Document:

Document

Exhibit 10.2

									
	
		Compass Minerals 
9900 W. 109th Street, Suite 100 Overland Park, KS 66210 www.compassminerals .com
913-344-9200

November 24, 2021

Lorin Crenshaw 
30 Kingwood Greens Drive
Kingwood, TX 77339 

Dear Lorin, 

I am pleased to confirm that Compass Minerals (CMP) wishes to invite you to join our leadership team by making you this offer of employment.  If you accept this offer, your title will be Chief Financial Officer. Your start date will be December 1, 2021 and you will be reporting directly to me.  The position will be located at our corporate office in Overland Park, Kansas.

Chief Financial Officer is a full-time exempt position. Your annual gross starting salary will be $537,500.00. 

In addition to your base salary, you will be eligible to participate in CMP’s performance-based Management Annual Incentive Program (MAIP) starting with the fiscal 2022 performance year, with a target bonus equal to 70% of your base salary ($376,250.00). 

You will also be eligible to participate in CMP’s Long Term Incentive Program (LTIP) starting in fiscal 2022. For your position, the LTIP target is 190% of your base salary ($1,021,250.00).  

As an inducement to accept this offer of employment, you will receive additional one-time awards to compensate you for compensation you will be forfeiting upon termination of employment with your current employer. 

Specifically, you will receive a one-time cash bonus payment totaling the gross amount   of $712,000.00, with $75,000.00 payable within 30 days of your start date, $562,000.00 payable within 30 days of January 1, 2022, and $75,000.00 payable within 30 days of the first anniversary of your start date.  

In addition, you will receive a one-time grant of restricted stock units (RSUs) valued at $250,000.00 on your start date, which will vest ratably over two years. Further, you will receive a one-time grant of performance stock units (PSUs) valued at $785,000.00 on your start date, with 50% of these PSUs cliff vesting on the two-year anniversary of your start date and 50% of these PSUs cliff vesting on the three-year anniversary of your start date. These one-time PSUs will be subject to rTSR performance metrics established by the Compensation Committee of CMP’s Board of Directors.

Enclosed you will find a benefit packet to familiarize you with benefits that are available to you and your family once you join CMP.  In addition, you will be entitled to an annual physical which you can schedule through CMP.  You will also be eligible to participate in the Executive Disability Plan. 

To facilitate your relocation to the Overland Park, Kansas area, you are eligible for our Executive Relocation benefit for U.S. domestic relocation, with up to six (6) months of temporary housing. Please note that this benefit    does not include any buy-out option of a current primary residence or home equity loss guarantee. A copy of the relocation plan will be provided to you.

Effective on your hire, you will be eligible for 5 weeks (25 days) of paid vacation annually, which, for calendar year 2021, will be prorated from your start date. 

You will also be offered and, if accepted, required to sign a Change in Control Severance Agreement. If you accept this role, you will also be required to sign a Restrictive Covenant Agreement, along with other standard employment documents applicable to other CMP employees. In addition, you will be a participant in the CMP Executive Severance Plan. 

We have enclosed the Change in Control Severance Agreement, Restrictive Covenant Agreement and CMP Executive Severance Plan for your review.

This offer of employment is conditional upon the verification of a satisfactory background investigation and reference checks, verification of your authorization to work in the U.S., satisfactorily passing a drug screen, and the execution of the Restrictive Covenant Agreement.

The Immigration and Control Act of 1986 requires employers to verify that every new hire is either a U.S. citizen or eligible to be employed in this country. We are required to examine and will copy any one of the following: US passport, certification of U.S. citizenship or naturalization, a valid foreign passport authorizing U.S. employment, a resident alien card containing employment, a resident alien card containing employment authorization, or other document designated by the Immigration and Naturalization Service.

Alternatively, verification can be accomplished by providing two forms of documentation one which established identity and one which establishes employment eligibility. Examples of documents which show employment eligibility are a Social Security card or birth certificate; and examples of documents which show proof of identity are a driver’s license or other state-issued card, which contain a photograph or other identifying information. The above documentation must be presented prior to commencing employment. Please bring the appropriate items on your start date.

Please sign this letter below, acknowledging your acceptance and anticipated employment date. We look forward to you joining Compass Minerals.

Sincerely,

			
	/s/ Kevin Crutchfield
	Kevin Crutchfield
	President and CEO

By signing this letter below, you understand and agree that your employment with the company is at-will. That is, your employment is not for any specified duration and you or the company may terminate it, at any time, with or without cause and without notice. You are also representing and warranting to CMP that you have disclosed to CMP in writing any and all agreements to which you are currently subject that in any way restrict your right to (a) solicit employees or customers of your former employer(s) or (b) compete in any manner with your former employer(s) (e.g. a non-solicitation, non-compete or restrictive covenant agreement). Please indicate your understanding and acceptance of the terms and conditions outlined in this letter and your acceptance of this employment offer by signing and dating this page where indicated below.
Employment date: December 1, 2021
									
	/s/ Lorin Crenshaw		11/26/21
	Lorin Crenshaw		DateExhibit 10.1

 

Execution Copy

 

 

FOURTH AMENDMENT TO SIXTH AMENDED AND
RESTATED CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT TO
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of February 7, 2022, between
FIRST MID BANCSHARES, INC. (f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.), a Delaware corporation (the “Borrower”),
and THE NORTHERN TRUST COMPANY, an Illinois state-chartered bank (the “Lender”).

 

RECITALS

 

A.       The
Borrower and the Lender entered into that certain Sixth Amended and Restated Credit Agreement, dated as of April 12, 2019 (the “Original
Agreement”), as amended by the First Amendment to Sixth Amended and Restated Credit Agreement, dated as of April 10, 2020, and
as further amended by the Second Amendment to Sixth Amended and Restated Credit Agreement, dated as of January 26, 2021, and as further
amended by the Third Amendment to Sixth Amended and Restated Credit Agreement, dated as of April 9, 2021 (the Original Agreement, as so
amended, the “Agreement”), in which the Lender agreed to extend to the Borrower a revolving loan in the principal amount
of up to $15,000,000; and

 

B.       By
this Amendment, the Borrower and the Lender have agreed to certain amendments to the Agreement as described herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENTS

 

Section 1.              
All terms which are capitalized and used herein (which are not otherwise
specifically defined herein) shall be used in this Amendment as defined in the Agreement.

 

Section 2.              
The following defined terms are hereby added in alphabetic order to
Section 1.1 of the Agreement:

 

“Delta Bancshares”
means Delta Bancshares Company, a Missouri corporation.

 

“Delta Merger”
has the meaning ascribed to such term in Section 6.1(c).

 

Section 3.              
Section 5.12 of the Agreement is hereby amended and restated to read
as follows

 

“5.12 Subsidiaries.
Attached hereto as Exhibit B is a correct and complete list of all Subsidiaries of the Borrower, including prior to and following
the Delta Merger, as defined herein.”

 

Section 4.              
Section 5.20 of the Agreement is hereby amended and restated to read
as follows:

     

     

    

“5.20 Delta
Merger. The parties to the Delta Merger (as defined herein) have received any and all necessary regulatory, governmental, shareholder
and other material required approvals to consummate the transaction on or before April 25, 2022. The Borrower intends to consummate the
Delta Merger on or before February 11, 2022, and the Borrower has, nor with reasonable diligence should have, knowledge of or notice of
any condition, circumstance or restriction that would result in any delay of the consummation of the Delta Merger beyond April 25, 2022.”

 

Section 5.              
Section 6.1(c), Section 6.1(d) and Section 6.1(e) of the Agreement
are hereby amended and restated to read as follows:

 

“(c) Delta
Bancshares may merge with and into Brock Sub LLC, a wholly-owned direct subsidiary of the Borrower (the “Delta Merger”)
and, promptly following the consummation of the Delta Merger, Brock Sub LLC may be merged with and into, or dissolved into, the Borrower;

 

(d)       Jefferson
Bank and Trust, which is a wholly-owned banking subsidiary of Delta Bancshares prior to the Delta Merger, may merge with and into First
Mid Bank & Trust, National Association following the Delta Merger; and

 

(e)       Each
of Pine Valley Properties, LLC, 2301 Market Street Inc., and Delta Redevelopment Corporation each of which is a wholly-owned subsidiary
of Delta Bancshares as of the date hereof, may be merged with and into, or dissolved into, Borrower following the Delta Merger.”

 

Section 6.              
“Exhibit B - Subsidiaries” shall be amended and replaced
in the form attached hereto as Exhibit I to this Amendment.

 

Section 7.              
The Borrower hereby remakes, as of the date of execution hereof, all
of the representations and warranties set forth in Section 5 of the Agreement. The Borrower additionally represents and warrants
that: (a) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of its obligations under
this Amendment are within the Borrower’s corporate powers, will be authorized by all necessary corporate action, have received all
necessary governmental approval (if any should be required) and do not and will not contravene or conflict with any provision of law or
of the charter or by-laws of the Borrower or any subsidiary or of any agreement binding upon the Borrower or any subsidiary; and (b) 
the representations and warranties set forth in Section 5 of the Agreement and in Section 7(a) of this Amendment shall be true
and correct as of the date hereof, and after giving effect to this Amendment, between the Borrower and the Lender, no Event of Default
or Unmatured Event of Default under the Agreement has occurred and is continuing under the Agreement. The Borrower shall have provided
to the Lender a certificate of a senior executive officer of the Borrower certifying the provisions of Section 7(a) of this Amendment,
in the form of Exhibit II attached hereto.

 

Section 8.              
The effectiveness of this Amendment is subject to the conditions precedent
that the Lender shall have received all of the following, each duly executed and dated the date hereof, in form and substance satisfactory
to the Lender and its counsel, at the expense of the Borrower, and in such number of signed counterparts as the Lender may request:

    	 	2	 

     

    

		a.	this Amendment;

 

		b.	the Fourth Amendment to Pledge Agreement;

 

		c.	a certificate in the form of Exhibit II attached hereto;

 

		d.	a copy of a resolution of the Board of Directors of the Borrower authorizing or ratifying the execution,
delivery and performance, respectively, of this Amendment and of the other documents provided for in this Amendment, certified by the
Secretary of the Borrower; and

 

		e.	such other documents and certificates as the Lender may reasonably request.

 

Section 9.              
This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall constitute but one and the same instrument.

 

Section 10.          
Except as previously amended hereby and except as amended by this
Amendment, the Agreement is hereby ratified and confirmed and shall continue in full force and effect.

 

Section 11.          
This Amendment shall become effective when it shall have been executed
by the Borrower and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower and the Lender and their
respective successors and assigns.

 

Section 12.          
Without limiting the obligations of the Borrower under the Agreement,
the Borrower agrees to pay, or to reimburse on demand, all reasonable costs and expenses incurred by the Lender in connection with the
negotiation, preparation, execution, delivery, modification, amendment or enforcement of this Amendment, the Agreement and any other agreements,
documents and instruments referred to herein, including the reasonable fees and expenses of legal counsel engaged by the Lender for such
purposes.

 

Signature page follows.

    	 	3	 

     

    

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

 

	 	FIRST MID BANCSHARES, INC.
	 	(f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.)
	 	 
	 	 
	 	By: /s/ Michael L. Taylor
	 	Title: SEVP and COO
	 	 
	 	 
	 	 
	 	Address for notices:
	 	1515 Charleston Avenue
	 	Mattoon, Illinois 61938
	 	Attention: Chief Operating Officer
	 	Telephone: 217/258-3306
	 	Fax No.: 217/258-0485
	 	 
	 	 
	 	THE NORTHERN TRUST COMPANY
	 	 
	 	 
	 	By: /s/ Peter Hallan
	 	Title: Senior Vice President
	 	 
	 	Address for notices:
	 	50 South LaSalle Street
	 	Chicago, IL 60603
	 	Attention: Mr. Peter J. Hallan, Corporate Banking
	 	Telephone: 312/444-2434
	 	Fax No.: 312/630-6105

 

 

 

    
	Signature page to Fourth Amendment to Sixth Amended and Restated Credit Agreement

 

     

    

EXHIBIT I

 

Subsidiaries of Borrower prior to
the closing of the Delta Merger

First Mid Bank & Trust, National
Association (a national banking association)

First Mid Wealth Management Company
(an Illinois corporation)

First Mid Insurance Group, Inc.
(an Illinois corporation)

First Mid Captive, Inc. (a Nevada
corporation)

First Mid-Illinois Statutory
Trust II (a Delaware business trust)

Clover Leaf Statutory Trust I
(a Delaware business trust)

FBTC Statutory Trust I (a Delaware
business trust)

Brock Sub LLC (a Delaware limited
liability company))

 

Subsidiaries of Borrower following
the closing of the Delta Merger

First Mid Bank & Trust, National
Association (a national banking association)

First Mid Wealth Management Company
(an Illinois corporation)

First Mid Insurance Group, Inc.
(an Illinois corporation)

First Mid Captive, Inc. (a Nevada
corporation)

First Mid-Illinois Statutory
Trust II (a Delaware business trust)

Clover Leaf Statutory Trust I
(a Delaware business trust)

FBTC Statutory Trust I (a Delaware
business trust)

Brock Sub LLC (a Delaware limited
liability company)

Jefferson Bank and Trust (a Missouri
chartered bank)

Pine Valley Properties, LLC (a Missouri
limited liability company)

2301 Market Street Inc. (a Missouri
corporation)

Delta Redevelopment Corporation (a
Missouri corporation)

 

 

    
	I-1

 

     

    

EXHIBIT II

 

Officer’s Certificate

 

____________ ___, 202__

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60675

 

		Re:	Fourth Amendment to Sixth Amended and Restated Credit Agreement (the “Fourth Amendment”),
between First Mid Bancshares, Inc. (f/k/a First Mid-Illinois Bancshares, Inc.) (the “Borrower”) and The Northern Trust
Company (the “Lender”).

 

Ladies and Gentlemen:

 

This certificate is being
delivered to the Lender pursuant to Section 7 of the Fourth Amendment. Terms used in this certificate which are defined in the Sixth Amended
and Restated Credit Agreement (as amended, the “Agreement”) shall have the same meanings given to them in the Agreement.

 

In connection with the execution
and delivery of the Fourth Amendment, the undersigned officer of the Borrower hereby certifies as follows:

 

		1.	After giving effect to the Fourth Amendment, no Event of Default or Unmatured Event of Default under the
Agreement, as amended by the Fourth Amendment, has occurred and is continuing; and

 

		2.	After giving effect to the Fourth Amendment, the representations and warranties in Section 5 of the
Agreement and in Section 7 of the Fourth Amendment are true and correct in all material respects as of the date hereof.

 

	 	Very truly yours,
	 	 
	 	FIRST MID BANCSHARES, INC. (f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 

 

 

 

 

II-1

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