Document:

EXECUTION VERSION

 

NINTH
AMENDMENT TO RECEIVABLES SALE AGREEMENT

 

This NINTH AMENDMENT
TO RECEIVABLES SALE AGREEMENT, dated as of March 11, 2014 (this “Amendment”), is entered into among GE CAPITAL
RETAIL BANK, a federal savings bank organized under the laws of the United States (“GECRB”), PLT HOLDING, L.L.C.,
a limited liability company organized under the laws of the State of Delaware (“PLT Holding”), RFS HOLDING,
INC., a Delaware corporation (“RFS Inc.”), and RFS HOLDING, L.L.C., a limited liability company organized under
the laws of the State of Delaware (“Buyer”), pursuant to the Receivables Sale Agreement referred to below.

 

WITNESSETH:

 

WHEREAS GECRB, PLT
Holding, RFS Inc. and Buyer are parties to the Receivables Sale Agreement, dated as of June 27, 2003, as amended by the Omnibus
Amendment No. 1 to Securitization Documents, dated as of February 9, 2004, the RSA Assumption Agreement and Second Amendment to
Receivables Sale Agreement, dated as of February 7, 2005, the Third Amendment to Receivables Sale Agreement, dated as of December
21, 2006, the Fourth Amendment to Receivables Sale Agreement, dated as of May 21, 2008, the Designation of Removed Accounts and
Fifth Amendment to Receivables Sale Agreement, dated as of December 29, 2008, and the Designation of Removed Accounts and Sixth
Amendment to Receivables Sale Agreement, dated as of February 26, 2009, the Seventh Amendment to Receivables Sale Agreement, dated
as of November 23, 2010, and the Eighth Amendment to Receivables Sale Agreement, dated as of March 20, 2012 (as amended, the “Receivables
Sale Agreement”); and

 

WHEREAS Buyer, GECRB,
PLT Holding and RFS Inc. desire to amend the Receivables Sale Agreement as set forth herein;

 

NOW, THEREFORE, GECRB,
PLT Holding, RFS Inc. and Buyer hereby agree as follows:

 

1.Defined
Terms. All terms defined in the Receivables Sale Agreement and used herein shall have such defined meanings when used herein,
unless otherwise defined herein.

 

2.Amendments
to Receivables Sale Agreement. (a) Section 1.1 of the Receivables Sale Agreement
is amended by deleting the definition of “Average Recovery Price Ratio” in its entirety where it appears therein and
replacing it with the following:

 

“Average
Recovery Price Ratio” means, as of any date of determination during a Monthly Period, for any Retailer, the average for
the most recent six fiscal months ending prior to the first day of such Monthly Period of the percentage equal to a fraction, the
numerator of which is the total amount of recoveries on related receivables for the applicable fiscal month and the denominator
of which is the aggregate amount of charged-off receivables for such fiscal month, in each case for all serviced receivables in
that Retailer’s program. For purposes of the foregoing, “recoveries” and “charged-off receivables”
shall have the same meaning as “Recoveries” and “Charged-Off Receivables,” respectively, but as applied
to all serviced receivables in a particular Retailer’s program, rather than only Transferred Receivables. Seller and Buyer
may from time to time modify the formula to calculate “Average Recovery Price Ratio” in order to more closely approximate
the actual Recoveries on Transferred Receivables.

 

Ninth Amendment to Receivable

Sale Agreement

    	 

    	 

    

 

 

(b)Section 2.1(c)
of the Receivables Sale Agreement is amended by deleting the phrase “For as long as GE Capital acts as Servicer and Seller
continues to act as a Sub-Servicer,” where it appears therein.

 

3.Representations
and Warranties of Sellers. Each of GECRB, RFS Inc. and PLT Holding hereby represents and warrants to Buyer as of the date hereof:

 

(a)Legal,
Valid and Binding Obligation. This Amendment constitutes its legal, valid and binding obligation, enforceable against such
party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and
except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);
and

 

(b)No
Material Adverse Effect. This Amendment does not materially adversely affect the interests of the Issuer or any of the Issuer’s
creditors.

 

4.Effectiveness.
This Amendment shall become effective as of the date first written above; provided that Buyer, PLT Holding, RFS Inc. and
GECRB shall have executed a counterpart of this Amendment.

 

5.Binding
Effect; Ratification. (a) On and after the execution and delivery hereof,
(i) this Amendment shall be a part of the Receivables Sale Agreement and (ii) each
reference in the Receivables Sale Agreement to “this Agreement”, “hereof”, “hereunder” or words
of like import, and each reference in any other Related Document to the Receivables Sale Agreement, shall mean and be a reference
to such Receivables Sale Agreement as amended hereby.

 

(b)Except
as expressly amended hereby, the Receivables Sale Agreement shall remain in full force and effect and is hereby ratified and confirmed
by the parties hereto.

 

6.No
Proceedings.Until the date one year plus one day following the date on which all amounts due with respect to securities
rated by a Rating Agency that were issued by any entity holding Transferred Assets or an interest therein have been paid in full
in cash, none of GECRB, RFS Inc. or PLT Holding shall, directly or indirectly, institute or cause to be instituted against Buyer
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state
bankruptcy or similar law; provided that the foregoing shall not in any way limit GECRB’s, RFS Inc.’s or PLT
Holding’s right to pursue any other creditor rights or remedies that GECRB, RFS Inc. or PLT Holding may have under any applicable
law. The Receivables Sale Agreement and obligations of GECRB, RFS Inc. and PLT Holding under this Section 6 shall survive
the termination of this Agreement.

 

Ninth Amendment to Receivable

Sale Agreement

    	2

    	 

    

 

 

7.Miscellaneous.
(a) THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b)Headings used
herein are for convenience of reference only and shall not affect the meaning of this Amendment.

 

(c)This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

 

Ninth Amendment to Receivable

Sale Agreement

    	3

    	 

    

 

 

IN WITNESS WHEREOF, the undersigned have
caused this Amendment to be duly executed and delivered by their respective duly authorized officers on the day and year first
above written.

 

	 	
        RFS HOLDING, L.L.C., as Buyer

        

         

        By /s/ Andrew Lee                     

        Name: Andrew Lee

        Title: Vice President

         

         

         

 

Ninth Amendment to Receivable

Sale Agreement

    	 

    	 

    

 

 

	 	
        GE CAPITAL RETAIL BANK, as a Seller

         

         

        By: /s/ Michael Lagnese                   

         

        Name: Michael Lagnese

        Title: Senior Vice President

 

Ninth Amendment to Receivable

Sale Agreement

    	 

    	 

    
 

	 	
        PLT HOLDING, L.L.C., as a Seller

        

         

        By  /s/ Andrew Lee                      

         

        Name: Andrew Lee

        Title: Vice President

         

 

Ninth Amendment to Receivable

Sale Agreement

    	 

    	 

    
 

 

	 	
        RFS HOLDING, INC., as a Seller

        

         

        By /s/ Andrew Lee                      

         

        Name: Andrew Lee

        Title: Vice President

         

 

Ninth Amendment to Receivable

Sale AgreementExhibit 10.9

 

Director Fee Arrangements for 2014

 

Each director of MutualFirst Financial,
Inc. (the “Company”) also is a director of MutualBank. For 2014, each non-employee director will receive an annual
fee of $29,500 for serving on MutualBank’s Board of Directors as well as a Board meeting fee of $200 per meeting attended.
In addition to this annual fee, Wilbur R. Davis will receive a $6,000 annual fee for serving as Chairman of the Board of Directors,
Linn Crull will receive a $5,000 annual fee for serving as Chairman of the Audit Committee, Jerry McVicker will receive a $3,000
annual fee for serving as Chairman of the Compensation Committee and Jon Kintner will receive a $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.

 

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.Employee Annual Incentive Plan

Plan Document

 

Plan Effective: January 1, 2004

 

Revised/Approved: February 7, 2014

 

Last Amendment: June 19, 2012

Last Schedule A revision and approval: February 7, 2014

 

    	 

    	 

    

 

 

Employee Annual Incentive Plan

 

I. Introduction/Purpose

 

This Employee Annual Incentive Plan has
been developed as a meaningful compensation tool for employees at all levels, who through high levels of performance, contribute
to the success and profitability of Juniata Valley Financial Corp (Company). The Plan is designed to support organizational objectives,
financial goals, and the best interests of the shareholders as defined in the Bank’s Strategic Plan, by making available
additional, variable, and contingent at-risk compensation, in the form of cash awards.

 

The Employee Annual Incentive Plan is based
upon the achievement of required financial targets and other defined objectives consistent with those contained in the Strategic
Plan. The formulas and awards have been carefully constructed to integrate the interests of the shareholder as well as enable the
Bank to attract, retain, and motivate high quality personnel and support the continued growth and profitability of the Company.

 

The Plan is not meant to be a substitute
for salary increases, but supplemental to base salary and a reward for performance that contributes to outstanding levels of long-term
achievement.

 

While risk is an inherent aspect of business,
this compensation plan is designed to reward executives for certain levels of performance without encouraging undue risk taking
which could materially threaten the safety and soundness of the organization or business unit.

 

II. Plan Year

 

The Plan year for this program will be
the calendar year. The effective date of the Plan is January 1, 2004. The performance measures
for this will be determined, calculated and approved annually.

 

III. Participation

 

In order to be eligible, an individual
must meet the following criteria:

 

		·	Must have been employed prior to July
1 of the Plan year; 

		·	Must be employed in a full-time or part-time
position; and

		·	Must receive an overall rating of “Good”
or better on his/her most recent individual performance evaluation prior to the Plan year award.

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval:  February 7, 2014	Page 2 of 7

    	 

    

 

 

A participant's eligibility
ceases at termination of employment (other than retirement, death or disability), and the participant will not receive any awards
under the Plan for the year of termination. Termination as a result of retirement (as defined in the company’s retirement
plans), death, or disability will provide pro-rated awards in the Plan through the last working date for the year in which termination
occurred. If the participant dies during the Plan year, his/her designated beneficiary shall receive a pro-rated share of any award
for which he/she would have been eligible.

 

Due to the various levels of responsibility
of the positions within the Bank, the Board of Directors has selected the following Tiers of participation for the Employee Annual
Incentive Plan. These tiers will generally be based upon position responsibility and grade level.

 

Tier 1 – President and Chief
Executive Officer

 

Tier 2 – Executive Vice President/Chief
Financial Officer

 

Tier 3 –■ 

 

Tier 4 – ■)

 

Tier 5 – ■

 

IV. Performance Factors

 

The annual portion of the Plan is based
upon company financial performance factors which may change from year to year. In general, these factors may be measures such as
return on assets, return on equity, net income, earnings per share or similar indicators. The factors and weighing of the factors
are determined at the beginning of each Plan year. Each factor has quantifiable objectives consisting of threshold, target and
optimum goals. The Company’s financial performance factors for the current year can be found in Exhibit A.

 

V. Award Calculation and Distribution

 

Awards under the Plan are calculated according
to determination of the established performance factors at year end. Company performance between the threshold and target, and
target and optimum is interpolated. Awards are determined by taking the determined award percentage times eligible compensation.

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval:  February 7, 2014	Page 3 of 7

    	 

    

 

 

With regard to discretionary changes to award amounts relative
to individual performance, please reference the following:

 

		·	Tier 4 ■

 

		·	Tier 3 ■. 

 

		·	Tier 2 (Executive Vice President/Chief
Financial Officer) – After the award is calculated according to the financial performance factors, the President
and Chief Executive Officer may increase or decrease the award up to 10%* (of the calculated award amount) based on the participant’s
individual performance for the year. 

 

		·	Tier 1 (President and Chief Executive
Officer) – After the award is calculated according to the financial performance factors, the Board may increase or decrease
the award up to 10% (of the calculated award amount) based on the participant’s individual performance for the year. 

 

*All discretionary adjustments within the
10% (of the calculated award amount) being made by the President and Chief Executive Officer will be reviewed and approved by the
Board of Directors.

 

Bank performance below threshold will result
in no awards being paid under the Plan. In the event this occurs, the President and Chief Executive Officer will have discretion
to grant individual awards, with approval by the Board of Directors, for performance bonuses to those individuals who have achieved
a high level of individual performance within their divisions.

 

Annual awards are paid in cash less normal
payroll tax withholding. Awards will be paid within 75 days following the end of the plan year. Any participant terminating employment
(except retirement, death, or disability) prior to the actual payment of the award will forfeit that award.

 

While every effort has been made to ensure
that this incentive plan does not motivate or reward undue risk taking, any results deemed to have been the result of inappropriate
risk will be backed out of incentive payments. The Board of Directors has the discretion to lever incentive payments down by as
much as 100% if it is determined that excessive risk has been taken. This can be done on an individual or overall basis, as appropriate.

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval:  February 7, 2014	Page 4 of 7

    	 

    

 

 

VI. Clawback

 

Awards will be recalculated if the relevant company performance
measures upon which they are based are restated or otherwise adjusted within the 36-month period following the public release of
the financial information. Any material overpayments or adjustments required by law will be owed back to the company.

 

VII. Administration

 

Eligible Compensation for purpose of this
Plan is defined as a participant’s W-2 gross wages net of any option activity results, taxable retirement earnings, prior
year commissions and bonuses and any other imputed income resulting from employee benefits.

 

The Board of Directors of the Bank may
amend the Plan at any time.

 

Once established, performance factors will
remain in place for the year, unless the Board of Directors decides otherwise.

 

Participation, performance factors, thresholds,
targets and any other participation features are established each Plan year and may change from year to year according to the strategic
objectives of the bank.

 

At least annually, the Chief Financial
Officer acting as the highest ranking risk officer will review this Plan and provide a detailed report including a detailed assessment
regarding any risk issues inherent in the Plan. This risk report and the plan document in full will be reviewed by the Personnel
and Compensation Committee of the Board of Directors to ensure that the plan design is consistent with the compensation philosophy
of Juniata Valley Bank and that the plan does not motivate undue risk taking. The annual review will also include the market competitiveness
of the plan, the plan’s alignment with the Bank’s strategic plan, an assessment of how the plan meets the objectives
in the Introduction of this document, plus the plan’s impact on the overall safety and soundness of the Bank. The Committee
will then provide a report and recommendations to the full Board of Directors who are responsible to approve the Plan. The Board
of Directors of the Bank may amend the Plan at any time.

 

The Plan does not constitute a contract
of employment, and participation in the Plan does not give any employee the right to be retained by the Bank or any right or claim
to an award under the Plan unless specifically accrued under the terms of this Plan.

 

Any right of a participant or his or her
beneficiary to the payment of an award under this Plan may not be assigned, transferred, pledged or encumbered.

 

Any adjustments to the financial performance
results utilized in this Plan because of extraordinary gains or losses or other items must be approved by the Board of Directors.

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval:  February 7, 2014	Page 5 of 7

    	 

    

 

 

VIII. Plan Approval

 

This Plan has been amended and approved
by the Board of Directors of Juniata Valley Financial Corp on

 

	.	 
	 	 
	By	 	 
	 	 
	Board of Directors	 
	Juniata Valley Financial Corp	 
	 	 	 

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval:  February 7, 2014	Page 6 of 7

    	 

    

 

 

Exhibit
A: Bank Performance Factors and Award Schedule

Plan
Year 2014

 

2014
Goals

	Performance Measures 
(Basic) Earnings Per Share (75%)	 
	Threshold	 	 	Target	 	 	Optimum	 
	$	0.94	 	 	$	.99	 	 	$	1.09	 

 

	Return on Average Equity (25%)	 
	Threshold	 	 	Target	 	 	Optimum	 
	 	7.74	%	 	 	8.15	%	 	 	8.97	%

 

2014
Award Schedule

	 	 	President
    &

    CEO	 	 	EVP/CFO	 	 	 	 	 	 	 	 	 	 
	 	 	Tier
    1*	 	 	Tier
    2*	 	 	Tier
    3*	 	 	Tier
    4	 	 	Tier
    5	 
	Min	 	 	12.00	%	 	 	10.00	%	 	 	■	 	 	 	■	 	 	 	■	 
	Target	 	 	20.00	%	 	 	16.00	%	 	 	■	 	 	 	■	 	 	 	■	 
	Max	 	 	30.00	%	 	 	24.00	%	 	 	■	 	 	 	■	 	 	 	■	 

 

NOTE: Awards will be interpolated
for performance levels between threshold and target and target and maximum.

 

*Please see additional notes for
these Tiers:

 

Tier
4 ■ . 

 

Tier
3 ■ 

 

Tier 2 (Executive Vice President/Chief
Financial Officer) – After the award is calculated according to the financial performance factors, the
President and Chief Executive Officer may increase or decrease the award up to 10%* (of the calculated award amount) based on the
participant’s individual performance for the year. 

 

Tier 1 (President and Chief Executive
Officer) – After the award is calculated according to the financial performance factors, the Board may increase
or decrease the award up to 10% (of the calculated award amount) based on the participant’s individual performance for the
year. 

 

*All discretionary adjustments within
the 10% (of the calculated award amount) being made by the President and Chief Executive Officer will be reviewed and approved
by the Board of Directors. 

 

    	Last Plan Amendment: June 15, 2012
Last Schedule A revision and approval: February 7, 2014	Page 7 of 7

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