SEC Contract Filing

Filing Date: 2018-12-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_132033.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>AMENDMENT TO EXECUTIVE AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This amendment (the &ldquo;Amendment&rdquo;) is made this ______ day of ____________, 2018 to the form of change in control agreement or severance agreement (the &ldquo;Executive Agreement&rdquo;) by and between MBT Financial Corp., a Michigan corporation (&ldquo;MBT&rdquo;), and [_______________________________] (&ldquo;Executive&rdquo;) attached hereto as <u>Exhibit A</u>.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WITNESSETH:</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS,</b> Executive is party to the Executive Agreement a copy of which is attached hereto as <u>Exhibit </u><u>A</u><u> </u>which provides for certain payments to and the provision of certain benefits for the Executive upon termination of employment in connection with a change in control; and</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, MBT has entered into an Agreement and Plan of Reorganization and Merger with First Merchants Corporation, an Indiana corporation (&ldquo;First Merchants&rdquo;) dated October 9, 2018, (the &ldquo;Merger Agreement), pursuant to which, on the &ldquo;Effective Date&rdquo; (as defined in the Merger Agreement), MBT will merge with and into First Merchants (the &ldquo;Merger&rdquo;), and immediately thereafter, Monroe Bank and Trust, a Michigan commercial bank and wholly-owned subsidiary of MBT (the &ldquo;Bank&rdquo;), will merge with and into First Merchants Bank, an Indiana commercial bank and wholly-owned subsidiary of First Merchants (&ldquo;FMB&rdquo;); and</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS,</b> in connection with the transactions contemplated by the Merger Agreement, MBT and the Executive desire to amend the Executive Agreement (i) to remove the requirement that the Executive terminate employment to receive the payments and benefits provided for in the Executive Agreement in connection with a change in control; (ii) to provide for a lump sum payment to the Executive; (iii) to provide for the assignment by MBT, and the consent of the Executive to such assignment, of all of MBT&rsquo;s rights under the Executive Agreement to First Merchants, including but not limited the right to enforce the restrictive covenants of the Executive contained in the Executive Agreement; and (iv) to provide for a release of claims by the Executive in the form of <u>Exhibit B</u>.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>NOW, THEREFORE,</b> MBT and Executive, in consideration of the mutual promises set forth herein, and intending to be legally bound, hereby agree as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>1.&nbsp; &nbsp; &nbsp;&nbsp;</b><u><b>Payment</b></u><u><b>s</b></u><b>. </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBT (or First Merchants as its successor) shall pay to Executive $[_________________] (the &ldquo;Benefit Payment&rdquo;) on or immediately prior to the Effective Date.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Benefit Payment will be subject to applicable federal and state tax withholding. Executive accepts the Benefit Payment in full satisfaction of any and all amounts due and benefits owed to the Executive under the Executive Agreement.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(c)&nbsp;&nbsp;&