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BUSE > SEC Filings for BUSE > Form 8-K on 27-May-2014All Recent SEC Filings

Show all filings for FIRST BUSEY CORP /NV/



Change in Directors or Principal Officers, Financial Statements and Exhibit

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

(e) Compensatory Arrangements.

Employment Agreement with Robin Elliott

On May 22, 2014, First Busey Corporation (the "Company") and its bank subsidiary, Busey Bank (the "Bank"), entered into an employment agreement (the "Agreement") with Robin Elliott, Executive Vice President and Chief Financial Officer of the Company and the Bank. The Agreement has an initial one-year term, which began February 1, 2014, and automatically extends for additional one-year terms unless either party gives 90 days' prior written notice that the term will not be extended.

The Agreement provides: (i) for an initial annual base salary of $250,000;
(ii) that Mr. Elliott will be eligible to receive performance-based annual incentive bonuses, in accordance with the Company's annual incentive plan, and employee benefits on as favorable a basis as other similarly situated and performing senior executives of the Company; and (iii) for severance benefits in the event of employment termination by the Company other than for cause or by Mr. Elliott for good reason and enhanced severance benefits in the event of either type of termination within 12 months following a change in control of the Company. The Agreement also contains customary restrictive covenants regarding confidentiality, non-competition and non-solicitation of customers and employees of the Company and its affiliates.

A copy of the Agreement is filed as Exhibit 10.1 hereto and is incorporated by reference herein. The foregoing summary of the Agreement is qualified in its entirety by the full text of the Agreement.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Employment Agreement by and among First Busey Corporation, Busey Bank and Robin Elliott, effective February 1, 2014

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