MidWestOne Financial Group, Inc. (NASDAQ:MOFG) 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.

On October 18, 2017, MidWestOne Financial Group, Inc. (the “Company”) entered into new employment agreements, effective October 18, 2017 (the "New Agreements"), with each of Charles N. Funk, the Company's President and Chief Executive Officer, Kevin Kramer, the Company's Chief Operating Officer, Kent L. Jehle, the Company's Executive Vice President and Chief Credit Officer, Katie Lorenson, the Company's Senior Vice President and Chief Financial Officer, and James M. Cantrell, the Company's Vice President , Chief Investment Officer and Treasurer. The terms of the new agreements are substantially similar to those of the following agreements between the Company and each of : (i) Mr. Funk, dated January 1, 2013, and filed as an Exhibit to the Company's Current Report on Form 8-K/A on March 12, 2013; (ii) Mr. Kramer, dated October 14, 2016, and filed as an Exhibit to the Company's Current Report on Form 8-K on October 4, 2016; (iii) Mr. Jehle, dated January 1, 2013, and filed as an Exhibit to the Company's Current Report on Form 8-K/A on March 12, 2013; (iv) Ms. Lorenson, dated February 1, 2016, and filed as an Exhibit to the Company's Current Report on Form 8-K on February 2, 2016; and (v) Mr. Cantrell, dated January 1, 2015, and filed as an Exhibit to the Company's Current Report on Form 8-K on February 9, 2015, with the following exceptions: (i) Section 7a (ii and iii) of the New Agreements and Section 5 of the Release & Waiver of Claims (Exhibit A) to the New Agreements reflect language pertaining to the Whistleblower Protection Act and Trade Secret Act. These additions specifically address an executive’s continued rights during employment and at the time of signing a Release and Waiver of Claims in exchange for severance benefits; (ii) Section 7 (c) of the New Agreements now provides that the mile radius for the executive’s non-competition restricted area is 50 miles, (as applicable), and; (iii) other formatting-related alignments have been made throughout the New Agreements which do not materially impact the terms thereof (i.e. the reference to an executive’s annual bonus opportunity in Section 3 (b) of the agreement was updated and reworded for clarity). The New Agreements provide for compensation consistent with the current provisions of the current employment agreements, including increased minimum annual base salaries of $422,000 for Mr. Funk, $320,000 for Mr. Kramer, $275,000 for Mr. Jehle, $215,000 for Ms. Lorenson, and $214,200 for Mr. Cantrell, minimum annual target incentive award opportunities and certain employee and fringe benefits.

The foregoing description of the New Agreements between the Company and each of Messrs. Funk, Kramer, Jehle and Cantrell and Ms. Lorenson is qualified in its entirety by the text of each New Agreement, attached hereto as Exhibits 10.1 – 10.5.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed herewith:

MidWestOne Financial Group, Inc. Exhibit
EX-10.1 2 exhibit101funk.htm EXHIBIT 10.1 Exhibit Exhibit 10.1MIDWESTONE FINANCIAL GROUP,…
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About MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

MidWestOne Financial Group, Inc. is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc. MidWestOne Bank and Central Bank provide service retail banking in the communities in which their respective branch offices are located. Its deposit products include checking and other demand deposit accounts, negotiable order of withdrawal accounts, savings accounts, certificates of deposit, individual retirement accounts, non-interest-bearing demand deposits and money market accounts. MidWestOne Bank and Central Bank offer commercial and industrial, agricultural, real estate mortgage and consumer loans. Other products and services include debit cards, automated teller machines, online banking, mobile banking and safe deposit boxes. The principal service consists of making loans to and accepting deposits from individuals, businesses, governmental units and institutional customers.