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INBK > SEC Filings for INBK > Form 8-K on 2-Aug-2013All Recent SEC Filings

Show all filings for FIRST INTERNET BANCORP



Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 29, 2013, the Compensation Committee of the Board of Directors of First Internet Bancorp (the "Company") terminated the Supplemental Executive Retirement Agreements that its subsidiary, First Internet Bank of Indiana (the "Bank"), had entered into with David B. Becker, the Company's Chairman of the Board and Chief Executive Officer, and three other senior executives. The Bank entered into these agreements with Mr. Becker and two of the other executives in 2005 and with the third executive in 2008.The terminated agreements are the only supplemental executive retirement arrangements that the Company or the Bank has with any of their executives.

As a result of the termination, Mr. Becker is eligible to receive his current accrued benefit of $519,950 and the other three executives are eligible to receive their aggregate current accrued benefit of $199,223. The termination of these agreements will not have an impact on the Company's results of operations because the accrued amounts have been fully expensed as of July 31, 2013 and no further accruals will occur thereafter.

In compliance with Section 409A of the Internal Revenue Code, the accrued benefits will be paid to the executives on August 1, 2014, subject to the executive's execution of a release in form satisfactory to the Company, releasing the Bank and its affiliates from further liability with respect to his or her agreement.

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