-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5I02c4oM0yfYPXbbjhqblF3xJhdIPtZFUce4b4k7esIhDmte4sxmngs1HR3edzZ m9IZRBTZabet8cwkyBNYhg== 0001144204-08-010401.txt : 20080219 0001144204-08-010401.hdr.sgml : 20080218 20080219132333 ACCESSION NUMBER: 0001144204-08-010401 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080213 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080219 DATE AS OF CHANGE: 20080219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUALFIRST FINANCIAL INC CENTRAL INDEX KEY: 0001094810 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 371392810 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27905 FILM NUMBER: 08625863 BUSINESS ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 BUSINESS PHONE: 7657472800 MAIL ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 FORMER COMPANY: FORMER CONFORMED NAME: MFS FINANCIAL INC DATE OF NAME CHANGE: 19990910 8-K 1 v104290_8-k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM 8-K
 
CURRENT REPORT
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

Date of Report (Date of earliest event reported)
February 13, 2008
  
 
 
MUTUALFIRST FINANCIAL, INC. 
 (Exact name of registrant as specified in its chapter)
 
Maryland 
 (State or other jurisdiction
of incorporation
000-27905 
(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)
   

 
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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
             On February 13, 2008, the Board of Directors of MutualFirst Financial, Inc. (the "Company"), the holding company for Mutual Federal Savings Bank (the "Bank"), approved a new cash incentive bonus plan for 2008 (the "2008 Bonus Plan") for all officers and employees of the Company and the Bank. The 2008 Bonus Plan provides for potential payments on a quarterly basis throughout 2008 to all officers and employees, and potential additional annual bonus payments to officers in early 2009.
 
             The quarterly payments will be made if and to the extent the Company's quarterly performance in 2008 exceeds baseline levels on certain key performance indicators (which will be the same for all officers and employees), including loan and deposit growth, net interest margin improvement, growth in non-interest income, 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 for the potential additional annual incentive payments to officers will be net interest income after provision for loan losses, non-interest income and non-interest expense, each for the full 2008 year.
 
             The amounts of the quarterly and annual bonuses under the 2008 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 officers and employees if and to the extent the Company attains a performance level above the baseline performance threshold. Annual incentive payouts to officers will only be made if actual performance exceeds baseline performance levels. Depending on the extent to which (if at all) actual performance exceeds baseline performance levels, the aggregate amount payable pursuant to the quarterly bonus component and the annual bonus component will range from 30% to 42% of the amount by which actual pre-tax net income from operations for the quarter or year, as applicable, exceeds the baseline level.
 
 
 
SIGNATURES
 
       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 19, 2008
By:   /s/ David W. Heeter
       David W. Heeter
       President and Chief Executive Officer




 
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