Business Context and Reporting Period
This Form 8-K Current Report was filed by Kentucky First Federal Bancorp on May 7, 2021. The filing addresses a change in executive leadership and employment terms involving William Johnson, a Vice President of the Company and Area President for its wholly-owned subsidiary, First Federal Savings Bank.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Executive Resignation: William Johnson resigned as Vice President of Kentucky First Federal Bancorp, effective July 1, 2021.
- Role Transition: Mr. Johnson is transitioning to part-time employment with the subsidiary, First Federal Savings Bank, effective July 1, 2021, continuing as the Danville-Lancaster Area President.
- Board Status: Mr. Johnson will remain a member of the Board of Directors for both the Company and the Bank.
- Compensation Adjustment: A new letter agreement sets Mr. Johnson's annual base salary at $65,941, effective July 1, 2021, with a term expiring on December 31, 2023.
- Contract Termination: The original employment agreement between the Company and Mr. Johnson (dated December 31, 2012) will automatically terminate upon his resignation.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or discussion of general business risks. The only contingency noted is the automatic termination of the prior employment agreement upon the effective date of the resignation.
Key Facts for Investor Verification
- Verify the effective date of the leadership transition (July 1, 2021).
- Confirm the new annual base salary of $65,941 for the part-time role.
- Note that Mr. Johnson retains his seat on the Board of Directors despite stepping down as an officer of the parent company.
- Review the attached Letter Agreement (Exhibit 10.1) for full terms of the amended employment contract.