Document:

EX-10.9

 Exhibit 10.9 

Form for Non-Employee Directors 

ROSEHILL RESOURCES INC. 

LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK GRANT NOTICE 

Pursuant to the terms and conditions of the Rosehill Resources Inc. Long-Term Incentive Plan, as amended from time to time (the
“Plan”), Rosehill Resources Inc. (the “Company”) hereby grants to the individual listed below (“you” or “Director”) the number of shares of Restricted Stock (the
“Restricted Shares”) set forth below in this Restricted Stock Grant Notice (this “Grant Notice”). The Restricted Shares are subject to the terms and conditions set forth herein, in the Restricted Stock Agreement
(the “Agreement”) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

 

			
	Director’s Name:	  	[●]
		
	Date of Grant:	  	[●]
		
	Total Number of Shares of Restricted Stock:	  	[●] Shares
		
	Vesting Commencement Date:	  	[●]
		
	Vesting Schedule:	  	Subject to the terms and conditions of the Agreement, the Plan and the other terms and conditions set forth herein, the Restricted Shares shall vest on the first anniversary of the Vesting Commencement Date identified above so long
as you continuously serve as a director of the Company from the Date of Grant through such anniversary date.

 By signing below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Grant
Notice. You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive
and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice. 

You also understand and acknowledge that you should consult with your tax advisor regarding the advisability of filing with the Internal
Revenue Service an election under section 83(b) of the Internal Revenue Code with respect to the Restricted Shares. This election must be filed no later than 30 days after Date of Grant set forth in this Grant Notice. This time period cannot be
extended. If you wish to file a section 83(b) election, an election form is attached hereto as Exhibit B. By signing below, you acknowledge (a) that you have been advised to consult with a tax advisor regarding the tax consequences of
the award of the Restricted Shares and (b) that timely filing a section 83(b) election (if you choose to do so) is your sole 

 
responsibility, even if you request the Company or any of its affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys,
accountants, consultants, bankers, lenders, prospective lenders and financial representatives) to assist in making such filing or to file such election on your behalf. 

This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of
which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. 
 Note: To accept the grant of
the Restricted Shares, you must execute this Grant Notice and return an executed copy to the Company, 16200 Park Row, Suite 300, Houston, Texas, 77084, by             . 

[Remainder of Page Intentionally Blank; 

Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer
thereunto duly authorized, and Director has executed this Grant Notice, effective for all purposes as provided above. 
  

					
	ROSEHILL RESOURCES INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	DIRECTOR
	
	  

	[Name of Director]

 SIGNATURE PAGE TO 

RESTRICTED STOCK GRANT NOTICE 

 EXHIBIT A 

RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to
which this Agreement is attached by and between Rosehill Resources Inc., a Delaware corporation (the “Company”), and [●] (“Director”). Capitalized terms used but not specifically defined herein shall have the
meanings specified in the Plan or the Grant Notice. 
 1. Award. The Company hereby grants to Director the number of
shares of Restricted Stock set forth in the Grant Notice (the “Restricted Shares”) on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this
Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
 2. Issuance
Mechanics. The Company shall (a) cause a stock certificate or certificates representing the Restricted Shares to be registered in the name of Director, or (b) cause the Restricted Shares to be held in book-entry form. If a
stock certificate is issued, it shall be delivered to and held in custody by the Company and shall bear such legend or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions and to ensure compliance with the terms
and provisions of this Agreement, the rules, regulations and other requirements of the United States Securities and Exchange Commission and any stock exchange on which the Stock is then listed or quoted. If the shares of Stock are held in book-entry
form, then such entry will reflect that the shares are subject to the restrictions of this Agreement. 
 3. Forfeiture
Restrictions. 
 (a) The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
encumbered or disposed of except as provided in this Agreement or the Plan, and in the event of the termination of Director’s membership on the Board, Director shall immediately and without any further action by the Company, forfeit and
surrender to the Company for no consideration all of the Restricted Shares with respect to which the Forfeiture Restrictions have not lapsed in accordance with Section 3(b) as of the date of such termination of Director’s membership on the
Board. The prohibition against transfer and the obligation to forfeit and surrender the Restricted Shares to the Company upon termination of Director’s membership on the Board as provided in the preceding sentence are referred to herein as the
“Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of the Restricted Shares. 

(b) The Restricted Shares shall be released from the Forfeiture Restrictions in accordance with the vesting schedule set forth in the Grant
Notice. The Restricted Shares with respect to which the Forfeiture Restrictions lapse without forfeiture are referred to herein as the “Earned Shares.” As soon as administratively practicable following the release of any Stock
from the Forfeiture Restrictions, the Company shall, as applicable, either deliver to Director the certificate or certificates representing such Stock in the Company’s possession belonging to Director, or, if the Stock is held in book-entry
form, then the Company shall remove the notations indicating that the Stock is subject to the restrictions of this Agreement. Director (or 

  
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the beneficiary or personal representative of Director in the event of Director’s death or disability, as the case may be) shall deliver to the Company any representations or other documents
or assurances as the Company or its representatives deem necessary or advisable in connection with any such delivery. 
 4.
Dividends and Other Distributions. Dividends and other distributions that are paid or distributed with respect to a Restricted Share (whether in the form of shares of Stock or other property (including cash)) (referred to herein as
“Distributions”) shall be subject to the transfer restrictions and the risk of forfeiture applicable to the related Restricted Share and shall be held by the Company or other depository as may be designated by
the Committee as a depository for safekeeping. If the Restricted Share to which such Distributions relate is forfeited to the Company, then such Distributions shall be forfeited to the Company at the same time such Restricted Share is so forfeited.
If the Restricted Share to which such Distributions relate becomes vested, then such Distributions shall be paid and distributed to the Director as soon as administratively feasible after such Restricted Share becomes vested (but in no event later
than March 15 of the calendar year following the calendar year in which such vesting occurs). Distributions paid or distributed in the form of securities with respect to Restricted Shares shall bear such legends, if any, as may be determined by
the Committee to reflect the terms and conditions of this Agreement and to comply with applicable securities laws. 
 5.
Rights as Stockholder. Except as otherwise provided herein, upon issuance of the Restricted Shares by the Company, Director shall have all the rights of a stockholder of the Company with respect to such Restricted Shares subject
to the restrictions herein, including the right to vote the Restricted Shares. 
 6. Tax Withholding. To the extent
that the receipt of the Restricted Shares or the lapse of any Forfeiture Restrictions results in compensation income or wages to Director for federal, state, local or foreign tax purposes, Director shall deliver to the Company or to any Affiliate
nominated by the Company at the time of such receipt or lapse, as the case may be, such amount of money or, if permitted by the Committee in its sole discretion, shares of Stock as the Company or any Affiliate nominated by the Company may require to
meet its obligation under applicable tax or social security laws or regulations, and if Director fails to do so, the Company and its Affiliates are authorized to withhold, or cause to be surrendered, from any cash or stock remuneration (including
any of the Restricted Shares or Earned Shares under this Agreement) then or thereafter payable to Director equal to any tax or social security required to be withheld by reason of such resulting compensation income or wages, and to take such other
action as may be necessary in the opinion of the Company to satisfy such withholding obligation. Director acknowledges and agrees that none of the Board, the Committee, the Company or any of its Affiliates have made any representation or warranty as
to the tax consequences to Director as a result of the receipt of the Restricted Shares, the lapse of any Forfeiture Restrictions or the forfeiture of any of the Restricted Shares pursuant to the Forfeiture Restrictions. Director represents that he
is in no manner relying on the Board, the Committee, the Company or any of its Affiliates or any of their respective managers, directors, officers, Directors or authorized representatives (including, without limitation, attorneys, accountants,
consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Director represents that he has consulted with any tax consultants that Director deems advisable in
connection with the Restricted Shares. 

  
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 7. Refusal to Transfer; Stop-Transfer Notices. The Company shall not be
required (a) to transfer on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such shares or to accord the right to vote or pay
dividends to any purchaser or other transferee to whom such shares shall have been so transferred. Director agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop
transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

8. Restricted Shares Not Transferable. The Restricted Shares may not be sold, pledged, assigned or transferred in
any manner unless and until the Forfeiture Restrictions have lapsed. No Restricted Shares or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Director or his or her successors in interest
or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or
any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect. 

9. Membership on the Board. Nothing in the adoption of the Plan, nor the award of the Restricted Shares thereunder
pursuant to the Grant Notice and this Agreement, shall confer upon Director the right to continued membership on the Board or affect in any way the right of the Company or any such Affiliate, or any other entity to terminate the Director’s
membership at any time. Any question as to whether and when there has been a termination of Director’s membership on the Board, and the cause of such termination, shall be determined by the Board, and such determination shall be final,
conclusive and binding for all purposes. 
 10. Section 83(b) Election. If Director makes an election under
Section 83(b) of the Code to be taxed with respect to the Restricted Shares as of the Date of Grant rather than as of the date or dates upon which Director would otherwise be taxable under Section 83(a) of the Code, Director hereby agrees
to (a) use the election form provided in Exhibit B for such purpose and (b) deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service. 

11. Notices. Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the
case of Director, such notices or communications shall be effectively delivered if hand delivered to Director or if sent by registered or certified mail to Director at the last address Director has filed with the Company. In the case of the Company,
such notices or communications shall be effectively delivered if sent by registered or certified mail to the Company at its principal executive offices. 

12. Agreement to Furnish Information. Director agrees to furnish to the Company all information requested by the Company
to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation. 

13. Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with regard to the subject
matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the 

  
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Restricted Shares granted hereby. Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter
hereof are hereby null and void and of no further force and effect. The Board may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as
otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Director shall be effective only if it is in writing and signed by both Director and an authorized officer of the Company. 

14. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without regard to conflicts of law principles thereof. 
 15. Successors and Assigns. The Company may assign any of its rights
under this Agreement without Director’s consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement
will be binding upon Director and Director’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Shares may be transferred by will or the laws of descent or distribution. 

16. Clawback. Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent
required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing
standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all shares of Stock granted hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply
with such law(s) and/or policy. 
 17. Severability. If a court of competent jurisdiction determines that any provision
of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force
and effect. 
 [Remainder of Page Intentionally Blank] 

  
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 EXHIBIT B 

SECTION 83(b) ELECTION 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross
income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property. 
  

	1.	The name, taxpayer identification number and address of the undersigned (the “Taxpayer”), and the taxable year for which this election is being made are: 

 

															
	Taxpayer’s Name:	  	 	  		  	
								
	Taxpayer’s Social	  		 		  		 		  		  		  	
	Security Number:	  	 	 	-	  	 	 	-	  	 	  		  	
				
	Taxpayer’s Address:	  	 	  		  	
		  	 	  		  	
				
	Taxable Year:	  	 	  		  	

  

	2.	The property that is the subject of this election (the “Property”) is                  shares of common stock of Rosehill
Resources Inc. 

  

	3.	The Property was transferred to the Taxpayer on [Insert transfer date]. 

  

	4.	The Property is subject to the following restrictions: The shares are subject to various transfer restrictions and are subject to forfeiture in the event certain service conditions are not satisfied. 

 

	5.	The fair market value of the Property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is
$         per share x                  shares = $        . 

 

	6.	The amount paid by the Taxpayer for the Property is 0.00. 

  

	7.	The amount to include in gross income is $        . 

 The
undersigned taxpayer will file this election with the Internal Revenue Service office with which the taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the Property. A copy of the election also
will be furnished to the person for whom the services were performed. The undersigned is the person performing the services in connection with which the Property was transferred. 

 

							
	Dated:	 	  
	 		  	  

		 		 		  	Taxpayer’s Signature

 EXHIBIT BExhibit 10.1

 

RETIREMENT AGREEMENT AND GENERAL RELEASE

 

This Retirement Agreement and General Release (the “Agreement”) is made and entered into as of the 3rd day of May, 2017, by William J. Goodwin, a resident of the state of Indiana (“Goodwin”) and MainSource Financial Group, Inc., a bank holding company incorporated under the laws of the state of Indiana (the “Company”).  Goodwin and Company are, jointly, the “Parties.”

 

WHEREAS, Goodwin is an at-will employee of the Company in an executive capacity and currently holds the office of Executive Vice President and Chief Credit Officer;

 

WHEREAS, Goodwin has decided to retire from his positions with the Company and his employment with the Company will terminate on May 3, 2017 (the “Separation Date”);

 

WHEREAS, Goodwin and the Company mutually desire to settle in full any and all claims that they may have including, but not limited to, all claims that Goodwin asserted or could have asserted or which could have been raised prior to the date Goodwin executes this Agreement;

 

WHEREAS, Goodwin has agreed to provide consulting services to the Company for a period of time following the Separation Date; and

 

WHEREAS, the parties wish to set forth the terms and conditions of Goodwin’s provision of consulting services to the Company.

 

NOW, THEREFORE, in exchange for and in consideration of the mutual covenants and promises set forth in this Agreement, the Parties agree as follows:

 

1.                                      Settlement Payment and Benefits.  Subject to the terms and conditions set forth herein, and in full, final and complete settlement of all claims between the Parties, following the execution and delivery of this Agreement by Goodwin to the Company:

 

(a)                                 The Company shall continue to pay Goodwin’s salary through the Separation Date at Goodwin’s rate of pay in effect as of the Separation Date less all required withholding deductions, payable in accordance with the Company’s regular payroll schedule (the “Salary Continuation”);

 

(b)                                 In accordance with action taken by the Company’s Executive Compensation Committee (the “Committee”), the outstanding options to purchase shares of the Company’s common stock previously granted to Goodwin under the Company’s 2007 Stock Incentive Plan (collectively, the “Options”) shall (i) vest in accordance with the vesting schedule set forth in the applicable Option grant agreement (as if Goodwin remained employed) and (ii) be exercisable through the scheduled expiration date of such Option (the “Option Benefit”).  Within thirty (30) days of the Effective Date, the Company and Goodwin shall take action to amend Goodwin’s existing option agreements in accordance with these terms; provided, however, that such options

 

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may convert from incentive stock options to non-qualified stock options, taxable at ordinary income tax rates at the time of exercise.

 

(c)                                  In accordance with action taken by the Committee, the outstanding restricted stock previously granted to Goodwin under the Company’s 2007 Stock Incentive Plan shall (i) vest, with respect to the 1,801 shares of restricted stock granted to Goodwin on March 16, 2015 and 1,696 shares of restricted stock granted to Goodwin on March 4, 2016, and (ii) be forfeited, with respect to any other unvested shares of restricted stock (the “Restricted Stock Benefit”).  The restricted stock granted on March 16, 2015 shall vest on March 16, 2018, and the restricted stock granted on March 4, 2016 shall vest on March 4, 2019.  Within thirty (30) days of the Effective Date, the Company and Goodwin shall take action to amend Goodwin’s existing restricted stock agreements in accordance with these terms.

 

(d)                                 All outstanding performance share units previously granted to Goodwin under the Company’s 2015 Stock Incentive Plan shall be forfeited.

 

(e)                                  In accordance with action taken by the Committee, the Company shall pay to Goodwin the portion of Goodwin’s short term incentive compensation granted in February 2017 pursuant to the Company’s Short-Term Incentive Plan (the “STIP”) which remains unpaid as of the Separation Date less the fair market value of Goodwin’s automobile as set forth in 2(c) below.  Such payment pursuant to the STIP is the “STIP Benefit”.  The STIP Benefit shall be paid concurrently with 2018 bonus payments to the Company’s executive officers, but not later than March 31, 2018, and shall remain subject to the clawback provisions of Section 3.7 of the STIP for the period of time set forth in the STIP.

 

The Option Benefit, Restricted Stock Benefit and STIP Benefit are in excess of the payments and benefits to which Goodwin is entitled to receive in connection with his employment with the Company and the termination thereof, the sufficiency of which is hereby acknowledged.

 

2.                                      Additional Consideration:

 

(a)                                 PTO: Goodwin acknowledges and represents that his accrued but unused PTO days through the Separation Date shall be forfeited as of the Separation Date, and therefore Goodwin shall receive no payment for accrued unused PTO days.

 

(b)                                 Expenses: Goodwin further acknowledges that as of the Separation Date, Goodwin has submitted and has been reimbursed for all claims for expense reimbursement incurred prior to the Separation Date.

 

(c)                                  Automobile.  Within thirty (30) days of the Separation Date, the Company shall assign to Goodwin title, free and clear, to the company automobile currently assigned to Goodwin.  The fair market value of the automobile shall be taxable income to Goodwin, and Goodwin shall be responsible for and pay all applicable taxes, fees and other expenses relating to such transfer.  The fair market value of the automobile as of the Separation Date shall be deducted from the STIP payment to Goodwin pursuant to Section 1(e) above.

 

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(d)                                 No other payments. Goodwin acknowledges and represents that he is not entitled to receive any payment from the Company other than as provided in this Agreement and that, upon receipt of the payments and benefits set forth in Sections 1 and 2, Goodwin will have received all compensation of any kind, including without limitation wages, bonuses, commissions, and incentive pay, due him for his work for the Company.

 

3.                                      Release.  Goodwin, for himself and his representatives, agents, successors and assigns, hereby releases and forever discharges the Company and its affiliates, their past, present and future parents, successors, affiliates, subsidiaries and assigns, and their respective officers, directors, trustees, principals, partners, employees, shareholders, owners, agents, attorneys, accountants, advisors, managers, representatives, consultants and assigns, from any and all potential claims, demands, damages, rights, duties, debts, obligations, liabilities, actions or petitions of any nature or kind, whether known or unknown, foreseen or unforeseen, contingent or actual, liquidated or unliquidated, which relate to Goodwin’s employment and its termination.

 

The foregoing release of claims includes, but is not limited to, the following: (a) any and all claims of age discrimination under the ADEA (including, but not limited to, the Older Workers Benefit Protection Act), (b) any and all claims under any state statutory or decisional law pertaining to termination of employment, wrongful discharge, wage and hour, discrimination, retaliation, infliction of emotional distress, breach of contract, breach of public policy, misrepresentation or defamation, (c) any and all claims under the Indiana Civil Rights Act, the Indiana Wage Payment Statute, the Indiana Wage Claims Statute, the Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, the Federal Rehabilitation Act of 1973, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, the Fair Labor Standards Act, the Americans With Disabilities Act and any other federal, state or local statute, law, rule, regulation, ordinance, common law or other legal requirement, (d) any and all claims that Goodwin has or may have relating to his employment by the Company and any and all matters, transactions and things occurring prior to the Effective Date, and (e) any and all other tort or contract claims and other theories of recovery (collectively, the “Releases”).  The foregoing Releases by Goodwin do not apply to Goodwin’s right to enforce this Agreement against the Company.  The parties expressly understand and agree that the Releases contained in this Agreement are to be construed as broadly as all applicable laws allow.

 

Goodwin has been advised by the Company that this Agreement does not prohibit Goodwin from filing an administrative charge against the Company with the United States Equal Employment Opportunity Commission (“EEOC”) relating to his employment with the Company; provided, however, Goodwin waives and releases, to the fullest extent permitted by law, any and all entitlement to any form of personal relief arising from such charge or any legal action relating to such charge.  Should the EEOC, any other administrative agency or other person bring a complaint, charge or legal action on Goodwin’s behalf against the Company based on any acts, events or omissions occurring on or before the date Goodwin signs this Agreement, Goodwin hereby waives any rights to, and will not accept, any remedy whatsoever obtained through the efforts of such agency or person.

 

4.                                      Consideration and Revocation Periods.  Goodwin is advised to seek legal advice

 

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from an attorney of his own choosing before signing this Agreement. Goodwin acknowledges that he has twenty-one (21) days to consider the Releases contained in Paragraph 3 of this Agreement and can take as much or as little of the twenty-one (21) day period to do so.  Goodwin also acknowledges that he has seven (7) calendar days from the date he signs this Agreement to revoke the Releases (the “Revocation Period”) and that this Agreement shall not become effective or enforceable until after the Revocation Period expires.  Goodwin expressly understands that no compensation shall be paid if he timely revokes this Agreement.  This Agreement shall become effective on the day following the expiration of the Revocation Period (the “Effective Date”).  If Goodwin chooses to revoke this Agreement, then he must do so in writing and by hand-delivering the revocation letter by close of business on the last day of the revocation period to:

 

Karen Woods

MainSource Financial Group, Inc.

2105 N. State Road 3 Bypass

Greensburg, Indiana  47240

 

5.                                      Resignation from Boards and Offices.  Effective as of the Effective Date, Goodwin shall be deemed to have tendered his resignation from all offices of the Company and any of its affiliated entities.

 

6.                                      Consulting Services.  In further consideration of the benefits provided to Goodwin under this Agreement, beginning on the Separation Date, Goodwin agrees to provide the Company with 176 hours of consulting services during the period from May 4, 2017 through April 30, 2018, and 96 hours of consulting services during the period from May 1, 2018 through March 1, 2019. Goodwin shall be an independent contractor of the Company and shall, at the Company’s request, provide services relating to the Company’s Credit Administration function and such other services as may be reasonably requested by the Company from time to time.  So long as Goodwin is engaged hereunder, Goodwin agrees (a) to perform Goodwin’s duties diligently and to the best of Goodwin’s ability, and not to do anything that would be detrimental to the best interests of the Company, (b) to use Goodwin’s best efforts, skill and ability to promote the interests of the Company and (c) to devote such portion of his time, attention, energy, skill and efforts to the business and affairs of the Company as reasonably required to fulfill the duties assigned to him under this Agreement.

 

7.                                      Independent Contractor.  From and after the Separation Date, the parties agree:

 

(a)                                 No Agency. Goodwin shall be an independent contractor under Section 6 of this Agreement.  Nothing in this Agreement shall create the relationship of partners or employer and employee between the parties hereto.  Goodwin is not an agent of the Company and does not have the right to employ or contract with any other person or entity for or on behalf of the Company.  The Company shall not be liable for any act or omission of Goodwin in performing any service.  As an independent contractor, Goodwin acknowledges and agrees that he alone is responsible for acts or omissions, including any property damage, bodily injury or death, caused by Goodwin.

 

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(b)                                 Employee Benefits.  Neither Goodwin nor anyone acting on Goodwin’s behalf shall receive any employee benefits of any kind (including, without limitation, health, sickness, accident or dental coverage, life insurance, disability benefits, accidental death and dismemberment coverage, unemployment insurance coverage, workers’ compensation coverage, and pension or 401(k) benefit(s)) from the Company.  Goodwin shall be expressly excluded from participating in any employee benefit plans or programs as a result of the performance of services under this Agreement, without regard to Goodwin’s independent contractor status.

 

8.                                      Indemnification.  Goodwin shall continue to be entitled to indemnification, advancement of expenses and reimbursement to the extent permitted to him under the Company’s Articles of Incorporation and By-Laws.

 

9.                                      Acknowledgment.  Goodwin represents and certifies that he has carefully read and fully understands all the provisions of this Agreement, including the Releases, has had ample and adequate opportunity to thoroughly discuss all aspects of the Releases with legal counsel of his choosing, and is voluntarily entering into this Agreement and that no representations have been made other than those set forth explicitly herein.  Goodwin acknowledges and agrees that he has not been represented by or advised in any respect by the Company’s legal counsel concerning this Agreement.  Further, Goodwin understands and agrees that this Agreement shall have no force or effect unless signed by him and not revoked prior to the expiration of the Revocation Period.

 

10.                               Non-Assignability.  This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, representatives, successors, and assigns of the Company and Goodwin; provided, however, that Goodwin may not assign this Agreement without the express written consent of the Company, but the Company may assign this Agreement without Goodwin’s prior written consent.

 

11.                               No Corporate Compliance Issues.  Goodwin affirms that he is unaware of any undisclosed or unresolved corporate compliance issues arising under any federal, state, or local law or regulation.  Goodwin further affirms that he has not and will not alter, amend, destroy, remove, and/or improperly limit access by the Company to any of the Company’s property including, but not limited, to the Company’s records, databases, documents, and/or electronically-stored data.

 

12.                               Governing Law and Forum Selection.  This Agreement shall be governed by and construed (both as to validity and performance) and enforced in accordance with the laws of the State of Indiana without giving effect to the conflicts or choice of law provisions thereof.  Any action or proceeding seeking to enforce any provision of, or based upon any right arising out of, this Agreement shall be brought against any of the parties in the state or federal courts (Southern District of the State of Indiana, Indianapolis Division) of Indiana.

 

13.                               Attorney’s Fees.  If there is a breach of this Agreement by a party, the breaching party shall reimburse the non-breaching (or prevailing) party for its litigation costs and expenses (including, but not limited to, reasonable attorney’s fees) incurred in enforcing the terms of this Agreement, as permitted by law.

 

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14.                               Counterparts.  This Agreement may be executed in counterparts each of which shall be deemed an original and all of which taken together shall constitute one and the same agreement.

 

15.                               Miscellaneous.  This Agreement may be modified, only by a written instrument signed by the parties.  This Agreement shall not amend or affect any written employee benefit plan of the Company, and Goodwin’s benefits, if any, under such plans shall be governed by the terms of each plan in which Goodwin is or was a participant.  No failure or delay by the Company in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other right or further exercise of any other right or remedy. The recitals and any defined terms therein are incorporated into and made a part of this Agreement.

 

16.                               Headings.  The headings used in this Agreement are for illustrative purposes for the convenience of the Parties only.

 

17.                               Section 409A: This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Goodwin on account of non-compliance with Section 409A.

 

* * * * * * *

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.

 

 

	
WILLIAM   J. GOODWIN
    	
 
    	
MAINSOURCE   FINANCIAL GROUP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ William J. Goodwin
    	
 
    	
/s/ Archie M. Brown, Jr.
    
	
William   J. Goodwin
    	
 
    	
Printed:
    	
Archie   M. Brown, Jr.
    
	
 
    	
 
    	
Its:
    	
President   and CEO
    

 

7

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