EXHIBIT 10.2 DIRECTOR FEE ARRANGEMENTS FOR 2008

Director Fee Arrangements for 2008

 

Each director of MutualFirst Financial, Inc. (the “Company”) also is a director of Mutual Federal Savings Bank (the “Bank”). For 2008, each non-employee director receives an annual fee of $27,750 for serving on the Bank’s Board of Directors. In addition to this annual fee, Wilbur R. Davis receives a $6,000 annual fee for serving as Chairman of the Board of Directors of the Bank, Linn Crull receives a $5,000 annual fee for serving as Chairman of the Audit Committee and Jerry McVicker receives a $3,000 annual fee for serving as Chairman of the Compensation Committee. Directors are not compensated for their service on the Company’s Board of Directors. 

 

The Bank maintains deferred compensation arrangements with some directors which allows them to defer all or a portion of their Board fees and receive income when they are no longer active directors. Deferred amounts earn interest at the rate of 10 percent per year.