ContractSeverance Agreement • June 2nd, 2005 • Lincoln Bancorp /In/ • Savings institution, federally chartered • Indiana
Exhibit 10.1 SEVERANCE AGREEMENT This Severance Agreement made as of the 31st day of May, 2005, by and among Lincoln Bancorp, an Indiana corporation, with its main office located at 1121 E. Main Street, Plainfield, Indiana 46168 (hereinafter, the “Company”), Lincoln Bank, a federal savings bank with its main office located at 1121 E. Main Street, Plainfield, Indiana 46168 (the “Bank”), and Rebecca J. Morgan, an individual whose residence address is 454 South County Road 525 West, Danville, Indiana 46122 (hereinafter “Employee”). In consideration of the mutual provisions of this Agreement, the Company, the Bank and the Employee agree as follows: 1. Employment and Directorships. Employee, the Bank and the Company agree that Employee’s employment as an employee of the Bank and her authority to conduct business on behalf of the Company, the Bank, or any of the subsidiaries of the Bank (the “Bank Subsidiaries”) will terminate on May 31, 2005. In addition, Employee acknowledges that her posi
