Amendment No. 2 to Employment Agreement between Midland States Bancorp, Inc., Midland States Bank, and Douglas J. Tucker

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Midland States Bancorp, Inc., Midland States Bank, and Douglas J. Tucker, who serves as Senior Vice President and Corporate Counsel. Effective January 1, 2019, it corrects the target incentive bonus to not less than 40% and the long-term incentive bonus to 45%. All other terms of the original agreement remain unchanged.

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EX-10.12 2 msbi-20181231ex1012604c0.htm EX-10.12 msbi_Current_Folio_Ex1012

Exhibit 10.12

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO.  2 TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of January 1, 2019 (the “Effective Date”) by and between Midland States Bancorp, Inc. (the “Company”), Midland States Bank, an Illinois banking corporation (the “Bank”) (the Bank and the Company hereinafter collectively referred to as the “Employer”), and Douglas J. Tucker (“Executive”).

 

RECITALS

 

A.

The Executive serves as Senior Vice President, Corporate Counsel, of the Company and the Bank, and has entered into an Employment Agreement with the Company and the Bank, dated as of December 1, 2010, as amended by that certain Amendment No. 1 to Employment Agreement dated as of December 15, 2017 (the “Employment Agreement”).

 

B.

As a result of Amendment No. 1 to Executive’s Employment Agreement containing errors with respect to Executive’s bonus and long-term incentive award percentages, the Company’s Compensation Committee has instructed that an amendment to Executive’s Employment Agreement be executed reflecting the correct percentages.

 

AGREEMENTS

 

Now therefore, the Employment Agreement is hereby amended as follows:

 

1. The reference in Section 4(b) of the Employment Agreement to a target Incentive Bonus is hereby amended to “not less than forty percent  (40%)”; and the reference to  a long-term incentive bonus percentage for the Executive is hereby amended to “forty-five percent (45%).”

In all other respects the Employment Agreement shall remain fully in force and effect.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date.

 

MIDLAND STATES BANCORP, INC. andDOUGLAS J. TUCKER

MIDLAND STATES BANK

 

 

By:  /s/ Leon J. Holschbach              /s/ Douglas J. Tucker 

Name:Leon J. Holschbach[Signature]

Its:Vice-Chairman