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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported):<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>January
18, 2012</P>

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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center"><B><I>MUTUALFIRST</I> FINANCIAL, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its chapter)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">Maryland</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">000-27905</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">35-2085640</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of incorporation</P></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">File Number)</P></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 65%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">110 E. Charles Street, Muncie, Indiana</TD>
    <TD STYLE="width: 5%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">47305-2419</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Registrant's telephone number, including area code &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765)
747-2800&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(Former name or former address, if changed since last report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 7%; text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 93%; text-autospace: none">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-autospace: none">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-autospace: none">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-autospace: none">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15%"><B>Item 5.02.</B></TD>
    <TD STYLE="text-align: left; width: 85%"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">(e)</FONT></TD><TD><FONT STYLE="color: black">On January 18, </FONT>2012<FONT STYLE="color: black">, based on a recommendation from its Compensation
Committee, the Board of Directors of the Registrant approved the MutualBank 2012 Executive Variable Compensation Plan, which provides
for cash incentive payments to designated executives of the Registrant, including its three named executive officers and chief
financial officer. This cash incentive plan provides for one-time payments to the designated executives based on the Registrant&rsquo;s
2012 earnings per share (&ldquo;EPS&rdquo;). Under the plan, cash payments are calculated as a percentage of 2012 base salary,
with the appropriate percentage determined by what targeted EPS level is met for 2012. The plan does not create any vested rights
in the participants and may be modified, repealed or discontinued at any time by the Board of Directors. In addition, the plan
includes a clawback requiring repayment to the extent any payment made is later determined to have been based on performance measurements
that are subsequently deemed to be inaccurate due to misstatement or misrepresentation. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: black">For the named executive officers
and chief financial officer of the Registrant, the plan establishes five </FONT>designated<FONT STYLE="color: black"> EPS levels
(one of which is based on the Registrant&rsquo;s 2012 budget) and a range of percentage of salary cash incentive payments for meeting
each EPS level as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Base Salary</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Range of Possible Incentive Payments<U> </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>As a Percentage of Base Salary </U></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">David W. Heeter<BR>
        President and Chief Executive Officer of the Company and Chief Executive Officer of MutualBank</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">$296,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">9.0% to 60.0%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Patrick C. Botts</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President of the Company and President and Chief
        Operating Officer of the Bank</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">$255,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">7.5% to 50.0%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Charles J. Viater</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior Vice President of the Company and Regional President of the
        Bank</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">$264,500</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">6.00% to 40.0%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Christopher D. Cook</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior Vice President, Treasurer and Chief Financial Officer of
        the Company and the Bank</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">$165,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">6.00% to 40.0%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The <FONT STYLE="color: black">foregoing</FONT> description
is a summary of this cash incentive plan and is qualified in its entirety by reference to the copy of the plan that is attached
as Exhibit 10.22 and is hereby incorporated by reference into this Form 8-K by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 15%"><B>Item 9.01.</B></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 85%"><B>Financial Statements and Other Exhibits</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">10.4&nbsp;&#9;MutualBank 2012 Executive Variable Compensation
Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold"><B><I>MUTUALFIRST</I> FINANCIAL, INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Date: &nbsp;February 15, 2012</TD>
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="text-autospace: none; border-bottom: Black 1pt solid">/s/ David W. Heeter</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;&nbsp;&nbsp;&nbsp; David W. Heeter</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-autospace: none; border-bottom: Black 1pt solid; text-align: center">Exhibit Number</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-autospace: none; padding-left: 0.72in; border-bottom: Black 1pt solid">Description</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">10.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none">MutualBank 2012 Executive Variable Compensation Plan</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -1.5in">&nbsp;</P>

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{"company-data": {"conformed-name": "MUTUALFIRST FINANCIAL INC", "cik": "0001094810", "assigned-sic": "6022", "irs-number": "371392810", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27905", "film-number": "12615044"}, "business-address": {"street1": "110 E CHARLES STREET", "city": "MUNCIE", "state": "IN", "zip": "47305", "phone": "7657472800"}, "mail-address": {"street1": "110 E CHARLES STREET", "city": "MUNCIE", "state": "IN", "zip": "47305"}, "former-company": {"former-conformed-name": "MFS FINANCIAL INC", "date-changed": "19990910"}}
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):
January
18, 2012
MUTUALFIRST
FINANCIAL, INC.
(Exact name of registrant as specified in its chapter)
Maryland
000-27905
35-2085640
(State or other jurisdiction
of incorporation
(Commission
File Number)
(IRS Employer
Identification No.)
110 E. Charles Street, Muncie, Indiana
47305-2419
(Address of principal executive offices)
(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:
£
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))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers
(e)
On January 18,
2012
, based on a recommendation from its Compensation
Committee, the Board of Directors of the Registrant approved the MutualBank 2012 Executive Variable Compensation Plan, which provides
for cash incentive payments to designated executives of the Registrant, including its three named executive officers and chief
financial officer. This cash incentive plan provides for one-time payments to the designated executives based on the Registrant's
2012 earnings per share ("EPS"). Under the plan, cash payments are calculated as a percentage of 2012 base salary,
with the appropriate percentage determined by what targeted EPS level is met for 2012. The plan does not create any vested rights
in the participants and may be modified, repealed or discontinued at any time by the Board of Directors. In addition, the plan
includes a clawback requiring repayment to the extent any payment made is later determined to have been based on performance measurements
that are subsequently deemed to be inaccurate due to misstatement or misrepresentation.
For the named executive officers
and chief financial officer of the Registrant, the plan establishes five
designated
EPS levels
(one of which is based on the Registrant's 2012 budget) and a range of percentage of salary cash incentive payments for meeting
each EPS level as follows:
2012
Base Salary
Range of Possible Incentive Payments
As a Percentage of Base Salary
David W. Heeter
President and Chief Executive Officer of the Company and Chief Executive Officer of MutualBank
$296,000
9.0% to 60.0%
Patrick C. Botts
Executive Vice President of the Company and President and Chief
        Operating Officer of the Bank
$255,000
7.5% to 50.0%
Charles J. Viater
Senior Vice President of the Company and Regional President of the
        Bank
$264,500
6.00% to 40.0%
Christopher D. Cook
Senior Vice President, Treasurer and Chief Financial Officer of
        the Company and the Bank
$165,000
6.00% to 40.0%
The
foregoing
description
is a summary of this cash incentive plan and is qualified in its entirety by reference to the copy of the plan that is attached
as Exhibit 10.22 and is hereby incorporated by reference into this Form 8-K by reference.
Item 9.01.
Financial Statements and Other Exhibits
(d) Exhibits
10.4 	MutualBank 2012 Executive Variable Compensation
Plan
2
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
thereunto duly authorized.
MUTUALFIRST
FINANCIAL, INC.
Date:  February 15, 2012
By:
/s/ David W. Heeter
David W. Heeter
President and Chief Executive Officer
3
EXHIBIT INDEX
Exhibit Number
Description
10.4
MutualBank 2012 Executive Variable Compensation Plan
4