EXHIBIT 10.11

DIRECTOR FEE ARRANGEMENTS FOR 2009

 
 

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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when they are no longer active directors.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.

 
 

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