EXHIBIT 99.3
HOPFED BANCORP, INC.
1999 STOCK OPTION PLAN
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Agreement for Incentive Stock Options
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THIS STOCK OPTION (the "Option") grants ___________________ (the
"Optionee") the right to purchase a total of _______ shares of Common Stock, par
value $.01 per share, of HopFed Bancorp, Inc. (the "Company"), at the price set
forth herein, in all respects subject to the terms, definitions and provisions
of the HopFed Bancorp, Inc. 1999 Stock Option Plan (the "Plan") which is
incorporated by reference herein. This Option is intended to qualify as an
incentive stock option under Section 422 of the Internal Revenue Code of 1986,
as amended (the "Code"). The Optionee acknowledges, through signing below, the
receipt of the prospectus associated with the Plan.
Exercise Price. The exercise price per share is $_______, which equals
100%* of the fair market value, as determined by the Committee, of the Common
Stock on the date of grant of this Option.
1. Exercise of Option. This Option shall be exercisable in accordance with
the Plan and the following provisions:
(i) Schedule of Rights to Exercise. The Optionee may immediately
exercise this Option with respect to 50% of the total shares specified
above, and may exercise this Option with respect to the remaining shares
upon remaining in the paid service of the Company or a subsidiary through
January 1, 2000.
(ii) Method of Exercise. This Option shall be exercisable by a written
notice by the Optionee which shall:
(a) state the election to exercise the Option, the number of
shares with respect to which it is being exercised, the person in
whose name the stock certificate or certificates for such shares of
Common Stock is to be registered, his address and Social Security
Number (or if more than one, the names, addresses and Social Security
Numbers of such persons);
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* 100% in the case of an Optionee who owns shares representing more than 10% of
the outstanding common stock of the Company on the date of grant of this Option.
ISO Agreement
Page 2
(b) contain such representations and agreements as to the
holder's investment intent with respect to such shares of Common Stock
as may be satisfactory to the Company's counsel;
(c) be signed by the person or persons entitled to exercise the
Option and, if the Option is being exercised by any person or persons
other than the Optionee, be accompanied by proof, satisfactory to
counsel for the Company, of the right of such person or persons to
exercise the Option; and
(d) be in writing and delivered in person or by certified mail to
the Treasurer of the Company.
Payment of the purchase price of any shares with respect to
which the Option is being exercised shall be by cash, Common Stock, or
such combination of cash and Common Stock as the Optionee elects. In
addition, the Optionee may elect to pay for all or part of the exercise
price of the shares by having the Company withhold a number of shares
that are both subject to this Option and have a fair market value equal
to the exercise price. The certificate or certificates for shares of
Common Stock as to which the Option shall be exercised shall be
registered in the name of the person or persons exercising the Option.
(iii) Restrictions on exercise. This Option may not be exercised if
the issuance of the shares upon such exercise would constitute a violation
of any applicable federal or state securities or other law or valid
regulation. As a condition to the Optionee's exercise of this Option, the
Company may require the person exercising this Option to make any
representation and warranty to the Company as may be required by any
applicable law or regulation.
2. Withholding. The Optionee hereby agrees that the exercise of the Option
or any installment thereof will not be effective, and no shares will become
transferable to the Optionee, until the Optionee makes appropriate arrangements
with the Company for such tax withholding as may be required of the Company
under federal, state, or local law on account of such exercise.
3. Non-transferability of Option. This Option may not be transferred in any
manner otherwise than by will or the laws of descent or distribution. The terms
of this Option shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee.
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Page 3
4. Term of Option. This Option may not be exercisable for more than ten**
years from the date of grant of this Option, as stated below, and may be
exercised during such term only in accordance with the Plan and the terms of
this Option.
______________________ HOPFED BANCORP, INC.
Date of Grant 1999 STOCK OPTION PLAN COMMITTEE
By: _______________________________________
Authorized Member of the Committee
Witness:___________________________________
_____________
** Five years in the case of an Optionee who owns shares representing more than
10% of the outstanding common stock of the Company on the date of grant of this
Option.
HOPFED BANCORP, INC.
1999 STOCK OPTION PLAN
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Form for Exercise of
Incentive Stock Options
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Treasurer
HopFed Bancorp, Inc.
0000 Xxxx Xxxxxxxx Xxxxxxxxx
Xxxxxxxxxxxx, Xxxxxxxx 00000
Re: HopFed Bancorp, Inc. 1999 Stock Option Plan
Dear Sir:
The undersigned elects to exercise the Incentive Stock Option to
purchase _______ shares, par value $.01, of Common Stock of HopFed Bancorp, Inc.
(the "Company") under and pursuant to a Stock Option Agreement dated
_____________, 199_.
Delivered herewith is a certified or bank cashier's or teller's check
and/or shares of Common Stock, valued at the fair market value of the stock on
the date of exercise, as set forth below.
$______ of cash or check
$______ in the form of ______ shares of Common Stock, valued at $_______
per share
$ TOTAL
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The name or names to be on the stock certificate or certificates and
the address and Social Security Number of such person(s) is as follows:
Name _________________________________________________________________________
Address ______________________________________________________________________
Social Security Number _______________________________________________________
____________________
Date
Very truly yours,
____________________
