2005 Director Fee Arrangements for MutualFirst Financial, Inc. and Mutual Federal Savings Bank
This document outlines the 2005 compensation for non-employee directors of MutualFirst Financial, Inc. and its subsidiary, Mutual Federal Savings Bank. Non-employee directors receive an annual fee of $25,200 for serving on the Bank's Board, with an additional $5,000 for the Chairman. Directors are not paid for serving on the Company's Board. Some directors may defer their fees, earning 10% annual interest, to be paid after their board service ends.
Exhibit 10.2
Director Fee Arrangements for 2005
Each director of MutualFirst Financial, Inc. (the "Company") also is a director of Mutual Federal Savings Bank (the "Bank"). For 2005, as for 2004, each non-employee director receives an annual fee of $25,200 for serving on the Bank's Board of Directors. In addition to this annual fee, Wilbur R. Davis receives a $5,000 annual fee for serving as Chairman of the Board of Directors of the Bank. 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with some directors which allows them to defer all or a portion of their Board fees and receive income when they are no longer active directors.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.
