ITEM 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Employment Agreement with James R. Seitz
1st Source Corporation (the “Company”) has entered into an employment agreement, dated May 23, 2017 (the “Employment Agreement”), setting forth the terms under which James R. Seitz will continue employment with the title of President of the Company and of the Company’s subsidiary, 1st Source Bank. The Employment Agreement is effective May 23, 2017 and automatically renews for subsequent one-year terms unless either party gives written notice of non-renewal on or before September 30 of the then-current term, in which case no further automatic extension shall occur and the term of the Employment Agreement shall end on December 31 of such year. The Employment Agreement provides for an annual base salary of $340,000, participation in the Employer’s Executive Incentive Plan, and participation, at a level commensurate with his position, in all benefit plans the Company presently has or hereafter adopts for its officers or employees, including (without limitation) directors’ and officers’ liability insurance, pension, profit sharing, stock option or any group life or health insurance, hospitalization or other similar plans.
The Employment Agreement is filed herewith as Exhibit 10(a)(4) and this disclosure is qualified in its entirety by reference to the Employment Agreement.
Employment Agreement with Jeffrey L. Buhr
1st Source Corporation (the “Company”) has entered into an employment agreement, dated May 23, 2017 (the “Employment Agreement”), setting forth the terms under which Jeffrey L. Buhr will continue employment with the titles of Executive Vice President and Chief Credit Officer of the Company’s subsidiary, 1st Source Bank. The Employment Agreement is effective May 23, 2017 and automatically renews for subsequent one-year terms unless either party gives written notice of non-renewal on or before September 30 of the then-current term, in which case no further automatic extension shall occur and the term of the Employment Agreement shall end on December 31 of such year. The Employment Agreement provides for an annual base salary of $300,000, participation in the Employer’s Executive Incentive Plan, and participation, at a level commensurate with his position, in all benefit plans the Company presently has or hereafter adopts for its officers or employees, including (without limitation) directors’ and officers’ liability insurance, pension, profit sharing, stock option or any group life or health insurance, hospitalization or other similar plans.
The Employment Agreement is filed herewith as Exhibit 10(a)(5) and this disclosure is qualified in its entirety by reference to the Employment Agreement.