Document:

Exhibit
10.22

     

    MUTUALFIRST FINANCIAL,
INC.

    2008
STOCK OPTION AND INCENTIVE PLAN

     

    
      	
              .2 

            	
              NON-QUALIFIED STOCK
      OPTION AWARD AGREEMENT

            

    

     

    .1           NQSO
No.
_______________                                                            Grant
Date: _______________

    

    This
Non-Qualified Stock Option Award is granted by MutualFirst Financial, Inc.
(the “Company”) to [Name]
(the “Option Holder”) in accordance with the terms of this Non-Qualified Stock
Option Award Agreement (“Agreement”) and subject to the provisions of the MutualFirst Financial, Inc.
2008 Stock Option and Incentive Plan, as amended from time to time
(“Plan”).  The Plan is incorporated herein by reference.

    

    
      	
              18.

            	
              NQSO
      Award.  The Company grants to the Option Holder a
      Non-Qualified Stock Option (the “NQSO”) to purchase [Number] Shares at an
      Exercise Price of $[Number] per
      Share.

            

    

     

    
      	
              19.

            	
              Vesting
      Dates:  The NQSO shall vest as follows[, subject to
      earlier vesting as provided in Section[s] 6 [and 7] and] subject to
      forfeiture of the NQSO as provided in Section
6:

            

    

     

    
      
        	 
      	
                NQSO
      for

              
	
                Vesting Date

              	
                Number of Shares
  Vesting

              

      

    

    

    [Indicate
vesting period]

    

    
      
        	
                20.

              	
                Exercise:         
      The
      Option Holder (or other person to whom the NQSO has been validly
      transferred) may exercise the NQSO during the Exercise Period by giving
      written notice to the Committee, care of the Secretary of the Company, in
      the form required by the Committee (“Exercise Notice”).  The
      Exercise Notice must specify the number of Shares to be
      purchased.  The exercise date is the date the Exercise Notice is
      received by the Company.  The Exercise Period commences on the
      Vesting Date and expires at 5:00 p.m., Muncie, Indiana time, on the date
      ten years after the Grant Date, subject to earlier expiration in the event
      of a termination of Service as provided in Section 6.  Any
      portion of the NQSO not exercised as of the close of business on the last
      day of the Exercise Period shall be cancelled without consideration at
      that time.

              

      

    

     

    The
Exercise Notice shall be accompanied by payment in full of the Exercise Price
for the Shares being purchased.  Payment shall be made: (a) in cash,
which may be in the form of a check, money order, cashier’s check or certified
check, payable to the Company, or (b) by delivering Shares of the Company
already owned by the Option Holder having a Fair Market Value on the exercise
date equal to the aggregate Exercise Price to be paid, or (c) a combination of
cash and such Shares.  Payment also may be made by delivering a
properly executed Exercise Notice to the Company, together with a copy of
irrevocable instructions to a broker to deliver promptly to the Company the
amount of sale or loan proceeds to pay the purchase price and applicable tax
withholding amounts (if any), in which event the Shares acquired shall be
delivered to the broker promptly following receipt of payment.

     

    
      
        	
                21.

              	
                Related
      Awards: The
      NQSO [is
      not related to
      any other Award under the Plan.] or [is related
      to a stock appreciation right granted on the Grant Date and designated SAR
      No. ___.  To the
      extent any portion of the related stock appreciation right is exercised,
      the NQSO shall terminate with respect to the same number of
      Shares.]

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              22.

            	
              Transferability.  The
      Option Holder may not sell, assign, transfer, pledge or otherwise encumber
      any portion of the NQSO, except: (i) in the event of the Option Holder’s
      death, by will or by the laws of descent and distribution or pursuant to
      the Option Holder’s prior designation of a Beneficiary in accordance with
      the Plan to receive any portion of the NQSO that may be exercised after
      the Option Holder’s death; or (ii) pursuant to a Qualified Domestic
      Relations Order.  In addition, the Committee, in its sole and
      absolute discretion, may allow the Option Holder to transfer all or any
      portion of the NQSO which is then unexercised to a Family Member of the
      Option Holder, as provided in the
Plan.

            

    

     

    
      	
              23.

            	
              Termination of
      Service.  If the Option Holder terminates Service for any
      reason other than on account of the death or Disability of the Option
      Holder, any portion of the NQSO that has not vested as of the date of that
      termination shall be forfeited to the Company, and the Exercise Period
      shall expire [three months] after that termination of Service, except in
      the case of a Termination for Cause, when it shall expire
      immediately.  If the Option Holder’s Service terminates on
      account of the Option Holder’s death or Disability[, the Vesting Date for
      all portions of the NQSO that have not vested or been forfeited shall be
      accelerated to the date of that termination of Service, and] the Exercise
      Period shall expire on the earlier of [one year] after that termination of
      Service and the date ten years after the Grant
  Date.

            

    

     

    
      	
              24.

            	
              [Effect
      of Change in Control.  Upon a Change in Control, the
      Vesting Date for any portion of the NQSO that has not vested or been
      forfeited shall be accelerated to the date of the earliest event
      constituting a Change in Control.]

            

    

     

    
      	
              25.

            	
              Option
      Holder’s Rights.  The NQSO awarded hereby does not
      entitle the Option Holder to any rights of a stockholder of the
      Company.

            

    

     

    
      	
              26.

            	
              Delivery
      of Shares to Option Holder.  Promptly after receipt of an
      Exercise Notice and full payment of the Exercise Price for the Shares
      being acquired, the Company shall take such action as is necessary to
      cause the issuance of a stock certificate for such Shares or the issuance
      of such Shares in uncertificated form to the Option Holder (or other
      person validly exercising the NQSO), registered in the name of the Option
      Holder (or such other person), or, upon request, in the name of the Option
      Holder (or such other person) and in the name of another person in such
      form of joint ownership as requested by the Option Holder (or such other
      person) pursuant to applicable state law.  The Company’s
      obligation to deliver Shares purchased upon the exercise of the NQSO may
      be conditioned upon the receipt of a representation of investment intent
      from the Option Holder (or other person validly exercising the NQSO) in
      such form as the Committee requires.  The Company shall not be
      required to deliver any Shares purchased prior to: (a) the listing of
      those Shares on the NASDAQ Stock Market or such other stock exchange or
      automated quotation system on which Shares may then be listed or quoted;
      or (b) the completion of any registration or qualification of those Shares
      required under applicable law.

            

    

     

    
      	
              27.

            	
              Adjustments
      in Shares.  In the event of any recapitalization, forward
      or reverse stock split, reorganization, merger, consolidation, spin-off,
      combination, exchange of Shares or other securities, stock dividend,
      special or recurring dividend or distribution (whether in the form of
      cash, securities or other property), liquidation, dissolution or other
      similar corporate transaction or event, the Committee shall, in such
      manner as it may deem equitable in order to prevent dilution or
      enlargement of rights, adjust the number of Shares or class of securities
      of the Company covered by the NQSO and/or the Exercise Price of the
      NQSO.  The Option Holder agrees to execute any documents
      required by the Committee in connection with an adjustment under this
      Section 10.

            

    

     

    
      	
              28.

            	
              Tax
      Withholding.  The Company shall have the right to require
      the Option Holder to pay to the Company the amount of any tax that the
      Company is required to withhold with respect to the Shares acquired upon
      exercise of the NQSO, or in lieu thereof, to retain or sell without
      notice, a sufficient number of Shares to cover the minimum amount required
      to be withheld.

            

    

     

    
      	
              29.

            	
              Plan
      and Committee Decisions are Controlling.  This Agreement,
      the award of the NQSO to the Option Holder and the issuance of Shares upon
      the exercise of the NQSO are subject in all respects to the provisions of
      the Plan, which are controlling.  Capitalized terms herein not
      defined in this Agreement shall have the meaning ascribed to them in the
      Plan.  All decisions, determinations and interpretations by
      Committee respecting the Plan, this Agreement, the award of the NQSO or
      the issuance of Shares upon the exercise of the NQSO shall be binding and
      conclusive upon the Option Holder, any Beneficiary of the Option Holder or
      the legal representative thereof or any other person to whom the NQSO is
      transferred as permitted hereby.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              30.

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

            

    

     

    
      	
              31.

            	
              Amendment.  The
      Committee may waive any conditions of or rights of the Company or modify
      or amend the terms of this Agreement; provided, however, that the
      Committee may not amend, alter, suspend, discontinue or terminate any
      provision of this Agreement if such action may adversely affect the Option
      Holder without the Option Holder’s written consent.  [To the
      extent permitted by applicable laws and regulations, the Committee shall
      have the authority, in its sole discretion, to accelerate the vesting of
      the NQSO or remove any other restrictions imposed on the Option Holder
      with respect to the NQSO or the Shares that may be purchased thereunder,
      whenever the Committee may determine that such action is appropriate by
      reason of any unusual or nonrecurring events affecting the Company, any
      Affiliate or their financial statements or any changes in applicable laws,
      regulations or accounting
principles.]

            

    

     

    
      	
              32.

            	
              Option
      Holder Acceptance.  The Option Holder shall signify
      acceptance of the terms and conditions of this Agreement and acknowledge
      receipt of a copy of the Plan by signing in the space provided below and
      returning the signed copy to the
Company.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            MUTUALFIRST FINANCIAL,
      INC.

                          	 
      
	 
      	 
      	 
      
	 
      	
                            By

                          	 
      	 
      
	 
      	
                            Its

                          	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            ACCEPTED
      BY OPTION HOLDER

                          	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            (Signature)

                          	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            (Print
      Name)

                          	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            (Street
      Address)

                          	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            (City,
      State & Zip Code)

                          	 
      

                  

                

              

            

          

        

      

    

    

    Beneficiary
Designation:

    

    The
Option Holder designates the following Beneficiary to have the right to exercise
the NQSO following the Option Holder’s death:

    

    ________________________________________________________________________AMENDED AND RESTATED
PROMISSORY NOTE

    

    
      
        	
                Original
      Amount: [INSERT AMOUNT]

              	
                Original
      Date: March 13, 2008

              
	
                Amount:
      [INSERT AMOUNT]

              	
                Amended
      Date: March 12, 2010

              

      

    

     

    

    FOR VALUE RECEIVED, and intending to be
legally bound, Scout Acquisition, Inc. (the “Maker”), hereby unconditionally and
irrevocably promises to pay to the order of [NOTEHOLDER NAME] (the
“Payee”), in lawful money of the United States of America, the sum of [PRINCIPAL AMOUNT] on or
before the earlier of (i) December 31, 2010 or (ii) the date that the Maker (or
a wholly owned subsidiary of the Maker) consummates a merger or similar
transaction with an operating business (the “Maturity Date”).

    

    Interest shall accrue on the
outstanding principal balance of this Promissory Note on the basis of a 360-day
year from the date the Maker receives the funds from the Payee until paid in
full at the rate of twelve percent (12%) per annum, and shall be due and payable
at the Maturity Date, or the prepayment date, if any, whichever is earlier. This Promissory Note may
be prepaid in whole or in part at any time or from time to time prior to the
Maturity Date.

    

    For purposes of this Promissory Note,
an "Event of Default" shall occur if the Maker shall: (i) fail to pay the entire
principal amount of this Promissory Note when due and payable, (ii) admit in
writing its inability to pay any of its monetary obligations under this
Promissory Note, (iii) make a general assignment of its assets for the benefit
of creditors, or (iv) allow any proceeding to be instituted by or against it
seeking relief from or by creditors, including, without limitation, any
bankruptcy proceedings.

    

    In the event that an Event of Default
has occurred, the Payee or any other holder of this Promissory Note may, by
notice to the Maker, declare this entire Promissory Note to be forthwith
immediately due and payable, without presentment, demand, protest or further
notice of any kind, all of which are hereby expressly waived by the
Maker.  In the event that an Event of Default consisting of a
voluntary or involuntary bankruptcy filing has occurred, then this entire
Promissory Note shall automatically become due and payable without any notice or
other action by Payee.  Commencing five days after the occurrence of
any Event of Default, the interest rate on this Note shall accrue at the rate of
18% per annum.

    

    The nonexercise or delay by the Payee
or any other holder of this Promissory Note of any of its rights hereunder in
any particular instance shall not constitute a waiver thereof in that or any
subsequent instance.  No waiver of any right shall be effective unless
in writing signed by the Payee, and no waiver on one or more occasions shall be
conclusive as a bar to or waiver of any right on any other
occasion.

    

    Should any part of the indebtedness
evidenced hereby be collected by law or through an attorney-at-law, the Payee or
any other holder of this Promissory Note shall, if permitted by applicable law,
be entitled to collect from the Maker all reasonable costs of collection,
including, without limitation, attorneys’ fees.

    

    All notices and other communications
must be in writing to the address of the party set forth in the first paragraph
hereof and shall be deemed to have been received when delivered personally
(which shall include via an overnight courier service) or, if mailed, three (3)
business days after having been mailed by registered or certified mail, return
receipt requested, postage prepaid. The parties may designate by notice to each
other any new address for the purpose of this Promissory Note.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Maker hereby forever waives
presentment, demand, presentment for payment, protest, notice of protest, and
notice of dishonor of this Promissory Note and all other demands and notices in
connection with the delivery, acceptance, performance and enforcement of this
Promissory Note.

    

    This Promissory Note shall be binding
upon the successors and assigns of the Maker, and shall be binding upon, and
inure to the benefit of, the successors and assigns of the Payee.

    

    This Promissory Note shall be governed
by and construed in accordance with the internal laws of the State of New
York.  All disputes between the Maker and the Payee relating in any
way to this Promissory Note shall be resolved only by state and federal courts
located in New York County, New York, and the courts to which an appeal
therefrom may be taken.

    

    IN WITNESS WHEREOF, the undersigned
Maker has executed this Promissory Note as of March 12, 2010.

     

    
      
        	 	      
                MAKER:

                

                SCOUT
      ACQUISITION, INC.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Scott
      Baily	 
	 	 	President

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