. Except as otherwise expressly provided for herein, this Agreement shall not inure to the benefit of, be enforceable by or create any right or cause of action in any person, including any stockholder of the Company, other than the parties hereto.

13. Survival of Representations, Warranties and Agreements . All representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement, but are limited as provided herein to the terms of this Agreement.

14. Amendments . This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by all of the parties hereto.

15. Definitions . As used in this Agreement, the following terms shall have the meanings indicated, unless the context otherwise requires:

(a) The term “acquire” means every type of acquisition, whether effected by purchase, exchange, operation of law or otherwise.

(b) The term “acting in concert” means (i) knowing participation in a joint activity or conscious parallel action towards a common goal whether or not pursuant to an express agreement, or (ii) a combination of pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written or otherwise.

 

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(c) The term “affiliate” means a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, Maltese, or any entity in which such person is a greater than ten percent (10%) stockholder.

(d) The term “beneficial ownership” or “beneficially owned” means all capital stock of the Company owned or held, directly or indirectly, in Maltese’s name individually or jointly with any other person or by any trust in which he is a settlor, trustee, or beneficiary.

(e) The term “change in control” means: (i) any person or group becomes the beneficial owner of shares of capital stock of the Company representing 20% or more of the total number of votes that may be cast for the election of the Board of Directors of the Company, (ii) in connection with any tender or exchange offer (other than an offer by the Company or the Bank), merger or other business combination, sale of assets or contested election, or combination of the foregoing, the persons who were directors of the Company or the Bank cease to be a majority of the Board of Directors, or (iii) stockholders of the Company approve a transaction pursuant to which substantially all of the assets of the Company or the Bank will be sold.

(f) The term “control” (including the terms “controlling,” “controlled by,” and “under common control with”) means the possession, direct or indirect, or the power to direct or cause the direction of the management, activities or policies of a person or organization, whether through the ownership of capital stock, by contract, or otherwise.

(g) The term “group” has the meaning as defined in Section 13(d)(3) of the Securities Exchange Act of 1934.

(h) The term “person” includes an individual, a group acting in concert, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization or similar company, a syndicate, or any other group formed for the purpose of acquiring, holding or disposing of the capital stock of the Company.

(i) The term “transfer” means, directly or indirectly, to sell, gift, transfer, assign, pledge, encumber, hypothecate or similarly dispose of (by operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, gift, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of (by operation of law or otherwise), any capital stock, or any interest in any capital stock, of the Company; provided, however, that a merger or consolidation in which the Company is a constituent corporation shall not be deemed to be the transfer of any capital stock beneficially owned by Maltese.

(j) The term “vote” means to vote in person or by proxy, or to give or authorize the giving of any consent as a stockholder on any matter.

16. Counterparts . This Agreement may be executed in counterparts, each of which shall be an original, but each of which together shall constitute one and the same agreement.

 

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17. Merger . The restrictions in this Agreement pertaining to stock ownership and transfer by Maltese and its affiliates shall apply to the capital stock of the Company received by Maltese and its affiliates in exchange for its equity ownership interest of a corporation (or other entity) as a result of a purchase, acquisition, merger or similar transaction in which the Company is the survivor.

18. Other Provisions. Notwithstanding anything in this Agreement to the contrary Maltese and its affiliates shall not be responsible for the actions of any person or entity with whom they have been, currently are, or may be in the future, in an adversarial or hostile relationship. The term “hostile relationship” includes, but is not limited to, any person or entity with which Maltese and its affiliates is involved in a proxy contest, election of directors contest, contested stockholder proposal, litigation, arbitration, contested government or government agency proceeding.

This Agreement has been duly executed and delivered by the parties hereto as of the day and year first above written.

 

HOPFED BANCORP, INC.       MALTESE CAPITAL MANAGEMENT, LLC
By:  

/s/ John E. Peck

    By:  

/s/ Terry Maltese

  John E. Peck       Terry Maltese
  President and Chief Executive Officer       Managing Partner

 

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