Document:

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                                                                   EXHIBIT 10.24

     THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT
             ARE TO BE REGISTERED UNDER THE SECURITIES ACT OF 1933.
                                     [    ]

                             STOCK OPTION AGREEMENT

         THIS STOCK OPTION AGREEMENT ("Agreement") is made as of [    ] ("Grant
Date"), between Smithway Motor Xpress Corp., a Nevada corporation (the
"Company"), and [    ], a key employee of one of the Company's operating
subsidiaries (the "Optionee").

                                   BACKGROUND

         The Company has determined that to attract and retain the best
available personnel for positions of substantial responsibility and to provide
successful management of the Company's business in a manner consistent with the
interests of all stockholders, it should offer a compensation package that
provides key employees being recruited to the Company a chance to participate
financially in the success of the Company by developing an equity interest in
it. To accomplish the foregoing, the Company adopted its New Employee Incentive
Stock Plan (the "Plan") pursuant to resolutions of the Board of Directors dated
August 6, 2001. The Board of Directors has forwarded adoption of the Plan to the
Company's stockholders for approval at the Company's next annual meeting. By
this Agreement, the Company and the Optionee desire to establish the terms upon
which the Company is willing to grant to the Optionee, and upon which the
Optionee is willing to accept from the Company, an option to purchase shares of
Class A Common Stock of the Company ("Common Stock"). Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed in the
Plan.

                                   AGREEMENTS

        1. Grant of Stock Option. Subject to the terms and conditions herein and
in the Plan, the Company grants to the Optionee the right and option (the
"Option") to purchase from the Company all or any part of an aggregate [    ]
shares of Common Stock, authorized but unissued or, at the option of the
Company, treasury stock if available (the "Option Shares"). To the extent
allowable, the grant of Option Shares is intended to qualify as an incentive
stock option, as such term is defined under Section 422 of the Internal Revenue
Code of 1986, as amended. The exercise price for the Option Shares shall be
[    ] per share (the "Purchase Price"), the closing price of the Common Stock
on [    ].

        2. Exercise of Option. Subject to the terms and conditions of this
Agreement and the Plan, the Option may be exercised only by completing and
signing a written notice in substantially the following form:

                  I hereby exercise [all/part of] the Option granted to me by
                  Smithway Motor Xpress Corp. on [    ], and elect to purchase
                  _____________________ shares of the Company's Class A Common
                  Stock for [    ] per share, representing the Fair Market Value
                  on the date of grant.

        3. Payment of Purchase Price. Payment of the Purchase Price may be made
as follows:

           a. In United States dollars in cash or by check, bank draft, or money
        order payable to the Company;

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           b. At the sole discretion of the Board, through the delivery of
        shares of Common Stock with an aggregate Fair Market Value at the date
        of such delivery equal to the Purchase Price;

           c. At the sole discretion of the Board, through the surrender of part
        of the Option or other exercisable options having a difference between
        (i) the exercise price of such surrendered Options and (ii) the Fair
        Market Value of the Common Stock equal to the Purchase Price.

           d. At the sole discretion of the Board, in any combination of a., b.,
        and c. above.

The Board in its sole discretion shall determine acceptable methods for
surrendering Common Stock or options as payment upon exercise of the Option and
may impose such limitations and conditions on the use of Common Stock or options
to exercise the Option as it deems appropriate. Among other factors, the Board
shall consider the restrictions of Rule 16b-3 under the Securities Exchange Act
of 1934 or any successor rule.

        4. Vesting. Subject to the provisions of Paragraphs 5, 7, and 8, the
Option shall vest and become exercisable in whole or in part from time to time,
but only in accordance with the following schedule:
<TABLE>
<CAPTION>

-------------------------------- -----------------------------------------------
                                    Number of Shares Subject to Options as to
     Date                                  which Option may be Exercised
-------------------------------- -----------------------------------------------
<S>                              <C>

-------------------------------- -----------------------------------------------

-------------------------------- -----------------------------------------------

-------------------------------- -----------------------------------------------

-------------------------------- -----------------------------------------------

-------------------------------- -----------------------------------------------

</TABLE>

No vesting shall occur in the event of termination of Optionee's status as an
employee of the Company or if the Option has otherwise terminated under this
Agreement prior to such date.

        5. Termination of Option. The Option, to the extent not already
exercised, shall terminate upon the first to occur of the following dates:

           a. The date on which the Optionee's employment by the Company is
        terminated, provided, that if such termination (i) is voluntary, or (ii)
        occurs due to (x) retirement with the consent of the Board, (y) death,
        or (z) disability (which for all ISOs shall have the meanings ascribed
        in Section 22(e) of the Code) the Option shall terminate as set forth in
        Paragraphs c., d., and e., respectively.

           b. Immediately upon the occurrence of any Triggering Event (as
        defined in Paragraph 13 below);

           c. Thirty (30) days after voluntary termination;

           d. Three (3) years after termination due to retirement with the
        consent of the Board or disability (provided, that Optionee recognizes
        that he or she may not receive ISO tax treatment as to any part of the
        Option exercised more than twelve (12) months after termination of
        employment due to disability or three (3) months after termination due
        to retirement);

           e. Twelve (12) months after the Optionee's death; or

           f. Notwithstanding any other provision herein, on October 2013 (being
        the expiration of a term equal to ten (10) years from the Grant Date).

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        6. Adjustments. In the event of any stock split, reverse stock split,
stock dividend, business combination, reclassification, or similar event, the
number of Optioned Shares (including any Option outstanding after termination of
employment or death) and the Purchase Price per share shall be proportionately
and appropriately adjusted without any change in the aggregate Purchase Price to
be paid therefor upon exercise of the Option. The determination by the Board as
to the terms of any of the foregoing adjustments shall be conclusive and
binding.

        7. Dissolution or Liquidation. In the event of a proposed dissolution or
liquidation of the Company, the Option will terminate immediately prior to the
consummation of such proposed action, unless otherwise provided by the Board.

        8. Acquisition. If (i) there is a sale of all or substantially all of
the assets of the Company; (ii) there is any merger, consolidation,
recapitalization, reorganization, or other similar transaction or series of
transactions, whether or not the Company is the surviving corporation, in which
William G. and Marlys L. Smith (the "Smiths") together beneficially own shares
having the power to cast less than twenty percent (20%) of the votes entitled to
be cast at meetings of stockholders; or (iii) as a result of any sale of stock,
tender offer, or other transaction or series of transactions any person,
corporation or other entity or group thereof other than the Smiths (the
"Acquiror"), acquires the beneficial ownership of shares of the Company's stock
which, when added to any other shares, the beneficial ownership of which is held
by the Acquiror, shall have more than fifty percent (50%) of the votes that are
entitled to be cast at meetings of stockholders (the events described in (i),
(ii), and (iii) being referred to as an "Acquisition"), any portion of the
Option that was not currently exercisable prior to the date of the Acquisition
shall become fully vested and immediately exercisable on the date of
consummation of the Acquisition. In the event of any Acquisition where the
Company is not the surviving corporation, the unexercised portion of Option
shall be assumed, or an equivalent option shall be substituted, by the successor
corporation. For the purposes of this Agreement, the term "beneficial ownership"
and derivations thereof shall have the meaning defined in Section 13(d)(1) of
the Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder.

        9. Notices. Any notice to be given under the terms of the Agreement
("Notice") shall be addressed to the Company in care of its Chief Executive
Officer at 2031 Quail Avenue, Fort Dodge, Iowa 50501, or at its then current
corporate headquarters. Notice to be given to the Optionee shall be addressed to
him or her by hand delivery or at his or her then current residential address as
appearing on the payroll records. Notice shall be deemed duly given when
enclosed in a properly sealed envelope and deposited by certified mail, return
receipt requested, in a post office or branch post office regularly maintained
by the United States Government.

       10. Transferability of Option. The Option shall not be transferable by
the Optionee, except with Board approval and otherwise in accordance with
applicable provisions of the Internal Revenue Code and SEC rules and
regulations, and may be exercised during the life of the Optionee only by the
Optionee or such approved transferee.

        11. Optionee Not a Stockholder. The Optionee shall not be deemed for any
purposes to be a stockholder of the Company with respect to any of the Option
Shares except to the extent that the Option has been exercised, payment made,
and a stock certificate issued.

        12. Disputes or Disagreements. The Optionee agrees, for himself and his
personal representatives, that any disputes or disagreements which arise under
or as a result of this Agreement shall be determined by the Board in its sole
discretion, and that any interpretation by the Board of the terms of this
Agreement shall be final, binding, and conclusive.

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        13. Right to Repurchase. The Board may repurchase the Option Shares for
the Purchase Price if a Triggering Event, as defined below, occurs any time
within five years after the Option for such Option Shares was exercised by
Optionee. The Company shall exercise its rights hereunder by written
notification to the Optionee to be given within 180 days after the Board becomes
aware of the Triggering Event. A "Triggering Event" shall mean:

           a. Optionee voluntarily terminates employment with the Company or if
        Optionee's employment is involuntarily terminated for nonperformance of
        duties and if Optionee subsequently becomes, directly or indirectly, a
        sole proprietor, partner, stockholder, officer, director, employee,
        member, manager, independent contractor, or consultant of or to any
        business which is related to the contract or common carriage of goods;
        or

           b. Optionee's employment is involuntarily terminated for (or
        voluntarily terminates because of) gross misconduct, fraud,
        embezzlement, theft, or breach of any fiduciary duty to the Company.

         14. Refund of Benefit. Unless approved in writing by the Board, if a
Triggering Event occurs and Optionee has already disposed of all or some of the
Option Shares, the Board may demand, and Optionee shall pay to the Company, the
difference between the Purchase Price and the Fair Market Value of the Option
Shares on the date of exercise.

         15. Withholding. The Optionee acknowledges that under certain
circumstances, including but not limited to a "disqualifying disposition" of an
ISO under Section 422(a)(i) of the Code, Optionee may recognize ordinary income
which, for tax purposes, is considered payment of wages for services. As a
result, the Company may have certain tax withholding and reporting obligations.
The Company shall not be obligated to issue any stock certificate upon the
exercise of the right to purchase, or the transfer of, Option Shares until the
Optionee has delivered sufficient funds to cover all income, FICA, FUTA, and
other applicable tax withholding. Optionee shall notify the Company of any
disqualifying disposition of Option Shares (currently, any disposition within
two (2) years of the Grant Date or one year of the exercise date) and take all
actions necessary for the Company to obtain a tax deduction if compensation
income is deemed to result from any exercise or disposition. Optionee shall
indemnify and hold the Company harmless against any loss it may experience as a
result of Optionee's failure to comply with this paragraph. At the Board's sole
discretion, to satisfy the Company's withholding obligations, the Company may
retain such number of shares of Common Stock subject to the exercised Option
which have an aggregate Fair Market Value (as defined in the Plan) on the date
of exercise equal to the Company's aggregate federal, state, local, and foreign
tax withholding obligations as a result of the exercise of the Option by
Optionee.

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed by its duly authorized officer, and the Optionee has hereunto affixed
his or her signature.

Smithway Motor Xpress Corp.,
a Nevada corporation

By:
   -----------------------------------    --------------------------------------
                                          "OPTIONEE", NAME

                                       4<PAGE>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

      This Agreement, duly made and entered into this 30th day of September,
2004, by and between the Bank of Evansville, an Indiana banking organization
(hereinafter referred to as the "Company") and Thomas L. Austerman (hereinafter
referred to as the "Employee").

                                WITNESSETH, THAT:

      For and in consideration of the mutual promises, covenants and agreements
herein contained and agreed to be kept and performed by the parties hereto, the
parties hereto do hereby mutually agree and understand as follows:

      1. Employment. The Company hereby employs the Employee and the Employee
hereby accepts employment upon the terms and conditions hereinafter set forth.

      2. Term. Subject to the provisions for termination as hereinafter
provided, the term of this Agreement shall be for a period commencing upon
October 1, 2004, and terminating on August 31, 2009, both dates inclusive. The
period until June 1, 2006 of the term of this Agreement shall be referred to as
the "Initial Term". The remainder of the term of this Agreement shall be
referred to as the "Advisory Term".

      3. Duties.

      (a)   Initial Term. During the Initial Term, the Employee is engaged as
            the Chief Executive Officer of the Company, and his duties shall
            include, but not be limited to the following:

            (i)   Directing the day to day activities of the Company in
                  accordance with the policies and objectives established by the
                  Board of Directors of the Company;

            (ii)  Developing policies and an organization for the Company which
                  will insure that full advantage is taken of the long range
                  potential of the Company;

            (iii) Development of business and loan opportunities for the
                  Company;

            (iv)  Performing all things reasonably necessary or desirable to
                  promote the business of the Company, and performing such other
                  duties as the Board of Directors of the Company may prescribe;
                  and

            (v)   Performing all of the duties contained in (i) through (iv)
                  above in his capacity as the President of American Community
                  Bancorp, Inc., an Indiana corporation (hereinafter referred to
                  as the "Parent").

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      (b)   Advisory Term. During the Advisory Term, the Employee is engaged as
            a consultant and advisor of the Company (and is not to be an officer
            of the Company or the Parent) and his duties shall include but not
            be limited to the following:

            (i)   Promoting the public and investment community viewpoint and
                  perspective of the Company and the Parent;

            (ii)  Advising the Board of Directors of the Company and the Parent
                  regarding the activities of the Company and/or the Parent;

            (iii) Providing services to the Company and/or the Parent as
                  requested by the Company not less than ten (10) days per
                  calendar month and one thousand (1000) hours per calendar year
                  (or part thereof on a prorated basis); and

            (iv)  Reporting regularly to the Board of Directors of the Company
                  and the Parent.

            During the Advisory Term, Employee shall have no day-to-day
            administrative or management duties or responsibilities, except as
            specifically requested by the Board of Directors.

      (c)   General Employment Duties. The Employee agrees to perform his
            services honestly and conscientiously and to conduct himself in a
            manner which will enhance the reputation, goodwill, and business of
            the Company and the Parent. The Employee further agrees not to
            conduct himself in such a manner as will operate adversely on the
            reputation and goodwill of the Company or the Parent. The Employee,
            if elected by the stockholders of the Company and/or Parent, shall
            serve as a member of the Board of Directors of the Company and/or
            the Parent, as applicable, at no additional compensation to that
            expressly provided for herein.

      4. Extent of Services. During the Initial Term the Employee shall devote
his entire time, and energies to the business of the Company as provided herein,
and shall not during the term of this Agreement be engaged in any other business
activity whether or not such business activity is pursued for gain, profit, or
other pecuniary advantage without the written consent of the Board of Directors;
provided, however, that nothing herein contained shall be construed as
preventing the Employee from investing his assets in such form or manner as will
not require any services on the part of the Employee in the operation of the
affairs of the entities in which such investments are made so long as such
investments are not in entities with businesses similar to the type of business
conducted by the Company.

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<PAGE>

      5. Compensation. As the entire compensation for all services rendered by
the Employee hereunder, the Employee shall be paid the following:

      (a)   During the Initial Term of this Agreement, Employee shall be paid or
            receive a base salary at the rate of One Hundred Fifty-Seven
            Thousand Five Hundred Dollars ($157,500) per annum (the "Base
            Salary"), payable in equal installments corresponding with the
            normal salaried payroll dates of the Company.

      (b)   During the Advisory Term of this Agreement, Employee's Base Salary
            shall be reduced and paid at the rate of Seventy-Eight Thousand
            Seven Hundred Fifty Dollars ($78,750) per annum, payable in equal
            installments corresponding with the normal salaried payroll dates of
            the Company.

      (c)   During each calendar year of the term of this Agreement (commencing
            with 2004), the Company or the Parent, as appropriate, shall grant
            to the Employee an option to purchase not less than five thousand
            (5,000) shares of the stock of the Parent, with a strike price equal
            to the fair market value on the date of the grant of the respective
            option and in accordance with the applicable employee stock option
            plan. The options to be granted pursuant to this paragraph shall not
            be granted until December 31 of each applicable calendar year
            beginning with December 31, 2004. In the event Employee's employment
            pursuant to the terms of this Agreement terminates for any reason
            prior to December 31 of any applicable calendar year, then Employee
            shall not receive a grant of any stock options for that particular
            calendar year or any subsequent calendar year. All of Employee's
            rights to receive grants of stock options shall terminate
            immediately upon termination of employment with the Company.

      (d)   During the Initial Terms and the Advisory Term, Employee may be paid
            such additional bonuses and other compensation as shall be
            determined in the sole discretion of the Board of Directors of the
            Company.

      6. Expenses and Benefits. The Company shall pay and provide Employee with
the following additional benefits:

      (a)   The Company shall pay and provide Employee with individual health
            insurance;

      (b)   The Company shall own or lease a vehicle for Employee's business
            usage not exceeding twenty thousand (20,000) miles per year
            (commencing on September 1, 2004). The Company shall pay and provide
            gasoline for the business usage of the employee. Employee shall
            timely report to the Company on not less often than a monthly basis
            the personal vehicle usage for such vehicle obtained by the
            Employee, which shall be reimbursed or paid to the Company on not
            less than an annual basis at the then current standard mileage rate
            amount approved by the

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            Department of Treasury, Internal Revenue Service, for reimbursement.
            Employee shall obtain and maintain liability insurance coverage and
            shall name the Company as an additional insured party.

      (c)   The Company shall provide Employee with a social membership at
            Rolling Hills Country Club or Evansville County Club or a membership
            at the Evansville Kennel Club and shall pay or reimburse Employee
            for dues and business usage expenses.

      (d)   The Company shall reimburse Employee, in accordance with policies
            adopted by the Board of Directors from time to time with respect to
            its officer employees generally, for all reasonable expenses
            incurred by him in connection with promoting the business of the
            Company, including expenses for entertainment, travel, and similar
            items, upon presentation by the Employee of itemized accounts of
            such expenditures, supported by receipts and vouchers, and upon
            approval of such expenditures by the Board of Directors of the
            Company;

      (e)   The Employee shall receive such other benefits and perquisites which
            are designated by the Board of Directors of the Company from time to
            time for its salaried employees generally and which are applicable
            to its executive officers, including specifically, but not limited
            to, disability insurance and 401k Plan contributions;

      7. Vacations. The Employee shall be entitled each year during the Initial
Term of this Agreement to a vacation of three (3) calendar weeks during which
time his compensation shall be paid in full. The time or times of such vacation
shall be as mutually agreed upon between the Employee and the Company. Unused
days of vacation may not, however, carry over from one year to another, and
Employee shall not be entitled to receive additional compensation from the
Company on the account of any failure by the Employee to take the vacation
provided for hereunder. The Employee shall not be entitled to any paid vacation
after the Initial Term.

      8. Life Insurance. The Company shall have the right to obtain life
insurance on the life of the Employee with a death benefit and beneficiary as
designated by the Company. Employee shall cooperate with the Company, life
insurance agents and underwriters and their respective employees and agents.

      9. Litigation and Controversies. In the event that the Company and/or
Parent is involved in any claim, action, suit or proceeding, whether actual or
threatened, and whether civil, criminal, administrative, investigative or in
connection with an appeal relating thereto (except a claim, action, suit or
proceeding between Employee and Company and/or Parent), the Employee shall in
all reasonable respects cooperate fully with the Company and/or Parent, both
during and after the expiration of the term of this Agreement, and the Company
and/or Parent shall bear all costs and expenses incurred in connection
therewith. The Board of Directors, within its sole discretion, may determine
whether or not any litigation or dispute shall be prosecuted, defended,
compromised or

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settled, and the terms and conditions of any compromise or settlement, and
whether or not legal expenses, including attorney's fees, shall be incurred.

      10. Termination. Notwithstanding anything contained herein to the
contrary, the Company, in Company's sole discretion, may elect to terminate this
Agreement and the Employee's employment hereunder upon the occurrence of any of
the following events:

      (a)   Without cause, by the Company by the giving of thirty (30) days
            prior written notice to the Employee;

      (b)   By mutual agreement in writing between the Company and the Employee;

      (c)   Upon the death of the Employee;

      (d)   Upon written notice to Employee by Company, if Employee has failed
            to render the services to be provided hereunder for a period
            aggregating ninety (90) work days in any calendar year for reasons
            including, but not limited to, illness, physical or mental
            disability of Employee, or other incapacity of Employee; provided,
            however, that the Company shall not take any action, and this
            subparagraph shall not be deemed to authorize the Company to take
            any action, that would be violative of the Americans with
            Disabilities Act of 1990, as subsequently amended, and any other
            applicable federal, state, and local laws, regulations, and
            ordinances;

      (e)   With cause, and upon written notice thereof at any time by the
            Company, for (i) substantial violations of the Company's internal
            policies, rules or regulations; (ii) actions reasonably expected to
            have an adverse effect on the business of the Company or damage the
            Company reputation; (iii) breach of Employee's common law duty of
            loyalty to the Company; (iv) reporting to work in an impaired
            condition; (v) drug or substance abuse by Employee; (vi) engaging in
            any act of discrimination or sexual harassment (vii) personal
            dishonesty; (viii) gross incompetence; (ix) willful misconduct; (x)
            breach of fiduciary duty involving personal profit; (xi) intentional
            failure to perform stated duties; (xii) willful violation of any
            law, rule or regulation (other than traffic infractions or similar
            minor offenses) or cease and desist order; or (xiii) material breach
            of any provision of this Agreement;

      (f)   Upon the voluntary or involuntary dissolution of the Company,
            adjudication of bankruptcy of the Company, the appointment of
            receiver or trustee for all or a substantial portion of the assets
            of the Company, or an assignment by the Company of all or a
            substantial portion of its assets for the benefit of creditors;

      (g)   Notice is received by the Company stating that (i) the Board of
            Governors of the Federal Reserve System (the "FRS"), or the Indiana
            Department of

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<PAGE>

            Financial Institutions (the "IDF"), as applicable, has entered into
            an agreement with the Federal Deposit Insurance Corporation to
            provide assistance to or on behalf of the Company under the
            authority contained in Section 13(c) of the Federal Deposit
            Insurance Act; or (ii) the FRS, or the Indiana Department of
            Financial Institutions (the "IDF"), as applicable, or its designee
            anticipates taking possession and closing the Company for purposes
            of liquidation.

      Upon request by the Company, Employee agrees to assist with the orderly
transition of Employee's position and duties to another employee upon
termination of this Agreement. With respect to payments to be made upon and
after termination of this Agreement, the parties agree that should this
Agreement be terminated by reason of the occurrence of paragraph 10 (a) of this
Agreement, Employee shall continue to receive through the remainder of the five
(5) year term of this Agreement, (i) the Base Salary as set forth in section
5(a) or 5(b) hereof, as applicable, (ii) an allowance of Five Hundred Dollars
($500) per month for vehicle expenses, and (iii) health insurance reimbursement
or payment comparable to the coverage previously provided to the Employee by the
Company, but no other compensation or benefits shall be due or payable. Should
this Agreement be terminated by reason of the occurrence of any of the matters
referred to in section 10(b), 10(c), 10(d), 10(e), 10(f) or 10(g) of this
Agreement, then Employee's Base salary shall be pro-rated and paid to the
effective date of such termination but no other compensation or benefits shall
be due or payable to Employee.

      11. Trade Secrets. Employee recognizes and acknowledges that, as a result
of his employment with the Company, he has access to certain trade secrets of
the Company and the Parent, including specifically, but not limited to, methods,
and procedures utilized by Company and Parent, practices and procedures utilized
by Company and Parent in managing and operating their business, names and
address of customers, customer accounts and all other information contained in
the files and records of the Company and the Parent, all of which information is
the property of the Company and Parent and is confidential information and are
trade secrets of the Company and Parent. All such information shall be treated
as confidential information and trade secrets by Employee and used by Employee
only under and pursuant to his employment with the Company under this Agreement.
If Employee's employment is terminated for any reason (whether with or without
cause or whether by Company or Employee), Employee shall immediately return to
Company and Parent all property, and all other material information, documents
and things in Employee's possession or control which relate in any way to the
business, operations, affairs or customers of the Company and Parent, without
retaining any copy or summary thereof, all of which are and shall continue to be
the sole and exclusive property of the Company and Parent. Employee agrees that
he will not, during or after the term of his employment, or after the
termination of this Agreement for any reason, disclose said confidential
information and trade secrets to any person, firm, corporation, or other entity
for any reason or purpose whatsoever, or use the same in any other business
whatsoever. In the event of violation or threatened violation of this provision
by Employee, the Company may, in addition to any other remedies provided by law,
obtain specific enforcement of this provision by means of an ex parte

                                       6
<PAGE>

court order enjoining and restraining Employee from committing or continuing to
commit any such violation. Further, in the event of such breach or threatened
breach, Employee promises and agrees to reimburse the Company for all costs,
expenses and attorneys' fees incurred in the enforcement of its rights
hereunder. Nothing herein contained shall be construed as prohibiting the
Company from pursuing any other remedies available to it for such breach or
threat of breach, including the recovery of damages from Employee.

      12. Restrictive Covenant. During the term of Employee's employment
pursuant to this Agreement, and any subsequent period of time during which the
Employee is receiving compensation from the Company, and for a period of one (1)
year thereafter, Employee shall not, directly or indirectly:

      (a)   Solicit, take away, hire, employ or endeavor to employ, any person
            who is then an employee or independent contractor of the Company or
            Parent or who was an employee or independent contractor of the
            Company or Parent during the term of this Agreement; or

      (b)   Initiate solicitation in any manner (for the purpose of diverting
            business or customers of the Bank), seek to obtain or service, or
            accept any business which is similar to and competitive with the
            business of the Company from any party which is a customer of
            Company at the time of Employee's termination of employment. For
            purposes of this restriction, the term "customer" shall mean a
            person or entity who is a customer of the Company at the time of
            Employee's termination of employment or with whom the Employee had
            direct contact on behalf of the Company at any time during the
            period of Employee's employment with the Company; or

      (c)   Initiate solicitation in any manner (for the purpose of diverting
            business or customers of the Bank), seek to obtain or service, or
            accept any business which is similar to and competitive with the
            business of the Company from any party which is a prospective
            customer of Company at the time of Employee's termination of
            employment. For purposes of this restriction, the term "prospective
            customer" shall mean a person or entity who was the direct target of
            sales or marketing activity by the Employee or whom the Employee
            knew was a target of the Company during the one (1) year period
            preceding the Employee's termination of employment, or in the event
            Employee has been employed by the Company less than one (1) year at
            the time of termination, during the period of Employee's employment
            with the Company; or

      (d)   Divert, request, suggest or advise any customers or suppliers of
            Company to terminate, reduce, limit or change their business or
            relationship with Company; or

      (e)   Lend money, guarantee loans, make gifts of money or other property,
            or otherwise lend financial or other assistance in any form to any
            person,

                                       7
<PAGE>

            firm, association, partnership, venture, corporation or other
            business entity which will use said money, loans, or other property
            to engage in the retail banking business, which includes accepting
            deposits or making loans (hereinafter the "Banking Industry"),
            within fifty (50) miles of Vanderburgh County, Indiana, (hereinafter
            the "Geographic Territory"); or

      (f)   Provide services or perform as an employee, agent, solicitor,
            salesman, manager, consultant or serve as an officer or director for
            any other person, corporation, or other entity engaged in the
            Banking Industry within the Geographic Territory, or in any capacity
            wherein Employee would become involved, directly or indirectly, with
            any person, corporation or entity competitive with the Company; or

      (g)   Divulge to anyone except the Company or its representatives any
            information known to Employee regarding the Company's "know-how",
            trade information, trade secrets, inventions, customer lists, client
            records, information relating to customers or customer requirements,
            management policies, or other information regarding the affairs of
            the Company, which comes to Employee's attention by reason of this
            Agreement.

      Employee shall promptly advise Company, in writing, of his employment or
affiliation, during the term of the restrictions contained in this paragraph 12,
with any other person, firm, association, partnership, venture, corporation, or
other business entity engaged in the Banking Industry.

      13. Reasonableness of Limitations. The parties hereto stipulate and agree
that the restrictions imposed by paragraph 12 are not in restraint of trade and
are reasonable in terms of time, space and the types of activity and conduct
proscribed and prohibited hereby. In the event, however, that a court of
competent jurisdiction should determine that any of said restrictions are
unreasonable, then Employee agrees, that in order to carry out the intent of
Employee and Company, the limitations that the court determines would be
reasonable will be fully binding upon Employee.

      14. Enforcement of Covenant. Employee acknowledges that a violation of the
covenant in paragraph 12 will cause irreparable injury to Company. In the event
of the violation or threatened violation of said paragraph 12, the Company may,
in addition to any other legal or equitable rights that it may have, obtain
specific enforcement of paragraph 12 by means of an a court order enjoining and
restraining Employee from committing or continuing to commit any such violation.
Further, in the event of such breach or threatened breach, Employee promises and
agrees to reimburse Company for all costs, expenses and attorneys fees incurred
in the enforcement of Company's rights hereunder provided a breach or threatened
breach by the Employee shall have occurred. Nothing contained herein shall be
construed as prohibiting Company from pursuing any other remedy available to it
for such breach or threatened breach, including recovery of damages from
Employee. The one (1) year restriction under paragraph 12 shall be

                                       8
<PAGE>

extended for any period of time during which Employee is in violation of any
provision of paragraph 12.

      15. Notices. Any notice required or permitted to be given under this
Agreement shall be sufficient if given in writing either personally or by
certified mail, return receipt requested, to the last known address of the
Employee, if notice is to be given to him, or to the principal office of the
Company, if notice is to be given to it.

      16. Entire Agreement. This Agreement represents the entire contract of
employment between the Company and the Employee, and there is no statement,
promise, agreement or obligation in existence which may conflict with the terms
of this Agreement or may modify, enlarge or invalidate this Agreement or any
provisions hereof. This Agreement may not be changed orally but only by an
Agreement in writing signed by both of the parties hereto.

      17. Severability. The invalidity or unenforceability of any particular
provision of this Agreement shall not affect other provisions hereof, and this
Agreement shall be construed as if such invalid or unenforceable provisions were
omitted.

      18. Construction. This Agreement shall be construed in its entirety
according to its plain meaning and shall not be construed against the party who
provided or drafted it.

      19. Waiver of Breach. The waiver by Company of a breach of any provision
of this Agreement by Employee shall not operate or be construed as a waiver of
any subsequent breach by Employee.

      20. Governing Law and Venue. This Agreement shall be construed and
governed in accordance with the laws of the State of Indiana. The parties hereby
stipulate that venue of any action brought in respect of the interpretation
hereof or the rights of the parties hereunder, both during the term of this
Agreement or subsequent to any termination hereof, shall be placed in any state
court of general jurisdiction in Vanderburgh County, Indiana.

      21. Assignment. This Agreement is personal to Employee and Employee shall
not assign his rights or delegate his duties hereunder without the prior express
written consent of Company. The rights and obligations of Company under this
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of Company.

      22. Change of Control Benefit. Upon a Change of Control, as hereinafter
defined, the Company and its success in interest shall continue to pay to the
Employee and the Company and its successor in interest shall be obligated to
satisfy the obligations set forth herein.

      For purposes of this Agreement, the term "Change of Control" means:

                                       9
<PAGE>

      (a)   A change in the ownership of the capital stock of the Company,
      whereby another Company, person, or group acting in concert (hereinafter
      this Agreement shall collectively refer to any combination of these three
      [another Company, person, or group acting in concert] as a "Person") as
      described in Section 14(d)(2) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act"), acquires, directly or indirectly, beneficial
      ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
      Act) of a number of shares of capital stock of the Company which
      constitutes fifty percent (50%) or more of the combined voting power of
      the Company's then outstanding capital stock then entitled to vote
      generally in the election of directors; or

      (b)   The persons who were members of the Board of Directors of the
      Company immediately prior to a tender offer, exchange offer, contested
      election or any combination of the foregoing, cease to constitute a
      majority of the Board of Directors; or

      (c)   The adoption by the Board of Directors of the Company of a merger,
      consolidation or reorganization plan involving the Company in which the
      Company is not the surviving entity, or a sale of all or substantially all
      of the assets of the Company. For purposes of this Agreement, a sale of
      all or substantially all of the assets of the Company shall be deemed to
      occur if any Person acquires (or during the 12-month period ending on the
      date of the most recent acquisition by such Person, has acquired) gross
      assets of the Company that have an aggregate fair market value equal to
      fifty percent (50%) or more of the fair market value of all of the
      respective gross assets of the Company immediately prior to such
      acquisition or acquisitions; or

      (d)   A tender offer or exchange offer is made by any Person which results
      in such Person beneficially owning (within the meaning of Rule 13d-3
      promulgated under the Exchange Act) either fifty percent (50%) or more of
      the Company's outstanding shares of Common Stock or shares of capital
      stock having fifty percent (50%) or more the combined voting power of the
      Company's then outstanding capital stock (other than an offer made by the
      Company), and sufficient shares are acquired under the offer to cause such
      person to own fifty percent (50%) or more of the voting power; or

      (e)   Any other transactions or series of related transactions occurring
      which have substantially the same effect as the transactions specified in
      any of the preceding clauses of this Section 22.

      Notwithstanding the above, certain transfers are permitted within Section
      318 of the Code and such transfers shall not be deemed a Change of Control
      under this Section 22.

                                       10
<PAGE>

      IN WITNESS WHEREOF, the parties have caused the execution of this
Agreement the day and year first hereinabove set forth.

                                         BANK OF EVANSVILLE

                                         By: /s/ Albert J. Unbach, Jr.
                                             -------------------------
                                                Chairman

                                                        "Company"
ATTEST:

By: /s/ Stephen C. Byelick, Jr.
    ----------------------------------
    Stephen C. Byelick, Jr., Secretary

                                         /s/ Thomas L. Austerman
                                         ------------------------------
                                         Thomas L. Austerman

                                                        "Employee"

                                       11

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