Document:

EX-10.57

Exhibit 10.57

THIRD AMENDEMENT

TO TERMINATION BENEFITS AGREEMENT

          This Third Amendment to Termination Benefits Agreement dated as of December 24, 2008 (this
“Amendment”), further amends the Termination Benefits Agreement made and entered into as of
December 22, 2003 (the “Agreement”) by and among American Commercial Lines LLC (the “Company”) and
its affiliates and W. N. Whitlock (“Employee”) as amended pursuant to the First Amendment and
Supplement dated as of April 30, 2004 and the Second Amendment and Supplement dated as of January
18, 2005.

RECITALS

     A. Employee currently serves as Executive Vice President of Operations of ACL.

     B. The Company and Employee desire to Amend the terms of the Agreement and
to continue their relationship under the Agreement as modified by the provisions of this
Amendment.

AMENDMENT

          In consideration of the foregoing, the mutual covenants herein contained and the mutual
benefits herein provided, the Company and Employee hereby agree to amend the Agreement as
follows:

     1. To the extent any payments made under the Agreement are due upon
termination and exceed the amount permitted to be paid pursuant to the provisions of
Section 409A, without the imposition of a tax under 409A, of the Internal Revenue
Code, payments shall be deferred for six (6) months following employee’s termination
and shall include all amounts due and payable under the Agreement, and shall be
inclusive of any claims made with respect to severance and shall further be excluded
from inclusion for purposes of determining the Company’s contribution to the 401K plan
in which the Employee may participate. Further, it is agreed that any payments
referenced in this Agreement could be subject to any delay or adjustment reasonably
determined by the Company to be necessary to comply with the requirements of Section
409A of the Internal Revenue Code or applicable regulations.

     2. Except as specifically amended by this Amendment, all of the provisions of
the Agreement and previous Amendments and Supplements shall remain unchanged and
continue in full force and effect.

     3. This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same agreement.

 

 

          IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 
	AMERICAN COMMERCIAL LINES 

By: Dawn R. Landry

 	 
	/s/ Dawn R. Landry
 	 
	Title: Senior Vice President and General Counsel 	 
	 	 
	 
	EMPLOYEE

By: W. N. Whitlock

 	 
	/s/ W. N. Whitlock
 	 
	Title: Executive Vice President of OperationsEX-10.58

Exhibit 10.58

December 29, 2008

Norb Whitlock

EVP Operations

Dear Norb,

As you know, we are behind schedule in the succession planning and transition of your operations
responsibilities to other members of the ACL team. As a result, we would like to extend the timing
of your letter agreement (dated May 14, 2008) by six months. This extension would allow us the
benefit of your continued employment with ACL through June, 2009. During this time, we will
formalize a plan with you which will provide sufficient time to effectively advance the transition
of your operations duties to your successor(s). As part of this revised agreement you may earn a
pro-rata portion of AIP bonus for 2009. You would be eligible for a pro-rata portion of AIP bonus
if ACL meets or exceeds the 2009 AIP performance metrics and if the Board of Directors approves any
such AIP payments to the employees of ACL. The pro-rated AIP payment would be made to you on or
about February 2010. In addition, we would offer you a consulting agreement covering one (1) year
subsequent to your retirement.

This letter does not affect the terms of the Termination Benefits Agreement, as amended.

Please note that all payments by the Company will be made in accordance with all applicable
laws and regulations.

Norb, you have been a key asset to ACL and by agreeing to this proposal, you will help ensure the
continuity of our Transportation business and its people. If you have any questions, please let me
know.

	 	 	 	 	 
	Regards,

 	 
	/s/ Rich Spriggle
 	 
	Rich Spriggle   	 
	SVP Human Resources 	 
	 

I understand and agree to the terms stated above.

	 	 	 	 	 
	 	 
	/s/ Norb Whitlock
 	 
	Norb Whitlock  	 
	EVP Operations

Cc: Mike Ryan, President & CEOEX-10.62

Exhibit 10.62

SETTLEMENT AGREEMENT AND GENERAL RELEASE

     This Settlement Agreement and General Release (the “Settlement Agreement”) is made this
6th day of November, 2008, by and among James J. Giancola (“Giancola”), and Midwest
Banc Holdings, Inc. (“Midwest”), together with any subsidiaries, affiliates, successors, assigns,
agents, and employees of Midwest (collectively, the “Released Parties”). The Settlement Agreement
is based upon the consideration provided hereunder and the parties’ mutual obligations and
commitments as agreed to release the Released Claims, as defined herein.

     WHEREAS, Giancola has been employed by Midwest in the position of President during the years
2004 through 2008; and

     WHEREAS, pursuant to the terms of his employment agreement with Midwest, Giancola was granted
one hundred fifty thousand (150,000) shares of restricted Midwest common stock (the “Restricted
Shares”) on the date of his employment, which Restricted Shares were subject to a substantial risk
of forfeiture at the time of the grant; and

     WHEREAS, Giancola became vested in 30,000 Restricted Shares on January 1, 2005, January 1, 2006, January 1, 2007, and
January 1, 2008, and upon such event, such Restricted Shares were no longer subject to a substantial risk of forfeiture and were
therefore taxable to Giancola as wages; and

     WHEREAS, Midwest did not report the value of the Restricted Shares in which Giancola became
vested during each year on the statement of taxable wage income (Form W-2) issued to Giancola for
the taxable years ended December 31, 2005, December 31, 2006, and December 31, 2007; and

     WHEREAS, the parties believe that, as a result of Midwest’s failure to report the value of
the vested Restricted Shares on Giancola’s Form W-2 for each of the years at issue, Giancola may
have a claim against Midwest and/or the Released Parties for negligent misrepresentation or breach
of an implied contract to accurately report Giancola’s taxable wage income to him each year.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

     1. Midwest has issued to Giancola corrected Forms W-2 for the years 2005, 2006, and 2007.
Each corrected Form W-2 reflects the value of the 30,000 Restricted Shares in which Giancola
became vested during such year.

     2. Giancola has filed amended state and federal income tax returns for the years 2005, 2006
and 2007 that show as gross income and wages the value of the 30,000 Restricted Shares that vested
for the benefit of Giancola during each such year, and has paid all additional taxes attributable
to the parties’ failure to report as income the value of such Restricted Shares with respect to
each year and all additional interest assessed by state and federal taxing authorities due to such
failure and will pay all penalties assessed by state and federal taxing authorities due to such
failures.

 

 

     3. Midwest agrees to pay to Giancola in 2008 the sum of $415,799, reduced for payroll
withholding as required by law. The amount of such payment shall be reported by Midwest as wages
paid to Giancola in the 2008 tax year.

     4. In exchange for the receipt of the payment identified in paragraph 3, Giancola, on his own
behalf and on behalf of the persons identified in paragraph 10 hereunder to the fullest extent
allowed by law, hereby releases and forever discharges each and every one of the Released Parties
from any and all past, present or future claims, debts, demands, actions, causes of action, suits,
costs, damages, expenses, obligations, attorneys’ fees, and other liabilities whatsoever that
Giancola has, may have had, or may have in the future relating to the Restricted Shares and which
arose prior to the execution of this Settlement Agreement or which will or may arise after the
execution of this Settlement Agreement, including but not limited to: (i) any claim for
professional fees incurred by Giancola in preparing and filing amended tax returns; and (ii) the
underlying State or Federal taxes assessed on the value of the Restricted Shares (including but
not limited to income, FICA, Medicare, and unemployment taxes), and the penalties, interest, and
other additions to tax asserted by the Internal Revenue Service, the Illinois Department of
Revenue, or any other State or Federal agency with respect to the underpayment thereof.

     5. The parties further expressly agree and covenant that this Settlement Agreement operates
as a bar and may be pleaded as a defense in any subsequent action or proceedings that may be
brought, instituted, or taken by Giancola against any of the Released Parties in the future with
respect to the claims released and discharged in paragraph 4 hereof by Giancola or any third
party.

     6. Giancola expressly covenants not to sue any of the Released Parties in the future for
payment or reimbursement of any amount related to income tax obligations arising from the
Restricted Shares.

     7. Giancola acknowledges that the payment of the sums hereunder do not constitute an
admission on the part of Midwest or any Released Party of any amount owed or alleged wrongful
conduct on their part. Midwest and the other Released Parties do not admit, and expressly deny,
liability of any kind to Giancola with respect to the Restricted Shares. Midwest and the Released
Parties state that they are entering into this Settlement Agreement to avoid the future cost and
expense of litigation.

     8. This Settlement Agreement shall be governed and enforced in accordance with the laws of
the State of Illinois. Venue shall lie exclusively in the federal and state court in the Illinois
county in which Midwest is headquartered. In the event an action is instituted for breach of this
Settlement Agreement, each party shall bear its own attorney’s fees and costs, including
attorney’s fees and costs on appeal.

     9. This Settlement Agreement has been negotiated at arms’ length between persons knowledgeable
in the matters dealt with herein. Accordingly, any rule of law, or any legal decision that would
require interpretation of any ambiguities in this Settlement Agreement against the party that has
drafter it, is of no application and is hereby expressly waived.

 

 

     10. All of the terms, covenants, warranties and representations contained herein shall
be binding upon the parties, and their respective spouses, executors, administrators, heirs,
dependents, guardians, personal representatives for estate or probate matters, assigns,
officers, shareholders, directors, principals, successors, employees, agents, beneficiaries,
subrogees, and predecessors in interest, to the fullest extent permitted by law.

     11. Giancola acknowledges that he, and only he, is obligated to satisfy any and all
liabilities to the Internal Revenue Service, Illinois Department of Revenue, and any other
State or Federal agency with respect to unpaid or underpaid tax obligations related to the
Restricted Shares. Giancola further agrees to defend, indemnify, and hold-harmless the
Released Parties against any and all causes of action, claims, demands, subrogation
interests and/or liens, whether known or unknown, whether currently existing or arising in
the future, arising out of or in connection with the Restricted Shares.

     12. This Settlement Agreement constitutes the entire agreement between the parties and
supersedes all prior agreements, oral or otherwise, with respect to the subject matter
hereof. Neither this Settlement Agreement nor any term hereof may be changed, waived,
discharged or terminated orally, except by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is sought.

* * * * *

     IN WITNESS WHEREOF, the parties hereto have executed this Settlement Agreement as of
the latest date below.

	 	 	 
	/s/ James J. Giancola

	 	MIDWEST BANC HOLDINGS, INC. 
	JAMES J. GIANCOLA
	 	 
	 
	 	 
	 

	 	By: /s/ JoAnn Sannasardo Lilik
	 

	 	 

	Date: 11/6/08

	 	Printed Name: JoAnn Sannasardo Lilik EVP
	 

	 	Title: Chief Financial Officer
	 

	 	Date: November 6, 2008

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