AMENDMENT TO EMPLOYMENT AGREEMENT

         This Amendment to Employment  Agreement amends the Employment Agreement
made and  entered  into as of  October 6, 1998 by and among  Permanent  Bancorp,
Inc., Permanent Bank and Donald P. Weinzapfel.

                      1. The  first  sentence  of  Section  1 of the  Employment
                      Agreement  is  hereby  amended  to read as  follows:  "The
                      Employee will be employed  solely as Chairman of the Board
                      of the Bank,  such position to last until January 1, 1999,
                      and shall  additionally  be  employed  as  Chairman of the
                      Board and Chief  Executive  Officer of the Holding Company
                      until the end of his  employment  hereunder as provided in
                      Section 4."

                      2. Section 4 of the Employment Agreement is hereby amended
                      to read as  follows:  "The term of  employment  under this
                      Agreement shall be from October 6, 1998 until,  subject to
                      earlier termination as provided herein, the first to occur
                      of either of the following:  (1) the last day of the month
                      in which the Agreement  dated  December 20, 1999 among the
                      Holding  Company,  the Bank,  Old  National  Bancorp,  Old
                      National  Bank  and  Merger  Corporation  I  (the  "Merger
                      Agreement") is terminated, or (2) as of the Effective Time
                      (as defined in the Merger Agreement).  Notwithstanding the
                      foregoing,  if the Merger Agreement is terminated prior to
                      April 1, 2000, the term of employment under this Agreement
                      shall  expire on April 1,  2000.  Other  than as  provided
                      herein,  the Employment  Agreement  shall continue in full
                      force and  effect  and remain  unchanged  pursuant  to its
                      terms."

         IN WITNESS WHEREOF, the parties have executed this Amendment as of this
20th day of December, 1999.


                                                   PERMANENT BANCORP, INC.

                                            By:      /s/  Murray J. Brown
                                                     ---------------------
                                            Name:    Murray J. Brown
                                            Title:   President

                                            PERMANENT BANK

                                            By:      /s/  Murray J. Brown
                                                     ---------------------
                                            Name:    Murray J. Brown
                                            Title:   Chairman, President and
                                                     Chief Executive Officer

                                            EMPLOYEE

                                            By:      /s/ Donald P. Weinzapfel
                                                     ------------------------
                                                     Donald P. Weinzapfel