Summary of Executive Compensation for First Midwest Bancorp, Inc. Executive Officers (2007)
This document outlines the 2007 base salaries for key executive officers of First Midwest Bancorp, Inc., as determined by the Compensation Committee. It lists the annual salaries for the President and CEO, Group Presidents, Executive Vice President, and Chief Financial Officer. The executives are also eligible for various company benefit and incentive plans, and have agreements that provide for payments in the event of severance or a change in control. One executive's salary remained unchanged due to retirement in early 2007.
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 2007 Proxy Statement, determined the 2007 base salary for such officers, which is presented in the table below.
Name and Principal Positions 2007 Base Salary Mr. John M. O'Meara, President and Chief Executive Officer $678,000 Mr. Thomas J. Schwartz, Group President Commercial Banking $409,900 Mr. Michael L. Scudder, Executive Vice President and Chief Financial Officer $355,100 Mr. Mark M. Dietrich, Group Executive Vice President and Chief Operations Officer $223,900 (1) Ms. Janet M. Viano, Group President Retail Banking $216,200 Note: (1) Mr. Dietrich's compensation did not change for 2007 as he retired in first quarter 2007.
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.
