Unassociated Document


    EARLY
      RETIREMENT AND GENERAL RELEASE AGREEMENT 

    


    Caution:
      Read Carefully

    This
      Is A Release Of All Claims

    


    THIS
      EARLY RETIREMENT AND GENERAL RELEASE AGREEMENT (hereinafter “Agreement”) is
      voluntarily entered into as of the date(s) set forth below by and between the
      undersigned individual, Stan J. Ruhe (hereinafter referred to in the first
      person as "I," "me," etc.) and German American Bancorp, an Indiana banking
      corporation.

     

    WHEREAS,
      I have provided notice that I desire to retire from my employment, and the
      parties have agreed that my employment shall terminate on December 26, 2008
      ("Retirement Date") as a result of my decision to retire; and 

     

    WHEREAS,
      the parties have reached an amicable agreement regarding my retirement and,
      while neither party believes that any claims exist between us, the parties
      wish
      to enter into this Agreement in order to memorialize our agreement and to
      resolve any and all claims that I may have, as described in this Agreement,
      and
      to further define the obligations that the parties have to one another
      including, but not limited to, the confidentiality of various
      matters.

     

    NOW,
      THEREFORE, in consideration of the mutual understandings, covenants, and the
      release contained herein, and for other good and valuable consideration, the
      sufficiency of which are hereby acknowledged, the parties hereby voluntarily
      agree as follows:

     

    1. Definitions.
      Specific terms used in this Agreement have the following meanings: (a) words
      such as "I," "me," and "my" include both the undersigned and anyone who has
      or
      obtains any legal right or claims through me; and (b) "Company" means German
      American Bancorp, its past and present officers, directors, employees, trustees,
      parent, agents, divisions, affiliates, insurers, any and all employee benefit
      plans (and any fiduciary of such plans) sponsored by such entities, and each
      such entity's subsidiaries, predecessors, successors, and assigns, and all
      other
      entities, persons, firms, or corporations liable or who might be claimed to
      be
      liable, none of whom admit any liability to me, but all of whom expressly deny
      any such liability.

     

    2.
      My
      Claims.
      I
      hereby release Company from any and all claims and actions that I may have
      against it. The claims I am releasing ("My Claims") include all of my rights
      to
      any relief of any kind from the Company, including without limitation, all
      claims I have now, whether or not I now know about the claims. These claims
      include, but are not limited to the following: 

     

    (a)
      all
      claims relating to my retirement from and/or my employment with Company, or
      the
      termination of that employment, including, but not limited to, any claims
      arising under the Fair Labor Standards Act; Title VII of the Civil Rights Act
      of
      1964; the Civil Rights Act of 1866; the Age Discrimination in Employment Act
      ("ADEA"); the Older Worker Benefits Protection Act ("OWBPA"); the Employee
      Retirement Income Security Act; the Family and Medical Leave Act ("FMLA") (to
      the extent that FMLA claims may be released under governing law); the Americans
      with Disabilities Act; and/or any other federal, state or local law, including,
      without limitation, the Indiana Civil Rights Law; 

     

    (b)
      all
      claims under any principle of common law or equity, including but not limited
      to, claims for alleged unpaid compensation or other monies (other than salary
      I
      earn prior to my Retirement Date); commissions; any tort; breach of contract;
      and any other allegedly wrongful employment practices; and 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)
      all
      claims for any type of relief from the Company, including but not limited to,
      claims for damages, costs and attorney's fees. 

    


    3. Exclusions
      From Release. I
      understand that My Claims released under this Agreement do not include any
      rights or claims that may arise after the Effective Date of this Agreement
      (the
“Effective Date” of this Agreement is that date occurring on the eighth
      (8th)
      day
      after I sign this Agreement, provided that I do not revoke it, as described
      below). I understand I do not waive future claims. Also, I further understand
      that nothing
      in this Agreement shall in any way adversely affect whatever vested rights
      I may
      have to benefits under any retirement or other employee benefit plan. In
      addition, I acknowledge that this Agreement is not intended to (a) prevent
      me
      from filing a charge or complaint including a challenge to the validity of
      this
      Agreement, with the Equal Employment Opportunity Commission (“EEOC”); (b)
      prevent me from participating in any investigation or proceeding conducted
      by
      the EEOC; or (c) establish a condition precedent or other barrier to exercising
      these rights. While I have the right to participate in an investigation, I
      understand that I am waiving my right to any monetary recovery arising from
      any
      investigation or pursuit of claim on my behalf. I
      acknowledge that I have the right to file a charge alleging a violation of
      the
      ADEA with any administrative agency and/or to challenge the validity of the
      waiver and release of any claim I might have under the ADEA without either:
      (a)
      repaying to the Company the amounts paid by it to me or on my behalf under
      this
      Agreement; or (b) paying to the Company any other monetary amounts (such as
      attorney's fees and/or damages).

     

    4. Amendment
      to Confidentiality and Non-Compete Agreement.
      The
      Company and I entered into a Confidentiality and Non-Compete Agreement
      (“Non-Compete Agreement”), dated July 1, 2000, which shall remain enforceable in
      accordance with its terms and conditions. Because the Company has agreed, in
      this Agreement, to make payments to me for a period of four (4) years and nine
      (9) months after my Retirement Date, I agree that Section
      8
      of the
      Non-Compete Agreement is hereby amended and said Section
      8
      shall
      heretofore be replaced by a new Section
      8,
      as set
      forth in Exhibit
      A,
      attached to and incorporated in this Agreement. 

     

    5. Company's
      Agreement to Make Payments to Me .
      In
      exchange for my release and other promises made by me in this Agreement, and
      on
      the condition that I enter into the Supplemental Release Agreement with Company,
      attached to and incorporated herein as Exhibit
      B,
      on or
      after my Retirement Date, and on the further conditions that my employment
      is
      not terminated and that I do not resign prior to the Retirement Date, the
      Company agrees as follows:

     

    (a) As
      soon
      as practical after June 26, 2009 (six (6) months following the Retirement Date),
      the Company shall pay me Thirty Seven Thousand Five Hundred Dollars ($37,500),
      less taxes and other required deductions ("Initial Payment"). Thereafter, the
      Company shall pay me an annualized amount of Seventy Five Thousand Dollars
      ($75,000), which amount shall be prorated for partial calendar years, and
      payable in equal installments on a biweekly basis, less taxes and other required
      deductions. The parties agree that the first biweekly installment shall be
      paid
      to me as soon as practical after the Initial Payment, and that no payment shall
      be paid to me after I reach the age of 62 (September 2, 2013). In the event
      of
      my death prior to September 2, 2013, any remaining unpaid biweekly installment
      payments shall be paid in accordance with the same schedule set forth above
      to
      my surviving spouse or, if she does not survive me, to my estate. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b) The
      Company agrees that, effective on the Retirement Date, I shall be eligible
      to
      elect early retiree medical insurance coverage under the German American
      Bancorp, Inc. Employee Benefits Plan, as it may be amended from time to time.
      

     

    I
      acknowledge that the foregoing constitutes full and fair consideration for
      the
      release of My Claims and the other promises made by me in this Agreement, that
      the Company is not otherwise obligated to provide such consideration to me,
      and
      that it is in addition to any other sums to which I am otherwise due. I also
      acknowledge that I have received all other forms of compensation, of whatever
      kind, that may be due to me by Company, other than salary that I will earn
      prior
      to my Retirement Date. 

     

    In
      addition, I understand and agree that during my remaining employment with the
      Company I shall perform all assigned duties and responsibilities to the best
      of
      my abilities and in a timely and professional manner, and I shall continue
      to
      adhere to all Company policies and procedures. I understand that among my
      responsibilities will be to assist the Company in business transition matters
      and I shall remain actively engaged in all responsibilities that may be assigned
      to me during my remaining employment. I also understand that during my remaining
      employment, I shall remain an at-will employee and that if the Company
      determines, in its sole discretion, that I have failed to perform my duties
      and
      responsibilities as described above, it may terminate my employment at any
      time,
      in which case I shall not be entitled to any payment pursuant to this Agreement
      or any other payment from the Company, other than the salary I earn through
      my
      last day of employment. 

     

    I
      agree
      to comply with all of the terms and conditions of this Agreement. I understand
      and agree that if I fail to do so, including, but not limited to, those set
      forth above, I shall not be entitled to any payment pursuant to this Agreement
      or any other payment from the Company, other than the salary I earn through
      my
      last day of employment. 

     

    6. Return
      of Company Property.
      I
      hereby represent and warrant that, on or before the Retirement Date, or at
      such
      other time as requested by the Company, I shall return to the Company all of
      its
      property that was ever in my possession or control. This property includes,
      but
      is not limited to, financial and other business records, personnel records,
      office and other keys, directories, computer hardware and software, books,
      documents, memoranda, and all other records, and copies of all such items.
      

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    7. Termination
      of Relationship.
      I
      acknowledge that my employment will be separated as of the Retirement Date.
      I
      acknowledge that neither the Company nor its successors have any obligation,
      contractual or otherwise, to rehire, reemploy, recall, or hire me in the
      future.

     

    8. Consultation
      with Attorney.
      As
      required by the ADEA and OWBPA, I acknowledge that the Company has advised
      me
      that it is up to me as to whether I consult an attorney prior to signing this
      Agreement, and that the Company has advised that I should do so.

     

    9. Confidentiality
      and Non-Disparagement.
      In
      further consideration of the payment described above, I agree, consistent with
      applicable law, to protect the Company from intrusion into its business by
      not
      disclosing to any third-party any confidential information or trade secrets
      of
      the Company. Such
      information includes, but not limited to, confidential information regarding
      the
      sales and other business activities of the Company, and information regarding
      the Company's employees, services, marketing strategies, business plans,
      operations, costs, research and development efforts, technical data and
      know-how, financial information, internal procedures, forecasts, methods, trade
      secrets, software programs, project requirements, inventions, trademarks, trade
      names, and similar information regarding the Company’s business (collectively
      referred to as “Confidential Information”). I agree that all such Confidential
      Information is and shall remain the sole and exclusive property of the Company.
      Except as may be expressly authorized by the Company in writing, or as may
      be
      required by law after providing due notice thereof to the Company, I agree
      not
      to disclose, or cause any other person or entity to disclose, any Confidential
      Information to any third party as long as such information remains confidential
      (or as limited by applicable law) and I agree not to make use of any such
      Confidential Information for my own purpose or for the benefit of any other
      entity or person. 
      I agree
      to refrain from making any negative or disparaging statement about the Company,
      its employees, agents, operations, or plans. In further protection of the
      interests of the Company, I agree that, as to any matters currently pending,
      or
      which arise relating to my employment with the Company, I will cooperate with
      the Company and its attorneys in connection with any proceeding involving the
      Company before a court, an administrative agency, governmental organization,
      or
      an arbitrator. I further understand that it is an essential and material
      condition of this Agreement that the existence and terms of this Agreement
      are
      to remain strictly confidential and shall not be disclosed by me to any person
      other than to my attorney, my spouse, or as required by law. This
      Agreement shall supplement any obligations that I may have to Company pursuant
      to the Non-Compete Agreement and pursuant to all applicable state and federal
      trade secrets laws.

     

    10. Violation
      of Agreement.
      I
      agree
      that if I violate this Agreement by suing the Company for any of My Claims
      (other than one under the ADEA or the OWBPA), or in any other respect, I will
      pay all costs and expenses of defending the action or lawsuit incurred by the
      Company, including but not limited to, reasonable attorneys’ fees, costs,
      disbursements, awards, and judgments. In addition, if I violate this Agreement
      by suing the Company for any of My Claims (other than one under the ADEA or
      the
      OWBPA), or if I violate it in any other respect, I will promptly reimburse
      the
      Company all amounts paid to me by it under this Agreement, plus legal interest,
      and the Company shall be relieved of all obligations to me under this Agreement,
      and the Company shall be entitled to collect all amounts paid to me by it
      through legal process or otherwise, from me. As to any actions, claims, or
      charges that would not be released because of the revocation, invalidity, or
      unenforceability of this Agreement (other than one under the ADEA or the OWBPA),
      I understand that the return of the payments made by the Company under this
      Agreement to me and on my behalf, with legal interest, is a prerequisite to
      asserting or bringing any such claims, charges, or actions. In the event the
      Company brings any successful action against me to enforce this Agreement,
      I
      shall reimburse the Company for its attorneys' fees, costs and expenses incurred
      in such action.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    11. Severability.
      I
      understand, and it is my intent, that in the event this Agreement is ever held
      to be invalid or unenforceable (in whole or in part) as to any particular type
      of claim or charge or as to any particular circumstances, it shall remain fully
      valid and enforceable as to all other claims, charges, and circumstances.


     

    12. Period
      to Consider Agreement and Expiration of Offer.
      As
      required by the ADEA and the OWBPA, I understand that I have forty five (45)
      calendar days from the day that I receive this Agreement, not counting the
      day
      upon which I received it, to consider whether I wish to sign it. If I sign
      this
      Agreement before the end of the forty five (45) calendar day period, it will
      be
      my personal and voluntary decision to do so. I also understand that if I fail
      to
      deliver this Agreement to the Company within said period of time, it shall
      expire and be deemed withdrawn by the Company. 

     

    13. Right
      to Revoke Agreement.
      As
      required by the ADEA and the OWBPA, I understand that I may revoke this
      Agreement at any time within seven (7) calendar days after I sign it, not
      counting the day upon which I sign it. This Agreement will not become effective
      or enforceable unless and until the seven (7) calendar day revocation period
      has
      expired without my revoking it, i.e. on the eighth calendar day after I sign
      this Agreement. 

     

    14. Procedure
      to Accept or Revoke.
      To
      accept this Agreement, I must deliver the Agreement, after it has been signed
      and dated by me, to the Company, by hand or by mail, and it must be received
      by
      the Company’s President, Mark A. Schroeder, within the forty five (45) calendar
      day period that I have to consider this Agreement. To revoke my acceptance,
      I
      must deliver a written, signed statement that I revoke my acceptance to Mr.
      Schroeder by hand or by mail and any such notice of revocation must be received
      by him within seven (7) calendar days after I signed the Agreement. If I choose
      to deliver my acceptance or revocation notice by mail, it must be: (a)
      postmarked and received by the above-named individual at the Company within
      the
      applicable period stated above; (b) properly addressed to said individual;
      and
      (c) sent by certified mail, return receipt requested.

    


    15. My
      Representations.
      I HAVE
      READ THIS AGREEMENT CAREFULLY, I HAVE HAD AN ADEQUATE OPPORTUNITY TO CONSULT
      WITH AN ATTORNEY, AND I UNDERSTAND ALL OF ITS TERMS. IN AGREEING TO SIGN THIS
      AGREEMENT, I HAVE NOT RELIED ON ANY STATEMENTS OR EXPLANATIONS MADE BY THE
      COMPANY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. I UNDERSTAND THAT
      IN CONSIDERATION OF ACCEPTING THE PAYMENT DESCRIBED ABOVE, I MAY BE GIVING
      UP
      POSSIBLE FUTURE ADMINISTRATIVE AND/OR LEGAL CLAIMS. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    16. Group
      Reduction In Force Information.
      I
      acknowledge that, as required by the ADEA, 29 U.S.C. Section 626(f), I have
      received (in Exhibit
      C,
      attached hereto and incorporated herein) adequate written notice of any class,
      unit, or group of individuals covered by this employment termination program,
      any eligibility factors for such program, and any time limits applicable to
      this
      program. I acknowledge that said exhibit, pursuant to 29 U.S.C. Section 626(f),
      adequately informs me of the job titles and ages of all persons eligible or
      selected for this program, and the ages of all individuals in my same job
      classification or organizational unit who are not eligible or selected for
      this
      program. 

     

    17. Miscellaneous.
      The
      parties agree that: (a) this Agreement shall inure to the benefit of, may be
      enforced by, and shall be binding on the parties and their heirs, executors,
      administrators, personal representatives, assigns and successors in interest;
      and (b) this Agreement may be assigned by the Company without notice to me
      and
      without my consent. However, the parties also agree that this Agreement is
      personal to me and that I may not assign it. In the event of any dispute about
      this Agreement, the laws of the State of Indiana shall govern the validity,
      performance, enforcement, and all other aspects of this Agreement. I also
      understand and agree that this Agreement contains all of the agreements between
      the Company and me relating to the matters included in this Agreement. I also
      agree that this Agreement may be executed in one or more counterparts, including
      fax or pdf counterparts, all of which, taken together, shall constitute one
      and
      the same Agreement.

     

    Please
      read this Agreement carefully. This Agreement includes a release of all known
      and unknown claims.

     

    
      	 	Stan
              J. Ruhe  
	 	 
	 	By:	/s/ Stan J. Ruhe
	 
 	
               

              Date:

            	
              
                

              
May 7, 2008
	 	
              
 


    

     

    
      	 	 	 
	 	Received
              and agreed to by German American Bancorp on behalf of itself and all
              other
              persons and entities released herein:
	 	 	 
	
            	By:  	/s/
              Mark A.
              Schroeder
	 	
               

              Date:

            	
              
May
              7, 2008 
	 	 	
              
  


    


    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    


    EXHIBIT
      A

    


    8. Non-Compete.
      In
      connection with Employee’s employment with the Company, Employee has or will
      become acquainted with the affairs of the Company, its officers and employees,
      its services, products, business practices, the needs and requirements of its
      customers and prospective customers, trade secrets, Confidential Information
      that the Company has or will acquire at its cost and expense and he will develop
      business relationships and goodwill with the Company’s customers or potential
      customers. Therefore, as an essential ingredient and in consideration of this
      Agreement and Employee’s employment or continued employment, and for the other
      consideration stated herein, Employee hereby agrees, in addition to any other
      obligations or duties Employee owes to the Company, that during the term of
      Employee’s employment and for the period of four (4) years and nine (9) months
      thereafter, Employee shall not, do any of the following:

    


    (a) Engage
      in
      any activity that is competitive with Company, including, but not limited to,
      banking, investments, insurance, or other services which are offered by the
      Company to its customers or which, at the time of the terminations of Employee’s
      employment, it planned to offer to its customers. Employee acknowledges and
      agrees that the foregoing prohibition is intended to be broadly interpreted
      and
      that this is reasonable in view of the breadth and scope of services offered
      by
      the Company to its customers, in view of the Company’s strategies and plans for
      the future, and in view of the Company’s promise to make payments to him as set
      forth in the Early Retirement and General Release Agreement that he entered
      into
      with Company.

    


    (b) Perform
      on behalf of any person or entity that competes with Company, the same or
      similar services as those Employee performed for Company prior to the
      termination of his employment;

    


    (c) Directly
      or indirectly own, operate, accept employment or be employed with, engage with,
      participate with, consult with or assist in any way any company or business
      that
      is involved in or associated with banking, investments, insurance, or other
      services offered by Company to its customers or which, at the time of the
      termination of his employment, Company planned to offer to its
      customers;

    


    (d) Contact
      or have contact with the customers, suppliers, or vendors of Company, either
      directly or indirectly, for himself or for any other person or entity, so as
      to:
      (i) directly or indirectly divert or influence or attempt to divert or influence
      any business of Company to a competitor of Company; (ii) directly or indirectly
      solicit or provide products or services similar to those provided by Company;
      or
      (iii) otherwise directly or indirectly interfere in any fashion with the
      business or operations then being conducted by Company or in order to assist
      Employee or others in any endeavor that is competitive with the business of
      Company then being conducted, or which Company, at the time of the termination
      of his employment, planned to conduct; and

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (e) Hire,
      employ or attempt to hire or employ any person who is then an employee of
      Company, or who was within the preceding one (1) year period an employee of
      Company, or in any way: (i) cause or assist or attempt to cause or assist any
      employee to leave Company; or (ii) directly or directly seek to solicit, induce,
      bring about, influence, promote, facilitate, or encourage any current employee
      of Company to leave Company to join a competitor or otherwise.

    


    The
      restrictions set forth in sections (a), (b), (c), (d), and (e) above shall
      be
      applicable and enforceable within each of the following geographic areas: (i)
      Jasper, Indiana, and any location within a fifty (50) mile radius of Jasper;
      and
      (ii) any location within a fifty (50) mile radius of any location in which
      Employee was employed or performed services for the Company during his
      employ.

    


    Employee
      and the Company agree that for purposes of the restrictions and covenants set
      forth in this Section 8, the “term of Employee’s employment,” shall include not
      only the period during which Employee is directly employed by the Company,
      but
      any period thereafter during which he provides services to the Company in any
      manner whatsoever. Employee agrees and acknowledges that he shall be bound
      by
      the terms of Section 8 at all times during which he provides services to the
      Company in any manner whatsoever and for four (4) years and nine (9) months
      after the last date on which he has provided such services. Employee’s
      obligations set forth in this Section 8 and the Company’s rights and remedies
      with respect thereto shall remain in full force and effect for the period(s)
      stated herein regardless of any termination or resignation of Employee or other
      prior termination of his employment and/or this Agreement for any
      reason.

    


    Employee
      and the Company further agree that due to the nature of the Company’s business,
      and in order to protect the Company’s Confidential Information and goodwill, the
      covenants and restrictions in this Section 8, including, but not limited to,
      the
      restrictions on the Employee’s ability to engage in activity competitive with
      the Company, are required to be broad in scope.

    


    If
      the
      Employee has violated any of the restrictions or covenants set forth in Section
      8 of this Agreement or there is a basis for the granting of injunctive relief
      in
      accordance with the terms of Section 4, then the parties agree that the period
      of all restrictions and covenants set forth in this Section 8 automatically
      shall be extended by the number of days that (i) the Employee was in violation
      of such restriction or covenant or (ii) such a basis for the granting of
      injunctive relief existed, whichever is longer.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    


    EXHIBIT
      B

    


    NOTE:
      THIS AGREEMENT IS NOT TO BE SIGNED BEFORE YOUR FINAL DATE OF EMPLOYMENT WITH
      THE
      COMPANY

    


    SUPPLEMENTAL
      SEPARATION AND GENERAL RELEASE AGREEMENT

    


    This
      Supplemental Separation and General Release Agreement ("Agreement") is entered
      into by and between German American Bancorp, an Indiana banking corporation,
      and
      the undersigned individual ("Employee"). 

    


    WHEREAS,
      the parties have entered into a separate Early Retirement and General Release
      Agreement (“Early Retirement Agreement”) which contemplates that Employee will
      sign this Agreement in exchange for the benefits set forth in the Early
      Retirement Agreement;

    


    WHEREAS,
      while the parties do not believe that any claims exist between them, they wish
      to enter into this Agreement in order to memorialize their
      agreement.

    


    NOW,
      THEREFORE, in consideration of the mutual understandings, covenants, and the
      release contained herein, the parties hereby voluntarily agree as
      follows:

    


    1. Specific
      terms used in this Agreement have the following meanings: (a) "Employee"
      includes the undersigned individual and anyone who has or obtains any legal
      right or claims through him; and (b) “Company” has the same meaning as set forth
      in the Early Retirement Agreement. No person or entity released by this
      Agreement admits any liability to Employee all such persons and entities
      expressly deny any such liability to Employee.

    


    2. The
      claims Employee is releasing (“Employee's Claims”) include all of his rights to
      any relief of any kind from the Company, including, but not limited to, all
      claims Employee has now, whether or not Employee now knows about the claims,
      including, but not limited to: any and all claims (including, but not limited
      to, claims for attorneys’ fees), demands, losses, damages, injuries (whether
      personal, emotional or other), agreements, actions, promises or causes of action
      (known or unknown) in connection with or arising directly or indirectly out
      of
      or in any way related to any and all matters, transactions, events or other
      things occurring prior to the date hereof, including all those arising out
      of or
      in connection with his employment with the Company or arising out of any events,
      facts or circumstances which either preceded, flowed from or followed the
      cessation of his employment, or which occurred during the course of his
      employment with the Company or incidental thereto or
      arising out of any other matter or claim of any kind whatsoever and whether
      pursuant to common law, statute, ordinance, regulation or otherwise and
      including claims of fraud or misrepresentation in the making, negotiation or
      execution of this Agreement. Claims or actions released herein include, but
      are
      not limited to, those based on allegations of wrongful discharge and/or breach
      of contract; those arising under each of the laws specifically set forth in
      the
      Early Retirement Agreement and any other federal, state or local law, ordinance,
      rule or regulation. Employee agrees and understands that any claims he may
      have
      under any legal theory or the aforementioned statutes or any other federal,
      state or local law, ordinance, rule or regulation are effectively waived by
      this
      Agreement. The
      parties understand and agree that no claims arising after the Effective Date
      of
      this Agreement are waived or released by this Agreement (the “Effective Date” of
      this Agreement is the eighth day after it is signed by Employee, on the
      condition that the Agreement is not revoked by him as provided
      below).

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    3. In
      exchange for the consideration set forth in the Early Retirement Agreement,
      which the Company is otherwise not obligated to provide to Employee, Employee
      agrees to give up, release, and waive all of Employee’s Claims and all other
      actions, causes of action, claims or demands that he has against the Company.
      Employee will not bring any lawsuits against the Company relating to the claims
      described above, nor will Employee allow any suit to be brought on Employee’s
      behalf. The Separation Payment constitutes full and fair consideration for
      the
      release of Employee’s Claims. Employee agrees that his rights under the
      aforementioned statutes and any other federal, state, or local law, rule or
      regulation are effectively waived by this Agreement. 

    


    4. Employee
      hereby represents and warrants that he has returned to the Company all of its
      property that was in his possession or control. This includes, but is not
      limited to, those items set forth in the Early Retirement Agreement.


    


    5. Employee
      understands that, as a condition of this Agreement, the fact of and terms and
      conditions of this Agreement are to remain strictly confidential, and shall
      not
      be disclosed by him to any person other than to his attorney, spouse, or as
      required by law or lawfully-issued subpoena. 

    


    6. Employee
      represents and warrants that in the making, negotiation and execution of this
      Agreement, he is not relying upon any representation, statement or assertion
      of
      fact or opinion made by any agent, attorney, partner, employee or representative
      of the persons, parties, partnerships or corporations being released herein,
      and
      he hereby waives any right to rely upon all prior agreements and/or oral
      representations made by any agent, attorney, partner, employee or representative
      of such persons, parties, partnerships or corporations even though made for
      the
      purpose of inducing him to enter into this Agreement. The parties stipulate
      and
      agree that all clauses and provisions of this Agreement are distinct and
      severable, and Employee understands, and it is his intent, that in the event
      this Agreement is ever held to be invalid or unenforceable (in whole or in
      part)
      as to any particular type of claim or as to any particular circumstances, it
      shall remain fully valid and enforceable as to all other claims and
      circumstances.

    


    7. 
      This
      Agreement contains the entire agreement of the parties and supersedes all
      previous negotiations, whether written or oral. This Agreement may be changed
      only by an instrument in writing signed by the party against whom the change,
      waiver, modification, extension or discharge is sought. As required by the
      ADEA
      and the OWBPA, Employee understands that: (a) he has forty five (45) calendar
      days after he receives this Agreement to consider it, and that if he does not
      sign it within that period of time, it shall be deemed withdrawn by the Company;
      (b) he may revoke this Agreement within seven (7) calendar days after signing
      it
      by providing written notice of revocation to Mark Schroeder, President of the
      Company; and (c) he has been advised by the Company that he should seek the
      advice of legal counsel prior to signing this Agreement, and he has had an
      adequate opportunity to do so. After signing this Agreement, Employee shall
      return it personally in an envelope marked "Personal and Confidential" to Mr.
      Schroeder. 

    


    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    8.
       This
      Agreement shall inure to the benefit of, may be enforced by, and shall be
      binding on the parties and their heirs, executors, administrators, personal
      representatives, assigns and successors in interest. It is understood and agreed
      that no breach of this Agreement shall be cause to set it aside or to revive
      any
      of the claims being released herein. In the event of any dispute about this
      Agreement, the laws of the State of Indiana shall govern the validity,
      performance, enforcement, and all other aspects of this Agreement.

    


    9. Employee
      agrees that if he violates this Agreement by suing the Company for any of the
      claims he has released herein (other than one under the ADEA or OWBPA), or
      if he
      violates it in any other respect, he will pay all costs and expenses of
      defending the action or lawsuit incurred by the Company, including but not
      limited to, reasonable attorneys’ fees, costs, disbursements, awards, and
      judgments. In addition, if he violates this Agreement by suing the Company
      for
      any of the claims released herein (other than one under the ADEA or OWBPA),
      or
      if he violates it in any other respect, he will promptly reimburse the Company
      all amounts paid to him and on his behalf by the Company under this Agreement
      and the Early Retirement Agreement, plus legal interest, and the Company shall
      be entitled to collect same through legal process or otherwise, from him, and
      the Company shall be relieved of any obligation to Employee under this
      Agreement. As to any actions, claims, or charges that would not be released
      because of the revocation, invalidity, or unenforceability of this Agreement
      (other than one under the ADEA or OWBPA), Employee understands that the return
      of the payment made by the Company under this Agreement and the Early Retirement
      Agreement to him and on his behalf, with legal interest, is a prerequisite
      to
      asserting or bringing any such claims, charges, or actions. In the event the
      Company brings any successful action against Employee to enforce this Agreement,
      Employee shall reimburse the Company for its attorneys' fees, costs and expenses
      incurred in such action.

    


    10. Employee
      acknowledges that, as required by the ADEA, 29 U.S.C. Section 626(f), he has
      received (in Exhibit
      C,
      attached to the Early Retirement Agreement that he previously signed) adequate
      written notice of any class, unit, or group of individuals covered by this
      employment termination program, any eligibility factors for such program, and
      any time limits applicable to this program. Employee also acknowledges that
      said
      exhibit, pursuant to 29 U.S.C. Section 626(f), adequately informs him of the
      job
      titles and ages of all persons eligible or selected for this program, and the
      ages of all individuals in his same job classification or organizational unit
      who are not eligible or selected for this program.

    


    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    11. Employee
      represents that he has read this Agreement; fully understands each and every
      provision of this Agreement; and has voluntarily, on his own accord, executed
      this Agreement. This Agreement may be executed in counterparts, including
      facsimile, pdf, or photocopy counterparts, each of which shall be deemed an
      original but all of which taken together shall constitute a single document.
      Employee also understands that, in signing this Agreement, he may be giving
      up
      possible legal and/or administrative claims or rights.

    


    IN
      WITNESS WHEREOF, the parties have duly executed this Agreement on the dates
      set
      forth below.

    
       

      
        	 	Stan
                J. Ruhe  
	 	 
	 	Signature: 	
              
	 
 	
                 

                Date:

              	
                
                  

                

              
	 	
                
 


      

       

      
        	 	 	 
	 	Received
                and agreed to by German American Bancorp on behalf of itself and
                all other
                persons and entities released herein:
	 	 	 
	
              	By:  	
              
	 	
                 

                Date:

              	
                

              
	 	 	
                
  


      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    


    EXHIBIT
      C

    


    INFORMATION
      REQUIRED BY ADEA AND OWBPA

    REGARDING
      OFFER OF SEPARATION PAYMENT 

    


    [This
      exhibit omitted as the information is not material to Investors. The Registrant
      agrees to furnish supplementally such exhibit to the Commission upon
      request.]

     

    
      
        
        

      

      
        13