Midwest Banc Holdings 8-K 2008
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): July 1, 2008
MIDWEST BANC HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
501 W. NORTH AVENUE
MELROSE PARK, ILLINOIS 60160
(Address of principal executive offices)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 5.02(b) Departure of Principal Officer
Item 5.02(e) Amendment of Compensation Plan, Contract or Arrangement
On July 8, 2008, Midwest Banc Holdings, Inc. (the Company), reported that it had eliminated the position of Chief Administrative Officer, terminated the employment of Daniel R. Kadolph, who was serving as an Executive Vice President and as the Chief Administrative Officer, and was negotiating the terms of Mr. Kadolphs severance.
On August 6, 2008, the Company and Mr. Kadolph reached an agreement on his severance which provides, among other things, that (1) he will receive 39 weeks of severance for a total of $139,577, plus an additional 13 weeks of severance if he has not found employment at the end of the 39 week period; (2) the Company will pay his monthly COBRA premiums during the severance period; (3) he is fully vested in his early termination benefit under his Supplemental Executive Retirement Plan; (4) he will be paid the fair market value (as of July 7, 2008) of his 7,001 unvested shares of restricted stock; and (5) the Company will pay for tax planning and executive outplacement services for him of up to $17,500 and will transfer title to him of his Company car.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 7, 2008