Document:

VERSION A

                          EXECUTIVE SEVERANCE AGREEMENT

     THIS EXECUTIVE SEVERANCE AGREEMENT ("Agreement") is entered into as of the
16th day of January, 2001 by and between INDIANA UNITED BANCORP (the "Company"),
an Indiana corporation, and ________________________ ("Executive").

R E C I T A L S:

     A. The Company considers the establishment and maintenance of a sound and
vital management to be essential to protecting and enhancing the best interests
of the Company and its shareholders;

     B. The Company recognizes that, as is the case with many publicly held
corporations, the possibility of a change in control may arise and that such
possibility may result in the departure or distraction of management personnel
to the detriment of the Company and its shareholders;

     C. The Board of Directors of the Company (the "Board") has determined that
it is in the best interests of the Company and its shareholders to secure
Executive's continued services and to ensure Executive's continued and undivided
dedication to his duties in the event of any threat or occurrence of a Change in
Control (as defined in Section 1) of the Company; and

     D. The Board has authorized the Company to enter into this Agreement.

NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, the Company and Executive hereby agree as follows:

A G R E E M E N T:

     1. Definitions. As used in this Agreement, the following terms shall have
the respective meanings set forth below:

          (a) "Bonus Amount" means the annual incentive bonus earned by
     Executive from the Company during the last completed fiscal year of the
     Company immediately preceding Executive's Date of Termination (annualized
     in the event Executive was not employed by the Company for the whole of any
     such fiscal year).

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          (b) "Cause" means (i) the willful and continued failure of Executive
     to perform substantially his duties with the Company (other than any such
     failure resulting from Executive's incapacity due to physical or mental
     illness or any such failure subsequent to Executive being delivered a
     Notice of Termination without Cause by the Company or delivering a Notice
     of Termination for Good Reason to the Company) after a written demand for
     substantial performance is delivered to Executive by the Board that
     specifically identifies the manner in which the Board believes that
     Executive has not substantially performed Executive's duties, (ii) the
     willful engaging by Executive in illegal conduct or gross misconduct that
     is demonstrably and materially injurious to the Company, or (iii) the
     conviction of Executive of, or a plea by Executive of nolo contendre to, a
     felony. For purpose of this paragraph (b), no act or failure to act by
     Executive shall be considered "willful" unless done or omitted to be done
     by Executive in bad faith and without reasonable belief that Executive's
     action or omission was legal, regulatory compliant, and in the best
     interests of the Company. Any act, or failure to act, based upon authority
     given pursuant to a resolution duly adopted by the Board, based upon the
     advice of counsel for the Company or upon the instructions of the Company's
     chief executive officer or another senior officer of the Company, shall be
     conclusively presumed to be done, or omitted to be done, by Executive in
     good faith and in the best interests of the Company. Cause shall not exist
     unless and until the Company has delivered to Executive a copy of a
     resolution duly adopted by three-fourths (3/4) of the entire Board
     (excluding Executive if Executive is a Board member) at a meeting of the
     Board called and held for such purpose (after reasonable notice to
     Executive and an opportunity for Executive, together with counsel, to be
     heard before the Board), finding that in the good faith opinion of the
     Board an event set forth in clauses (i) or (ii) has occurred and specifying
     the particulars thereof in detail. The Company must notify Executive of any
     event constituting Cause within ninety (90) days following the Company's
     knowledge of its existence or such event shall not constitute Cause under
     this Agreement.

          (c) "Change in Control" means the occurrence of any one of the
     following events:

               (i) individuals who, on January 16, 2001, constitute the Board
          (the "Incumbent Directors") cease for any reason to constitute at
          least a majority of the Board, provided that any person becoming a
          director subsequent to January 16, 2001, whose election or nomination
          for election was approved by a vote of at least two-thirds of the
          Incumbent Directors then on the Board (either by a specific vote or by
          approval of the proxy statement of the Company in which such person is
          named as a

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          nominee for director, without written objection by such Incumbent
          Directors to such nomination) shall be deemed to be an Incumbent
          Director; provided, however, that no individual elected or nominated
          as a director of the Company initially as a result of an actual or
          threatened election contest with respect to directors or any other
          actual or threatened solicitation of proxies by or on behalf of any
          person other than the Board shall be deemed to be an Incumbent
          Director;

               (ii) any "person" (as such term is defined in Section 3(a)(9) of
          the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is
          or becomes a "beneficial owner" (as defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, of securities of the Company
          representing 25% or more of the combined voting power of the Company's
          then outstanding securities eligible to vote for the election of the
          Board (the "Company Voting Securities"); provided, however, that the
          event described in this paragraph (ii) shall not be deemed to be a
          Change in Control by virtue of any of the following acquisitions: (A)
          by the Company or any Subsidiary, (B) by any employee benefit plan
          sponsored or maintained by the Company or any Subsidiary, or by any
          employee stock benefit trust created by the Company or any Subsidiary,
          (C) by any underwriter temporarily holding securities pursuant to an
          offering of such securities, (D) pursuant to a Non-Qualifying
          Transaction (as defined in paragraph (iii)), (E) pursuant to any
          acquisition by Executive or any group of persons including Executive
          (or any entity controlled by Executive or any group of persons
          including Executive); or (F) a transaction (other than one described
          in (iii) below) in which Company Voting Securities are acquired from
          the Company, if a majority of the Incumbent Directors approves a
          resolution providing expressly that the acquisition pursuant to this
          clause (F) does not constitute a Change in Control under this
          paragraph (ii);

               (iii) the consummation of a merger, consolidation, share exchange
          or similar form of corporate transaction involving the Company or any
          of its Subsidiaries that requires the approval of the Company's
          shareholders, whether for such transaction or the issuance of
          securities in the transaction (a "Business Combination"), unless
          immediately following such Business Combination: (A) more than 60% of
          the total voting power of (x) the corporation resulting from the
          consummation of such Business Combination (the "Surviving
          Corporation") or (y) if applicable, the ultimate parent corporation
          that directly or indirectly has beneficial ownership of 100% of the
          voting securities eligible to elect directors of the Surviving
          Corporation (the "Parent Corporation"), is represented by Company
          Voting Securities that were outstanding immediately prior to such
          Business Combination (or, if applicable, represented by shares into
          which

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          such Company Voting Securities were converted pursuant to such
          Business Combination), and such voting power among the holders thereof
          is in substantially the same proportion as the voting power of such
          Company Voting Securities among the holders thereof immediately prior
          to the Business Combination, (B) no person (other than any employee
          benefit plan sponsored or maintained by the Surviving Corporation or
          the Parent Corporation or any employee stock benefit trust created by
          the Surviving Corporation or the Parent Corporation) is or becomes the
          beneficial owner, directly or indirectly, of 25% or more of the total
          voting power of the outstanding voting securities eligible to elect
          directors of the Parent Corporation (or, if there is no Parent
          Corporation, the Surviving Corporation) and (C) at least one-half of
          the members of the board of directors of the Parent Corporation (or,
          if there is no Parent Corporation, the Surviving Corporation) were
          Incumbent Directors at the time of the Board's approval of the
          execution of the initial agreement providing for such Business
          Combination (any Business Combination which satisfies all of the
          criteria specified in (A), (B) and (C) above shall be deemed to be a
          "Non-Qualifying Transaction"); or

               (iv) the shareholders of the Company approve a plan of complete
          liquidation or dissolution of the Company or a sale of all or
          substantially all of the Company's assets.

Notwithstanding the foregoing, a Change in Control of the Company shall not be
deemed to occur solely because any person acquires beneficial ownership of more
than 25% of the Company Voting Securities as a result of the acquisition of
Company Voting Securities by the Company that reduces the number of Company
Voting Securities outstanding; provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the Company
shall then occur.

          (d) "Date of Termination" means (1) the effective date on which
     Executive's employment by the Company terminates as specified in a prior
     written notice by the Company or Executive, as the case may be, to the
     other, delivered pursuant to Section 10, or (2) if Executive's employment
     by the Company terminates by reason of death, the date of death of
     Executive.

          (e) "Disability" means termination of Executive's employment by the
     Company due to Executive's absence from Executive's duties with the Company
     on a full-time basis for at least one hundred eighty (180) consecutive days
     as a result of Executive's incapacity due to physical or mental illness.

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          (f) "Good Reason" means, without Executive's express written consent,
     the occurrence of any of the following events after a Change in Control:

               (i) (A) any change in the duties or responsibilities (including
          reporting responsibilities) of Executive that is inconsistent in any
          material and adverse respect with Executive's positions, duties,
          responsibilities or status with the Company immediately prior to such
          Change in Control (including any material and adverse diminution of
          such duties or responsibilities); or in the event of a Change in
          Control to which Section 1(c)(iii) is applicable, the failure to elect
          Executive to, or his removal without Cause from, the position of sole
          chief executive officer of the Parent Corporation (or if there is no
          Parent Corporation, the Surviving Corporation).

               (ii) (A) a reduction by the Company in Executive's rate of annual
          base salary as in effect immediately prior to such Change in Control,
          or as the same may be increased from time to time thereafter, or (B)
          the failure by the Company to pay Executive an annual bonus in respect
          of the year in which such Change in Control occurs or any subsequent
          year in an amount greater than or equal to the annual bonus earned for
          the year prior to the year in which such Change in Control occurs,
          provided that Executive has met any requisite performance criteria
          threshold necessary to the payment of such annual bonus in respect of
          the year in which such Change in Control occurs or such subsequent
          year.

               (iii) any requirement of the Company that Executive (A) be based
          anywhere more than thirty (30) miles from the office where Executive
          is located at the time of the Change in Control or (B)endure overnight
          travel on Company business to an extent substantially greater than the
          travel obligations of Executive immediately prior to such Change in
          Control;

               (iv) the failure of the Company to (A) continue in effect any
          employee benefit plan, compensation plan, welfare benefit plan or
          material fringe benefit plan in which Executive is participating
          immediately prior to such Change in Control or the taking of any
          action by the Company that would adversely affect Executive's
          participation in or reduce Executive's benefits under any such plan,
          unless Executive is permitted to participate in other plans providing
          Executive with the same benefits that the party effecting the Change
          in Control (or, if applicable, its Parent Corporation) provides to its
          most senior executive officers (or, in the case of a Parent
          Corporation, the most senior executive officers of its principal
          banking or financial services

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          subsidiary) or (B) provide Executive with paid time-off in accordance
          with the most favorable time-off policies of the Company and its
          affiliated companies as in effect for Executive immediately prior to
          such Change in Control, including the crediting of all service for
          which Executive had been credited under such vacation policies prior
          to the Change in Control; or

               (v) the failure of the Company to obtain the assumption (and, if
          applicable, guarantee) agreement from any successor (and Parent
          Corporation) as contemplated in Section 9(b).

     Notwithstanding anything herein to the contrary, termination of employment
     by Executive for any reason during the 30-day period commencing six (6)
     months after the date of a Change in Control (other than a "Majority
     Retained Ownership Change in Control", as hereinafter defined) shall
     constitute Good Reason. A "Majority Retained Ownership Change in Control"
     means a Business Combination in which immediately following such Business
     Combination a majority of the total voting power described in Section
     1(c)(iii) is represented by Company Voting Securities (or, if applicable,
     represented by shares into which such Company Voting Securities were
     converted pursuant to such Business Combination), and such voting power
     among the holders thereof is in substantially the same proportion as the
     voting power among the holders thereof is in substantially the same
     proportion as the voting power of such Company Voting Securities among the
     holders thereof immediately prior to the Business Combination, and the
     criteria specified in clauses (B) and (C) of Section 1(c)(iii) are met.

          An isolated, insubstantial and inadvertent action taken in good faith
     and which is remedied by the Company within ten (10) days after receipt of
     notice thereof given by Executive shall not constitute Good Reason.
     Executive's right to terminate employment for Good Reason shall not be
     affected by Executive's incapacities due to mental or physical illness and
     Executive's continued employment shall not constitute consent to, or a
     waiver of rights with respect to, any event or condition constituting Good
     Reason; provided, however, that Executive must provide notice of
     termination of employment within one-hundred twenty (120) days following
     Executive's knowledge of an event constituting Good Reason or such event
     shall not constitute Good Reason under this Agreement.

          (g) "Qualifying Termination" means a termination of Executive's
     employment (i) by the Company other than for Cause or (ii) by Executive for
     Good Reason. Termination of Executive's employment on account of death,
     Disability or Retirement shall not be treated as a Qualifying Termination.

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          (h) "Retirement" means the termination of Executive's employment on or
     after the first of the month coincident with or following Executive's
     attainment of age 65, or such later date as may be provided in a written
     agreement between the Company and the Executive.

          (i) "Subsidiary" means any corporation or other entity in which the
     Company has a direct or indirect ownership interest of 50% or more of the
     total combined voting power of the then outstanding securities or interests
     of such corporation or other entity entitled to vote generally in the
     election of directors or in which the Company has the right to receive 50%
     or more of the distribution of profits or 50% of the assets upon
     liquidation or dissolution.

          (j) "Termination Period" means the period of time beginning with a
     Change in Control and ending two(2) years following such Change in Control.
     Notwithstanding anything in this Agreement to the contrary, if (i)
     Executive's employment is terminated prior to a Change in Control for
     reasons that would have constituted a Qualifying Termination if they had
     occurred following a Change in Control; (ii) Executive reasonably
     demonstrates that such termination (or Good Reason event) was at the
     request of a third party who had indicated an intention or taken steps
     reasonably calculated to effect a Change in Control; and (iii) a Change in
     Control involving such third party (or a party competing with such third
     party to effectuate a Change in Control) does occur, then for purposes of
     this Agreement, the date immediately prior to the date of such termination
     of employment or event constituting Good Reason shall be treated as a
     Change in Control. For purposes of determining the timing of payments and
     benefits to Executive under Section 4, the date of the actual Change in
     Control shall be treated as Executive's Date of Termination under Section
     l(d).

            2. Obligation of Executive. In the event of a tender or exchange
offer, proxy contest, or the execution of any agreement that, if consummated,
would constitute a Change in Control, Executive agrees not to voluntarily leave
the employ of the Company that may employ Executive, other than as a result of
Disability, Retirement or an event that would constitute Good Reason if a Change
in Control had occurred, until the Change in Control occurs or, if earlier, such
tender or exchange offer, proxy contest, or agreement is terminated or
abandoned.

            3. Term of Agreement. This Agreement shall be effective on the date
hereof and shall continue in effect until the Company shall have given two (2)
years' written notice of cancellation; provided, that, notwithstanding the
delivery of any such notice, this Agreement shall continue in effect

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for a period of two(2) years after a Change in Control, if such Change in
Control shall have occurred during the term of this Agreement. Notwithstanding
anything in this Section to the contrary, this Agreement shall terminate if
Executive or the Company terminates Executive's employment prior to a Change in
Control except as provided in Section 1(j).

            4. Payments Upon Termination of Employment.

               (a) Qualifying Termination -- Cash Payment. If during the
          Termination Period the employment of Executive shall terminate
          pursuant to a Qualifying Termination, then the Company shall provide
          to Executive, subject to the provisions of Section 11 hereunder:

                    (i) within twenty (20) days following the Date of
               Termination a lump-sum cash amount equal to the sum of (A)
               Executive's base salary through the Date of Termination and any
               bonus amounts that have become payable, to the extent not
               theretofore paid or deferred, (B) a pro rata portion of
               Executive's annual bonus for the fiscal year in which Executive's
               Date of Termination occurs in an amount at least equal to (x)
               Executive's Bonus Amount, multiplied by (y) a fraction, the
               numerator of which is the number of days in the fiscal year in
               which the Date of Termination occurs through the Date of
               Termination and the denominator of which is three hundred
               sixty-five (365), and reduced by (z) any amounts paid from the
               Company's annual incentive plan for the fiscal year in which
               Executive's Date of Termination occurs and (C) any accrued
               vacation pay, to the extent not theretofore paid; plus

                    (ii) within twenty (20) days following the Date of
               Termination, a lump-sum cash amount equal to the sum of (i) two
               and ninety-nine one-hundredreths (2.99)times Executive's highest
               annual rate of base salary during the 12-month period immediately
               prior to Executive's Date of Termination, plus (ii) two and
               ninety-nine one-hundredreths (2.99) times Executive's Bonus
               Amount; provided, however, that if Executive's Date of
               Termination is within two(2) years of the earliest date on which
               termination by the Executive could otherwise be considered a
               Retirement ("Retirement Date"), such sum shall be multiplied by a
               fraction ("Adjustment Fraction"), the numerator of which is equal
               to the number of full months from the Date of Termination to the
               Retirement Date, and the denominator of which is equal to 24.

               (b) Qualifying Termination -- Continued Coverage. If during the
          Termination Period the employment of Executive shall terminate
          pursuant to a Qualifying Termination, the Company shall continue to
          provide, for a period of two (2) years following Executive's Date of
          Termination, Executive (and Executive's dependents, if applicable)
          with the same level of medical, dental, accident, disability and life
          insurance benefits upon substantially the same terms and conditions
          (including contributions required by Executive for such benefits) as
          existed immediately prior to Executive's Date of Termination (or, if
          more favorable to Executive, as such benefits and terms and conditions
          existed immediately prior to the Change in Control); provided,
          however, that if Executive's Date of Termination is within two (2)
          years of Executive's Retirement Date, the number of years of continued
          benefits coverage (as described in this Section 4(b)) shall be equal
          to the product of (x) two, and (y) the Adjustment Fraction; provided,
          further, if Executive cannot continue to participate in the Company
          plans providing such benefits, the Company shall otherwise provide
          such benefits on the same after-tax basis as if

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          continued participation had been permitted. Notwithstanding the
          foregoing, in the event Executive becomes reemployed with another
          employer and becomes eligible to receive welfare benefits from such
          employer, the welfare benefits described herein shall be secondary to
          such benefits during the period of Executive's eligibility, but only
          to the extent that the Company reimburses Executive for any increased
          cost and provides any additional benefits necessary to give Executive
          the benefits provided hereunder. The Executive's accrued benefits as
          of the Date of Termination under the Company's employee benefit plans
          shall be paid to Executive in accordance with the terms of such plans.

               (c) Qualifying Termination -- SERP Accrual. If during the
          Termination Period the employment of Executive shall terminate
          pursuant to a Qualifying Termination, the Company shall provide
          Executive with two (2) additional years of service credit under all
          non-qualified retirement plans and excess benefit plans in which the
          Executive participated as of his Date of Termination; provided,
          however, that if Executive's Date of Termination is within two (2)
          years of Executive's Retirement Date, the number of years of
          additional service credit (as described in this Section 4(c)) shall be
          equal to the product of (x) two, and (y) the Adjustment Fraction.

               (d) Qualifying Termination -- Voluntary Reduction of Payments. If
          during the Termination Period the employment of Executive shall
          terminate pursuant to a Qualifying Termination, Executive shall have
          the right to direct that the Company reduce the amounts which it is
          otherwise required to pay to Executive under Section 4 of this
          Agreement to the Safe Harbor Cap (as defined in Section 5(a) of this
          Agreement).

               (e) Other than Qualifying Termination. If during the Termination
          Period the employment of Executive shall terminate other than by
          reason of a Qualifying Termination, then the Company shall pay to
          Executive within thirty (30) days following the Date of Termination, a
          lump-sum cash amount equal to the sum of (1) Executive's base salary
          through the Date of Termination and any bonus amounts that have become
          payable, to the extent not theretofore paid or deferred, and (2) any
          accrued vacation pay, to the extent not theretofore paid. The Company
          may make such additional payments, and provide such additional
          benefits, to Executive as the Company and Executive may agree in
          writing. The Executive's accrued benefits as of the Date of
          Termination under the Company's employee benefit plans shall be paid
          to Executive in accordance with the terms of such plans.

            5. Certain Additional Payments by the Company. (a) Anything in this
Agreement to the contrary notwithstanding, in the event it shall be

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determined that any payment, award, benefit or distribution (or any acceleration
of any payment, award, benefit or distribution) by the Company (or any
affiliated entity) or any entity that effectuates a Change in Control (or any of
its affiliated entities) to or for the benefit of Executive (whether pursuant to
the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 5) (the "Payments") would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
of 1986, as amended (the "Code"), or any interest or penalties are incurred by
Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Company shall pay to Executive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by Executive of all
taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the sum of (x) the Excise Tax
imposed upon the Payments and (y) the product of any deductions disallowed
because of the inclusion of the Gross-up Payment in Executive's adjusted gross
income and the highest applicable marginal rate of federal income taxation for
the calendar year in which the Gross-up Payment is to be made. For purposes of
determining the amount of the Gross-up Payment, the Executive shall be deemed to
(i) pay federal income taxes at the highest marginal rates of federal income
taxation for the calendar year in which the Gross-up Payment is to be made, (ii)
pay applicable state and local income taxes at the highest marginal rate of
taxation for the calendar year in which the Gross-up Payment is to be made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes and (iii) have otherwise allowable
deductions for federal income tax purposes at least equal to the Gross-up
Payment.

Notwithstanding the foregoing provisions of this Section 5(a), if it shall be
determined that Executive is entitled to a Gross-Up Payment, but that the
Payments would not be subject to the Excise Tax if the Payments were reduced by
an amount that is less than 5% of the portion of the Payments that would be
treated as "parachute payments" under Section 28OG of the Code, then the amounts
payable to Executive under this Agreement shall be reduced (but not below zero)
to the maximum amount that could be paid to Executive without giving rise to the
Excise Tax (the "Safe Harbor Cap"), and no Gross-Up Payment shall be made to
Executive. The reduction of the amounts payable hereunder, if applicable, shall
be made by reducing first the payments under Section 4(a)(ii), unless an
alternative method of reduction is elected by Executive. For purposes of
reducing the Payments to the Safe Harbor Cap, only amounts payable under this
Agreement (and no other Payments) shall be reduced. If the reduction of the
amounts payable

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hereunder would not result in a reduction of the Payments to the Safe Harbor
Cap, no amounts payable under this Agreement shall be reduced pursuant to this
provision.

               (b) Subject to the provisions of Section 5(a), all determinations
          required to be made under this Section 5, including whether and when a
          Gross-Up Payment is required, the amount of such Gross-Up Payment, the
          reduction of the Payments to the Safe Harbor Cap and the assumptions
          to be utilized in arriving at such determinations, shall be made by
          the public accounting firm that is retained by the Company as of the
          date immediately prior to the Change in Control (the "Accounting
          Firm"), which shall provide detailed supporting calculations both to
          the Company and Executive within fifteen (15) business days of the
          receipt of notice from the Company or the Executive that there has
          been a Payment, or such earlier time as is requested by the Company
          (collectively, the "Determination"). In the event that the Accounting
          Firm is serving as accountant or auditor for the individual, entity or
          group effecting the Change in Control, Executive may appoint another
          regionally or nationally recognized public accounting firm to make the
          determinations required hereunder (which accounting firm shall then be
          referred to as the Accounting Firm hereunder). All fees and expenses
          of the Accounting Firm shall be borne solely by the Company and the
          Company shall enter into any agreement requested by the Accounting
          Firm in connection with the performance of the services hereunder. The
          Gross-up Payment under this Section 5 with respect to any Payments
          shall be made no later than thirty (30) days following such Payment.
          If the Accounting Firm determines that no Excise Tax is payable by
          Executive, it shall furnish Executive with a written opinion to such
          effect, and to the effect that failure to report the Excise Tax, if
          any, on Executive's applicable federal income tax return will not
          result in the imposition of a negligence or similar penalty. In the
          event the Accounting Firm determines that the Payments shall be
          reduced to the Safe Harbor Cap, it shall furnish Executive with a
          written opinion to such effect. The Determination by the Accounting
          Firm shall be binding upon the Company and Executive. As a result of
          the uncertainty in the application of Section 4999 of the Code at the
          time of the Determination, it is possible that Gross-Up Payments which
          will not have been made by the Company should have been made
          ("Underpayment") or Gross-up Payments are made by the Company which
          should not have been made ("Overpayment"), consistent with the
          calculations required to be made hereunder. In the event that the
          Executive thereafter is required to make payment of any Excise Tax or
          additional Excise Tax, the Accounting Firm shall determine the amount
          of the Underpayment that has occurred and any such Underpayment
          (together with interest at the rate provided in Section 1274(b)(2)(B)
          of the Code) shall be promptly paid by the Company to or for the
          benefit of

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          Executive. In the event the amount of the Gross-up Payment exceeds the
          amount necessary to reimburse the Executive for his Excise Tax, the
          Accounting Firm shall determine the amount of the Overpayment that has
          been made and any such Overpayment (together with interest at the rate
          provided in Section 1274(b)(2) of the Code) shall be promptly paid by
          Executive (to the extent he has received a refund if the applicable
          Excise Tax has been paid to the Internal Revenue Service) to or for
          the benefit of the Company. Executive shall cooperate, to the extent
          his expenses are reimbursed by the Company, with any reasonable
          requests by the Company in connection with any contests or disputes
          with the Internal Revenue Service in connection with the Excise Tax.

            6. Withholding Taxes. The Company may withhold from all payments due
to Executive (or his beneficiary or estate) hereunder all taxes that, by
applicable federal, state, local or other law, the Company is required to
withhold therefrom.

            7. Reimbursement of Expenses. If any contest or dispute shall arise
under this Agreement involving termination of Executive's employment with the
Company or involving the failure or refusal of the Company to perform fully in
accordance with the terms hereof, the Company shall reimburse Executive, on a
current basis, for all reasonable legal fees and expenses, if any, incurred by
Executive in connection with such contest or dispute (regardless of the result
thereof), together with interest in an amount equal to the prime rate as
published in the The Wall Street Journal from time to time in effect, but in no
event higher than the maximum legal rate permissible under applicable law, such
interest to accrue from the date the Company receives Executive's statement for
such fees and expenses through the date of payment thereof, regardless of
whether or not Executive's claim is upheld by an arbitration panel.

            8. Scope of Agreement. Nothing in this Agreement shall be deemed to
entitle Executive to continued employment with the Company or its Subsidiaries,
and if Executive's employment with the Company shall terminate prior to a Change
in Control, Executive shall have no further rights under this Agreement (except
as otherwise provided hereunder); provided, however, that any termination of
Executive's employment during the Termination Period shall be subject to all of
the provisions of this Agreement.

            9. Successors; Binding Agreement.

               (a) This Agreement shall not be terminated by any Business
          Combination. In the event of any Business Combination, the provisions
          of

                                       12
<PAGE>

          this Agreement shall be binding upon the Surviving Corporation, and
          such Surviving Corporation shall be treated as the Company hereunder.

               (b) The Company agrees that in connection with any Business
          Combination, it will cause any successor entity to the Company
          unconditionally to assume (and for any Parent Corporation in such
          Business Combination to guarantee), by written instrument delivered to
          Executive (or his beneficiary or estate), all of the obligations of
          the Company hereunder. Failure of the Company to obtain such
          assumption and guarantee prior to the effectiveness of any such
          Business Combination that constitutes a Change in Control shall be a
          breach of this Agreement and shall constitute Good Reason hereunder
          and shall entitle Executive to compensation and other benefits from
          the Company in the same amount and on the same terms as Executive
          would be entitled hereunder if Executive's employment were terminated
          following a Change in Control by reason of a Qualifying Termination.
          For purposes of implementing the foregoing, the date on which any such
          Business Combination becomes effective shall be deemed the date Good
          Reason occurs, and shall be the Date of Termination if requested by
          Executive.

               (c) This Agreement shall inure to the benefit of and be
          enforceable by Executive's personal or legal representatives,
          executors, administrators, successors, heirs, distributees, devisees
          and legatees. If Executive shall die while any amounts would be
          payable to Executive hereunder had Executive continued to live, all
          such amounts, unless otherwise provided herein, shall be paid in
          accordance with the terms of this Agreement to such person or persons
          appointed in writing by Executive to receive such amounts or, if no
          person is so appointed, to Executive's estate.

          10.  Notice.

               (a) For purposes of this Agreement, all notices and other
          communications required or permitted hereunder shall be in writing and
          shall be deemed to have been dully given when delivered or five (5)
          days after deposit in the United States mail, certified and return
          receipt requested, postage prepaid, addressed as follows:

          If to Executive:    At the address set forth below
                              the signatory

          If to the Company:  Indiana United Bancorp
                              201 North Broadway

                                       13
<PAGE>
                              Greensburg, Indiana  47240
                              Attn: Chairman of the Board

          or to such other address as either party may have furnished to the
          other in writing in accordance herewith, except that notices of change
          of address shall be effective only upon receipt.

               (b) A written notice of Executive's date of termination by the
          Company or Executive, as the case may be, to the other, shall (i)
          indicate the specific termination provision in this Agreement relied
          upon, (ii) to the extent applicable, set forth in reasonable detail
          the facts and circumstances claimed to provide a basis for termination
          of Executive's employment under the provision so indicated and (iii)
          specify the Date of Termination (which date shall not be less than
          fifteen (15) (thirty (30), if termination is by the Company for
          Disability) nor more than sixty (60) days after the giving of such
          notice). The failure by Executive or the Company to set forth in such
          notice any fact or circumstance that contributes to a showing of Good
          Reason or Cause shall not waive any right of Executive or the Company
          hereunder or preclude Executive or the Company from asserting such
          fact or circumstance in enforcing Executive's or the Company's rights
          hereunder.

            11. Full Settlement; Resolution of Disputes. The Company's
obligation to make any payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall be in lieu of and in full settlement of
all other severance payments to Executive under any other severance or
employment agreement between Executive and the Company, and any severance plan
of the Company. The Company's obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action that
the Company may have against Executive or others. In no event shall Executive be
obligated to seek other employment or take other action by way of mitigation of
the amounts payable to Executive under any of the provisions of this Agreement
and, except as provided in Section 4(b), such amounts shall not be reduced
whether or not Executive obtains other employment. Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively
by arbitration in Indianapolis, Indiana by three arbitrators in accordance with
the rules of the American Arbitration Association then in effect. Judgment may
be entered on the arbitrators' award in any court having jurisdiction. The
Company shall bear all costs and expenses arising in connection with any
arbitration proceeding pursuant to this Section.

                                       14
<PAGE>

            12. Employment with Subsidiaries. Employment with the Company for
purposes of this Agreement shall include employment with any Subsidiary.

            13. Survival. The respective obligations and benefits afforded to
the Company and Executive as provided in Sections 4 (to the extent that payments
or benefits are owed as a result of a termination of employment that occurs
during the term of this Agreement), 5 (to the extent that Payments are made to
Executive as a result of a Change in Control that occurs during the term of this
Agreement), 6, 7, 9(c) and 11 shall survive the termination of this Agreement.

            14. Governing Law; Validity. The interpretation, construction and
performance of this Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Indiana without regard to the
principle of conflicts of laws. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which other provisions shall remain in
full force and effect.

            15. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed to be an original and all of which together shall
constitute one and the same instrument.

            16. Miscellaneous. No provision of this Agreement may be modified or
waived unless such modification or waiver is agreed to in writing and signed by
Executive and by a duly authorized officer of the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. Except as set forth
in Sections l(b) and l(f), the failure by Executive or the Company to insist
upon strict compliance with any provision of this Agreement or to assert any
right Executive or the Company may have hereunder shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Agreement. Except as otherwise specifically provided herein, the rights of, and
benefits payable to, Executive, his estate or his beneficiaries pursuant to this
Agreement are in addition to any rights of, or benefits payable to, Executive,
his estate or his beneficiaries under any other employee benefit plan or
compensation program of the Company.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a
duly authorized officer of the Company and Executive has

                                       15
<PAGE>

executed this Agreement, in each case as of the day and year first set
forth above.

                                         INDIANA UNITED BANCORP

                                         By:
                                            --------------------------------
                                            Robert E. Hoptry, Chairman

                                            (the "Company")

                                            --------------------------------
                                            [Name of Executive]

                                            [Resident Address]

                                            --------------------------------
                                            ("Executive")

                                       16VERSION B

                          EXECUTIVE SEVERANCE AGREEMENT

     THIS EXECUTIVE SEVERANCE AGREEMENT ("Agreement") is entered into as of the
16th day of January, 2001 by and between INDIANA UNITED BANCORP (the "Company"),
an Indiana corporation, and ______________________ ("Executive").

R E C I T A L S:

     A. The Company considers the establishment and maintenance of a sound and
vital management to be essential to protecting and enhancing the best interests
of the Company and its shareholders;

     B. The Company recognizes that, as is the case with many publicly held
corporations, the possibility of a change in control may arise and that such
possibility may result in the departure or distraction of management personnel
to the detriment of the Company and its shareholders;

     C. The Board of Directors of the Company (the "Board") has determined that
it is in the best interests of the Company and its shareholders to secure
Executive's continued services and to ensure Executive's continued and undivided
dedication to his duties in the event of any threat or occurrence of a Change in
Control (as defined in Section 1) of the Company; and

     D. The Board has authorized the Company to enter into this Agreement.

NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, the Company and Executive hereby agree as follows:

A G R E E M E N T:

     1. Definitions. As used in this Agreement, the following terms shall have
the respective meanings set forth below:

          (a) "Bonus Amount" means the annual incentive bonus earned by
     Executive from the Company during the last completed fiscal year of the
     Company immediately preceding Executive's Date of Termination (annualized
     in the event Executive was not employed by the Company for the whole of any
     such fiscal year).

<PAGE>

          (b) "Cause" means (i) the willful and continued failure of Executive
     to perform substantially his duties with the Company (other than any such
     failure resulting from Executive's incapacity due to physical or mental
     illness or any such failure subsequent to Executive being delivered a
     Notice of Termination without Cause by the Company or delivering a Notice
     of Termination for Good Reason to the Company) after a written demand for
     substantial performance is delivered to Executive by the Board that
     specifically identifies the manner in which the Board believes that
     Executive has not substantially performed Executive's duties, (ii) the
     willful engaging by Executive in illegal conduct or gross misconduct that
     is demonstrably and materially injurious to the Company, or (iii) the
     conviction of Executive of, or a plea by Executive of nolo contendre to, a
     felony. For purpose of this paragraph (b), no act or failure to act by
     Executive shall be considered "willful" unless done or omitted to be done
     by Executive in bad faith and without reasonable belief that Executive's
     action or omission was legal, regulatory compliant, and in the best
     interests of the Company. Any act, or failure to act, based upon authority
     given pursuant to a resolution duly adopted by the Board, based upon the
     advice of counsel for the Company or upon the instructions of the Company's
     chief executive officer or another senior officer of the Company, shall be
     conclusively presumed to be done, or omitted to be done, by Executive in
     good faith and in the best interests of the Company. Cause shall not exist
     unless and until the Company has delivered to Executive a copy of a
     resolution duly adopted by three-fourths (3/4) of the entire Board
     (excluding Executive if Executive is a Board member) at a meeting of the
     Board called and held for such purpose (after reasonable notice to
     Executive and an opportunity for Executive, together with counsel, to be
     heard before the Board), finding that in the good faith opinion of the
     Board an event set forth in clauses (i) or (ii) has occurred and specifying
     the particulars thereof in detail. The Company must notify Executive of any
     event constituting Cause within ninety (90) days following the Company's
     knowledge of its existence or such event shall not constitute Cause under
     this Agreement.

          (c) "Change in Control" means the occurrence of any one of the
     following events:

               (i) individuals who, on January 16, 2001, constitute the Board
          (the "Incumbent Directors") cease for any reason to constitute at
          least a majority of the Board, provided that any person becoming a
          director subsequent to January 16, 2001, whose election or nomination
          for election was approved by a vote of at least two-thirds of the
          Incumbent Directors then on the Board (either by a specific vote or by
          approval of the proxy statement of the Company in which such person is
          named as a

                                        2
<PAGE>

          nominee for director, without written objection by such Incumbent
          Directors to such nomination) shall be deemed to be an Incumbent
          Director; provided, however, that no individual elected or nominated
          as a director of the Company initially as a result of an actual or
          threatened election contest with respect to directors or any other
          actual or threatened solicitation of proxies by or on behalf of any
          person other than the Board shall be deemed to be an Incumbent
          Director;

               (ii) any "person" (as such term is defined in Section 3(a)(9) of
          the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is
          or becomes a "beneficial owner" (as defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, of securities of the Company
          representing 25% or more of the combined voting power of the Company's
          then outstanding securities eligible to vote for the election of the
          Board (the "Company Voting Securities"); provided, however, that the
          event described in this paragraph (ii) shall not be deemed to be a
          Change in Control by virtue of any of the following acquisitions: (A)
          by the Company or any Subsidiary, (B) by any employee benefit plan
          sponsored or maintained by the Company or any Subsidiary, or by any
          employee stock benefit trust created by the Company or any Subsidiary,
          (C) by any underwriter temporarily holding securities pursuant to an
          offering of such securities, (D) pursuant to a Non-Qualifying
          Transaction (as defined in paragraph (iii)), (E) pursuant to any
          acquisition by Executive or any group of persons including Executive
          (or any entity controlled by Executive or any group of persons
          including Executive); or (F) a transaction (other than one described
          in (iii) below) in which Company Voting Securities are acquired from
          the Company, if a majority of the Incumbent Directors approves a
          resolution providing expressly that the acquisition pursuant to this
          clause (F) does not constitute a Change in Control under this
          paragraph (ii);

               (iii) the consummation of a merger, consolidation, share exchange
          or similar form of corporate transaction involving the Company or any
          of its Subsidiaries that requires the approval of the Company's
          shareholders, whether for such transaction or the issuance of
          securities in the transaction (a "Business Combination"), unless
          immediately following such Business Combination: (A) more than 40% of
          the total voting power of (x) the corporation resulting from the
          consummation of such Business Combination (the "Surviving
          Corporation") or (y) if applicable, the ultimate parent corporation
          that directly or indirectly has beneficial ownership of 100% of the
          voting securities eligible to elect directors of the Surviving
          Corporation (the "Parent Corporation"), is represented by Company
          Voting Securities that were outstanding immediately prior to such
          Business Combination (or, if applicable, represented by shares into
          which

                                        3
<PAGE>

          such Company Voting Securities were converted pursuant to such
          Business Combination), and such voting power among the holders thereof
          is in substantially the same proportion as the voting power of such
          Company Voting Securities among the holders thereof immediately prior
          to the Business Combination, (B) no person (other than any employee
          benefit plan sponsored or maintained by the Surviving Corporation or
          the Parent Corporation or any employee stock benefit trust created by
          the Surviving Corporation or the Parent Corporation) is or becomes the
          beneficial owner, directly or indirectly, of 25% or more of the total
          voting power of the outstanding voting securities eligible to elect
          directors of the Parent Corporation (or, if there is no Parent
          Corporation, the Surviving Corporation) and (C) at least one-half of
          the members of the board of directors of the Parent Corporation (or,
          if there is no Parent Corporation, the Surviving Corporation) were
          Incumbent Directors at the time of the Board's approval of the
          execution of the initial agreement providing for such Business
          Combination (any Business Combination which satisfies all of the
          criteria specified in (A), (B) and (C) above shall be deemed to be a
          "Non-Qualifying Transaction"); or

               (iv) the shareholders of the Company approve a plan of complete
          liquidation or dissolution of the Company or a sale of all or
          substantially all of the Company's assets.

          Notwithstanding the foregoing, a Change in Control of the Company
          shall not be deemed to occur solely because any person acquires
          beneficial ownership of more than 25% of the Company Voting Securities
          as a result of the acquisition of Company Voting Securities by the
          Company that reduces the number of Company Voting Securities
          outstanding; provided, that if after such acquisition by the Company
          such person becomes the beneficial owner of additional Company Voting
          Securities that increases the percentage of outstanding Company Voting
          Securities beneficially owned by such person, a Change in Control of
          the Company shall then occur.

          (d) "Date of Termination" means (1) the effective date on which
     Executive's employment by the Company terminates as specified in a prior
     written notice by the Company or Executive, as the case may be, to the
     other, delivered pursuant to Section 10, or (2) if Executive's employment
     by the Company terminates by reason of death, the date of death of
     Executive.

          (e) "Disability" means termination of Executive's employment by the
     Company due to Executive's absence from Executive's duties with the Company
     on a full-time basis for at least one hundred eighty (180) consecutive days
     as a result of Executive's incapacity due to physical or mental illness.

                                        4
<PAGE>

          (f) "Good Reason" means, without Executive's express written consent,
     the occurrence of any of the following events after a Change in Control:

               (i) (A) any change in the duties or responsibilities (including
          reporting responsibilities) of Executive that is inconsistent in any
          material and adverse respect with Executive's positions, duties,
          responsibilities or status with the Company immediately prior to such
          Change in Control (including any material and adverse diminution of
          such duties or responsibilities);

               (ii) (A) a reduction by the Company in Executive's rate of annual
          base salary as in effect immediately prior to such Change in Control,
          or as the same may be increased from time to time thereafter, or (B)
          the failure by the Company to pay Executive an annual bonus in respect
          of the year in which such Change in Control occurs or any subsequent
          year in an amount greater than or equal to the annual bonus earned for
          the year prior to the year in which such Change in Control occurs,
          provided that Executive has met any requisite performance criteria
          threshold necessary to the payment of such annual bonus in respect of
          the year in which such Change in Control occurs or such subsequent
          year.

               (iii) any requirement of the Company that Executive (A) be based
          anywhere more than thirty (30) miles from the office where Executive
          is located at the time of the Change in Control or (B)endure overnight
          travel on Company business to an extent substantially greater than the
          travel obligations of Executive immediately prior to such Change in
          Control;

               (iv) the failure of the Company to (A) continue in effect any
          employee benefit plan, compensation plan, welfare benefit plan or
          material fringe benefit plan in which Executive is participating
          immediately prior to such Change in Control or the taking of any
          action by the Company that would adversely affect Executive's
          participation in or reduce Executive's benefits under any such plan,
          unless Executive is permitted to participate in other plans providing
          Executive with the same benefits that the party effecting the Change
          in Control (or, if applicable, its Parent Corporation) provides to its
          most senior executive officers (or, in the case of a Parent
          Corporation, the most senior executive officers of its principal
          banking or financial services subsidiary) or (B) provide Executive
          with paid time-off in accordance with the most favorable time-off
          policies of the Company and its affiliated companies as in effect for
          Executive immediately prior to such Change in Control, including the
          crediting of all service for which Executive had

                                        5
<PAGE>

          been credited under such vacation policies prior to the Change in
          Control; or

               (v) the failure of the Company to obtain the assumption (and, if
          applicable, guarantee) agreement from any successor (and Parent
          Corporation) as contemplated in Section 9(b).

          Notwithstanding anything herein to the contrary, termination of
          employment by Executive for any reason during the 30-day period
          commencing six (6) months after the date of a Change in Control shall
          constitute Good Reason.

               An isolated, insubstantial and inadvertent action taken in good
          faith and which is remedied by the Company within ten (10) days after
          receipt of notice thereof given by Executive shall not constitute Good
          Reason. Executive's right to terminate employment for Good Reason
          shall not be affected by Executive's incapacities due to mental or
          physical illness and Executive's continued employment shall not
          constitute consent to, or a waiver of rights with respect to, any
          event or condition constituting Good Reason; provided, however, that
          Executive must provide notice of termination of employment within
          one-hundred twenty (120) days following Executive's knowledge of an
          event constituting Good Reason or such event shall not constitute Good
          Reason under this Agreement.

          (g) "Qualifying Termination" means a termination of Executive's
     employment (i) by the Company other than for Cause or (ii) by Executive for
     Good Reason. Termination of Executive's employment on account of death,
     Disability or Retirement shall not be treated as a Qualifying Termination.

          (h) "Retirement" means the termination of Executive's employment on or
     after the first of the month coincident with or following Executive's
     attainment of age 65, or such later date as may be provided in a written
     agreement between the Company and the Executive.

          (i) "Subsidiary" means any corporation or other entity in which the
     Company has a direct or indirect ownership interest of 50% or more of the
     total combined voting power of the then outstanding securities or interests
     of such corporation or other entity entitled to vote generally in the
     election of directors or in which the Company has the right to receive 50%
     or more of the distribution of profits or 50% of the assets upon
     liquidation or dissolution.

          (j) "Termination Period" means the period of time beginning with a

                                        6
<PAGE>

     Change in Control and ending two(2) years following such Change in Control.
     Notwithstanding anything in this Agreement to the contrary, if (i)
     Executive's employment is terminated prior to a Change in Control for
     reasons that would have constituted a Qualifying Termination if they had
     occurred following a Change in Control; (ii) Executive reasonably
     demonstrates that such termination (or Good Reason event) was at the
     request of a third party who had indicated an intention or taken steps
     reasonably calculated to effect a Change in Control; and (iii) a Change in
     Control involving such third party (or a party competing with such third
     party to effectuate a Change in Control) does occur, then for purposes of
     this Agreement, the date immediately prior to the date of such termination
     of employment or event constituting Good Reason shall be treated as a
     Change in Control. For purposes of determining the timing of payments and
     benefits to Executive under Section 4, the date of the actual Change in
     Control shall be treated as Executive's Date of Termination under Section
     l(d).

     2. Obligation of Executive. In the event of a tender or exchange offer,
proxy contest, or the execution of any agreement that, if consummated, would
constitute a Change in Control, Executive agrees not to voluntarily leave the
employ of the Company that may employ Executive, other than as a result of
Disability, Retirement or an event that would constitute Good Reason if a Change
in Control had occurred, until the Change in Control occurs or, if earlier, such
tender or exchange offer, proxy contest, or agreement is terminated or
abandoned.

     3. Term of Agreement. This Agreement shall be effective on the date hereof
and shall continue in effect until the Company shall have given two (2) years'
written notice of cancellation; provided, that, notwithstanding the delivery of
any such notice, this Agreement shall continue in effect for a period of two(2)
years after a Change in Control, if such Change in Control shall have occurred
during the term of this Agreement. Notwithstanding anything in this Section to
the contrary, this Agreement shall terminate if Executive or the Company
terminates Executive's employment prior to a Change in Control except as
provided in Section 1(j).

     4. Payments Upon Termination of Employment.

          (a) Qualifying Termination -- Cash Payment. If during the Termination
     Period the employment of Executive shall terminate pursuant to a Qualifying
     Termination, then the Company shall provide to Executive, subject to the
     provisions of Section 11 hereunder:

                                        7
<PAGE>

               (i) within twenty (20) days following the Date of Termination a
          lump-sum cash amount equal to the sum of (A) Executive's base salary
          through the Date of Termination and any bonus amounts that have become
          payable, to the extent not theretofore paid or deferred, (B) a pro
          rata portion of Executive's annual bonus for the fiscal year in which
          Executive's Date of Termination occurs in an amount at least equal to
          (x) Executive's Bonus Amount, multiplied by (y) a fraction, the
          numerator of which is the number of days in the fiscal year in which
          the Date of Termination occurs through the Date of Termination and the
          denominator of which is three hundred sixty-five (365), and reduced by
          (z) any amounts paid from the Company's annual incentive plan for the
          fiscal year in which Executive's Date of Termination occurs and (C)
          any accrued vacation pay, to the extent not theretofore paid; plus

               (ii) within twenty (20) days following the Date of Termination, a
          lump-sum cash amount equal to the sum of (i) two (2) times Executive's
          highest annual rate of base salary during the 12-month period
          immediately prior to Executive's Date of Termination, plus (ii) two
          (2) times Executive's Bonus Amount; provided, however, that if
          Executive's Date of Termination is within two(2) years of the earliest
          date on which termination by the Executive could otherwise be
          considered a Retirement ("Retirement Date"), such sum shall be
          multiplied by a fraction ("Adjustment Fraction"), the numerator of
          which is equal to the number of full months from the Date of
          Termination to the Retirement Date, and the denominator of which is
          equal to 24.

          (b) Qualifying Termination -- Continued Coverage. If during the
     Termination Period the employment of Executive shall terminate pursuant to
     a Qualifying Termination, the Company shall continue to provide, for a
     period of two (2) years following Executive's Date of Termination,
     Executive (and Executive's dependents, if applicable) with the same level
     of medical, dental, accident, disability and life insurance benefits upon
     substantially the same terms and conditions (including contributions
     required by Executive for such benefits) as existed immediately prior to
     Executive's Date of Termination (or, if more favorable to Executive, as
     such benefits and terms and conditions existed immediately prior to the
     Change in Control); provided, however, that if Executive's Date of
     Termination is within two (2) years of Executive's Retirement Date, the
     number of years of continued benefits coverage (as described in this
     Section 4(b)) shall be equal to the product of (x) two, and (y) the
     Adjustment Fraction; provided, further, if Executive cannot continue to
     participate in the Company plans providing such benefits, the Company shall
     otherwise provide such benefits on the same after-tax basis as if continued
     participation had been permitted. Notwithstanding the foregoing,

                                        8
<PAGE>

     in the event Executive becomes reemployed with another employer and becomes
     eligible to receive welfare benefits from such employer, the welfare
     benefits described herein shall be secondary to such benefits during the
     period of Executive's eligibility, but only to the extent that the Company
     reimburses Executive for any increased cost and provides any additional
     benefits necessary to give Executive the benefits provided hereunder. The
     Executive's accrued benefits as of the Date of Termination under the
     Company's employee benefit plans shall be paid to Executive in accordance
     with the terms of such plans.

          (c) Qualifying Termination -- SERP Accrual. If during the Termination
     Period the employment of Executive shall terminate pursuant to a Qualifying
     Termination, the Company shall provide Executive with two (2) additional
     years of service credit under all non-qualified retirement plans and excess
     benefit plans in which the Executive participated as of his Date of
     Termination; provided, however, that if Executive's Date of Termination is
     within two (2) years of Executive's Retirement Date, the number of years of
     additional service credit (as described in this Section 4(c)) shall be
     equal to the product of (x) two, and (y) the Adjustment Fraction.

          (d) Qualifying Termination -- Voluntary Reduction of Payments. If
     during the Termination Period the employment of Executive shall terminate
     pursuant to a Qualifying Termination, Executive shall have the right to
     direct that the Company reduce the amounts which it is otherwise required
     to pay to Executive under Section 4 of this Agreement to the Safe Harbor
     Cap (as defined in Section 5(a) of this Agreement).

          (e) Other than Qualifying Termination. If during the Termination
     Period the employment of Executive shall terminate other than by reason of
     a Qualifying Termination, then the Company shall pay to Executive within
     thirty (30) days following the Date of Termination, a lump-sum cash amount
     equal to the sum of (1) Executive's base salary through the Date of
     Termination and any bonus amounts that have become payable, to the extent
     not theretofore paid or deferred, and (2) any accrued vacation pay, to the
     extent not theretofore paid. The Company may make such additional payments,
     and provide such additional benefits, to Executive as the Company and
     Executive may agree in writing. The Executive's accrued benefits as of the
     Date of Termination under the Company's employee benefit plans shall be
     paid to Executive in accordance with the terms of such plans.

     5. Certain Additional Payments by the Company. (a) Anything in this
Agreement to the contrary notwithstanding, in the event it shall be

                                        9
<PAGE>

determined that any payment, award, benefit or distribution (or any acceleration
of any payment, award, benefit or distribution) by the Company (or any
affiliated entity) or any entity that effectuates a Change in Control (or any of
its affiliated entities) to or for the benefit of Executive (whether pursuant to
the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 5) (the "Payments") would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
of 1986, as amended (the "Code"), or any interest or penalties are incurred by
Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Company shall pay to Executive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by Executive of all
taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the sum of (x) the Excise Tax
imposed upon the Payments and (y) the product of any deductions disallowed
because of the inclusion of the Gross-up Payment in Executive's adjusted gross
income and the highest applicable marginal rate of federal income taxation for
the calendar year in which the Gross-up Payment is to be made. For purposes of
determining the amount of the Gross-up Payment, the Executive shall be deemed to
(i) pay federal income taxes at the highest marginal rates of federal income
taxation for the calendar year in which the Gross-up Payment is to be made, (ii)
pay applicable state and local income taxes at the highest marginal rate of
taxation for the calendar year in which the Gross-up Payment is to be made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes and (iii) have otherwise allowable
deductions for federal income tax purposes at least equal to the Gross-up
Payment.

Notwithstanding the foregoing provisions of this Section 5(a), if it shall be
determined that Executive is entitled to a Gross-Up Payment, but that the
Payments would not be subject to the Excise Tax if the Payments were reduced by
an amount that is less than 5% of the portion of the Payments that would be
treated as "parachute payments" under Section 28OG of the Code, then the amounts
payable to Executive under this Agreement shall be reduced (but not below zero)
to the maximum amount that could be paid to Executive without giving rise to the
Excise Tax (the "Safe Harbor Cap"), and no Gross-Up Payment shall be made to
Executive. The reduction of the amounts payable hereunder, if applicable, shall
be made by reducing first the payments under Section 4(a)(ii), unless an
alternative method of reduction is elected by Executive. For purposes of
reducing the Payments to the Safe Harbor Cap, only amounts payable under this
Agreement (and no other Payments) shall be reduced. If the reduction of the
amounts payable

                                       10
<PAGE>

hereunder would not result in a reduction of the Payments to the Safe Harbor
Cap, no amounts payable under this Agreement shall be reduced pursuant to this
provision.

          (b) Subject to the provisions of Section 5(a), all determinations
     required to be made under this Section 5, including whether and when a
     Gross-Up Payment is required, the amount of such Gross-Up Payment, the
     reduction of the Payments to the Safe Harbor Cap and the assumptions to be
     utilized in arriving at such determinations, shall be made by the public
     accounting firm that is retained by the Company as of the date immediately
     prior to the Change in Control (the "Accounting Firm"), which shall provide
     detailed supporting calculations both to the Company and Executive within
     fifteen (15) business days of the receipt of notice from the Company or the
     Executive that there has been a Payment, or such earlier time as is
     requested by the Company (collectively, the "Determination"). In the event
     that the Accounting Firm is serving as accountant or auditor for the
     individual, entity or group effecting the Change in Control, Executive may
     appoint another regionally or nationally recognized public accounting firm
     to make the determinations required hereunder (which accounting firm shall
     then be referred to as the Accounting Firm hereunder). All fees and
     expenses of the Accounting Firm shall be borne solely by the Company and
     the Company shall enter into any agreement requested by the Accounting Firm
     in connection with the performance of the services hereunder. The Gross-up
     Payment under this Section 5 with respect to any Payments shall be made no
     later than thirty (30) days following such Payment. If the Accounting Firm
     determines that no Excise Tax is payable by Executive, it shall furnish
     Executive with a written opinion to such effect, and to the effect that
     failure to report the Excise Tax, if any, on Executive's applicable federal
     income tax return will not result in the imposition of a negligence or
     similar penalty. In the event the Accounting Firm determines that the
     Payments shall be reduced to the Safe Harbor Cap, it shall furnish
     Executive with a written opinion to such effect. The Determination by the
     Accounting Firm shall be binding upon the Company and Executive. As a
     result of the uncertainty in the application of Section 4999 of the Code at
     the time of the Determination, it is possible that Gross-Up Payments which
     will not have been made by the Company should have been made
     ("Underpayment") or Gross-up Payments are made by the Company which should
     not have been made ("Overpayment"), consistent with the calculations
     required to be made hereunder. In the event that the Executive thereafter
     is required to make payment of any Excise Tax or additional Excise Tax, the
     Accounting Firm shall determine the amount of the Underpayment that has
     occurred and any such Underpayment (together with interest at the rate
     provided in Section 1274(b)(2)(B) of the Code) shall be promptly paid by
     the Company to or for the benefit of

                                       11
<PAGE>

     Executive. In the event the amount of the Gross-up Payment exceeds the
     amount necessary to reimburse the Executive for his Excise Tax, the
     Accounting Firm shall determine the amount of the Overpayment that has been
     made and any such Overpayment (together with interest at the rate provided
     in Section 1274(b)(2) of the Code) shall be promptly paid by Executive (to
     the extent he has received a refund if the applicable Excise Tax has been
     paid to the Internal Revenue Service) to or for the benefit of the Company.
     Executive shall cooperate, to the extent his expenses are reimbursed by the
     Company, with any reasonable requests by the Company in connection with any
     contests or disputes with the Internal Revenue Service in connection with
     the Excise Tax.

     6. Withholding Taxes. The Company may withhold from all payments due to
Executive (or his beneficiary or estate) hereunder all taxes that, by applicable
federal, state, local or other law, the Company is required to withhold
therefrom.

     7. Reimbursement of Expenses. If any contest or dispute shall arise under
this Agreement involving termination of Executive's employment with the Company
or involving the failure or refusal of the Company to perform fully in
accordance with the terms hereof, the Company shall reimburse Executive, on a
current basis, for all reasonable legal fees and expenses, if any, incurred by
Executive in connection with such contest or dispute (regardless of the result
thereof), together with interest in an amount equal to the prime rate as
published in the The Wall Street Journal from time to time in effect, but in no
event higher than the maximum legal rate permissible under applicable law, such
interest to accrue from the date the Company receives Executive's statement for
such fees and expenses through the date of payment thereof, regardless of
whether or not Executive's claim is upheld by an arbitration panel.

     8. Scope of Agreement. Nothing in this Agreement shall be deemed to entitle
Executive to continued employment with the Company or its Subsidiaries, and if
Executive's employment with the Company shall terminate prior to a Change in
Control, Executive shall have no further rights under this Agreement (except as
otherwise provided hereunder); provided, however, that any termination of
Executive's employment during the Termination Period shall be subject to all of
the provisions of this Agreement.

     9. Successors; Binding Agreement.

          (a) This Agreement shall not be terminated by any Business
     Combination. In the event of any Business Combination, the provisions of

                                       12
<PAGE>

     this Agreement shall be binding upon the Surviving Corporation, and such
     Surviving Corporation shall be treated as the Company hereunder.

          (b) The Company agrees that in connection with any Business
     Combination, it will cause any successor entity to the Company
     unconditionally to assume (and for any Parent Corporation in such Business
     Combination to guarantee), by written instrument delivered to Executive (or
     his beneficiary or estate), all of the obligations of the Company
     hereunder. Failure of the Company to obtain such assumption and guarantee
     prior to the effectiveness of any such Business Combination that
     constitutes a Change in Control shall be a breach of this Agreement and
     shall constitute Good Reason hereunder and shall entitle Executive to
     compensation and other benefits from the Company in the same amount and on
     the same terms as Executive would be entitled hereunder if Executive's
     employment were terminated following a Change in Control by reason of a
     Qualifying Termination. For purposes of implementing the foregoing, the
     date on which any such Business Combination becomes effective shall be
     deemed the date Good Reason occurs, and shall be the Date of Termination if
     requested by Executive.

          (c) This Agreement shall inure to the benefit of and be enforceable by
     Executive's personal or legal representatives, executors, administrators,
     successors, heirs, distributees, devisees and legatees. If Executive shall
     die while any amounts would be payable to Executive hereunder had Executive
     continued to live, all such amounts, unless otherwise provided herein,
     shall be paid in accordance with the terms of this Agreement to such person
     or persons appointed in writing by Executive to receive such amounts or, if
     no person is so appointed, to Executive's estate.

     10. Notice.

          (a) For purposes of this Agreement, all notices and other
     communications required or permitted hereunder shall be in writing and
     shall be deemed to have been dully given when delivered or five (5) days
     after deposit in the United States mail, certified and return receipt
     requested, postage prepaid, addressed as follows:

            If to Executive:     At the address set forth below
                                 the signatory

            If to the Company:   Indiana United Bancorp
                                 201 North Broadway

                                       13
<PAGE>

                                 Greensburg, Indiana  47240
                                 Attn: Chairman of the Board

     or to such other address as either party may have furnished to the other in
     writing in accordance herewith, except that notices of change of address
     shall be effective only upon receipt.

          (b) A written notice of Executive's date of termination by the Company
     or Executive, as the case may be, to the other, shall (i) indicate the
     specific termination provision in this Agreement relied upon, (ii) to the
     extent applicable, set forth in reasonable detail the facts and
     circumstances claimed to provide a basis for termination of Executive's
     employment under the provision so indicated and (iii) specify the Date of
     Termination (which date shall not be less than fifteen (15) (thirty (30),
     if termination is by the Company for Disability) nor more than sixty (60)
     days after the giving of such notice). The failure by Executive or the
     Company to set forth in such notice any fact or circumstance that
     contributes to a showing of Good Reason or Cause shall not waive any right
     of Executive or the Company hereunder or preclude Executive or the Company
     from asserting such fact or circumstance in enforcing Executive's or the
     Company's rights hereunder.

     11. Full Settlement; Resolution of Disputes. The Company's obligation to
make any payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall be in lieu of and in full settlement of all other
severance payments to Executive under any other severance or employment
agreement between Executive and the Company, and any severance plan of the
Company. The Company's obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action that
the Company may have against Executive or others. In no event shall Executive be
obligated to seek other employment or take other action by way of mitigation of
the amounts payable to Executive under any of the provisions of this Agreement
and, except as provided in Section 4(b), such amounts shall not be reduced
whether or not Executive obtains other employment. Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively
by arbitration in Indianapolis, Indiana by three arbitrators in accordance with
the rules of the American Arbitration Association then in effect. Judgment may
be entered on the arbitrators' award in any court having jurisdiction. The
Company shall bear all costs and expenses arising in connection with any
arbitration proceeding pursuant to this Section.

                                       14
<PAGE>

     12. Employment with Subsidiaries. Employment with the Company for purposes
of this Agreement shall include employment with any Subsidiary.

     13. Survival. The respective obligations and benefits afforded to the
Company and Executive as provided in Sections 4 (to the extent that payments or
benefits are owed as a result of a termination of employment that occurs during
the term of this Agreement), 5 (to the extent that Payments are made to
Executive as a result of a Change in Control that occurs during the term of this
Agreement), 6, 7, 9(c) and 11 shall survive the termination of this Agreement.

     14. Governing Law; Validity. The interpretation, construction and
performance of this Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Indiana without regard to the
principle of conflicts of laws. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which other provisions shall remain in
full force and effect.

     15. Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original and all of which together shall
constitute one and the same instrument.

     16. Miscellaneous. No provision of this Agreement may be modified or waived
unless such modification or waiver is agreed to in writing and signed by
Executive and by a duly authorized officer of the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. Except as set forth
in Sections l(b) and l(f), the failure by Executive or the Company to insist
upon strict compliance with any provision of this Agreement or to assert any
right Executive or the Company may have hereunder shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Agreement. Except as otherwise specifically provided herein, the rights of, and
benefits payable to, Executive, his estate or his beneficiaries pursuant to this
Agreement are in addition to any rights of, or benefits payable to, Executive,
his estate or his beneficiaries under any other employee benefit plan or
compensation program of the Company.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a
duly authorized officer of the Company and Executive has

                                       15
<PAGE>

executed this Agreement, in each case as of the day and year first set forth
above.

                                           INDIANA UNITED BANCORP

                                           By:
                                              --------------------------------
                                              James L. Saner, Sr., President
                                              and Chief Executive Officer

                                              (the "Company")

                                              --------------------------------
                                              [Name of Executive]

                                              [Resident Address]

                                              --------------------------------
                                              ("Executive")

                                       16

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