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                                                                    EXHIBIT 10.9

                               INDEMNITY AGREEMENT

         THIS AGREEMENT is made as of ____________________, 2001 by and between
Hillenbrand Industries, Inc., an Indiana corporation (the "Corporation"), and
_____________________ (the "Officer") residing at _____________________.

         WHEREAS, the Corporation is aware that competent and experienced
persons are increasingly reluctant to serve as officers of corporations unless
they are protected by officer liability insurance and/or indemnification, due to
the increasing amount of litigation against officers and the increasing expense
of defending such claims; and

         WHEREAS, it is essential to the Corporation to retain and attract as
officers the most capable and qualified persons available; and

         WHEREAS, the Corporation's articles of incorporation and the Indiana
Business Corporation Law, by their nonexclusive nature, permit contracts between
the Corporation and its officers with respect to indemnification of officers.

         NOW, THEREFORE, the Corporation and the Officer agree as follows:

         1. DEFINITIONS. As used in this Agreement:

         (a) "expenses" includes all direct and indirect costs of any type or
nature whatsoever (including, without limitation, all attorneys' fees and
related disbursements and other out-of-pocket costs) actually and reasonably
incurred by the Officer in connection with the investigation, defense,
settlement or appeal of a proceeding or establishing or enforcing a right to
indemnification or advancement of expenses under this Agreement; provided,
however, that expenses shall not include any judgments, fines, ERISA excise
taxes or penalties or amounts paid in settlement of a proceeding.

         (b) "proceeding" includes, without limitation, any threatened, pending,
or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing or any other proceeding, whether civil,
criminal, administrative, or investigative and whether formal or informal,
whether by a third party or by or in the right of the Corporation, by reason of
the fact that the Officer is or was an officer of the Corporation or, while an

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officer of the Corporation, is or was serving at the request of the Corporation
as a director, officer, partner, member, manager, trustee, employee, or agent of
another foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan, or other enterprise, or an
affiliate of the Corporation, whether for profit or not.

         2. INDEMNITY. The Corporation shall indemnify the Officer in accordance
with the provisions of this Section 2 if the Officer is a party to or threatened
to be made a party to any proceeding against all expenses, judgments, fines
(including any excise tax or penalty assessed with respect to any employee
benefit plan) and amounts paid in settlement actually and reasonably incurred by
the Officer in connection with such proceeding, but only (a) if the Officer
acted in good faith, and (b) (i) in the case of conduct in the Officer's
official capacity with the Corporation, if the Officer acted in a manner which
the Officer reasonably believed to be in the best interests of the Corporation,
or (ii) in the case of conduct other than in the Officer's official capacity
with the Corporation, if the Officer acted in a manner which the Officer
reasonably believed was at least not opposed to the best interests of the
Corporation, and (c) in the case of a criminal proceeding, the Officer had
reasonable cause to believe that the Officer's conduct was lawful or had no
reasonable cause to believe that the Officer's conduct was unlawful, and (d) if
required by the Indiana Business Corporation Law, as amended or as may be
amended, revised or superseded (the "Act"), the Corporation makes a
determination that indemnification of the Officer is permissible because the
Officer has met the standard of conduct as set forth in the Act.

         3. INDEMNIFICATION OF EXPENSES OF SUCCESSFUL PARTY. Notwithstanding
any other provisions of this Agreement, to the extent that the Officer has been
wholly successful, on the merits or otherwise, in the defense of any proceeding
or in defense of any claim, issue or matter therein, including the dismissal of
an action without prejudice, the Corporation shall indemnify the Officer against
all expenses incurred in connection therewith.

         4. ADDITIONAL INDEMNIFICATION. Notwithstanding any limitation in
Sections 2 or 3, the Corporation shall indemnify the Officer to the full extent
authorized or permitted by any amendments to or replacements of the Act adopted
after the date of this Agreement that increase the extent to which a corporation
may indemnify its officers if the Officer is a party to or threatened to be made
a party to any proceeding against all expenses, judgments, fines (including any
excise tax or penalty assessed with respect to any employee benefit plan) and
amounts paid in settlement actually and reasonably incurred by the Officer in
connection with such proceeding.

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         5. EXCLUSIONS. Notwithstanding any provision in this Agreement, the
Corporation shall not be obligated under this Agreement to make any indemnity or
advance expenses in connection with any claim made against the Officer:

         (a) for which payment has actually been made to or on behalf of the
Officer under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under such insurance or other
indemnity provision;

         (b) for any transaction from which the Officer derived an improper
personal benefit;

         (c) for recovery of profits resulting from the purchase and sale or
sale and purchase by the Officer of securities of the Corporation in violation
of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto
or similar provisions of any federal, state or local statutory law or common
law;

         (d) if a court having jurisdiction in the matter shall finally
determine that such indemnification is not lawful under any applicable statute
or public policy (in this respect, if applicable, both the Corporation and the
Officer have been advised that the Securities and Exchange Commission takes the
position that indemnification for liabilities arising under the federal
securities laws is against public policy and is, therefore, unenforceable and
that claims for indemnification should be submitted to appropriate courts for
adjudication); or

         (e) in connection with any proceeding (or part thereof) initiated by
the Officer against the Corporation or its directors, officers or employees,
unless (i) such indemnification is expressly required to be made by law, (ii)
the proceeding was authorized by the Board of Directors of the Corporation,
(iii) such indemnification is provided by the Corporation, in its sole
discretion, pursuant to the powers vested in the Corporation under applicable
law, or (iv) the proceeding is initiated pursuant to Section 8 hereof and the
Officer is successful in whole or in part in such proceeding.

         6. ADVANCEMENT OF EXPENSES. The expenses incurred by the Officer in any
proceeding shall be paid promptly by the Corporation upon demand and in advance
of final disposition of the proceeding at the written request of the Officer, if
(a) the Officer furnishes the Corporation with a written affirmation of the
Officer's good faith belief that the Officer has met the standard of conduct
required by the Act or this Agreement, (b) the Officer furnishes the Corporation
with a written undertaking to repay such advance to the extent that it is
ultimately determined that the Officer did not meet the standard of conduct

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that would entitle the Officer to indemnification, and (c) if required by the
Act, the Corporation makes a determination that the facts known to those making
the determination would not preclude indemnification under the Act. Such
advances shall be made without regard to the Officer's ability to repay such
expenses.

         7. NOTIFICATION AND DEFENSE OF CLAIM. As soon as practicable after
receipt by the Officer of notice of the commencement of any proceeding, the
Officer will, if a claim in respect thereof is to be made against the
Corporation under this Agreement, notify the Corporation of the commencement
thereof; provided, however, that the omission so to notify the Corporation will
not relieve the Corporation from any liability which it may have to the Officer
otherwise than under this Agreement. With respect to any such proceeding as to
which the Officer notifies the Corporation of the commencement thereof:

         (a) The Corporation will be entitled to participate therein at its own
expense.

         (b) Except as otherwise provided below, the Corporation may, at its
option and jointly with any other indemnifying party similarly notified and
electing to assume such defense, assume the defense thereof, with legal counsel
reasonably satisfactory to the Officer. The Officer shall have the right to
employ separate counsel in such proceeding, but the Corporation shall not be
liable to the Officer under this Agreement, including Section 6 hereof, for the
fees and expenses of such counsel incurred after notice from the Corporation of
its assumption of the defense, unless (i) the Officer reasonably concludes that
there may be a conflict of interest between the Corporation and the Officer in
the conduct of the defense of such proceeding or (ii) the Corporation does not
employ counsel to assume the defense of such proceeding. The Corporation shall
not be entitled to assume the defense of any proceeding brought by the
Corporation or as to which the Officer shall have made the conclusion provided
for in (i) above.

         (c) If two or more persons who may be entitled to indemnification from
the Corporation, including the Officer, are parties to any proceeding, the
Corporation may require the Officer to engage the same legal counsel as the
other parties. The Officer shall have the right to employ separate legal counsel
in such proceeding, but the Corporation shall not be liable to the Officer under
this Agreement, including Section 6 hereof, for the fees and expenses of such
counsel incurred after notice from the Corporation of the requirement to engage
the same counsel as other parties, unless the Officer reasonably concludes that
there may be a conflict of interest between the Officer and any of the other
parties required by the Corporation to be represented by the same legal counsel.

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         (d) The Corporation shall not be liable to indemnify the Officer under
this Agreement for any amounts paid in settlement of any proceeding effected
without its written consent in advance which consent shall not be unreasonably
withheld. The Corporation shall be permitted to settle any proceeding the
defense of which it assumes, except the Corporation shall not settle any action
or claim in any manner which would impose any penalty or limitation on the
Officer without the Officer's written consent, which consent shall not be
unreasonably withheld.

         8. ENFORCEMENT. Any right to indemnification or advances granted by
this Agreement to the Officer shall be enforceable by or on behalf of the
Officer in any court of competent jurisdiction if (i) the claim for
indemnification or advances is denied, in whole or in part, or (ii) no
disposition of such claim is made within 90 days of a written request therefor.
The Officer, in such enforcement action, if successful in whole or in part,
shall be entitled to be paid also the expense of prosecuting the claim. Neither
the failure of the Corporation (including its Board of Directors or its
shareholders) to make a determination prior to the commencement of such
enforcement action that indemnification of the Officer is proper in the
circumstances, nor an actual determination by the Corporation (including its
Board of Directors or its shareholders) that such indemnification is improper,
shall be a defense to the action or create a presumption that the Officer is not
entitled to indemnification under this Agreement or otherwise. The termination
of any proceeding by judgment, order of court, settlement, conviction or upon a
plea of nolo contendere, or its equivalent, shall not, of itself, create a
presumption that the Officer is not entitled to indemnification under this
Agreement or otherwise.

         9. PARTIAL INDEMNIFICATION. If the Officer is entitled under any
provisions of this Agreement to indemnification by the Corporation for some or a
portion of the expenses, judgments, fines (including any excise tax or penalty
assessed with respect to any employee benefit plan) and amounts paid in
settlement actually and reasonably incurred by the Officer in the investigation,
defense, appeal or settlement of any proceeding but not, however, for the total
amount thereof, the Corporation shall indemnify the Officer for the portion of
such expenses, judgments, fines (including any excise tax or penalty assessed
with respect to any employee benefit plan) and amounts paid in settlement to
which the Officer is entitled.

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         10. TERM. The term of this Agreement shall be for an initial term
ending on December 31, 2002. This initial term shall automatically renew at
expiration for successive renewal terms of twelve (12) months, unless and until
the Corporation or the Officer gives notice of termination to the other party at
least sixty (60) days prior to the end of the initial term or any renewal term.

         11. NONEXCLUSIVITY; SURVIVAL; SUCCESSORS AND ASSIGNS. The
indemnification and advance payment of expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which the Officer may be
entitled under the Corporation's articles of incorporation, the by-laws, any
other agreement, any vote of shareholders or directors, the Act, or otherwise,
both as to action in the Officer's official capacity and as to action in another
capacity while holding such office. The right of the Officer to indemnification
under this Agreement shall vest at the time of occurrence or performance of any
event, act or omission or any alleged event, act or omission giving rise to any
action, suit or proceeding and, once vested, shall survive any actual or
purported termination of this Agreement by the Corporation or its successors or
assigns whether by operation of law or otherwise and shall survive termination
of the Officer's services to the Corporation and shall inure to the benefit of
the heirs, personal representatives and estate of the Officer. This Agreement
shall be binding, and the Corporation shall take such action to ensure that it
is binding, upon all successors and assigns of the Corporation, including any
transferee of all or substantially all of its assets and any successor by
merger, consolidation, or operation of law.

         12. SEVERABILITY. If this Agreement or any portion thereof is
invalidated on any ground by any court of competent jurisdiction, the
Corporation shall indemnify the Officer as to expenses, judgments, fines
(including any excise tax or penalty assessed with respect to any employee
benefit plan) and amounts paid in settlement with respect to any proceeding to
the full extent permitted by any applicable portion of this Agreement that is
not invalidated or by any other applicable law.

         13. SUBROGATION. In the event of payment under this Agreement, the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of the Officer, who shall execute all documents required and
shall do all acts necessary or desirable to secure such rights and to enable the
Corporation effectively to bring suit to enforce such rights.

         14. MODIFICATION AND WAIVER. No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall
constitute a waiver of any other provisions hereof (whether or nor similar) nor
shall such waiver constitute a continuing waiver.

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         15. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given (i) if
delivered by hand and receipted for by the party to whom such notice or other
communication shall have been directed, at the time of such delivery, or (ii) if
mailed by certified or registered mail, return receipt requested, with postage
prepaid, three (3) business days after deposit into the United States mail if to
an address in the United States, or if delivered by recognized overnight courier
three (3) business days after receipt by such courier if to an address outside
the United States:

         (a)      If to the Officer, at the address indicated above.

         (b)      If to the Corporation, to:

                  Hillenbrand Industries, Inc.
                  700 State Route 46 East
                  Batesville, Indiana  47006
                  Attention:  General Counsel

or to such other address as may have been furnished to either party by the other
party.

         16. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, which shall together constitute one agreement.

         17. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Indiana, without giving effect to
conflicts of laws principles requiring application of the substantive laws of
another jurisdiction.

         18. SCOPE OF AGREEMENT. This Agreement constitutes the entire agreement
between the parties hereto for the purposes herein contained, and this Agreement
shall supercede any other agreements, understandings, representations, or
warranties, oral or written, relating to the subject matter of this Agreement,
which shall be deemed to exist or to bind any of the parties hereto or their
respective successors or assigns, except as expressly referred to herein.

         IN WITNESS WHEREOF, the parties hereto have entered into this Agreement
as of the date first written above.

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HILLENBRAND INDUSTRIES, INC.                  OFFICER

By:
   ---------------------------------------    ----------------------------------
Printed Name:                                 Printed Name:
             -----------------------------                 ---------------------
Title:
      ------------------------------------

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                                                                   EXHIBIT 10.10

                          HILLENBRAND INDUSTRIES, INC.

                               BOARD OF DIRECTORS'

                           DEFERRED COMPENSATION PLAN

                            Effective April 10, 2001

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                          HILLENBRAND INDUSTRIES, INC.
                               BOARD OF DIRECTORS'
                           DEFERRED COMPENSATION PLAN
                           (EFFECTIVE APRIL 10, 2001)

                                    PREAMBLE

         The Hillenbrand Board of Directors' Deferred Compensation Plan (the
"Plan") is an unfunded deferred compensation plan for directors of Hillenbrand
Industries, Inc. ("Hillenbrand" or the "Company"). This Plan has been approved
by the Board of Directors of Hillenbrand on this 10th day of April, 2001.

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.01. Administrator. The term "Administrator" means
Hillenbrand.

         Section 1.02. Beneficiary. The term "Beneficiary" means, for a
Participant, the individual or individuals designated by that Participant in the
last Beneficiary Designation Form executed by that Participant to receive
benefits in the event of that Participant's death. If no such beneficiary shall
have been designated, or if no designated beneficiary shall survive the
Participant, the beneficiary shall be the Participant's estate.

         Section 1.03. Board. The term "Board" means the Board of Directors of
Hillenbrand Industries, Inc.

         Section 1.04. Cash Participation Account. The term "Cash Participation
Account" means the bookkeeping account maintained by the Administrator for each
Participant reflecting amounts deferred under this Plan and the Prior Deferrals
and accruing interest monthly at the Interest Rate.

         Section 1.05. Compensation. The term "Compensation" means for each
Participant in any Plan Year the total amount of remuneration (including
retainers and meeting fees) for director services and consulting fees and
continuing director fees for former Directors as paid to that Participant by the
Company in that Plan Year.

         Section 1.06. Director. The term "Director" means each non-employee
member of the Board of Directors of the Company.

         Section 1.07. Effective Date. The term "Effective Date" means April 10,
2001.

         Section 1.08. Forms. The term "Forms" means the forms used by the
Company for Plan operation and shall include the following:

                  (a) Enrollment Form. The term "Enrollment Form" shall be the
form on which a Director designates the amount of Compensation to be deferred
under the Plan and the Participation Account(s) to which such amounts shall be
credited.

                  (b) Distribution Election Form. The term "Distribution
Election Form" means the form on which a Director designates when his
Participation Account shall be distributed.

                  (c) Beneficiary Designation Form. The term "Beneficiary
Designation Form" means the form on which a Director designates his Beneficiary.

         Section 1.09. Hillenbrand. The term "Hillenbrand" or the "Company"
means Hillenbrand Industries, Inc. and any successor thereof.

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         Section 1.10. Hillenbrand Common Stock. The term "Hillenbrand Common
Stock" means the common stock, without par value, of Hillenbrand.

         Section 1.11. Interest Rate. The term "Interest Rate" means the rate of
return credited monthly at the end of each of Hillenbrand's fiscal months to
amounts held in the Participant's Cash Participation Account. The Interest Rate
shall be equal to the prime rate charged by Bank One, Indianapolis (or such
other bank which is Hillenbrand's principal bank) as determined as of the last
day of the prior fiscal month; provided, however, that Hillenbrand reserves the
right to change the method of determining the Interest Rate on a prospective
basis.

         Section 1.12. Participant. The term "Participant" means any individual
who fulfills the eligibility requirements contained in Article II of this Plan
and elects to defer Compensation under the Plan, and any individual whose Prior
Deferrals are credited to a Participation Account.

         Section 1.13. Participation Account. The term "Participation Account"
means the Cash Participation Account and/or the Phantom Stock Participation
Account, as applicable. The Participation Accounts are bookkeeping accounts and
are not required to be funded in any manner.

         Section 1.14. Phantom Shares. The term "Phantom Shares" means phantom
shares of Hillenbrand Common Stock (each representing one share).

         Section 1.15. Phantom Stock Participation Account. The term "Phantom
Stock Participation Account" means the bookkeeping account maintained by the
Administrator for each Participant reflecting amounts deferred under this Plan
and the Prior Deferrals and credited as Phantom Shares (including adjustments as
provided in Article III).

         Section 1.16. Plan. The term "Plan" means the plan embodied by this
instrument as now in effect or hereafter amended.

         Section 1.17.  Plan Year.  The term "Plan Year" means the calendar
year.

         Section 1.18. Prior Deferrals. The term "Prior Deferrals" means amounts
of Compensation deferred by Directors under Board practices in effect prior to
the Effective Date (including earnings credited on such amounts through the
Effective Date) and not distributed prior to the Effective Date.

                                   ARTICLE II
                            PARTICIPATION IN THE PLAN

         Section 2.01. Eligibility. As of the Effective Date, all Directors
shall be eligible to become Participants in this Plan, and former Directors
shall be eligible to participate to the extent they are entitled to consulting
fees or continuing director fees.

         Section 2.02.  Deferral Amounts.

                  (a) Amount of Deferral. The amount of Compensation to be
deferred in a Plan Year shall be designated by each Participant in the
Enrollment Form executed by that Participant for that Plan Year prior to the
beginning of that Plan Year and within the time period established by the
Administrator.

                  (b) Special Rules for New Directors. For the Plan Year during
which a person first becomes eligible to become a Participant, the Participant
shall be provided by the Administrator the opportunity to make a special
election for such Plan Year with respect to the Compensation paid in such Plan
Year after the date on which he becomes eligible to participate.

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         (c) Timing of Deferral. The following rules govern the timing of the
deferral of Compensation under this Plan:

                  (i) Compensation deferred by Participants shall be effected
         pro-rata from each payment of Compensation during the Plan Year.

                  (ii) The amount of Compensation which a Participant has
         elected to defer in his Cash Participation Account shall be credited to
         such Account on the day the deferred Compensation would have been paid
         but for the deferral. The amount of Compensation which a Participant
         has elected to defer in his Phantom Stock Participation Account shall
         be credited to such Account in the form of a number of Phantom Shares
         equal to the number of shares of Hillenbrand Common Stock which could
         have been purchased with the deferred Compensation at the average of
         the high and low price at which Hillenbrand Common Stock traded on the
         fifth trading day following the day the deferred Compensation would
         have been paid but for the deferral.

                                   ARTICLE III
                             PARTICIPATION ACCOUNTS

         Section 3.01. Designation of Account. A Participant shall designate in
his Enrollment Form the Participation Account to which the amount of any
Compensation deferred hereunder shall be credited. A Participant may designate
that such amounts be credited to the Participant's Cash Participation Account or
his Phantom Stock Participation Account, or he may designate that a portion of
such amounts be credited to each.

         Section 3.02. Cash Participation Account. Amounts credited to a
Participant's Cash Participation Account shall accrue interest credited monthly
at the end of each of Hillenbrand's fiscal months at the Interest Rate. Upon
distribution as provided in Article IV, the Company shall pay the Participant in
cash the value of his Cash Participation Account.

         Section 3.03. Phantom Stock Participation Account. Amounts deferred in
a Participant's Phantom Stock Participation Account shall be credited in the
form of a number of Phantom Shares determined pursuant to Section 2.02(c). Any
cash dividends or other distributions normally payable on Hillenbrand Common
Stock prior to pay-out of the Participation Account shall be assumed to be
distributed on Phantom Shares and reinvested in Phantom Shares at the closing
price of Hillenbrand Common Stock on the applicable distribution date; provided,
however, that in the case of an extraordinary dividend or other distribution,
the Board in its discretion may determine to treat such distribution as a
separate phantom investment to be credited to the Participation Accounts in cash
or in kind with earnings thereon to be credited at such rate or rates as
determined by the Board at the time of such distribution. In the event of any
stock split, stock dividend, merger, consolidation, reorganization,
recapitalization or other change in capital structure affecting Hillenbrand
Common Stock, the Phantom Shares then credited to a Participant's Phantom Stock
Participation Account shall be adjusted in the same manner as the Hillenbrand
Common Stock. If the adjustment results in the Phantom Stock Participation
Account being converted to cash, the Account shall thereafter be credited with
interest at the Interest Rate. Upon distribution as provided in Article IV, the
Company shall distribute to the Participant one share of Hillenbrand Common
Stock for each Phantom Share then credited to his Phantom Stock Participation
Account.

         Section 3.04. Merger. In the event of a merger, acquisition or other
corporate restructuring in which Hillenbrand is not the surviving entity (or
survives as a wholly-owned subsidiary of another entity), each Participant shall
have a one-time opportunity to elect to convert his Phantom Stock Participation
Account to a Cash Participation Account.

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                                   ARTICLE IV
                             DISTRIBUTIONS FROM PLAN

         Section 4.01. Manner of Payout of a Participant's Participation
Account. The date on which a Participant's Participation Account attributable to
deferrals in a Plan Year is to be distributed to that Participant under the
provisions of this Plan shall be designated by that Participant in the
Distribution Election Form executed by that Participant with respect to that
Plan Year. Amounts credited to a Participant's Cash Participation Account shall
be distributed in cash on the date designated by the Participant. Phantom Shares
credited to a Participant's Phantom Stock Participation Account shall be
distributed in shares of Hillenbrand Common Stock on the date designated by the
Participant. Such election notwithstanding, the Company, in its sole discretion,
may elect to pay deferred compensation in a single payment to the Participant,
or in the case of a Participant's death, to the Participant's Beneficiary, if
the Participant ceases to serve on the Board, dies, or becomes totally and
permanently disabled.

         Section 4.02. Special Distribution Rules. Notwithstanding anything
contained in this Plan to the contrary, the following special rules shall govern
distributions made under this Plan:

                  (i) A Participant shall be permitted to change the date on
         which his Participation Account shall be distributed by completing a
         new Distribution Election Form which is delivered to the Administrator,
         on such advance time period as may be determined from time to time by
         the Administrator before the earlier of the date on which the
         Participant ceases to be a Director or the date on which distribution
         of the Participant's Participation Account would have been made but for
         the change in election; provided, however, that any completed
         Distribution Election Form which was not received prior to the period
         described above shall be null and void.

                  (ii) If a Participant fails to complete a Distribution
         Election Form, amounts credited to his Participation Account shall
         automatically be distributed in cash and/or in shares of Hillenbrand
         Common Stock, as applicable, in the Plan Year immediately following the
         date on which the Participant ceases to be a Director.

         Section 4.03. Withholding Tax Requirements. Each Participant shall, no
later than the date as of which the value of an amount payable under the Plan
first becomes includible in such person's gross income for applicable tax
purposes, pay to the Company, or make arrangements satisfactory to the
Administrator regarding payment of, any federal, state, local, or other taxes of
any kind required by law to be withheld with respect to the award. The
obligations of the Company under the Plan shall be conditional on such payment
or arrangements, and the Company shall, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the
Participant.

         Section 4.04. Securities Law Requirements. Each distribution under the
Plan shall be subject to the requirement that, if at any time the Administrator
shall determine that (i) the listing, registration or qualification of the
Hillenbrand Common Stock to be distributed upon any securities exchange or
market or under any state or federal law, or (ii) the consent or approval of any
government regulatory body with respect to such distribution or (iii) an
agreement by the Participant with respect to the disposition of Hillenbrand
Common Stock distributed under the Plan is necessary or desirable in order to
satisfy any legal requirements, such distribution shall not be made, in whole or
in part, unless such listing, registration, qualification, consent, approval or
agreement shall have been effected or obtained free of any conditions not
acceptable to the Administrator. The Company shall have no obligation to effect
any registration or qualification of the Hillenbrand Common Stock under federal
or state laws or to compensate a Participant for any loss resulting from the
application of this Section.

         Section 4.05. Death Benefits. In the event of a Participant's death,
the benefit payable to the Participant under the Plan shall be paid to his
Beneficiary.

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                                    ARTICLE V
                                 ADMINISTRATION

         Section 5.01. Delegation of Responsibility. Hillenbrand may delegate
duties involved in the administration of this Plan to such person or persons
whose services are deemed by it to be necessary or convenient.

         Section 5.02. Payment of Benefits. The amounts allocated to a
Participant's Participation Account and payable as benefits under this Plan
shall be paid solely from the general assets of the Company. No Participant
shall have any interest in any specific assets of the Company under the terms of
this Plan. This Plan shall not be considered to create an escrow account, trust
fund or other funding arrangement of any kind or a fiduciary relationship
between any Participant and the Company. The Company's obligations under this
Plan are purely contractual and shall not be funded or secured in any way.

                                   ARTICLE VI
                        AMENDMENT OR TERMINATION OF PLAN

         Section 6.01. Termination. The Board of Directors of Hillenbrand may at
any time terminate this Plan. As of the date on which this Plan is terminated,
no additional amounts shall be deferred from any Participant's Compensation. The
Company shall pay to each such Participant the balance contained in his
Participation Account at such time and in the manner designated by that
Participant in the forms executed by that Participant; provided, however, that
Hillenbrand, in its sole and complete discretion, may pay out to the
Participants their Participation Accounts in a single payment of cash (with
respect to the Cash Participation Account) and Hillenbrand Common Stock (with
respect to the Phantom Stock Participation Account) as soon as practicable after
the Plan termination.

         Section 6.02. Amendment. Hillenbrand may amend the provisions of this
Plan at any time; provided, however, that no amendment shall adversely affect
the rights of Participants or their Beneficiaries with respect to (1) the
balances contained in their Cash Participation Accounts immediately prior to the
amendment, including the Interest Rate to be credited on such amounts, and (2)
the Phantom Shares credited to their Phantom Stock Participation Accounts
immediately prior to the amendment.

                                   ARTICLE VII
                                  MISCELLANEOUS

         Section 7.01. Successors. This Plan shall be binding upon the
successors of the Company.

         Section 7.02. Choice of Law. This Plan shall be construed and
interpreted pursuant to, and in accordance with, the laws of the State of
Indiana, without regard to conflicts of law provisions.

         Section 7.03. No Service Contract. This Plan shall not be construed as
affecting in any manner the rights or obligations of the Company or of any
Participant to continue or to terminate director status at any time.

         Section 7.04. Non-Alienation. No Participant or his Beneficiary shall
have any right to anticipate, pledge, alienate or assign any of his rights under
this Plan, and any effort to do so shall be null and void. The benefits payable
under this Plan shall be exempt from the claims of creditors or other claimants
and from all orders, decrees, levies and executions and any other legal process
to the fullest extent that may be permitted by law.

         Section 7.05. Reservation of Shares. The Company shall reserve from
time to time a sufficient number of shares of Hillenbrand Common Stock to
satisfy its obligations under the Plan. Such shares shall be treasury shares.

                                        6

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