Document:

Exhibit 10.24

 

UNITED
COMMUNITY BANK
 SUPPLEMENTAL LIFE INSURANCE PLAN

 

The
following named executive officers participate in the

United Community Bank Supplemental Life Insurance Plan:

 

Elmer
G. McLaughlin

W. Michael McLaughlin

Vicki A. March

James W. Kittle

 

 

 

 

      

     

    

 

UNITED
COMMUNITY BANK 

SUPPLEMENTAL
LIFE INSURANCE PLAN

 

Pursuant
to due authorization by its Board, the undersigned duly authorized officer of United Community Bank (the “Bank”),
located in Lawrenceburg, Indiana, did constitute, establish and adopt the following 2011 Supplemental Life Insurance Plan (the
“Plan”), effective as of the 27th day of September, 2011.

 

The
purpose of this Plan is to retain and reward certain executives of the Bank by dividing the death proceeds of certain life insurance
policies with those executives’ designated beneficiaries. The Bank will pay the life insurance premiums from its general assets.

 

Article
1

Definitions

 

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

 

1.1
“Administrator means the Board or such committee or person as the Board shall appoint.

 

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

 

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

 

1.4
“Board” means the Board of Directors of the Bank as from time to time constituted.

 

1.5 “Employee” means
a person who is, as of the date the person is selected to participate in the Plan an active employee of the Bank.

 

1.6
“Insured” means the Participant whose life is insured under a particular Policy.

 

1.7
“Insurer” means the insurance company issuing the Policy on the life of the Participant.

 

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

 

1.9 “Participant” means
an Employee (i) who is selected to participate in the Plan after meeting the Plan’s eligibility requirements, (ii) who elects
to participate in the Plan, (iii) who signs a Participation Agreement Form and a Beneficiary Designation Form, (iv) who
agrees to complete insurance forms and undergo any physical as may be requested by the Bank (v) whose signed Participation
Agreement Form and Beneficiary Designation Form are accepted by the Administrator, (vi) who commences participation in the
Plan, and (vii) whose participation has not terminated.

 

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1.10
“Participant’s Interest” means the amount set forth in Section 3.2.

 

1.11
“Participation Agreement Form” means the form required by the Administrator of an eligible Employee to indicate
acceptance of participation in this Plan.

 

1.12
“Policy” or “Policies” means the individual insurance policy or policies adopted by the Bank
for purposes of insuring a Participant’s life under this Plan.

 

1.13
“Separation from Service” means termination of the Participant’s employment with or services for the Bank for
reasons other than death. Whether a Separation from Service has occurred is determined in accordance with the requirements of
Code Section 409A based on whether the facts and circumstances indicate that the Bank and Participant reasonably anticipated that
no further services would be performed after a certain date or that the level of bona fide services the Participant would perform
after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent
(20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately
preceding thirty-six (36) month period (or the full period of services to the Bank if the Participant has been providing services
to the Bank less than thirty-six (36) months).

 

Article
2

Participation

 

2.1 Selection
by Administrator. Participation in the Plan shall be limited to those Employees of the Bank selected by the
Administrator, in its sole discretion, to participate in the Plan. Participation in the Plan shall be limited to a select
group of management or highly compensated employees employed by or providing services to the Bank.

 

2.2 Enrollment
Requirements. As a condition to participation, each selected Employee shall complete, execute and return to
the Administrator (i) a Participation Agreement Form, (ii) a Beneficiary Designation Form and (iii) insurance forms and
physicals as requested by the Bank. In addition, the Administrator may establish from time to time such other enrollment
requirements as it determines in its sole discretion are necessary.

 

2.3 Eligibility;
Commencement of Participation. Provided an Employee selected to participate in the Plan has met all
enrollment requirements set forth in this Plan and required by the Administrator, that Employee will become a Participant, be
covered by the Plan and will be eligible to receive benefits at the time and in the manner provided hereunder, subject to the
provisions of the Plan.

 

    	 	3	 

     

    

 

2.4
Termination of Participation. A Participant’s rights under this Plan shall automatically cease and his or her
participation in this Plan shall automatically terminate if the Plan or any Participant’s rights under the Plan are
terminated in accordance with Articles 5 or 10 or if the Participant notifies the Bank in writing that the Participant wishes
to withdraw participation under the Plan.

 

Article
3

Policy
Ownership and Interests

 

3.1 Bank’s
Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject
to Articles 5 and 10, the Bank may terminate a Policy without the consent of the Insured. The Bank shall be the
beneficiary of the remaining death proceeds of the Policy after the Participant’s Interest is determined according to
Section 3.2 below.

 

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

 

Article
4 

Premiums
and Imputed Income

 

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

 

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

 

4.3 Imputed
Income. The Bank shall impute the economic benefit to the Participants on an annual basis, by adding the economic benefit
to the Participants’ w-2.

 

Article
5

Comparable
Coverage

 

5.1
Insurance Policy. The Bank may provide the benefits hereunder through the Policies purchased at the commencement of
this Plan, or it may provide comparable insurance coverage to the Participants through whatever means the Bank deems appropriate.
If a Participant waives or forfeits his right to the insurance benefit, the Bank may choose to cancel the Policy on that Participant’s
life, or the Bank may continue such coverage and become the direct beneficiary of the entire death proceeds.

 

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5.2 Offer
to Purchase. If the Bank discontinues a Policy prior to Separation from Service, the Bank shall give the Insured at least
thirty (30) days to purchase the Policy. The purchase price shall be the fair market value of the Policy, as determined under
Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority.

 

Article
6

General
Limitations

 

6.1 Removal. Notwithstanding
any provision of this Plan to the contrary, the Bank shall not distribute any benefit with respect to a particular
Participant under this Plan if the Participant is subject to a final removal or prohibition order issued by an appropriate
federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

 

6.2
Suicide or Misstatement. No benefit shall he distributed to a Participant’s Beneficiary if the Participant commits suicide
within two (2) years after the date the Participant first became a participant under this Plan, or if an insurance company which
issued a life insurance policy covering the Participant and owned by the Bank denies coverage (i) for material misstatements of
fact made by the Participant on an application for such life insurance, or (ii) for any other reason.

 

Article
7 

Beneficiaries

 

7.1
In General. Each Participant shall have the right, at any time, to designate a Beneficiary to receive any benefit
distributions under this Plan upon the Participant’s death. The Beneficiary designated under this Plan may be the same as or
different from the beneficiary designated under any other plan of the Bank in which the Participant participates.

 

7.2 Designation. Each
Participant may designate any person to receive any benefits payable under the Plan upon the Participant’s death, and the
designation may be changed from time to time by the Participant by filing a new designation. Each designation will revoke all
prior designations by the Participant, shall be in the form prescribed by the Administrator and shall be effective only when
filed in writing with the Administrator during the Participant’s lifetime. If a Participant names someone other than the
Participant’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is
required to be provided in a form designated by the Administrator, executed by the Participant’s spouse and returned to the
Administrator. A Participant’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases
the Participant or if the Participant names a spouse as Beneficiary and the marriage is subsequently dissolved.

 

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

 

7.4 No
Beneficiary Designation. If the Participant dies without a valid beneficiary designation, or if all designated
Beneficiaries predecease the Participant, then the Participant’s spouse shall be the designated Beneficiary. If the
Participant has no surviving spouse, any benefit shall be paid to the Participant’s estate.

 

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

 

Article
8

Assignment

 

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

 

Article
8

Insurer

 

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

 

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Article
9

Claims
And Review Procedure

 

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

 

9.1.1
Initiation - Written Claim. The claimant initiates a claim by submitting to the Administrator a written claim for the benefits.
If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after
such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which
the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant.

 

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

 

9.1.3
Notice of Decision. If the Administrator denies part or all of the claim, the Administrator shall notify the claimant in
writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the claimant.
The notification shall set forth: (i) the specific reasons for the denial; (ii) a reference to the specific provisions of the
Plan on which the denial is based; (iii) a description of any additional information or material necessary for the claimant to
perfect the claim and an explanation of why it is needed; (iv) an explanation of the Plan’s review procedures and the time limits
applicable to such procedures; and (v) a statement of the claimant’s right to bring a civil action under ERISA Section 502(a)
following an adverse benefit determination on review.

 

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

 

9.2.1
Initiation - Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Administrator’s
notice of denial, must file with the Administrator a written request for review.

 

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

 

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

 

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

 

9.2.5
Notice of Decision. The Administrator shall notify the claimant in writing of its decision on review. The Administrator
shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: (i) the
specific reasons for the denial; (ii) a reference to the specific provisions of the Plan on which the denial is based; (iii) a
statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits;
and (iv) a statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

Article
10

Amendments
And Termination

 

The
Bank may amend or terminate this Plan with respect to any Participant at any time prior to the Participant’s death by providing
written notice of such change to the Participant. If the Bank decides to maintain the Policies after termination of the Plan,
the Bank shall be the direct beneficiary of the entire death proceeds of the Policies.

 

Article
11

Administration

 

11.1
Administrator Duties. The Administrator shall also have the discretion and authority to (i) make, amend, interpret and
enforce all appropriate rules and regulations for the administration of this Plan and (ii) decide or resolve any and all questions,
as may arise in connection with this Plan.

 

11.2
Agents. In the administration of this Plan, the Administrator may employ agents and delegate to them such administrative
duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel
who may be counsel to the Bank.

 

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

 

11.4
Indemnity of Administrator. The Bank shall indemnify and hold harmless the members of the Administrator against any and
all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except
in the case of willful misconduct by the Administrator or any of its members.

 

11.5
Information. To enable the Administrator to perform its functions, the Bank shall supply full and timely information to
the Administrator on all matters relating to the date and circumstances of the death or Separation from Service of a Participant,
and such other pertinent information as the Administrator may reasonably require.

 

Article
12

Miscellaneous

 

12.1
Binding Effect. This Plan shall bind the Participants and the Bank, their beneficiaries, survivors, executors, administrators
and transferees and any Beneficiary.

 

12.2
No Guarantee of Employment or Service. This Plan is not an employment policy or contract. It does not give the Participant
the right to remain an employee the Bank, nor does it interfere with the Bank’s right to discharge the Participant. It also does
not require the Participant to remain an employee nor interfere with the Participant’s right to terminate his or her employment
at any time.

 

12.3
Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State
of Indiana, except to the extent preempted by the laws of the United States of America.

 

12.4
Reorganization. The Bank shall not merge or consolidate into or with another company, or reorganize, or sell substantially
all of its assets to another company, firm or person unless such succeeding or continuing company, firm or person agrees to assume
and discharge the obligations of the Bank under this Plan. Upon the occurrence of such event, the term “Bank” as used
in this Plan shall be deemed to refer to the successor or survivor company.

 

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12.5
Notice. Any notice or filing required or permitted to be given to the Bank under this Plan shall be sufficient if in writing
and hand-delivered, or sent by registered or certified mail, to the address below:

 

 

 

 

 

 

 

 

 

 

Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark
or the receipt for registration or certification. Any notice or filing required or permitted to be given to the Participant under
this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.

 

12.6
Entire Plan. This Plan, along with a Participant’s Participation Agreement Form and Beneficiary Designation Form, constitute
the entire agreement between the Bank and the Participant as to the subject matter hereof. No rights arc granted to the Participant
under this Plan other than those specifically set forth herein.

 

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

 

	 	UNITED COMMUNITY BANK
	 	 	 
	 	By	/s/ William F. Ritzmann
	 	Title	PRESIDENT 

 

 

    	 	10	 

     

    

 

 

 

 

  

Failure to accurately document
your arrangement could result in significant losses, from claims of those participating in the arrangement, from their heirs and
beneficiaries, or from federal or state governmental bodies including the Internal Revenue Service, the Department of Labor or
bank examiners.

 

For
companies subject to SEC regulation, implementation of an executive or director compensation program may trigger rules requiring
disclosures on Form 8-K within four days of implementing the program. Consult with your SEC attorney to determine your responsibilities
under those rules.

 

This specimen is for general information only.
Equias Alliance, LLC hereby grants license to its client and the client’s legal counsel to use these materials in documenting
solely your arrangement.

 

 

 

 

 

11Exhibit 10.25

 

CHANGE
IN CONTROL

SEVERANCE AGREEMENT

 

THIS
CHANGE IN CONTROL SEVERANCE AGREEMENT is made this 26 day of September, 2017 (“Effective Date”), by
and between UNITED COMMUNITY BANK, a federally chartered
savings bank (the “Bank”) and David Z. Rosen (the “Executive”) and UNITED COMMUNITY BANCORP, a
Indiana corporation and the holding company for the Bank (the “Company”), as guarantor (the “Agreement”).

 

WHEREAS,
to continue to encourage Executive’s dedication to his assigned duties in the face of potential distractions arising
from the prospect of a Change in Control, the Bank wishes to provide certain benefits and payments in the event Executive’s employment
is terminated involuntarily without Cause or voluntarily for Good Reason within twelve (12) months of a Change in Control.

 

NOW
THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows.

 

1.       Termination
after a Change in Control.

 

(a)       Cash
benefit. Notwithstanding any other provisions in this Agreement, if the Executive’s employment terminates involuntarily
but without Cause (as defined in paragraph (d) of this Section 1) or voluntarily but with Good Reason (as defined in paragraph
(e) of this Section 1), in either case within 12 months after a Change in Control, the Bank shall promptly pay or cause to be
paid to the Executive or to his beneficiaries, dependents or estate, a lump-sum cash payment equal to $156,000.00 which is the
sum of Executive’s; (i) base salary (at the rate in effect immediately prior to the Change in Control or, if higher, the
rate in effect when the Executive terminates employment) and (ii) the most recent bonus paid by the Company and/or the Bank. Unless
a delay in payment is required under Section 1(b) of this Agreement, the payment required under this Section 1(a) shall be made
within five (5) business days after the Executive’s termination of employment.

 

(b)       Payment
of the cash benefit. If the Executive is a “specified employee” within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) at the time his employment terminates and the cash severance benefit
under Section 1(a) is considered deferred compensation under Section 409A of the Code, and filially if an exemption from the six-month
delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under Section 1(a) shall be
delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th)
month after the month in which the Executive’s employment terminates, subject to Section 16 of this Agreement.

 

     

     

    

 

(c)       Change
in Control defined. For purposes of this Agreement, a “Change in Control” means any of the following events:

 

		(i)	Merger: The Company or the
                                         Bank merges into or consolidates with another corporation, or merges another corporation
                                         into the Company or the Bank, and as a result less than a majority of the combined voting
                                         power of the resulting corporation immediately after the merger or consolidation is held
                                         by persons who were stockholders of the Company or the Bank immediately before the merger
                                         or consolidation.

 

		(ii)	Acquisition of Significant Share
                                         Ownership: There is filed, or required to be filed, a report on Schedule 13D or another
                                         form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of
                                         the Securities Exchange Act of 1934, if the schedule discloses that the filing person
                                         or persons acting in concert has or have become the beneficial owner of 25% or more of
                                         a class of the Company’s voting securities, but this clause (ii) shall not apply
                                         to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity
                                         of which the Company directly or indirectly beneficially owns 50% or more of its outstanding
                                         voting securities.

 

		(iii)	Change in Board Composition:
                                         During any period of two consecutive years, individuals who constitute the Company’s
                                         or the Bank’s Board of Directors at the beginning of the two-year period cease
                                         for any reason to constitute at least a majority of the Company’s or the Bank’s
                                         Board of Directors; provided, however, that for purposes of this clause (iii), each director
                                         who is first elected by the board (or first nominated by the board for election by the
                                         stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors
                                         at the beginning of the two-year period shall be deemed to have also been a director
                                         at the beginning of such period; or

 

		(iv)	Sale of Assets: The Company
                                         or the Bank sells to a third party all or substantially all of its assets.

 

(d)       Cause
defined. For purposes of this Agreement involuntary termination of the Executive’s
employment shall be considered termination with Cause if the Executive shall have been terminated for any of the following reasons:

 

		(i)	Personal dishonesty;

		(ii)	Willful misconduct;

		(iii)	Incompetence

		(iv)	Breach of fiduciary duty involving personal profit;

		(v)	Intentional failure to perform stated duties;

		(vi)	Willful violation of any law, rule or regulation (other than traffic violations or similar
                                                              offenses) that reflect adversely on the reputation of the Bank or the Company, any felony conviction, any violation of law
                                                              involving moral turpitude or any violation of a final cease-and-desist order; or

 

    	 	2	 

     

    

 

		(vii)	Material breach by Executive of any provision of this
Agreement.

 

Notwithstanding the foregoing, Executive
shall not be deemed to have been terminated for Cause by the Bank or the Company unless there shall have been delivered to Executive
a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of
such Board called and held for the purpose (after reasonable notice to Executive and an opportunity for Executive to be heard before
the Board with counsel), of finding that, in the good faith opinion of the Board, Executive was guilty of the conduct described
above and specifying the particulars thereof.

 

(e)       Good
Reason defined. For purposes of this Agreement, “Good Reason” shall mean,
unless consented in writing thereto, the occurrence, following a Change in Control of any of the following:

 

(i)       The
assignment to the Executive of duties that constitute a material diminution of his authority, duties, or responsibilities (including
reporting requirements);

 

(ii)      A
material diminution in the Executive’s Base Salary; or

 

(iii)      Relocation
of the Executive’s to a location outside a radius of 35 miles of the Company’s executive office in Lawrenceburg, Indiana;

 

provided, however, that
within ninety (90) days after the initial existence of such event, the Bank shall be given notice and an opportunity, not less
than thirty (30) days, to effectuate a cure for such asserted “Good Reason” by the Executive. The Executive’s resignation
hereunder for Good Reason shall not occur later than sixty (60) days following the initial date on which the event the Executive
claims constitutes Good Reason occurred.

 

2.       Continuation
of Benefits.

 

(a)      Benefits.
Subject to Section 2(b) of this Agreement, if the Executive’s employment terminates
involuntarily but without Cause or voluntarily but for Good Reason within twelve (12) months after a Change in Control, the Bank
shall continue or cause to be continued, at the Bank’s expense (no premium costs for the Executive), health, dental and
vision insurance coverage substantially identical to the coverage maintained for the Executive before termination and in accordance
with the same schedule prevailing before the Executive’s termination of employment. The insurance coverage shall cease upon
the earlier of: (i) 12 month anniversary date of the Executive’s termination of employment with the Bank, (ii) expiration
of the term of this Agreement, (iii) Executive’s death or (iv) the date the Executive becomes covered (as a full time employee)
by another employer’s insurance program.

 

    	 	3	 

     

    

 

(b)       Alternative
lump-sum cash payment. If (i) under the terms of the applicable policy or policies for the insurance benefits specified
in Section 2(a) it is not possible to continue the Executive’s coverage, or (ii) if when employment termination occurs the
Executive is a specified employee within the meaning of Section 409A of the Code, if any of the continued insurance coverage benefits
specified in Section 2(a) would be considered deferred compensation under Section 409A of the Code, and finally if an exemption
from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit,
instead of continued insurance coverage under Section 2(a) the Bank shall pay or cause to be paid to the Executive in a single
lump sum an amount in cash equal to the present value of the Bank’s projected cost to maintain that particular insurance
benefit had the Executive’s employment not terminated, assuming continued coverage for 12 months. The lump-sum payment shall
be made within five (5) business days after employment termination or, if the Executive is a specified employee within the meaning
of Section 409A of the Code and an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not
available, on the first business day of the seventh month after the month in which the Executive’s employment terminates,
subject to Section 16 of this Agreement.

 

3.       Termination
for Which No Benefits Are Payable. Despite anything in this Agreement to the contrary, the Executive shall be entitled
to no benefits under this Agreement if the Executive’s employment terminates with Cause, if the Executive dies while actively
employed by the Bank, or if the Executive becomes totally disabled while actively employed by the Bank. For purposes of this Agreement,
the term “totally disabled” means that because of injury or sickness the Executive is unable to perform the Executive’s
duties. The benefits, if any, payable to the Executive or the Executive’s beneficiary or estate relating to the Executive’s
death or disability shall be determined solely by such benefit plans or arrangements as the Bank may have with the Executive relating
to death or disability, not by this Agreement.

 

4.       Term
of Agreement.

 

(a)       The
term of this Agreement shall consist of: (i) the period commencing on the Effective Date and ending September 26, 2019, plus (ii)
any and all extensions of the initial term made pursuant to this Section 4.

 

(b)       Commencing
on September 26, 2018 (the “anniversary date”) and continuing on or before each anniversary date thereafter, the disinterested
members of the Board of Directors of the Bank may extend the Agreement term, so that the remaining term of the Agreement, following
Board action, will be two years, unless Executive elects not to extend the term of this Agreement by giving proper written
notice. The Board of Directors of the Bank will review the Agreement and Executive’s performance annually for purposes of determining
whether to extend the Agreement term and will include the rationale and results of its review in the minutes of the meetings. The
Board of Directors of the Bank will notify Executive as soon as possible after each annual review whether it has determined to
extend the Agreement.

 

5.       280G Limitation.

 

Notwithstanding
any other provisions of this Agreement, in the event that the aggregate payments or benefits to be made or afforded to the
Executive under this Agreement or otherwise, which are deemed to be parachute payments as defined in Section 280G of
the Code or any successor thereof (the “Termination Benefits”), would be deemed to include an “excess
parachute payment” under Section 280G of the Code, then the Termination Benefits shall be reduced to a value which is
one dollar ($1.00) less than an amount equal to three (3) times the Executive’s “base amount,” as determined in
accordance with Section 280G of the Code. The allocation of the reduction required hereby among the Termination Benefits
shall first be made from any cash severance benefit due under Section 1(a) of this Agreement. Nothing contained in this
Agreement shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination of
employment other than pursuant to Section 1 hereof or a reduction in the payments and benefits specified, below zero.

 

    	 	4	 

     

    

 

6.         This
Agreement Is Not an Employment Contract. The parties hereto acknowledge and agree
that (a) this Agreement is not a management or employment agreement and (b) nothing in this Agreement shall give the Executive
any rights or impose any obligations to continued employment by the Bank or any subsidiary or successor of the Bank.

 

7.         Withholding
of Taxes. The Bank may withhold from any benefits payable under this Agreement all
Federal, state, local or other taxes as may be required by law, governmental regulation, or ruling.

 

8.         Successors
and Assigns.

 

(a)       This Agreement shall inure to the benefit of and be binding upon any corporate
or other successor to the Company and 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 Company and the Bank.

 

(b)       Since
the Company and the Bank are contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning
or delegating his rights or duties hereunder without first obtaining the written consent of the Company and the Bank.

 

9.         Notices.
All notices, requests, demands and other communications in connection with this Agreement
shall be made in writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general
or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Company and/or the Bank
at their principal business offices and to Executive at his home address as maintained in the records of the Company and the Bank.

 

10.       Captions
and Counterparts. The headings and subheadings in this Agreement are included solely
for convenience and shall not affect the interpretation of this Agreement. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together shall constitute one and the same agreement.

 

    	 	5	 

     

    

 

11.       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.

 

12.       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.

 

13.       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.

 

14.       Entire
Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by
the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than
written agreements with respect to specific plans, programs or arrangements described in Sections 1 and 2. No agreements or representations,
oral or otherwise, expressed or implied concerning the subject matter hereof have been made by either party that are not set forth
expressly in this Agreement.

 

15.       No
Mitigation. Executive 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 Executive in any subsequent employment.

 

16.       Internal
Revenue Code Section 409A.

 

(a)       This Agreement will be construed and administered to preserve the exemption from
Section 409A of the Code of payments that qualify as a short-term deferral. With respect to any amount that is subject to Section
409A of the Code, it is intended, and this Agreement will be so construed, that any such amount payable under this Agreement and
the Company’s, Bank’s or Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Code Section
409A and the treasury regulations relating thereto (“Section 409A”) so as not to subject Executive to the payment of
interest and additional tax that may be imposed under Section 409A. Solely as necessary to comply with Section 409A, for purposes
of this Agreement, “termination of employment” or “employment termination” or similar terms shall have the
same meaning as “separation from service” under Section 409A(a)(2)(A)(i) of the Code. For purposes of Section 409A, each
payment made under this Agreement shall be treated as a separate payment, the right to a series of installment payments under this
Agreement (if any) is to be treated as a right to a series of separate payments, and if a payment is not made by the designated
payment date under this Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs.
In no event shall the Executive, directly or indirectly, designate the calendar year of payment.

 

(b)       References
in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department
of the Treasury under Internal Revenue Section 409A.

 

    	 	6	 

     

    

 

17.       Requiatonf
Limitations. Any payments made or benefits provided for the Executive pursuant to
this Agreement or otherwise, are subject to, and conditioned upon, compliance with 12 U.S.C. Section 1828(k) and FDIC Regulation
12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

18.       Arbitration.
Any dispute or controversy arising under or in connection with this Agreement shall be
settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in Dearborn County, Indiana, in accordance
with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award
in any court having jurisdiction.

 

19.       Source
of Payments. All payments provided in this Agreement shall be timely paid in cash
or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts
and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by
the Bank, such amounts and benefits shall be paid or provided by the Company.

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Change in Control Severance Agreement as of as of September 26, 2017

 

	 	UNITED COMMUNITY BANK
	 	 
	 	/s/ Elmer
    G. McLaughlin 
	 	Elmer
    G. McLaughlin 
	 	President/CEO  
	 	 
	 	/s/ David
    Z. Rosen
	 	David Z. Rosen,

        Chief Financial Officer

	 	 
	 	
        UNITED COMMUNITY BANCORP 

        (as guarantor)

	 	 
	 	/s/ Elmer
    G. McLaughlin
	 	Elmer
    G. McLaughlin 
	 	President/CEO  

 

 

8

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