Document:

Exhibit 10.2

 

Summary Description of Severance Arrangement with David Butler

 

Mr. Butler shall be entitled to a severance payment equal to twelve months’ salary, as well as twelve months’ continued benefits, beginning April 1, 2006, provided that Mr. Butler remains employed by TCI, Solutions, Inc. (“TCI”) through April 1, 2006 or is terminated without cause (as defined in his employment agreement with TCI) prior to April 1, 2006 (in which case he will receive such severance amounts upon his termination).  If Mr. Butler resigns prior to April 1, 2006 or is terminated for cause, then Mr. Butler will not be entitled to the severance and benefits described above.  Mr. Butler shall be entitled to a bonus of $75,000 (if he remains employed through June 30, 2005 or is terminated without cause by TCI prior to June 30, 2005).  Mr. Butler shall also be entitled to a bonus of $37,500 for each quarter he remains employed with TCI after June 30, 2005, which bonus shall be
pro-rated for partial periods.  Payments under the above-described severance arrangement are intended to be in lieu of, and not in addition to, payments and benefits Mr. Butler would otherwise be entitled to under his employment agreement.Exhibit 10.3

 

Summary Description of Severance Arrangement with Stephen DeSantis

 

Mr. DeSantis shall be entitled to a severance payment in the amount of twelve months’ salary and twelve months’ continued benefits, plus a pro-rated bonus beginning June 30, 2005, provided that Mr. DeSantis remains employed by TCI Solutions, Inc. (“TCI”) through June 30, 2005 or is terminated without cause (as defined in his employment agreement with TCI) prior to June 30, 2005 (in which case he will receive such amounts upon his termination).  If Mr. DeSantis is terminated for cause, as defined in his employment agreement, or if he resigns prior to June 30, 2005, he will not be entitled to the aforementioned severance and benefits.  Mr. DeSantis shall be entitled to a bonus of $39,000 if he remains employed through June 30, 2005 or is terminated by TCI without cause prior to June 30, 2005.  Mr. DeSantis shall also be entitled to a bonus of $19,500 for each quarter he remains employed with
TCI after June 30, 2005, which bonus shall be pro-rated for partial periods, if any.  Payments under the above-described severance arrangement are intended to be in lieu of, and not in addition to, payments and benefits Mr. DeSantis would otherwise be entitled to under his employment agreement.Exhibit 10(1)
                                                                   -------------

                               SEVERANCE AGREEMENT

     This Severance Agreement made as of the 12th day of May, 2005, by and among
Lincoln Bancorp, an Indiana corporation, with its main office located at 1121 E.
Main Street,  Plainfield,  Indiana 46168 (hereinafter,  the "Company"),  Lincoln
Bank,  a federal  savings  bank  with its main  office  located  at 1121 E. Main
Street, Plainfield,  Indiana 46168 (the "Bank"), and T. Tim Unger, an individual
whose  residence  address  is  2028  Aspen  Drive,  Plainfield,   Indiana  46168
(hereinafter "Employee").

     In consideration of the mutual  provisions of this Agreement,  the Company,
the Bank and the Employee agree as follows:

     1. Employment and Directorships.  Employee,  the Bank and the Company agree
that  Employee's  employment  as an  employee of the Bank and his  authority  to
conduct business on behalf of the Company,  the Bank, or any of the subsidiaries
of the Bank  (the  "Bank  Subsidiaries")  will  terminate  on May 31,  2005.  In
addition,  Employee acknowledges that his position as an officer of the Company,
as an  officer  of the  Bank,  and  as an  officer  and  director  of  the  Bank
Subsidiaries  terminated  on May 1, 2005,  and that he vacated his office at the
Bank's  Southfield  Drive location as of May 1, 2005.  Employee will continue to
serve as Chairman of the Board of  Directors  of the  Corporation  until May 31,
2005,  and as a director  of the  Company  and of the Bank until the next annual
shareholder  meetings of those  entities,  subject to any  required  shareholder
approvals of such service.  Employee and the Bank agree that,  in  consideration
for the agreements reached herein, Employee's Employment Agreement with the Bank
dated  December  30,  1998,  shall  terminate  as of the date  hereof  and shall
thereafter be void and without further force and effect. Employee shall continue
to receive  compensation from the Bank at his current rate of $230,000 per year,
payable on a bi-weekly  basis  during the period  beginning  on the date of this
Agreement and ending December 31, 2005. However,  Employee's car allowance shall
terminate as of May 31, 2005.  Beginning January 1, 2006,  Employee shall become
entitled to receive director fees from the Company and the Bank through the date
he ceases to serve as a  director  of those  entities  at the rates  payable  to
non-employee  directors  of the  Company  and of the Bank.  Except as  otherwise
provided  herein,  such amounts shall be in full  satisfaction  of any remaining
payments or consideration owed to the Employee by the Company, the Bank, or Bank
Subsidiaries as a result of Employee's employment relationship with the Bank and
his  relationship  as an officer and director of the Company,  the Bank, and the
Bank Subsidiaries.

     2. 401(k) Plan.  Employee shall cease participating in the Company's 401(k)
plan as of May 31, 2005. As soon as  practicable  after  December 31, 2005,  the
Company  shall  determine  the amount of the Company  match that would have been
made on behalf of Employee to the 401(k) plan had Employee  participated in that
plan from June 1, 2005, until December 31, 2005, and made  contributions to such
401(k) plan during that period at the same level at which  Employee is currently
contributing to that plan.  Once that amount is determined,  it shall be paid to
Employee in a lump sum by the Bank,  reduced by applicable FICA, FUTA and income
tax withholdings.

<PAGE>

     3. ESOP. Employee shall cease participating in the Company's Employee Stock
Ownership  Plan as of May 31, 2005. As soon as  practicable  after  December 31,
2005, the Company shall determine the portion of the contribution  made or to be
made by the Bank to the ESOP for the  calendar  year 2005 that  would  have been
allocated to Employee's  account  under the ESOP for 2005 had Employee  remained
employed by the Bank through  December 31, 2005. Once that amount is determined,
it shall be paid to  Employee in a lump sum by the Bank,  reduced by  applicable
FICA, FUTA and income tax withholdings.

     4. Health  Insurance.  The  Employee  shall be entitled to the  benefits to
which he is entitled  under the Bank's  group  insurance  plans and to any COBRA
benefits to which he and his family  members  may be  entitled  under law (which
would permit him and his  currently  covered  family  members to continue  their
current  group  insurance  coverage for the periods  specified by COBRA)  and/or
retiree health care coverage,  as a result of his employment by the Bank through
May 31, 2005. If Employee elects COBRA coverage or retiree health care coverage,
the Bank shall pay or reimburse Employee for the cost of such continued coverage
through  December  31,  2005;  provided,  however,  that  if  Employee  receives
comparable  coverage under Medicare or elsewhere prior to December 31, 2005, the
Bank's  obligation  to pay or reimburse  Employee for the cost of such  coverage
shall terminate.

     5. General Release and Waiver of Claims.  In consideration for the payments
provided  for  herein,   Employee,  for  himself,  his  heirs,  executors,   and
administrators,  hereby  releases and discharges the Company,  the Bank, and the
Bank  Subsidiaries,  and  their  officers,  directors,  employees,   affiliates,
insurers and agents from any claim, demand, action, or cause of action, known or
unknown,  which arose at any time from the  beginning of time to the date hereof
and waives all rights  relating to,  arising out of or in any way connected with
his employment with the Bank or the cessation of that employment, or his service
as an officer and director of the Company,  the Bank, and the Bank Subsidiaries,
including,  without limitation,  any claim,  demand,  action, cause of action or
right, including claims for attorneys' fees, based on but not limited to:

          (i)  The Age  Discrimination  in  Employment  Act of 1967,  as amended
               ("ADEA"), 29 U.S.C. ss. 621, et seq;

          (ii) The Americans With  Disabilities  Act of 1990 ("ADA"),  42 U.S.C.
               ss. 12,101, et seq.;

          (iii)The Rehabilitation Act of 1973, as amended,  29 U.S.C. ss. 701 et
               seq.;

          (iv) The Family and Medical Leave Act of 1993 ("FMLA"),  29 U.S.C. ss.
               2601, et seq.;

          (v)  The Civil Rights Act of 1866 and 1964, as amended,  42 U.S.C. ss.
               1981;

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<PAGE>

          (vi) The Employee Retirement Income Security Act ("ERISA"),  29 U.S.C.
               ss. 1001, et seq.;

          (vii)Title VII of the Civil Rights Act of 1964, as amended,  42 U.S.C.
               ss. 2000(e), et seq.;

          (viii) The Older Workers' Benefits Protection Act of 1990;

          (ix) The Equal Pay Act of 1963;

          (x)  The Worker Adjustment and Retraining Notification Act of 1989;

          (xi) The Fair Labor  Standards Act of 1938  ("FLSA"),  as amended,  29
               U.S.C. ss. 201, et seq.;

          (xii)Any existing or potential  entitlement  under any Bank or Company
               program  or  plan,  including  wages,  bonuses,   stock  options,
               vacation pay or other paid leave;

          (xiii) Any existing or potential agreement, contract,  representation,
               policy, procedure, or statement (whether any of the foregoing are
               express or implied, oral or written);

          (xiv) Any wage law; and

          (xv) Claims  arising  under any other  federal,  state and local  fair
               employment  practices law, disability benefits law, and any other
               employee or labor  relations  statute,  executive  order,  law or
               ordinance, and any duty or other  employment-related  obligation,
               claims arising from any other type of statute,  executive  order,
               law or ordinance,  claims arising from contract or public policy,
               as well as tort,  tortious  cause of  conduct,  breach of implied
               covenant  of good  faith and fair  dealing,  breach of  contract,
               intentional   infliction  of  emotional   distress,   negligence,
               discrimination,  harassment,  and retaliation,  together with all
               claims  for  monetary   and   equitable   relief,   punitive  and
               compensatory relief and attorneys' fees and costs.

This Agreement shall not apply to rights or claims that may arise after the date
hereof, nor shall any provision within this Agreement be interpreted to preclude
the parties'  opportunity to challenge the validity of the Agreement or limit or
extinguish any entitlements  Employee may have in clear and direct contravention
of applicable statutes.

     6. Covenant Not to Sue. With regard to any claims,  charges,  or complaints
which may be filed  concerning  any  events,  actions  or issues  related  to or
arising out of his employment

                                       3
<PAGE>

and  which  occurred  prior  to  Employee's  signing  this  Agreement,  Employee
additionally waives and releases any right he may have to bring, participate in,
or recover in any proceeding brought by Employee,  an administrative  agency, or
any other person on Employee's  behalf.  Employee  agrees that he will never sue
the Company, the Bank, or the Bank Subsidiaries,  or their officers,  directors,
employees,  insurers or agents  concerning  any claim relating to his employment
with the Bank, the cessation of that  employment,  the  compensation or benefits
payable  in  connection  with his  employment,  or his  service as an officer or
director of the  Company,  the Bank or the Bank  Subsidiaries  prior to the date
hereof.  Should  Employee bring or participate in any such lawsuit or proceeding
or otherwise breach any portion of this Agreement, he acknowledges that any such
suit,  claim,  or assertion of liability is null and void, and must be summarily
dismissed.  Likewise,  Employee  acknowledges  and declares  under  penalties of
perjury that he does not currently have a lawsuit,  claim,  charge,  demand,  or
other form of asserted  liability  against the  Company,  the Bank,  or the Bank
Subsidiaries  pending  before any court,  governmental  agency,  or other  body.
Nothing in this  paragraph  is intended to limit or preclude any other rights or
remedies the Company or the Bank may have for a breach of this paragraph, nor is
anything in this  paragraph  or  Agreement  intended  to limit or  preclude  any
rights,  claims, or processes that, by express and unequivocal terms of law, may
not under any circumstances be waived or extinguished.

     Should Employee ever assert  liability or file a claim,  action,  or charge
against the Company or the Bank for any matter, Employee shall be liable for all
expenses, including reasonable costs and attorneys' fees incurred by the Company
or the Bank in defending each such suit,  claim, or assertion of liability or in
seeking  enforcement of this  Agreement,  regardless of the outcome,  except for
claims under the ADEA (unless  otherwise  allowable by law).  Employee agrees to
pay such expenses  within thirty (30) calendar days of written  demand mailed to
Employee's last known address.  This paragraph is not intended to limit Employee
from instituting legal action for the sole purpose of enforcing this Agreement.

     7. Non-Disparagement. Employee agrees that he will not provide information,
make  oral or  written  statements,  or take any  action  that  would  cause the
Company,  the Bank, or the Bank  Subsidiaries  embarrassment  or  humiliation or
otherwise cause or contribute to the Company, the Bank, or the Bank Subsidiaries
being  held in  disrepute.  The  Company  and the Bank  agree that they will not
provide  information,  make oral or written statements,  or take any action that
would  cause  Employee  embarrassment  or  humiliation  or  otherwise  cause  or
contribute to Employee being held in disrepute.

     8.  Knowledge  and  Understanding.  Employee  declares,  under  penalty  of
perjury, that:

          (a)  he has  been  advised  to  consult  with  an  attorney  prior  to
               executing this Agreement;

          (b)  he has been  given a period of at least 21 days  within  which to
               consider this Agreement; and

          (c)  he is fully aware of his rights and has carefully  read and fully
               understands all provisions of this Agreement before signing.

                                       4
<PAGE>

     9. Effective Date. If Employee  consents to and signs this Agreement within
twenty-one  (21) days of receipt,  Employee  shall have an additional  seven (7)
days after signing the Agreement to revoke it. Employee  expressly  states under
penalty of perjury,  that if he executes this Agreement before the expiration of
the 21-day period, such execution is knowing,  voluntary, and done on the advice
of counsel (or with the  opportunity  to consult with  counsel).  Any revocation
shall be in writing and addressed/delivered to the attention of Jennifer Dawson,
Director  of Human  Resources  of the Bank.  This  Agreement  shall  not  become
effective, therefore, and none of the benefits set forth in this Agreement shall
become  effective until the 8th day after Employee  executes this Agreement (the
"Effective Date").

     10. Confidentiality and Non-Compete. Employee agrees that:

          (a)  For a period of three years after May 31,  2005,  Employee  shall
               not divulge or furnish any trade secrets (as defined in IND. CODE
               Section  24-2-3-2)  of the Bank or any  confidential  information
               acquired  by him  while  employed  by  the  Bank  concerning  the
               policies,  plans,  procedures  or  customers  of the  Bank to any
               person,  firm or  corporation,  other  than  the Bank or upon its
               written  request,  or use any such trade  secret or  confidential
               information  directly or indirectly for Employee's own benefit or
               for the benefit of any person, firm or corporation other than the
               Bank, since such trade secrets and  confidential  information are
               confidential  and shall at all times  remain the  property of the
               Bank.

          (b)  For a period of three years after May 31,  2005,  Employee  shall
               not  directly  or  indirectly  provide  banking  or  bank-related
               services to or solicit the  banking or  bank-related  business of
               any  customer  of the  Bank  at the  time of  such  provision  of
               services or  solicitation  which Employee  served either alone or
               with  others  while  employed  by the  Bank  in any  city,  town,
               borough,  township,  village  or other  place  in which  Employee
               performed  services for the Bank while  employed by it, or assist
               any actual or potential competitor of the Bank to provide banking
               or  bank-related  services  to or  solicit  any  such  customer's
               banking or bank-related business in any such place.

          (c)  For a period of one year after May 31, 2005,  Employee shall not,
               directly or  indirectly,  as  principal,  agent,  or trustee,  or
               through  the  agency  of  any  corporation,   partnership,  trade
               association,   agent  or  agency,   engage  in  any   banking  or
               bank-related  business  which  competes  with the business of the
               Bank as conducted during Employee's employment by the Bank within
               a radius of twenty-five (25) miles of the Bank's main office.

          (d)  Employee  agrees to turn over, as soon as  practicable  after May
               31,  2005,  to the Bank  all  business  correspondence,  letters,
               papers, reports,  customers' lists, financial statements,  credit
               reports or other  confidential  information  or  documents of the
               Bank or its  affiliates in the possession or control of Employee,
               all of which  writings  are and will  continue to be the sole and
               exclusive property of the Bank or its affiliates.  Employee shall
               also  return  to the Bank as soon as  practicable  after  May 31,
               2005,  all other  Bank or  Company  property  in his  possession,
               including

                                       5
<PAGE>

               but not limited to, any laptop computer, fax machine,  pager, PDA
               or other  equipment or personal  property owned by the Company or
               the Bank.

Employee  agrees that  because of his access to trade  secrets and  confidential
information of the Bank and the  uniqueness of his services,  his breach of this
section of this  Agreement  would  cause  irreparable  harm to the Bank and,  in
addition to any other remedies,  entitle the Bank to temporary,  preliminary and
permanent  injunctive relief prohibiting him from engaging in such activities in
violation of this  agreement.  Employee  further agrees that the Bank may obtain
such relief without the necessity of posting any bond.

     11. Authorization.  The Company represents and warrants that this Agreement
has been duly  authorized by all necessary  corporate  action on the part of the
Company  in  accordance  with its  Articles  of  Incorporation  and  Bylaws  and
applicable law.

     12.  Successors.  This  Agreement  shall be binding upon,  and inure to the
benefit  of, the  successors,  assigns,  executors,  heirs,  administrators  and
personal  representatives  of the parties  hereto.  Employee  shall not have any
right to anticipate,  alienate, or assign any of his rights or obligations under
this  Agreement and any effort to do so shall be null and void.

     13. Amendment.  This Agreement may be amended only in writing signed by the
parties  hereto or their  successors in interest.  The waiver by either party of
any of the provisions of this  Agreement  shall not operate or be construed as a
waiver of such provision in any other circumstance or of any other provision.

     14.  Applicable  Law. This  Agreement  shall be construed  and  interpreted
pursuant  to,  and in  accordance  with,  the laws of the  State of  Indiana  or
applicable federal law.

     15.  Notices.  Any notice  required  or  permitted  to be given  under this
Agreement  shall be sufficient if in writing and if personally  delivered to the
party to whom  notice  should be given at the  addresses  set forth above (or at
such other  address for a party as shall be specified  by notice given  pursuant
hereto).

     16. Complete Agreement.  This Agreement sets forth the entire Agreement and
understanding between Employee,  the Company, and the Bank, and fully supersedes
any and all prior  oral or  written  or  implied  agreements  or  understandings
between Employee, the Company or the Bank relating to the subject matter hereof.
If one or more  provisions or terms of this Agreement  shall be determined to be
unenforceable,  the  remainder of the  Agreement  shall remain in full force and
effect.

     17. Non-Reliance.  This Agreement sets forth the complete agreement between
the  parties.  Employee  represents  and  acknowledges  that in  executing  this
Agreement  he does not  rely and has not  relied  upon  any  representations  or
statements not set forth herein made by the Company or its  subsidiaries  or any
of their employees, agents, representatives, controlling shareholders, officers,
or  directors  with  regard  to the  subject  matter,  basis,  or effect of this
Agreement or otherwise.

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<PAGE>

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

                                     /s/ T. Tim Unger
                                     -------------------------------------------
                                     T. Tim Unger

                                     LINCOLN BANCORP

                                     By: /s/ John M. Baer
                                     -------------------------------------------

                                     LINCOLN BANK

                                     By: /s/ Jerry R. Engle
                                     -------------------------------------------

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