ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Employment Agreement with Brett A. Bauer
On August 3, 2021, 1st Source Corporation (the "Company") entered into an
employment agreement, dated as of August 1, 2021 (the "Employment Agreement"),
setting forth the terms under which Brett A. Bauer will assume the role as
Senior Vice President and Chief Financial Officer of the Company and the
Company's subsidiary, 1st Source Bank. The Employment Agreement is effective
August 1, 2021 and automatically renews for subsequent one-year terms unless
either party gives written notice of non-renewal on or before September 30 of
the then-current term, in which case no further automatic extension shall occur
and the term of the Employment Agreement shall end on December 31 of such year.
The Employment Agreement provides for an annual base salary of $250,000,
participation in the Employer's Executive Incentive Plan, and participation, at
a level commensurate with his position, in all plans the Company presently has
or thereafter adopts for its officers and employees, including (without
limitation) directors' and officers' liability insurance, pension, profit
sharing, stock option or any group life or health insurance, hospitalization or
other similar plans.
The Employment Agreement is filed herewith as Exhibit 10(a)(5) and this
disclosure is qualified in its entirety by reference to the Employment
Agreement.
ITEM 9.01 Financial Statements and Exhibits.
Exhibit 10(a)(5) : Employment Agreement dated August 1, 2021 between 1st
Source Corporation and Brett A. Bauer.
104 Cover Page Interactive Data File (Embedded within the Inline XBRL
document).
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