Document:

Split Dollar Insurance Plan

    EXHIBIT
      10.1

     

    

    RIVER
      VALLEY FINANCIAL BANK

    SPLIT
      DOLLAR INSURANCE PLAN

    

    EFFECTIVE
      JANUARY 1, 2007

    

    Pursuant
      to due authorization by its Board of Directors, the undersigned, RIVER VALLEY
      FINANCIAL BANK, a savings association located in Madison, Indiana (the “Bank”),
      did constitute, establish and adopt the following SPLIT DOLLAR INSURANCE PLAN
      (the “Plan”) this 25th day of January, 2007.

    

    The
      purpose of this Plan is to attract, retain and reward Employees by dividing
      the
      death proceeds of certain life insurance policies which are owned by the Bank
      on
      the lives of the participating Employees with the designated beneficiary of
      each
      insured participating Employee. The Bank will pay the life insurance premiums
      due under this Plan from its general assets. 

    

    Article
      1

    Definitions

    

    Whenever
      used in this Plan, the following terms shall have the meanings
      specified:

    

    
      	
              1.1

            	
              “Bank’s
                Interest”
                means the benefit set forth in Section
                3.1.

            

    

    

    
      	
              1.2

            	
              “Beneficiary”
                means each designated person, or the estate of a deceased Participant,
                entitled to benefits, if any, upon the death of a
                Participant.

            

    

    

    
      	
              1.3

            	
              “Beneficiary
                Designation Form”
                means the form established from time to time by the Plan Administrator
                that a Participant completes, signs and returns to the Plan Administrator
                to designate one or more
                Beneficiaries.

            

    

    

    
      	
              1.4

            	
              “Board”
                means the Board of Directors of the Bank as from time to time
                constituted.

            

    

    

    
      	
              1.5

            	
              “Code”
                means the Internal Revenue Code of 1986, as
                amended.

            

    

    

    
      	
              1.6

            	
              “Effective
                Date”
                means January 1, 2007.

            

    

    

    
      	
              1.7

            	
              “Election
                Form”
                means the form required by the Plan Administrator of an eligible
                Employee
                to indicate acceptance of participation in this
                Plan.

            

    

    

    
      	
              1.8

            	
              “Employee”
                means an active employee of the
                Bank.

            

    

    

    
      	
              1.9

            	
              “Insured”
                means an individual Participant whose life is
                insured.

            

    

    

    
      	
              1.10

            	
              “Insurer”
                means an insurance company or companies issuing a Policy or Policies
                on
                the

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

           
      life of an Insured.

    

    
      	
              1.11

            	
              “Net
                Death Proceeds”
                means the total death proceeds of a Participant’s Policy or Policies minus
                the greater of (i) cash surrender value or (ii) the aggregate premiums
                paid by the Bank.

            

    

    

    
      	
              1.12

            	
              “Participant”
                means an Employee (i) who is selected to participate in the Plan,
                (ii) who elects to participate in the Plan, (iii) who signs an
                Election Form and a Beneficiary Designation Form, (iv) whose signed
                Election Form and Beneficiary Designation Form are accepted by the
                Plan
                Administrator, (v) who commences participation in the Plan, and (vi)
                whose Participation has not
                terminated.

            

    

    

    
      	
              1.13

            	
              “Participant’s
                Interest”
                means the benefit set forth in Section
                3.2.

            

    

    

    
      	
              1.14

            	
              “Plan
                Administrator”
                means the plan administrator described in Article
                12.

            

    

    

    
      	
              1.15

            	
              “Policy”
                or “Policies”
                means the individual life insurance policy or policies adopted by
                the Plan
                Administrator for purposes of insuring a Participant’s life under this
                Plan.

            

    

    

    
      	
              1.16

            	
              “Separation
                from Service”
                means the termination of a Participant’s employment
                with
                the Bank for reasons other than death. Whether
                a Separation from Service takes place is determined in accordance
                with the
                requirements of Code Section 409A based on the facts and circumstances
                surrounding the termination of the Participant’s employment and whether
                the Bank and the Participant intended for the Participant to provide
                significant services for the Bank following such termination. A Separation
                from Service will not
                have occurred if:

            

    

    

     

    
      	 	
              (a)

            	
              the
                Participant continues to provide services as an employee of the Bank
                at an
                annual rate that is twenty percent (20%) or more of the services
                rendered,
                on average, during the immediately preceding three (3) full calendar
                years
                of employment (or, if employed less than three (3) years, such lesser
                period) and the annual remuneration for such services is twenty percent
                (20%) or more of the average annual remuneration earned during the
                final
                three (3) full calendar years of employment (or, if less, such lesser
                period), or

            

    

    

     

    
      	 	
              (b)

            	
              the
                Participant continues to provide services to the Bank in a capacity
                other
                than as an employee of the Bank at an annual rate that is fifty percent
                (50%) or more of the services rendered, on average, during the immediately
                preceding three (3) full calendar years of employment (or if employed
                less
                than three (3) years, such lesser period) and the annual remuneration
                for
                such services is fifty percent (50%) or more of the average annual
                remuneration earned during the final three (3) full calendar years
                of
                employment (or if less, such lesser
                period).

            

    

    

     

    
      	 	
              The
                Participant’s employment relationship will be treated as continuing intact
                while the

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Participant
      is on military leave, sick leave, or other bona fide leave of absence if the
      period of such leave of absence does not exceed six (6) months, or if longer,
      so
      long as the Participant’s right to reemployment with the Bank is provided either
      by statute or by contract. If the period of leave exceeds six (6) months and
      there is no right to reemployment, a Separation from Service will be deemed
      to
      have occurred as of the first date immediately following such six (6) month
      period. 

    

    Article
      2

    Participation

    

    
      	
              2.1

            	
              Selection
                by Plan Administrator.
                Participation in the Plan shall be limited to those Employees of
                the Bank
                selected by the Plan Administrator, in its sole discretion, to participate
                in the Plan.

            

    

     

    
      	
              2.2

            	
              Enrollment
                Requirements.
                As a condition to participation, each selected Employee shall complete,
                execute and return to the Plan Administrator (i) an Election Form,
                and
                (ii) a Beneficiary Designation Form. In addition, the Plan Administrator
                shall establish from time to time such other enrollment requirements
                as it
                determines in its sole discretion are
                necessary.

            

    

     

    
      	
              2.3

            	
              Eligibility;
                Commencement of Participation.
                Provided an Employee selected to participate in the Plan has met
                all
                enrollment requirements set forth in this Plan and required by the
                Plan
                Administrator, and provided that the Policy or Policies on a such
                Employee
                have been issued by the Insurer(s), that Employee will become a
                Participant, be covered by the Plan and will be eligible to receive
                benefits at the time and in the manner provided hereunder, subject
                to the
                provisions of the Plan. A Participant’s participation is limited to only
                issued Policies where the Participant is the Insured.
                

            

    

     

    
      	
              2.4

            	
              Termination
                of Participation.
                A
                Participant’s rights under this Plan shall automatically cease and his or
                her participation in this Plan shall automatically terminate if the
                Plan
                or any Participant’s rights under the Plan are terminated in accordance
                with Articles 6 or 11. In the event that the Bank decides to maintain
                the
                Policy after the Participant’s termination of participation in the Plan,
                the Bank shall be the direct beneficiary of the entire death proceeds
                of
                the Policy.

            

    

     

     

    Article
      3

    Policy
      Ownership/Interests

    

    
      	
              3.1

            	
              Bank’s
                Interest.
                The Bank shall own the Policies and shall have the right to exercise
                all
                incidents of ownership and, subject to Article 5, the Bank may terminate
                a
                Policy without the consent of the Insured. The Bank shall be the
                beneficiary of the remaining death proceeds of the Policies after
                the
                Participant’s Interest is determined according to Section
                3.2.

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              3.2

            	
              Participant’s
                Interest.
                The Participant, or the Participant’s assignee, shall have the right to
                designate the Beneficiary of an amount of death proceeds as specified
                in
                Section 3.2.1. The Participant shall also have the right to elect
                and
                change settlement options with respect to the Participant’s Interest by
                providing written notice to the Bank and the
                Insurer.

            

    

    

    
      	 	
              3.2.1

            	
              Death
                Prior to Separation from Service.
                If the Participant dies while employed by the Bank, the Participant’s
                Beneficiary shall be entitled to a benefit equal to the lesser of
                (i) the
                Net Death Proceeds, or (ii) One Hundred Thousand Dollars
                ($100,000).

            

    

    

    
      	 	
              3.2.2

            	
              Death
                After Separation from Service.
                If the Participant dies after Separation from Service, the Beneficiary
                will not be entitled to any benefit under this
                Agreement.

            

    

    

    Article
      4

    Premiums
      And Imputed Income

    

    
      	
              4.1

            	
              Premium
                Payment.
                The Bank shall pay all premiums due on all Policies.
                

            

    

    

    
      	
              4.2

            	
              Economic
                Benefit.
                The Plan Administrator shall determine the economic benefit attributable
                to any Participant based on the life insurance premium factor for
                the
                Participant’s age multiplied by the aggregate death benefit payable to the
                Participant’s Beneficiary. The “life insurance premium factor” is the
                minimum amount required to be imputed under IRS Reg. §1.61-22(d)(3)(ii) or
                any subsequent applicable
                authority.

            

    

    

    
      	
              4.3

            	
              Imputed
                Income.
                The Bank shall impute the economic benefit to the Participant on
                an annual
                basis, by adding the economic benefit to the Participant’s W-2, or if
                applicable, Form 1099.

            

    

    

    Article
      5

    Comparable
      Coverage

    

    
      	
              5.1

            	
              Insurance
                Policies.
                The Bank may provide such benefit through the Policies purchased
                at the
                commencement of this Plan, or, if later, the Participant’s commencement of
                participation in the Plan, or may provide comparable insurance coverage
                to
                the Participant through whatever means the Bank deems appropriate.
                If the
                Participant waives or forfeits his or her right to the insurance
                benefit,
                the Bank shall choose to cancel the Policy or Policies on the Participant,
                or may continue such coverage and become the direct beneficiary of
                the
                entire death proceeds.

            

    

    

    
      	
              5.2

            	
              Offer
                to Purchase.
                If the Bank discontinues a Policy on a Participant who is employed
                by the
                Bank at the date of discontinuance, the Bank shall give the Participant
                at
                least thirty (30) days to purchase such Policy. The purchase price
                shall
                be the fair market value of the

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Policy,
      as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable
      authority. Such notification shall be in writing.

    

    Article
      6

    General
      Limitations

    

    
      	
              6.1

            	
              Termination
                for Cause.
                Notwithstanding any provision of this Plan to the contrary, the
                Participant shall forfeit any right to a benefit under this Plan
                if the
                Bank terminates the Participant’s employment for cause. Termination of the
                Participant’s employment for “Cause” shall mean termination because of
                personal dishonesty, incompetence, willful misconduct, breach of
                fiduciary
                duty involving personal profit, intentional failure to perform stated
                duties, willful violation of any law, rule or regulation (other than
                traffic violations or similar offenses) or final cease-and-desist
                order or
                material breach of any provision of the Plan. For purposes of this
                paragraph, no act or failure to act on the Participant’s part shall be
                considered “willful” unless done, or omitted to be done, by the
                Participant not in good faith and without reasonable belief that
                the
                Participant’s action or omission was in the best interest of the
                Bank.

            

    

    

    
      	
              6.2

            	
              Removal.
                Notwithstanding any provision of this Plan to the contrary, the
                Participant’s rights in the Plan shall terminate if the Participant is
                subject to a final removal or prohibition order issued by an appropriate
                federal banking agency pursuant to Section 8(e) of the Federal Deposit
                Insurance Act (“FDIA”).

            

    

    

    
      	
              6.3

            	
              Suicide
                or Misstatement.
                No benefits shall be payable if the Participant commits suicide within
                two
                years after the date of this Plan, or if the insurance company denies
                coverage (i) for material misstatements of fact made by the Participant
                on
                any application for life insurance purchased by the Bank, or (ii)
                for any
                other reason; provided, however that the Bank shall evaluate the
                reason
                for the denial, and upon advice of legal counsel and in its sole
                discretion, consider judicially challenging any
                denial.

            

    

    

    Article
      7

    Beneficiaries

    

    
      	
              7.1 

            	
              Beneficiary.
                Each Participant shall have the right, at any time, to designate
                a
                Beneficiary to receive any benefits payable under the Plan upon the
                death
                of a Participant. The Beneficiary designated under this Plan may
                be the
                same as or different from the beneficiary designated under any other
                plan
                of the Bank in which the Participant
                participates.

            

    

    

    
      	
              7.2

            	
              Beneficiary
                Designation; Change; Spousal Consent.
                A
                Participant shall designate a Beneficiary by completing and signing
                the
                Beneficiary Designation Form, and delivering it to the Plan Administrator
                or its designated agent. If the Participant names someone other than
                his
                or her spouse as a Beneficiary, a spousal consent, in the form designated
                by the Plan Administrator, must be signed by the Participant’s spouse and
                returned to the Plan Administrator. The Participant’s beneficiary
                designation shall be deemed

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    automatically
      revoked if the Beneficiary predeceases the Participant or if the Participant
      names a spouse as Beneficiary and the marriage is subsequently dissolved. A
      Participant shall have the right to change a Beneficiary by completing, signing
      and otherwise complying with the terms of the Beneficiary Designation Form
      and
      the Plan Administrator’s rules and procedures, as in effect from time to time.
      Upon the acceptance by the Plan Administrator of a new Beneficiary Designation
      Form, all Beneficiary designations previously filed shall be cancelled. The
      Plan
      Administrator shall be entitled to rely on the last Beneficiary Designation
      Form
      filed by the Participant and accepted by the Plan Administrator prior to the
      Participant’s death.

    

    
      	
              7.3

            	
              Acknowledgment.
                No designation or change in designation of a Beneficiary shall be
                effective until received, accepted and acknowledged in writing by
                the Plan
                Administrator or its designated
                agent.

            

    

    

    
      	
              7.4

            	
              No
                Beneficiary Designation.
                If the Participant dies without a valid designation of beneficiary,
                or if
                all designated Beneficiaries predecease the Participant, then the
                Participant’s surviving spouse shall be the designated Beneficiary. If the
                Participant has no surviving spouse, the benefits shall be made payable
                to
                the personal representative of the Participant’s
                estate.

            

    

    

    
      	
              7.5

            	
              Facility
                of Payment.
                If the Plan Administrator determines in its discretion that a benefit
                is
                to be paid to a minor, to a person declared incompetent, or to a
                person
                incapable of handling the disposition of that person’s property, the Plan
                Administrator may direct payment of such benefit to the guardian,
                legal
                representative or person having the care or custody of such minor,
                incompetent person or incapable person. The Plan Administrator may
                require
                proof of incompetence, minority or guardianship as it may deem appropriate
                prior to distribution of the benefit. Any payment of a benefit shall
                be a
                payment for the account of the Participant and the Participant’s
                Beneficiary, as the case may be, and shall be a complete discharge
                of any
                liability under the Plan for such payment
                amount.

            

    

    

    Article
      8

    Assignment

    

    Any
      Participant may assign without consideration all of such Participant’s Interest
      in this Plan to any person, entity or trust. In the event a Participant shall
      transfer all of such Participant’s Interest, then all of that Participant’s
      Interest in this Plan shall be vested in his or her transferee, subject to
      such
      transferee executing agreements binding them to the provisions of this Plan,
      who
      shall be substituted as a party hereunder, and that Participant shall have
      no
      further interest in this Plan.

     

    Article
      9

    Insurer

     

    The
      Insurer shall be bound only by the terms of its given Policy. The Insurer shall
      not be bound by or deemed to have notice of the provisions of this Plan. The
      Insurer shall have the right to rely on the Plan Administrator’s representations
      with regard to any definitions, interpretations

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    or
      Policy
      interests as specified under this Plan.

    

    Article
      10

    Claims
      And Review Procedure

    

    
      	
              10.1

            	
              Claims
                Procedure.
                A
                Participant or Beneficiary (“claimant”) who has not received benefits
                under the Plan that he or she believes should be paid shall make
                a claim
                for such benefits as follows:

            

    

    

    
      	 	
              10.1.1

            	
              Initiation
                - Written Claim.
                The claimant initiates a claim by submitting to the Plan Administrator
                a
                written claim for the benefits. If such a claim relates to the contents
                of
                a notice received by the claimant, the claim must be made within
                sixty
                (60) days after such notice was received by the claimant. All other
                claims must be made within one hundred eighty (180) days of the date
                on which the event that caused the claim to arise occurred. The claim
                must
                state with particularity the determination desired by the
                claimant.

            

    

    

    
      	 	
              10.1.2

            	
              Timing
                of Plan Administrator Response.
                The Plan Administrator shall respond to such claimant within 90 days
                after
                receiving the claim. If the Plan Administrator determines that special
                circumstances require additional time for processing the claim, the
                Plan
                Administrator can extend the response period by an additional 90
                days by
                notifying the claimant in writing, prior to the end of the initial
                90-day
                period, that an additional period is required. The notice of extension
                must set forth the special circumstances and the date by which the
                Plan
                Administrator expects to render its
                decision.

            

    

    

    
      	 	
              10.1.3

            	
              Notice
                of Decision.
                If the Plan Administrator denies part or all of the claim, the Plan
                Administrator shall notify the claimant in writing of such denial.
                The
                Plan Administrator shall write the notification in a manner calculated
                to
                be understood by the claimant. The notification shall set
                forth:

            

    

    

    
      	 	
              (a)

            	
              The
                specific reasons for the denial;

            

    

    

    
      	 	
              (b)

            	
              A
                reference to the specific provisions of the Plan on which the denial
                is
                based;

            

    

    

    
      	 	
              (c)

            	
              A
                description of any additional information or material necessary for
                the
                claimant to perfect the claim and an explanation of why it is
                needed;

            

    

    

    
      	 	
              (d)

            	
              An
                explanation of the Plan’s review procedures and the time limits applicable
                to such procedures; and

            

    

    

    
      	 	
              (e)

            	
              A
                statement of the claimant’s right to bring a civil action under ERISA
                Section 502(a) following an adverse benefit determination on
                review.

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    10.2 Review
      Procedure.
      If the
      Plan Administrator denies part or all of the claim, the claimant shall have
      the
      opportunity for a full and fair review by the Plan Administrator of the denial,
      as follows:

    

    
      	 	
              10.2.1

            	
              Initiation
                - Written Request.
                To initiate the review, the claimant, within 60 days after receiving
                the
                Plan Administrator’s notice of denial, must file with the Plan
                Administrator a written request for
                review.

            

    

    

    
      	 	
              10.2.2

            	
              Additional
                Submissions - Information Access.
                The claimant shall then have the opportunity to submit written comments,
                documents, records and other information relating to the claim. The
                Plan
                Administrator shall also provide the claimant, upon request and free
                of
                charge, reasonable access to, and copies of, all documents, records
                and
                other information relevant (as defined in applicable ERISA regulations)
                to
                the claimant’s claim for benefits.

            

    

    

    
      	 	
              10.2.3

            	
              Considerations
                on Review.
                In considering the review, the Plan Administrator shall take into
                account
                all materials and information the claimant submits relating to the
                claim,
                without regard to whether such information was submitted or considered
                in
                the initial benefit determination.

            

    

    

    
      	 	
              10.2.4

            	
              Timing
                of Plan Administrator’s Response.
                The Plan Administrator shall respond in writing to such claimant
                within 60
                days after receiving the request for review. If the Plan Administrator
                determines that special circumstances require additional time for
                processing the claim, the Plan Administrator can extend the response
                period by an additional 60 days by notifying the claimant in writing,
                prior to the end of the initial 60-day period, that an additional
                period
                is required. The notice of extension must set forth the special
                circumstances and the date by which the Plan Administrator expects
                to
                render its decision.

            

    

    

    
      	 	
              10.2.5

            	
              Notice
                of Decision.
                The Plan Administrator shall notify the claimant in writing of its
                decision on review. The Plan Administrator shall write the notification
                in
                a manner calculated to be understood by the claimant. The notification
                shall set forth:

            

    

    

    
      	 	
              (a)

            	
              The
                specific reasons for the denial;

            

    

    

    
      	 	
              (b)

            	
              A
                reference to the specific provisions of the Plan on which the denial
                is
                based;

            

    

    

    
      	 	
              (c)

            	
              A
                statement that the claimant is entitled to receive, upon request
                and free
                of charge, reasonable access to, and copies of, all documents, records
                and
                other information relevant (as defined in applicable ERISA regulations)
                to
                the claimant’s claim for benefits;
                and

            

    

    

    
      	 	
              (d)

            	
              A
                statement of the claimant’s right to bring a civil action under ERISA
                Section 502(a).

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Article
      11

    Amendments
      And Termination

    

    The
      Bank
      may amend or terminate the Plan at any time, or may amend or terminate a
      Participant’s rights under the Plan at any time prior to a Participant’s death,
      by providing written notice of such to the Participant. In the event that the
      Bank decides to maintain the Policy after the Participant’s termination of
      participation in the Plan, the Bank shall be the direct beneficiary of the
      entire death proceeds of the Policy.

     

    

    Article
      12

    Administration

    

    
      	
              12.1

            	
              Plan
                Administrator Duties.
                This Plan shall be administered by a Plan Administrator which shall
                consist of the Board, or such committee or persons as the Board may
                choose. The Plan Administrator shall also have the discretion and
                authority to (i) make, amend, interpret and enforce all appropriate
                rules
                and regulations for the administration of this Plan and (ii) decide
                or
                resolve any and all ques-tions including interpretations of this
                Plan, as
                may arise in connection with the
                Plan.

            

    

    

    
      	
              12.2

            	
              Agents.
                In the administration of this Plan, the Plan Administrator may employ
                agents and delegate to them such administrative duties as it sees
                fit,
                (including acting through a duly appointed representative), and may
                from
                time to time consult with counsel who may be counsel to the
                Bank.

            

    

    

    
      	
              12.3

            	
              Binding
                Effect of Decisions.
                The decision or action of the Plan Administrator with respect to
                any
                question arising out of or in connection with the administration,
                interpretation and application of the Plan and the rules and regulations
                promulgated hereunder shall be final and conclusive and binding upon
                all
                persons having any interest in the
                Plan.

            

    

    

    
      	
              12.4

            	
              Indemnity
                of Plan Administrator.
                The Bank shall indemnify and hold harmless the members of the Plan
                Administrator against any and all claims, losses, damages, expenses
                or
                liabilities arising from any action or failure to act with respect
                to this
                Plan, except in the case of willful misconduct by the Plan Administrator
                or any of its members.

            

    

    

    
      	
              12.5

            	
              Information.
                To enable the Plan Administrator to perform its functions, the Bank
                shall
                supply full and timely information to the Plan Administrator on all
                matters relating to the its Participants, the date and circumstances
                of
                the retirement or Separation from Service of its Participants, and
                such
                other pertinent information as the Plan Administrator may reasonably
                require.

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Article
      13

    Miscellaneous

    

    
      	
              13.1

            	
              Binding
                Effect.
                This Plan shall bind each Participant and the Bank, their beneficiaries,
                survivors, executors, administrators and transferees and any
                Beneficiary.

            

    

    

    
      	
              13.2

            	
              No
                Guarantee of Employment.
                This Plan is not an employment policy or contract. It does not give
                a
                Participant the right to remain an Employee of the Bank, nor does
                it
                interfere with the Bank’s right to discharge a Participant. It also does
                not require a Participant to remain an Employee nor interfere with
                a
                Participant’s right to terminate employment at any
                time.

            

    

    

    
      	
              13.3

            	
              Applicable
                Law.
                The Plan and all rights hereunder shall be governed by and construed
                according to the laws of the State of Indiana, except to the extent
                preempted by the laws of the United States of
                America.

            

    

    

    
      	
              13.4

            	
              Reorganization.
                The Bank shall not merge or consolidate into or with another company,
                or
                reorganize, or sell substantially all of its assets to another company,
                firm or person unless such succeeding or continuing company, firm
                or
                person agrees to assume and discharge the obligations of the Bank
                under
                this Plan. Upon the occurrence of such event, the term “Bank” as used in
                this Plan shall be deemed to refer to the successor or survivor
                company.

            

    

    

    
      	
              13.5

            	
              Notice.
                Any notice or filing required or permitted to be given to the Plan
                Administrator under this Plan shall be sufficient if in writing and
                hand-delivered, or sent by registered or certified mail, to the address
                below:

            

    

    

    430
      Clifty Drive

    P.O.
      Box
      1590

    Madison,
      Indiana 47250

    

    Such
      notice shall be deemed given as of the date of delivery or, if delivery is
      made
      by mail, as of the date shown on the postmark or the receipt for registration
      or
      certification.

     

    Any
      notice or filing required or permitted to be given to a Participant under this
      Plan shall be sufficient if in writing and hand-delivered, or sent by mail,
      to
      the last known address of the Participant.

    

    
      	
              13.6

            	
              Entire
                Agreement.
                This Plan, along with a Participant’s Election Form, Beneficiary
                Designation Form and any agreement in writing between the Bank and
                any
                Participant, constitute the entire agreement between the Bank and
                the
                Participant as to the subject matter hereof. No rights are granted
                to the
                Participant under this Plan other than those specifically set forth
                herein.

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Bank executes this Plan as of the date indicated
      above.

    

    
      	 	
              RIVER
                VALLEY FINANCIAL BANK

            
	 	 	 
	 	 	 
	 	
              By

            	 

    

    

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
 

    

    I,
      _____________________________, an Employee designated as set forth in Article
      2
      of the River Valley Financial Bank Split Dollar Insurance Plan (the “Plan”)
      effective January 1, 2007, hereby elect to become a Participant of this Plan
      according to Article 2 of the Plan.

    

    Additionally,
      I acknowledge that I have read the Plan document and understand that
      commencement of participation is contingent on issuance of an insurance policy
      or policies applied for by the Bank on my life which names the Bank as
      beneficiary. I further agree to be bound by the terms of the Plan.

    

    Executed
      this ______ day of ______________________, 200___

    

    

    ________________________________

    Participant

    

    

    

    Acknowledged
      by the Plan Administrator this ________ day of ___________________,
      200___

    

    

    By
      _________________________________

    

    Title
      ________________________________

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    POLICY
      ENDORSEMENT

    

    Contract
      Owner: RIVER VALLEY FINANCIAL BANK

    

    The
      undersigned Owner requests that the policies shown in the attached Schedule
      Page
      issued by Midland National Life Insurance Company (the “Insurer”) provide for
      the following beneficiary designation:

     

    1.
      Upon
      the death of the Insured, proceeds shall be paid in one sum to the Owner, its
      successors or assigns, as Beneficiary, to the extent claimed by said Owner.
      

    

    2.
      Any
      proceeds at the death of the Insured in excess of the amount paid under the
      provisions of paragraph 1 of this Policy Endorsement shall be paid in one sum
      in
      accordance with the written direction of the Owner. Such direction will be
      provided to the Insurer at the time of claim. The Insurer will be protected
      in
      relying solely on the Owner to provide the name(s) of the party(ies) to pay
      any
      excess not paid under paragraph 1. If the Owner fails to provide the name(s)
      of
      the party(ies) at the time of claim, then any proceeds payable under this
      paragraph shall be paid in one sum to the Beneficiary.

    

    3.
      It is
      hereby provided that (i) any payment made to the Beneficiary or other party
      under paragraph 2 of this Policy Endorsement shall be a full discharge of the
      Insurer to the extent thereof; (ii) such discharge shall be binding on all
      parties claiming any interest under the Policy; and (iii) the Insurer shall
      have
      no responsibility with respect to the amounts so claimed.

    

    4.
      It is
      agreed by the undersigned that this designation shall be subject in all respects
      to the contractual terms of the Policy.

    

    The
      undersigned is signing in a representative capacity for the Owner and warrants
      that he or she has the authority to bind the entity on whose behalf this
      document is being executed.

    

    Signed
      at
      Madison, Indiana this 25th day of January, 2007.

    

    OWNER:

    RIVER
      VALLEY FINANCIAL BANK

    

    
      	
              By:

            	
              ____________________________

            	
              By:

            	
              _____________________________

            
	 	
              (Signature:
                Bank Officer #1)

            	 	
              (Signature
                Bank Officer #2)

            
	 	
              ____________________________

            	 	
              _____________________________

            
	 	
              (Printed)

            	 	
              (Printed)

            
	
              Title:

            	
              ____________________________

            	
              Title:

            	 

    

    

    
      
        
          

        

        
        

      

      
        13

        
          

        

      

      
        
        

        
        

      

    

    Schedule
      Page

    Policies
      Subject to Policy Endorsement

    

    
      	
              Policy
                Number

            	
              Insured

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

     

     

     

    14Supplemental Life Insurance Agreement

    

      EXHIBIT
        10.2

       

      
 

      RIVER
        VALLEY FINANCIAL BANK

      SUPPLEMENTAL
        LIFE INSURANCE AGREEMENT

      

      THIS
        SUPPLEMENTAL LIFE INSURANCE AGREEMENT (the “Agreement”) is adopted this 25th day
        of January, 2007, by and between RIVER VALLEY FINANCIAL BANK, a savings
        association located in Madison, Indiana (the “Bank”), and MATTHEW FORRESTER (the
“Executive”). 

      

      The
        purpose of this Agreement is to retain and reward the Executive by dividing
        the
        death proceeds of certain life insurance policies which are owned by the
        Bank on
        the life of the Executive with the designated beneficiary of the Executive.
        The
        Bank will pay the life insurance premiums from its general assets. 

      

      Article
        1

      Definitions

      

      Whenever
        used in this Agreement, the following terms shall have the meanings
        specified:

      

      
        	
                1.1

              	
                “Bank’s
                  Interest”
                  means the benefit set forth in Section
                  2.1.

              

      

      

      
        	
                1.2

              	
                “Beneficiary”
                  means each designated person, or the estate of the deceased Executive,
                  entitled to benefits, if any, upon the death of the
                  Executive.

              

      

      

      
        	
                1.3

              	
                “Beneficiary
                  Designation Form”
                  means the form established from time to time by the Plan Administrator
                  that the Executive completes, signs and returns to the Plan Administrator
                  to designate one or more
                  Beneficiaries.

              

      

      

      
        	
                1.4

              	
                “Board”
                  means the Board of Directors of the Bank as from time to time
                  constituted.

              

      

      

      
        	
                1.5

              	
                “Code”
                  means the Internal Revenue Code of 1986, as
                  amended.

              

      

      

      
        	
                1.6

              	
                “Effective
                  Date”
                  means January 1, 2007.

              

      

      

      
        	
                1.7

              	 	
                “Executive’s
                  Interest”
                  means the benefit set forth in Section
                  2.2.

              

      

      

      
        	
                1.8

              	
                “Insurer”
                  means the insurance company issuing the Policy on the life of the
                  Executive.

              

      

      

      
        	
                1.9

              	
                “Net
                  Death Proceeds”
                  means the total death proceeds of the Policy minus the greater
                  of (i) the
                  cash surrender value or (ii) the aggregate premiums paid by the
                  Bank.

              

      

      

      
        	
                1.10

              	
                “Plan
                  Administrator”
                  means the plan administrator described in Article
                  10.

              

      

      

      
        	
                1.11

              	
                “Policy”
                  or “Policies”
                  means the individual insurance policy or policies adopted by the
                  Bank for
                  purposes of insuring the Executive’s life under this
                  Agreement.

                 

              

      

      
      

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	
                1.12

              	
                “Separation
                  from Service”
                  means the termination of the Executive’s employment with the Bank for
                  reasons other than death. Whether a Separation from Service takes
                  place is
                  determined in accordance with the requirements of Code Section
                  409A based
                  on the facts and circumstances surrounding the termination of the
                  Executive’s employment and whether the Bank and the Executive intended for
                  the Executive to provide significant services for the Bank following
                  such
                  termination. A Separation from Service will not have occurred
                  if:

              

      

      

      
        	 	
                (a)

              	
                the
                  Executive continues to provide services as an employee of the Bank
                  at an
                  annual rate that is twenty percent (20%) or more of the services
                  rendered,
                  on average, during the immediately preceding three (3) full calendar
                  years
                  of employment (or, if employed less than three (3) years, such
                  lesser
                  period) and the annual remuneration for such services is twenty
                  percent
                  (20%) or more of the average annual remuneration earned during
                  the final
                  three (3) full calendar years of employment (or, if less, such
                  lesser
                  period), or

              

      

      

      
        	 	
                (b)

              	
                the
                  Executive continues to provide services to the Bank in a capacity
                  other
                  than as an employee of the Bank at an annual rate that is fifty
                  percent
                  (50%) or more of the services rendered, on average, during the
                  immediately
                  preceding three (3) full calendar years of employment (or if employed
                  less
                  than three (3) years, such lesser period) and the annual remuneration
                  for
                  such services is fifty percent (50%) or more of the average annual
                  remuneration earned during the final three (3) full calendar years
                  of
                  employment (or if less, such lesser period).

              

      

      

      The
        Executive’s employment relationship will be treated as continuing intact while
        the Executive is on military leave, sick leave or other bona fide leave of
        absence if the period of such leave of absence does not exceed six (6) months,
        or if longer, so long as the Executive’s right to reemployment with the Bank is
        provided either by statute or by contract. If the period of leave exceeds
        six
        (6) months and there is no right to reemployment, a Separation from Service
        will
        be deemed to have occurred as of the first date immediately following such
        six
        (6) month period.

      

      Article
        2

      Policy
        Ownership/Interests

      

      
        	
                2.1

              	
                Bank’s
                  Interest.
                  The Bank shall own the Policies and shall have the right to exercise
                  all
                  incidents of ownership, and the Bank may terminate a Policy without
                  the
                  consent of the Executive. The Bank shall be the beneficiary of
                  the
                  remaining death proceeds of the Policies after the Executive’s Interest is
                  determined according to Section
                  2.2.

              

      

      

      
        	
                2.2

              	
                Executive’s
                  Interest.
                  The Executive, or the Executive’s assignee, shall have the right to
                  designate the Beneficiary of an amount of death proceeds as specified
                  in
                  Section 2.2.1. The Executive shall also have the right to elect
                  and change
                  settlement options with respect to the Executive’s Interest by providing
                  written notice to the Bank and the Insurer.

              

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	 	
                2.2.1

              	
                Death
                  Prior to Separation from Service.
                  If the Executive dies while employed by the Bank, the Executive’s
                  Beneficiary shall be entitled to a benefit equal to fifty percent
                  (50%) of
                  the Net Death Proceeds.

              

      

      

      
        	 	
                2.2.2

              	
                Death
                  After Separation from Service.
                  If the Executive dies after Separation from Service, the Beneficiary
                  will
                  not be entitled to a benefit under this
                  Agreement

              

      

      

      Article
        3

      Premiums
        and Imputed Income

      

      
        	
                3.1

              	
                Premium
                  Payment.
                  The Bank shall pay all premiums due on all Policies.
                  

              

      

      

      
        	
                3.2

              	
                Economic
                  Benefit.
                  The Bank shall determine the economic benefit attributable to the
                  Executive based on the life insurance premium factor for the Executive’s
                  age multiplied by the aggregate death benefit payable to the Beneficiary.
                  The “life insurance premium factor’ is the minimum factor applicable under
                  guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any
                  subsequent authority.

              

      

      

      
        	
                3.3

              	
                Imputed
                  Income.
                  The Bank shall impute the economic benefit to the Executive on
                  an annual
                  basis, by adding the economic benefit to the Executive’s W-2, or if
                  applicable, Form 1099.

              

      

      

      
        	
                3.4

              	
                Reimbursement.
                  The Bank shall pay to the Executive on an annual basis an amount
                  equal to
                  the federal and state income taxes paid by the Executive on the
                  economic
                  benefit reported pursuant to Section
                  3.3.

              

      

      

      Article
        4

      General
        Limitations

      

      
        	
                4.1

              	
                Removal.
                  Notwithstanding any provision of this Agreement to the contrary,
                  the
                  Executive’s rights in the Agreement shall terminate if the Executive is
                  subject to a final removal or prohibition order issued by an appropriate
                  federal banking agency pursuant to Section 8(e) of the Federal
                  Deposit
                  Insurance Act (“FDIA”).

              

      

      

      Article
        5

      Beneficiaries

      

      
        	
                5.1 

              	
                Beneficiary.
                  The Executive shall have the right, at any time, to designate a
                  Beneficiary(ies) to receive any benefits payable under the Agreement
                  upon
                  the death of the Executive. The Beneficiary designated under this
                  Agreement may be the same as or different from the beneficiary
                  designation
                  under any other Agreement of the Bank in which the Executive
                  participates.

              

      

      

      
        	
                5.2

              	
                Beneficiary
                  Designation; Change.
                  The Executive shall designate a Beneficiary by completing and signing
                  the
                  Beneficiary Designation Form, and delivering it to the
                  Bank

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      or
        its
        designated agent. The Executive’s beneficiary designation shall be deemed
        automatically revoked if the Beneficiary predeceases the Executive or if
        the
        Executive names a spouse as Beneficiary and the marriage is subsequently
        dissolved. The Executive shall have the right to change a Beneficiary by
        completing, signing, and otherwise complying with the terms of the Beneficiary
        Designation Form and the Bank’s rules and procedures, as in effect from time to
        time. Upon the acceptance by the Bank of a new Beneficiary Designation Form,
        all
        Beneficiary designations previously filed shall be cancelled. The Bank shall
        be
        entitled to rely on the last Beneficiary Designation Form filed by the Executive
        and accepted by the Bank prior to the Executive’s death.

      

      
        	
                5.3

              	
                Acknowledgment.
                  No designation or change in designation of a Beneficiary shall
                  be
                  effective until received, accepted and acknowledged in writing
                  by the Bank
                  or its designated agent.

              

      

      

      
        	
                5.4

              	
                No
                  Beneficiary Designation.
                  If the Executive dies without a valid designation of beneficiary,
                  or if
                  all designated Beneficiaries predecease the Executive, then the
                  Executive’s surviving spouse shall be the designated Beneficiary. If the
                  Executive has no surviving spouse, the benefits shall be made payable
                  to
                  the personal representative of the Executive’s
                  estate.

              

      

      

      
        	
                5.5

              	
                Facility
                  of Payment.
                  If the Bank determines in its discretion that a benefit is to be
                  paid to a
                  minor, to a person declared incompetent, or to a person incapable
                  of
                  handling the disposition of that person’s property, the Bank may direct
                  payment of such benefit to the guardian, legal representative or
                  person
                  having the care or custody of such minor, incompetent person or
                  incapable
                  person. The Bank may require proof of incompetence, minority or
                  guardianship as it may deem appropriate prior to distribution of
                  the
                  benefit. Any payment of a benefit shall be a payment for the account
                  of
                  the Executive and the Executive’s Beneficiary, as the case may be, and
                  shall be a complete discharge of any liability under the Agreement
                  for
                  such payment amount.

              

      

      

      Article
        6

      Assignment

      

      The
        Executive may irrevocably assign without consideration all of the Executive’s
        Interest in this Agreement to any person, entity or trust. In the event the
        Executive shall transfer all of the Executive’s Interest, then all of the
        Executive’s Interest in this Agreement shall be vested in the Executive’s
        transferee, who shall be substituted as a party hereunder, and the Executive
        shall have no further interest in this Agreement.

      

      Article
        7

      Insurer

       

      The
        Insurer shall be bound only by the terms of its given Policy. The Insurer
        shall
        not be bound by or deemed to have notice of the provisions of this Agreement.
        The Insurer shall have the right to rely on the Bank’s representations with
        regard to any definitions, interpretations or Policy interests as specified
        under this Agreement.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      Article
        8

      Claims
        And Review Procedure

      

      
        	
                8.1

              	
                Claims
                  Procedure.
                  The Executive or Beneficiary (“claimant”) who has not received benefits
                  under the Agreement that he or she believes should be paid shall
                  make a
                  claim for such benefits as follows:

              

      

      

      
        	 	
                8.1.1

              	
                Initiation
                  - Written Claim.
                  The claimant initiates a claim by submitting to the Plan Administrator
                  a
                  written claim for the benefits. If such a claim relates to the
                  contents of
                  a notice received by the claimant, the claim must be made within
                  sixty
                  (60) days after such notice was received by the claimant. All other
                  claims must be made within one hundred eighty (180) days of the date
                  on which the event that caused the claim to arise occurred. The
                  claim must
                  state with particularity the determination desired by the
                  claimant.

              

      

      

      
        	 	
                8.1.2

              	
                Timing
                  of Bank Response.
                  The Bank shall respond to such claimant within 90 days after receiving
                  the
                  claim. If the Bank determines that special circumstances require
                  additional time for processing the claim, the Bank can extend the
                  response
                  period by an additional 90 days by notifying the claimant in writing,
                  prior to the end of the initial 90-day period, that an additional
                  period
                  is required. The notice of extension must set forth the special
                  circumstances and the date by which the Bank expects to render
                  its
                  decision.

              

      

      

      
        	 	
                8.1.3

              	
                Notice
                  of Decision.
                  If the Bank denies part or all of the claim, the Bank shall notify
                  the
                  claimant in writing of such denial. The Bank shall write the notification
                  in a manner calculated to be understood by the claimant. The notification
                  shall set forth:

              

      

      

      
        	 	
                (a)

              	
                The
                  specific reasons for the denial;

              

      

      
        	 	
                (b)

              	
                A
                  reference to the specific provisions of the Agreement on which
                  the denial
                  is based;

              

      

      
        	 	
                (c)

              	
                A
                  description of any additional information or material necessary
                  for the
                  claimant to perfect the claim and an explanation of why it is needed;
                  and

              

      

      
        	 	
                (d)

              	
                An
                  explanation of the Agreement’s review procedures and the time limits
                  applicable to such procedures.

              

      

      

      
        	
                8.2

              	
                Review
                  Procedure.
                  If the Bank denies part or all of the claim, the claimant shall
                  have the
                  opportunity for a full and fair review by the Bank of the denial,
                  as
                  follows:

              

      

      

      
        	 	
                8.2.1

              	
                Initiation
                  - Written Request.
                  To initiate the review, the claimant, within 60 days after receiving
                  the
                  Bank’s notice of denial, must file with the Bank a written request for
                  review.

              

      

      

      
        	 	
                8.2.2

              	
                Additional
                  Submissions - Information Access.
                  The claimant shall then have the opportunity to submit written
                  comments,
                  documents, records and other

              

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      information
        relating to the claim. The Bank shall also provide the claimant, upon request
        and free of charge, reasonable access to, and copies of, all documents, records
        and other information relevant to the claimant’s claim for
        benefits.

      

      
        	 	
                8.2.3

              	
                Considerations
                  on Review.
                  In considering the review, the Bank shall take into account all
                  materials
                  and information the claimant submits relating to the claim, without
                  regard
                  to whether such information was submitted or considered in the
                  initial
                  benefit determination.

              

      

      

      
        	 	
                8.2.4

              	
                Timing
                  of Bank’s Response.
                  The Bank shall respond in writing to such claimant within 60 days
                  after
                  receiving the request for review. If the Bank determines that special
                  circumstances require additional time for processing the claim,
                  the Bank
                  can extend the response period by an additional 60 days by notifying
                  the
                  claimant in writing, prior to the end of the initial 60-day period,
                  that
                  an additional period is required. The notice of extension must
                  set forth
                  the special circumstances and the date by which the Bank expects
                  to render
                  its decision.

              

      

      

      
        	 	
                8.2.5

              	
                Notice
                  of Decision.
                  The Bank shall notify the claimant in writing of its decision on
                  review.
                  The Bank shall write the notification in a manner calculated to
                  be
                  understood by the claimant. The notification shall set
                  forth:

              

      

      

      
        	 	
                (a)

              	
                The
                  specific reasons for the denial;

              

      

      
        	 	
                (b)

              	
                A
                  reference to the specific provisions of the Agreement on which
                  the denial
                  is based; and

              

      

      
        	 	
                (c)

              	
                A
                  statement that the claimant is entitled to receive, upon request
                  and free
                  of charge, reasonable access to, and copies of, all documents,
                  records and
                  other information relevant to the claimant’s claim for
                  benefits.

              

      

      

      Article
        9

      Amendments
        And Termination

      

      The
        Bank
        may amend or terminate the Agreement at any time, or may amend or terminate
        the
        Executive’s rights under the Agreement at any time prior to the Executive’s
        death, by providing written notice of such to the Executive. In the event
        that
        the Bank decides to maintain the Policy after termination of the Agreement,
        the
        Bank shall be the direct beneficiary of the entire death proceeds of the
        Policy.

      

      Article
        10

      Administration

      

      
        	
                10.1

              	
                Plan
                  Administrator Duties.
                  This Agreement shall be administered by a Plan Administrator which
                  shall
                  consist of the Board, or such committee or persons as the Board
                  may
                  choose. The Plan Administrator shall also have the discretion and
                  authority to (i) make, amend, interpret and enforce all appropriate
                  rules
                  and regulations for the administration of this Agreement and (ii)
                  decide
                  or resolve any and all ques-tions including interpretations of
                  this
                  Agreement, as may arise in connection with
                  this

              

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Agreement.

      

      
        	
                10.2

              	
                Agents.
                  In the administration of this Agreement, the Plan Administrator
                  may employ
                  agents and delegate to them such administrative duties as it sees
                  fit,
                  (including acting through a duly appointed representative), and
                  may from
                  time to time consult with counsel who may be counsel to the
                  Bank.

              

      

      

      
        	
                10.3

              	
                Binding
                  Effect of Decisions.
                  The decision or action of the Plan Administrator with respect to
                  any
                  question arising out of or in connection with the administration,
                  interpretation and application of this Agreement and the rules
                  and
                  regulations promulgated hereunder shall be final and conclusive
                  and
                  binding upon all persons having any interest in this
                  Agreement.

              

      

      

      
        	
                10.4

              	
                Indemnity
                  of Plan Administrator.
                  The Bank shall indemnify and hold harmless the members of the Plan
                  Administrator against any and all claims, losses, damages, expenses
                  or
                  liabilities arising from any action or failure to act with respect
                  to this
                  Agreement, except in the case of willful misconduct by the Plan
                  Administrator or any of its
                  members.

              

      

      

      
        	
                10.5

              	
                Information.
                  To enable the Plan Administrator to perform its functions, the
                  Bank shall
                  supply full and timely information to the Plan Administrator on
                  all
                  matters relating to the date and circumstances of the retirement,
                  disability, death or Separation from Service of the Executive,
                  and such
                  other pertinent information as the Plan Administrator may reasonably
                  require.

              

      

      

      Article
        11

      Miscellaneous

      

      
        	
                11.1

              	
                Binding
                  Effect.
                  This Agreement shall bind the Executive and the Bank, their beneficiaries,
                  survivors, executors, administrators, and transferees and any
                  Beneficiary.

              

      

      

      
        	
                11.2

              	
                No
                  Guarantee of Employment.
                  This Agreement is not a contract for employment. It does not give
                  the
                  Executive the right to remain as an employee of the Bank, nor does
                  it
                  interfere with the Bank's right to discharge the Executive. It
                  also does
                  not require the Executive to remain an employee nor interfere with
                  the
                  Executive’s right to terminate employment at any
                  time.

              

      

      

      
        	
                11.3

              	
                Applicable
                  Law.
                  The Agreement and all rights hereunder shall be governed by and
                  construed
                  according to the laws of the State of Indiana, except to the extent
                  preempted by the laws of the United States of
                  America.

              

      

      

      
        	
                11.4

              	
                Reorganization.
                  The Bank shall not merge or consolidate into or with another company,
                  or
                  reorganize, or sell substantially all of its assets to another
                  company,
                  firm, or person unless such succeeding or continuing company, firm,
                  or
                  person agrees to assume and discharge the obligations of the Bank
                  under
                  this Agreement. Upon the occurrence of such event, the term “Bank” as used
                  in this Agreement shall be deemed to refer to the successor or
                  survivor
                  company.

              

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      
        	
                11.5

              	
                Notice.
                  Any notice or filing required or permitted to be given to the Bank
                  under
                  this Agreement shall be sufficient if in writing and hand-delivered,
                  or
                  sent by registered or certified mail, to the address
                  below:

              

      

      

      
        	
                430
                  Clifty Drive

              
	
                P.O.
                  Box 1590

              
	
                Madison,
                  Indiana 47250

              

      

      

      Such
        notice shall be deemed given as of the date of delivery or, if delivery is
        made
        by mail, as of the date shown on the postmark or the receipt for registration
        or
        certification.

      

      Any
        notice or filing required or permitted to be given to the Executive under
        this
        Agreement shall be sufficient if in writing and hand-delivered, or sent by
        mail,
        to the last known address of the Executive.

      

      
        	
                11.6

              	
                Entire
                  Agreement.
                  This Agreement, along with the Executive’s Beneficiary Designation Form,
                  constitutes the entire agreement between the Bank and the Executive
                  as to
                  the subject matter hereof. No rights are granted to the Executive
                  under
                  this Agreement other than those specifically set forth
                  herein.

              

      

      

      IN
        WITNESS WHEREOF, the parties have executed this Agreement as of the date
        indicated above.

      

      EXECUTIVE: RIVER
        VALLEY FINANCIAL BANK

      

      

      
        	
                ________________________________

              	
                By
                  ____________________________________

              
	
                Matthew
                  Forrester

              	 
	 	
                Title
                  ____________________________________

              

      

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      {  } New
        Designation

      {  } Change
        in
        Designation

      

      I,
        Matthew Forrester, designate the following as Beneficiary under the
        Agreement:

      

      
        	
                Primary:

                ___________________________________________________________

                 

                ___________________________________________________________

                 

                ___________________________________________________________

              	
                 

                _____%

                 

                _____%

                 

                _____%

                 

              
	
                Contingent:

                ___________________________________________________________

                 

                ___________________________________________________________

                 

                ___________________________________________________________

              	
                 

                _____%

                 

                _____%

                 

                _____%

                 

              

      

       

      Notes:
        

      	·  	
              Please
                PRINT CLEARLY or TYPE the names of the
                beneficiaries.

            

      	·  	
              To
                name a trust as beneficiary, please provide the name of the trustee(s)
                and
                the exact
                name and date of the trust
                agreement.

            

      	·  	
              To
                name your estate as beneficiary, please write “Estate of
                _[your
                name]_”.

            

      	·  	
              Be
                aware that none of the contingent beneficiaries will receive anything
                unless ALL of the primary beneficiaries predecease
                you.

            

      

      I
        understand that I may change these beneficiary designations by delivering
        a new
        written designation to the Plan Administrator, which shall be effective only
        upon receipt and acknowledgment by the Plan Administrator prior to my death.
        I
        further understand that the designations will be automatically revoked if
        the
        beneficiary predeceases me, or, if I have named my spouse as beneficiary
        and our
        marriage is subsequently dissolved.

      

      Name:
        _______________________________

      

      Signature: _______________________________ Date: _______

      

      

      Received
        by the Plan Administrator this ________ day of ___________________,
        20___

      

      By: _________________________________

      

      Title:
        _________________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      POLICY
        ENDORSEMENT

      

      Contract
        Owner: RIVER VALLEY FINANCIAL BANK

      

      The
        undersigned Owner requests that the policies shown in the attached Schedule
        Page
        issued by Great-West Life & Annuity Insurance Company (the “Insurer”)
        provide for the following beneficiary designation:

      

      1.
        Upon
        the death of the Insured, proceeds shall be paid in one sum to the Owner,
        its
        successors or assigns, as Beneficiary, to the extent claimed by said Owner.
        

      

      2.
        Any
        proceeds at the death of the Insured in excess of the amount paid under the
        provisions of paragraph 1 of this Policy Endorsement shall be paid in one
        sum in
        accordance with the written direction of the Owner. Such direction will be
        provided to the Insurer at the time of claim. The Insurer will be protected
        in
        relying solely on the Owner to provide the name(s) of the party(ies) to pay
        any
        excess not paid under paragraph 1. If the Owner fails to provide the name(s)
        of
        the party(ies) at the time of claim, then any proceeds payable under this
        paragraph shall be paid in one sum to the Beneficiary.

      

      3.
        It is
        hereby provided that (i) any payment made to the Beneficiary or other party
        under paragraph 2 of this Policy Endorsement shall be a full discharge of
        the
        Insurer to the extent thereof; (ii) such discharge shall be binding on all
        parties claiming any interest under the Policy; and (iii) the Insurer shall
        have
        no responsibility with respect to the amounts so claimed.

      

      4.
        It is
        agreed by the undersigned that this designation shall be subject in all respects
        to the contractual terms of the Policy.

      

      The
        undersigned is signing in a representative capacity for the Owner and warrants
        that he or she has the authority to bind the entity on whose behalf this
        document is being executed.

      

      Signed
        at
        Madison, Indiana this 25th
        day of
        January, 2007.

      

      OWNER:

      RIVER
        VALLEY FINANCIAL BANK

      

      
        	
                By:

              	
                ____________________________

              	
                By:

              	
                _____________________________

              
	 	
                (Signature:
                  Bank Officer #1)

              	 	
                (Signature
                  Bank Officer #2)

              
	 	
                ____________________________

              	 	
                _____________________________

              
	 	
                (Printed)

              	 	
                (Printed)

              
	
                Title:

              	
                __________________________________

              	
                Title:

              	
                ___________________________________

              

      

       

       

      
 

      
        
          
            1
              of
              2 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Schedule
        Page

      Policies
        Subject to Policy Endorsement

      

      

      
        	
                Policy
                  Number

              	
                Insured

              
	 	
                 

                Matthew
                  Forrester

              
	 	
                 

                Matthew
                  Forrester

              

      

      

      
 

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