Document:

WWW.EXFILE.COM, INC. -- 14195 -- HARSCO CORPORATION -- EXHIBIT 10 (a)(vi) TO FORM 10-K

    EXHIBIT
      10 (a) (vi)

    THIS
      AMENDING AGREEMENT
      is made
      the 12 th day of December 2005

    

    BETWEEN

    

    
      	(1)   
              	
              HARSCO
                FINANCE B.V. (a
                company incorporated in The Netherlands) and HARSCO
                INVESTMENT LIMITED (registered
                number 03985379) (each a "Borrower"
                and together the "Borrowers"); 

            

    

    

    
      	
              (2)

            	
              HARSCO
                CORPORATION (a
                corporation incorporated in the State of Delaware) (the "Guarantor");
                and

            

    

    

    
      	
              (3)

            	
              THE
                ROYAL BANK OF SCOTLAND plc
                acting as agent for NATIONAL
                WESTMINSTER BANK Plc
                (the "Lender")

            

    

    

    

    WHEREAS
      

    

    
      	(A)	
              The
                Lender, the Borrowers and the Guarantor entered into a US$50,000,000
                credit facility dated 15 December 2000, as amended by side letters
                dated
                19 December 2001, 6 March 2003, 19 December 2003 and 17 December
                2004 (the
                "Facility
                Agreement");
                and

            

    

    

    
      	(B)	
              The
                Lender, the Borrowers and the Guarantor have agreed to make certain
                amendments to the Facility
                Agreement.

            

    

    

    NOW
      IT IS AGREED as
      follows:

    

    
      	1.      	
              AMENDMENTS

            

    

    

    Notwithstanding
      the terms of Clause 7.3(a) of the Facility Agreement, with effect from the
      Effective Date the following amendments shall be made to the Facility
      Agreement:

    

    
      	
              1.1

            	
              In
                the definition of "Commitment"
                in
                Clause 1.1 of the Facility Agreement sub clause (a) shall be deleted
                in
                its entirety and replaced with:

            

    

    

    "Commitment"
      means
      US$50,000,000, to the extent not cancelled, reduced or transferred by the Lender
      under this Agreement.

    

    
      	
              1.2 
                

            	
               In
                the definition of "Final
                Maturity Date"
                in
                Clause 1.1 of the Facility Agreement sub clause (a) shall be deleted
                in
                its entirety and replaced with:

            

    

    

    
      	(a)	
              in
                relation to a Revolving Loan not converted into a Term Loan pursuant
                to
                Clause 7.2 (Term-Out), the date which is 364 days from the date of
                the
                Amending Agreement entered into between the Lender, the Borrower
                and the
                Guarantor and dated 12 December 2005 (the "Amending
                Agreement")
                or, if extended in accordance with Clause 7.3 (Extension), the date
                provided for in Clause 7.3 (Extension); or

            

    

     

    
      	1.3
              	
              Clause 7.2(b)(i)
                of the Facility Agreement shall be deleted in its entirety and replaced
                with:

            

    

     

    
      	(i)	
              the
                date to which the Final Maturity Date for each Term Loan converted
                from a
                Revolving Loan is to be extended, which date shall be no later than
                the
                date falling two years after the date of the Amending
                Agreement; 

            

    

    

    
      	1.4	
              Clause
                7.2(b)(iv) of the Facility Agreement shall be deleted in its entirety
                and
                replaced with:

            

    

    

    
      	(iv)	
              the
                Final Maturity Date for any further Term Loan requested, which date
                shall
                be no later than the date falling two years after the date of the
                Amending
                Agreement. 

            

    

     

    
      	1.5	
              Clause
                19.11 of the Facility Agreement shall be deleted in its entirety
                and
                replaced with:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      report on Form 10-K for the period ending December 31, 2004, and the Report
      on
      Form 10-Q for the period ending September 30, 2005, filed by the Guarantor
      with
      the U S Securities and Exchange Commission are the most current 10-K and 10-Q
      financial statements, and fairly represent in all material respects the
      Guarantor's financial position at those dates.

     

     

    
      	2.	
              EFFECTIVE
                DATE

            

    

    

    The
      Effective Date shall be the date the Lender confirms it has received, in form
      and substance satisfactory to it:

    

    
      	2.1	
              a
                copy, certified a true and up to date copy by the Secretary of Harsco
                Investment Limited of a resolution of its board of directors approving
                the
                execution and delivery of this Amending Agreement and the performance
                of
                the obligations hereunder and authorising a person or persons (specified
                by name) on behalf of it to sign and deliver this Amending Agreement
                and
                any other documents to be delivered by it pursuant hereto and to
                give all
                notices which may be required to be given on its behalf hereunder;
                

            

    

    

    
      	2.2	
              a
                legal opinion of the General Counsel and Secretary of the Guarantor
                in a
                form acceptable the Lender;

            

    

    

    
      	2.3	
              a
                copy of this Amending Agreement signed by the Borrowers and the
                Guarantor.

            

    

    
 

    
      	3.	
              FEES

            

    

    

    The
      Guarantor must pay to the Lender a fee of US$35,000.

     

     

    
      	4.	
              REPRESENTATIONS
                AND WARRANTIES

            

    

    

    The
      Repeating Representations and Warranties set out in Clause 19.20 of the Facility
      Agreement shall be deemed repeated by the Borrowers and the Guarantor on the
      date of this Amending Agreement with reference to the facts and circumstances
      then existing.

    

    
      	5.	
              MISCELLANEOUS

            

    

    

    
      	5.1	
              All
                capitalised terms not otherwise defined herein shall have the meaning
                ascribed to them in the Facility
                Agreement.

            

    

    

    
      	5.2	
              All
                other terms and conditions of the Facility Agreement remain the
                same.

            

    

    

    
      	5.3	
              This
                Amending Agreement shall be governed by and construed in accordance
                with
                the laws of England and the parties hereto submit to the jurisdiction
                of
                the English courts.

            

    

    
 

    SIGNED
      FOR AND ON BEHALF OF:-

     

    
      
        	
                THE
                  LENDER

              	 	 
	 	 	 
	
                By:
                  

              	
                John
                  Baini

              	 
	 	
                Director

              	 
	
                Address:
                  

              	
                135
                  Bishopsgate, London EC2M 3UR

              	 
	 	
                England

              	 
	
                Attention:

              	
                John
                  Baini

              	 
	 	 	 
	 	 	 
	
                HARSCO
                  FINANCE B.V.

              
	 	 	 
	
                By:

              	
                Derek
                  C. Hathaway

              	
                Salvatore
                  D. Fazzolari

              
	 	
                Director

              	
                Director

              
	
                Address:

              	
                Wenckebachstraat
                  1, 1951 JZ Velsen-Noord, Postbus 83

              	 
	 	
                1970
                  AB Ijmudien

              	 
	 	
                Netherlands

              	 
	
                Attention:

              	
                Financial
                  Manager

              	 
	 	 	 
	 	 	 
	
                HARSCO
                  INVESTMENT LIMITED

              
	 	 	 
	
                By:

              	
                Salvatore
                  D. Fazzolari

              	 
	 	
                Director

              	 
	
                Address:

              	
                Harsco
                  House, Regent Park, 299 Kingston Road

              	 
	 	
                Leatherhead,
                  Surrey KT22 7SG

              	 
	 	
                England

              	 
	 	 	 
	
                Attention:

              	
                M.R.G.
                  Hoad

              	 
	 	 	 
	 	 	 
	
                HARSCO
                  CORPORATION 

              
	 	 	 
	
                By:

              	
                Salvatore
                  D. Fazzolari

              	 
	 	
                Senior
                  Vice President, Chief Financial Officer & Treasurer

              	 
	
                Address:

              	
                PO
                  Box 8888

              	 
	 	
                Camp
                  Hill, PA 17001-8888

              	 
	 	 	 
	
                Attention:

              	
                R.G.
                  YocumExhibit
10.6

 

EXECUTIVE
SEVERANCE AGREEMENT

 

                THIS
EXECUTIVE SEVERANCE AGREEMENT ("Agreement") is entered into as of the
16th day of January, 2001 by and between INDIANA UNITED BANCORP (the
"Company"), an Indiana corporation, and JAMES M. ANDERSON
("Executive").

 

RECITALS:

 

                A.            The Company considers the
establishment and maintenance of a sound and vital management to be essential
to protecting and enhancing the best interests of the Company and its
shareholders;

 

                B.            The Company recognizes that, as is
the case with many publicly held corporations, the possibility of a change in
control may arise and that such possibility may result in the departure or
distraction of management personnel to the detriment of the Company and its
shareholders;

 

                C.            The Board of Directors of the
Company (the "Board") has determined that it is in the best interests
of the Company and its shareholders to secure Executive's continued services
and to ensure Executive's continued and undivided dedication to his duties in the
event of any threat or occurrence of a Change in Control (as defined in Section
1) of the Company; and 

 

                D.            The Board has authorized the Company
to enter into this Agreement.

 

NOW, THEREFORE, for and in consideration of
the premises and the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the Company and Executive hereby agree as
follows:

 

AGREEMENT:

 

                1. Definitions. As used in this Agreement, the following
terms shall have the respective meanings set forth below:

 

                                (a)           "Bonus Amount" means
the annual incentive bonus earned by Executive from the Company during the last
completed fiscal year of the Company immediately preceding Executive's Date of
Termination (annualized in the event Executive as not employed by the Company
for the whole of any such fiscal year).

 

1

 

                                (b)           "Cause" means (i)
the willful and continued failure of Executive to perform substantially his
duties with the Company (other than any such failure resulting from Executive's
incapacity due to physical or mental illness or any such failure subsequent to
Executive being delivered a Notice of Termination without Cause by the Company
or delivering a demand for substantial performance is delivered to Executive by
the Board that specifically identifies the manner in which the Board believes
that Executive has not substantially performed Executive's duties, (ii) the
willful engaging by Executive in illegal conduct or gross misconduct that is
demonstrably and materially injurious to the Company, or (iii) the conviction
of Executive of, or a plea by Executive of nolo contendre to, a felony. For
purpose of this paragraph (b), no act or failure to act by Executive shall be
considered "willful" unless done or omitted to be done by Executive in
bad faith and without reasonable belief that Executive's action or omission was
legal, regulatory compliant, and in the best interests of the Company. Any act,
or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board, based upon the advice of counsel for the Company or upon
the instructions of the Company's chief executive officer or another senior
officer of the Company, shall be conclusively presumed to be done, or omitted
to be done, by Executive in good faith and the best interests of the Company.
Cause shall not exist unless and until the Company has delivered to Executive a
copy of a resolution duly adopted by three-fourths (3/4) of the entire Board
(excluding Executive if Executive is a Board member) at a meeting of the Board
called and held for such purpose (after reasonable notice to Executive and an
opportunity for Executive, together with counsel, to be heard before the
Board), finding that in the good faith opinion of the Board an event set forth
in clauses (i) or (ii) has occurred and specifying the particulars thereof in
detail. The Company must notify Executive of any event constituting Cause
within ninety (90) days following the Company's knowledge of its existence or
such event shall not constitute Cause under this Agreement.

 

                                (c)           "Change in Control"
means the occurrence of any one of the following events:

 

                                                (i)  individuals
who, on January 16, 2001, constitute the Board (the "Incumbent
Directors") cease for any reason to constitute at least a majority of the
Board, provided that any person becoming a director subsequent to January 16,
2001, whose election or nomination for election was approved by a vote of at
least two-thirds of the Incumbent Directors then on the Board (either by a
specific vote or by approval of the proxy statement of the Company in which
such person is named as a

 

2

 

nominee for director, without written
objection by such Incumbent Directors to such nomination) shall be deemed to be
an Incumbent Director; provided, however, that no individual elected or
nominated as a director of the Company initially as a result of an actual or
threatened election contest with respect to directors or any other actual or
threatened solicitation of proxies by or on behalf of any person other than the
Board shall be deemed to be an Incumbent Director;

 

                                                (ii)  any
"person" (as such term defined in Section 3 (a) (9) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and as used in
Sections 13 (d) (3) and 14 (d) (2) of the Exchange Act) is or becomes a
"beneficial owner" (as defined in Rule 1 3d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 25% or more
of the combined voting power of the Company's then outstanding securities
eligible to vote for the election of the Board (the "Company Voting
Securities"); provided, however, that the event described in this
paragraph (ii) shall not be deemed to be a Change in Control by virtue of any
of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any
employee benefit plan sponsored or maintained by the Company or any Subsidiary,
or by any employee stock benefit trust created by the Company or any Subsidiary,
(C) by any underwriter temporarily holding securities pursuant to an offering
of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in
paragraph (iii)), (E) pursuant to any acquisition by Executive or any group of
persons including Executive (or any entity controlled by Executive or any group
of persons including Executive); or (F) a transaction (other than one described
in (iii) below) in which Company Voting Securities are acquired from the
Company, if a majority of the Incumbent Directors approves a resolution
providing expressly that the acquisition pursuant to this clause (F) does not
constitute a Change in Control under this paragraph (ii);

 

                                                (iii)  the
consummation of a merger, consolidation, share exchange or similar form of
corporate transaction involving the Company or any of its Subsidiaries that
requires the approval of the Company's shareholders, whether for such
transaction or the issuance of securities in the transaction (a "Business
Combination"), unless immediately following such Business Combination: (A)
more than 40% of the total voting power of (x) the corporation resulting from
the consummation of such Business Combination (the "Surviving
Corporation") or (y) if applicable, the ultimate parent corporation that directly
or indirectly has beneficial ownership of 100% of the voting securities
eligible to elect directors of the Surviving Corporation (the "Parent
Corporation"), is represented by Company Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable,
represented by share into which

 

3

 

such Company Voting Securities were converted
pursuant to such Business Combination), and such voting power among the holders
thereof is in substantially the same proportion as the voting power of such
Company Voting Securities among the holders thereof immediately prior to the
Business Combination,  (B) no person
(other than any employee benefit plan sponsored or maintained by the Surviving
Corporation or the Parent Corporation or any employee stock benefit trust
created by the Surviving Corporation or the Parent Corporation) is or becomes
the beneficial owner, directly or indirectly, of 25% or more of the total
voting power of the outstanding voting securities eligible to elect directors
of the Parent Corporation  (or, if there
is no Parent Corporation, the Surviving Corporation) and (C) at least one-half
of the members of the board of directors of the Parent Corporation (or, if there
is no Parent Corporation, the Surviving Corporation) were Incumbent Directors
at the time of the Board's approval of the execution of the initial agreement
providing for such Business Combination (any Business Combination which
satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a "Non-Qualifying Transaction"); or

 

                                                (iv)  the shareholders
of the Company approve a plan of complete liquidation or dissolution of the
Company or a sale of all or substantially all of the Company's assets.

 

Notwithstanding the foregoing, a Change in
Control of the Company shall not be deemed to occur solely because any person
acquires beneficial ownership of more than 25% of the Company Voting Securities
as a result of the acquisition of Company Voting Securities by the Company that
reduces the number of Company Voting Securities outstanding; provided, that if
after such acquisition by the Company such person becomes the beneficial owner
of additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
Change in Control of the Company shall then occur.

 

                                (d)           "Date of Termination"
means (1) the effective date on which Executive's employment be the Company
terminates as specified in a prior written notice by the Company or Executive;
as the case may be, to the other, delivered pursuant to Section 10, or (2) if
Executive's employment by the Company terminates by reason of death, the date
of death of Executive.

 

                                (e)           "Disability" means
termination of Executive's employment by the Company due to Executive's absence
from Executive's duties with the company on a full-time basis for at least one
hundred eighty (180) consecutive days as a result of Executive's incapacity due
to physical or mental illness.

 

4

 

                                (f)            "Good Reason"
means, without Executive's express written consent, the occurrence of any of
the following events after a Change in Control:

 

                                                (i)  (A)
any change in the duties or responsibilities (including reporting
responsibilities) of Executive that is inconsistent in any material and adverse
respect with Executive's positions, duties, responsibilities or status with the
Company immediately prior to such Change in Control (including any material and
adverse diminution of such duties or responsibilities);

 

                                                (ii)  (A)
a reduction by the Company in Executive's rate of annual base salary as in
effect immediately prior to such Change in Control, or as the same may be
increased from time to time thereafter, or (B) the failure by the Company to pay
Executive an annual bonus in respect of the year in which such Change in Control
occurs or any subsequent year in an amount greater than or equal to the annual
bonus earned for the year prior to the year in which such Change in Control
occurs, provided that Executive has met any requisite performance criteria
threshold necessary to the payment of such annual bonus in respect of the year
in which such Change in Control occurs or such subsequent year.

 

                                                (iii)  any
requirement of the Company that Executive (A) be based anywhere more than
thirty (30) miles from the office where Executive is located at the time of the
Change in Control or (B) endure overnight travel on Company business to an
extent substantially greater than the travel obligations of Executive
immediately prior to such Changes in Control;

 

                                                (iv)  the
failure of the Company to (A) continue in effect any employee benefit plan,
compensation plan, welfare benefit plan or material fringe benefit plan in
which Executive is participating immediately prior to such Change in Control or
the taking of any action by the Company that would adversely affect Executive's
participation in or reduce Executive's benefits under any such plan, unless
Executive is permitted to participate in other plans providing Executive with
the same benefits that the party effecting the Change in Control (or, if
applicable, its Parent Corporation) provides to its most senior executive
officers (or, in the case of a Parent Corporation, the most senior executive
officers of its principal banking or financial services subsidiary) or (B)
provide Executive with paid time-off in accordance with the most favorable
time-off policies of the Company and its affiliated companies as in effect for
Executive immediately prior to such Change in Control, including the crediting
of all service for which Executive had 

 

5

 

been credited under such vacation policies
prior to the Change in Control; or

 

                                                (v)  the failure of
the Company to obtain the assumption (and, if applicable, guarantee) agreement
from any successor (and Parent Corporation) as contemplated in Section 9(b).

 

Notwithstanding anything herein to the contrary,
termination of employment by Executive for any reason during the 30-day period
commencing one (1) year after the date of a Change in Control shall constitute
Good Reason.

 

                An
isolated, insubstantial and inadvertent action taken in good faith and which is
remedied by the Company within ten (10) days after receipt of notice thereof
given by Executive shall not constitute Good Reason.  Executive's right to terminate employment for
Good Reason shall not be affected by Executive' incapacities due to mental or
physical illness and Executive's continued employment shall not constitute
consent to, or a waiver of rights with respect to, any event or condition
constituting Good Reason; provided, however, that Executive must provide notice
of termination of employment within one-hundred twenty (120) days following
Executive's knowledge of an event constituting Good Reason or such event shall
not constitute Good Reason under this Agreement.

 

                                (g)           "Qualifying Termination" means a
termination of Executive's employment (i) by the Company other than for Cause
or (ii) by Executive for Good Reason. Termination of Executive's employment on
account of death, Disability or Retirement shall not be treated as a Qualifying
Termination.

 

                                (h)           "Retirement" means the termination of
Executive's employment on or after the first of the month coincident with or
following Executive's attainment of age 65, or such later date as may be
provided in a written agreement between the Company and the Executive.

 

                                (i)            "Subsidiary" means any corporation or
other entity in which the Company has a direct or indirect ownership interest
of 50% or more of the total combined voting power of the then outstanding
securities or interests of such corporation or other entity entitled to vote
generally in the election of directors or in which the Company has the right to
receive 50% or more of the distribution of profits or 50% of the assets upon
liquidation or dissolution.

 

                                (j)            "Termination Period" means the period of
time beginning with a 

 

6

 

Change in Control and ending eighteen (18)
months following the end of the month in which such Change in Control occurs.
Notwithstanding anything in this Agreement to the contrary, if (i) Executive's
employment is terminated prior to a Change in Control for reasons that would
have constituted a Qualifying Termination if they had occurred following a
Change in Control; (ii) Executive reasonably demonstrates that such termination
(or Good Reason event) was at the request of a third party who had indicated an
intention or taken steps reasonably calculated to effect a Change in Control;
and (iii) a Change in Control involving such third party (or a party competing
with such third party to effectuate a Change in Control) does occur, then for
purposes of this Agreement, the date immediately prior to the date of such
termination of employment or event constituting Good Reason shall be treated as
a Change in Control. For purposes of determining the timing of payments and
benefits to Executive under Section 4, the date of the actual Change in Control
shall be treated as Executives Date of Termination under Section 1(d).

 

2.
Obligation of Executive. In the event of a tender or exchange offer,
proxy contest, or the execution of any agreement that, if consummated, would
constitute a Change in Control, Executive agrees not to voluntarily leave the
employ of the Company that may employ Executive, other than as a result of
Disability, Retirement or an event that would constitute Good Reason if a
Change in Control had occurred, until the Change in Control occurs or, if
earlier, such tender or exchange offer, proxy contest, or agreement is
terminated or abandoned.

 

3. Term
of Agreement. This Agreement shall be effective on the date
hereof and shall continue in effect until the Company shall have given eighteen
(18) months' written notice of cancellation; provided, that, notwithstanding
the delivery of any such notice, this Agreement shall continue in effect for a
period of eighteen (18) months following the end of the month in which a Change
in Control occurs, if such Change in Control shall have occurred during the
term of this Agreement. Notwithstanding anything in this Section to the
contrary, this Agreement shall terminate if Executive or the Company terminates
Executive's employment prior to a Change in Control except as provided in
Section 1(j).

 

4.
Payments Upon Termination of Employment.

 

(a)           Qualifying Termination — Cash Payment. If during
the Termination Period the employment of Executive shall terminate pursuant to
a Qualifying Termination, then the Company shall provide to Executive, subject
to the provisions of Section 11 hereunder:

 

 

7

 

                (i)  within twenty (20) days following the
Date of Termination a lump-sum cash amount equal to the sum of (A) Executive's
base salary through the Date of Termination and any bonus amounts that have
become payable, to the extent not theretofore paid or deferred, (B) a pro rata
portion of Executive's annual bonus for the fiscal year in which Executive's
Date of Termination occurs in an amount at least equal to (x) Executive's Bonus
Amount, multiplied by (y) a fraction, the numerator of which is the number of
days in the fiscal year in which the Date of Termination occurs through the
Date of Termination and the denominator of which is three hundred sixty-five
(365), and reduced by (z) any amounts paid from the Company's annual incentive
plan for the fiscal year in which Executive's Date of Termination occurs and
(C) any accrued vacation pay, to the extent not theretofore paid; plus

 

                (ii)  within twenty (20) days following the
Date of Termination, a lump-sum cash amount equal to the sum of (i) Executive's
highest annual rate of base salary during the 12-month period immediately prior
to Executive's Date of Termination, plus (ii) Executive's Bonus Amount;
provided, however, that if Executive's Date of Termination is within twelve
(12) months of the earliest date on which termination by the Executive could
otherwise be considered a Retirement ("Retirement Date"), such sum
shall be multiplied by a fraction ("Adjustment Fraction"), the
numerator of which is equal to the number of full months from the Date of
Termination to the Retirement Date, and the denominator of which is equal to
12.

 

                (b)           Qualifying
Termination — Continued Coverage. If during the Termination period the
employment of Executive shall terminate pursuant to a Qualifying Termination,
the Company shall continue to provide, for a period of one (1) year following
Executive's Date of Termination, Executive (and Executive's dependents, if
applicable) with the same level of medical, dental, accident, disability and
life insurance benefits upon substantially the same terms and conditions
(including contributions required by Executive for such benefits) as existed
immediately prior to Executive's Date of Termination (or, if more favorable to
Executive, as such benefits and terms and conditions existed immediately prior
to the Change in Control); provided, however, that if Executive's Date of
Termination is within one (1) year of Executive's Retirement Date, the number
of years of continued benefits coverage (as described in this Section 4(b))
shall be equal to the product of (x) one, and (y) the Adjustment Fraction;
provided, further, if Executive cannot continue to participate in the Company
plans providing such benefits, the Company shall otherwise provide such
benefits on the same after-tax basis as if continued participation had been
permitted. Notwithstanding the foregoing,

 

8

 

in the event Executive becomes reemployed
with another employer and becomes eligible to receive welfare benefits from
such employer, the welfare benefits described herein shall be secondary to such
benefits during the period of Executive's eligibility, but only to the extent
that the Company reimburses Executive for any increased cost and provides any
additional benefits necessary to give Executive the benefits provided hereunder.
The Executive's accrued benefits as of the Date of Termination under the
company's employee benefit plans shall be paid to Executive in accordance with
the terms of such plans.

 

                (c)           Qualifying
Termination — SERP Accrual. If during the Termination Period the employment
of Executive shall terminate pursuant to a Qualifying Termination, the Company
shall provide Executive with one (1) additional year of service credit under
all non-qualified retirement plans and excess benefit plans in which the
Executive participated as of his Date of Termination; provided, however, that
if Executive's Date of Termination is within one (1) year of Executive's
Retirement Date, the number of months of additional service credit (as
described in this Section 4(c)) shall be equal to the product of (x) one, and
(y) the Adjustment Fraction.

 

                (d)           Qualifying
Termination — Voluntary Reduction of Payments. If during the Termination
Period the employment of Executive shall terminate pursuant to a Qualifying
Termination, Executive shall have the right to direct that the Company reduce
the amounts which it is otherwise required to pay to Executive under Section 4
of this Agreement to the Safe Harbor Cap (as defined in Section 5(a) of this
Agreement).

 

                (e)           Other
than Qualifying Termination. If during the Termination Period the
employment of Executive shall terminate other than by reason of a Qualifying
Termination, then the Company shall pay to Executive within thirty (30) days
following the Date of Termination, a lump-sum cash amount equal to the sum of
(1) Executive's base salary through the Date of Termination and any bonus
amounts that have become payable, to the extent not theretofore paid or
deferred, and (2) any accrued vacation pay, to the extent not theretofore paid.
The Company may make such additional payments, and provide such additional
benefits, to Executive as the Company and Executive may agree in writing. The
Executive's accrued benefits as of the Date of Termination under the Company's
employee benefit plans shall be paid to Executive in accordance with the terms
of such plans.

 

5.
Certain Additional Payments by the Company. (a) Anything in this
Agreement to the contrary notwithstanding, in the event it shall be

 

 

9

 

 

determined that any payment, award, benefit
or distribution (or any acceleration of any payment, award, benefit or
distribution) by the Company (or any affiliated entity) or any entity that
effectuates a Change in Control (or any of its affiliated entities) to or for
the benefit of Executive (whether pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 5) (the "Payments") would be subject to the excise
tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended
(the "Code"), or any interest or penalties are incurred by Executive
with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Company shall pay to Executive an additional
payment (a "Gross-Up Payment") in an amount such that after payment
by Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up
Payment, Executive retains an amount of the Gross-Up Payment equal to the sum
of (x) the Excise Tax imposed upon the Payments and (y) the product of any
deductions disallowed because of the inclusion of the Gross-Up Payment in
Executive's adjusted gross income and the highest applicable marginal rate of
federal income taxation for the calendar year in which the Gross-up Payment is
to be made. For purposes of determining the amount of the Gross-up Payment, the
Executive shall be deemed to (i) pay federal income taxes at the highest
marginal rates of federal income taxation for the calendar year in which the
Gross-up Payment is to be made, (ii) pay applicable state and local income
taxes at the highest marginal rate of taxation for the calendar year in which
the Gross-up Payment is to be made, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local
taxes and (iii) have otherwise allowable deductions for federal income tax
purposes at least equal to the Gross-up Payment.

 

Notwithstanding the foregoing provisions of
this Section 5(a), if it shall be determined that Executive is entitled to a
Gross-Up Payment, but that the Payments would not be subject to the Excise Tax
if the Payments were reduced by an amount that is less than 5% of the portion
of the Payments that would be treated as "parachute payments" under
Section 280G of the Code, then the amounts payable to Executive under this
Agreement shall be reduced (but not below zero) to the maximum amount that
could be paid to Executive without giving rise to the Excise Tax (the
"Safe Harbor Cap"), and no Gross-Up Payment shall be made to
Executive. The reduction of the amounts payable hereunder, if applicable, shall
be made by reducing first the payments under Section 4(a) (ii), unless an alternative
method of reduction is elected by Executive. For purposes of reducing the
Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and
no other Payments) shall be reduced. If the reduction of the amounts payable

10

hereunder would not result in a reduction of
the Payments to the Safe Harbor Cap, no amounts payable under this Agreement
shall be reduced pursuant to this provision.

 

                                (b)           Subject to the provisions of Section
5(a), all determinations required to be made under this Section 5, including
whether and when a Gross-Up Payment is required, the amount of such Gross-Up
Payment, the reduction of the Payments to the Safe Harbor Cap and the
assumptions to be utilized in arriving at such determinations, shall be made by
the public accounting firm that is retained by the Company as of the date
immediately prior to the Change in Control (the “Accounting Firm”), which shall
provide detailed supporting calculations both to the Company and Executive
within fifteen (15) business days of the receipt of notice from the Company or
the Executive that there has been a Payment, or such earlier time as is requested
by the Company (collectively, the "Determination").  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting
the Change in Control, Executive may appoint another regionally or nationally
recognized public accounting firm to make the determinations required hereunder
(which accounting firm shall then be referred to as the Accounting Firm
hereunder).  All fees and expenses of the
Accounting Firm shall be borne solely by the Company and the Company shall
enter into any agreement requested by the Accounting Firm in connection with
the performance of the services hereunder. 
The Gross-up Payment under this Section 5 with respect to any Payments
shall be made no later than thirty (30) days following such Payment.  If the Accounting Firm determines that no
Excise Tax is payable by Executive, it shall furnish Executive with a written
opinion to such effect, and to the effect that failure to report the Excise
Tax, if any, on Executive's applicable federal income tax return will not
result in the imposition of a negligence or similar penalty.  In the event the Accounting Firm determines
that the Payments shall be reduced to the Safe Harbor Cap, it shall furnish
Executive with a written opinion to such effect.  The Determination by the Accounting Firm
shall be binding upon the Company and Executive.  As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the Determination, it is
possible that Gross-Up Payments which will not have been made by the Company
should have been made ("Underpayment") or Gross-up Payments are made
by the Company which should not have been made ("Overpayment"),
consistent with the calculations required to be made hereunder.  In the event that the Executive thereafter is
required to make payment of any Excise Tax or additional Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment (together with interest at the rate provided
in Section 1274(b)(2)(B) of the Code) shall be promptly paid by the Company to
or for the benefit of

 

 

11

 

Executive. 
In the event the amount of the Gross-up Payment exceeds the amount
necessary to reimburse the Executive for his Excise Tax, the Accounting Firm
shall determine the amount of the Overpayment that has been made and any such
Overpayment (together with interest at the rate provided in Section 1274(b)(2)
of the Code) shall be promptly paid by Executive (to the extent he has received
a refund if the applicable Excise Tax has been paid to the Internal Revenue
Service) to or for the benefit of the Company. 
Executive shall cooperate, to the extent his expenses are reimbursed by
the Company, with any reasonable requests by the Company in connection with any
contests or disputes with the Internal Revenue Service in connection with the
Excise Tax.

 

                6. Withholding Taxes. 
The Company may withhold from all payments due to Executive (or his
beneficiary or estate) hereunder all taxes that, by applicable federal, state,
local or other law, the Company is required to withhold therefrom.

 

                7. Reimbursement of Expenses.  If any contest or dispute shall arise under
this Agreement involving termination of Executive's employment with the Company
or involving the failure or refusal of the Company to perform fully in
accordance with the terms hereof, the Company shall reimburse Executive, on a
current basis, for all reasonable legal fees and expenses, if any, incurred by
Executive in connection with such contest or dispute (regardless of the result
thereof), together with interest in an amount equal to the prime rate as
published in the The Wall Street Journal from time
to time in effect, but in no event higher than the maximum legal rate
permissible under applicable law, such interest to accrue from the date the
Company receives Executive's statement for such fees and expenses through the
date of payment thereof, regardless of whether or not Executive's claim is
upheld by an arbitration panel.

 

                8.
Scope of Agreement.  Nothing in
this Agreement shall be deemed to entitle Executive to continued employment
with the Company or its Subsidiaries, and if Executive's employment with the
Company shall terminate prior to a Change in Control, Executive shall have no
further rights under this Agreement (except as otherwise provided hereunder);
provided, however, that any termination of Executive's employment during the
Termination Period shall be subject to all of the provisions of this Agreement.

 

                9.
Successors; Binding Agreement.

 

                                (a)           This Agreement shall not be terminated by any Business
Combination.  In the event of any
Business Combination, the provisions of

 

 

12

 

this Agreement shall be binding upon the
Surviving Corporation, and such Surviving Corporation shall be treated as the
Company hereunder.

 

                                (b)           The Company agrees that in connection with any Business
Combination, it will cause any successor entity to the Company unconditionally
to assume (and for any Parent Corporation in such Business Combination to guarantee),
by written instrument delivered to Executive (or his beneficiary or estate),
all of the obligations of the Company hereunder.  Failure of the Company to obtain such
assumption and guarantee prior to the effectiveness of any such Business
Combination that constitute a Change in Control shall be a breach of this
Agreement and shall constitute Good Reason hereunder and shall entitle
Executive to compensation and other benefits from the Company in the same
amount and on the same terms as Executive would be entitled hereunder if
Executive's employment were terminated following a Change in Control by reason
of a Qualifying Termination.  For
purposes of implementing the foregoing, the date on which any such Business
Combination becomes effective shall be deemed the date Good Reason occurs, and
shall be the Date of Termination if requested by Executive.

 

                                (c)           This Agreement shall inure to the benefit of and be
enforceable by Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  If Executive shall die while any amounts
would be payable to Executive hereunder had Executive continued to live, all
such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to such person or persons appointed in writing
by Executive to receive such amounts or, if no person is so appointed, to
Executive's estate.

 

                10.
Notice.

 

                                (a)           For purposes of this Agreement, all notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been dully given when delivered or five (5) days after deposit
in the United States mail, certified and return receipt requested, postage
prepaid, addressed as follows:

 

	
  If to Executive:

  	
   

  	
  At
  the address set forth below the signatory

  
	
   

  	
   

  	
   

  
	
  If
  to the Company:

  	
   

  	
  Indiana
  United Bancorp

  
	
   

  	
   

  	
  201
  North Broadway

  

 

 

13

 

Greensburg,
Indiana 47240

Attn:
Chairman of the Board

 

or the such other address as wither party may
have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt.

 

                                (b)           A written notice of Executive’s date of termination by the
Company or Executive, as the case may be, to the other, shall (i) indicate the
specific termination provision in this Agreement relied upon, (ii) to the
extent applicable, set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the
provision so indicated and (iii) specify the Date of Termination (which date
shall not be less than fifteen (15) (thirty (30), if termination is by the
Company for Disability) nor more than sixty (60) days after the giving of such
notice). The failure by Executive or the Company to set forth in such notice
any fact or circumstance that contributes to a showing of Good Reason or Cause
shall not waive any right of Executive or the Company hereunder or preclude
Executive or the Company from asserting such fact or circumstance in enforcing
Executive’s or the Company’s rights hereunder.

 

                11.          Full Settlement;
Resolution of Disputes. The Company’s obligation to make any
payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall be in lieu of and in full settlement of all other
severance payments to Executive under any other severance or employment
agreement between Executive and the Company, and any severance plan of the
Company. The Company’s obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action that
the Company may have against Executive or others. In no event shall Executive
be obligated to seek other employment or take other action by way of mitigation
of the amounts payable to Executive under any of the provisions of this
Agreement and, except as provided in Section 4(b), such amounts shall not be
reduced whether or not Executive obtains other employment. Any dispute or
controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration in Indianapolis, Indiana by three arbitrators in
accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrators’ award in any court having
jurisdiction. The Company shall bear all costs and expenses arising in
connection with any arbitration proceeding pursuant to this Section.

 

14

 

                12.          Employment with
Subsidiaries. Employment with the Company for purposes of this
Agreement shall include employment with any Subsidiary.

 

                13.          Survival.
The respective obligations and benefits afforded to the Company and Executive
as provided in Sections 4 (to the extent that payments or benefits are owed as
a result of a termination of employment that occurs during the term of this
Agreement), 5 (to the extent that Payments are made to Executive as a result of
a Change in Control that occurs during the term of this Agreement), 6, 7, 9(c)
and 11 shall survive the termination of this Agreement.

 

                14.          Governing Law;
Validity. The interpretation, construction and performance of this Agreement
shall be governed by and construed and enforced in accordance with the internal
laws of the State of Indiana without regard to the principle of conflicts of
laws. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which other provisions shall remain in full force and effect.

 

                15.          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed
to be an original and all of which together shall constitute one and the same
instrument.

 

                16.          Miscellaneous.
No provision of this Agreement may be modified or waived unless such
modification or waiver is agreed to in writing and signed by Executive and by a
duly authorized officer of the Company. No waiver by either party hereto at any
time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. Except as set forth in Sections
1(b) and 1(f), the failure by Executive or the Company to insist upon strict
compliance with any provision of this Agreement or to assert any right
Executive or the Company may have hereunder shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.
Except as otherwise specifically provided herein, the rights of, and benefits
payable to, Executive, his estate or his beneficiaries pursuant to this
Agreement are in addition to any rights of, or benefits payable to, Executive,
his estate or his beneficiaries under any other employee benefit plan or
compensation program of the Company.

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by a duly authorized officer of the Company and
Executive has

 

15

 

executed this Agreement, in each case as of
the day and year first set forth above.

 

 

	
   

  	
  INDIANA UNITED BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James L. Saner

  	
   

  
	
   

  	
   

  	
  James L. Saner, Sr.,
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (the “Company”)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ James M. Anderson

  	
   

  
	
   

  	
   

  	
  James M. Anderson

  
	
   

  	
   

  	
  312 Columbus Ave.

  
	
   

  	
   

  	
  Batesville, IN 47006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (“Executive”)

  

 

16

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