Document:

INBK-2015.03.31-EX10.1

2015 Senior Executive Cash Incentive Plan

The following cash incentive plan is established by the Board of Directors of First Internet Bancorp (the “Company”) effective as of January 1, 2015 for those senior executives of the Company or its subsidiary, First Internet Bank of Indiana (the “Bank”), identified on Attachment 1.  For purposes of this plan, employees of the Bank will be deemed to be employees of the Company.

Formula Bonus

For 2015, each identified 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 achievement-relative to threshold, target, and maximum levels-of four performance goals for the year: (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.  The extent to which the Company achieves each performance goal, as determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), will determine a portion of the executive’s total bonus, based on that goal’s weighting factor identified in the following table.
	
									
	Performance Goals
	 
	Weighting
Factor
	 
	Company Performance Levels

	 
	 
	Threshold 
(90% of Budget)
	 
	Target 
(100% of Budget)
	 
	Maximum 
(115% of Budget)

	Net Income
	 
	25%
	 
	$6,460,200
	 
	$7,178,000
	 
	$8,254,700

	Net Interest Income
	 
	25%
	 
	$27,784,800
	 
	$30,872,000
	 
	$35,502,800

	1-Year Asset Growth
	 
	30%
	 
	24%
	 
	27%
	 
	31%

	Nonperforming Asset Percentage
	 
	20%
	 
	1.10%
	 
	1.00%
	 
	0.85%

As provided in the following table, the Company’s relative achievement of each of the four performance goals will determine each executive’s earned bonus percentage, expressed as a percentage of the executive’s base salary at the beginning of the year.
	
							
	Executive
Tier
	 
	Earned Bonus Percentage (as a Percentage of Salary)

	 

	I
	 
	8%
	 
	30%
	 
	60%

	II
	 
	5%
	 
	25%
	 
	50%

	III
	 
	3%
	 
	15%
	 
	23%

For each performance goal, if the Company’s performance falls below the threshold level, an executive’s earned bonus percentage will be zero; if Company performance exceeds the maximum level, the executive’s bonus percentage will be at the maximum stated percentage; and if Company performance falls between two levels (between threshold and target or between target and maximum) levels, the executive’s bonus percentage will determined by linear interpolation between the applicable levels.

The executive’s bonus with respect to each performance goal will equal the product of the executive’s salary, the executive’s earned bonus percentage for that goal, and that goal’s weighting factor.  The executive’s total bonus for 2015 will be the sum of the bonus amounts for the four performance goals.

Discretionary Bonus-Tier III

In addition to the Formula Bonus above, each Tier III executive may receive, at the discretion of the CEO, another bonus based on the executive’s individual performance and the performance of his or her department (“Discretionary Bonus”).  The Discretionary Bonus may be awarded irrespective of any Formula Bonus earned by the Tier III executive.  The maximum amount of the Discretionary Bonus will be 25% of the Tier III executive’s 2015 base salary.  The Discretionary Bonus awards will be determined by the CEO in his discretion, taking into account subjective factors like intra-bank referrals, training of employees, attitude, team spirit and overall contribution to the Bank.  The CEO will advise the Compensation Committee of the Discretionary Bonuses he intends to award, and the Compensation Committee will be provided a reasonable time within which it may make whatever comments or suggestions, if any, that it deems advisable; however, the CEO, in his sole and absolute discretion, will determine the amounts and authorize the payment of the Discretionary Bonuses.

Terms and Conditions

Neither the Formula Bonuses nor the Discretionary Bonuses will be payable for 2015 unless the following conditions are satisfied: (1) the Company reports positive net income for 2015 (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 2015, and pays not later than January 31, 2016, cash dividends that equal or exceed the cash dividends declared for the preceding year; and (3) the executive receives a “meets expectations” rating or better on his or her 2015 performance review.

All bonuses under this plan will be determined as soon as practicable after First Internet Bancorp releases earnings for 2015 and will be paid promptly thereafter.

If the preliminary financial information for 2015 available on December 31, 2015 shows that the three bonus conditions above are likely to be satisfied, the CEO is authorized to make a partial payment of a Discretionary Bonus to a Tier III executive with the first pay check in 2015, in an amount not to exceed the income tax liability of the executive that will be due on any equity awards made in 2015 that are taxable income in 2015.

If, after the payment of any bonus under this plan, other than the Discretionary Bonus, the Company restates its financial statements for the year ending December 31, 2015, then the Compensation Committee will determine the bonus amounts that should have been paid based on the restated financial statement (the “Restated Bonus Amount”).  If the Restated Bonus Amount is greater than the bonuses that were paid, then the Bank will pay such difference (the “Make-Up Amount”) within 30 days after the determination of the Make-Up Amount, regardless of whether the employee is still employed with the Company at such time.  If the Restated Bonus Amount is less than the bonuses that were paid, then the employee (or his or her designated beneficiary or estate) will repay such difference (the “Overpayment Amount”) to the Company within 30 days after the Bank provides notice of repayment, which will specify the Overpayment Amount.  The obligation to repay the Company the Overpayment Amount will apply regardless of whether the employee is then currently employed with the Company.  The employees selected to participate in the 2015 Senior Executive Cash Incentive Plan will, as a condition of such participation, execute an “Employee Acknowledgment Concerning Participation in 2015 Senior Executive Cash Incentive Plan” in the 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 the 2015 Senior Executive Cash Incentive Plan, the employee must be employed by the Company during all of 2015 and at the time the Formula Bonuses or Discretionary Bonus are paid.  In the event of death or termination due to disability during 2015 or in 2016 but before the payment date, a pro-rata portion of the bonus amount will be paid to the employee 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 in 2015 and the denominator being 365.  In the absence of a designated beneficiary, the bonus will be paid to the estate of a deceased employee.

The Compensation Committee, in its sole and absolute discretion, will determine (a) whether the performance goals have been achieved on which the Formula Bonuses are determined, (b) the amount of any Formula Bonuses based on the achievement of those goals, and (c) the date on which any Formula Bonus or Discretionary Bonus is paid. 

The Compensation Committee, in its sole and absolute discretion, has the right to amend, modify or discontinue the 2015 Senior Executive Cash Incentive Plan at any time.

Attachment 1

	
					
	Executive Tier
	 
	Name 1
	 
	2015 Base Salary

	Tier I
	 
	David Becker
	 
	$450,000

	Tier II
	 
	Kenneth Lovik
	 
	$260,000

	Tier II
	 
	Charles Perfetti
	 
	$200,000

	Tier III
	 
	Nicole Lorch
	 
	$175,000

	Tier III
	 
	Edward Roebuck
	 
	$165,000

1Omits participants who are not executive officers of the Company.INBK-2015.03.31-EX10.2

FIRST INTERNET BANCORP
2013 EQUITY INCENTIVE PLAN
MANAGEMENT INCENTIVE AWARD AGREEMENT
RESTRICTED STOCK UNITS

This Award Agreement ("Award Agreement"), dated as of _________ ___, 20___, is by and between First Internet Bancorp, an Indiana corporation (the "Company"), and the participant 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

The Company has granted the Participant an Award of Stock Units (designated as "Restricted Stock Units"), subject to the terms and conditions of the Plan and this Award Agreement.  By executing this Award Agreement and delivering it to the Company, the Participant is accepting the terms and conditions of this Award.

	
		
	Participant
	[name]

	Service Year
	20__

	Date of Grant
	_________ ___, 20___

	Number of Restricted Stock Units Granted
	[number of units]

	Earning of Restricted Stock Units
	The Restricted Stock Units will be earned as of [date] if the performance conditions have been met for the Service Year.

	Vesting Schedule
	 

II.     TERMS AND CONDITIONS
1.Grant of Award.  The Company hereby grants to the Participant the number of Restricted Stock Units set forth in the Notice of Grant, subject to the terms and conditions of the Plan, which are incorporated herein by reference.  Each Restricted Stock Unit is a bookkeeping entry that represents an unfunded, unsecured right to receive one Share, subject to the terms and conditions of the Plan and this Award Agreement.

2.Account for Restricted Stock Units, Cash Dividends, Share Dividends, and Stock Splits.  The Company will establish a bookkeeping account (the "Account") in the Participant's name and will credit to the Account the number of Restricted Stock Units granted.  The Company will also credit the Account with the value of cash dividends that would have been paid if each Restricted Stock Unit had been a Share on the dividend payment date.  Cash dividends so credited will be converted to additional Restricted Stock Units Rights, based on the Fair Market Value of a Share on the dividend payment date.  No fractional Restricted Stock Units will be credited, but the Company will accumulate the dollar value of any fractional interests in a non-interest-bearing subaccount until those accumulated amounts are large enough to be converted to whole Restricted Stock Units.  Any stock dividends paid on or additional Shares issued with respect to the Award will be treated as an equivalent number of Restricted Stock Units subject to the same restrictions that apply to the Award.

3.Performance Conditions.  The Restricted Stock Units will be earned if both of the following performance conditions have been satisfied: (a) the Company has achieved a positive net income for the Service Year (determined without taking into account any expenses attributable to raising capital); and (b) the Company has declared a dividend for the Service Year and the dividend equals or exceeds the dividend for the immediately preceding calendar year.  If the performance conditions are not satisfied for the Service Year, the Restricted Stock Units will be forfeited and cancelled.

4.Vesting.  Unless otherwise provided in this Award Agreement or in the Plan, the earned Restricted Stock Units shall become fully vested and nonforfeitable in three installments in accordance with the Vesting Schedule set forth in the Notice of Grant, but only if (a) the Participant is still employed on that date or has experienced, after the Date of Grant, death, disability, or separation from service after reaching age 65 and (b) if the Company has achieved positive net income for the previous calendar year, as shown on the Company's financial reports.  If one of the vesting conditions for a vesting year is not satisfied, that portion of the Restricted Stock Units will be forfeited and cancelled.
5.Payment of Restricted Stock Units.  When a portion of the Restricted Stock Units vests, the Participant will receive payment of that portion of the Restricted Stock Units as soon as reasonably practicable, and in any event within two and one-half months, following the applicable vesting date.  Upon the payment date, the Participant will receive one Share for each Restricted Stock Unit in the Participant's Account and cash equal to the accumulated credits in the cash subaccount.  

6.Voting.  The Participant shall have no right to vote the Restricted Stock Units.

7.Withholding.  In connection with the payment of the Restricted Stock Units, the Company shall have the right to require Participant to pay an amount in cash sufficient to cover any tax, including any Federal, state or local income tax, required by any governmental entity to be withheld or otherwise deducted and paid with respect to such payment ("Withholding Tax"), or by having the Company withhold Shares that would otherwise be deliverable with respect to the Award.

8.Change in Control.  As provided in the Plan, upon the occurrence of a Change in Control, the Restricted Stock Units may vest prior to the time provided for under the Vesting Schedule set forth in the Notice of Grant and may be paid at a time other than the payment date described above.

9.Prohibition on Assignment.  Except as otherwise provided in this Award Agreement or the Plan, the Participant may not sell, assign, transfer, pledge or otherwise dispose of or encumber the Restricted Stock Units, or any interest therein, until paid to the Participant in the form of shares of Company common stock, 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. 

10.Tax Consequences.  THE PARTICIPANT SHOULD CONSULT A TAX ADVISER CONCERNING THE TAX CONSEQUENCES OF RECEIVING THE AWARD AND THE EARNING, VESTING, AND PAYMENT OF RESTRICTED STOCK UNITS UNDER THE PLAN AND THIS AGREEMENT.

11.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.

12.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.

13.No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THIS AWARD DOES NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED EMPLOYMENT FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PARTICIPANT’S EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

14.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 or Restricted Stock Units, as elected below, 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.

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

	 
	By:
	 

	 
	Name:

	 
	Title:

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