EXHIBIT 10.8
ADDENDUM TO AGREEMENT
---------------------
Horizon Bank, N.A. ("Bank") and ____________ (the "Employee") being
parties to that certain Agreement dated October 7, 1999 (the "Agreement") with
respect the Employee's rights and responsibilities upon a "Change in Control"
(as defined in the Agreement) of the Bank or its parent corporation, Horizon
Bancorp ("Holding Company"), hereby agree to enter into this Addendum as
follows:
1. COMPENSATION UPON CHANGE IN CONTROL. Notwithstanding any
provision in the Agreement to the contrary, at the time of a
Change in Control, the Employee shall have the option to
resign from his position and receive a severance payment equal
to two (2) times the Employee's Base Salary in effect at the
time of the resignation. In the event that the Employee does
not resign, the Employee shall receive a severance payment
upon voluntary or involuntary termination, with or without
cause. The Employee shall receive a severance payment equal to
two (2) times the Employee's Base Salary in effect at the time
the termination occurs.
2. AMENDMENT. In the event of any conflict between the terms of
this Addendum and this Agreement, the terms of this Addendum
shall control and the Agreement shall be deemed to be amended
to the extent necessary to effectuate the purposes of the
Addendum. In all other respects, the Agreement shall be and
remain in full force and effect pursuant to the terms thereof.
3. DEFINITIONS. All defined terms used but not otherwise defined
herein shall have the meanings ascribed to herein the
Agreement.
In witness whereof, the Bank and the Employee have executed this
Addendum as of this 27th day of June, 2000.
BANK: HORIZON BANK, N.A.
By: _________________
Printed:
Title: Chairman
EMPLOYEE:
-------------------------
Printed:
Address:
SCHEDULE IDENTIFYING MATERIAL DETAILS
OF INDIVIDUAL AGREEMENTS
Each of the following individuals entered into an Addendum of Agreement with the
terms specified above: Xxxxx X. Xxxxxx; Xxxxx X. Xxxxxxxxx; and Xxxxxx X.
Xxxxxxx
