Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 6, 2009, the Compensation Committee of the Board of Directors of HMN Financial, Inc. (the "Company") adopted the following agreements for use in connection with the HMN Financial Inc. 2009 Equity Incentive Plan:
• HMN Financial Inc. 2009 Equity Incentive Plan Restricted Stock Agreement;

• HMN Financial Inc. 2009 Equity Incentive Plan Incentive Stock Option Agreement; and

• HMN Financial Inc. 2009 Equity Incentive Plan Non-Statutory Stock Option Agreement.

Each of the agreements is filed as an Exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits Exhibit Number Description 99.1 HMN Financial Inc. 2009 Equity Incentive Plan Restricted Stock Agreement 99.2 HMN Financial Inc. 2009 Equity Incentive Plan Incentive Stock Option Agreement 99.3 HMN Financial Inc. 2009 Equity Incentive Plan Non-Statutory Stock Option Agreement

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