First Midwest Bancorp, Inc. 2009 Executive Compensation Summary
First Midwest Bancorp, Inc.'s Compensation Committee set the 2009 base salaries for its top executive officers, including the CEO, CFO, and other group presidents. The listed executives are also eligible for various company benefit plans, such as savings, pension, incentive, and retirement plans. Additionally, they have employment and indemnification agreements that provide for certain payments if their employment ends or if there is a change in company control.
Exhibit 10.23
Summary of Executive Compensation
The Compensation Committee of the Board of Directors (the “Compensation Committee”) of First Midwest Bancorp, Inc. (the “Company”), after considering a market review of total compensation for certain executive officers expected to be named in the Company’s 2009 Proxy Statement, determined the 2009 base salary for such officers, which is presented in the table below.
| Name and Principal Positions | 2009 Base Salary | ||
| Mr. Michael L. Scudder, President and Chief Executive Officer | $ | 600,000 | |
| Mr. Thomas J. Schwartz, Group President Commercial Banking | 475,000 | ||
| Mr. Paul F. Clemens, Executive Vice President and Chief Financial Officer | 295,000 | ||
| Mr. Victor P. Carapella, Executive Vice President and Commercial Banking Group Manager | 280,000 | ||
| Ms. Janet M. Viano, Group President Retail Banking | 231,000 | ||
Each of these officers is also eligible to receive certain benefits and to participate in the Company’s employee benefit plans applicable to executive officers, including the Company’s Savings and Profit Sharing Plan, Pension Plan, Short-Term Incentive Compensation Plan, the Omnibus Stock and Incentive Plan, and Nonqualified Retirement Plan in accordance with the terms and conditions of such plans. These officers are also parties to Indemnification Agreements and Employment Agreements that, among other things, entitle them to payments upon severance or upon a change in control.
