CEO retirement benefits revised at Home Federal (NASDAQ: HFBL)
Rhea-AI Filing Summary
Home Federal Bancorp, Inc. of Louisiana updated the supplemental executive retirement arrangement for its Chairman, President and CEO, James R. Barlow, through an amended and restated agreement effective July 1, 2026. Vesting is set at 10% per year from that date, reaching full vesting on December 31, 2030 if he remains employed.
The agreement keeps the target retirement date of December 31, 2033. After that date, Mr. Barlow is scheduled to receive annual retirement benefits of $120,000, paid in equal yearly installments over ten years. If he separates from service before December 31, 2033 without cause and not due to death, he would receive accrued benefits in a lump sum.
Following a change in control, a separation from service would credit him with up to five additional years of service, or the remaining vesting period if shorter, when calculating accrued benefits. In the event of death during active service, beneficiaries receive a lump sum equal to the full retirement benefit; if death occurs after retirement but before all payments are made, remaining installments go to beneficiaries.
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Vesting rate: 10% per year
Full vesting date: December 31, 2030
Target retirement date: December 31, 2033
+3 more
6 metrics
Vesting rate
10% per year
Beginning July 1, 2026 under amended SERP
Full vesting date
December 31, 2030
Date CEO becomes 100% vested if still employed
Target retirement date
December 31, 2033
Retirement date retained from prior agreement
Annual retirement benefit
$120,000 per year
Payable after December 31, 2033
Payment period
10 years
Equal annual installments of retirement benefits
Change-in-control service credit
Up to 5 years
Additional service credited after qualifying separation
Key Terms
Amended and Restated Supplemental Executive Retirement Agreement, vesting percentage, separation from service, change in control, +1 more
5 terms
Amended and Restated Supplemental Executive Retirement Agreement financial
"entered into an Amended and Restated Supplemental Executive Retirement Agreement (the “Agreement”)"
vesting percentage financial
"The Agreement increases the vesting percentage to 10% per year"
separation from service financial
"In the event of a separation from service prior to December 31, 2033"
change in control financial
"within two years following a change in control, he will be credited"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
beneficiaries financial
"his designated beneficiaries would receive a lump sum payment of the full retirement benefit"
Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What change did Home Federal Bancorp (HFBL) make to James R. Barlow’s retirement plan?
Home Federal Bancorp amended James R. Barlow’s Supplemental Executive Retirement Agreement, effective July 1, 2026. The update increases vesting to 10% per year and keeps the existing target retirement date, while defining retirement, separation, change in control, and death benefit payment terms more clearly.
When does HFBL CEO James R. Barlow become fully vested under the new agreement?
James R. Barlow becomes 100% vested on December 31, 2030 if he remains employed. The amended agreement sets vesting at 10% per year beginning July 1, 2026, providing a structured path to full vesting ahead of his targeted retirement date.
What annual retirement benefit will HFBL’s James R. Barlow receive under the amended plan?
After the target retirement date of December 31, 2033, James R. Barlow is scheduled to receive annual retirement benefits of $120,000. These benefits are payable in equal yearly installments over ten years, providing a long-term income stream following his retirement from the company.
How does a change in control affect James R. Barlow’s benefits at Home Federal Bancorp (HFBL)?
If James R. Barlow separates from service concurrently with or within two years after a change in control, he is credited with up to five additional years of service, or the remaining vesting period if shorter, when calculating his accrued amount under the Supplemental Executive Retirement Agreement.
What happens to HFBL CEO James R. Barlow’s retirement benefits if he dies while still employed?
If James R. Barlow dies while in active service, his designated beneficiaries receive a lump sum equal to the full retirement benefit. This provides immediate payment of the total benefit amount instead of the scheduled installment stream after the target retirement date.
How are benefits paid if James R. Barlow leaves HFBL before December 31, 2033 without cause?
If James R. Barlow separates from service before December 31, 2033, other than due to death and without cause, he receives his accrued benefits through that date in a lump sum. This replaces the later ten-year installment schedule tied to retirement.