Exhibit 10.8


 


Wayne Savings Bancshares, Inc.


Summary of Cash Incentive Bonus Plan


 


An informal bonus arrangement that was implemented
by the board of directors in 2006, the Cash Incentive Bonus Plan may be terminated or modified by the board at any time. Administered
by the board’s compensation committee, the Cash Incentive Bonus Plan provides for an annual cash bonus for executive officers
if they achieve annual performance goals established by the committee. The plan does not allow for payment of awards in any form
other than cash, nor does it allow for deferral of plan awards. Any officer or employee designated by the compensation committee
is eligible to receive a payment under the plan. Cash payments under the plan are made in the first quarter of the year if the
established goals for the preceding year are achieved.


 


An executive’s maximum bonus under the
Cash Incentive Bonus Plan is 25% of his or her salary. Although the board of directors may change any and all features of the plan
at any time, for the executive officers the performance categories currently consist of a net income goal, a return-on-equity goal,
and a discretionary goal having to do with the board’s or the compensation committee’s subjective assessment of an
executive’s performance. Currently, the performance categories and potential awards are as follows –


 


	
        Maximum Cash Incentive 

        Bonus of 10% of Salary:

         

        annual net income goal
	
        Maximum Cash Incentive Bonus of 10%
        of Salary:

         

        return on equity of Ohio-based, publicly
        traded . . .
	
        Maximum Cash 

        Incentive Bonus 

        of 5% of Salary:

         

        discretionary 

        factor for 

        individual 

        performance

	for achieving

budgeted net income 

goal	for exceeding the 

budgeted net income 

goal	savings associations and 

holding companies	banks and holding 

companies
	for achieving the 

median return on 

equity	for exceeding by 

15% or more the 

median return on 

equity	for achieving the 

median return 

on equity	for exceeding by 

15% or more 

the median 

return on equity
	cash incentive bonus 

of 5% of salary	cash incentive bonus of 

an additional 1% of 

salary for every 5% 

increment of net income 

over the goal, up to a 

maximum of an 

additional 5% of salary	cash incentive bonus 

of 2% of salary	cash incentive 

bonus of 3% of 

salary	cash incentive 

bonus of 2% of 

salary	cash incentive 

bonus of 3% of 

salary	cash incentive bonus of 

up to 5% of salary


 


At or about the beginning of each year, the
board of directors establishes in the budget approval process the net income goal for the President and Chief Executive Officer,
the Executive Vice President and Chief Operating Officer, the Senior Vice President and Chief Financial Officer, and other officers
selected by the compensation committee. Individual performance goals also may be established at that time for purposes of the compensation
committee’s subjective evaluation of an individual executive’s performance, but the committee’s evaluation remains
subjective and is not dependent on specific performance goals being established for an executive in advance. Data concerning the
median return on equity of Ohio-based banks, savings associations, and financial institution holding companies are readily available
to the committee from commercial sources, such as SNL Financial in Charlottesville, Virginia, from industry trade groups, and from
other sources.