Item 1.01 Entry into a Material Definitive Agreement Executive Officer Base Compensation The Compensation Committee of the Board of Directors (the "Compensation Committee") of First Midwest Bancorp, Inc. (the "Company"), determined the 2006 base salary for the Chief Executive Officer to be $643,000. This officer is also eligible to receive certain benefits and to participate in the Company's employee benefit plans applicable to executive officers, including the Company's Savings and Profit Sharing Plan, Short-Term Incentive Compensation Plan, the Omnibus Stock and Incentive Plan, Nonqualified Retirement Plan and Pension Plan in accordance with the terms and conditions of such plans. This officer is also party to an Indemnification Agreement and Employment Agreement that, among other things, entitle him to payments upon severance or upon a change-in-control. Short-Term Incentive Compensation Plan The Compensation Committee, taking into consideration the Company's performance as compared to key business goals for 2005, such as earnings results and credit quality as well as the attainment of individual performance goals, also approved bonus payments related to 2005 under the Company's Short Term Incentive Compensation Plan to be paid in February 2006 for the following named executive officers: Mr. John M. O'Meara, President and Chief Executive Officer, $480,801; Mr. Thomas J. Schwartz, Group President Commercial Banking, $193,005; Mr. Michael L. Scudder, Executive Vice President and Chief Financial Officer, $176,482; Mr. Steven H. Shapiro, Executive Vice President and Corporate Secretary, $113,176; and Mr. Mark M. Dietrich, Executive Vice President and Chief Operations Officer, $119,845. |
