1st Source Corporation (NASDAQ:SRCE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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1st Source Corporation (NASDAQ:SRCE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Employment Agreement with James R. Seitz
1st Source Corporation (the “Company”) has entered into an employment agreement, dated May 23, 2017 (the “Employment Agreement”), setting forth the terms under which James R. Seitz will continue employment with the title of President of the Company and of the Company’s subsidiary, 1st Source Bank. The Employment Agreement is effective May 23, 2017 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 $340,000, participation in the Employer’s Executive Incentive Plan, and participation, at a level commensurate with his position, in all benefit plans the Company presently has or hereafter adopts for its officers or 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)(4) and this disclosure is qualified in its entirety by reference to the Employment Agreement.
Employment Agreement with Jeffrey L. Buhr
1st Source Corporation (the “Company”) has entered into an employment agreement, dated May 23, 2017 (the “Employment Agreement”), setting forth the terms under which Jeffrey L. Buhr will continue employment with the titles of Executive Vice President and Chief Credit Officer of the Company’s subsidiary, 1st Source Bank. The Employment Agreement is effective May 23, 2017 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 $300,000, participation in the Employer’s Executive Incentive Plan, and participation, at a level commensurate with his position, in all benefit plans the Company presently has or hereafter adopts for its officers or 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)(4):Employment Agreement dated May 23, 2017 between 1st Source Corporation and James R. Seitz
Exhibit 10(a)(5):Employment Agreement dated May 23, 2017 between 1st Source Corporation and Jeffrey L. Buhr

About 1st Source Corporation (NASDAQ:SRCE)

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank (the Bank), its banking subsidiary, offers commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through its approximately 80 banking center locations in over 20 counties in Indiana and Michigan. 1st Source Bank’s Specialty Finance Group, with over 20 locations around the nation, offers specialized financing services for new and used private and cargo aircraft, automobiles and light trucks for leasing and rental agencies, medium and heavy duty trucks and construction equipment. It has consolidated total assets of approximately $5.19 billion, total loans and leases of over $3.99 billion, total deposits of approximately $4.14 billion and total shareholders’ equity of over $644.05 million.

1st Source Corporation (NASDAQ:SRCE) Recent Trading Information

1st Source Corporation (NASDAQ:SRCE) closed its last trading session down -0.13 at 46.56 with 51,644 shares trading hands.

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