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[March 12, 2014]
1ST SOURCE CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
1st Source Corporation (the "Company") entered into an amendment (effective February 6, 2014) to Section 13 of the previously filed employment agreements with: • Christopher J. Murphy III, Chairman of the Board and Chief Executive Officer of the Company and of the Company's subsidiary, 1st Source Bank (the "Bank"); • Andrea G. Short, Senior Vice President and Chief Financial Officer of the Company and of the Bank; • John B. Griffith, Secretary and General Counsel of the Company and Executive Vice President, Secretary and General Counsel of the Bank; and • Steven J. Wessell, Executive Vice President of the Bank.
The amendment removes the excise tax gross-up provision associated with the two-trigger change-in-control severance benefit in the agreements. It replaces that provision with a provision that allows for a possible reduction of such severance payments to the extent reduction is advantageous for the executive after taking into account any applicable excise tax.
Copies of the amendments to the employment agreements are attached as exhibits hereto and incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits.
Exhibit 10(a)(1): Amendment to Employment Agreement dated January 1, 2008 between 1st Source Corporation and Christopher J. Murphy III Exhibit 10(a)(2): Amendment to Employment Agreement dated January 1, 2013 between 1st Source Corporation and Andrea G. Short Exhibit 10(a)(3): Amendment to Employment Agreement dated January 1, 2008 between 1st Source Corporation and John B. Griffith Exhibit 10(a)(4): Amendment to Employment Agreement dated June 1, 2011 between 1st Source Corporation and Steven J. Wessell
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