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Hmn Financial (HMNF) has shared an announcement.
HMN Financial, Inc. and Home Federal Savings Bank have amended their Executive Severance Agreements with executives Jon Eberle and Lawrence McGraw. The revisions remove the condition requiring employment termination within two years after a Change in Control to qualify for severance pay and benefits. Now, if such a change occurs anytime during the executives’ employment term, or on the termination day itself, they will be entitled to their pre-defined severance arrangements. This change, endorsed by the Compensation Committee and approved by the Board of Directors, aims to modify the executives’ severance compensation triggers.
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