SEC Contract Filing

Filing Date: 2021-06-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm2117976d3_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Exhibit&nbsp;10.1</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>FMBI Letterhead</B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in; text-indent: 1.25in">May&nbsp;30, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael L. Scudder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>At the address on file with the Corporation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Michael:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Reference is made to the Agreement
and Plan of Merger, dated as of May&nbsp;30, 2021, between First Midwest Bancorp,&nbsp;Inc. (the &ldquo;<U>Corporation</U>&rdquo;) and
Old National Bancorp (as the same may be amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Merger
Agreement</U>&rdquo;), your Amended and Restated Employment Agreement with the Corporation, dated January&nbsp;18, 2019 (your &ldquo;<U>Employment
Agreement</U>&rdquo;) and your Confidentiality and Restrictive Covenants Agreement with the Corporation and First Midwest Bank, dated
January&nbsp;18, 2018 (your &ldquo;<U>CCR Agreement</U>&rdquo;). Capitalized terms used and not otherwise defined herein have the respective
meanings ascribed to them in the Merger Agreement, except as otherwise noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As you are aware, the Merger
Agreement contemplates that, as of the Closing Date, (a)&nbsp;Mr.&nbsp;James C. Ryan,&nbsp;III will serve as the Chief Executive Officer
of the Surviving Corporation and (b)&nbsp;you will no longer serve as Chief Executive Officer but will serve as Executive Chairman of
the Board of Directors of the Surviving Corporation (the &ldquo;<U>Board</U>&rdquo;) from the Closing Date to the second (2<SUP>nd</SUP>)
anniversary of the Closing Date (the &ldquo;<U>Initial Period</U>&rdquo;). Upon the second (2<SUP>nd</SUP>) anniversary of the Closing
Date, you will cease to serve as the Executive Chairman of the Board and will commence serving as a consultant to the Surviving Corporation
through the third (3<SUP>rd</SUP>) anniversary of the Closing Date) (the &ldquo;<U>Consultancy Period</U>&rdquo;, and together with the
Initial Period, the &ldquo;<U>Service Period</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This letter agreement confirms
to you, and you agree that your Employment Agreement and CCR Agreement shall be amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Compensation During Service
Period. </I>Your compensation for service with the Surviving Corporation shall be established by the Compensation Committee of the Surviving
Corporation; provided, that for the Service Period, your salary, annual bonus and annual equity award grants shall be set at ninety percent
(90%) of the Chief Executive Officer&rsquo;s salary, annual bonus and annual equity award grants (your annual bonus for the third (3<SUP>rd</SUP>)
year of the Service Period shall be pro-rated based on time worked during the calendar year of termination). For the Service Period, you
will continue to receive the same perquisites, office space and administrative support as were made available to you by the Corporation
on the same basis as were provided to you immediately before the Closing Date. Your salary, annual bonus and annual equity award grants
as set forth herein will be in lieu of any such compensation payable under your Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of the First Midwest
Bancorp Consolidated Pension Plan, you will be credited with one additional year of age at retirement with respect to your service during
the Consultancy Period, provided t