SEC Contract Filing

Filing Date: 2023-05-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2314368d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B><U>TRANSITION
AND SEPARATION AGREEMENT AND RELEASE AND WAIVER OF CLAIMS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Transition and Separation
Agreement and Release and Waiver of Claims (the &ldquo;Agreement&rdquo;) is made and entered into by and between James R. Stewart (hereinafter
referred to as &ldquo;Employee&rdquo; or &ldquo;you&rdquo;) and Midland States Bank (hereinafter referred to as &ldquo;Employer&rdquo;)
(each a &ldquo;Party&rdquo; and collectively the &ldquo;Parties&rdquo;), as of the Effective Date set forth in Section 22(d) below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,</B></FONT>
Employee has been employed by the Employer as its Chief Risk Officer pursuant to that certain Amended and Restated Employment Agreement
between the Parties dated November 5, 2020 (the &ldquo;Employment Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,</B></FONT>
Employee has provided written notice of his intention to retire from his employment which would constitute a resignation other than for
Good Reason (as defined in the Employment Agreement);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,</B></FONT>
the Parties desire an amicable separation, and desire to ensure a smooth and uninterrupted transition for each Party; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
to effect such desire, the Parties wish to enter into this Agreement setting out the terms of the Employee&rsquo;s continued employment
until the Termination Date (as defined below), and providing for the provision of certain payments and benefits to the Employee in consideration
for Employee&rsquo;s execution of this Agreement, including the releases and waivers contained herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW,
THEREFORE,</B></FONT> in consideration of the recitals and the mutual covenants hereinafter set forth, the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Termination of Employment</U></B>. Employee&rsquo;s employment
with Employer will be terminated effective as of July 31, 2023, unless earlier terminated in accordance with Section 2(a) below (such
date of termination the &ldquo;Termination Date&rdquo;). Employee acknowledges and agrees that Employee is terminating his employment
with the Employer voluntarily and other than for Good Reason (as defined in the Employment Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT><B><U>Transition Period.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Termination
of Employment Pursuant to the Employment Agreement; Minimum Payments. </I>Effective on April 28, 2023, Employee voluntarily retires from
his employment with the Employer pursuant to the Employment Agreement shall terminate and Employer shall pay to the Employee the Minimum
Payments (as defined in the Employment Agreement) in accordance with Section 6(a) of the Employment Agreement on the Employer&rsquo;s
first