Document:

Exhibit 10.3

 Exhibit 10.3 
 FORM OF 
 ESOP LOAN AGREEMENT 
 THIS LOAN AGREEMENT (“Loan Agreement”) is made and entered into as of the      day of
                    , 2008, by and between the FIRST SAVINGS BANK, F.S.B. EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Borrower”), a
trust forming part of the First Savings Bank, F.S.B. Employee Stock Ownership Plan (“ESOP”), and FIRST SAVINGS FINANCIAL GROUP, INC. (“Lender”), a corporation organized and existing under the laws of Indiana.

 WITNESSETH 
 WHEREAS, the
Borrower is authorized to purchase shares of common stock of First Savings Financial Group, Inc. (“Common Stock”), either directly from First Savings Financial Group, Inc. or in open market purchases in an amount not to exceed
[                    ]
(                    ) shares of Common Stock. 
 WHEREAS, the Borrower is authorized to borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock; and 
 WHEREAS, the Lender is willing to make a loan to the Borrower for such purpose. 
 NOW, THEREFORE, the
parties agree hereto as follows: 
 ARTICLE I 
 DEFINITIONS 
 The following definitions shall apply for purposes of this Loan Agreement, except to
the extent that a different meaning is plainly indicated by the context: 
 Business Day means any day other than a Saturday,
Sunday or other day on which banks are authorized or required to close under federal or local law or regulation. 
 Code means
the Internal Revenue Code of 1986, as amended (including the corresponding provisions of any succeeding law). 
 Default means
an event or condition which would constitute an Event of Default. The determination as to whether an event or condition would constitute an Event of Default shall be determined without regard to any applicable requirements of notice or lapse of
time. 
 ERISA means the Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions of
any succeeding law). 
 Event of Default means an event or condition described in Article 5. 
 Loan means the loan described in section 2.1. 
 Loan Documents means, collectively, the Loan Agreement, the Promissory Note and the Pledge Agreement and all other documents now or hereafter executed and delivered in connection with such documents,
including all amendments, modifications and supplements of or to all such documents. 

 Pledge Agreement means the agreement described in section 2.8(a). 
 Principal Amount means the face amount of the Promissory Note, determined as set forth in section 2.1(c). 
 Promissory Note means the promissory note described in section 2.3. 
 Register means the register described in section 2.9. 
 ARTICLE II 
 THE LOAN; PRINCIPAL AMOUNT; 
 INTEREST; SECURITY; INDEMNIFICATION 
 Section 2.1 The Loan; Principal
Amount. 
 (a) The Lender hereby agrees to lend to the Borrower such amount, and at such time, as shall be determined under this
Section 2.1; provided, however, that in no event shall the aggregate amount lent under this Loan Agreement from time to time exceed the greater of
(i) [                    ] or (ii) the aggregate amount paid by the Borrower to purchase up to
[                    ] shares of Common Stock. 
 (b) Subject to the limitations of Section 2.1(a), the Borrower shall determine the amounts borrowed under this Agreement, and the time at which such borrowings are effected. Each such determination shall be
evidenced in a writing which shall set forth the amount to be borrowed and the date on which the Lender shall disburse such amount, and such writing shall be furnished to the Lender by notice from the Borrower. The Lender shall disburse to the
Borrower the amount specified in each such notice on the date specified therein or, if later, as promptly as practicable following the Lender’s receipt of such notice; provided, however, that the Lender shall have no obligation to disburse
funds pursuant to this Agreement following the occurrence of a Default or an Event of Default until such time as such Default or Event of Default shall have been cured. 
 (c) For all purposes of this Loan Agreement, the Principal Amount on any date shall be equal to the excess, if any, of: 
  

	 	(i)	the aggregate amount disbursed by the Lender pursuant to section 2.1(b) on or before such date; over 

  

	 	(ii)	the aggregate amount of any repayments of such amounts made before such date. 

 The Lender shall maintain on the Register a record of, and shall record in the Promissory Note, the Principal Amount, any changes in the Principal Amount and the effective date of any changes in the Principal Amount. 
 Section 2.2 Interest. 
 (a) The Borrower shall pay to the Lender interest on the Principal Amount, for the period commencing with the first disbursement of funds under this Loan Agreement and continuing until the Principal Amount shall be paid in full, at the rate
of [                    ] percent (                %)
per annum. Interest payable under this Agreement shall be computed on the basis of a year of 365 days and actual days elapsed (including the first day but excluding the last) occurring during the period to which the computation relates. 

 

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 (b) Accrued interest on the Principal Amount shall be payable by the Borrower on the dates set forth in
Schedule I to the Promissory Note. All interest on the Principal Amount shall be paid by the Borrower in immediately available funds. 
 (c)
Anything in the Loan Agreement or the Promissory Note to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the
Lender to the extent that the Lender’s receipt thereof would not be permissible under the law or laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payment referred to in the
preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged
or collected by the Lender. Such deferred interest shall not bear interest. 
 Section 2.3 Promissory Note. 
 The Loan shall be evidenced by the Promissory Note of the Borrower attached hereto as an exhibit payable to the order of the lender in the Principal
Amount and otherwise duly completed. 
 Section 2.4 Payment of Trust Loan. 
 The Principal Amount of the Loan shall be repaid in accordance with Schedule I to the Promissory Note on the dates specified therein until fully paid.

 Section 2.5 Prepayment. 
 The Borrower shall be entitled to prepay the Loan in whole or in part, at any time and from time to time; provided, however, that the Borrower shall give notice to the Lender of any such prepayment; and provided,
further, that any partial prepayment of the Loan shall be in an amount not less than $1,000. Any such prepayment shall be: (a) permanent and irrevocable; (b) accompanied by all accrued interest through the date of such prepayment;
(c) made without premium or penalty; and (d) applied on the inverse order of the maturity of the installment thereof unless the Lender and the Borrower agree to apply such prepayments in some other order. 
 Section 2.6 Method of Payments. 
 (a) All payments of principal, interest, other charges (including indemnities) and other amounts payable by the Borrower hereunder shall be made in lawful money of the United States, in immediately available funds, to the Lender at the
address specified in or pursuant to this Loan Agreement for notices to the Lender, on the date on which such payment shall become due. Any such payment made on such date but after such time shall, if the amount paid bears interest, and except as
expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or interest becomes due on a day other than
a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall include interest to the day on which payment is in fact made. 
  

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 (b) Notwithstanding anything to the contrary contained in this Loan Agreement or the Promissory Note, the
Borrower shall not be obligated to make any payment, repayment or pre-payment on the Promissory Note if doing so would cause the ESOP to cease to be an employee stock ownership plan within the meaning of section 4975(e)(7) of the Code or qualified
under section 401(a) of the Code or cause the Borrower to cease to be a tax exempt trust under section 501(a) of the Code or if such act or failure to act would cause the Borrower to engage in any “prohibited transaction” as such term is
defined in the section 4975(c) of the Code and the regulations promulgated thereunder which is not exempted by section 4975(c)(2) or (d) of the Code and the regulations promulgated thereunder or in section 406 of ERISA and the regulations
promulgated thereunder which is not exempted by section 408(b) of ERISA and the regulations promulgated thereunder; provided, however, that in each case, the Borrower, may act or refrain from acting pursuant to this section 2.6(b) on the basis of an
opinion of counsel, and any opinion of such counsel. The Borrower may consult with counsel, and any opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance with such opinion of counsel. Nothing contained in this section 2.6(b) shall be construed as imposing a duty on the Borrower to consult with counsel. Any obligation of the Borrower to make any payment, repayment or
prepayment on the Promissory Note or refrain from taking any other act hereunder or under the Promissory Note which is excused pursuant to this section 2.6(b) shall be considered a binding obligation of the Borrower, or both, as the case may be, for
the purposes of determining whether a Default or Event of Default has occurred hereunder or under the Promissory Note and nothing in this section 2.6(b) shall be construed as providing a defense to any remedies otherwise available upon a Default or
an Event of Default hereunder (other than the remedy of specific performance). 
 Section 2.7 Use of Proceeds of Loan. 

 The entire proceeds of the Loan shall be used solely for acquiring shares of Common Stock, and for no other purpose whatsoever. 

Section 2.8 Security. 
 (a) In order to secure the due payment and performance by the Borrower of all of its obligations under this Loan Agreement, simultaneously with the execution and delivery of this Loan Agreement by the Borrower, the Borrower shall:

  

	 	(i)	pledge to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a first priority lien on and security interest in, the Common Stock purchased with
the Principal Amount, by the execution and delivery to the lender of the Pledge Agreement attached hereto as an exhibit; and 

  

	 	(ii)	execute and deliver, or cause to be executed and delivered, such other agreement, instruments and documents as the Lender may reasonably require in order to effect the purposes of
the Pledge Agreement and this Loan Agreement. 

 (b) The Lender shall release from encumbrance under the Pledge Agreement and
transfer to the Borrower, as of the date on which any payment or repayment of the Principal Amount is made, a number of shares of Common Stock held as Collateral determined pursuant to the applicable provisions of the ESOP. 
  

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 Section 2.9 Registration of the Promissory Note. 
 (a) The Lender shall maintain a Register providing for the registration of the Principal Amount and any stated interest and of transfer and exchange of
the Promissory Note. Transfer of the Promissory Note may be effected only by the surrender of the old instrument and either the reissuance by the Borrower of the old instrument to the new holder or the issuance by the Borrower of a new instrument to
the new holder. The old Promissory Note so surrendered shall be canceled by the Lender and returned to the Borrower after such cancellation. 
 (b) Any new Promissory Note issued pursuant to section 2.9(a) shall carry the same rights to interest (unpaid and to accrue) carried by the Promissory Note so transferred or exchanged so that there will not be any loss or gain of interest
on the note surrender. Such new Promissory Note shall be subject to all of the provisions and entitled to all of the benefits of this Agreement. Prior to due presentment for registration or transfer, the Borrower may deem and treat the registered
holder of any Promissory Note as the holder thereof for purposes of payment and other purposes. A notation shall be made on each new Promissory Note of the amount of all payments of principal and interest theretofore paid. 
 ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES OF THE BORROWER 
 The Borrower hereby represents and warrants to the Lender as follows: 
 Section 3.1 Power, Authority, Consents. 
 The Borrower has the power to execute, deliver and perform this Loan Agreement, the Promissory Note and Pledge Agreement, all of which have been duly authorized by all necessary and proper corporate or other action.

 Section 3.2 Due Execution, Validity, Enforceability. 
 Each of the Loan Documents, including, without limitation, this Loan Agreement, the Promissory Note and the Pledge Agreement, has been duly executed and
delivered by the Borrower; and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its terms. 
 Section 3.3 Properties, Priority of Liens. 
 The liens which have been created and granted by the Pledge
Agreement constitute valid, first liens on the properties and assets covered by the Pledge Agreement, subject to no prior or equal lien. 
 Section 3.4 No Defaults, Compliance with Laws. 
 The Borrower is not in default in any material respect under any
agreement, ordinance, resolution, decree, bond, note, indenture, order or judgment to which it is a party or by which it is bound, or any other agreement or other instrument by which any of the properties or assets owned by it is materially
affected. 
  

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 Section 3.5 Purchase of Common Stock. 
 Upon consummation of any purchase of Common Stock by the Borrower with the proceeds of the Loan, the Borrower shall acquire valid, legal and marketable
title to all of the Common Stock so purchased, free and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased pursuant to the Pledge Agreement. Neither the execution and delivery of the Loan Documents nor the
performance of any obligation thereunder violates any provisions of law or conflicts with or results in a breach of or creates (with or without the giving of notice of lapse of time, or both) a default under any agreement to which the Borrower is a
party or by which it is bound or any of its properties is affected. No consent of any federal, state, or local governmental authority, agency, or other regulatory body, the absence of which could have a materially adverse effect on the Borrower or
the Trustee, is or was required to be obtained in connection with the execution, delivery, or performance of the Loan Documents and the transaction contemplated therein or in connection therewith, including without limitation, with respect to the
transfer of the shares of Common Stock purchased with the proceeds of the Loan pursuant thereto. 
 Section 3.6 ESOP;
Contributions. 
 As of the effective date of the ESOP sponsor’s conversion, the ESOP and the Borrower will be duly created,
organized and maintained by the ESOP sponsor in compliance with all applicable laws, regulations and rulings. The ESOP will qualify as an “employee stock ownership plan” as defined in section 4975(e)(7) of the Code. The ESOP provides that
the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would
adversely affect the qualification of the ESOP under section 401(a) of the Code. 
 Section 3.7 Trustee. 
 The trustee of the ESOP has been duly appointed by the ESOP sponsor. 
 Section 3.8 Compliance with Laws; Actions. 
 Neither the execution and delivery by the
Borrower of this Loan Agreement or any instruments required thereby, nor compliance with the terms and provisions of any such documents by the lender, constitutes a violation of any provision of any law or any regulation, order, writ, injunction or
decree of any court or governmental instrumentality, or an event of default under any agreement, to which the Borrower is a party, to which the Borrower is bound or to which the Borrower is subject, which violation or event of default would have a
material adverse effect on the Borrower. There is no action or proceeding pending or threatened against either the ESOP or the Borrower before any court or administrative agency. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE LENDER 
 The Lender hereby represents and warrants to the Borrower as follows: 
 Section 4.1 Power, Authority, Consents. 
 The Lender has the power to execute, deliver and
perform this Loan Agreement, the Pledge Agreement and all documents executed by the Lender in connection with the Loan, all of 

  

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which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization or approval or other action by any
governmental authority or regulatory body, and no notice by the Lender to, or filing by the Lender with, any governmental authority or regulatory body is required for the due execution, delivery and performance of this Loan Agreement. 
 Section 4.2 Due Execution, Validity, Enforceability. 
 This Loan Agreement and the Pledge Agreement have been duly executed and delivered by the Lender, and each constitutes a valid and legally binding obligation of the Lender, enforceable in accordance with its terms.

 ARTICLE V 
 EVENTS OF
DEFAULT 
 Section 5.1 Events of Default under Loan Agreement. 
 Each of the following events shall constitute an “Event of Default” hereunder: 
 (a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note when due, or failure to make any payment of interest on the
Promissory Note not later than five (5) Business Days after the date when due. 
 (b) Failure by the Borrower to perform or observe any
term, condition or covenant of this Loan Agreement or of any of the other Loan Documents, including, without limitation, the Promissory Note and the Pledge Agreement. 
 (c) Any representation or warranty made in writing to the Lender in any of the Loan Documents, or any certificate, statement or report made or delivered in compliance with this Loan Agreement, shall have been false or
misleading in any material respect when made or delivered. 
 Section 5.2 Lender’s Rights upon Event of Default. 

 If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower
other than: (a) contributions (other than contributions of Common Stock) that are made by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such
contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the
due and unpaid amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the Borrower’s assets shall be transferred to the Lender following an Event
of Default only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by the Pledge Agreement following an
Event of Default shall be governed by the terms of the Pledge Agreement. 
  

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 ARTICLE VI 
 MISCELLANEOUS PROVISIONS 
 Section 6.1 Payments Due to the Lender. 
 If any amount is payable by the Borrower to the Lender pursuant to any indemnity obligation contained herein, then the Borrower shall pay, at the time or
times provided therefor, any such amount and shall indemnify the Lender against and hold it harmless from any loss or damage resulting from or arising out of the nonpayment or delay in payment of any such amount. If any amounts as to which the
Borrower has so indemnified the Lender hereunder shall be assessed or levied against the Lender, the Lender may notify the Borrower and make immediate payment thereof, together with interest or penalties in connection therewith, and shall thereupon
be entitled to and shall receive immediate reimbursement therefor from the Borrower, together with interest on each such amount as provided for in section 2.2(c). Notwithstanding any other provision contained in this Loan Agreement, the covenants
and agreements of the Borrower contained in this section 6.1 shall survive: (a) payment of the Promissory Note and (b) termination of this Loan Agreement. 
 Section 6.2 Payments. 
 All payments hereunder and under the Promissory Note shall be made
without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Loan Agreement and the Promissory Note, subject to any applicable
tax withholding requirements. Upon payment in full of the Promissory Note, the Lender shall mark such Promissory Note “Paid” and return it to the Borrower. 
 Section 6.3 Survival. 
 All agreements, representations and warranties made herein shall
survive the delivery of this Loan Agreement and the Promissory Note. 
 Section 6.4 Modifications, Consents and Waivers; Entire
Agreement. 
 No modification, amendment or waiver of or with respect to any provision of this Loan Agreement, the Promissory Note,
the Pledge Agreement, or any of the other Loan Documents, nor consent to any departure from any of the terms or conditions thereof, shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement
thereof is sought. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or demand on a party in any case shall, of itself, entitle it to any other or further notice or demand
in similar or other circumstances. This Loan Agreement embodies the entire agreement and understanding between the Lender and the Borrower and supersedes all prior agreements and understandings relating to the subject matter hereof. 
 Section 6.5 Remedies Cumulative. 
 Each and every right granted to the Lender hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the
part of the Lender or the holder of the Promissory Note to exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall any single or partial exercise of any right preclude any other or future exercise thereof or the
exercise of any other right. The due payment and performance of the 

  

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obligations under the Loan Documents shall be without regard to any counterclaim, right of offset or any other claim whatsoever which the Borrower may have
against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the Borrower, and no such counterclaim or offset shall be asserted by the Borrower in any action, suit or proceeding instituted by
the Lender for payment or performance of such obligations. 
 Section 6.6 Further Assurances; Compliance with Covenants. 

 At any time and from time to time, upon the request of the Lender, the Borrower shall execute, deliver and acknowledge or cause to be
executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the Lender may reasonably request in order to fully effect the terms of this Loan Agreement, the Promissory Note, the Pledge Agreement,
the other Loan Documents and any other agreements, instruments and documents delivered pursuant hereto or in connection with the Loan. 
 Section 6.7 Notices. 
 Except as otherwise specifically provided for herein, all notice, requests, reports and
other communications pursuant to this Loan Agreement shall be in writing, either by letter (delivered by hand or commercial messenger service or sent by registered or certified mail, return receipt requested, except for routine reports delivered in
compliance with Article VI hereof which may be sent by ordinary first-class mail) or telex or telecopier addressed as follows: 
  

	 	(a)	If to the Borrower: 

 First Savings Bank, F.S.B. Employee
Stock Ownership Plan 
 c/o
[                                        
        ] 
  

	 	(b)	If to the Lender: 

 First Savings Financial Group, Inc.

 501 East Lewis & Clark Parkway 
 Clarksville, IN 47129 
 Attn: Larry W. Myers 
 Any notice, request or communication hereunder shall be deemed to have been given on the day on which it is delivered by hand or by commercial messenger service, or sent by telex or telecopier, to such party at its
address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may change the person or address to whom or which notices are to be given hereunder, by
notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given only when actually received by the party to whom it is addressed. 
 Section 6.8 Counterparts. 
 This Loan Agreement may be signed in any number of
counterparts which, when taken together, shall constitute one and the same document. 
 Section 6.9 Construction; Governing
Law. 
 The headings used in the table of contents and in this Loan Agreement are for convenience only and shall not be deemed to
constitute a part hereof. All uses herein of any 

  

 9 

 
gender or of singular or plural terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All
references in this Loan Agreement of an Article or section shall be to an Article or section of this Loan Agreement, unless otherwise specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and the other Loan Documents shall be
governed by, and construed and interpreted in accordance with, the laws of the State of Indiana. 
 Section 6.10 Severability.

 Wherever possible, each provision of this Loan Agreement shall be interpreted in such manner as to be effective and valid under
applicable law; however, the provisions of this Loan Agreement are severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect
only such clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provisions in this Loan Agreement in any jurisdiction. Each of the
covenants, agreements and conditions contained in this Loan Agreement are independent, and compliance by a party with any of them shall not excuse non-compliance by such party with any other. The Borrower shall not take any action the effect of
which shall constitute a breach or violation of any provision of this Loan Agreement. 
 Section 6.11 Binding Effect: No
Assignment or Delegation. 
 This Loan Agreement shall be binding upon and inure to the benefit of the Borrower and its successors and
the Lender and its successors and assigns. The rights and obligations of the Borrower under this Agreement shall not be assigned or delegated without the prior written consent of the Lender, and any purported assignment or delegation without such
consent shall be void. 
  

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

			
	 FIRST SAVINGS BANK, F.S.B.
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust Officer for
[                                    ]
	
	FIRST SAVINGS FINANCIAL GROUP, INC.
		
	By:	 	  

		 	Larry W. Myers
		 	President and Chief Executive Officer

  

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 FORM OF 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the
     day of                     , 2008, by and between the FIRST SAVINGS BANK, F.S.B. EMPLOYEE STOCK OWNERSHIP
PLAN TRUST (“Pledgor”), and FIRST SAVINGS FINANCIAL GROUP, INC. (“Pledgee”). 
 WITNESSETH

 WHEREAS, this Pledge Agreement is being executed and delivered to the Pledgee pursuant to the terms of a Loan Agreement
(“Loan Agreement”), by and between the Pledgor and the Pledgee; 
 NOW, THEREFORE, in consideration of the mutual agreements
contained herein and in the Loan Agreement, the parties hereto do hereby covenant and agree as follows: 
 Section 1. Definitions.
The following definitions shall apply for purposes of this Pledge Agreement, except to the extent that a different meaning is plainly indicated by the context; all capitalized terms used but not defined herein shall have the respective meanings
assigned to them in the Loan Agreement: 
 Collateral shall mean the Pledged Shares and, subject to section 5 hereof, and to the
extent permitted by applicable law, all rights with respect thereto, and all proceeds of such Pledged Shares and rights. 
 ESOP shall mean the First Savings Bank, F.S.B. Employee Stock Ownership Plan. 
 Event of Default shall
mean an event so defined in the Loan Agreement. 
 Liabilities shall mean all the obligations of the Pledgor to the Pledgee,
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under the Loan Agreement and the Promissory Note. 
 Pledged Shares shall mean all the Shares of Common Stock of the Pledgee purchased by the Pledgor with the proceeds of the loan made by the
Pledgee to the Pledgor pursuant to the Loan Agreement, but excluding any such shares previously released pursuant to section 4. 
 Section 2. Pledge. To secure the payment of and performance of all the Liabilities, the Pledgor hereby pledges to the Pledgee, and grants to the Pledgee, a security interest in, and lien upon, the Collateral. 
 Section 3. Representations and Warranties of the Pledgor. The Pledgor represents, warrants, and covenants to the Pledgee as follows:

 (a) the execution, delivery and performance of this Pledge Agreement and the pledging of the Collateral hereunder do not and will not
conflict with, result in a violation of, or constitute a default under, any agreement binding upon the Pledgor; 

 (b) the Pledged Shares are and will continue to be owned by the Pledgor free and clear of any liens or
rights of any other person except the lien hereunder and under the Loan Agreement in favor of the Pledgee, and the security interest of the Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be prior to and senior to the
rights of all others; 
 (c) this Pledge Agreement is the legal, valid, binding and enforceable obligation of the Pledgor in accordance with
its terms; 
 (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver to the Pledgee such stock powers,
proxies, and similar documents, satisfactory in form and substance to the Pledgee, with respect to the Collateral as the Pledgee may reasonably request; and 
 (e) subject to the first sentence of section 4(b), the Pledgor shall not, so long as any Liabilities are outstanding, sell, assign, exchange, pledge or otherwise transfer or encumber any of its rights in and to any of
the Collateral. 
 Section 4. Eligible Collateral. 
 (a) As used herein the term “Eligible Collateral” shall mean the amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any
amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of Collateral as may be required pursuant to section 13 of this Pledge Agreement. 
 (b) The Pledged Shares shall be released from this Pledge Agreement in a manner conforming to the requirements of Treasury Regulations
Section 54.4975-7(b)(8), as the same may be from time to time amended or supplemented, and the applicable provisions of the ESOP. Subject to such Regulations, the Pledgee may from time to time, after any Default or Event of Default, and without
prior notice to the Pledgor, transfer all or any part of the Eligible Collateral in the name of the Pledgee or its nominee, without disclosing that such Eligible Collateral is subject to any rights of the Pledgor and may from time to time, whether
before or after any of the Liabilities shall become due and payable, without notice to the Pledgor, take all or any of the following actions: (i) notify the parties obligated on any of the Eligible Collateral to make payment to the Pledgee of
any amounts due or due to become due thereunder, (ii) release or exchange all or any part of the Eligible Collateral, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature
of any party with respect thereto, and (iii) take control of any proceeds of the Eligible Collateral. 
  

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 Section 5. Delivery. 
 (a) The Pledgor shall deliver to the Pledgee upon execution of this Pledge Agreement (i) either (A) certificates for the Pledged Shares, each
certificate duly signed in blank by the Pledgor or accompanied by a stock transfer power duly signed in blank by the Pledgor and each such certificate accompanied by all required documentary or stock transfer tax stamps or (B) if the Trustee
does not yet have possession of the Pledged Shares, an assignment by the Pledgor of all the Pledgor’s rights to and interest in the Pledged Shares and (ii) an irrevocable proxy, in form and substance satisfactory to the Pledgee, signed by
the Pledgor with respect to the Pledged Shares. 
 (b) So long as no Default or Event of Default shall have occurred and be continuing,
(i) the Pledgor shall be entitled to exercise any and all voting and other rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement, and (ii) the Pledgor shall be
entitled to receive any and all cash dividends or other distributions paid in respect of the Collateral. 
 Section 6. Events of
Default. 
 (a) If a Default or Event Default shall be existing, in addition to the rights it may have under the Loan Agreement, the
Promissory Note, and this Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to time, any rights and remedies available to it under the Uniform Commercial
Code as in effect from time to time in the State of Indiana or otherwise available to it and (ii) the Pledgee shall have the right, for and in the name, place and stead of the Pledgor, to execute endorsement, assignments, stock powers and other
instruments of conveyance or transfer with respect to all or any of the Eligible Collateral. Written notification of intended disposition of any of the Eligible Collateral shall be given by the Pledgee to the Pledgor at least three (3) business
days before such disposition. Subject to section 13 below, any proceeds of any disposition of Eligible Collateral may be applied by the Pledgee to the payment of expenses in connection with the Eligible Collateral, including, without limitation,
reasonable attorneys’ fees and legal expenses, and any balance of such proceeds may be applied by the Pledgee toward the payment of such of the Liabilities as are in Default, and in such order of application, as the Pledgee may from time to
time elect. No action of the Pledgee permitted hereunder shall impair or affect its rights in and to the Eligible Collateral. All rights and remedies of the Pledgee expressed hereunder are in addition to all other rights and remedies possessed by
it, including, without limitation, those contained in the documents referred to in the definition of Liabilities in section 1 hereof. 
 (b) In any sale of any of the Eligible Collateral after a Default or an Event of Default shall have occurred, the Pledgee is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by
counsel if necessary in order to avoid violation of applicable law (including, without limitation, compliance with such procedures as may restrict the number of prospective bidders and purchasers or further restrict such prospective bidders or
purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Eligible 

  

 3 

 
Collateral), or in order to obtain such required approval of the sale or of the purchase by any governmental regulatory authority or official, and the
Pledgor further agrees that such compliance shall not result in such sale’s being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Pledgee be liable or accountable to the Pledgor for any discount
allowed by reason of the fact that such Eligible Collateral is sold in compliance with any such limitation or restriction. 
 Section 7. Payment in Full. Upon the payment in full of all outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee shall forthwith assign, transfer and deliver to the Pledgor, against receipt and without
recourse to the Pledgee, all Collateral then held by the Pledgee pursuant to the Pledge Agreement. 
 Section 8. No Waiver. No
failure or delay in the part of the Pledgee in exercising any right or remedy hereunder or under any other document which confers or grants any rights to the Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any
single or partial exercise of any such rights or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy of the Pledgee. 
 Section 9. Binding Effect; No Assignment or Delegation. This Pledge Agreement shall be binding upon and inure to the benefit of the Pledgor, the Pledgee and their respective successors and assigns, except
that the Pledgor may not assign or transfer its rights hereunder without the prior written consent of the Pledgee (which consent shall not unreasonably be withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the provisions of
this Pledge Agreement shall be performed in favor of any person or entity designated by the Pledgee, and any duty or obligation of the Pledgee to the Pledgor may be performed by any other person or entity designated by the Pledgee. 
 Section 10. Governing Law. This Pledge Agreement shall be governed by and construed in accordance with the laws of the State of Indiana
applicable to agreements to be performed wholly within the State of Indiana. 
 Section 11. Notices. All notices, requests,
instructions or documents hereunder shall be in writing and delivered personally or sent by United States mail, registered or certified, return receipt requested, with proper postage prepaid as follows: 
  

	 	(a)	If to the Pledgee: 

 First Savings Financial Group, Inc.

 501 East Lewis & Clark Parkway 
 Clarksville, IN 47129 
 Attn: Larry W. Myers 
  

	 	(b)	If to the Pledgor: 

 First Savings Bank, F.S.B.

 Employee Stock Ownership Plan Trust 
  

 4 

 or at such other address as either of the parties may designate by written notice to the other party. If delivered
personally, the date on which a notice, request, instruction or document is delivered shall be the date on which such delivery is made, and, if delivered by mail, the date on which such notice, request, instruction, or document is deposited in the
mail shall be the date of delivery. Each notice, request, instruction or document shall bear the date on which it is delivered. 
 Section 12. Interpretation. Wherever possible each provision of this Pledge Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision herein shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions hereof. 
 Section 13. Construction. All provisions hereof shall be construed so as to maintain (a) the ESOP as a qualified leveraged employee
stock ownership plan under section 401(a) and 4975(e)(7) of the Internal Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from taxation under section 501(a) of the Code and (c) the Trust Loan as an exempt loan under
section 54.4975-7(b) of the Treasury Regulations and as described in Department of Labor Regulation section 2550.408b-3. 
  

 5 

 IN WITNESS WHEREOF, this Pledge Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

			
	 FIRST SAVINGS BANK, F.S.B.
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust Officer for
[                                    ]
	
	FIRST SAVINGS FINANCIAL GROUP, INC.
		
	 By:
	 	  

		 	Larry W. Myers
		 	President and Chief Executive Officer

  

 6 

 FORM OF 
 PROMISSORY NOTE 
 FOR VALUE RECEIVED, the undersigned, FIRST SAVINGS BANK, F.S.B.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST (the “Borrower”), hereby promises to pay to the order of FIRST SAVINGS FINANCIAL GROUP, INC. (the “Lender”) up to
[            ] $(            ) payable in accordance with the Loan Agreement made and entered into between
the Borrower and the Lender of even date herewith (“Loan Agreement”) pursuant to which this Promissory Note is issued. 
 The
Principal Amount of this Promissory Note shall be payable in accordance with the schedule attached hereto (“Schedule I”). 
 This
Promissory Note shall bear interest at the rate per annum set forth or established under the Loan Agreement, such interest to be payable in accordance with Schedule I. 
 Anything herein to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender
to the extent that the Lender’s receipt thereof would not be permissible under the law or laws applicable to the Lender limiting rates on interest which may be charged or collected by the Lender. Any such payments on interest which are not made
as a result of the limitation referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not bear interest. 
 Payments of
both principal and interest on this Promissory Note are to be made at the principal office of the Lender or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in
immediately available funds. 
 Failure to make any payments of principal on this Promissory Note when due, or failure to make any payment of
interest on this Promissory Note not later than five (5) Business Days after the date when due, shall constitute a default hereunder, whereupon the principal amount of accrued interest on this Promissory Note shall immediately become due and
payable in accordance with the terms of the Loan Agreement. 
 This Promissory Note is secured by a Pledge Agreement between the Borrower and
the Lender of even date herewith and is entitled to the benefits thereof. 
  

	
	 FIRST SAVINGS BANK, F.S.B.
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust Officer for
[                                        ]Exhibit 10.5

 Exhibit 10.5 
 FORM OF 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as [date], by and among FIRST SAVINGS FINANCIAL GROUP, INC.,
an Indiana corporation (the “Corporation”), FIRST SAVINGS BANK, FSB, a federally-chartered savings bank and a wholly-owned subsidiary of the Corporation (the “Bank”), and [NAME] (the “Executive”). The
Corporation and the Bank are sometimes referred to in this Agreement individually and together as the “Employer.” 
 WHEREAS,
the Executive serves in position of substantial responsibility with the Corporation and the Bank; 
 WHEREAS, the Corporation and
the Bank wish to set forth the terms of the Executive’s continued employment in these positions; 
 WHEREAS, the Executive is
willing and desires to serve in these positions with the Corporation and the Bank. 
 NOW THEREFORE, in consideration of these
premises, the mutual covenants contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 ARTICLE 1 
 EMPLOYMENT 
 1.1 Employment. The Employer hereby employs the Executive to serve as [title] of each of the Corporation and the Bank according to
the terms and conditions of this Agreement and for the period stated in Section 1.3 of this Agreement. The Executive hereby accepts employment according to the terms and conditions of this Agreement and for the period stated in Section 1.3
of this Agreement. 
 1.2 Duties. As [title], the Executive shall serve under the boards of directors. The Executive
shall report directly to the boards of directors. The Executive shall serve the Employer faithfully, diligently, competently, and to the best of the Executive’s ability. The Executive shall exclusively devote full working time, energy, and
attention to the business of the Employer and to the promotion of the interests of the Employer throughout the term of this Agreement. Without the prior written consent of the board of directors of each of the Corporation and the Bank, during the
term of this Agreement the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether
it is paid directly or indirectly to the Executive. Nothing in this Section 1.2 shall prevent the Executive from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the
Executive’s duties and responsibilities under this Agreement. 
 1.3 Term.  
 (a) The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the
“Effective Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 1.3. 
 (b) Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective Date thereafter, the disinterested
members of the Boards of Directors may 

 
extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months, unless Executive
elects not to extend the term of this Agreement by giving proper written notice. The Boards of Directors will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement term and will
include the rationale and results of its review in the minutes of the meetings. The Boards of Directors will notify Executive as soon as possible after each annual review whether it has determined to extend the Agreement. 
 1.4 Service on the Boards of Directors. The Executive serves as a member of the board of directors each of the Corporation and the Bank.
The board of directors of each of the Corporation and the Bank shall undertake every lawful effort to ensure that the Executive continues throughout the term of his employment to be elected or reelected as a director of the Corporation and the Bank.
Notwithstanding anything in this Agreement to the contrary, unless otherwise agreed to by the parties, the Executive shall be deemed to have resigned as a director of each of the Corporation and the Bank effective immediately after termination of
the Executive’s employment under Article 3 of this Agreement, regardless of whether the Executive submits a formal, written resignation as director. 
 ARTICLE 2 
 COMPENSATION AND BENEFITS 
 2.1 Base Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the Employer shall pay or
cause to be paid to the Executive a salary at the annual rate of not less than $[amount], payable according to the regular payroll practices of the Employer. The Executive’s salary shall be subject to annual review. The Executive’s
salary, as the same may be modified from time to time, is referred to in this Agreement as the “Base Salary.” All compensation under this Agreement shall be subject to customary income tax withholding and such other employment taxes as are
imposed by law. 
 2.2 Benefit Plans and Perquisites. For as long as the Executive is employed by the Employer, the Executive
shall be eligible (x) to participate in any and all officer or employee compensation, incentive compensation and benefit plans in effect from time to time, including without limitation plans providing retirement, medical, dental, disability,
and group life benefits and including stock-based compensation, incentive, or bonus plans existing on the date of this Agreement or adopted after the date of this Agreement, provided that the Executive satisfies the eligibility requirements for any
the plans or benefits, and (y) to receive any and all other fringe and other benefits provided from time to time, including the specific items described in (a)-(d) below. 
 (a) Club dues. In addition to any other compensation provided for under this Agreement, the Employer shall pay the Executive an amount
sufficient, on an after-tax basis, to maintain his membership at the [name]. 
 (b) Reimbursement of business expenses.
The Executive shall be entitled to reimbursement for all reasonable business expenses incurred while performing his obligations under this Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred
while acting at the request of or in the service of the Employer and reasonable expenses for attendance at annual and other periodic meetings of trade associations. Expenses will be reimbursed if they are submitted in accordance with the
Employer’s policies and procedures. 
  

 2 

 (c) Automobile. The Employer shall provide the Executive with, and the Executive shall have
the primary use of, an automobile owned or leased by the Employer the Employer shall pay (or reimburse the Executive) for all expenses of insurance, registration, operation and maintenance of the automobile. The Executive shall comply with
reasonable reporting and expense limitations on the use of such automobile, as the Employer may establish from time to time, and the Employer shall annually include on the Executive’s Form W-2 any amount attributable to the Executive’s
personal use of such automobile. 
 (d) Facilities. The Employer will furnish the Executive with the working facilities and
staff customary for executive officers with the comparable titles and duties of the Executive as set forth in Sections 1.1 and 1.2 of this Agreement and as are necessary for the Executive to perform his duties. The location of such facilities and
staff shall be at the principal administrative offices of the Corporation, or at such other site or sites customary for such offices. 
 2.3 Vacation; Leave. The Executive shall be entitled to sick leave and paid annual vacation in accordance with policies established from time to time by the Employer. In addition to paid vacations and other leave, the boards
of directors may grant the Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the boards of directors may determine. 
 2.4 Insurance. The Employer shall maintain or cause to be maintained liability insurance covering the Executive throughout the term of this
Agreement. 
 ARTICLE 3 
 EMPLOYMENT TERMINATION 
 3.1 Termination Because of Death.  
 (a) Death. The Executive’s employment shall terminate automatically at the Executive’s death. If the Executive dies in active
service to the Employer, the Executive’s estate shall receive any sums due to the Executive as base salary and reimbursement of expenses through the end of the month in which his death occurred. 
 (b) Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Employer may terminate the
Executive’s employment if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent physician selected by the Employer and reasonably acceptable to the Executive or the
Executive’s legal representative determines that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform the Executive’s duties for a period of ninety
(90) consecutive days. The Executive shall not be considered disabled, however, if the Executive returns to work on a full-time basis within thirty (30) days after the Employer gives notice of termination due to disability. If the
Executive is terminated by either of the Corporation or the Bank because of disability, the Executive’s employment with the other shall also terminate at the same time. During the period of incapacity leading up to the termination of the
Executive’s employment under this provision, the Employer shall continue to pay the full Base Salary at the rate then in effect and all perquisites and other benefits (other than bonus) until the Executive becomes eligible for benefits under
any disability plan or insurance program maintained by the Employer, provided that the amount of the payments by the Employer to the Executive under this Section 3.1(b) shall be reduced by the sum of the amounts, if any, payable to the
Executive for the same period under any disability benefit or pension plan covering the Executive. 
  

 3 

 3.2 Involuntary Termination with Cause. The Employer may terminate the Executive’s
employment for Cause. If the Executive’s employment terminates for Cause, the Executive shall receive the Base Salary through the date on which termination becomes effective and reimbursement of expenses to which the Executive is entitled when
termination becomes effective. If the Executive is terminated for Cause by either of the Corporation or the Bank, the Executive shall be deemed also to have been terminated for Cause by the other. The Executive shall not be deemed to have been
terminated for Cause under this Agreement unless and until there is delivered to the Executive a copy of a resolution adopted at a meeting of the board of directors called and held for the purpose, which resolution shall (x) contain findings
that the Executive has committed an act constituting Cause, and (y) specify the particulars thereof. The resolution of the board of directors shall be deemed to have been duly adopted if and only if it is adopted by the affirmative vote of a
majority of the directors of the Corporation then in office or a majority of the directors of the Bank then in office, in either case excluding the Executive. Notice of the meeting and the proposed termination for Cause shall be given to the
Executive a reasonable time before the meeting of the board of directors. The Executive and the Executive’s counsel (if the Executive chooses to have counsel present) shall have a reasonable opportunity to be heard by the board of directors at
the meeting. For purposes of this Agreement “Cause” means any of the following: 
  

	 	(1)	Personal dishonesty; 

  

	 	(2)	Incompetence 

  

	 	(3)	Willful misconduct; 

  

	 	(4)	Breach of fiduciary duty involving personal profit; 

  

	 	(5)	Intentional failure to perform stated duties; 

  

	 	(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; or 

  

	 	(7)	Material breach of any provision of this Agreement. 

 3.3 Voluntary Termination by the Executive Without Good Reason. If the Executive terminates employment without Good Reason, the Executive shall receive the Base Salary and expense reimbursement to which the Executive is
entitled through the date on which termination becomes effective. 
 3.4 Involuntary Termination Without Cause and Voluntary
Termination with Good Reason. With written notice to the Executive thirty (30) days in advance, the Employer may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the thirty
(30) day period. With advance written notice to the Employer as provided in clause (y), the Executive may terminate employment for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with
Good Reason, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the
conditions stated in both clauses (x) and (y) of this Section 3.4 are satisfied: 
 (x) a voluntary termination by the
Executive shall be considered a voluntary termination with Good Reason if any of the following occur without the Executive’s written consent, and the term Good Reason shall mean the occurrence of any of the following without the
Executive’s written consent: 
  

	 	(1)	a material diminution of the Executive’s Base Salary, 

  

	 	(2)	a material diminution of the Executive’s authority, duties, or responsibilities, or 

  

	 	(3)	a change in the geographic location at which the Executive must perform services for the Employer by more than 35 miles from such location at the effective date.

  

 4 

 (y) the Executive must give notice to the Employer of the existence of one or more of the conditions
described in clause (x) within sixty (60) days after the initial existence of the condition, and the Employer shall have thirty (30) days thereafter to remedy the condition. In addition, the Executive’s voluntary termination
because of the existence of one or more of the conditions described in clause (x) must occur within six (6) months after the initial existence of the condition. 
 ARTICLE 4 
 SEVERANCE COMPENSATION 
 4.1 Cash Severance after Termination Without Cause or Termination for Good Reason. 
 (a) Subject to the possibility that cash severance after employment termination might be delayed under Section 4.1(b), if the Executive’s
employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Executive shall for the unexpired term of this Agreement and in accordance with the Employer’s regular pay
practices continue to receive the Base Salary in effect at employment. However, the Employer and the Executive acknowledge and agree that the compensation and benefits under this Section 4.1 shall not be payable if compensation and benefits are
payable or shall have been paid to the Executive under Article 5 of this Agreement. 
 (b) If when employment termination occurs the Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) if the cash severance payment under
Section 4.1(a) would be considered deferred compensation under Section 409A of the Code, and finally if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, the Executive’s
continued Base Salary under Section 4.1(a) for the first six months after employment termination shall be paid to the Executive in a single lump sum without interest on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates. References in this Agreement to Section 409A of the Code include rules, regulations, and
guidance of general application issued by the Department of the Treasury under Internal Revenue Section 409A of the Code. 
 4.2
Post-Termination Insurance Coverage. 
 (a) If the Executive’s employment terminates involuntarily but without Cause or
voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense medical insurance benefits for the Executive and any of his dependents covered at the time of his
termination. The medical insurance benefits shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the
Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. 
 (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue coverage for the Executive and his dependents, or (y) when employment
termination occurs the Executive is a “specified employee” within the meaning of Section 409A of the Code, if any of the continued insurance coverage benefits specified in Section 4.2(a) would be considered deferred compensation
under Section 409A of the Code, and finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, the Employer shall pay to the Executive in a
single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular insurance 

  

 5 

 
benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for 36
months. The lump-sum payment shall be made thirty (30) days after employment termination or, if Section 4.1(b) applies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates. 
 ARTICLE 5

 CHANGE IN CONTROL BENEFITS 
 5.1 Change in Control Benefits. If a Change in Control occurs during the term of this Agreement and, thereafter, the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily
terminates employment with Good Reason, the Employer shall make or cause to be made a lump-sum payment to the Executive in an amount in cash equal to three (3) times the Executive’s average annual compensation. For this purpose, average
annual compensation means the Executive’s taxable income reported by the Employer (or any affiliate of the Employer) for the five (5) calendar years immediately preceding the calendar year in which the Change in Control occurs, regardless
of when the cash bonus or cash incentive compensation earned for the preceding calendar year. The payment required under this paragraph is payable no later than five (5) business days after the Executive’s termination of employment. If the
Executive receives payment under Section 5.1, the Executive shall not be entitled to any additional severance benefits under Section 4.1 of this Agreement. In addition, the Employer shall provide the Executive with the post-termination
insurance coverage described in Section 4.2(a) of this Agreement, subject to the provisions of Section 4.2(b) of this Agreement. 
 5.2 Change in Control Defined. For purposes of this Agreement “Change in Control” means a change in control as defined in Internal Revenue Section 409A of the Code and rules, regulations, and guidance of general
application thereunder issued by the Department of the Treasury, including: 
 (a) Change in ownership: a change in ownership of
the Corporation occurs on the date any one person or group accumulates ownership of Corporation stock constituting more than 50% of the total fair market value or total voting power of Corporation stock, 
 (b) Change in effective control: (x) any one person or more than one person acting as a group acquires within a 12-month period
ownership of Corporation stock possessing 30% or more of the total voting power of Corporation stock, or (y) a majority of the Corporation’s board of directors is replaced during any 12-month period by directors whose appointment or
election is not endorsed in advance by a majority of the Corporation’s board of directors, or 
 (c) Change in ownership of a
substantial portion of assets: a change in ownership of a substantial portion of the Corporation’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from the Corporation assets
having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the Corporation’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the
value of the Corporation’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets. 
 5.3 Potential Limitation of Benefits Under Certain Circumstances. Notwithstanding any other provisions of this Agreement, in the event that (x) the aggregate payments or benefits to be made or
afforded to the Executive under this Agreement or otherwise, which are deemed to be parachute payments as defined in Section 280G of the Code or any successor thereof, (the “Termination Benefits”) would be deemed to include an
“excess parachute payment” under Section 280G of the Code; and (y) if such Termination Benefits were reduced to an amount (the “Non-Triggering 

  

 6 

 
Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times the Executive’s “base amount,” as
determined in accordance with Section 280G of the Code and the Non-Triggering Amount less the product of the marginal rate of any applicable state and federal income tax and the Non-Triggering Amount would be greater than the aggregate value of
the Termination Benefits (without such reduction) minus (1) the amount of tax required to be paid by the Executive thereon by Section 4999 of the Code and further minus (2) the product of the Termination Benefits and the marginal rate
of any applicable state and federal income tax, then the Termination Benefits shall be reduced to the Non-Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by the Executive.
Notwithstanding the foregoing, the Bank shall not pay the Executive Termination Benefits in excess of three (3) times his average annual compensation (or such other amount that may be permitted by the Office of Thrift Supervision pursuant to
regulation or regulatory guidance). Any payment of Termination Benefits in excess of three (3) times the Executive average annual compensation shall be made by the Company. The Company’s independent public accountants will determine the
value of any reduction in the payments and benefits; the Employer will pay for the accountants’ opinion. If the Employer and/or the Executive do not agree with the accountants’ opinion, the Employer will pay to the Executive the maximum
amount of payments and benefits pursuant to Sections 4 and 5 of this Agreement or otherwise, as selected by Executive, that the opinion indicates have a high probability of not causing any of the payments and benefits to be non-deductible and
subject to the excise tax imposed under Section 4999 of the Code. The Employer may also request, and the Executive has the right to demand that, a ruling from the IRS as to whether the disputed payments and benefits have such tax consequences.
The Employer will promptly prepare and file the request for a ruling from the IRS, but in no event will the Employer make this filing later than thirty (30) days from the date of the accountant’s opinion referred to above. The request will
be subject to the Executive’s approval prior to filing; the Executive shall not unreasonably withhold his approval. The Employer and the Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each
other to reflect any IRS rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. Nothing contained in this Agreement shall result in a reduction of any payments or benefits to which the
Executive may be entitled upon termination of employment other than pursuant to Sections 4 and 5 hereof, or a reduction in the payments and benefits specified, below zero. 
 ARTICLE 6 
 CONFIDENTIALITY AND CREATIVE WORK 
 6.1 Non-disclosure. The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential information of
any nature concerning the Employer or its business, or anything connected therewith. As used in this Article 6 the term “confidential information” means all of the Employer’s and the Employer’s affiliates’ confidential and
proprietary information and trade secrets in existence on the date hereof or existing at any time during the term of this Agreement, including but not limited to: 
 (a) the whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or other financial information, 
 (b) the whole or any portion or phase of any research and development information, design procedures, algorithms or processes, or other technical
information, 
 (c) the whole or any portion or phase of any marketing or sales information, sales records, customer lists, prices, sales
projections, or other sales information, and 
  

 7 

 (d) trade secrets, as defined from time to time by the laws of Indiana. This Section 6.1 does not
prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive in the ordinary course of business and within the scope of the Executive’s
authority. 
 6.2 Return of Materials. The Executive agrees to immediately deliver or return to the Employer upon termination,
upon expiration of this Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Employer or prepared by the Executive in connection with the Executive’s services hereunder and to
immediately delete all electronically stored data of the Employer maintained on the Executive’s personal computers and to return all Employer-provided computers or communication devices (i.e., laptop, Blackberry, PDA, etc.). The Executive will
retain no copies thereof after termination of this Agreement or termination of the Executive’s employment. 
 6.3 Creative
Work. The Executive agrees that all creative work and work product, including but not limited to all technology, business management tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term
of this Agreement, regardless of when or where such work or work product was produced, constitutes work made for hire, all rights of which are owned by the Employer. The Executive hereby assigns to the Employer all rights, title, and interest,
whether by way of copyrights, trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of whether the same is subject to protection by patent, trademark, or copyright laws. 
 6.4 Affiliates’ Confidential Information is Covered; Confidentiality Obligation Survives Termination. For purposes of this Agreement,
the term “affiliate” of the Employer includes any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Corporation or the Bank. The rights and obligations
set forth in this Article 6 shall survive termination of this Agreement. 
 6.5 Injunctive Relief. The Executive acknowledges
that it is impossible to measure in money the damages that will accrue to the Employer if the Executive fails to observe the obligations imposed by this Article 6. Accordingly, if the Employer institutes an action to enforce the provisions hereof,
the Executive hereby waives the claim or defense that an adequate remedy at law is available to the Employer, and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. The confidentiality and
remedies provisions of this Article 6 shall be in addition to and shall not be deemed to supersede or restrict, limit, or impair the Employer’s rights under applicable state or federal statute or regulation dealing with or providing a remedy
for the wrongful disclosure, misuse, or misappropriation of trade secrets or proprietary or confidential information. 
 ARTICLE 7 

 COMPETITION AFTER EMPLOYMENT TERMINATION 
 7.1 Covenant Not to Solicit Employees. The Executive agrees not to, directly or indirectly, solicit or employ the services of any officer or employee of the Employer (including an individual who was an
officer or employee of the Employer during the one year period following the Executive’s termination) for two years after the Executive’s employment termination. 
  

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 7.2 Covenant Not to Compete.  
 (a) The Executive covenants and agrees not to compete directly or indirectly with the Employer for one year after employment termination. For purposes of
this Section 7.2: 
  

	 	(1)	the term compete means: 

  

	 	(i)	providing financial products or services on behalf of any financial institution for any person residing in the territory, 

  

	 	(ii)	assisting (other than through the performance of ministerial or clerical duties) any financial institution in providing financial products or services to any person residing in the
territory, or 

  

	 	(iii)	inducing or attempting to induce any person who was a customer of the Employer at the date of the Executive’s employment termination to seek financial products or services from
another financial institution. 

  

	 	(2)	the words directly or indirectly mean: 

  

	 	(i)	acting as a consultant, officer, director, independent contractor, or employee of any financial institution in competition with the Employer in the territory, or

  

	 	(ii)	communicating to such financial institution the names or addresses or any financial information concerning any person who was a customer of the Employer when the Executive’s
employment terminated. 

  

	 	(3)	the term customer means any person to whom the Employer is providing financial products or services on the date of the Executive’s employment termination or within one
year thereafter. 

  

	 	(4)	the term financial institution means any bank, savings association, or bank or savings association holding company, or any other institution, the business of which is
engaging in activities that are financial in nature or incidental to such financial activities as described in Section 4(k) of the Bank Holding Company Act of 1956, other than the Employer or any of its affiliated corporations.

  

	 	(5)	financial product or service means any product or service that a financial institution or a financial holding company could offer by engaging in any activity that is
financial in nature or incidental to such a financial activity under Section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Employer or an affiliate on the date of the Executive’s employment termination, including
but not limited to banking activities and activities that are closely related and a proper incident to banking. 

  

	 	(6)	the term person means any individual or individuals, corporation, partnership, fiduciary or association. 

  

 9 

	 	(7)	the term territory means the area within a 25-mile radius of any office of the Employer at the date of the Executive’s employment termination. 

(b) If any provision of this section or any word, phrase, clause, sentence or other portion thereof (including, without limitation, the geographical
and temporal restrictions contained therein) is held to be unenforceable or invalid for any reason, the unenforceable or invalid provision or portion shall be modified or deleted so that the provisions hereof, as modified, are legal and enforceable
to the fullest extent permitted under applicable law. 
 (c) The Executive acknowledges that the Employer’s willingness to enter into
this Agreement and to make the payments contemplated by Articles 3 and 4 of this Agreement is conditioned on the Executive’s acceptance of the covenants set forth in Articles 6 and 7 of this Agreement and that the Employer would not have
entered into this Agreement without such covenants in force. 
 7.3 Injunctive and Other Relief. Because of the unique
character of the services to be rendered by the Executive hereunder, the Executive understands that the Employer would not have an adequate remedy at law for the material breach or threatened breach by the Executive of any one or more of the
Executive’s covenants in this Article 7. Accordingly, the Executive agrees that the Employer’s remedies for a breach of this Article 7 include, but are not limited to, (x) forfeiture of any money representing accrued salary,
contingent payments, or other fringe benefits (including any amount payable pursuant to Article 4) due and payable to the Executive during the period of any breach by Executive, and (y) a suit in equity by the Employer to enjoin the Executive
from the breach or threatened breach of such covenants. The Executive hereby waives the claim or defense that an adequate remedy at law is available to the Bank and the Executive agrees not to urge in any such action the claim or defense that an
adequate remedy at law exists. Nothing herein shall be construed to prohibit the Employer from pursuing any other or additional remedies for the breach or threatened breach. 
 7.4 Article 7 Survives Termination But Is Void After a Change in Control. The rights and obligations set forth in this Article 7 shall
survive termination of this Agreement. However, Article 7 shall become null and void effective immediately upon a Change in Control. 
 ARTICLE 8 
 MISCELLANEOUS 
 8.1 Successors and Assigns.  
 (a) This Agreement shall be binding upon the Employer and any
successor to the Employer, including any persons acquiring directly or indirectly all or substantially all of the business or assets of the Employer by purchase, merger, consolidation, reorganization, or otherwise. But this Agreement and the
Employer’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Employer. By agreement in form and substance satisfactory to the Executive, the Employer shall require any successor to all or
substantially all of the business or assets of the Employer expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Employer would be required to perform had no succession occurred. 
 (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, and legatees. 
  

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 (c) Without written consent of the other parties, no party shall assign, transfer, or delegate this
Agreement or any rights or obligations under this Agreement, except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder is not assignable or transferable,
whether by pledge, creation of a security interest, or otherwise, except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment or transfer that is contrary to this
Section 8.1, the Employer shall have no liability to pay any amount to the assignee or transferee. 
 8.2 Governing Law,
Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State of Indiana, without giving effect to any conflict of laws provision or rule that would cause the application of the laws of any
jurisdiction other than Indiana. By entering into this Agreement, the Executive acknowledges that the Executive is subject to the jurisdiction of both the federal and state courts in Indiana. 
 8.3 Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive by the
Employer. Any oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void by the
parties. 
 8.4 Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be
deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the
address of the Executive on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if addressed to the board of directors of the Corporation and the Bank at the Bank’s executive
officers. 
 8.5 Severability. If there is a conflict between any provision of this Agreement and any statute, regulation, or
judicial precedent, the latter shall prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them within the requirements of law. If any provisions of this Agreement is held by a
court of competent jurisdiction to be indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect unless that would clearly be contrary to the intentions of the parties
or would result in an injustice. 
 8.6 Captions and Counterparts. The captions in this Agreement are solely for convenience.
The captions do not define, limit, or describe the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
instrument. 
 8.7 No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment provided for
in this Agreement by seeking other employment. Moreover, provided the Executive is not in breach of any obligation under Articles 6 and 7 of this Agreement, the amount of any payment provided for in this Agreement shall not be reduced by any
compensation earned or benefits provided as the result of employment of the Executive or as a result of the Executive being self-employed after employment termination. 
  

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 8.8 Amendment and Waiver. This Agreement may not be amended, released, discharged,
abandoned, changed, or modified in any manner, except by an instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall not be construed to be a
waiver of any such provision, nor affect the validity of this Agreement or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any
other or subsequent breach. 
 8.9 Compliance with Internal Revenue Code Section 409A. The Employer and the Executive
intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the requirements of Section 409A of the Code, such provision shall
nevertheless be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Executive to additional tax or interest under Section 409A of the Code, the Employer shall reform the provision.
However, the Employer shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Employer shall not be required to incur any additional
compensation expense as a result of the reformed provision. 
 8.10 Required Provisions. In the event any of the foregoing
provisions of this Agreement conflict with the terms of this Section 8.10, this Section 8.10 shall prevail. 
 (a) The
Bank’s Board of Directors may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice the Executive’s right to compensation or other benefits under this
Agreement. The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 3.2 of this Agreement. 
 (b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended; and (ii) reinstate (in
whole or in part) any of the obligations which were suspended. 
 (c) If the Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement
shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Bank
is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested
rights of the contracting parties. 
 (e) All obligations under this Agreement shall terminate, except to the extent determined that
continuation of the Agreement is necessary for the continued operation of the institution: (i) by the Director of the Office of Thrift Supervision (OTS), or his designee, at the time the Federal Deposit Insurance Corporation (FDIC) enters into
an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the Director of the OTS (or his designee) at the
time the Director (or his designee) 

  

 12 

 
approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
 (f) Any payments
made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon, their compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

  

 13 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above. 
  

			
	FIRST SAVINGS FINANCIAL GROUP, INC.
	
	  

	Name:	 	
	Title:	 	
	
	FIRST SAVINGS BANK, FSB
	
	  

	Name:	 	
	Title:	 	
	
	  

	Executive	 	

  

 14

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