Exhibit 10.1

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

This First Amendment to Employment Agreement (“Amendment”) is entered into as of
the 21st day of February, 2019, by and between M. Todd Kanipe (“Executive”) and
Citizens First Corporation, a Kentucky corporation (“CFC”).

 

WHEREAS, Executive entered into that certain Employment Agreement dated as of
October 19, 2017 with CFC (the “Employment Agreement”);

 

WHEREAS, pursuant to that certain Agreement and Plan of Reorganization dated
February 21, 2019 by and among German American Bancorp, Inc. (“German
American”), German American Bank, CFC and Citizens First Bank, Inc. (the “Merger
Agreement”), CFC shall be merged with and into German American (the “Merger”)
effective as of the date and time provided in the Merger Agreement (the
“Effective Time”); and

 

WHEREAS, in anticipation of the Merger, CFC and the Executive desire to amend
the Employment Agreement as set forth below;

 

1.             Effective as of the Effective Time, Section 2 is amended to read
in its entirety as follows:

 

“2.          Term of Employment.  This Agreement shall commence on and be
effective as of October 19, 2017 and continue through October 18, 2020, subject
to renewal and to termination in accordance with the terms of this Agreement. 
This Agreement shall automatically renew at the end of the initial term and each
subsequent term thereafter for a one year period, unless either Employer or
Kanipe shall elect to terminate this Agreement by written notice to the other
party hereto at least sixty (60) days prior to the end of the respective term. 
Kanipe’s initial term of employment and any subsequent renewal thereof shall
hereinafter be referred to as the “Term”.  If this Agreement is not renewed as
specified herein, all of Kanipe’s rights to compensation and fringe benefits
shall terminate at the end of the Term.”

 

2.             Effective as of the Effective Time, the first paragraph of
Section 10.C of the Agreement is amended to read in its entirety as follows:

 

“C.          Benefits Upon Termination. If Kanipe’s employment by Employer is
terminated during the Term for any reason by Employer or by Kanipe (in any case,
the date that Kanipe’s employment by Employer terminates is referred to as the
“Severance Date”), Employer shall have no further obligation to make or provide
to Kanipe, and Kanipe shall have no further right to receive or obtain from
Employer, any payments or benefits except as follows:”

 

3.             Effective as of the Effective Time, Sections [10.D] and [10.E]
are deleted in their entirety and replaced with the following new Sections:

 

“10.D     [Reserved].

 

10.E        [Reserved].”

 

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4.             Notwithstanding the foregoing, in the event that the Merger
Agreement is terminated for any reason or the Merger does not occur, this
Amendment shall have no effect.

 

5.             All other terms, conditions, and provisions of the Employment
Agreement shall remain in full force and effect, and shall be incorporated
herein by reference.

 

[THIS SPACE INTENTIONALLY LEFT BLANK.]

 

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IN WITNESS WHEREOF, the parties hereto have voluntarily executed this First
Amendment as of the day and year first above written.

 

“CFC”

 

“EXECUTIVE”

 

 

 

CITIZENS FIRST CORPORATION

 

 

 

 

 

 

 

 

By:

/s/ Jack Sheidler

 

/s/ M. Todd Kanipe

Name:

Jack Sheidler

 

M. Todd Kanipe

Title:

Chairman

 

 

 

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