Kurt Haecker
About Kurt Haecker
Kurt A. Haecker is Executive Vice President and Chief Lending Officer at Central Plains Bancshares’ subsidiary, Home Federal Savings, a role he has held since 2015 after joining the company in 2007; he has more than 35 years of banking experience, including prior lending and leadership roles at a regional bank that merged into a national institution. He is 62 years old. These biographies do not disclose formal education or public-company director roles for Mr. Haecker .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Home Federal Savings (CPBI subsidiary) | Executive Vice President & Chief Lending Officer | 2015–present | Leads lending; long-tenured credit/lending leadership |
| Home Federal Savings (CPBI subsidiary) | Lending and leadership roles | 2007–2015 | Internal lending/leadership progression |
| Regional bank (merged into national institution) | Lending and leadership roles | Not disclosed (pre-2007) | Broader market lending and leadership experience |
Fixed Compensation
| Metric (USD) | FY 2024 | FY 2025 |
|---|---|---|
| Base salary | $178,319 | $186,880 |
| Bonus (discretionary) | $1,930 | $1,871 |
| All other compensation | $6,845 | $13,583 |
| All other comp — ESOP/retirement components | $6,845 | $13,583 |
| Total fixed cash (Salary + Bonus + All other) | $187,094 | $202,334 |
Notes:
- “All other” for Mr. Haecker consists of Employee Stock Ownership Plan contributions; no automobile allowance listed for him in either year .
Performance Compensation
Annual Cash Incentive (Non-Equity Incentive Plan)
- Design: Home Federal Savings follows an informal bonus policy requiring the bank to exceed a minimum return on assets (ROA); 35% of any amount above that minimum funds a bonus pool split 35%/65% between managers/senior managers; the Board then exercises discretion to set individual payouts as a percentage of wages. This is not a rigid formula and may vary year-to-year . | Metric | Weighting | Target | Actual | Payout FY 2024 | Payout FY 2025 | |---|---|---|---|---:|---:| | Company ROA threshold and board discretion (pool-based) | Not formulaic; pool split 35%/65% | Minimum ROA (not disclosed) | Not disclosed | $95,660 | $92,279 |
Equity Awards (Grant-Date Fair Value recognized in FY 2025)
| Instrument | Grant date | Grant-date fair value (USD) |
|---|---|---|
| Restricted stock (RSUs) | 2024–2025 grants under 2024 Equity Plan | $258,825 |
| Stock options | 2024–2025 grants under 2024 Equity Plan | $174,113 |
Design and vesting under the 2024 Equity Plan:
- Options generally vest in equal annual installments over five years beginning one year from grant; accelerate upon death, disability, or an involuntary termination at or following a change in control; 10-year term; exercise price equals grant-date fair value. The Company granted options on Nov 27, 2024 and Jan 10, 2025 .
- Restricted shares generally vest in equal annual installments over five years beginning one year from grant; accelerate upon death, disability, or an involuntary termination at or following a change in control .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (common shares) | 40,671 shares; less than 1% of outstanding |
| Shares outstanding (as of 7/11/2025) | 4,222,978 |
| Unvested restricted stock (as of 3/31/2025) | 17,500 shares; reported market value $258,825 (based on proxy methodology) |
| Stock options outstanding (as of 3/31/2025) | 30,000 unexercisable; exercise price $14.79; expiration 1/10/2035 |
| Option in-the-money context | Company closing price used for valuation $14.92 as of 3/31/2025 vs. Haecker option strike $14.79 (modestly in-the-money per share at that date) |
| Options exercisable (company-wide) at 3/31/2025 | None exercisable as of 3/31/2025 per option activity table |
| Clawback policy | Company filed a Policy Relating to Recovery of Erroneously Awarded Compensation as Exhibit 97 to FY 2025 10-K; equity awards are subject to clawback under Plan documents |
| Hedging/pledging | Not disclosed in reviewed excerpts |
| Stock ownership guidelines | Not disclosed in reviewed excerpts |
Vesting schedule indicators and potential supply:
- Awards under the 2024 Equity Plan vest in equal annual installments over five years beginning one year after grant; Haecker’s unvested holdings (17,500 RSUs; 30,000 options struck at $14.79 expiring 1/10/2035) would follow this schedule, with acceleration upon death, disability, or involuntary termination at or following a change in control .
Employment Terms
| Provision | Haecker change-in-control agreement terms |
|---|---|
| Agreement type | Change in Control Agreement with Home Federal Savings (effective Oct 24, 2023) |
| Initial term and renewal | 3-year term; annual board evaluation and affirmative renewal action; if a change in control occurs during the term, agreement automatically extends to expire no sooner than two years after the change in control effective date |
| Severance multiple (cash) | Lump-sum equal to 3x sum of base salary (higher of termination or immediately pre-CIC) plus highest annual cash bonus earned in the CIC year or prior three years, upon involuntary termination without cause or resignation for “good reason” during the agreement term at/after CIC |
| COBRA | Reimbursement of monthly COBRA premiums for up to 18 months |
| “Good reason” | Defined substantially similarly to employment agreements (examples specified for CEO; executive CIC agreements reference similar construction) |
| Equity acceleration (plan terms) | Unvested options and restricted shares accelerate upon an involuntary termination at or following a change in control; death/disability also accelerate |
| Non-compete / non-solicit | Not disclosed for Haecker’s CIC agreement in reviewed excerpts (CEO employment agreement contains a one-year non-compete on non-CIC termination; not applicable to Haecker) |
Compensation Structure Analysis
- Shift in mix: FY 2025 introduced significant equity compensation (RSUs $258,825 and options $174,113) vs. no equity grants in FY 2024, increasing at-risk pay and long-term alignment through five-year vesting .
- Cash incentives: NEIP payouts remained material but declined slightly ($95,660 in FY 2024 vs. $92,279 in FY 2025), with payouts driven by an ROA-based pool and Board discretion, not individual formulaic metrics .
- Perquisites: Haecker’s “all other” compensation consisted of ESOP contributions ($6,845 in FY 2024; $13,583 in FY 2025); no automobile allowance listed for him .
- Governance guardrails: The 2024 Equity Plan enforces a minimum one-year vesting requirement (with limited exceptions), and the Compensation Committee must be composed of independent directors; the committee cannot accelerate vesting to avoid the one-year minimum except for CIC or death/disability .
Related Party Transactions and Red Flags
- Related party transactions: Since April 1, 2022 (proxy year 2025), no transactions exceeding $120,000 involving directors or executive officers, other than ordinary-course loans on market terms; policy requires semiannual audit committee review of related person transactions .
- Clawback policy: A formal clawback policy was filed as an exhibit to the FY 2025 10-K; award agreements also reference clawback/forfeiture provisions .
- Say-on-pay, hedging/pledging, ownership guidelines: Not disclosed in reviewed excerpts.
Multi-Year Summary Tables
Total Compensation (Summary Compensation Table line items)
| Metric (USD) | FY 2024 | FY 2025 |
|---|---|---|
| Salary | $178,319 | $186,880 |
| Bonus | $1,930 | $1,871 |
| Stock awards (grant-date fair value) | — | $258,825 |
| Stock options (grant-date fair value) | — | $174,113 |
| Non-equity incentive plan compensation | $95,660 | $92,279 |
| All other compensation | $6,845 | $13,583 |
| Total | $282,754 | $727,551 |
Outstanding and Unvested Equity (as of March 31, 2025)
| Instrument | Quantity | Exercise price | Expiration | Unvested value basis |
|---|---|---|---|---|
| Stock options (unexercisable) | 30,000 | $14.79 | 1/10/2035 | — |
| Restricted stock (unvested) | 17,500 | — | — | $258,825 (proxy valuation) |
| Price used for RSU value | — | — | — | $14.92 closing price as of 3/31/2025 |
Beneficial Ownership
| Holder | Shares owned | % of outstanding | Shares outstanding reference date |
|---|---|---|---|
| Kurt A. Haecker (executive officer) | 40,671 | <1% | 4,222,978 outstanding as of 7/11/2025 |
Investment Implications
- Alignment and retention: The introduction of multi-year vesting equity in FY 2025 meaningfully increases at-risk, long-dated compensation for Haecker, aligning incentives with long-term value creation; five-year vesting suggests continued retention hooks through at least 2029–2030 absent acceleration events .
- Selling pressure: RSUs and options generally vest annually beginning one year from grant, implying potential incremental supply around vest dates; options granted at $14.79 were modestly in-the-money at FY 2025 year-end (vs. $14.92), so realized value is sensitive to share price trajectory .
- Change-in-control economics: The CIC agreement provides a robust 3x cash severance (salary+highest bonus) and 18 months of COBRA reimbursement upon a qualifying termination in connection with a CIC; plan-based equity accelerates upon an involuntary termination at or following a CIC, which could increase deal-related payouts but also reduce retention beyond a CIC .
- Governance risk checks: No material related party transactions disclosed; equity plan enforces a one-year minimum vesting with limited exceptions; a formal clawback policy is on file—collectively supportive of shareholder-aligned governance .