AMENDMENT TO AGREEMENT
FOR CONSULTING SERVICES
This Amendment to Agreement for Consulting Services is entered into as of
August 31, 2000, by and between German American Bancorp, a bank holding company
incorporated pursuant to the laws of Indiana ("German American"), and Xxxxxx X.
Xxxxxxx ("Xx. Xxxxxxx").
BACKGROUND
A. German American and Xx. Xxxxxxx previously entered into an Agreement for
Consulting Services ("Agreement"), dated August 21, 1998.
B. The parties now wish to amend the Agreement as provided herein.
Therefore, the Agreement is amended as follows, effective as of August 31,
2000:
AMENDMENT
1. Section III.C is amended to read as follows:
During the Prime Period of the Consulting Period, German American
shall pay Xx. Xxxxxxx Twenty Thousand Two Hundred Fifty Dollars
($20,250.00) per month. During the first two months following the
Prime Period, German American shall make four bi-weekly payments on
September 15, 2000, September 29, 2000, October 13, 2000, and October
27, 2000, of Ten Thousand Two Hundred Three Dollars and Forty Five
Cents ($10,203.45) to Xx. Xxxxxxx, in consideration for his services
for the remainder of the Consulting Period. Should Xx. Xxxxxxx breach
his obligations hereunder for any month following the payment to him
pursuant to the preceding sentence, he shall promptly repay to German
American an amount equal to One Thousand Two Hundred Fifty Dollars
($1,250.00) multiplied by the number of full months remaining in the
Consulting Period following the breach plus one. Payments made to Xx.
Xxxxxxx under the Consulting Agreement shall be subject to withholding
for any taxes that German American, in its reasonable judgment,
believes are required to be withheld.
2. Except as provided above, the original provisions of the Agreement
shall remain in effect.
This Amendment is signed below on behalf of German American Bancorp by its
duly authorized representative and by Xx. Xxxxxxx in his individual capacity,
effective as of the date set out above.
GERMAN AMERICAN BANCORP
By: /s/ Xxxx X. Xxxxxxxxx
-------------------------------------
President and CEO
Attest: /s/ Xxxxxxx X. Xxxxxxxxxx
-------------------------
Secretary
/s/ Xxxxxx X. Xxxxxxx
-------------------------------------
XXXXXX X. XXXXXXX
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