2009 Director Fee Arrangements for MutualFirst Financial, Inc. and MutualBank
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Summary
This document outlines the 2009 compensation for non-employee directors of MutualFirst Financial, Inc. and its subsidiary, MutualBank. Each non-employee director receives an annual fee of $27,750 for serving on the Bank’s Board. Additional annual fees are paid to directors who chair specific committees. Directors are not paid for serving on the parent company’s board. Some directors may defer their fees, earning 10% interest, to be paid after their board service ends.
EX-10.11 4 v143465_ex10-11.htm
EXHIBIT 10.11
DIRECTOR FEE ARRANGEMENTS FOR 2009
Exhibit 10.11
Director Fee Arrangements for 2009
Each director of MutualFirst Financial, Inc. (the “Company”) also is a director of MutualBank (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, Jerry McVicker receives a $3,000 annual fee for serving as Chairman of the Compensation Committee and Jon Kintner receives $3,000 annual fee for serving as Chairman of the Trust Management 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with some directors which allows them to defer all or a portion of their Board fees and receive income when they are no longer active directors.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.
