2018 Director Fee Arrangements for MutualFirst Financial, Inc. and MutualBank
This document outlines the compensation structure for non-employee directors of MutualFirst Financial, Inc. and its subsidiary, MutualBank, for 2018. Non-employee directors received an annual fee of $34,000 for serving on MutualBank’s Board, plus additional fees for attending committee meetings and for serving as committee chairpersons. Some directors also participated in deferred compensation plans, allowing them to defer board fees and earn interest on those amounts. Directors did not receive compensation for serving on the parent company’s board.
Exhibit 10.16
Director Fee Arrangements in 2018
Each director of MutualFirst Financial, Inc. (the “Company”) also is a director of MutualBank. In 2018, each non-employee director received an annual fee of $34,000 for serving on MutualBank’s Board of Directors as well as a Board meeting fee of $400 per Audit Committee meeting attended and $200 for all other committee meetings attended. In addition to this annual fee, Wilbur R. Davis received a $10,000 annual fee for serving as Chairman of the Board of Directors, Linn Crull received a $5,000 annual fee for serving as Chairman of the Audit Committee, Richard Lashley and Jerry McVicker received a percentage of a $3,000 annual fee for serving as Chairman of the Compensation Committee for a nine month and three month period, respectively, and William Hughes received a $3,000 annual fee for serving as Chairman of the Wealth Management Committee. Directors are not compensated for their service on the Company’s Board of Directors.
MutualBank maintains deferred compensation arrangements with some directors that previously allowed them to defer all or a portion of their Board fees in order to receive income when they are no longer active directors. Previously deferred amounts earn interest at the rate of 10 percent per year.
