CHANGE IN CONTROL SEVERANCE AGREEMENT

      THIS CHANGE IN CONTROL SEVERANCE AGREEMENT ("Agreement") entered into this
_______________, 2003 ("Effective Date"), by and between CHEVIOT SAVINGS BANK
("Association") and JEFFREY LENZER ("Employee").

      WHEREAS, Employee is currently employed by Association as the Chief
Lending Officer and is experienced in all phases of the business of Association;
and

      WHEREAS, the parties desire by this writing to set forth the rights and
responsibilities of Association and Employee if Association should undergo a
change in control (as defined hereinafter in the Agreement) after the Effective
Date.

      NOW THEREFORE, it is agreed as follows:

1.    Employment. Employee is employed in the capacity as the Chief Lending
      Officer of Association. Employee will render such administrative and
      management services to Association and Cheviot Financial Corp. ("Parent")
      as are currently rendered and as are customarily performed by persons
      situated in a similar executive capacity. Employee will promote to the
      extent permitted by law the business of Association and Parent. Employee's
      other duties will be such as the Board of Directors for Association (the
      "Board of Directors" or "Board") may from time to time reasonably direct,
      including normal duties as an officer of Association.

2.    Terms of Agreement. The term of this Agreement will be for the period
      commencing on the Effective Date and ending thirty-six (36) months
      thereafter. Additionally, on, or before, each annual anniversary date from
      the Effective Date, the term of this Agreement will be extended for an
      additional one-year period beyond the then effective expiration date upon
      a determination and resolution of the Board of Directors that the
      performance of Employee has met the requirements and standards of the
      Board, and that the term of such Agreement will be extended.

3.    Termination of Employment in Connection with or Subsequent to a Change in
      Control.

      3.1   Involuntary Termination. Notwithstanding any provision herein to the
            contrary, in the event of the involuntary termination of Employee's
            employment under this Agreement, absent Just Cause, in connection
            with, or within twelve (12) months after, any change in control of
            Association or Parent, Employee will be paid an amount equal to two
            times the prior calendar year's cash compensation paid to Employee
            by Association (whether said amounts were received or deferred by
            Employee). Said sum will be paid, at the option of Employee, either
            in one (1) lump sum not later than the date of such termination of
            employment or in periodic payments over the next 24 months, and such
            payments will be in lieu of any other future payments which Employee
            would be otherwise entitled to receive. Notwithstanding the
            foregoing, all sums payable hereunder will be reduced in

<PAGE>

            such manner and to such extent so that no such payments made
            hereunder when aggregated with all other payments to be made to
            Employee by Association or the Parent will be deemed an "excess
            parachute payment" in accordance with Section 280G of the Internal
            Revenue Codes of 1986, as amended (the "Code"), and be subject to
            the excise tax provided at Section 4999(a) of the Code. The term
            "control" will refer to the ownership, holding or power to vote more
            than 25% of the Parent's or Association's voting stock, the control
            of the election of a majority of the Parent's or Association's
            directors, or the exercise of a controlling influence over the
            management or policies of the Parent or Association by any person or
            by persons acting as a group within the meaning of Section 13(d) of
            the Securities Exchange Act of 1934. The term "person" means an
            individual other than Employee, or a corporation, partnership,
            trust, association, joint venture, pool, syndicate, sole
            proprietorship, unincorporated organization or any other form of
            entity not specifically listed herein.

3.2   Voluntary Termination. Notwithstanding any other provision of this
      Agreement to the contrary, Employee may voluntarily terminate his
      employment under this Agreement within twelve (12) months following a
      change in control of Association or Parent, and Employee will thereupon be
      entitled to receive the payment described in Section 3.1 of this
      Agreement, upon the occurrence, or within ninety (90) days thereafter, of
      any of the following events, which have not been consented to in advance
      by Employee in writing: (i) if Employee would be required to move his
      personal residence or perform his principal executive functions more than
      thirty-five (35) miles from Employee's primary office as of the signing of
      this Agreement; (ii) if in the organizational structure of Association or
      Parent, Employee would be required to report to a person or persons other
      than the President of Association or Parent; (iii) if Association or
      Parent should fail to maintain existing employee benefits plans, including
      material fringe benefit, stock option and retirement plans, except to the
      extent that such reduction in benefit programs is part of an overall
      adjustment in benefits for all employees of Association or Parent and does
      not disproportionately adversely impact Employee; (iv) if Employee would
      be assigned duties and responsibilities other than those normally
      associated with his position as referenced at Section 1, herein, for a
      period of more than six (6) months, or if such additional assigned duties
      and responsibilities result in additional cost to be incurred by Employee
      not otherwise associated with the previously assigned duties and
      responsibilities, which costs are not reimbursed by Association within
      forty-five (45) days of being incurred; or (v) if Employee's
      responsibilities or authority have in any way been materially diminished
      or reduced for a period of more than six (6) months.

3.3   Arbitration. Any controversy or claim arising out of or relating to this
      Agreement, or the breach thereof, will be settled by arbitration in
      accordance with the rules then in effect of the district office of the
      American Arbitration Association ("AAA") nearest to the home office of
      Association, and judgment upon the award rendered may be entered in any
      court having jurisdiction thereof, except to the extent that the parties
      may otherwise reach a mutual settlement of such issue. Association will
      incur the cost of all fees and expenses associated


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<PAGE>

      with filing a request for arbitration with the AAA, whether such filing is
      made on behalf of Association or Employee, and the costs and
      administrative fees associated with employing the arbitrator and related
      administrative expenses assessed by the AAA. Association will reimburse
      Employee for all costs and expenses, including reasonable attorneys' fees,
      arising from such dispute, proceedings or actions, notwithstanding the
      ultimate outcome thereof, following the delivery of the decision of the
      arbitrator finding in favor of Employee or settlement of the matter;
      provided that if such finding of the Arbitrator is not in favor of
      Employee, then such Employee will reimburse Association for the initial
      filing fee paid by Association to the AAA. Such settlement to be approved
      by the Board of Association or the Parent may include a provision for the
      reimbursement by Association or Parent to Employee for all costs and
      expenses, including reasonable attorneys' fees, arising from such dispute,
      proceedings or actions, or the Board of Association or the Parent may
      authorize such reimbursement of such costs and expenses by separate action
      upon a written action and determination of the Board. Such reimbursement
      will be paid within ten (10) days of Employee furnishing to Association or
      Parent evidence, which may be in the form, among other things, of a
      canceled check or receipt, of any costs or expenses incurred by Employee.

4.    Other Changes in Employment Status.

      4.1   Except as provided for at Section 3, herein, the Board of Directors
            may terminate Employee's employment at any time, but any termination
            by the Board of Directors other than termination for Just Cause,
            will not prejudice Employee's right to compensation or other
            benefits under the Agreement. Employee will have no right to receive
            compensation or other benefits for any period after termination for
            Just Cause. Termination for "Just Cause" will include termination
            because of Employee's personal dishonesty, incompetence, willful
            conduct, breach of fiduciary duty involving personal profit,
            intentional failure to perform stated duties, willful violation of
            any law, rule or regulation (other than traffic violations or
            similar offenses) or final cease-and-desist order, or material
            breach of any provision of the Agreement.

      4.2   If Employee is removed and/or permanently prohibited from
            participating in the conduct of Association's affairs by an order
            issued under Sections 8(e)(4) or 8(g)(l) of the Federal Deposit
            Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all
            obligations of Association under this Agreement will terminate, as
            of the effective date of the order, but the vested rights of the
            parties will not be affected.

      4.3   If this Association is in default (as defined in Section 3(x)(l) of
            FDIA), all obligations under this Agreement will terminate as of the
            date of default, but this Section will not affect any vested rights
            of the contracting parties.

      4.4   All obligations under this Agreement will be terminated, except to
            the extent determined that continuation of this Agreement is
            necessary for the continued


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<PAGE>

            operation of Association: (i) by the Director of the Office of
            Thrift Supervision ("Director of OTS") or his or her designee, at
            the time that the Federal Deposit Insurance Corporation ("FDIC")
            enters into an agreement to provide assistance to or on behalf of
            Association under the authority continued in Section 13(c) of FDIA;
            or (ii) by the Director of the OTS, or his or her designee, at the
            time that the Director of the OTS, or his or her designee approves a
            supervisory merger to resolve problems related to operation of
            Association or when Association is determined by the Director of the
            OTS to be in an unsafe or unsound condition. Any rights of the
            parties that have already vested, however, will not be affected by
            such action.

      4.5   Notwithstanding anything herein to the contrary, any payments made
            to Employee pursuant to the Agreement, or otherwise, will be subject
            to and conditioned upon compliance with 12 U.S.C. s.1828(k) and any
            regulations promulgated thereunder.

5.    Suspension of Employment. If Employee is suspended and/or temporarily
      prohibited from participating in the conduct of Association's affairs by a
      notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818
      (e)(3) and (g)(1)), Association's obligations under the Agreement will be
      suspended as of the date of service, unless stayed by appropriate
      proceedings. If the charges in the notice are dismissed, Association will,
      (i) pay Employee all or part of the compensation withheld while its
      contract obligations were suspended, and (ii) reinstate any of its
      obligations which were suspended.

6.    Successors and Assigns.

      6.1   This Agreement will inure to the benefit of and be binding upon any
            corporate or other successor of Association which will acquire,
            directly or indirectly, by merger, consolidation, purchase or
            otherwise, all or substantially all of the assets or stock of
            Association.

      6.2   Employee will be precluded from assigning or delegating his rights
            or duties hereunder without first obtaining the written consent of
            Association.

7.    Amendments. No amendments or additions to this Agreement will be binding
      upon the parties hereto unless made in writing and signed by both parties,
      except as herein otherwise specifically provided.

8.    Applicable Law. This Agreement will be governed by all respects whether as
      to validity, construction, capacity, performance or otherwise, by the laws
      of the State of Ohio, except to the extent that Federal law will be deemed
      to apply.

9.    Severability. The provisions of this Agreement will be deemed severable
      and the invalidity or unenforceability of any provision will not affect
      the validity or enforceability of the other provisions hereof.


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10.   Entire Agreement. This Agreement together with any understanding or
      modifications thereof as agreed to in writing by the parties, will
      constitute the entire agreement between the parties hereto.

Signed as of _______________, 2003.

                                        ASSOCIATION:
                                        CHEVIOT SAVINGS BANK


                                        By:_____________________________________
                                           Thomas J. Linneman
                                           President and CEO

                                        EMPLOYEE:

                                        ________________________________________
                                        Jeffrey Lenzer


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