**THREE-YEAR        EMPLOYMENT AGREEMENT**

**(EQUITABLE        BANK/EQUITABLE FINANCIAL CORP.)**

**THIS        AGREEMENT**
**EQUITABLE        FINANCIAL CORP**
**,**
** **
**EQUITABLE        BANK, **
** **
**        RICHARD L. HARBAUGH**

**W        I T N E S S E T H**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**NOW,        THEREFORE**

**1.           **
**Employment.**
** **

**2.           **
**Location        and Facilities**
**.**

**3.            **
**Term**
**.**

|   | a. | The                  term of this Agreement shall be (i) the initial term, consisting                  of the                  period commencing on the date of this Agreement (the “Effective Date”) and                  ending on the third anniversary of the Effective Date, plus (ii)                  any and                  all extensions of the initial term made pursuant to this Section                  3. |
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|   | b. | Commencing                  on the first year anniversary date of this Agreement, and continuing                  on                  each anniversary thereafter, the disinterested members of the boards                  of                  directors of the Bank and the Company may extend the Agreement                  an                  additional year such that the remaining term of the Agreement shall                  be                  thirty-six (36) months, unless Executive elects not to extend the                  term of                  this Agreement by giving written notice in accordance with Section                  19 of                  this Agreement. The Board of Directors of the Bank and the Company                  (the                  “Boards”) will review the Agreement and Executive’s performance annually                  for purposes of determining whether to extend the Agreement and                  the                  rationale and results thereof shall be included in the minutes                  of the                  Board’s meeting. The Executive shall receive notice as soon as possible                  after such review as to whether the Agreement is to be                  extended. |
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**4.**
**Base        Compensation**
**.**

|   | a. | The                  Company and the Bank agree to pay the Executive during the term                  of this                  Agreement a base salary at the rate of **$202,500**                  per year, payable in accordance with customary payroll                  practices. |
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|   | b. | The                  Boards shall review annually the rate of the Executive’s base salary based                  upon factors they deem relevant, and may maintain or increase his                  salary,                  provided that no such action shall reduce the rate of salary below                  the                  rate in effect on the Effective                  Date. |
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|   | c. | In                  the absence of action by the Board, the Executive shall continue                  to                  receive salary at the annual rate specified on the Effective Date                  or, if                  another rate has been established under the provisions of this                  Section 4,                  the rate last properly established by action of the Board under                  the                  provisions of this Section 4. |
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**5.                    **
**Bonuses**
**.**

**6.**
**Benefit        Plans**
**.**

**7.**
**Vacation        and Leave**
**.**

|   | a. | The                  Executive shall be entitled to vacation and other leave in accordance                  with                  policy for senior executives, or otherwise as approved by the                  Boards. |
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|   | b. | In                  addition to paid vacation and other leave, the Executive shall                  be                  entitled, without loss of pay, to absent himself voluntarily from                  the                  performance of his employment for such additional periods of time                  and for                  such valid and legitimate reasons as the Boards may in their discretion                  determine. Further, the Boards may grant to the Executive a leave                  or                  leaves of absence, with or without pay, at such time or times and                  upon                  such terms and conditions as the Boards in their discretion may                  determine. |
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**8.**
**Expense        Payments and Reimbursements**
**.        **

**9.            **
**Automobile        Allowance**
**.        **

**10.   **
**Loyalty        and Confidentiality**
**.**

|   | a. | During                  the term of this Agreement Executive: (i) shall devote all his                  time,                  attention, skill, and efforts to the faithful performance of his                  duties                  hereunder; provided, however, that from time to time, Executive                  may serve                  on the boards of directors of, and hold any other offices or positions                  in,                  companies or organizations which will not present any conflict                  of interest                  with the Company and the Bank or any of their subsidiaries or affiliates,                  unfavorably affect the performance of Executive’s duties pursuant to this                  Agreement, or violate any applicable statute or regulation and                  (ii) shall                  not engage in any business or activity contrary to the business                  affairs or                  interests of the Company and the                  Bank. |
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|   | b. | Nothing                  contained in this Agreement shall prevent or limit Executive’s right to                  invest in the capital stock or other securities of any business                  dissimilar                  from that of the Company and the Bank, or, solely as a passive,                  minority                  investor, in any business. |
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|   | c. | Executive                  agrees to maintain the confidentiality of any and all information                  concerning the operation or financial status of the Company and                  the Bank;                  the names or addresses of any of its borrowers, depositors and                  other                  customers; any information concerning or obtained from such customers;                  and                  any other information concerning the Company and the Bank to which                  he may                  be exposed during the course of his employment. The Executive further                  agrees that, unless required by law or specifically permitted by                  the Board                  in writing, he will not disclose to any person or entity, either                  during or                  subsequent to his employment, any of the above-mentioned information                  which                  is not generally known to the public, nor shall he employ such                  information                  in any way other than for the benefit of the Company and the                  Bank. |
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**11.   **
**Termination        and Termination Pay**
**.        **

|   | a. | Death.                  Executive’s employment under this Agreement shall terminate upon his death                  during the term of this Agreement, in which event Executive’s estate shall                  be entitled to receive the compensation due to the Executive through                  the                  last day of the calendar month in which his death                  occurred. |
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|   | b. | Retirement.                  This Agreement shall be terminated upon Executive’s retirement under the                  retirement benefit plan or plans in which he participates pursuant                  to                  Section 6 of this Agreement or                  otherwise. |
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|   | c. | Disability. |
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|   | i. | The                  Board or Executive may terminate Executive’s employment after having                  determined Executive has a Disability. For purposes of this Agreement,                  “Disability” means a physical or mental infirmity that impairs Executive’s                  ability to substantially perform his duties under this Agreement                  and that                  results in Executive becoming eligible for long-term disability                  benefits                  under any long-term disability plans of the Company and the Bank                  (or, if                  there are no such plans in effect, that impairs Executive’s ability to                  substantially perform his duties under this Agreement for a period                  of one                  hundred eighty (180) consecutive days). The Board shall determine                  whether                  or not Executive is and continues to be permanently disabled for                  purposes                  of this Agreement in good faith, based upon competent medical advice                  and                  other factors that they reasonably believe to be relevant. As a                  condition                  to any benefits, the Board may require Executive to submit to such                  physical or mental evaluations and tests as it deems reasonably                  appropriate. |
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|   | ii. | In                  the event of such Disability, Executive’s obligation to perform services                  under this Agreement will terminate. The Bank will pay Executive,                  as                  Disability pay, an amount equal to one hundred percent (100%) of                  Executive’s bi-weekly rate of base salary in effect as of the date of his                  termination of employment due to Disability. Disability payments                  will be                  made on a monthly basis and will commence on the first day of the                  month                  following the effective date of Executive’s termination of employment for                  Disability and end on the earlier of: (A) the date he returns to                  full-time                  employment at the Bank in the same capacity as he was employed                  prior to                  his termination for Disability; (B) his death; or (C) upon attainment                  of                  age 65. Such payments shall be reduced by the amount of any short-                  or                  long-term disability benefits payable to the Executive under any                  other                  disability programs sponsored by the Company and the Bank. In addition,                  during any period of Executive’s Disability, Executive and his dependents                  shall, to the greatest extent possible, continue to be covered                  under all                  benefit plans (including, without limitation, retirement plans                  and                  medical, dental and life insurance plans) of the Company and the                  Bank, in                  which Executive participated prior to his Disability on the same                  terms as                  if Executive were actively employed by the Company and the                  Bank. |
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|   | d. | Termination                  for Cause. |
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|   | i. | The                  Board may, by written notice to the Executive in the form and manner                  specified in this paragraph, terminate his employment at any time,                  for                  “Cause”. The Executive shall have no right to receive compensation or                  other benefits for any period after termination for Cause. Termination                  for                  “Cause” shall mean termination because of, in the good faith determination                  of the Board, Executive’s: |
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|   | (1) | Personal                  dishonesty; |
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|   | (2) | Incompetence; |
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|   | (3) | Willful                  misconduct; |
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|   | (4) | Breach                  of fiduciary duty involving personal                  profit; |
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|   | (5) | Intentional                  failure to perform stated duties; |
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|   | (6) | Willful                  violation of any law, rule or regulation (other than traffic violations                  or                  similar offenses) or a final cease-and-desist order;                  or |
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|   | (7) | Material                  breach by Executive of any provision of this                  Agreement. |
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|   | ii. | Notwithstanding                  the foregoing, Executive shall not be deemed to have been terminated                  for                  Cause by the Company and the Bank unless there shall have been                  delivered                  to Executive a copy of a resolution duly adopted at a meeting of                  such                  Board where in the good faith opinion of the Board, Executive was                  guilty                  of the conduct described above and specifying the particulars                  thereof. |
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|   | e. | Voluntary                  Termination by Executive.                  In addition to his other rights to terminate under this Agreement,                  Executive may voluntarily terminate employment during the term                  of this                  Agreement upon at least sixty (60) days prior written notice to                  the                  Boards, in which case Executive shall receive only his compensation,                  vested rights and employee benefits up to the date of his                  termination. |
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|   | f. | Without                  Cause or With Good Reason. |
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|   | i. | In                  addition to termination pursuant to Sections 11(a) through 11(e)                  the                  Boards, may, by written notice to Executive, immediately terminate                  his                  employment at any time for a reason other than Cause (a termination                  “Without Cause”) and Executive may, by written notice to the Boards,                  immediately terminate this Agreement at any time within ninety                  (90) days                  following an event constituting “Good Reason” as defined below (a                  termination “With Good Reason”). |
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|   | ii. | Subject                  to Section 12 of this Agreement, in the event of termination under                  this                  Section 11(f), Executive shall be entitled to receive his base                  salary for                  the remaining term of the Agreement paid in one lump sum within                  ten (10)                  calendar days of such termination. Also, in such event, Executive                  shall,                  for the remaining term of the Agreement, receive the benefits he                  would                  have received during the remaining term of the Agreement under                  any                  retirement programs (whether tax-qualified or non-qualified) in                  which                  Executive participated prior to his termination (with the amount                  of the                  benefits determined by reference to the benefits received by the                  Executive                  or accrued on his behalf under such programs during the twelve                  (12) months                  preceding his termination) and continue to participate in any benefit                  plans of the Company or the Bank that provide health (including                  medical                  and dental), or life insurance, or similar coverage upon terms                  no less                  favorable than the most favorable terms provided to senior executives of                  the Company and the Bank during such period. In the event that                  the Company                  and the Bank are unable to provide such coverage by reason of Executive                  no                  longer being an employee, the Company and the Bank shall provide                  Executive                  with comparable coverage on an individual policy                  basis. |
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|   | iii. | “Good                  Reason” shall exist if, without Executive’s express written consent, the                  Company and the Bank materially breach any of their respective                  obligations                  under this Agreement. Without limitation, such a material breach                  shall be                  deemed to occur upon any of the                  following: |
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|   | (1) | A                  material reduction in Executive’s responsibilities or authority in                  connection with his employment with the Company or the                  Bank; |
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|   | (2) | Assignment                  to Executive of duties of a non-executive nature or duties for                  which he is                  not reasonably equipped by his skills and                  experience; |
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|   | (3) | A                  reduction in salary or benefits contrary to the terms of this Agreement,                  or, following a Change in Control as defined in Section 12 of this                  Agreement, any reduction in salary or material reduction in benefits                  below                  the amounts to which he was entitled prior to the Change in                  Control; |
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|   |   |   | (4) | Termination                  of incentive and benefit plans, programs or arrangements, or reduction                  of                  Executive’s participation to such an extent as to materially reduce their                  aggregate value below their aggregate value as of the Effective                  Date; |
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|   |   |   | (5) | A                  requirement that Executive relocate his principal business office                  or his                  principal place of residence outside of the area consisting of                  a fifty                  (50) mile radius from the current main office and any branch of                  the Bank,                  or the assignment to Executive of duties that would reasonably                  require                  such a relocation; or |
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|   | (6) | liquidation                  or dissolution of the Company or the                  Bank. |
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|   |   | iv. | Notwithstanding                  the foregoing, a reduction or elimination of the Executive’s benefits                  under one or more benefit plans maintained by the Company or the                  Bank as                  part of a good faith, overall reduction or elimination of such                  plans or                  plans or benefits thereunder applicably to all participants in                  a manner                  that does not discriminate against Executive (except as such                  discrimination may be necessary to comply with law) shall not constitute                  an event of Good Reason or a material breach of this Agreement,                  provided                  that benefits of the type or to the general extent as those offered                  under                  such plans prior to such reduction or elimination are not available                  to                  other officers of the Company and the Bank or any company that                  controls                  either of them under a plan or plans in or under which Executive                  is not                  entitled to participate. |
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|   | g. | Continuing                  Covenant Not to Compete or Interfere with Relationships.                  Regardless of anything herein to the contrary, following a termination                  by                  the Company and the Bank or Executive pursuant to Section                  11(f): |
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|   | i. | Executive’s                  obligations under Section 10(c) of this Agreement will continue                  in effect;                  and |
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|   |   | ii. | During                  the period ending on the first anniversary of such termination,                  the                  Executive shall not serve as an officer, director or employee of                  any bank                  holding company, bank, savings bank, savings and loan holding company,                  or                  mortgage company (any of which, a “Financial Institution”) which Financial                  Institution offers products or services competing with those offered                  by                  the Bank from any office within fifty (50) miles from the main                  office or                  any branch of the Bank and shall not interfere with the relationship                  of                  the Company and the Bank and any of its employees, agents, or                  representatives. |
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**            12.        **
**Termination        in Connection with a Change in Control**
**.        **

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|   |                       a. | Termination.                  If within the period ending two (2) years after a Change in Control,                  (i)                  the Company and the Bank shall terminate the Executive’s employment                  Without Cause, or (ii) Executive voluntarily terminates his employment                  With Good Reason, the Company and the Bank shall, within ten calendar                  days                  of the termination of Executive’s employment, make a lump-sum cash payment                  to him equal to 2.99 times the Executive’s average Annual Compensation                  over the five (5) most recently completed calendar years ending                  with the                  year immediately preceding the effective date of the Change in                  Control. In                  determining Executive’s average Annual Compensation, Annual Compensation                  shall include base salary and any other taxable income, including                  but not                  limited to amounts related to the granting, vesting or exercise                  of                  restricted stock or stock option awards, commissions, bonuses (whether                  paid or accrued for the applicable period), as well as, retirement                  benefits, director or committee fees and fringe benefits paid or                  to be                  paid to Executive or paid for Executive’s benefit during any such year,                  profit sharing, employee stock ownership plan and other retirement                  contributions or benefits, including to any tax-qualified plan                  or                  arrangement (whether or not taxable) made or accrued on behalf                  of                  Executive of such year. The cash payment made under this Section                  12(a)                  shall be made in lieu of any payment also required under Section                  11(f) of                  this Agreement because of a termination in such period. Executive’s rights                  under Section 11(f) are not otherwise affected by this Section                  12. Also,                  in such event, the Executive shall, for a thirty-six (36) month                  period                  following his termination of employment, receive the benefits he                  would                  have received over such period under any retirement programs (whether                  tax-qualified or nonqualified) in which the Executive participated                  prior                  to his termination (with the amount of the benefits determined                  by                  reference to the benefits received by the Executive or accrued                  on his                  behalf under such programs during the twelve (12) months preceding                  the                  Change in Control) and continue to participate in any benefit plans                  of the                  Company and the Bank that provide health (including medical and                  dental),                  or life insurance, or similar coverage upon terms no less favorable                  than                  the most favorable terms provided to senior executives of the Bank                  during                  such period. In the event that the Company and the Bank are unable                  to                  provide such coverage by reason of the Executive no longer being                  an                  employee, the Company and the Bank shall provide the Executive                  with                  comparable coverage on an individual                  policy. |
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|   |  b. | The                  provisions of Section 12 and Sections 14 through 25, including                  the defined                  terms used is such sections, shall continue in effect until the                  later of                  the expiration of this Agreement or two (2) years following a Change                  in                  Control. |
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**13.   **
**Indemnification        and Liability Insurance**
**.        **

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|   |                       a. | Indemnification.                  The Company and the Bank agree to indemnify the Executive (and                  his heirs,                  executors, and administrators), and to advance expenses related                  thereto,                  to the fullest extent permitted under applicable law and regulations                  against any and all expenses and liabilities reasonably incurred                  by him in                  connection with or arising out of any action, suit, or proceeding                  in which                  he may be involved by reason of his having been a director or Executive                  of                  the Company, the Bank or any of their subsidiaries (whether or                  not he                  continues to be a director or Executive at the time of incurring                  any such                  expenses or liabilities) such expenses and liabilities to include,                  but not                  be limited to, judgments, court costs, and attorney’s fees and the cost of                  reasonable settlements, such settlements to be approved by the                  Board, if                  such action is brought against the Executive in his capacity as                  an                  Executive or director of the Company and the Bank or any of their                  subsidiaries. Indemnification for expense shall not extend to matters                  for                  which the Executive has been terminated for Cause. Nothing contained                  herein shall be deemed to provide indemnification prohibited by                  applicable                  law or regulation. Notwithstanding anything herein to the contrary,                  the                  obligations of this Section 13 shall survive the term of this Agreement                  by                  a period of six (6) years. |
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|   |                       b. | Insurance.                  During the period in which indemnification of the Executive is                  required                  under this Section, the Company and the Bank shall provide the                  Executive                  (and his heirs, executors, and administrators) with coverage under                  a                  directors’ and Executives’ liability policy at the expense of the Company                  and the Bank, at least equivalent to such coverage provided to                  directors                  and senior Executives of the Company and the                  Bank. |
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**14.   **
**Reimbursement        of Executive’s Expenses to Enforce this Agreement**
**.        **

** 15.                **
**Limitation        of Benefits under Certain Circumstances**
**.        **

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** 16.                **
**Injunctive        Relief**
**.        **

**17.                  **
**Successors        and Assigns**
**.**

|  |  a. | This                    Agreement shall inure to the benefit of and be binding upon any                    corporate                    or other successor of the Company and the Bank which shall acquire,                    directly or indirectly, by merger, consolidation, purchase or                    otherwise,                    all or substantially all of the assets or stock of the Company                    and the                    Bank. |
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|  |  b. | Since                    the Company and the Bank are contracting for the unique and personal                    skills of Executive, Executive shall be precluded from assigning                    or                    delegating his rights or duties hereunder without first obtaining                    the                    written consent of the Company and the                    Bank. |
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**18.                  **
**No        Mitigation**
**.        **

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**                       19.   **
**Notices**
**.        **

**               20.   **
**No        Plan Created by this Agreement**
**.        **

**               21.   **
**Amendments**
**.**

**                22.         **
**Applicable        Law**
**.**

**           23.         **
**Severability**
**.        **

**                24.          **
**Headings**
**.**

**               25.        **
**Entire        Agreement**
**.**

**                26.         **
**Required        Provisions**

| a.                          | The                Bank’s board of directors may terminate Executive’s employment at any                time, but any termination by the Bank, other than Termination for                Cause,                shall not prejudice Executive’s right to compensation or other benefits                under this Agreement. Executive shall not have the right to receive                compensation or other benefits for any period after Termination for                Cause                as defined in Section 11(d) hereinabove. |
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|  b.             | If                    Executive is suspended from office and/or temporarily prohibited                    from                    participating in the conduct of the Bank’s affairs by a notice served                    under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance                    Act, 12                    U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract                    shall be suspended as of the date of service, unless stayed by                    appropriate                    proceedings. If the charges in the notice are dismissed, the                    Bank may in                    its discretion: (i) pay Executive all or part of the compensation                    withheld                    while their contract obligations were suspended; and (ii) reinstate                    (in                    whole or in part) any of the obligations which were                    suspended. |
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|  c.             |  If                    Executive is removed and/or permanently prohibited from participating                    in                    the conduct of the Bank’s affairs by an order issued under Section 8(e)(4)                    or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or                    (g)(1), all obligations of the Bank under this contract shall                    terminate as                    of the effective date of the order, but vested rights of the                    contracting                    parties shall not be                    affected. |
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|  d.             | If                    the Bank is in default as defined in Section 3(x)(1) of the Federal                    Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank                    under this contract shall terminate as of the date of default,                    but this                    paragraph shall not affect any vested rights of the contracting                    parties. |
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|  e.             | All                    obligations under this contract shall be terminated, except to                    the extent                    determined that continuation of the contract is necessary for                    the                    continued operation of the Bank: (i) by the Director of the OTS                    (or his                    designee) at the time the FDIC enters into an agreement to provide                    assistance to or on behalf of the Bank under the authority contained                    in                    Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C.§1823(c); or                    (ii) by the Director of the OTS (or his designee) at the time                    the Director                    (or his designee) approves a supervisory merger to resolve problems                    related to the operations of the Bank or when the Bank is determined                    by                    the Director to be in an unsafe or unsound condition. Any rights                    of the                    parties that have already vested, however, shall not be affected                    by such                    action. |
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|  f.             | Any                    payments made to employees pursuant to this Agreement, or otherwise,                    are                    subject to and conditioned upon their compliance with 12 U.S.C.§1828(k)                    and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and                    Indemnification Payments. |
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**IN        WITNESS WHEREOF**

|  Attest:                                         |   |  **EQUITABLE** **FINANCIAL                CORP.**  |
|-------------------------------------------------------|--------|-------------------------------------------------------------------|
|                                                  |   |                                                              |   |
|                                                  |   |                                                              |   |
| /s/                Joanne Roush                Holmes |   |  By:                                                         | /s/                H. Lawrence                Hanson |
|                                                       |   |                                                              | H.                  Lawrence HansonOn                  behalf of the Board of Directors |

|  Attest:                                             |   |  **EQUITABLE                  BANK** |
|-----------------------------------------------------------|--------|-------------------------------------------|
|                                                      |   |                                      |   |
|                                                      |   |                                      |   |
| /s/                  Joanne Roush                  Holmes |   |  By:                                 | /s/                  H. Lawrence Hanson  |
|                                                           |   |                                      | H.                    Lawrence HansonOn                    behalf of the Board of Directors |

|  Witness:                                           |   |  **EXECUTIVE**      |
|----------------------------------------------------------|--------|--------------------------|
|                                                     |   |                     |   |
|                                                     |   |                     |   |
| //s/                      Kim                      Marco |   |      | /s/                      Richard L. Harbaugh |
|                                                          |   |                     | Richard                        L. Harbaugh |

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