FIRST MID-ILLINOIS BANCSHARES, INC. (NASDAQ:FMBH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

FIRST MID-ILLINOIS BANCSHARES, INC. (NASDAQ:FMBH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective as of December 15, 2017, the Compensation Committee of the Board of Directors of First Mid-Illinois Bancshares, Inc. (the “Company”) approved the accelerated vesting of all of the outstanding restricted stock unit awards held by its executive officers, including its named executive officers. The outstanding awards were granted in January of 2015, 2016 and 2017 under the Company’s 2007 Incentive Stock Plan, and they generally would have vested at the end of a three year performance period ending on December 31, 2017, 2018 and 2019, respectively, based on the level of attainment of pre-established performance goals. In settlement of the outstanding awards, each award holder will receive 90% of the number of shares of the Company’s common stock issuable if the performance goals had been attained at the maximum levels, together with the dividend equivalents that have accrued with respect to such shares.

The named executive officers, and the number of shares issuable to the vested units are:

The decision to accelerate the vesting of these awards was made in connection with the redesign of the Company’s long-term incentive compensation program.

Each executive holding outstanding stock unit awards executed an agreement substantially in the form filed with this Current Report on Form8-K as Exhibit10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

Exhibit 10.1 Agreement to Accelerate the Vesting of the First Mid-Illinois Bancshares, Inc. Stock Unit Awards.

FIRST MID ILLINOIS BANCSHARES INC ExhibitEX-10.1 2 exhibit101_121917.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AGREEMENT TO ACCELERATE THE VESTING OF THE FIRST MID-ILLINOIS BANCSHARES,…To view the full exhibit click here
About FIRST MID-ILLINOIS BANCSHARES, INC. (NASDAQ:FMBH)
First Mid-Illinois Bancshares, Inc. is a financial holding company. The Company is engaged in the business of banking through its subsidiary, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank). It provides data processing services to affiliates through its subsidiary, Mid-Illinois Data Services, Inc. It offers insurance products and services to customers through its subsidiary, The Checkley Agency, Inc., doing business as, First Mid Insurance Group (First Mid Insurance). It operates in over three primary lines of business: community banking and wealth management through First Mid Bank, and insurance brokerage through First Mid Insurance. Within the community banking line, it serves commercial, retail and agricultural customers with an array of deposit and loan related products. The wealth management line provides estate planning, investment and farm management services. The insurance brokerage line provides commercial lines insurance to businesses, homeowner, health and life.