Document:

Resolutions Adopted by the Board of Union Community Bancorp

    Exhibit
      10.1

     

     

    Resolutions
      Adopted by the Board of Directors

    of
      Union Community Bancorp

     

    WHEREAS,
      the Union Community Bancorp Stock Option Plan (the “Option Plan”) permits the
      Corporation’s Board of Directors to amend the Option Plan, subject to Office of
      Thrift Supervision (the “OTS”) regulations, without shareholder approval except
      in circumstances not here relevant;

     

    WHEREAS,
      the OTS has recently amended its regulations to permit the vesting of stock
      options and management recognition grants in the event of a change in control
      of
      the corporation making such awards.

     

    WHEREAS,
      the Board of Directors deems it advisable to amend the Option Plan to permit
      vesting of options and other awards under the Option Plan in the event of a
      change in control of the Corporation or its savings association
      subsidiary.

     

    NOW,
      THEREFORE, BE IT RESOLVED, that the Option Plan shall be amended by adding
      a new
      Section 15 thereto which shall read in its entirety as follows:

     

    
      	 	
                        “21.  Change
                in Control. Notwithstanding any other provision in this Plan, in
                the event
                of a Change in Control, all options previously granted and still
                outstanding under the Plan regardless of their terms shall become
                exercisable in full immediately prior to the consummation of the
                Change in
                Control, and holders of such options, in addition to any other rights
                they
                may have with respect to such options under this Plan and the instrument
                evidencing the grant of the option, shall have thirty (30) days following
                a Change in Control to exercise those options. For this purpose,
“Change
                in Control” shall mean a change in control of the Corporation or of Union,
                within the meaning of 12 C.F.R. § 574.4(a) (other than a change of
                control resulting from a trustee or other fiduciary holding shares
                under
                an employee benefit plan of the Corporation or any of its
                subsidiaries).”

            	 

    

     

    RESOLVED
      FURTHER, that the foregoing amendment to the Option Plan be applied to
      outstanding stock options and that the Corporation’s officers notify the current
      holders of stock options granted under the Option Plan of this amendment and
      advise them of its impact on the vesting of their stock options.Resolutions Adopted by the Board of Union Federal Savings and Loan Association

    Exhibit
      10.2

     

     

    Resolutions
      Adopted by the Board of Directors

    of
      Union Federal Savings and Loan Association

     

    WHEREAS,
      the Union Federal Savings and Loan Association Recognition and Retention Plan
      and Trust (the “RRP Plan”) permits the Association's Board of Directors to amend
      the RRP Plan;

     

    WHEREAS,
      the Office of Thrift Supervision has recently amended its regulations to permit
      the vesting of stock options and management recognition grants in the event
      of a
      change in control of the association making such awards.

     

    WHEREAS,
      the Board of Directors deems it advisable to amend the RRP Plan to permit
      vesting of awards under the RRP Plan in the event of a change in control of
      the
      Association or its parent company, Union Community Bancorp.

     

    NOW,
      THEREFORE, BE IT RESOLVED, that the Section 7.01(b) of the RRP Plan be amended
      to read in its entirety as follows:

     

    
      	 	
              (b)

               

            	
              Exception
                for Terminations Due to Death and Disability and for a Change in
                Control.
                Notwithstanding the general rule contained in Section 7.01(a) above,
                all
                Plan Shares subject to a Plan Share Award held by a Recipient whose
                term
                of service as an Employee and as a Director Emeritus with the Holding
                Company, Association or an Affiliate terminates due to death or Disability
                shall be deemed earned as of the Recipient’s last day of service with the
                Holding Company, Association or an Affiliate as a result of such
                death or
                Disability. If the Recipient’s service as an Employee and as a Director or
                Director Emeritus terminates due to Disability within one year of
                the
                effective date of the Conversion, the Shares earned by the Recipient
                may
                not be disposed of by the Recipient during the one-year period following
                the Conversion, and stock certificate legends to that effect may
                be placed
                on the stock certificates for any such shares. Notwithstanding the
                general
                rule contained in Section 7.01(a), all Plan Shares subject to a Plan
                Share
                Award held by a Recipient shall be deemed to be earned in the event
                of a
                “change in control.”“A “change in control” is defined as a change in
                control of the Holding Company or the Association within the meaning
                of 12
                C.F.R. § 574.4(a) (other than a change of control resulting from a trustee
                or other fiduciary holding shares of Common Stock under an employee
                benefit plan of that Holding Company or the Association or any of
                its
                Affiliates).

            	 

    

     

    RESOLVED
      FURTHER, that the foregoing amendment to the RRP Plan be applied to outstanding
      awards under the RRP Plan and that the Association's officers notify the current
      grantees of awards made under the RRP Plan of this amendment and advise them
      of
      its impact on the vesting of their awards.Form of Incentive Stock Option Agreement

    Exhibit
      10.1

     

    
 

    [Date]

     

    Form
      of Incentive Stock Option Agreement

    Under
      the Third Century Bancorp Stock Option Plan

     

    [Name
      of
      Optionee:]

     

    You
      are
      hereby granted the option to purchase a total of ________ shares of the Common
      Stock, without par value (“Common Stock”), of Third Century Bancorp (the
“Holding Company”) over the next ten years pursuant to the Holding Company’s
      Stock Option Plan (the “Plan”), on the following terms and
      conditions:

     

    1.  The
      purchase price of the shares of Common Stock subject to this option is
      $___________ per share. You must pay this purchase price in cash at the time
      this option is exercised; provided, however that, with the approval of the
      Holding Company’s Stock Compensation Committee (the “Committee”), beginning on
      and after June 30, 2007, you may exercise your option by tendering to the
      Holding Company whole shares of the Holding Company’s Common Stock owned by you,
      or any combination of whole shares of the Holding Company’s Common Stock owned
      by you and cash, having a fair market value equal to the cash exercise price
      of
      the shares with respect to which the option is exercised by you. For this
      purpose, any shares so tendered shall be deemed to have a fair market value
      equal to the mean between the highest and lowest quoted selling prices for
      the
      shares on the date of exercise of the option (or if there were no sales on
      such
      date the weighted average of the means between the highest and lowest quoted
      selling prices on the nearest date before and the nearest date after the date
      of
      exercise of the option), as reported in The Wall Street Journal or a similar
      publication selected by the Committee. To exercise this option, you must send
      written notice to the Holding Company’s Secretary at the address noted in
      Section 12 hereof. Such notice shall state the number of shares in respect
      of
      which the option is being exercised, shall identify the option exercised as
      an
      incentive stock option, and shall be signed by the person or persons so
      exercising the option. Such notice shall be accompanied by payment of the full
      cash option price for such shares or, if the Committee has authorized the use
      of
      the stock swap feature provided for above, such notice shall be followed as
      soon
      as practicable by the delivery of the option price for such shares. Certificates
      evidencing shares of Common Stock will not be delivered to you until payment
      has
      been made. Under certain circumstances, the Plan permits you to deliver a notice
      to your broker to deliver the cash to the Holding Company upon the receipt
      of
      such cash from the sale of Holding Company Common Stock. Contact the Secretary
      of the Holding Company for further information about this procedure if you
      are
      interested in it.

     

    2.  The
      term
      of this option (the “Option Term”) shall be for a period of ten years from the
      date of this letter, subject to earlier termination as provided in paragraphs
      3
      and 4 hereof. The option may be exercised at any time, or from time to time,
      in
      whole or in part, until the Option Term expires, but in no case may fewer than
      100 such shares be purchased at any one time, except to purchase a residue
      of
      fewer than 100 shares.

     

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    3.  If
      you
      cease to be an employee of the Holding Company or any of its subsidiaries for
      any reason other than retirement, permanent and total disability, or death,
      this
      option shall terminate [30 days after your termination of employment]. If your
      employment by the Holding Company or any of its subsidiaries is terminated
      by
      reason of retirement (which means such termination of employment as shall
      entitle you to early or normal retirement benefits under any then existing
      pension plan of the Holding Company or one of its subsidiaries), you may
      exercise this option to the extent it was exercisable at the date of your
      retirement in whole or in part within three years after such retirement, but
      not
      later than the date upon which this option would otherwise expire; provided,
      however, that if you are a director or a director emeritus of the Holding
      Company at the time of your retirement, the option shall continue to vest while
      you serve as director or director emeritus and you may exercise this option
      in
      whole or in part until the later of (a) three years after your date of
      retirement or (b) six months after your service as a director and/or director
      emeritus of the Holding Company terminates, but not later than the date upon
      which this option would otherwise expire. If you cease to be an employee of
      the
      Holding Company or any of its subsidiaries because of your permanent and total
      disability, you may exercise this option in whole or in part at any time within
      one year after such termination of employment by reason of such disability,
      but
      not later than the date upon which this option would otherwise
      expire.

     

    4.  If
      you
      die while employed by the Holding Company or any of its subsidiaries, within
      three years after the termination of your employment because of retirement
      (or,
      if later, six months following your termination of service as a director or
      director emeritus of the Holding Company), or within one year after the
      termination of your employment because of permanent and total disability, this
      option may be exercised in whole or in part by your executor, administrator,
      or
      estate beneficiaries at any time within one (1) year after the date of your
      death but not later than the date upon which this option would otherwise
      expire.

     

    5.  This
      option is non-transferable otherwise than by will or the laws of descent and
      distribution or pursuant to a qualified domestic relations order. It may be
      exercised only by you or your guardian, if any, or, if you die, by your
      executor, administrator, or beneficiaries of your estate who are entitled to
      your option.

     

    6.  All
      rights to exercise this option will expire, in any event, ten years from the
      date of this letter.

     

    7.  Certificates
      evidencing shares issued upon exercise of this option may bear a legend setting
      forth among other things such restrictions on the disposition or transfer of
      the
      shares of the Holding Company as the Holding Company may deem consistent with
      applicable federal and state laws.

     

    8.  Nothing
      in this option shall restrict the right of the Holding Company or its
      subsidiaries to terminate your employment at any time with or without
      cause.

     

    9.  This
      option is subject to all the terms, provisions and conditions of the Plan,
      which
      is incorporated herein by reference, and to such regulations as may from time
      to
      time be adopted by the Committee. A copy of the Plan has been furnished to
      you
      and an additional copy may be obtained from the Holding Company. In the event
      of
      any conflict between the provisions of the Plan and the provisions of this
      letter, the terms, conditions and provisions of the Plan shall control, and
      this
      letter shall be deemed to be modified accordingly.

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    10.  This
      Stock Option Agreement is intended to grant an option which meets all of the
      requirements of incentive stock options as defined in Section 422A of the
      Internal Revenue Code. Subject to and upon the terms, conditions and provisions
      of the Plan, each and every provision of this Agreement shall be administered,
      construed and interpreted so that the option granted herein shall so qualify
      as
      an incentive stock option. Each provision of this Stock Option Agreement which
      would prevent this option from qualifying as an incentive stock option, if
      any,
      shall be void.

     

    11.  You
      agree
      to advise the Holding Company immediately upon any sale or transfer of any
      shares of Common Stock received upon exercise of this option to the extent
      such
      sale or transfer takes place prior to the later of (a) two years from the date
      of grant or (b) one year from the date of exercise of this option.

     

    12.  All
      notices by you to the Holding Company and your exercise of the option herein
      granted, shall be addressed to Third Century Bancorp, 80 East Jefferson Street,
      Franklin, Indiana 46131, Attention: Secretary, or such other address as the
      Holding Company may, from time to time, specify.

     

    13.  This
      option may not be exercised until the Holding Company has been advised by
      counsel that all other applicable legal requirements have been met.

     

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              THIRD
                CENTURY BANCORP

               

            
	 	 	 
	 	
              By:

               

            	 
	 	 	
              Robert
                D. Heuchan, President and
Chief
                Executive Officer

               

            

    

    

     

    Accepted
      on the date above written:

     

    _______________________________

    [Name
      of
      Optionee]

     

     

    -3-

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