Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

     This Amendment No. 1 to Employment Agreement is made and entered into as of the 1st
day of January, 2006, by and among Midwest Banc Holdings, Inc. (the “Company”), Midwest Bank and
Trust Company (the “Amendment”) (the “Bank” and together with the Company “Employer”) and James J.
Giancola (“Executive”).

     WHEREAS, the Employer and the Executive entered into an Employment Agreement on September 28,
2004 (the “Agreement”); and

     WHEREAS, the Executive and the Employer desire to amend Section 3(f) of the Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this
Amendment and for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Executive and Employer agree as follows:

	1.	 	Amendment to Section 3.3(f). Section 3(f) of the Agreement is hereby amended to read as
follows:
	 
	 	 	“Restricted Stock Award; Cancellation of Stock Option. As of January 1,
2006, in exchange for Executive’s surrender to the Company of an option to
acquire 100,000 shares of common stock of the Company, the Company grants to
Executive 29,316 restricted shares of common stock of the Company, subject
to the restrictions and limitations established when the Compensation
Committee of the Board of Directors of the Company approved restricted stock
awards on June 28, 2005 for officers of the Company. The restricted stock
granted under this Section shall be evidenced by a stock certificate and a
restricted stock award agreement which will contain terms and restrictions
not inconsistent with this Agreement and which will be subject to the terms
and conditions of the Company’s Stock and Incentive Plan.”
	 
	2.	 	Effect of Amendment. Except as expressly set forth herein, this Amendment shall not be
deemed or construed to amend any other term or condition of this Agreement and all of the
other terms and conditions of the Agreement shall remain in full force and effect.

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

	 	 	 	 	 
	EXECUTIVE

	 	EMPLOYER
	 
	 	 	 	 
	/s/ James J. Giancola

	 	Midwest Banc Holdings, Inc.
	 
	 	 	 	 
	James J. Giancola
	 	 	 	 
	 	 	By:	 	/s/ Daniel R. Kadolph
	 

	 	 	 	 
	 

	 	 	 	Daniel R. Kadolph
	 
	 	 	 	 
	 

	 	Its:
	 	Senior Vice President and
	 

	 	 	 	Chief Financial Officerexv10w33

 

EX-10.33

November 15, 2005

Michael P. Ryan

[Address on file with the Company]

Dear Michael:

     This will confirm the various discussions we have had regarding American Commercial Lines
Inc.’s interest in offering you employment for the position of Senior Vice President of Sales and
Marketing. Below is an outline of the compensation and benefits package that the company is
offering for your consideration:

Title: Senior Vice President of Sales and Marketing in Jeffersonville, Indiana.

Departmental Responsibilities: Develop and implement sales and marketing strategy,
both foreign and domestic, for American Commercial Lines Inc.

Base Annual Salary: $275,000

Bonus: Bonus opportunity of up to 65% of base salary at target measured by
achievement of company financial performance targets, and agreed departmental and personal
goals and objectives. In your first year (2005), you will be guaranteed a payout of up to
$165,000 which would be paid during the normal bonus payout period, usually in February.
The amount will be determined based on the payout performance from your previous employer.

Equity: This position will be eligible for equity grants as agreed and defined by
the Board of Directors in November. You will receive grants, based on the same formula
applied to other SVP’s, in 2005.

Vacation: Four (4) weeks.

Severance: The Company will provide (12) twelve months severance, paid semi-monthly
less applicable federal and state withholdings, if employment is involuntarily terminated
for (1) reduction in force; or, (2) job elimination; or, (3) release without fault. No
severance pay will be granted for separations that are the result of voluntary termination,
discharge for performance, death, retirement or permanent disability. The Bonus will be
prorated and paid in one lump sum, not to exceed 100% of payout, in the year of the
termination (based on company performance achievement at that time) if termination is
without cause.

Relocation: This offer is made to you with the understanding that you will relocate
from Skillman, New Jersey area to the Louisville area. ACL will provide you with a
relocation package that includes all reasonable and customary expenses (see attached
policy).

Pre-employment Drug Screen: This offer is contingent upon passing a company provided
drug screen and background and reference checks.

     Mike, ACL is very excited about offering you this leadership opportunity and the potential for
you to join our team. We believe you will make significant contributions toward our future
success.

 

					
	 	 	 	 	 
	1701 East Market Street
	 	Jeffersonville, IN 47130-4717
	 	Phone (812) 288-0100

 

 

Further, your acceptance of this offer is subject to final review and approval by the Compensation
Committee of the ACL Board of Directors. Please indicate your acceptance by signing in the space
provided below and returning directly to me.

Regards,

Nick Fletcher

Senior Vice President Human Resources

I accept the above offer of employment. I am not subject to any confidentiality or non-compete
agreement which would be violated by this new opportunity with American Commercial Lines Inc. or
that would restrict my ability to fully perform my job.

	 	 	 
	/s/ Michael P. Ryan
	 	11/16/05
	 
	 	 
	Michael P. Ryan
	 	Date

Cc: HR Fileexv10w35

 

EX-10.35

RELEASE AND WAIVER OF EMPLOYMENT AND

TERMINATION OF EMPLOYMENT CLAIMS

     This Release and Waiver of Employment and Termination of Employment Claims (hereinafter the
“Release”) is made and entered into by Martin K. Pepper (hereinafter the “Employee”), in favor of
American Commercial Barge Line LLC, a Delaware limited liability company with a business address of
1701 East Market Street, Jeffersonville, Indiana 47131 and all parent, related, affiliated and
subsidiary companies, and all their predecessors, successors, employees, officers, directors,
interest holders, representatives, assigns, agents, insurers and employee benefit programs and the
trustees, administrators, fiduciaries and insurers of such benefit programs (collectively, the
“Company”).

RECITALS

1. The Company has advised the Employee that the Employee’s active employment with the Company ends
on November 16, 2005.

2. Employee has certain information required by the Older Workers’ Benefit Protection Act,
including a list by job title and age of the employees eligible for severance and employees who are
being retained by Company. Employee has also received a copy of the Company’s Policies and
Procedures regarding severance.

3. Employee has reviewed this Release and these materials and desires to waive certain claims or
potential claims Employee may have against the Company and certain other entities in order to
receive benefits under the terms of the Company’s Policies and Procedures.

4. The Company and the Employee desire to fully and finally settle all issues and disputes between
them, including but not limited to, the Company’s decision to terminate Employee’s employment with
the Company.

     NOW THEREFORE, in exchange for the good and valuable consideration provided herein, the
receipt and sufficiency of which is hereby acknowledged, Employee and Company hereby agree as
follows:

1. Conclusion of Employment

     (a) Employee’s active employment with the Company will end on November 16, 2005 (hereinafter
the “Separation Date”). The Employee’s service as an officer and/or a member of the Board of
Managers or Board of Directors of any entity affiliated with the Company will also end on November
16, 2005. The Employee promises that within seven days after the Separation Date, the Employee
returned or will return to the Company all files, records, credit cards, keys, computers or any
other Company property which is in the Employee’s possession or control.

Release and Waiver of Employment and Termination of Employment Claims

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     (b) The Employee covenants and agrees not to disparage the Company in any manner and not to
disclose any confidential information, trade secrets, proprietary information or other business
information which is not disseminated publicly which the Employee learned while employed by the
Company. The Employee further covenants and agrees, for a period of eighteen (18) months not to
solicit any employees of the Company to cease their employment with the Company, nor to offer a job
to or hire any employee from the Company. The Employee covenants and agrees not to solicit or help
anyone to solicit any customers of the Company to cease dealing with the Company. Additionally,
the Employee covenants and agrees not to interfere in or with any pending or contemplated business
transaction, arrangement, contract or other agreement with any vendor, customer, business partner
or associate of the Company and about which the Employee had knowledge, whether direct or indirect,
or responsibility while employed.

     (c) Employee understands and acknowledges that this Release and the corresponding severance
benefits are being offered under the terms of a Letter dated November 16, 2005, which offer remains
open for 45 days as explained herein.

2. Payments to Employee

     (a) The Company agrees to pay the Employee, because of the Employee’s separation from
employment, an amount equal to fifty-two (52) week(s) of Employee’s current base salary
(hereinafter “Severance Pay”). Such Severance Pay shall issued in bi-monthly equal installments on
the same dates as the Company’s general, salaried payroll payments are made, once the Release has
become irrevocable as explained below.

     (b) As additional consideration, specifically for the release of age discrimination claims
potentially arising under the Age Discrimination in Employment Act, Company will pay Employee an
amount equal to one week of Employee’s current base salary (this amount is referred to herein as
“Additional Consideration”). The Additional Consideration is in addition to Separation Pay payable
to Employee pursuant to Section 2(a) of this Release and any other benefits being provided under
the terms of this Release (Severance Pay and Additional Consideration are sometimes referred to
collectively as “Separation Pay”). The Additional Consideration shall be remitted in the first
installment payment of Employee’s Separation Pay.

     (c) In consideration of the non-competition, no solicitation and non-interference provisions
contained herein, the Company also agrees to pay the Employee a sum equal to the 100% of the 2005
Annual Incentive Plan bonus amount which would have been payable to Employee in the first quarter
2006 (the “bonus payment”). The bonus payment will be due and payable as and when approved by the
Compensation Committee of the Board of Directors of the Company in the first quarter of 2006.

     (d) Payment of benefits conditioned on the signature of this Release by the Employee will
commence with the next regular payroll date after the date that this Release becomes irrevocable
under Section 5 of this Release.

Release and Waiver of Employment and Termination of Employment Claims

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     (e) Employee understands and acknowledges that the Company will deduct from Separation Pay
withholding taxes and other deductions that the Company is required by law to deduct from payments
to employees.

     (f) Employee understands and acknowledges that the Severance Pay and other consideration given
by the Company to the Employee in exchange for this Release, is more than the Company is required
to pay under its normal policies and procedures.

     (g) Employee further understands and acknowledges that the Additional Consideration given by
the Company in exchange for the release of age discrimination claims potentially arising under the
Age Discrimination in Employment Act, is in addition to what the Company is required to pay under
the terms of its Policies and Procedures.

     (h) Employee further understands and acknowledges that the bonus payment given by the Company
in exchange for the non-competition, no solicitation and non-interference provisions contained
herein, is more than the Company is required to pay under its normal policies and procedures and is
in addition to what the Company is required to pay under the terms of its Policies and Procedures.

3. Benefits

     After the Separation Date, Employee may elect to continue to participate in the Company’s
group medical plan under the continuation coverage rules of the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”). During the first two months after the Separation Date, if electing
COBRA coverage, Employee will be responsible for paying the standard employee portion of the
monthly premium payment, and the Company will pay its normal contribution for otherwise
similarly-situated current employees. Thereafter, Employee, if electing COBRA coverage, will be
responsible for paying the full monthly COBRA premium. Employee will receive a written COBRA
notice describing their rights under COBRA to elect continuation coverage and the length of time
that COBRA coverage will be available (said notice is referred to herein as the “COBRA Notice”).
Any payments or premiums due by Employee shall be payable to the Company in accordance with the
payment terms set forth in the COBRA Notice.

4. Complete Release

     (a) In consideration of the payments and benefits received hereunder, Employee agrees forever
to release, discharge, and covenant not to sue the Company, its past, present, or future parent
companies (direct or indirect), subsidiaries, and/or other affiliates, and any and all of their
past and present directors, officers, shareholders, interest holders, employees, attorneys, and
other agents and representatives, and any employee benefit plans in which the Employee is or has
been a participant by virtue of employment with the Company, and the trustees, administrators,
fiduciaries and insurers of such benefit plans from any and all claims, debts, demands, accounts,
judgments, rights, causes of action, claims for equitable relief, damages, costs, charges,
complaints, obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character (including attorneys’ fees

Release and Waiver of Employment and Termination of Employment Claims

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and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or
unsuspected, which Employee may currently have against such entities. This release includes,
without limitation, any and all claims arising out of Employee’s employment with the Company or the
termination thereof, the design or administration of any employee benefit program, claims to
severance or similar benefits under any program, policy, or procedure of the Company other than the
payments recited in the Plan, and any and all other claims arising under federal, state, or local
laws relating to employment, including without limitation claims of wrongful discharge, breach of
express or implied contract, fraud, misrepresentation, defamation, or liability in tort, claims of
any kind that may be brought in any court or administrative agency, and claims arising under Title
VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with
Disabilities Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the
Family and Medical Leave Act, the National Labor Relations Act, the Railway Labor Act, and similar
state or local statutes, ordinances, and regulations. Notwithstanding the above, this Release
shall not be construed to extend to any claim for retirement benefits under any pension,
retirement, or retirement savings plan in which Employee is a participant by virtue of Employee’s
employment with the Company, or to benefit claims under any employee welfare benefit plan based on
events occurring after Employee’s execution of this Release.

     (b) This release and waiver by the Employee is on behalf of the Employee, Employee’s spouse
(if any), child or children (if any), and heirs, beneficiaries, devisees, executors,
administrators, attorneys, personal representatives, successors and assigns.

5. Release of Age Discrimination Claims; Encouragement to Consult with Attorney; Period for Review.

     (a) Release of Age Discrimination Claims. Employee understands and agrees that this
document includes a release of claims arising under the Age Discrimination in Employment Act and
that Employee does not waive rights or claims that may arise after the date the waiver is executed.
Employee understands and acknowledges that the Employee will have up to forty-five (45) days to
review and consider this Release. Employee further understands and acknowledges that Employee may
use as much or all of this 45-day period as Employee wishes before signing, and that Employee has
done so.

(i) Employee again understands and acknowledges that Employee is receiving
Additional Consideration from the Company in exchange for the release of age
discrimination claims potentially arising under the Age Discrimination in Employment
Act. Employee further understands and acknowledges that the Additional Consideration
given to Employee by the Company in exchange for the release of age discrimination
claims potentially arising under the Age Discrimination in Employment Act is more
than the Company is required to pay under its normal policies and procedures and is
in addition to what the Company is required to pay under the terms of the Plan.

     (b) Encouragement to Consult with Attorney. Employee understands and acknowledges that
this is a legal document and that Employee is hereby advised to consult with an attorney prior to
executing the Release. By signing below, Employee warrants that Employee

Release and Waiver of Employment and Termination of Employment Claims

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has had the opportunity to consult with an attorney prior to any execution of this Release,
and to be fully and fairly advised by that legal counsel as to the terms of the Release.

     (c) Period for Review. Employee understands that Employee has seven (7) days after
signing this Release to revoke it by notice in writing delivered to AMERICAN COMMERCIAL BARGE LINE
LLC; ATTN: Lisa L. Fleming, — Revocation of Severance Release; 1701 Market Street, Jeffersonville,
Indiana 47131-0610. This Release shall be binding, effective, and enforceable upon the expiration
of this seven-day revocation period without such revocation being received, but not before such
time. Employee understands and agrees that benefit payments contingent upon the execution of this
Release will not be made prior to the expiration of this seven-day revocation period. Payment of
Separation Pay or other monetary benefits conditioned on the execution of this Release will
commence with the next regular payroll date after the date of the expiration of the seven-day
revocation period.

6. No Future Lawsuits

     By signing this Release, Employee promises never to file or pursue a claim, lawsuit or any
other complaint or charge asserting any of the claims, lawsuits, complaints or charges that are
released in this Release.

7. Non-Admission of Liability.

     Employee understands and agrees that the Company’s willingness to make payments and pay
benefits to him or her under the Release is not an admission of liability, or obligation to provide
such consideration in the absence of Employee signing this Release.

8. Non-Release of Future Claims

     This Release does not waive or release any rights or claims that Employee may have under the
Age Discrimination in Employment Act which may arise after the later of the date Employee signs
this Release, or the Separation Date.

9. Repayment of Benefits Based on Subsequent Assertion of Claim; Indemnification for Costs Incurred
by Company; No Limitation on Covenant Not to Sue

     (a) Repayment of Benefits Based on Subsequent Assertion of Claim. Employee understands
and agrees that Employee may not pursue any claim, lawsuit, or other charge or complaint released
by the literal terms of this Release. Employee further understands and agrees that if Employee
should breach this covenant not to sue, and if a Court should, for any reason, find Employee’s
release of claims, as set forth in this Release, void, voidable, imperfect, or incomplete in any
respect, Employee may be liable for the repayment of some or all of the Separation Pay and the
value of any other benefits Employee received pursuant to the terms of this Release. Statutes of
limitations will run on all claims without regard to Employee’s execution of this Release. In
addition, if Employee breaches his or her covenant not to sue, as set forth in Section 6, Employee
shall forfeit all right to future benefits, if any.

Release and Waiver of Employment and Termination of Employment Claims

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     (b) Indemnification for Costs Incurred by Company. Employee acknowledges and agrees
that if Employee breaks his or her covenant not to sue or promise not to assert claims against the
Company in the future, by filing a claim, lawsuit or other complaint against the Company or any
other entity released under the terms of this Release, and a Court finds Employee’s actions to be
in breach of the terms of this Release, the Employee will pay the Company’s costs and reasonable
attorneys’ fees in defending such claim, lawsuit, or other complaint.

     (c) No Limitation on Covenant Not to Sue. Nothing in this Section shall be construed
to limit Employee’s covenant not to sue or promise not to assert claims, as set forth above.

10. Subsequent Reemployment With The Company Or Any Affiliated Company

     An eligible employee who accepts Separation Pay and who subsequently applies for and/or
accepts employment with the Company or any company affiliated with the Company forfeits any
remaining unpaid Separation Pay. If Employee has been paid a number of Separation Pay weeks
greater than the number of weeks of actual unemployment, Employee shall be obligated to repay the
difference to the Company as a condition as a condition of reemployment with the Company or
affiliated company. To the extent the Company decides to waive this provision, which it may or may
not elect to do, in its sole discretion, this provision may only be waived in writing duly signed
by the Senior Vice President — Human Resources of the Company or similarly designated officer.

11. Governing Law

     This Release shall be governed and construed in all respects in accordance with the laws of
the State of Indiana without regard to the conflict of laws provisions contained therein.

12. Severability and Consequences of Invalid Terms

     Except as otherwise specified herein, if any portion of this Release is found void or
unenforceable for any reason by any Court, the Court should enforce all portions of this Release to
the maximum extent which would have been enforceable in the original Release. If such portion
cannot be modified to be enforceable, the unenforceable portion will be severed from the remaining
portions of this Release, which shall otherwise remain in full force and effect

13. Entire Agreement

     This Release contains the entire agreement between Company and Employee pertaining to the
subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and
understandings in connection therewith. The Company has made no promises to Employee other than
those set forth in this Release. It is not necessary that the Company sign this Release for it to
become binding upon the Company and the Employee. It shall be binding on the Company when it
becomes irrevocable pursuant to Section 5.

Release and Waiver of Employment and Termination of Employment Claims

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     PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

     BY SIGNING BELOW, I ACKNOWLEDGE THAT I HAVE READ THIS RELEASE; THAT I UNDERSTAND IT; AND THAT
I AM ENTERING INTO IT VOLUNTARILY.

     IN WITNESS WHEREOF, and intending to be legally bound hereby, Employee has executed this
Release after fully reading and understanding its terms.

	 	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 

	 	/s/ MARTIN K. PEPPER
	 

	 	 
	 

	 	Signature
	 
	 	 
	 

	 	Martin K. Pepper
	 

	 	 
	 

	 	Printed Name
	 
	 	 
	 

	 	Dated: 12-4-05
	 

	 	 

WITNESS:

	 
	/s/ BROOKE J. EGAN

 

	 

	Checks and subsequent correspondence should be sent to:

	 

	[Address
on file with the Company]

 

	 

	

 

	 

	 

	 

Please note that checks and subsequent correspondence may be sent via certified mail, return
receipt requested.

Release and Waiver of Employment and Termination of Employment Claims

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