Document:

Exhibit 10.45

AMENDMENT NO. 2 TO LOAN AGREEMENT

THIS AMENDMENT NO. 2 TO LOAN AGREEMENT  (this “Amendment”) is made and entered into as of October 13, 2005, among XPRESS RECEIVABLES, LLC, a Nevada limited liability company (together with its successors and permitted assigns, “Borrower”), U.S. XPRESS, INC., a Nevada corporation, and XPRESS GLOBAL SYSTEMS, INC., a Georgia corporation, in their capacities as the initial servicers (each, in such capacity, together with its successors and permitted assigns in such capacity, a “Servicer” and collectively, the “Servicers”), THREE PILLARS FUNDING LLC, a Delaware limited liability company (together with its
successors and permitted assigns, “Lender”), and SUNTRUST CAPITAL MARKETS, INC., a Tennessee corporation, as agent and administrator for Lender (in such capacity, together with its successor and assigns in such capacity, the “Administrator”), with respect to that certain  Loan Agreement dated as of  October 14, 2004 by and among the parties hereto (as amended from time to time, the “Agreement”).  Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Agreement.

BACKGROUND

 

A.           Borrower has requested certain amendments to the Agreement, and

B.           Lender is willing to agree to such amendments on the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and the mutual Agreement herein contained, the parties hereto agree as follows:

	
             
 	
            1.
 	
            Amendments.
 

1.1.        The definition  of “Liquidity Termination Date” in the Agreement is hereby amended and restated in its entirety to read as follows:

“Liquidity Termination Date” means the earlier to occur of (a) October 12, 2006, as such date may be extended from time to time by the Liquidity Banks in accordance with the Liquidity Agreement, and (b) the occurrence of an Event of Bankruptcy with respect to Lender.

1.2.        The definition  of  “Scheduled Commitment Termination Date”  in the Agreement is hereby amended and restated in its entirety to read as follows:

“Scheduled Commitment Termination Date” means October 12, 2006, as extended from time to time by mutual agreement of the parties hereto.

2.           Representations and Warranties.  In order to induce the other parties to enter into this Amendment, Borrower hereby represents and warrants to the other parties as to itself, and each of the Servicers hereby represents and warrants to Administrator and Lender as to itself, that (i) each of its representations and warranties set forth in Article VIII of the Agreement is true and correct on and as of the date hereof, (ii) no Significant Event or Unmatured 

 

 

Significant Event has occurred and is continuing or shall exist after giving effect to this Amendment, and (iii) no Servicer Event of Default has occurred and is continuing or shall exist after giving effect to this Amendment.

3.            Conditions Precedent.  This Amendment shall become effective as of the date hereof when Administrator shall have received counterparts hereof duly authorized and executed by each of the parties hereto.

4.            Continuing Effect.  Except as expressly amended above, the Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed.  

5.            Binding Effect.  This Amendment shall become effective when it shall have been executed and delivered by each of the parties hereto and thereafter shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.  

6.            Expenses.  Borrower agrees to pay all reasonable costs and expenses incurred by Lender and Administrator in connection with the preparation, execution, delivery, administration and enforcement of, or any breach of this Amendment, including without limitation the reasonable fees and expenses of counsel.

7.            GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).  

8.            Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

 

2

 

  

 

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

XPRESS RECEIVABLES, LLC

 

By:  /s/ Ray M. Harlin                                          
                    

Name:  Ray M. Harlin

	
            Title:  
 	
            Manager
 

 

 

U.S. XPRESS, INC.

 

By:  /s/ Ray M. Harlin                                          
                    _

Name:  Ray M. Harlin

	
            Title:  
 	
            Assistant Secretary
 

 

 

XPRESS GLOBAL SYSTEMS, INC.

 

By:  /s/ Ray M. Harlin                                          
                    

Name:  Ray M. Harlin

	
            Title:  
 	
            Assistant Secretary
 

 

 

3

 

  

 

 

 

THREE PILLARS FUNDING LLC

 

By:  /s/ Doris J. Hearn                                          
        

Name: Doris J. Hearn

Title:  Vice President

 

 

4

 

  

 

 

 

SUNTRUST CAPITAL MARKETS, INC., AS ADMINISTRATOR

 

By:  /s/ James R. Bennison                                          

Name: James R. Bennison

Title:  Managing Director

 

 

5EXHIBIT 10.1

Named Executive Officer Salary and Bonus Arrangements for 2006

Base Salaries

             The base salaries for 2006 for the executive officers (the "named executive officers") of
MutualFirst Financial, Inc. (the "Company") and Mutual Federal Savings Bank who will be
named in the compensation table that will appear in the Company's upcoming 2006 annual
meeting proxy statement are as follows:

	Name and Title
	Base Salary

	David W. Heeter

   President and Chief Executive 

   Officer of the Company
 	$225,000
	Patrick C. Botts

   Executive Vice President of 

   the Company  and President and 

   Chief Operating Officer of the Bank
 	$182,000
	Timothy J. McArdle 

   Chief Financial Officer of 

   the Company and the Bank
 	$166,500
	Steven R. Campbell 

   Senior Vice President of the Bank
 	$155,000
	Steven C. Selby 

   Senior Vice President of the Bank
 	$144,000

Description of 2006 Bonus Plan

             The Company has established a cash incentive bonus plan for all officers and employees of the Company and the Bank.  Bonuses will be paid under this bonus plan, if and to the extent
the Company's performance quarterly meets or exceeds minimum levels on certain key
performance indicators, including loan and deposit growth, net interest margin, fee income, number of customers, number of deposit accounts, the ratio of non-performing loans to total assets, net charge-offs and general and administrative expenses.

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             The key performance indicators used to determine whether any bonuses will be paid
under the bonus plan will be the same for all employees.  The amounts of the bonuses under the
bonus plan will be determined by multiplying the employee's salary by the employee's payout
percentage.  While the payout percentages vary from employee to employee, they will increase
proportionately for all employees if and to the extent the Company attains a performance level
above the minimum threshold.  Performance thresholds and key performance indicators have
been set for 2006 ("2006 Bonus Plan").  The expected payout percentages for the named
executive officers under the 2006 bonus plan, if the Company meets the expected performance
levels are as follows: 

	Name and Title
	Payout Percentage
at Expected
Performance Level

	David W. Heeter 

   President and Chief Executive 

   Officer of the Company
 	11.4%
	Patrick C. Botts

   Executive Vice President of 

   the Company and President and 

   Chief Operating Officer of the Bank
 	10.5%
	Timothy J. McArdle 

   Chief Financial Officer of 

   the Company and the Bank
 	  9.5%
	Steven R. Campbell 

   Senior Vice President of the Bank
 	  9.5%
	Steven C. Selby 

   Senior Vice President of the Bank
 	  9.5%

             Depending on whether the Company's actual performance is above or below the expected
performance level, these percentages may differ from the stated amounts.

End.EXHIBIT 10.2

Director Fee Arrangements for 2006

	           Each director of MutualFirst Financial, Inc. (the "Company") also is a director of Mutual
Federal Savings Bank (the "Bank").  For 2006, each non-employee director receives an annual
fee of $26,400 for serving on the Bank's Board of Directors.  In addition to this annual fee,
Wilbur R. Davis receives a $5,000 annual fee for serving as Chairman of the Board of Directors
of the Bank.  Directors are not compensated for their service on the Company's Board of
Directors.

             The Bank maintains deferred compensation arrangements with some directors which
allows them to defer all or a portion of their Board fees and receive income when they are no
longer active directors.  Deferred amounts earn interest at the rate of 10 percent per year.Exhibit 10.8

Named Executive Officer Salary and Bonus Arrangements for 2006

          Base Salaries

          The base salaries for 2006 for the executive officers (the "named executive officers") of Great Southern
Bancorp, Inc. (the "Company") and Great Southern Bank (the "Bank") who will be named in the compensation table
that will appear in the Company's upcoming 2006 annual meeting proxy statement are as follows:

	Name and Title
	Base Salary

	 
	William V. Turner	$225,000(1)
	Chairman of the Board of
	 the Company and the Bank
	 
	Joseph W. Turner	$220,000 
	President and Chief
	 Executive Officer of the 
	 Company and the Bank
	 
	Rex A. Copeland	$164,800
	Treasurer of the Company 
	 and Senior Vice President and
	 Chief Financial Officer of the Bank
	 
	Steven G. Mitchem 	$164,800
	Senior Vice President and Chief
	Lending Officer of the Bank
	 	
	Douglas W. Marrs	$ 98,262
	Vice President -- Operations of the Bank

______________

(1) During 2006, William V. Turner will also receive payments of salary previously deferred totaling approximately
$25,000.

          Description of Bonus Arrangements

          For 2006, William V. Turner
waived his right (as he did in 2005) to receive the annual cash bonus provided for in his employment agreement (one-half of one percent of the Company's pre-tax net income).  For 2006, the annual cash bonus payable to Joseph W.
Turner under his employment agreement will be three-fourths of one percent of the Company's pre-tax net income.  For 2006, as for 2005, each of Messrs.
Copeland, Mitchem and Marrs, along with the other executive officers of the Company and the Bank, will be eligible
for a cash bonus of up to 15% of base annual salary, with one half of this possible bonus payable if the Company
achieves targeted growth in earnings per share for 2006 and one-half of the possible bonus awarded based on individual
performance in 2006.

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