Exhibit 10.33

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO.  1 TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and
entered into as of December 15, 2017 (the “Effective Date”) by and between
Midland States Bank, an Illinois banking corporation (the “Bank”, hereinafter
referred to as the “Employer”), and James R. Stewart (“Executive”).

 

RECITALS

 

A.

The Executive is currently employed as Chief Risk Officer of the Bank and has
entered into an Employment Agreement with the Bank, dated as of February 20,
2017 (the “Employment Agreement”).

 

B.

The Chief Executive Officer of the Bank has recommended, and the Midland States
Bancorp, Inc. (the Company”) Compensation Committee has approved, changes to the
target Incentive Bonus and long-term incentive bonus percentages for the
Executive.

 

AGREEMENTS

 

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 a new
sentence shall be added as follows: “The long-term incentive bonus percentage
for the Executive shall be 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 BANKJAMES R. STEWART

 

 

 

By:  /s/ Leon J. Holschbach/s/ James R. Stewart 

Name:  Leon J. Holschbach[Signature]

Its:  Chief Executive Officer

 

 

 

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