Document:

EXHIBIT 10.4  

LSB FINANCIAL CORP.  

1995 STOCK OPTION AND
INCENTIVE PLAN  

NON-QUALIFIED STOCK
OPTION AGREEMENT  

NQSO NO.  

        This
option is granted on __________________, 199__ by LSB Financial  Corp.  (the
 ""Corporation")  to (the  "Optionee"),  in accordance with the following terms and
conditions: 

        1.  Option
Grant and Exercise Period. The Corporation has granted to the           Optionee an
Option (the “Option”) to purchase, pursuant to the Plan           and this
Agreement, an aggregate of shares (the “Option Shares”) of           the Common
Stock, par value $.01 per share (“Common Stock”), of the           Corporation
at the price of $ per share (the “Exercise Price”). A copy           of the
Plan, as currently in effect, is incorporated herein by reference and is
          attached to this Agreement.  

        This
Option shall be exercisable only during the period (the “Exercise Period”)
commencing from ______________, 199__ (the “Commencement Date”) and ending at
5:00 p.m., Lafayette, Indiana time, on the date ten years after the Commencement Date,
such later time and date being hereinafter referred to as the “Expiration Date.” This
option shall vest and become exercisable according to the following schedule:  

        [INSERT
VESTING SCHEDULE]  

        During
the Exercise Period, only the vested portion of this Option shall be exercisable in whole
at any time or in part from time to time, subject to the provisions of this Agreement. In
the event of the death or disability (total or partial) of the Optionee, the Committee
shall, with the consent of the Optionee, accelerate the vesting of this Option.  

        2.  Method
of Exercise of this Option. This Option may be exercised during           the
Exercise Period by giving written notice to the Corporation specifying the
          number of Option Shares to be purchased. The notice must be in the form
          prescribed by the committee referred to in Section 3 of the Plan or its
          successor (the “Committee”) and directed to the address set forth in
          Section 11 below. The date of exercise is the date on which such notice is
          received by the Corporation. Such notice must be accompanied by payment in full
          for the Option Shares to be purchased upon such exercise. Payment shall be made
          either (i) in cash, which may be in the form of a check, bank draft, or money
          order payable to the Corporation, or (ii) if the Committee shall have
previously           approved such form of payment, by delivering shares of Common Stock
already           owned by the Optionee having a “Market Value” (as defined in
the Plan           as in effect on the date of the grant of this Option) equal to the
applicable           exercise price, or (iii) if the Committee shall have previously
approved such           form of payment, a combination of cash and such shares. Promptly
after such           payment, subject to Section 3 below, the Corporation shall issue and
deliver to           the Optionee or other person exercising this Option a certificate or
          certificates representing the shares of Common Stock so purchased, registered
in           the name of the Optionee (or such other person), or, upon request, in the
name           of the Optionee (or such other person) and in the name of another jointly
with           right of survivorship.  

        3.  Delivery
and Registration of Shares of Common Stock. The           Corporation’s
obligation to deliver shares of Common Stock hereunder shall,           if the Committee
so requests, be conditioned upon the receipt of a           representation as to the
investment intention of the Optionee or any other           person to whom such shares
are to be delivered, in such form as the Committee           shall determine to be
necessary or advisable to comply with the provisions of           the Securities Act of
1933, as amended, or any other federal, state or local           securities law or
regulation. In requesting any such representation, it may be           provided that such
representation requirement shall become inoperative upon a           registration of such
shares or other action eliminating the necessity of such           representation under
such Securities Act or other securities law or regulation.           The Corporation
shall not be required to deliver any shares upon exercise of           this Option prior
to (i) the admission of such shares to listing on any stock           exchange or system
on which the shares of Common Stock may then be listed, and           (ii) the completion
of such registration or other qualification of such shares           under any state or
federal law, rule or regulation, as the Committee shall           determine to be
necessary or advisable.  

        4.  Non-Transferability
of this Option. This Option may not be assigned,           encumbered, or transferred
except, in the event of the death of the Optionee, by           will or the laws of
descent and distribution or pursuant to a qualified domestic           relations order,
as described in the Plan, to the extent provided in Section 5           below. Except as
provided herein, this Option is exercisable during the           Optionee’s lifetime
only by the Optionee. The provisions of this Option           shall be binding upon,
inure to the benefit of and be enforceable by the parties           hereto, the
successors and assigns of the Corporation and any person to whom           this Option is
transferred by will or by the laws of descent and distribution or           pursuant to a
qualified domestic relations order, as described in the Plan.  

        5.  Termination
of Service or Death of the Optionee. Except as provided in           the second or
third paragraphs of this Section 5 and notwithstanding any other           provision of
this Option to the contrary, this Option shall not be exercisable           unless the
Optionee, at the time he exercises this Option, has maintained           “Continuous
Service” (as defined in the Plan as in effect on the date           of the grant of
this Option) since the date of the grant of this Option.  

        If
the Optionee shall cease to maintain Continuous Service for any reason (excluding death
and termination of employment by the Corporation or any Affiliate for cause), the
Optionee may, but only within the period of three months immediately succeeding such
cessation of Continuous Service and in no event after the Expiration Date, exercise this
Option to the extent the Optionee was entitled to exercise this Option at the date of
cessation. If the Optionee shall cease to maintain Continuous Service by reason of death
or disability then, this Option shall become fully exercisable upon the happening of such
event and shall remain so exercisable in the event of death for a period of one year and
in the event of disability for a period of three months following such date. If the
Optionee is terminated for cause, all rights under this Option shall expire immediately
upon the giving to the Optionee of notice of such termination.  

        In
the event of the death of the Optionee while in Continuous Service of the Corporation or
an Affiliate (as defined in the Plan) or within the three month period referred to in the
immediately preceding paragraph, the person to whom the Option has been transferred by
will or by the laws of descent and distribution, or pursuant to a qualified domestic
relations order, as described in the Plan, may, but only to the extent the Optionee was
entitled to exercise this Option immediately prior to his death, exercise this Option at
any time within one year following the death of the Optionee, but in no event later than
ten years from the date of the grant of this Option. Following the death of the Optionee,
the Committee may, as an alternative means of settlement of this Option, elect to pay to
the person to whom this Option is transferred by will or by the laws of descent and
distribution or pursuant to a qualified domestic relations order, as described in the
Plan, the amount by which the Market Value (as defined in the Plan) per share of Common
Stock on the date of exercise of this Option shall exceed the Exercise Price per Option
Share, multiplied by the number of Option Shares with respect to which this Option is
properly exercised. Any such settlement of this Option shall be considered an exercise of
this Option for all purposes of this Option and of the Plan.  

        6.  Adjustments
for Changes in Capitalization of the Corporation. In the           event of any
change in the outstanding shares of Common Stock by reason of any
          reorganization, recapitalization, stock split, stock dividend, combination or
          exchange of shares, merger, consolidation, or any change in the corporate
          structure of the Corporation or in the shares of Common Stock, the number and
          class of shares covered by this Option and the Exercise Price shall be
          appropriately adjusted by the Committee, whose determination shall be
          conclusive.  

        7.  Effect
of Merger. In the event of any merger, consolidation or           combination of the
Corporation (other than a merger, consolidation, or           combination in which the
Corporation is the continuing entity and which does not           result in the
outstanding shares of Common Stock being converted into or           exchanged for
different securities, cash or other property, or any combination           thereof),
pursuant to a plan or agreement the terms of which are binding upon           all
stockholders of the Corporation (except to the extent that dissenting
          stockholders may be entitled, under statutory provisions or provisions
contained           in the certificate of incorporation, to receive the appraised or fair
value of           their holdings), the Optionee shall have the right (subject to the
provisions of           the Plan and the limitations contained herein), thereafter and
during the           Exercise Period, to receive upon exercise of this Option an amount
equal to the           excess of the fair market value on the date of such exercise of
the securities,           cash or other property, or combination thereof, receivable upon
such merger,           consolidation or combination in respect of a share of Common Stock
over the           Exercise Price, multiplied by the number of Option Shares with respect
to which           this Option shall have been exercised. Such amount may be payable
fully in cash,           fully in one or more of the kind or kinds of property payable in
such merger,           consolidation or combination, or partly in cash and partly in one
or more of           such kind or kinds of property, all in the discretion of the
Committee.  

        8.  Change
in Control. In the event of a “change in control” (as           defined in
the Plan, this Option shall (to the extent it is not then           exercisable) become
exercisable in full upon the happening of such event and           shall remain so
exercisable for a period of 60 days following the date of such           event, after
which this Option shall revert to being exercisable in accordance           with the
other provisions of this Option, provided that the           provisions of
this Section 8 shall not be deemed to cause this Option to be           exercisable to
the extent it has been previously exercised or otherwise           terminated.  

        9.  Stockholder
Rights not Granted by this Option. The Optionee is not           entitled by virtue
hereof to any rights of a stockholder of the Corporation or           to notice of
meetings of stockholders or to notice of any other proceedings of           the
Corporation.  

        10.  Withholding
Tax. Upon exercise of this Option, the Corporation shall have           the right to
require the Optionee or such other person as is entitled to           exercise this
Option to pay to the Corporation the amount of any taxes which the           Corporation
or any of its Affiliates is required to withhold with respect to           such Option
Shares, or, in lieu thereof, to retain, or sell without notice, a           sufficient
number of such shares to cover the amount required to be withheld or           in lieu of
any of the foregoing, to withhold a sufficient sum from the           Optionee’s
compensation payable by the Corporation to satisfy the           Corporation’s tax
withholding requirements. The Corporation’s method           of satisfying its
withholding obligations shall be solely in the discretion of           the Corporation,
subject to applicable federal, state and local law.  

        11.  Notices.
All notices hereunder to the Corporation shall be delivered or           mailed to it
addressed to the Secretary of LSB Financial Corp., 101 Main Street,           Lafayette,
Indiana 47902. Any notices hereunder to the Optionee shall be           delivered
personally or mailed to the Optionee’s address noted below. Such           addresses
for the service of notices may be changed at any time provided written           notice
of the change is furnished in advance to the Corporation or the Optionee,           as
the case may be.  

        12.  Plan
and Plan Interpretations as Controlling. This Option and the terms           and
conditions herein set forth are subject in all respects to the terms and
          conditions of the Plan, which are controlling. All determinations and
          interpretations of the Committee shall be binding and conclusive upon the
          Optionee or his legal representatives with regard to any question arising
          hereunder or under the Plan.  

        13.  Optionee
Service. Nothing in this Option shall limit the rights of the           Corporation
or any of its Affiliates to terminate the Optionee’s service as           a director
or otherwise impose upon the Corporation or any of its Affiliates any
          obligation to employ or accept the services of the Optionee.  

        14.  Optionee
Acceptance. The Optionee shall signify his acceptance of the           terms and
conditions of this Option by signing in the space provided below and           returning
a signed copy hereof to the Corporation at the address set forth in           Section 11
above.  

        IN
WITNESS WHEREOF, the parties hereto have caused this OPTION AGREEMENT to be executed as
of the date first above written.  

			LSB FINANCIAL CORP.

By: 
        ———————————————————

ACCEPTED:

        ———————————————————

        ———————————————————

        (Street Address)

        ———————————————————

        (City, State & Zip Code)EXHIBIT 10.5  

LSB FINANCIAL CORP.  

1995 STOCK OPTION AND
INCENTIVE PLAN  

INCENTIVE STOCK OPTION
AGREEMENT  

ISO NO.  

        This
option was granted on ___________________, 199___ by LSB Financial Corp. (the “Corporation”)
to (the “Optionee”), in accordance with the following terms and conditions:  

        1.       Option
Grant and Exercise Period. The Corporation has granted to the           Optionee an
Option (the “Option”) to purchase, pursuant to the Plan           and this
Agreement, an aggregate of shares (the “Option Shares”) of           the common
stock of the Corporation, par value $.01 per share (“Common           Stock”),
at the price of $per share (the “Exercise           Price”). A copy of
the Plan, as currently in effect, is incorporated by           reference and is attached
to this Agreement.  

        This
Option shall be exercisable only during the period (the “Exercise Period”)
commencing on (the “Commencement Date”), and ending at 5:00 p.m., Lafayette,
Indiana time, on the date ten years after the Commencement Date, such later time and date
being referred to as the “Expiration Date.” This option shall vest and become
exercisable according to the following schedule:  

        [INSERT
VESTING SCHEDULE]  

        During
the Exercise Period, only the vested portion of this Option shall be exercisable in whole
at any time or in part from time to time, subject to the provisions of this Agreement,
and further subject to the condition that the aggregate Market Value (as defined in the
Plan and as determined as of the Grant Date) of the Option Shares with respect to which
Incentive Stock Options (as defined in the Plan) are exercisable for the first time by
the Optionee in any calendar year shall not exceed One Hundred Thousand Dollars
($100,000.00). To the extent that this Option does not qualify as an Incentive Stock
Option for any reason, it shall become a Non-Qualified Stock Option under the Plan. In
the event of the death or disability (total or partial) of the Optionee, the Committee
shall, with the consent of the Optionee, accelerate the vesting of this Option, which may
cause a portion of the Option to lose its status as an Incentive Stock Option.  

        2.       Method
of Exercise of this Option. This Option may be exercised during           the
Exercise Period by giving written notice to the Corporation specifying the
          number of Option Shares to be purchased. The notice must be in the form
          prescribed by the committee referred to in Section 3 of the Plan or its
          successor (the “Committee”) and directed to the address set forth in
          Section 12 below. The date of exercise is the date on which such notice is
          received by the Corporation. Such notice must be accompanied by payment in full
          of the Exercise Price for the Option Shares to be purchased upon such exercise.
          Payment shall be made either (i) in cash, which may be in the form of a check,
          bank draft, or money order payable to the Corporation, or (ii) if the Committee
          shall have previously approved such form of payment, by delivering shares of
          Common Stock already owned by the Optionee having a “Market Value” (as
          defined in the Plan as in effect on the date of the grant of this Option) equal
          to the applicable exercise price, or (iii) if the Committee shall have
          previously approved such form of payment, a combination of cash and such
shares.           Promptly after such payment, subject to Section 3 below, the
Corporation shall           issue and deliver to the Optionee or other person exercising
this Option a           certificate or certificates representing the shares of Common
Stock so           purchased, registered in the name of the Optionee (or such other
person), or,           upon request, in the name of the Optionee (or such other person)
and in the name           of another jointly with right of survivorship.  

        3.       Delivery
and Registration of Shares of Common Stock. The           Corporation’s
obligation to deliver shares of Common Stock hereunder shall,           if the Committee
so requests, be conditioned upon the receipt of a           representation as to the
investment intention of the Optionee or any other           person to whom such shares
are to be delivered, in such form as the Committee           shall determine to be
necessary or advisable to comply with the provisions of           the Securities Act of
1933, as amended, or any other federal, state or local           securities law or
regulation. In requesting any such representation, it may be           provided that such
representation requirement shall become inoperative upon a           registration of such
shares or other action eliminating the necessity of such           representation under
such Securities Act or other securities law or regulation.           The Corporation
shall not be required to deliver any shares upon exercise of           this Option prior
to (i) the admission of such shares to listing on any stock           exchange or system
on which the shares of Common Stock may then be listed, and           (ii) the completion
of such registration or other qualification of such shares           under any state or
federal law, rule or regulation, as the Committee shall           determine to be
necessary or advisable.  

        4.       Non-transferability
of this Option. This Option may not be assigned,           encumbered, or transferred
except, in the event of the death of the Optionee, by           will or the laws of
descent and distribution to the extent provided in Section 5           below. Except as
provided herein, this Option is exercisable during the           Optionee’s lifetime
only by the Optionee. The provisions of this Option           shall be binding upon,
inure to the benefit of and be enforceable by the parties           hereto, the
successors and assigns of the Corporation and any person to whom           this Option is
transferred by will or by the laws of descent and distribution.  

        5.       Termination
of Service or Death of the Optionee. Except as provided in           the second or
third paragraphs of this Section 5 and notwithstanding any other           provision of
this Option to the contrary, this Option shall not be exercisable           unless the
Optionee, at the time he exercises this Option, has maintained           “Continuous
Service” (as defined in the Plan as in effect on the date           of the grant of
this Option) since the date of the grant of this Option.  

        If
the Optionee shall cease to maintain Continuous Service for any reason (excluding death
and termination of employment by the Corporation or any Affiliate for cause), the
Optionee may, but only within the period of three months immediately succeeding such
cessation of Continuous Service and in no event after the Expiration Date, exercise this
Option to the extent the Optionee was entitled to exercise this Option at the date of
cessation. If the Optionee shall cease to maintain Continuous Service by reason of death
or disability then, this Option shall become fully exercisable upon the happening of such
event and shall remain so exercisable in the event of death for a period of one year and
in the event of disability for a period of three months following such date. If the
Optionee is terminated for cause, all rights under this Option shall expire immediately
upon the giving to the Optionee of notice of such termination.  

        In
the event of the death of the Optionee while in Continuous Service of the Corporation or
an Affiliate (as defined in the Plan) or within the three months referred to in the
immediately preceding paragraph, the person to whom the Option has been transferred by
will or by the laws of descent and distribution may, but only to the extent the Optionee
was entitled to exercise this Option immediately prior to his death, exercise this Option
at any time within one year following the death of the Optionee, but in no event later
than ten years from the date of the grant of this Option. Following the death of the
Optionee, the Committee may, as an alternative means of settlement of this Option, elect
to pay to the person to whom this Option is transferred by will or by the laws of descent
and distribution the amount by which the Market Value (as defined in the Plan) per share
of Common Stock on the date of exercise of this Option shall exceed the Exercise Price
per Option Share, multiplied by the number of Option Shares with respect to which this
Option is properly exercised. Any such settlement of this Option shall be considered an
exercise of this Option for all purposes of this Option and of the Plan.  

        6.       Notice
of Sale. The Optionee or any person to whom the Option or the           Option Shares
shall have been transferred by will or by the laws of descent and           distribution
promptly shall give notice to the Corporation in the event of the           sale or other
disposition of Option Shares within the later of (i) two years           from the date of
grant of this Option or (ii) one year from the date of exercise           of this Option.
Such notice shall specify the number of Option Shares sold or           otherwise
disposed of and be directed to the address set forth in Section 12           below.  

        7.       Adjustments
for Changes in Capitalization of the Corporation. In the           event of any
change in the outstanding shares of Common Stock by reason of any
          reorganization, recapitalization, stock split, stock dividend, combination or
          exchange of shares, merger, consolidation, or any change in the corporate
          structure of the Corporation or in the shares of Common Stock, the number and
          class of shares covered by this Option and the Exercise Price shall be
          appropriately adjusted by the Committee, whose determination shall be
          conclusive.  

        8.       Effect
of Merger. In the event of any merger, consolidation or           combination of the
Corporation (other than a merger, consolidation, or           combination in which the
Corporation is the continuing entity and which does not           result in the
outstanding shares of Common Stock being converted into or           exchanged for
different securities, cash or other property, or any combination           thereof),
pursuant to a plan or agreement the terms of which are binding upon           all
stockholders of the Corporation (except to the extent that dissenting
          stockholders may be entitled, under statutory provisions or provisions
contained           in the certificate of incorporation, to receive the appraised or fair
value of           their holdings), the Optionee shall have the right (subject to the
provisions of           the Plan and the limitations contained herein), thereafter and
during the           Exercise Period, to receive upon exercise of this Option an amount
equal to the           excess of the fair market value on the date of such exercise of
the securities,           cash or other property, or combination thereof, receivable upon
such merger,           consolidation or combination in respect of a share of Common Stock
over the           Exercise Price, multiplied by the number of Option Shares with respect
to which           this Option shall have been exercised. Such amount may be payable
fully in cash,           fully in one or more of the kind or kinds of property payable in
such merger,           consolidation or combination, or partly in cash and partly in one
or more of           such kind or kinds of property, all in the discretion of the
Committee.  

        9.       Change
In Control. In the event of a “change in control” (as           defined in
the Plan), this Option shall (to the extent it is not then           exercisable) become
exercisable in full upon the happening of such event and           shall remain so
exercisable for a period of 60 days following the date of such           event, after
which this Option shall revert to being exercisable in accordance           with the
other provisions of this Option, provided, that the provisions           of this
Section 9 shall not be deemed to cause this Option to be exercisable to           the
extent it has previously been exercised or otherwise terminated.  

        10.       Stockholder
Rights not Granted by this Option. The Optionee is not           entitled by virtue
hereof to any rights of a stockholder of the Corporation or           to notice of
meetings of stockholders or to notice of any other proceedings of           the
Corporation.  

        11.       Withholding
Tax. Upon exercise of this Option, the Corporation shall have           the right to
require the Optionee or such other person as is entitled to           exercise this
Option, to pay to the Corporation the amount of any taxes which           the Corporation
or any of its Affiliates is required to withhold with respect to           such Option
Shares, or, in lieu thereof, to retain, or sell without notice, a           sufficient
number of such shares to cover the amount required to be withheld or           in lieu of
any of the foregoing, to withhold a sufficient sum from the           Optionee’s
compensation payable by the Corporation to satisfy the           Corporation’s tax
withholding requirements. The Corporation’s method           of satisfying its
withholding obligations shall be solely in the discretion of           the Corporation,
subject to applicable federal, state and local law.  

        12.       Notices.
All notices hereunder to the Corporation shall be delivered or           mailed to it
addressed to the Secretary of LSB Financial Corp., 101 Main Street,           Lafayette,
Indiana 47901. Any notices hereunder to the Optionee shall be           delivered
personally or mailed to the Optionee’s address noted below. Such           addresses
for the service of notices may be changed at any time provided written           notice
of the change is furnished in advance to the Corporation or to the           Optionee, as
the case may be.  

        13.       Plan
and Plan Interpretations as Controlling. This Option and the terms           and
conditions herein set forth are subject in all respects to the terms and
          conditions of the Plan, which are controlling. All determinations and
          interpretations of the Committee shall be binding and conclusive upon the
          Optionee or his legal representatives with regard to any question arising under
          this Agreement or under the Plan.  

        14.       Optionee
Service. Nothing in this Option shall limit the right of the           Corporation or
any of its Affiliates to terminate the Optionee’s service as           a director,
officer or employee, or otherwise impose upon the Corporation or any           of its
Affiliates any obligation to employ or accept the services of the           Optionee.  

        15.       Optionee
Acceptance. The Optionee shall signify his acceptance of the           terms and
conditions of this Option by signing in the space provided below and           returning
a signed copy of this Agreement to the Corporation at the address set           forth in
Section 12 above.  

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written.  

			LSB FINANCIAL CORP.

By: 
        ———————————————————

ACCEPTED:

        ———————————————————

        ———————————————————

        (Street Address)

        ———————————————————

        (City, State & Zip Code)

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