SEC Contract Filing

Filing Date: 2021-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>2
<FILENAME>exhibit1010gabc123120.htm
<DESCRIPTION>EX-10.10
<TEXT>
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<title>Document</title></head><body><div id="i81962dbbf90d482094a2b07c7159fe30_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.10</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">German American Bancorp, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Director Compensation Arrangements</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:107%">For the Service Period July 1, 2020 to June 30, 2021</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">German American Bancorp, Inc. (the &#8220;Company&#8221;) compensates the non-employee members of its Board of Directors (the &#8220;Board&#8221;) for their service to the Company and the Company&#8217;s subsidiaries based on a twelve-month period commencing July 1 and ending on June 30 of the following year. </font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">Following a recommendation made by the Board&#8217;s Governance&#47;Nominating Committee, the Board approved a $25,000 annual cash retainer for the services of each non-employee director (which excludes Mark A. Schroeder, the Company&#8217;s Chairman and Chief Executive Officer) during the twelve-month service period commencing as of July 1, 2020, plus, in the case of the co-lead independent directors of the Board and certain Board committee chairs, a supplemental cash retainer in the amounts described below. The cash retainers are deemed earned immediately upon receipt by a director, regardless of the number of meetings actually held or attended during the new service period.</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">The supplemental annual cash retainers to be paid for services during the twelve-month service period commencing July 1, 2020 include&#58; (a) $15,000 to each of U. Butch Klem and Thomas W. Seger, as the Board&#8217;s co-lead independent directors&#59; (b) $8,500 to M. Darren Root, as Chairman of the Board&#8217;s Audit Committee&#59; (c) $5,000 to U. Butch Klem, as Chairman of the Board&#8217;s Governance&#47;Nominating Committee&#59; (d) $5,000 to Zachary W. Bawel, as Chairman of the Board&#8217;s Compensation&#47;Human Resources Committee&#59; and (e) $5,000 to Marc D. Fine, as Chairman of the Board&#8217;s Credit Risk Management Committee.</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">In addition, the Company agreed to pay to each non-employee director an attendance fee of $850 for each meeting of the Board or any Board committee that he or she attends during the service period and, to the extent applicable, an additional (a) $850 for each meeting that he or she attends of the board of directors of (i) German American Bank (the Company&#8217;s bank subsidiary) or any committee or regional advisory board thereof, and (ii) German American Insurance, Inc., and (b) $425 for each meeting that he or she attends of (i) the board of directors of German American Investment Services, Inc., and (ii) the Wealth Advisory (Trust) Oversight Committee. Members of the Board who attend sessions of the Board of the Company or of the Board&#8217;s committees that are held concurrently with sessions of the board of directors of the bank subsidiary (German American Bank) or of committees of that subsidiary&#8217;s board of directors will receive a single meeting fee of $850 for the combination of the two concurrent meetings. </font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">Additionally, those non-employee directors who travel from their primary residence or principal place of business, which is located outside of Dubois County, Indiana or the Indiana counties immediately adjacent to Dubois County, will be paid a $50 travel allowance in connection with his&#47;her in-person attendance at board or assigned committee meetings.</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">Finally, at its regular meeting held in December 2020, the Board considered the award of additional retainers as contemplated by earlier Board action, and determined to grant $24,971.85 in value of Restricted Stock of the Company (the &#8220;Award&#8221;) as an additional retainer to each of the current non-employee members of the Board under the Company&#8217;s 2019 Long-Term Equity Incentive Plan. Accordin