Summary of Executive Compensation for First Midwest Bancorp, Inc. Executive Officers (2008)
This document outlines the 2008 base salaries for key executive officers of First Midwest Bancorp, Inc., as determined by the Compensation Committee. It lists the names, positions, and salaries of five executives. The officers are also eligible for various company benefit plans and are parties to agreements that provide for payments in the event of severance or a change in control. The summary ensures transparency regarding executive compensation and related benefits for the year 2008.
Exhibit 10.29
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 2008 Proxy Statement, determined the 2008 base salary for such officers, which is presented in the table below.
Name and Principal Positions 2008 Base Salary Mr. John M. O'Meara, President and Chief Executive Officer $750,000 Mr. Thomas J. Schwartz, Group President Commercial Banking $426,000 Mr. Michael L. Scudder, Executive Vice President and Chief Financial Officer $426,000 Mr. Paul F. Clemens, Executive Vice President and Chief Financial Officer $262,000 Ms. Janet M. Viano, Group President Retail Banking $224,000
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.
