UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[_] CONFIDENTIAL, FOR USE OF THE
COMMISSION ONLY (AS PERMITTED BY
RULE 14A-6(E)(2))
[_] Definitive Proxy Statement
[X] Definitive Additional Materials
[_] Soliciting Material Pursuant to (S) 240.14a-11(c) or (S) 240.14a-12
KANKAKEE BANCORP, INC.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed: 2/26/2002
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Notes:
Reg. (S) 240.14a-101.
SEC 1913 (3-99)
[Logo of Kankakee Bancorp]
310 South Schuyler Avenue
P.O. Box 3 (815) 937-4440
Kankakee, IL 60901-0003 Fax (815) 937-3674
Supplement to our Proxy Statement dated March 11, 2002
The following information concerning the employment agreements and change
of control agreements for our executive officers was inadvertently omitted from
our proxy statement dated March 11, 2002. This information, which was previously
disclosed in filings with the Securities and Exchange Commission, should be read
in conjunction with our proxy statement and you should carefully review this
information, as well as all of the information in our proxy statement, in
connection with this year's annual meeting. You may receive a free copy of our
definitive proxy statement and any other soliciting materials relating to our
solicitation on the Securities and Exchange Commission's website at www.sec.gov,
or by contacting Morrow & Co., Inc., our proxy solicitor, at 1-800-607-0088.
The information which should have appeared on page 11 of the proxy
statement is as follows:
Employment Agreements
On April 1, 2001, we entered into an employment agreement with Larry D.
Huffman to serve as the president and chief executive officer of the holding
company and the bank. The initial term of the agreement is three years. The
employment agreement initially provides for an initial base salary of $140,000
with a 5% increase on each of the first three anniversaries of the agreement.
The employment agreement will terminate upon the death or disability of Mr.
Huffman, in the event of certain regulatory actions or upon notice by either us
or Mr. Huffman, with or without cause. In the event of termination of Mr.
Huffman's employment without cause, we will be obligated to pay or to provide to
him, as applicable, continued salary and benefits for a period of one year
following his termination. The employment agreement includes a covenant which
will limit the ability of Mr. Huffman to compete with us in an area encompassing
a twenty five mile radius from our main office for a period of one year
following the termination of his employment with us. The geographic area covered
by this provision constitutes a portion of our primary service area.
As of October 15, 2001, we entered into change of control agreements with
Gerald C. Chantome, Larry D. Huffman, Michael A. Stanfa and Ronald J. Walters,
each of whom are officers named in our proxy statement. Each of these agreements
has identical terms, which provide that if the executive is terminated by us
within either six months before or one year after a change of control of the
holding company, as defined in the agreements, then the executive will receive a
severance benefit equal to three times the sum of his base salary, average
performance bonus (a two year average) and average retirement plan contributions
(a two year average). Also, the executive will continue to receive certain
benefits, including medical insurance coverage, for a period of three years
after the termination date. The executive is also entitled to receive these
benefits upon his constructive termination after a change of control.