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

(e) On January 30, 2009, the board of directors of K-Fed Bancorp (the "Company") authorized the grant of incentive stock options to its named executive officers, Kay M. Hoveland, President and Chief Executive Officer, Dustin Luton, Chief Financial Officer, Jeanne R. Thompson, Chief Operating Officer and Nancy J. Huber, Chief Credit Officer, who received incentive stock option grants in the amounts of 25,000, 20,000, 15,000, and 15,000, respectively, all at an exercise price of $7.80. These options vest 20% per year beginning on January 30, 2010 for a five-year period in accordance with the Company's 2004 Stock Option Plan. This grant is the first stock option grant made by the Company to any of its named executive officers since November 2006. The form of award agreement is included as Exhibit 10.1 to this report.