Exhibit 10.1

(logo) First Midwest

First Midwest Bancorp, Inc.
300 Park Boulevard, Suite 405
PO Box 459
Itasca, Illinois 60143-0459
(630)875-7450

 

August 28, 2000

First_Name Middle_Name Last_Name
Address_Line_1
Address_Line_2
Address_Line_3
City, State Zip_Code

RE: Grant of Director Options - Letter Agreement (Option_Date)

Dear First_Name:

I am pleased to confirm to you the grant on Option_Date (the "Date of Grant") of
a nonqualified stock option (the "Director Option") under the First Midwest
Bancorp, Inc. Non-Employee Directors' 1997 Stock Option Plan (the "Directors'
Plan"). The Director Option provides you with the opportunity to purchase for
Option_Price per share up to Shares_Granted shares of the Company's Common
Stock.

The Director Option is subject to the terms and conditions of the Directors'
Plan, including any Amendments thereto, which are incorporated herein by
reference, and to the following:

(1)

Vesting and Exercisability:

Subject to paragraph (11) below, in general, the Director Option will become
fully vested and exercisable on Vest_Date_Period_1. In the event of your death
or disability, or of a Change-in-Control as defined in the Company's 1989
Omnibus Stock and Incentive Plan, as Amended (the "Omnibus Plan"), the Director
Option will become fully vested and exercisable.

(2)

Expiration:

If you cease to be a director for any reason other than death or disability
prior to the date the Director Option becomes fully vested, the Director Option
will expire on the date your directorship ends. If the Director Option has
become fully vested at the time you cease to be a director, the Director Option
will expire on the third anniversary of the date you ceased to be a director. In
no event, however, may the Director Option be exercised beyond
Expiration_Date_Period_1.

(3)

Procedure for Exercise:

Once vested, you may exercise the Director Option at any time by delivering
written notice of exercise and payment of the Exercise Price in full either (a)
in cash or its equivalent (as described in the Directors' Plan), or (b) by
tendering previously-acquired shares of Common Stock having an aggregate fair
market value equal to the total Exercise Price that have been owned by you for
six (6) months or more, or (c) by a combination of the (a) and (b). You may
deliver an affirmation of ownership of Common Stock having the required fair
market value in lieu of physically tendering such shares. In the event you have
made an election under the Company's Nonqualified Stock Option Gain Deferral
Plan, you may only make payment with shares of Common Stock in accordance with
clause (b) above. Further information regarding exercise procedures will be
provided to you.

(4)

Limited Transferability; Beneficiary Designation:

The Director Option is personal to you and may not be sold, transferred,
pledged, assigned or otherwise alienated, other than as provided herein. The
Director Option shall be exercisable during your lifetime only by you.
Notwithstanding the foregoing, you may transfer the Director Option to:

 

(a)

Your spouse, children or grandchildren ("Immediate Family Members");

 

(b)

A trust or trusts for the exclusive benefit of such Immediate Family Members,
or;

 

(c)

A partnership in which such Immediate Family Members are the only partners,
provided that:

 

 

(i)

There may be no consideration for any transfer,

 

 

(ii)

Subsequent transfers or the transfered Director Option shall be prohibited,
except to designated beneficiaries; and

 

 

(iii)

Such transfer is evidenced by documents acceptable to the Company and filed with
the Corporate Secretary.

 

Following transfer, the Director Option shall continue to be subject to the same
terms and conditions as were applicable immediately prior to transfer, provided
that for purposes of designating a beneficiary with respect thereto, the
transferee shall be entitled to designate the beneficiary. The provisions of
this Letter Agreement relating to the period of exerciseability and expiration
of the Director Option shall continue to be applied with respect to you and your
status as a director, and the Director Option shall be exercisable by the
transferee only to the extent, and for the periods, set forth in Paragraphs (1)
and (2) above. Transfer of Common Stock purchased by your transferee upon
exercise of the Director Option may also be subject to the restrictions and
limitations described in Paragraph (5) below.

 

Kindly designate a beneficiary or beneficiaries with respect to the Director
Option by completing and returning the attached Beneficiary Designation Form.

(5)

Securities Law Restrictions:

You understand and acknowledge that applicable securities laws govern and may
restrict your right to offer, sell or otherwise dispose of any Common Stock
purchased upon exercise of the Director Option. In addition, because of your
status as a director of the Company, prior to exercise of the Director Option or
sale of any shares acquired upon exercise, you should consult with the Company's
Corporate Secretary with respect to the implications of Section 16(a) and (b) of
the Securities Exchange Act of 1934 on such exercise or sale. Additional
information regarding these rules will be provided to you, on request, from the
Company's Corporate Secretary.

(6)

Reload Provisions:

As described more fully in Appendix B, "General information Regarding Reload
Stock Options" of the "Summary Description" of the Directors' Plan, the Board of
Directors of First Midwest Bancorp, Inc. has approved the grant of reload stock
options upon certain exercises of the Director Options. Accordingly, a reload
stock option will be granted upon any exercise of the Director Option by you
while you are a director and upon which you tender previously-owned Common Stock
(Common Stock which has been held for at least six (6) months) in payment of the
exercise price. A Reload Option Letter Agreement will be issued to you to
evidence the grant of a reload stock option.

(7)

Continuing Participant Agreement:

For purposes of this Director Option, your directorship will not be deemed to
have terminated, and instead will be deemed to be continuing, during any period
during which you are a party to a Continuing Participant Agreement with the
Company; provided such Continuing Participant Agreement was approved by the
Board of Directors of the Company.

(8)

Tax Consequences:

Director Options are in the form of nonqualified stock options which are not
intended to fall under the provisions of Internal Revenue Code Section 422. No
federal or state income taxes or FICA/Medicare taxes will be withheld by the
Company upon exercise. Information regarding the tax consequences of the
Director Option will be provided to you.

(9)

Miscellaneous:

Nothing in this Letter Agreement confers any right on you to continue as a
director of the Company. This Letter Agreement will be binding upon, and insure
to the benefit of, your and the Company's successors and assigns.

(10)

Conformity with Directors' Plan:

The Director Option is intended to conform to the Directors' Plan in all
respects. Inconsistencies between this Letter Agreement and the Directors' Plan
shall be resolved in accordance with the terms of the Directors' Plan. By
executing and returning the enclosed Confirmation of Acceptance of this Letter
Agreement you agree to be bound by the terms hereof and of the Directors' Plan.
Except as otherwise expressly provided herein, all definitions stated in the
Directors' Plan shall be applicable to this Letter Agreement.

(11)

Effect of Certain Accounting Rules:

In the event the Board of Directors determines it is to be in the best interests
of the Company to account for a business combination under the
pooling-of-interests method and, in the written opinion of the accounting firm
then serving as the Company's independent auditors, the grant of this Director
Option or any of the terms of this Director Option, makes such business
combination ineligible for pooling-of-interests accounting, that but for the
grant of this Director Option or such terms and/or the grant of other Director
Options with similar provisions, would otherwise be eligible for such accounting
treatment, then this Director Option or such terms may be rescinded or the terms
modified to the extent the Board of Directors determines to be necessary to
enable the business combination to so qualify for pooling-of-interests
accounting treatment.

To confirm your understanding and acceptance of the Director Option granted to
you by this Letter Agreement, kindly execute and return to the Company's
Corporate Secretary in the enclosed envelope the following documents: (a) the
"Confirmation of Acceptance" endorsement, and (b) the Beneficiary Designation
Form.

If you have any questions, please do not hesitate to contact the Corporate
Secretary.

 

Very truly yours,

First Midwest Bancorp, Inc.

Robert P. O'Meara
Chairman and Chief Executive Officer
First Midwest Bancorp, Inc.

 

 

 

CONFIRMATION OF ACCEPTANCE

I acknowledge receipt of a copy of the Directors' Plan, that I have reviewed
this Letter Agreement and the Directors' Plan, and I agree to be bound by all
provisions of this Letter Agreement and the Directors' Plan.

 

RE: Grant of Director Options - Letter Agreement (Option_Date)

_______________________________________________
Director's Name (Print)

   

 

_______________________________________________
Director's Signitue
First_Name Middle_Name Last_Name

   

_______________________
Date

 

 

 

Non-Employee Directors' 1997 Stock Option Plan

BENEFICIARY DESIGNATION FORM

This Beneficiary Designation Form applies to Director Option and Reload Option
Letter Agreement(s) as follows (fill in the Option Grant Date from the
applicable Letter Agreement):

____________________________

 

____________________________

 

______________________________

____________________________

 

____________________________

 

______________________________

____________________________

 

____________________________

 

______________________________

 

All prior Beneficiary Designation Forms applicable to Director Options or Reload
Options not listed above will remain in effect as previously submitted.

You may designate a primary beneficiary and a secondary beneficiary to whom
rights under your Director or Reload Options will pass in the event of your
death. You may name more than one person as a primary or secondary beneficiary.
For example, you may wish to name your spouse as primary beneficiary and your
children as secondary beneficiaries. Your primary beneficiaries will have equal
rights with respect to your Director or Reload Options unless you indicate
otherwise. The same rule applies for secondary beneficiaries.

Designate Your Beneficiary(ies):

        Primary Beneficiary(ies) (give name, address and relationship to you):
_________________________________

______________________________________________________________________________________________

______________________________________________________________________________________________

        Secondary Beneficiary(ies) (give name, address and relationship to you):
_______________________________

______________________________________________________________________________________________

______________________________________________________________________________________________

 

I certify that my designation of beneficiary(ies) set forth above is my free act
and deed and acknowledge that when effective it will revoke any prior
designation I may have made with regard to Director or Reload Option(s) set
forth above.

____________________________________
(Signature)
First_Name Middle_Name Last_Name
____________________________________
(Date)

This Beneficiary Designation Form shall be effective on the day it is received
by the Corporate Secretary of the Company. This Form shall be (i) delivered to
the Corporate Secretary by personal delivery, facsimile, United States mail or
by express courier service, and (ii) deemed to be received upon personal
delivery, upon confirmation of receipt of facsimile transmission or upon receipt
by the Corporate Secretary if by United States mail or express courier service;
provided, however, that if this Form is not received during regular business
hours, it shall be deemed to be received on the next succeeding business day of
the Company.

RECEIVED AND ACKNOWLEDGED:

FIRST MIDWEST BANCORP, INC.

BY:__________________________________
       (On behalf of the Corporate Secretary)

Date:______________________