Document:

Exhibit

Exhibit 10.1

First Internet Bancorp 
2016 Senior Executive Cash Incentive Plan

The following cash incentive plan is established by the Board of Directors of First Internet Bancorp (the “Company”) effective for the fiscal year ending December 31, 2016 (“fiscal 2016”) for the senior executives of the Company and its subsidiary, First Internet Bank of Indiana (the “Bank”), identified on Schedule I attached hereto (each, an “Executive”).  For purposes of this plan, employees of the Bank are deemed to be employees of the Company.
Formula Bonus
For fiscal 2016, each Executive will be eligible to earn a performance-based bonus (“Formula Bonus”) that will vary with the Executive’s compensation tier and the Company’s actual performance-relative to threshold, target, and maximum levels-of four performance metrics: (1) net income, (2) net interest income, (3) one-year asset growth rate, and (4) the ratio of nonperforming assets (excluding restructured loans) to all assets.  Company’s actual performance with respect to each metric, as determined by the Compensation Committee (the “Committee”) of the Company’s Board of Directors, will determine the portion of the Executive’s total bonus, if any, in accordance with the metric’s weighting factor as identified in the following table.	
									
	 
	 
	 
	 
	Company Performance for Fiscal 2016

	Performance Metric
	 
	Weighting
Factor
	 
	Threshold 
(90% of Budget)
	 
	Target 
(100% of Budget)
	 
	Maximum 
(115% of Budget)

	Net Income
	 
	25%
	 
	$10,652,400
	 
	$11,836,000
	 
	$13,611,400

	Net Interest Income
	 
	25%
	 
	$35,252,100
	 
	$39,169,000
	 
	$45,044,350

	1-Year Asset Growth
	 
	30%
	 
	21%
	 
	24%
	 
	27%

	Nonperforming Asset Percentage
	 
	20%
	 
	1.10%
	 
	1.00%
	 
	0.85%

As provided in the following table, the Company’s performance with respect to each of the four performance metrics will determine each Executive’s earned bonus percentage, expressed as a percentage of his or her annualized base salary for fiscal 2016.	
							
	 
	 
	Earned Bonus Percentage (as a Percentage of Salary)

	Executive Tier
	 
	At Threshold
Performance
	 
	At Target
Performance
	 
	At Maximum
Performance

	I
	 
	10%
	 
	50%
	 
	60%

	II
	 
	8%
	 
	45%
	 
	55%

	III
	 
	3%
	 
	15%
	 
	23%

For each performance metric, if the Company’s actual performance for fiscal 2016 is below the threshold level, then the Executive’s earned bonus percentage for that metric will be zero.  If actual performance exceeds the maximum level, then the Executive’s earned bonus percentage will equal the maximum stated percentage. If actual performance exceeds Threshold but not Maximum, then the Executive’s bonus percentage will be determined by linear interpolation between Threshold and Target or Target and Maximum, as applicable.
The Executive’s payment with respect to each performance metric will equal the product of the Executive’s annualized salary for during 2016, multiplied by the Executive’s earned bonus percentage for that performance metric, multiplied by that performance metric’s weighting factor.  The Executive’s total bonus with respect to fiscal 2016 will be the sum of the payments for all four of the performance metrics.

Discretionary Bonus-Tier III
In addition to the Formula Bonus above, each Tier III Executive may receive, at the discretion of the Chief Executive Officer, an additional cash payment based on the Executive’s individual performance and the performance of his or her department (the “Discretionary Bonus”).  A Discretionary Bonus may be awarded irrespective of any Formula Bonus earned by the Tier III Executive.  The Discretionary Bonus for any eligible Executive may not exceed 25% of Executive’s annualized base salary for fiscal 2016.  Subject to the maximum amount, the Chief Executive Officer may determine Discretionary Bonus awards in his discretion, taking into account appropriate factors including but not limited to intra-bank referrals, employee training results, attitude, team spirit and overall contribution to the Company and the Bank.  The Chief Executive Officer will report to the Committee his determination regarding Discretionary Bonuses, and the Committee will be provided with reasonable time within which it may make whatever comments or suggestions, if any, that it deems advisable; however, the Chief Executive Officer, in his sole and absolute discretion, will determine the amounts and authorize the payment of the Discretionary Bonuses; provided, however, that if any Tier III Executive is an “executive officer” of the Company within the meaning ascribe to that term by the federal securities laws, then his or her Discretionary Bonus will remain subject to final approval by the Committee.
Terms and Conditions
Neither the Formula Bonuses nor any Discretionary Bonuses will be payable for fiscal 2016 unless and until: (1) the Company reports positive net income for 2016 (taking into account the expense of paying all incentive compensation but not any expense attributable to the cost of raising capital); (2) the Company declares in 2016, and pays not later than January 31, 2017, cash dividends that equal or exceed the cash dividends declared for the fiscal year ended December 31, 2015; and (3) the Executive receives a “meets expectations” rating or better on his or her 2016 performance review.
All bonuses under this plan will be determined as soon as practicable after First Internet Bancorp publishes its results of operations and financial condition for fiscal 2016 and will be paid promptly thereafter.
If the preliminary financial information for fiscal 2016 available on December 31, 2016 shows that the bonus conditions are likely to be satisfied, then the Chief Executive Officer is authorized to direct a partial payment of a Discretionary Bonus to a Tier III Executive (excluding any such Executive who are “executive officers”) with the first pay check in 2017, in an amount not to exceed the income tax liability of the Executive that will be due on any equity awards made in 2016 that are taxable income in 2016.
If, after the payment of any bonus under this plan, other than the Discretionary Bonus, the Company restates its financial statements for fiscal 2016, then the Committee will determine the bonus amounts that should have been paid based on the restated financial statements (the “Restated Bonus Amount”).  If the Restated Bonus Amount is greater than the bonuses that were paid, then the Company will pay such difference (the “Make-Up Amount”) within 30 days after the determination of the Make-Up Amount, regardless of whether the Executive is still employed with the Company at such time.  If the Restated Bonus Amount is less than the bonuses that were paid, then the Executive (or his or her designated beneficiary or estate) will repay such difference (the “Overpayment Amount”) to the Company within 30 days after the Company provides notice of repayment to the Executive, which notice must specify the Overpayment Amount.  The obligation to repay the Company the Overpayment Amount will apply regardless of whether the Executive is then currently employed with the Company.  Each Company employee eligible to participate in this Plan will, as a condition of such participation, execute an “Employee Acknowledgment Concerning Participation in 2016 Senior Executive Cash Incentive Plan” in a form prepared by the Company.
Except in the case of death or termination due to disability, in order to be eligible to receive any payment under this Plan, the Executive must be employed by the Company or the Bank during all of fiscal 2016 and through time the applicable bonus is paid.  In the event of death or termination due to disability during 2016 or in 2017 but before the payment date, a pro-rata portion of the bonus amount will be paid to the Executive or his or her beneficiary designated in writing and filed with the Company.  The pro-rata amount due will be determined by a fraction, the numerator being the number of days of full time employment by the Company or the Bank in 2016 and the denominator being 365.  In the absence of a designated beneficiary, the bonus will be paid to the estate of a deceased Executive.
Unless otherwise specified above, the Committee, in its sole and absolute discretion, will determine (a) actual performance against the performance metrics, (b) the amount of any Formula Bonuses based on actual performance, and (c) the date on which any bonus is paid. 
The Committee, in its sole and absolute discretion, has the right to amend, modify or discontinue this Plan at any time.

Schedule I
to 2016 Senior Executive Cash Incentive Plan
Executives
	
			
	Executive Tier
	 
	Name(1)

	Tier I
	 
	David B. Becker

	Tier II
	 
	Kenneth J. Lovik

	Tier II
	 
	C. Charles Perfetti

	Tier III
	 
	Nicole S. Lorch

(1) Omits participants who are not executive officers of the Company.Exhibit

Exhibit 10.2

FIRST INTERNET BANCORP
2013 EQUITY INCENTIVE PLAN
DIRECTOR RESTRICTED STOCK 
AWARD AGREEMENT
(Non-Employee Director)

This Award Agreement (“Award Agreement”), effective as of _________ ___, _____, is by and between First Internet Bancorp, an Indiana corporation (the “Company”), and the Non-Employee Director designated below (“Participant”).  Unless otherwise defined herein, the terms defined in the First Internet Bancorp 2013 Equity Incentive Plan (the “Plan”), shall have the same defined meanings in this Award Agreement.
		
	I.
	NOTICE OF GRANT

Subject to the terms and conditions of the Plan and this Award Agreement, the Company has granted the Participant an Award of Restricted Stock, and the Participant hereby accepts the Award, as follows:
	
		
	Participant
	 

	Service Year
	 

	Date of Grant
	 

	Number of Shares of Restricted Stock Granted
	 

	Vesting Schedule
	 

II.     TERMS OF THE AWARD
1.Grant of Award.  The Company hereby grants to the Participant the number of shares of Restricted Stock set forth in the Notice of Grant, subject to the terms and conditions of the Plan, which are incorporated herein by reference.  Upon vesting in accordance with the Plan and this Award Agreement, each share of Restricted Stock shall represent one Share.

2.Vesting.  Unless otherwise provided in this Award Agreement or in the Plan, the shares of Restricted Stock shall become fully vested and nonforfeitable in one or more installments in accordance with the Vesting Schedule set forth in the Notice of Grant. 

3.Restriction Period.  Except as otherwise provided in this Award Agreement or the Plan, Participant may not sell, assign, transfer, pledge or otherwise dispose of or encumber the Restricted Stock, or any interest therein, until his or her rights in such Restricted Stock have vested, and any purported sale, assignment, transfer, pledge or other disposition or encumbrance in violation of this Award Agreement or the Plan will be void and of no effect. 

4.Voting.  Participant shall have the right to vote the unvested shares of Restricted Stock.

5.Dividends.  Cash dividends shall be paid to the Participant on both the vested and unvested portions of the Award.  Any stock dividends paid on or additional Shares issued with respect to any unvested portion of the Award will be treated as an equivalent number of shares of Restricted Stock subject to the same restrictions that apply to the Award.

6.Change in Control.  As provided in the Plan, upon the occurrence of a Change in Control, the Restricted Stock may vest prior to the time provided for under the Vesting Schedule set forth in the Notice of Grant.

7.Section 83(b) Election.  If the Participant makes an election pursuant to Internal Revenue Code Section 83(b), to include in gross income the value of Restricted Stock transferred under this Award Agreement, the Participant shall immediately provide the Company a copy of the election notice submitted to the Internal Revenue Service.

8.Tax Consequences.  THE PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE THE RESTRICTED STOCK VESTS, BEFORE MAKING AN ELECTION UNDER INTERNAL REVENUE CODE SECTION 83(B), OR BEFORE DISPOSING OF THE SHARES.

9.Entire Agreement; Governing Law.  The Plan is incorporated herein by reference.  The Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.  This Award Agreement is governed by the internal substantive laws but not the choice of law rules of Indiana.

10.Notices.  All notices and other communications required or permitted under this Award Agreement shall be written and delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company, to the Company’s executive offices in Indianapolis, Indiana, and if to the Participant or his or her successor, to the residence address last furnished by the Participant to the Company.  Notwithstanding the foregoing, the Company may authorize notice by any other means it deems desirable or efficient at a given time, such as notice by facsimile or electronic mail (e-mail). Participant agrees to notify the Company upon any change in the Participant’s residence address.

11.No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THIS AWARD DOES NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR ANY PERIOD, OR AT ALL.

12.Plan Controlling.  In the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the terms and conditions of the Plan shall prevail.  Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Restricted Stock, subject to all of the terms and provisions thereof.  Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all provisions of the Award Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Award Agreement.

[Signature Page Follows]

The Company and the Participant have executed this Award Agreement as of the date first written above.
	
			
	PARTICIPANT
	FIRST INTERNET BANCORP

	 
	By:

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