Management ChangeApr 29, 2026, 05:22 PM

FMBH: Matthew K. Smith Employment Agreement; $425K Base Salary

AI Summary

First Mid Bancshares, Inc. entered into an employment agreement with Matthew K. Smith, effective July 1, 2026, through December 31, 2027, with automatic annual renewals. The agreement provides an annual base salary of $425,000 and eligibility for incentive compensation with a target of 75% of the base salary. It also includes participation in deferred and long-term incentive plans, four weeks of vacation, and various fringe benefits. The agreement outlines termination provisions, including enhanced severance following a change in control, and includes confidentiality, non-compete, and non-solicitation covenants.

Key Highlights

Matthew K. Smith's employment agreement effective July 1, 2026, through December 31, 2027.
Annual base salary set at $425,000.
Target incentive compensation of 75% of annual base salary.
Entitled to four weeks of paid vacation annually.
Receives an auto allowance of $800 per month.
Non-compete and non-solicitation covenants for 12 months post-termination within 50 miles.
Severance for termination without cause includes 12 months of base salary.
Severance after Change in Control includes 24 months of base salary and prior year's incentive.

View SEC Filing

FMBH

Major Banks

FIRST MID BANCSHARES, INC.

Price Impact