Document:

Exhibit 10.6

               FUTURES PORTFOLIO FUND, L.P. ADVISORY AGREEMENT

     This ADVISORY AGREEMENT is entered into as of December 1, 2004 by and
among Steben & Company, Inc., a Maryland corporation (the "General Partner"),
Futures Portfolio Fund, LP, a Maryland limited partnership (the
"Partnership"), and DKR Fusion Management LP, a Delaware Limited Partnership
(the "Advisor"), whose main business address is 1281 East Main Street,
Stamford, Connecticut 06902-3565.

                                   RECITAL

     The Partnership wishes to retain the Advisor to manage a commodity
trading account of the Partnership (the "Account") that the Partnership will
establish for that purpose. For purposes of this Agreement, the Account shall
consist of the Account Allocation (as defined in Section 3(a) below), Trading
Profits, all additions thereto and withdrawals therefrom and all amounts that
become part of the Account as a result of the transactions therein.

     NOW THEREFORE, the parties agree as follows:

1.   Advisor's Duties

     (a) The Advisor will trade "commodities" (as defined in ss.1(g) below)
for the Account, pursuant to the terms and conditions of this Agreement.
However, nothing in this Agreement or in the Advisor's activities for the
Partnership shall cause the Advisor to be a partner of, joint venturer with or
have a similar relationship to the General Partner, any other trader for the
Partnership.

     (b) Subject to the provisions of this Agreement, the Account will be
managed on a pari passu basis with the portfolio of the DKR Quantitative
Strategies Program (the "Program"), as described in Appendix I attached
hereto; provided, however, that notwithstanding anything to the contrary
herein, the Partnership acknowledges that investments for the Account may not
be made on a pari passu basis, due to, among other things, differing liquidity
needs with respect to withdrawal requests, different tax situations, and the
testing of new strategies which may be practical or appropriate only for
certain accounts.

     (c) The Advisor will use its reasonable efforts to generate profits for
the Account, but makes no assurance that the Account will be profitable or not
incur losses.

     (d) In managing the Account pursuant to this Agreement and all other
accounts which the Advisor manages from time to time, the Advisor will manage
the Account and all such other accounts in a good faith effort to achieve an
equitable treatment of all accounts under management.

     (e) If position limits restrict the number of positions the Advisor may
establish for the Account, it will use its reasonable efforts to allocate
transaction orders equitably between the Account and the other accounts it
manages.

     (f) The Advisor will place orders for the Account through Calyon
Financial Inc. or such futures commission merchants as is mutually agreed upon
by the Advisor and the General Partner (the "FCM"). The Advisor may select its
own executing and/or floor brokers for execution of trades and give-up to the
FCM. The Advisor is not responsible for the brokerage commission rates charged
to the Partnership by the FCMs which execute commodity transactions for the
Account. All purchases and sales of commodities for the Account shall be for
the account and at the risk of the Partnership. All commissions and expenses
arising from the trading of, or other transactions in the course of the
administration of, the Account shall be charged to the Partnership.

     (g) The Advisor has provided information to the Partnership and the
General Partner which has been included in the Private Offering Memorandum of
the Partnership dated December 1, 2004. The Advisor will promptly advise the
General Partner of any occurrence that renders this Agreement or the
information on the Advisor contained in the Private Offering Memorandum of the
Partnership materially inaccurate or materially incomplete, whether as of the
date of this Agreement or at a later date.

     (h) As used in this Agreement, the terms "commodities" and "commodity
transactions" shall mean and include, without limitation, commodities,
commodity futures contracts, commodity options, forward contracts and other
commodity interests.

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     (i) The Advisor shall give the Partnership written notice as promptly as
reasonably practicable of any proposed material change in the Advisor's
trading systems, methods, models, strategies, or formulae or the manner in
which trading decisions are to be made or implemented and shall not make any
such proposed material change without having given the Partnership at least 20
business days prior written notice of such change. The addition and/or
deletion of commodity interests from the Partnership's portfolio managed by
the Advisor ordinarily shall not be deemed a change in the Advisor's trading
systems, methods, models, strategies, or formulae and prior written notice to
the Partnership shall not be required therefore.

2.   Compensation

     (a) The Partnership will pay the Advisor: (i) after the end of each
quarter a management fee of 0.5% of the Account's Net Assets (as defined in
ss.2(b) below) at the end of the quarter (2% annually); and (ii) after the end
of each year an incentive fee of 20% of any "Trading Profits" (as defined in
ss.2(c) below) generated by the Advisor in the Account during the respective
year. Payment shall be made within 30 days after the quarter-end for
management fees and calendar year-end for incentive fees after an invoice has
been provided to the Partnership by the Advisor.

     (b) "Net Assets" are the Notional Account Allocation (defined below)
increased or decreased by any all Trading Profits (including from previous
years).

     (c) "Trading Profits" are the sum of: the net of all realized and
unrealized profits and losses on the Notional Account Allocation for the
respective calendar year; minus: any cumulative net realized and unrealized
losses (which shall not include incentive fee expenses) from the Advisor's
trading of the Account carried forward from all previous periods since the
last period for which an incentive fee was payable to the Advisor, and any
management fees paid or accrued to the Advisor. Trading Profits will be
calculated solely on the basis of assets allocated to the Advisor and
incentive fees will not be paid on interest income earned in the Account.

     (d) With regard to the carry-forward loss referred to in ss.2(c) above:
If the Partnership withdraws funds from the Account during a period (whether
by reason of redemptions, distributions, or reallocations of assets) when
there is such a carry-forward loss, the loss shall be reduced, at the time of
the withdrawal, by the percentage obtained by dividing the amount of the
withdrawal by the Account's Net Assets immediately before the withdrawal.

     (e) If any portion of the Account is withdrawn at any time other than at
the end of a fiscal year, a pro rata portion of any Management Fee and
Incentive Fee accrued by the Advisor will be paid to the Advisor at that time.
If this Agreement is terminated at any time other than at the end of a fiscal
year, the Advisor will receive any Management Fee and Incentive Fee accrued by
the Advisor in respect of the Account at that time.

     (f) The FCM shall value all open forward, option, futures or options on
futures contract positions at their liquidating value (or cost of liquidation,
as the case may be). All other assets of the Account (except goodwill, which
shall not be taken into account) shall be assigned such value as the FCM may
reasonably determine. The Partnership (or the FCM) shall send the Account
valuations to the Advisor on a monthly basis. The FCM shall also determine the
Net Assets of the Account and shall send a Net Assets Report to the Advisor on
a monthly basis, in a form reasonably acceptable to the FCM and the Advisor.
If the Advisor disagrees with the FCM's determination of the Net Assets of the
Account, the Advisor shall send a written notice to the Partnership and the
FCM of such disagreement and the basis therefore within 15 business days after
the Advisor's receipt of the monthly report of the Net Assets of the Account.
Thereafter, the Partnership, FCM and the Advisor shall use reasonable efforts
to resolve such disagreement within 15 business days of Partnership's receipt
of notification. If the parties are not able to agree on the Net Assets of the
Account, the Advisor's auditors will determine the Net Assets of the Account
Value to be used in calculating the fees set forth above.

3.   Funding of the Account

     (a) The Partnership shall contribute to the FCM the capital necessary to
meet margin requirements for the Advisor to manage the Account (the "Account
Allocation"). Initially, the Advisor will manage pursuant to this Agreement a
notional amount equal to US$50,000,000 (the "Notional Account Allocation").
The Notional Account Allocation shall be calculated exclusive of profits and
losses.

     (b) The Partnership may reallocate its assets between the various
advisors managing its accounts and withdraw capital from the Account at any
time. The Partnership shall promptly notify the Advisor, by telephone or
telex, of any such withdrawal, and shall to the extent feasible give the
Advisor advance written notice of such withdrawal. The

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Partnership may add capital to the Account at any time with the prior approval
of the Advisor and shall promptly notify the Advisor of any such intended
action.

     (c) The Partnership, and not the Advisor, shall manage the non-commodity
transactions of the Account, such as the purchase of U.S. Treasury bills.

4.   Discretionary Trading and Funds Transfer Authorization

     The Partnership hereby authorizes the Advisor to place orders, in the
Advisor's discretion, with the FCM for the execution of commodity transactions
for the Account. The Partnership constitutes and appoints the Advisor as its
attorney-in-fact for such purpose, with full authority to act on the
Partnership's behalf (except that the Advisor shall not have any authority to
withdraw any funds, securities or other property from the Account). Upon the
Advisor's request, the General Partner shall deliver to the Advisor, and renew
when necessary, a Commodity Trading Authorization form to the above effect.

5.   Errors; Account Statements

     The Advisor shall promptly notify: (a) the Partnership of any error
committed by the Advisor in transmitting Account orders, and (b) the
Partnership and the FCM of any Account transaction that the Advisor believes
was erroneously executed by the FCM. The General Partner shall instruct the
FCM promptly to furnish the Advisor with copies of all Account confirmations,
purchase and sale statements, and monthly account statements.

6.   Advisor's Representations

         The Advisor represents that this Agreement has been duly and validly
authorized, executed and delivered on behalf of the Advisor, and when duly
executed and delivered by the Partnership and the General Partner, will be a
valid and binding contract of the Advisor enforceable in accordance with its
terms.

7.   General Partner's and Partnership's Representations and Covenants

     The General Partner and the Partnership represent that:

     (a) This Agreement has been duly and validly authorized, executed and
delivered and is a valid and binding contract of the General Partner and the
Partnership enforceable in accordance with its terms.

     (b) The Partnership is duly formed and validly existing as a Maryland
limited partnership, with full partnership power to carry out its obligations
under this Agreement and its Agreement of Limited Partnership.

     (c) The private offering memorandum pursuant to which the Partnership's
limited partnership interests will be offered, as amended and supplemented
from time to time, (collectively, the "Memorandum") will not contain any
untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they are made, not misleading, or omit to
state any material information required to be disclosed therein under the
Commodity Exchange Act, as amended (the "CEA"), the Securities Act of 1933, as
amended (the "1933 Act"), and the rules promulgated thereunder; provided,
however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with
information furnished in writing to the General Partner by or on behalf of the
Advisor, including, without limitation, all references to the Advisor and its
affiliates (as defined in ss.8(h) below), controlling persons, shareholders,
partners, directors, officers and employees, as well as to such Advisor's
trading approach and performance history.

     (d) The General Partner is duly formed and validly existing as a Maryland
corporation with full power and authority to carry out its obligations under
this Agreement and is registered with the Commodity Futures Trading Commission
("CFTC") as a commodity pool operator and is a member of the National Futures
Association ("NFA").

     (e) The Partnership will make to the Partnership's limited partners (the
"Limited Partners") all disclosures necessary with respect to the retention of
the Advisor to manage the Account to comply with the CEA, the CFTC's
regulations thereunder, the rules and regulations of the NFA and the
applicable state and federal securities laws and regulations.

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<PAGE>

     (f) The Partnership represents, warrants and covenants to the Advisor
that the Partnership is and will remain a "qualified eligible person" within
the meaning of Regulation 4.7 under the Commodity Exchange Act and
acknowledges that, in reliance upon such regulation, the Advisor has not
delivered to the Partnership a CTA Disclosure Document.

     (g) The Partnership hereby represents that the Units offered by the
Partnership are intended to qualify as "publicly-offered securities" as
defined in Department of Labor Regulation Section 2510.3-101(b)(2) so as to
avoid the assets of the Partnership being considered to be "plan assets" for
purposes of the Employee Retirement Income Security Act of 1974, as amended,
or Section 4975 of the Internal Revenue Code of 1986, as amended.

     (h) The Partnership acknowledges that (i) the Advisor will employ
speculative trading strategies consistent with the Program, (ii) will employ
leverage consistent with the Program which, among other investment techniques,
can make its investment performance volatile, (iii) there is a risk that the
Partnership's investment in the Account may be lost in whole or in part, and
(iv) the Advisor's past performance is not necessarily indicative of future
results.

     (i) The Partnership acknowledges: (i) that it has made an independent
decision to open the Account and that in making this decision, the Partnership
has relied solely upon this Agreement and independent investigations made by
the Partnership, (ii) no reliance on the Advisor, or any other person or
entity with respect to the legal, tax and other economic considerations
involved in this investment other than the Partnership's own advisers and
(iii) the Partnership's investment in the Account is consistent with the
investment purposes, objectives and cash flow requirements of the Partnership
and will not adversely affect the Partnership's overall need for
diversification and liquidity.

     (j) The Partnership hereby represents that it has internal policies and
controls reasonably designed to prevent any investments in the Partnership by
people appearing in the Treasury Department Office of Foreign Assets Control
("OFAC") lists or by any senior foreign political figure or any immediate
family member or close associate of a senior foreign political figure. For
purposes of this paragraph, a "senior political figure" is defined as a senior
official in the executive, legislative, administrative, military or judicial
branches of a non-U.S. government (whether elected or not), a senior official
of a major non-U.S. political party, or a senior executive of a non-U.S.
government-owned corporation. In addition, a "senior foreign political figure"
includes any corporation, business or other entity that has been formed by, or
for the benefit of, a senior foreign political figure. "Immediate family" of a
senior foreign political figure typically includes the figure's parents,
siblings, spouse, children and in-laws. A "close associate" of a senior
foreign political figure is a person who is widely and publicly known to
maintain an unusually close relationship with the senior foreign political
figure, and includes a person who is in a position to conduct substantial U.S.
and non-U.S. financial transactions on behalf of the senior foreign political
figure.

     (k) There are no actions, suits, proceedings or investigations pending
or, to the knowledge of the Partnership, threatened against the Partnership,
at law or in equity, or before or by any federal, state, municipal or other
governmental department, commission, board, bureau, agency or instrument or
any self-regulatory organization or any commodity exchange.

     (1) The Advisor, either alone or in conjunction with the General Partner
or its affiliates, is not an organizer or promoter of the Partnership.

     (m) All necessary and appropriate actions have been taken by the
Partnership and the General Partner to terminate any other trading managers
that previously managed the portions of the Partnership which are being
committed to the management of the Advisor pursuant to this Agreement.

     (n) The Partnership is not required to be registered as an investment
company under the Investment Company Act of 1940, as amended.

     (o) The offer and sale of the limited partnership interests will be
conducted in accordance with all applicable federal and state laws and
regulations.

     (p) The above representations and warranties shall be continuing during
the term of this Agreement and, if at any time, any event has occurred which
would make or tend to make any of the foregoing not true, the General Partner
will promptly notify the Advisor.

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<PAGE>

8.   Indemnification

     (a) By the Partnership and the General Partner. The Partnership and the
General Partner jointly and severally agree to indemnify and hold harmless the
Advisor and each of its employees, principals, partners officers or any other
person who controls the Advisor and their respective shareholders, partners,
members, directors, officers, employees and controlling persons and the legal
representatives of any of them against any loss, claim, damage, charge, or
liability (collectively, "Losses") to which such parties may become subject,
resulting from a demand, claim, lawsuit, action or proceeding relating to this
Agreement or the services performed by the Advisor hereunder, except for
Losses arising from the Advisor's gross negligence, willful misconduct or
breach of this Agreement or a representation, warranty or agreement made
herein by the Advisor.

     (b) By the Advisor. The Advisor agrees to indemnify and hold harmless
each of the Partnership and the General Partner and each affiliate thereof,
against any Losses to which such parties may become subject resulting from the
Advisor's gross negligence, willful misconduct, material breach of this
Agreement or a representation, warranty or agreement made herein by the
Advisor or due to materially inaccurate or materially incomplete disclosures
about the Advisor and its affiliates that were provided to the Partnership and
the General Partner by the Advisor for inclusion in the Partnership's
Memorandum.

     (c) Limitations. None of the indemnifications contained in this Section
shall be applicable to default judgments, confessions of judgment or
settlements entered into by any indemnified party claiming indemnification
without the prior consent of the indemnifying party.

     (d) Notice and Defense of Claims. Promptly after receipt by an
indemnified party under this section of notice of the commencement of any
action, that party will, if a claim in respect thereof is to be made against
an indemnifying party under this Section, notify the indemnifying party of the
commencement thereof, but the omission to notify the indemnifying party will
not relieve it from any liability which it may have to any indemnified party
under this Section. In case any such action is sought against any indemnified
party and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent
that it may wish, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party under this
section for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation, but shall continue to be liable to the indemnified
party in all other respect as heretofore set forth in this Section.

     (e) Retention of Separate Counsel. If the indemnified party reasonably
determines that its interest is or may be adverse to the indemnifying party's
or that there may be a legal defense available to the indemnified party that
is different from, in addition to or inconsistent with a defense available to
the indemnifying party, the indemnified party may retain its own counsel and
shall be indemnified by the indemnifying party for any expenses reasonably
incurred in investigating or defending the action.

     (f) Advances. Expenses incurred by an indemnified party in defending a
threatened or asserted claim or a threatened or pending action shall be paid
by the indemnifying party in advance of final disposition or settlement of
such matter, if and to the extent that the person on whose behalf such
expenses are paid shall agree to reimburse the indemnifying party in the event
indemnification is not permitted under this section upon final disposition or
settlement.

     (g) Survival. The provisions of this Section shall survive the
termination or expiration of this Agreement.

     (h) "Affiliate" means general partner, officer, director, employee, or
shareholder, and any general partner, officer, director, employee or
shareholder of such shareholder.

     (i) The foregoing indemnification shall be in addition to, and shall in
no respect limit or restrict, any other remedies which may be available to an
indemnified party. The termination of any demand, claim, lawsuit, action or
proceeding by settlement shall not, in itself, create a presumption that the
conduct in question was not undertaken in good faith and without gross
negligence or willful misconduct.

     (j) Notwithstanding any of the foregoing to the contrary, the provisions
of this Section 8 shall not be construed so as to provide (or attempt to
provide) for the indemnification of the parties for any liability (including
liability under federal securities laws which, under certain circumstances,
impose liability even on persons that act in good faith), to the extent (but
only to the extent) that such indemnification would be in violation of the
federal securities or other

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applicable law, but shall be construed so as to effectuate the provisions of
this Section 8 to the fullest extent permitted by law.

9.   Term

     (a) Term and Renewal. This Agreement shall continue in effect for a
period of one year following the end of the month in which the Partnership
shall begin to receive trading advice from the Advisor hereunder. Thereafter,
this Agreement shall be renewed automatically for additional one-year terms
unless either the Partnership or the Advisor, upon written notice given prior
to the original termination date or any extended termination date, shall
notify the other party of his or its intention not to renew.

     (b) Termination. Notwithstanding Section 6(a) hereof, this Agreement
shall terminate:

          (i) immediately if the Partnership shall terminate and be dissolved
in accordance with its Agreement of Limited Partnership or otherwise; or

          (ii) immediately after receipt by the Advisor from the General
Partner or by the General Partner from the Advisor of written notice of
termination; or

          (iii) immediately if the Advisor can no longer effectively implement
its or his trading strategy on behalf of the Partnership; or

          (iv) immediately, at the discretion of the General Partner, if any
of the following events shall occur; (1) the Advisor shall become bankrupt or
insolvent; (2) the Advisor shall be unable to use all or any portion of his or
its trading systems, methods, models, strategies, or formulae as in effect on
the date of this Agreement, or as refined or modified in the future in
accordance herewith, for the benefit of the Partnership for any reason
whatsoever; (3) the Advisor's registration with the CFTC as a commodity
trading advisor or the Advisor's membership in the NFA in such capacity shall
expire or shall be revoked, suspended, terminated, not renewed, or limited,
conditioned, restricted, or qualified in any material respect; (4) the Advisor
shall change or violate any of the Trading Policies or any administrative
policy of the Partnership except with the prior written consent of the
Partnership; (5) the Partnership, upon receipt of not less than 20 business
days' prior written notice from the Advisor pursuant to Section 1(h) hereof,
shall send written notice to the Advisor stating that the material change
proposed by the Trading advisor in his or its trading systems, methods,
models, strategies, or formulae or the manner in which trading decisions are
to be made or implemented is unacceptable to the General Partner; (6) the
Advisor shall fail to perform any of its obligations under this Agreement.

10.  Arbitration

     The parties agree that all controversies which may arise in connection
with any transaction contemplated by this Agreement or the construction,
performance or breach of this Agreement or any other agreement between the
parties hereto, whether entered into prior, on or subsequent to the effective
date of this Agreement, shall be determined by arbitration, and in accordance
with the rules then obtaining of the NFA, or if no such rules are then in
effect, then the rules then obtaining of the Chicago Board of Trade; provided,
however, that (a) the arbitrator(s) shall be experienced in the matters to be
under dispute, (b) the authority of the arbitrator(s) shall be limited to
construing and enforcing the terms and conditions of this Agreement as
expressly set forth herein, and (c) the arbitrator(s) shall state the reasons
for the award in a written opinion. The award of the arbitrator(s), or a
majority of them, shall be final, and judgment upon the award may be confirmed
and entered in any court, state or federal, having jurisdiction.

11.  Miscellaneous

     (a) Complete Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the matters referred to herein, and no
other agreement, verbal or otherwise, shall be binding as between the parties
unless it is in writing and signed by the party against whom enforcement is
sought.

     (b) Assignment. This Agreement may not be assigned by either party
without the prior written consent of the other party. This Agreement shall
inure to the benefit of the parties hereto and their respective successors and
assigns.

     (c) Amendment; Waiver. This Agreement may not be amended except by the
written consent of the parties. No waiver of any provision of this Agreement
may be implied from any course of dealing between the parties or from any
failure by a party to assert its rights under this Agreement on any occasion
or series of occasions.

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     (d) Severability. If any provision of this Agreement, or the application
of any provision to any person or circumstance, shall be held to be
inconsistent with any law, ruling, rule or regulation, the remainder of this
Agreement, or the application of the provision to persons or circumstances
other than those as to which it is held inconsistent, shall not be affected
thereby.

     (e) Notices. All notices required or desired to be delivered under this
Agreement shall be in writing and shall be effective when delivered personally
on the day delivered, or, when given by registered or certified mail, postage
prepaid, return receipt requested, on the day of receipt, addressed as follows
(or to such other address as the party entitled to notice shall designate):

     If to the Partnership         Steben & Company, Inc.
     and the General Partner:      14811 Poplar Hill Road
                                   Germantown, MD 20874
                                   Attention: Kenneth E. Steben, President

     If to the Advisor:            At the address on page 1 above.

     (f) Survival. The provisions of this Agreement shall survive the
termination of this Agreement with respect to any matter arising while this
Agreement was in effect.

     (g) Governing Law. This Agreement shall be governed by and construed in
accordance with Illinois law (excluding the law thereof which requires the
application of, or reference to, the law of any other jurisdiction).

     (h) Property Right of the Advisor. The Partnership, the General Partner
and their employees or agents acknowledge that commodity interest trading
advice provided and trading strategies used by the Advisor are confidential
property rights belonging to it; the Partnership further agrees, unless
authorized by the Advisor, that such advice will not be disseminated in whole
or in part, directly or indirectly, to any of the Limited Partners, brokers,
brokers' customers, employees, agents, officers, directors or any others,
except as necessary to conduct the business of the Partnership or except as
required by any applicable law or regulation. Nothing contained in this
Agreement shall require the Advisor to disclose the confidential or
proprietary details of its trading systems or strategies.

     (i) Confidentiality.

               Each of the parties to this Agreement agrees that they shall
not, and shall not permit any of their affiliates or employees to, at any
time, use or disclose to any person any confidential information of the other
parties, except as required for the purpose of providing the services and
performing its obligations under this Agreement. Without limiting the
foregoing, the General Partner and the Partnership acknowledge and agree that
the positions traded by the Advisor, models and processes are confidential
information. The parties agree that the General Partner and Partnership may
disclose to investors in the Partnership, during in-person meetings, selected
portfolio positions of the Account, provided that no written position reports
may be given to investors. The parties agree to take reasonable precautions to
maintain the confidentiality of confidential information and to inform its
representatives (and investors) of the confidential nature of confidential
information. The General Partner and Partnership agree that they shall not,
and shall cause their representatives not, to use any information or data
concerning the Account or its trading activities to recreate or reverse
engineer any of the Advisor's investment strategies, models or processes.

     (j) Limit on Liability. The Advisor shall not be liable to the
Partnership, its partners or any of their respective successors or permitted
assigns except by reason of its acts or omissions taken or omitted due to
willful misconduct or gross negligence. The foregoing sentence is intended to
limit the liability of the Advisor, and nothing therein shall expressly or
impliedly create any liability, duty or responsibility on the part of any
person. Notwithstanding any of the foregoing to the contrary, the provisions
of this Section 11(j) shall not be construed so as to limit (or attempt to
limit) the liability of the parties (including liability under federal
securities laws which, under certain circumstances, impose liability even on
persons that act in good faith), to the extent (but only to the extent) that
would be in violation of the federal securities or other applicable law, but
shall be construed so as to effectuate the provisions of this Section 11(j) to
the fullest extent permitted by law.

     (k) Agreement Not Exclusive. The Advisor's present business is advising
with respect to the purchase and sale of commodity interests. The services
provided by the Advisor hereunder are not to be deemed exclusive. The
Partnership and General Partner acknowledge that, subject to the terms of this
Agreement, the Advisor may render

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advisory, consulting and management services to other clients for which it may
charge fees similar or different from those charged to the Partnership. The
Advisor shall be free to advise others and manage other accounts during the
term of this Agreement and to use the same or different information, computer
programs and trading strategies which it obtains, produces or utilizes in the
performance of services for the Partnership.

     (1) Right to Approve Offering Materials. The Partnership and the General
Partner each agree that it shall not place any advertisement in any media or
distribute or disseminate any offering materials including, without
limitation, letters, brochures and the Memorandum, which makes any reference
to the Advisor, this Agreement or the transactions or arrangements
contemplated herein without the prior written approval of the Advisor.

     (m) Independent Contractor. This Agreement is not a contract of
employment, and nothing contained herein shall be construed to create an
exclusive relationship or the relationship of employer or agent and principal
or a joint venture or partnership between the parties hereto, except as
otherwise expressly set forth herein. Each of the Partnership, the General
Partner and the Advisor is an independent contractor and shall be free to
exercise its judgment and discretion with regard to the conduct of its
business except as otherwise limited herein.

     (n) Counterparts. This Agreement may be executed in one or more
counterparts, all of which together shall constitute one original Agreement.

     (o) Headings. Headings to sections and subsections in this Agreement are
for the convenience of the parties and are not a part of or affect the meaning
of this Agreement.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE
"CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS
ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH THE CFTC.
THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM
OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE.
CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THE TRADING PROGRAM
ADOPTED HEREUNDER OR ANY BROCHURE OR ACCOUNT DOCUMENT.

                                      8
<PAGE>

IN WITNESS WHEREOF this Advisory Agreement has been executed for and on behalf
of the undersigned as of the date first above written.

The Partnership:                             The Advisor:

Futures Portfolio Fund, L.P.                 DKR Fusion Management L.P.
                                             -------------------------

By: /s/ Kenneth E. Steben                    By:  /s/ Babara Burger
    ----------------------------------           --------------------------
    Kenneth E. Steben, President                 Name:  Babara Burger
    Steben & Company, Inc.                       Title:  Authorized Signatory

Steben & Company, Inc.

By:  /s/ Kenneth E. Steben
    ----------------------------------
    Kenneth E. Steben, President
    Steben & Company, Inc.

                                      9
<PAGE>

                                  APPENDIX I

                              INVESTMENT PROGRAM

Investment Objective

The objective of the Account is to identify statistical trading opportunities
in the marketplace and then formulate quantitative models that will exploit
these trading opportunities. A statistical trading opportunity exists when
certain quantifiable variables meet certain values and similar historical
observations have proven to yield, on average, a positive return. Currently,
the Account invests, holds, sells (long and short) and trades (on margin or
otherwise) in securities and other intangible investment instruments
consisting principally of financial futures, commodity futures and forwards,
foreign exchange forwards and OTC options. However, the Account is permitted
to invest in the broadest range of securities, commodities and other financial
instruments. Leverage is utilized as part of the Account's investment program.

Investment Philosophy

To execute and manage its investment program for the Account, the Advisor uses
quantitative strategies that are based on statistical models. A quantitative
strategy relies on mathematical and statistical principles and uses input data
that is readily available from data feed or data vendors. A complete
quantitative model analyzes statistical evidence in the investment process,
such as securities screening, timing of "buy" and "sell" signals, asset
allocation, portfolio risk management and trade executions. The Advisor's
discretion is used in the development of the models underlying the strategies
and the allocation of assets across strategies. To minimize slippage and
achieve best execution, some discretion may also be used in the order
execution methodology and the timing of trading. A systematic approach to
investing is very objective and trading decisions are not influenced by the
news of the moment.

The quantitative strategies utilized by the Account invest in liquid
securities so that positions can be phased in and out at will without raising
timing concerns.

The research and development process that yields quantitative strategies and
their trading systems consists of three stages:

l.     Identification of statistical trading opportunities. Profitable
quantitative trading models are developed by studying the past. The Advisor
uses simulation programs, statistical software applications, charts, graphics,
and financial literature in the research process. The strategies and systems
utilized have been designed to identify as many statistical trading
opportunities as possible in order to produce steady returns while preserving
capital and incurring low volatility in trading performance. Preserving
capital when few or no profitable trading opportunities present themselves is
made possible through diversification. The Account achieves diversification by
trading as many markets as possible in search of profitable trading
opportunities, utilizing as many distinct, non-correlated strategies as
possible.

2.     Formulation of the statistical model to exploit the identified trading
opportunities. Back-testing of a given strategy is accomplished by running
simulations on extensive historical data. All aspects of trading are
programmed into the simulation program in order to run realistic outcomes.
Trade execution assumptions in the simulation program are particularly
important to reflect properly transaction costs and derive realistic
performance numbers. A quantitative model is typically made of several parts
and each part is independently tested and evaluated on its own merit. Each
part is required to make significant contributions in order to be included in
the final product.

3.     Validation of the model by back-testing the strategy. As with
formulation, validation of the statistical models follows a rigorous
scientific process. Daily evaluation of trading systems for each strategy
takes place in the form of a comparison of each strategy's performance with
its respective simulated or expected performance. The Advisor takes other
important steps in the validation process to manage methodology risk. Such
steps include in- and out-of-sample testing of the models and avoidance of
"curve fitting" of historical data by keeping the ratio of simulated trades to
the number of parameters high. "Curve fitting" occurs when a model has a good
simulated performance but no predictive power for the future. A sensitivity
analysis of the strategy's performance over different values of the model's
parameters is done to increase the robustness or predictive power of the
statistical model. Also, the Advisor has searched for quantitative strategies
with uniform performance over time and across markets, as the uniformity
characteristics preserve a model's value as a predictor of future performance.
Typically, those strategies following the above criteria yield the highest
risk-adjusted returns or highest Sharpe ratios. As the Advisor's investment
philosophy favors strategies predicted

<PAGE>

to yield high Sharpe ratios or risk-adjusted returns (over those predicted to
yield high absolute returns), the statistical models as formulated and
validated enable the Advisor to execute and manage its investment program for
the Account.

As there are no fixed guidelines as to portfolio composition, the securities
comprising the portfolio reflect the Advisor's views as to which quantitative
strategies are implemented. The Advisor seeks to ensure that multiple
strategies are used at any given time in order to provide as much
diversification as possible. The Account's asset allocation to the different
strategies is part of the research process and the strategies' weighting will
be based on their own merits. The Advisor constantly monitors the markets
traded utilizing active pre-computed "buy" and "sell" levels and asset
rebalancing across strategies occurs monthly if necessary, as described
further under "Risk Management".

Risk Management

Each quantitative strategy has its own risk management system that manages
individual market stop loss levels, leverage and correlation of the securities
in the portfolio. Due to the extensive diversification of the portfolio, a
small amount of the Account's capital will be at risk in any given security,
although fast market conditions may cause greater losses. Leverage is utilized
in connection with the Account's investment program. Performance reviews of
each strategy utilized by the Account will take place and, provided the
individual strategies' respective performance is in line with the Advisor's
expectation for such performances, the Advisor will allocate the profits and
losses across all strategies. If a strategy's performance begins to deviate
from its historical norm, the Advisor will progressively reduce the allocation
to its trading system. Ultimately, if negative performance persists, a
strategy may be reengineered or completely phased out. The performance of the
entire portfolio is monitored by the Advisor on an intra-day basis utilizing
real-time monitoring tools. There can be no assurance that the Advisor's risk
management techniques and strategies will be successful at all times and in
all market conditions.

The descriptions contained herein of specific strategies that are or may be
engaged in by the Account should not be understood as in any way limiting the
Account's investment activities. The Account may engage in investment
strategies that are not described herein, but that the Advisor considers
appropriate for the Account.

The investment program of the Account is speculative and may entail
substantial risks. Since market risks are inherent in all securities
investments to varying degrees, there can be no assurance that the investment
objective of the Account will be achieved. In fact, certain investment
practices described above can, in some circumstances, potentially increase the
adverse impact on the Account's investment portfolio.EXHIBIT 10(1)

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT  entered into and effective this 15th day of July,  1999, by
and between River Valley  Financial  Bank, a federal  savings bank (the "Bank"),
and Matthew P. Forrester (the "Employee").  The parties agree, however, that the
"Effective Date" of this Agreement shall be October 12, 1999.

     WHEREAS, the Employee is being employed by the Bank as its President and as
such will perform valuable services for the Bank; and

     WHEREAS,  the Board of  Directors  of the Bank  believes  it is in the best
interests of the Bank to enter into this Agreement with the Employee in order to
assure  continuity  of management of the Bank and to reinforce and encourage the
continued attention and dedication of the Employee to his assigned duties; and

     WHEREAS,  the parties  desire by this  writing to set forth the  continuing
employment relationship of the Bank and the Employee.

     NOW, THEREFORE, it is AGREED as follows:

     1.  Employment:  The Employee is employed as the President of the Bank. The
Employee shall render such  administrative and management  services for the Bank
as are currently  rendered and as are customarily  performed by persons situated
in  a  similar  executive   capacity.   The  Employee  shall  also  promote,  by
entertainment or otherwise,  as and to the extent permitted by law, the business
of the Bank. The Employee's other duties shall be such as the Board of Directors
(the  "Board") of the Bank may from time to time  reasonably  direct,  including
normal duties as an officer of the Bank.

     2. Base  Compensation:  The Bank agrees to pay the Employee during the term
of this Agreement a salary at the rate of $95,000.00 per annum,  payable in cash
not less  frequently  than  monthly,  and  shall  be  effective  and  calculated
commencing  the  Effective  Date.  The salary shall be reviewed  annually by the
Board of Directors of the Bank in February of each year  commencing  February of
2000 and any  adjustment  in the future on salary shall be effective on February
1st of each year.

     3. Bonuses: The Employee shall participate in any year end bonus granted to
other  employees by the Board.  The Employee  shall  further  participate  in an
equitable  manner  with all other  senior  management  employees  of the Bank in
discretionary  bonuses  that the Board may award from time to time to the Bank's
senior  management  employees.  No  other  compensation  provided  for  in  this
Agreement  shall be deemed a substitute for the Employee's  right to participate
in such discretionary bonuses.

     4.(a) Participation in Retirement, Medical and Other Plans: During the term
of this  Agreement,  the  Employee  shall  be  eligible  to  participate  in the
following benefit plans: group hospitalization, disability, health, dental, sick
leave,  retirement,  pension,  and/or other  present or future  qualified  plans
provided by the Bank,  generally,  which benefits,  taken as a whole, must be at
least  as  favorable  as those in  effect  on the  Effective  Date,  unless  the
continued  operation of such plans would adversely  affect the Bank's  operating
results or financial  condition in a material way, the Bank's Board of Directors
concludes that  modifications  to such plans are necessary to avoid such adverse
effects and such modifications apply consistently to all employees of the Bank.

     (b)  Employee  Benefits:  Expenses:  The  Employee  shall  be  eligible  to
participate  in any fringe  benefits  which are or may become  available  to the
Bank's senior management employees,  including, for example, any stock option or
incentive compensation plans, and any other benefits which are commensurate with
the  responsibilities  and functions to be performed by the Employee  under this
Agreement.  The Employee shall be reimbursed  for all  reasonable  out-of-pocket
business  expenses  which he shall incur in connection  with his services  under
this  Agreement,  upon  substantiation  of such expenses in accordance  with the
policies of the Bank.

     5. Term:  The Bank hereby  employs the  Employee,  and the Employee  hereby
accepts such employment under this Agreement,  for the period  commencing on the
Effective Date and ending thirty six months  thereafter (or such earlier date as
is  determined  in  accordance  with  Section 9).  Additionally,  on each annual
anniversary  date from the Effective  Date,  the  Employee's  term of employment
shall be extended for an additional  one-year  period beyond the then  effective
expiration date, provided the Board determines in a duly adopted resolution that
the performance of the Employee has met the Board's  requirements and standards,
and that this  Agreement  shall be extended.  Only those members of the Board of
Directors  who have no personal  interest  in this  Employment  Agreement  shall
discuss and vote on the approval and subsequent review of this Agreement.

     6. Loyalty; Noncompetition:

     (a) During the period of his employment hereunder and except for illnesses,
reasonable  vacation  periods,  and reasonable  leaves of absence,  the Employee
shall devote all his full business time,  attention,  skill,  and efforts to the
faithful performance of his duties hereunder;  provided,  however,  from time to
time,  the Employee may serve on the Boards of Directors  of, and hold any other
offices or positions in, companies or organizations,  which will not present any
conflict of interest with the Bank or any of its subsidiaries or affiliates,  or
unfavorably  affect  the  performance  of  Employee's  duties  pursuant  to this
Agreement,  or will not  violate any  applicable  statute or  regulation.  "Full
business time" is hereby defined as that amount of time usually  devoted to like
companies  by  similarly  situated  executive  officers.  During the term of his
employment  under this Agreement,  the Employee shall not engage in any business
or activity  contrary to the business  affairs or  interests of the Bank,  or be
gainfully employed in any other position or job other than as provided above.

     (b)  Nothing  contained  in this  Paragraph 6 shall be deemed to prevent or
limit the Employee's right to invest in the capital stock or other securities of
any  business  dissimilar  from that of the  Bank,  or,  solely as a passive  or
minority investor, in any business.

     (c) While  Employee is employed by the Bank and for a period of three years
after  termination  of Employee's  employment by the Bank or by the Employee for
reasons other than those set forth in Section 9 (d) hereof,  the Employee  shall
not directly or indirectly,  engage in any bank or  bank-related  business which
competes with the business of the Bank as conducted during Employee's employment
by the Bank for any financial  institution,  including but not limited to banks,
savings and loan  associations,  and credit unions within a forty mile radius of
Madison, Indiana.

     7. Standards: The Employee shall perform his duties under this Agreement in
accordance with such  reasonable  standards as the Board may establish from time
to time.  The Bank will provide  Employee with the working  facilities and staff
customary for similar executives and necessary for him to perform his duties.

     8. Vacation, Sick Leave and Disability:

     The Employee  shall be entitled to twenty days vacation  annually and shall
be entitled to the same sick leave and  disability  leave as other  employees of
the Bank.

     The Employee shall not receive any additional compensation from the Bank on
account of his failure to take a vacation or sick leave,  and the Employee shall
not accumulate  unused  vacation or sick leave from one fiscal year to the next,
except in either case to the extent authorized by the Board.

     In  addition  to the  aforesaid  paid  vacations,  the  Employee  shall  be
entitled,   without  loss  of  pay,  to  absent  himself  voluntarily  from  the
performance of his employment with the Bank for such additional  periods of time
and for such valid and  legitimate  reasons  as the Board may in its  discretion
determine.  Further,  the Board may grant to the  Employee  a leave or leaves of
absence,  with or  without  pay,  at such time or times and upon such  terms and
conditions as such Board in its discretion may determine.

     9.  Termination  and  Termination  Pay:  Subject to Section 11 hereof,  the
Employee's   employment   hereunder  may  be  terminated   under  the  following
circumstances:

     (a) Death.  The Employee's  employment under this Agreement shall terminate
upon his death during the term of this Agreement,  in which event the Employee's
estate shall be entitled to receive the  compensation  due the Employee  through
the last day of the calendar month in which his death occurred.

     (b) Disability.

          (1) The Bank may  terminate  the  Employee's  employment,  should  the
     Employee become  disabled,  in a manner  consistent with the Bank's and the
     Employee's rights and obligations under the Americans With Disabilities Act
     or other applicable state and federal laws concerning  disability.  For the
     purpose  of  this  Agreement,  "Disability"  means  a  physical  or  mental
     condition which substantially  limits the employee's ability to perform the
     essential functions of his position, as established by this Agreement,  and
     which results in the Employee  becoming  eligible for long-term  disability
     benefits under the Bank's long-term disability plan.

          (2) During any  period  that the  Employee  shall  receive  disability
     benefits  and to the  extent  that the  Employee  shall be  physically  and
     mentally able to do so, he shall furnish such  information,  assistance and
     documents  so as to assist in the  continued  ongoing  business of the Bank
     and,  if able,  shall  make  himself  available  to the  Bank to  undertake
     reasonable  assignments consistent with his prior position and his physical
     and mental health.  The Bank shall pay all reasonable  expenses incident to
     the  performance  of any  assignment  given  to  the  Employee  during  the
     disability period.

     (c)  Just  Cause:  The  Board  may,  by  written  notice  to the  Employee,
immediately  terminate his employment at any time, for Just Cause.  The Employee
shall have no right to receive  compensation  or other  benefits  for any period
after  termination  for Just  Cause.  Termination  for "Just  Cause"  shall mean
termination  because  of, in the good  faith  determination  of the  Board,  the
Employee's 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 this Agreement. Notwithstanding the foregoing, in the
event of  termination  for Just Cause there shall be delivered to the Employee a
copy of a  resolution  duly adopted by the  affirmative  vote of not less than a
majority of the entire  membership of the Board at a meeting of the Board called
and held for that  purpose  (after  reasonable  notice  to the  Employee  and an
opportunity for the Employee,  together with the Employee's counsel, to be heard
before the Board),  such meeting and the  opportunity  to be heard to be held at
least 30 days prior to such termination,  finding that in the good faith opinion
of the Board the  Employee  was guilty of conduct  set forth above in the second
sentence  of this  Subsection  (c) and  specifying  the  particulars  thereof in
detail.

     (d) Without Just Cause; Constructive Discharge:

          (1) The Board may,  by  written  notice to the  Employee,  immediately
     terminate his employment at any time for a reason other than Just Cause, in
     which  event the  Employee  shall be  entitled  to  receive  the  following
     compensation and benefits  (unless such termination  occurs within the time
     period set forth in Section 11(b)  hereof,  in which event the benefits and
     compensation  provided  for in  Section  11 shall  apply):  (i) the  salary
     provided pursuant to Section 2 hereof, up to the date of termination of the
     term as provided in Section 5 hereof  (including  any renewal term) of this
     Agreement  (the  "Expiration  Date"),  plus said  salary for an  additional
     12-month period, and (ii) at the Employee's election, either (A) cash in an
     amount  equal to the cost to the Employee of  obtaining  all health,  life,
     disability and other benefits  (excluding stock options) which the Employee
     would have been eligible to  participate  in through the  Expiration  Date,
     based upon the benefit  levels  substantially  equal to those that the Bank
     provided for the Employee at the date of termination of employment,  or (B)
     continued   participation   under  such  Bank  benefit  plans  through  the
     Expiration  Date, but only to the extent the Employee  continues to qualify
     for  participation  therein.  All amounts  payable to the Employee shall be
     paid,  at the  option of the  Employee,  either  (I) in  periodic  payments
     through the  Expiration  Date, or (II) in one lump sum within ten (10) days
     of such termination.

          (2) The Employee may voluntarily  terminate his employment  under this
     Agreement,  and the  Employee  shall  thereupon  be entitled to receive the
     compensation  and benefits  payable under Section  9(d)(1)  hereof,  within
     ninety (90) days following the  occurrence of any of the following  events,
     which has not been  consented  to in  advance  by the  Employee  in writing
     (unless such voluntary  termination occurs within the time period set forth
     in Section  11(b)  hereof,  in which event the  benefits  and  compensation
     provided  for in  Section 11 shall  apply):  (i) the  requirement  that the
     Employee move his personal  residence,  or perform his principal  executive
     functions,  more than  thirty (30) miles from his  primary  office;  (ii) a
     material reduction in the Employee's base  compensation,  unless part of an
     institution-wide  reduction;  (iii) the  failure by the Bank to continue to
     provide the Employee with compensation and benefits provided for under this
     Agreement, as the same may be increased from time to time, or with benefits
     substantially  similar to those  provided to him under any of the  employee
     benefit plans in which the Employee now or hereafter becomes a participant,
     or the taking of any action by the Bank which would  directly or indirectly
     reduce any of such benefits or deprive the Employee of any material  fringe
     benefit enjoyed by him, unless part of an institution-wide  reduction; (iv)
     the  assignment to the Employee of duties and  responsibilities  materially
     different from those normally associated with his position as referenced in
     Section 1; (v) a failure to elect or re-elect  the Employee to the Board of
     Directors of the Bank;  or (vi) a material  diminution  or reduction in the
     Employee's    responsibilities    or   authority    (including    reporting
     responsibilities) in connection with his employment with the Bank.

          (3)  Notwithstanding  the foregoing,  but only to the extent  required
     under federal banking law, the amount payable under clause (d)(1)(i) hereof
     shall  be  reduced  to the  extent  that  on  the  date  of the  Employee's
     termination of employment,  the present value of the benefits payable under
     clauses  (d)(1)(i)  and (ii) hereof  exceeds the  limitation  on  severance
     benefits  that is set forth in  Regulatory  Bulletin  27a of the  Office of
     Thrift  Supervision,  as in effect on the Effective Date. In the event that
     Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"),
     becomes  applicable  to  payments  made under this  Section  9(d),  and the
     payments exceed the "Maximum Amount" as defined in Section 11(a)(1) hereof,
     the  payments  shall be reduced as  provided  by Section  11(a)(2)  of this
     Agreement.

     (e) Termination or Suspension Under Federal Law.

          (1) If the  Employee is removed  and/or  permanently  prohibited  from
     participating in the conduct of the Bank's affairs by an order issued under
     Sections  8(e)(4) or 8(g)(1) of the Federal Deposit  Insurance Act ("FDIA")
     (12 U.S.C.  1818(e)(4) and (g)(1)),  all obligations of the Bank under this
     Agreement  shall  terminate,  as of the  effective  date of the order,  but
     vested rights of the parties shall not be affected.

          (2) If the Bank is in default (as defined in Section 3(x)(1) of FDIA),
     all  obligations  under this  Agreement  shall  terminate as of the date of
     default;  however, this Paragraph shall not affect the vested rights of the
     parties.

          (3) All obligations  under this Agreement shall  terminate,  except to
     the extent  determined that continuation of this Agreement is necessary for
     the continued  operation of the Bank;  (i) by the Director of the Office of
     Thrift Supervision ("Director of OTS"), or his or her designee, at the time
     that the Federal  Deposit  Insurance  Corporation  ("FDIC")  enters into an
     agreement  to  provide  assistance  to or on behalf  of the Bank  under the
     authority  contained in Section  13(c) of FDIA;  or (ii) by the Director of
     the OTS, or his or her designee,  at the time that the Director of the OTS,
     or his or her designee  approves a supervisory  merger to resolve  problems
     related  to  operation  of the Bank or when the Bank is  determined  by the
     Director  of the OTS to be in an unsafe or unsound  condition.  Such action
     shall not affect any vested rights of the parties.

          (4) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12
     U.S.C.  1818(e)(3)  or (g)(1)  suspends  and/or  temporarily  prohibits the
     Employee  from  participating  in the  conduct of the Bank's  affairs,  the
     Bank's  obligations  under this Agreement shall be suspended as of the date
     of such service, unless stayed by appropriate  proceedings.  If the charges
     in the notice are  dismissed,  the Bank may in its  discretion  (i) pay the
     Employee  all or part  of the  compensation  withheld  while  its  contract
     obligations were suspended, and (ii) reinstate (in whole or in part) any of
     its obligations which were suspended.

     (f) Voluntary  Termination by Employee:  Subject to Section 11 hereof,  the
Employee may voluntarily  terminate  employment with the Bank during the term of
this  Agreement,  upon at least  ninety (90) days' prior  written  notice to the
Board  of  Directors,  in  which  case  the  Employee  shall  receive  only  his
compensation,  vested  rights  and  employee  benefits  up to  the  date  of his
termination  (unless such termination occurs pursuant to Section 9(d)(2) hereof,
in which event the benefits and compensation  provided for in section 9(d) shall
apply).

     10. No  Mitigation:  The  Employee  shall not be required  to mitigate  the
amount of any payment provided for in this Agreement by seeking other employment
or otherwise and no such payment shall be offset or reduced by the amount of any
compensation or benefits provided to the Employee in any subsequent employment.

     11. Change in Control:

     (a) Change in Control; Involuntary Termination:

          (1)  Notwithstanding  any  provision  herein to the  contrary,  if the
     Employee's  employment  under this  Agreement  is  terminated  by the Bank,
     without the  Employee's  prior written  consent and for a reason other than
     Just Cause,  in  connection  with or within  twelve  (12) months  after any
     Change in Control of the Bank, the Employee shall, subject to paragraph (2)
     of this Section 11(a),  be paid an amount equal to the  difference  between
     (i) the  product  of 2.99  times his "base  amount"  as  defined in Section
     280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum
     Amount"),  and (ii) the sum of any other  parachute  payments  (as  defined
     under Section 280G(b)(2) of the Code) that the Employee receives on account
     of the Change in Control. Said sum shall be paid in one lump sum within ten
     (10)  days of  such  termination.  This  paragraph  would  not  apply  to a
     termination of employment due to death, disability or voluntary termination
     by the Employee.

          (2) In the event that the Employee and the Bank jointly  determine and
     agree that the total parachute  payments  receivable  under clauses (i) and
     (ii) of Section 11(a)(1) hereof exceed the Maximum Amount,  notwithstanding
     the payment  procedure set forth in Section 11(a)(1)  hereof,  the Employee
     shall  determine  which and how much, if any, of the parachute  payments to
     which he is  entitled  shall be  eliminated  or  reduced  so that the total
     parachute payments to be received by the Employee do not exceed the Maximum
     Amount. If the Employee does not make his determination within ten business
     days after  receiving a written  request  from the Bank,  the Bank may make
     such determination,  and shall notify the Employee promptly thereof. Within
     five business days of the earlier of the Bank's  receipt of the  Employee's
     determination  pursuant to this  paragraph or the Bank's  determination  in
     lieu  of a  determination  by  the  Employee,  the  Bank  shall  pay  to or
     distribute  to or for the benefit of the Employee  such amounts as are then
     due the Employee under this Agreement.

          (3) As a result of  uncertainty  in application of Section 280G of the
     Code at the time of payment  hereunder,  it is possible  that such payments
     will  have  been  made  by  the  Bank  which  should  not  have  been  made
     ("Overpayment") or that additional  payments will not have been made by the
     Bank which should have been made ("Underpayment"), in each case, consistent
     with the calculations required to be made under Section 11(a)(1) hereof. In
     the event that the  Employee,  based  upon the  assertion  by the  Internal
     Revenue  Service  against the Employee of a  deficiency  which the Employee
     believes has a high probability of success,  determines that an Overpayment
     has been made, any such  Overpayment  paid or distributed by the Bank to or
     for the benefit of Employee  shall be treated for all purposes as a loan ab
     initio which the Employee shall repay to the Bank together with interest at
     the applicable  federal rate provided for in Section  7872(f)(2)(B)  of the
     Code;  provided,  however,  that no such loan  shall be deemed to have been
     made and no amount  shall be payable by the  Employee to the Bank if and to
     the extent such deemed loan and payment  would not either reduce the amount
     on which the Employee is subject to tax under Section 1 and Section 4999 of
     the Code or generate a refund of such taxes. In the event that the Employee
     and  the  Bank  determine,   based  upon  controlling  precedent  or  other
     substantial  authority,   that  an  Underpayment  has  occurred,  any  such
     Underpayment  shall be  promptly  paid by the Bank to or for the benefit of
     the Employee together with interest at the applicable federal rate provided
     for in Section 7872(f)(2)(B) of the Code.

          (4) A "Change in Control" shall be deemed to have occurred if:

               (i) as a result of, or in connection  with, any public  offering,
          tender offer or exchange offer, merger or other business  combination,
          sale of assets or contested election, any combination of the foregoing
          transactions,  or  any  similar  transaction,  the  persons  who  were
          non-employee  directors of the Bank or a holding  company  controlling
          the Bank before such transaction cease to constitute a majority of the
          Board  of  Directors  of the  Bank  or  such  holding  company  or any
          successor thereof;

               (ii) the Bank or a holding company controlling the Bank transfers
          substantially all of its assets to another  corporation which is not a
          wholly owned subsidiary of the Bank or such holding company;

               (iii) the Bank or a holding  company  controlling  the Bank sells
          substantially all of the assets of a subsidiary or affiliate which, at
          the time of such sale, is the principal employer of the Employee; or

               (iv) the Bank or a holding company controlling the Bank is merged
          or  consolidated  with  another  corporation  and,  as a result of the
          merger or  consolidation,  less than  fifty one  percent  (51%) of the
          outstanding   voting   securities   of  the   surviving  or  resulting
          corporation  is owned in the aggregate by the former  stockholders  of
          the Bank or of such holding company controlling the Bank.

     Notwithstanding  the  foregoing,  but  only to the  extent  required  under
federal banking law, the amount payable under  Subsection(a)  of this Section 11
shall be reduced to the extent that on the date of the Employee's termination of
employment,  the amount payable under  Subsection(a)  of this Section 11 exceeds
the  limitation on severance  benefits that is set forth in Regulatory  Bulletin
27a of the Office of Thrift Supervision, as in effect on the Effective Date.

     (b) Change in Control;  Voluntary  Termination:  Notwithstanding  any other
provision of this  Agreement to the  contrary,  but subject to Section  11(a)(2)
hereof,  the  Employee  may  voluntarily  terminate  his  employment  under this
Agreement  within twelve (12) months  following a Change in Control of the Bank,
as defined in  paragraph  (a)(4) of this  Section  11,  and the  Employee  shall
thereupon be entitled to receive the payment  described  in Section  11(a)(1) of
this  Agreement,  within ninety (90) days following the occurrence of any of the
following events,  which has not been consented to in advance by the Employee in
writing;  (i) the requirement that the Employee perform his principal  executive
functions  more than thirty (30) miles from his primary office as of the date of
the  Change  in  Control;  (ii) a  material  reduction  in the  Employee's  base
compensation  as in effect on the date of the  Change in  Control or as the same
may be  changed  by  mutual  agreement  from  time to  time,  unless  part of an
institution-wide reduction; (iii) the failure by the Bank to continue to provide
the Employee with  compensation and benefits  provided for under this Agreement,
as the same may be increased  from time to time, or with benefits  substantially
similar  to those  provided  to him  under  any  employee  benefit  in which the
Employee is a participant at the time of the Change in Control, or the taking of
any action  which would  materially  reduce any of such  benefits or deprive the
Employee of any material fringe benefit enjoyed by him at the time of the Change
in Control, unless part of an institution-wide reduction; (iv) the assignment to
the  Employee of duties and  responsibilities  materially  different  from those
normally  associated with his position as referenced at Section 1; (v) a failure
to elect or re-elect the Employee to the Board of Directors of the Bank,  if the
Employee is serving on the Board on the date of the Change in Control; or (vi) a
material diminution or reduction in the Employee's responsibilities or authority
(including  reporting  responsibilities)  in connection with his employment with
the Bank.

     (c) Compliance  with 12 U.S.C.  Section  1828(k):  Any payments made to the
Employee  pursuant  to  this  Agreement,  or  otherwise,   are  subject  to  and
conditioned  upon  their  compliance  with 12  U.S.C.  Section  1828(k)  and any
regulations promulgated thereunder.

     (d)  Trust:

          (1) Within five  business  days before or after a Change in Control as
     defined  in  Section  11(a) of this  Agreement  which was not  approved  in
     advance by a resolution  of a majority of the  Continuing  Directors of the
     Bank,  the Bank shall (i) deposit,  or cause to be deposited,  in a grantor
     trust (the "Trust"),  designed to conform with Revenue  Procedure 93-64 (or
     any  successor)  and having a trustee  independent  of the Bank,  an amount
     equal to 2.99  times the  Employee's  "base  amount"  as defined in Section
     280G(b)(3)  of the Code,  and (ii)  provide the trustee of the Trust with a
     written  direction to hold said amount and any investment return thereon in
     a  segregated  account for the benefit of the  Employee,  and to follow the
     procedures  set  forth  in the next  paragraph  as to the  payment  of such
     amounts from the Trust.

          (2) During the twelve (12) consecutive month period following the date
     on which the Bank makes the deposit referred to in the preceding paragraph,
     the  Employee  may provide  the trustee of the Trust with a written  notice
     requesting that the trustee pay to the Employee an amount designated in the
     notice as being  payable  pursuant to Section  11(a) or (b).  Within  three
     business days after  receiving said notice,  the trustee of the Trust shall
     send a copy of the notice to the Bank via  overnight and  registered  mail,
     return receipt  requested.  On the tenth (10th)  business day after mailing
     said  notice to the  association,  the  trustee of the Trust  shall pay the
     Employee the amount  designated  therein in  immediately  available  funds,
     unless prior  thereto the Bank  provides the trustee with a written  notice
     directing the trustee to withhold such  payment.  In the latter event,  the
     trustee shall submit the dispute to non-appealable  binding arbitration for
     a determination  of the amount payable to the Employee  pursuant to Section
     11(a) or (b) hereof, and the party responsible for the payment of the costs
     of such  arbitration  (which  may  include  any  reasonable  legal fees and
     expenses  incurred by the Employee)  shall be determined by the arbitrator.
     The trustee  shall choose the  arbitrator  to settle the dispute,  and such
     arbitrator  shall  be  bound  by  the  rules  of the  American  Arbitration
     Association in making his or her determination. The parties and the trustee
     shall be bound by the results of the arbitration  and, within 3 days of the
     determination  by the arbitrator,  the trustee shall pay from the Trust the
     amounts  required  to be paid to the  Employee  and/or the Bank,  and in no
     event shall the trustee be liable to either  party for making the  payments
     as determined by the arbitrator.

          (3)  Upon  the  earlier  of (i) any  payment  from  the  Trust  to the
     Employee,  or (ii) the date twelve (12) months  after the date on which the
     Bank  makes  the  deposit  referred  to in  the  first  paragraph  of  this
     subsection  (d)(1),  the  trustee  of the  Trust  shall pay to the Bank the
     entire  balance  remaining in the  segregated  account  maintained  for the
     benefit of the  Employee.  The Employee  shall  thereafter  have no further
     interest in the Trust pursuant to this Agreement.

     (e) In the event that any dispute  arises between the Employee and the Bank
as to the terms or interpretation of this Agreement,  including this Section 11,
whether  instituted  by formal legal  proceedings  or  otherwise,  including any
action that the  Employee  takes to enforce  the terms of this  Section 11 or to
defend  against any action taken by the Bank,  the Employee  shall be reimbursed
for all costs and expenses,  including reasonable  attorneys' fees, arising from
such dispute,  proceedings or actions, provided that the Employee shall obtain a
final  judgment by a court of competent  jurisdiction  in favor of the Employee.
Such reimbursement  shall be paid within ten (10) days of Employee's  furnishing
to the Bank written evidence, which may be in the form, among other things, of a
canceled check or receipt, of any costs or expenses incurred by the Employee.

     Should  the  Employee  fail to  obtain  a final  judgment  in  favor of the
Employee  and a final  judgment  is entered in favor of the Bank,  then the Bank
shall be reimbursed for all costs and expenses,  including reasonable Attorneys'
fees arising from such dispute, proceedings or actions. Such reimbursement shall
be paid  within ten (10) days of the Bank  furnishing  to the  Employee  written
evidence,  which may be in the form, among other things,  of a canceled check or
receipt, of any costs or expenses incurred by the Bank.

     12.  Employer  will permit  Employee or his personal  representative(s)  or
heirs,  during a period of three  months  following  Employee's  termination  of
employment by Employer for the reasons set forth in  Subsections  9(d) or 11(a),
if such  termination  follows a Change of  Control,  to require  Employer,  upon
written request, to purchase all outstanding stock options previously granted to
Employee  under any stock  option  plan then in effect to the extent the options
are vested at a cash  purchase  price equal to the amount by which the aggregate
"fair market value" of the shares subject to such options  exceeds the aggregate
option price for such shares.  For  purposes of this  Agreement,  the term "fair
market  value"  shall mean the higher of (1) the  average of the  highest  asked
prices  for  shares in the  over-the-counter  market as  reported  on the NASDAQ
system or other  exchange  if the shares  are  traded on such  system for the 30
business days  preceding  such  termination,  or (2) the average per share price
actually paid for the most highly priced 1% of the shares acquired in connection
with the Change of Control by any person or group acquiring such control.

     13. Federal Income Tax  Withholding:  The Bank may withhold all federal and
state  income or other taxes from any benefit  payable  under this  Agreement as
shall be required pursuant to any law or government regulation or ruling.

     14. Successors and Assigns:

          (a) Bank. This Agreement shall not be assignable by the Bank, provided
     that this  Agreement  shall inure to the benefit of and be binding upon any
     corporate or other  successor of the Bank which shall acquire,  directly or
     indirectly,  by  merger,  consolidation,  purchase  or  otherwise,  all  or
     substantially all of the assets or stock of the Bank.

          (b)  Employee.  Since  the  Bank is  contracting  for the  unique  and
     personal  skills of the  Employee,  the Employee  shall be  precluded  from
     assigning  or  delegating  his  rights or duties  hereunder  without  first
     obtaining the written consent of the Bank; provided,  however, that nothing
     in this  paragraph  shall  preclude (i) the  Employee  from  designating  a
     beneficiary to receive any benefit  payable  hereunder  upon his death,  or
     (ii) the executors,  administrators,  or other legal representatives of the
     Employee or his estate from assigning any rights hereunder to the person or
     persons entitled thereunto.

          (c)  Attachment.  Except  as  required  by law,  no right  to  receive
     payments   under  this   Agreement   shall  be  subject  to   anticipation,
     commutation,  alienation, sale, assignment, encumbrance, charge, pledge, or
     hypothecation  or to  exclusion,  attachment,  levy or  similar  process or
     assignment by operation of law, and any attempt,  voluntary or involuntary,
     to effect any such action shall be null, void and of no effect.

     15.  Amendments.  No  amendments  or additions to this  Agreement  shall be
binding  unless  made in  writing  and signed by all of the  parties,  except as
herein otherwise specifically provided.

     16. Applicable Law. Except to the extent preempted by federal law, the laws
of the State of Indiana shall govern this Agreement in all respects,  whether as
to its validity, construction, capacity, performance or otherwise.

     17.  Severability.  The  provisions  of  this  Agreement  shall  be  deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

     18. Entire  Agreement.  This Agreement,  together with any understanding or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the  entire  agreement  between  the  parties  hereto and  supersedes  any other
agreement between the parties hereto relating to the employment of the Employee

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first hereinabove written.

ATTEST:                                   RIVER VALLEY FINANCIAL BANK

/s/ Lonnie D. Collins                     By: /s/ Fred W. Koehler
----------------------------------        --------------------------------------
Lonnie D. Collins, Secretary              Fred W. Koehler, Chairman of the Board

                                          /s/ Matthew P. Forrester
                                          --------------------------------------
                                          Matthew P. Forrester

         The undersigned, River Valley Bancorp, sole shareholder of Bank, agrees
that if it shall be determined for any reason that any obligation on the part of
Bank to continue to make any  payments  due under this  Agreement to Employee is
unenforceable for any reason,  River Valley Bancorp agrees to honor the terms of
this  Agreement and continue to make any such payments due hereunder to Employee
or to satisfy any such obligation  pursuant to the terms of this  Agreement,  as
though it were the Bank hereunder.

                                       RIVER VALLEY BANCORP

                                       By: /s/ Fred W. Koehler
                                           -------------------------------------
                                           Fred W. Koehler, Chairman

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