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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions: Item 1.01 Entry Into a Material Definitive Agreement On February 8, 2006, the Board of Directors of MutualFirst Financial, Inc. (the
"Company"), the holding company for Mutual Federal Savings Bank (the "Bank"), approved a
cash incentive bonus plan for 2006 (the "2006 Bonus Plan") for all officers and employees of the
Company and the Bank. The 2006 Bonus Plan includes provisions for payments on a quarterly
basis throughout 2006 in addition to an annual bonus payment to officers in early 2007. These
payments will be made if and to the extent the Company's performance in 2006 meets or exceeds
minimum levels on certain key performance indicators, including loan and deposit growth, net
interest margin improvement, growth in fee income, number of customers and accounts, the
ratios of non-performing assets to total assets and net charge-offs to total assets, and management
of general and administrative expenses. The key performance indicators used to determine whether any bonuses will be paid
under the 2006 Bonus Plan will be the same for all employees. The amounts of the bonuses
under the 2006 Bonus Plan, if earned, will be determined by multiplying the employee's salary
by the employee's payout percentage. While the payout percentages will vary from employee to
employee, they will increase proportionately for all employees if and to the extent the Company
attains a performance level above the minimum threshold. For the executive group who will be
named in the compensation table that will appear in the Company's upcoming 2006 annual
meeting proxy statement, at the Company's expected performance level under the 2006 Bonus
Plan, their payout percentages will be as follows: David W. Heeter, President and Chief
Executive Officer of the Company, 11.4%; Patrick C. Botts, Executive Vice President of the
Company and President and Chief Operating Officer of the Bank, 10.45%; Timothy J. McArdle,
Chief Financial Officer of the Company and the Bank, 9.5%; Steven R. Campbell, Senior Vice
President of the Bank, 9.5%; and Stephen C. Selby, Senior Vice President of the Bank, 9.5%.
Depending on whether the Company's actual performance is above or below the expected
performance level, these percentages may increase or decrease from the stated amounts. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
CURRENT REPORT
Date of Report (Date of earliest event reported) February 8, 2006 MUTUALFIRST FINANCIAL, INC.
(Exact name of registrant as specified in its chapter) Maryland
(State or other jurisdiction
of incorporation000-27905
(Commission
File Number)35-2085640
(IRS Employer
Identification No.)
110 E. Charles Street, Muncie, Indiana
(Address of principal executive offices)47305-2419
(Zip Code)
Registrant's telephone number, including area code (765) 747-2800 Not Applicable
(Former name or former address, if changed since last report)
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
MUTUALFIRST FINANCIAL, INC. | |||
Date: | February 10, 2006 |
By: | /s/ David W. Heeter David W. Heeter President and Chief Executive Officer |
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