EXHIBIT 10

     Form of Change in Control Agreement between Registrant and three (3)
                              executive officers


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                 CHANGE OF CONTROL SEVERANCE BENEFITS AGREEMENT
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         THIS AGREEMENT, executed in duplicate at Emlenton, Pennsylvania, this ,
by and between the FARMERS NATIONAL BANK OF EMLENTON,  a National Bank organized
and  existing  under and by virtue of the Laws of the  United  States of America
with its  principal  place of business  at 612 Main  Street,  Emlenton,  Venango
County, Pennsylvania 16373, (hereinafter referred to as the "Bank");

                                  AND
                                                                ,

(hereinafter referred to as "Employee").

         WHEREAS,  the Employee has been offered  employment  by the Bank as and
will become an integral  part of, and  important  to, the reliable and efficient
operation of the Bank; and

         WHEREAS, the parties recognize that a change in control of the Bank may
have an adverse effect on or cause the departure of the Employee; and

         WHEREAS,  the Employee has requested severance benefits in the event of
the change of control and the Bank has offered  severance  benefits in the event
of such  change of control of the Bank as an  inducement  to  Employee to accept
employment with the Bank; and

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         WHEREAS,  the parties wish to reduce the agreement to provide severance
benefits in the event of a change in control of the Bank to writing.

         NOW  THEREFORE,  in  consideration  of the  mutual  promises  contained
herein, the Bank and Employee agree as follows:

         1.       DEFINITIONS.  The following terms shall have the
meanings set forth below:

A.  "Change of Control" of the Bank shall be deemed to have  occurred  if:

                  (i) A change in control of a nature  that would be required to
                  be reported pursuant to the regulations  promulgated under the
                  Securities  Exchange Act of 1934 the  ("Exchange  Act") to the
                  extent that any "person", as such term is used in the Exchange
                  Act other than any  "person" who is on this date a director or
                  officer  of  Emclaire   Financial  Corp,  is  or  becomes  the
                  "Beneficial  Owner" as  defined  under  the rules  promulgated
                  under the Exchange Act, directly or indirectly,  of securities
                  of Emclaire  Financial Corp representing  twenty-five  percent
                  (25%)  or  more  of the  combined  voting  power  of  Emclaire
                  Financial Corp's then outstanding securities; or

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                  (ii) During any period of two (2) consecutive years during the
                  term of this  Agreement,  individuals  who at the beginning of
                  such  period  constitute  the Board of  Directors  of Emclaire
                  Financial  Corp cease for any reason to  constitute at least a
                  majority,  unless the  election of each  director who is not a
                  director at the  beginning of the period has been  approved in
                  advance by directors representing at least two-thirds (2/3rds)
                  of the directors then in office who were directors at the
                  beginning of the period.

         B.       "Disability" shall mean an illness or accident which
                  prevents the Employee from performing his duties and
                  responsibilities for the Bank for a period of at least

                  six (6) consecutive months.

         C.       "Good Reasons" shall have the meaning set forth in
                  paragraph 5 hereinafter.

         D.       "Normal Retirement" shall mean retirement on or after
                  the "Normal Retirement Age" as defined in the
                  Retirement Plan for Employees of the Farmers National
                  Bank of Emlenton currently in effect or as amended in
                  the future.

         E.       "Qualifying Termination" shall have the meaning set
                  forth in paragraph 4 hereinafter.

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         F.       "Retirement" shall mean retirement at any time prior to
                  "Normal Retirement" as defined in paragraph 1.D. of
                  this Agreement

         G.       "Severance Benefits" shall have the meaning
                  described in paragraph 6 hereinafter.

                  2. TERM.  This Agreement  shall commence as of the date hereof
and  shall  terminate  except  to the  extent  that any  obligation  of the Bank
hereunder remains unpaid as of such time, upon the earliest of:

         A.       Five  (5)  years  from the  date of this  Agreement,  unless a
                  change of control of the Bank has  occurred  within  such five
                  year  period,  in which  case the  term of  years  under  this
                  Section  shall be the later of

                  (i)      Five years from the date of this Agreement; or

                  (ii)     Two years from the date of the change of control; or

                  (iii)    The date on which all  payments  payable  under  this
                           Agreement are paid if a termination  of employment or
                           a notice  relating to the  Employee's  termination of
                           employment occurs or is provided on or before two (2)
                           years from the date of change of control.

         B.       The Employee's disability; or

         C.       The termination of the Employee's  employment with the

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                  Bank as a result  of the  Employee's  death,  conviction  of a
                  felony,  retirement or the Employee's voluntary resignation of
                  employment other than for good reason.

         D.       The term of this Agreement  specified in paragraph 2.A. herein
                  shall  be  extended  for a  period  of  one  year  beyond  the
                  expiration date then in effect on each anniversary date of the
                  commencement  date of this  Agreement  unless  the Bank  shall
                  provide the Employee with written notice to the contrary prior
                  to each  renewal  date.  In no event  shall the Term  continue
                  after the date of Normal Retirement.

                  3. EMPLOYMENT STATUS. Notwithstanding any provisions set forth
in this  Agreement,  nothing  herein  shall be deemed  to  create an  employment
agreement between the Bank and Employee.  Unless the Bank and Employee are bound
by a separate Employment  Agreement,  the Employee's employment with the Bank is
terminable at will by the Bank or the Employee may  terminate his  employment at
any time,  with or without cause,  subject to the Bank's  obligations to provide
Severance Benefits as required hereunder.

                  4. QUALIFYING TERMINATION. A voluntary termination by employee
for Good Reason,  or termination  for reasons other than death,  conviction of a
felony,  disability,  normal retirement within twenty-four (24) months after the
date of a change of  control of  Emclaire  Financial  Corp  shall  result in the
payment of Severance Benefits.

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         5.  TERMINATION  FOR  GOOD  REASON.  The  Employee  may  terminate  his
employment  with the Bank for Good  Reason at any time within  twenty-four  (24)
months  after the date of a change of control and be  entitled  to  compensation
under  paragraph  6 of this  Agreement.  For  purposes of this  Agreement  "Good
Reason" shall mean:

         A.       Any change in Employee's duties, responsibilities,
                  status, titles, or offices in effect immediately prior
                  to a change in control of the Bank.

         B.       A reduction in Employee's annual salary immediately prior to a
                  change of control or as the same may be increased from time to
                  time.

         C.       Any material diminution of the benefits (including
                  insurance, vacation or disability) which were in effect
                  prior to the change of control of the Bank.

         D.       A  relocation  of  the  Bank's  headquarters  offices  or  the
                  Employee's place of business  following a change of control to
                  a place  beyond ten (10) miles from the  current  headquarters
                  offices or the Employee's place of business.

         E.       Any material breach of this Agreement which has not
                  been cured within ten (10) days after a notice of non-
                  compliance has been given by Employee to the Bank.


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         F.       Any failure of the Bank to obtain the assumption of
                  this Agreement by any successor or assign of the Bank.

                  6. SEVERANCE  BENEFITS UPON TERMINATION OF EMPLOYMENT.  In the
event of a  qualifying  termination  within  two (2) years  from the date from a
change  of  control,  the Bank  shall pay or  provide  the  following  severance
benefits to the Employee:

         A        On the  fifth  (5th)  business  day  following  the  date of
                  termination,  a lump sum cash payment in the amount of two (2)
                  times the  Employee's  base  annual  compensation  immediately
                  preceding a change of control or immediately prior to the date
                  of termination, whichever is higher; and

         B.       For two (2) years after the date of termination the Bank shall
                  arrange  to  provide  the  Employee  with  life,   disability,
                  accident and health insurance benefits  substantially  similar
                  to  what  was  in  place  immediately  prior  to the  date  of
                  termination,  provided however, that any such payment shall be
                  reduced to the extent  that these  benefits  are  provided  to
                  Employee from a subsequent employer; and

         C.       Legal  expenses  and fees  incurred  by Employee in his or her
                  attempt to obtain  severance  benefits  following a qualifying
                  termination; and

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         D.       Unpaid salary and accrued vacation pay.

         E.       The  Employee  shall not be required to mitigate the amount of
                  any  payment of  severance  benefits  if he is  seeking  other
                  employment, except as set forth hereinbefore.

         7. SUCCESSORS.  In addition to any obligations  imposed by law upon any
successor to the Bank,  the Bank will require any successor to expressly  assume
and agree to perform  this  Agreement  in the same manner and to the same extent
that the Bank would be required to perform if no such event had taken place.

         8. SEVERABILITY. The invalidity or unenforceability of any provision of
this  Agreement  shall not effect the  validity or  enforceability  of any other
provision hereof.

         9. NON-DISCLOSURE.  Employee will not, during or after the term of this
Agreement,  directly or indirectly,  disseminate or disclose to any person, firm
or  entity,  except to his or her family  and legal  advisor,  the terms of this
Agreement without the written consent of the Bank.

         10.      APPLICABLE LAW.  This Agreement shall be governed by
the laws of the Commonwealth of Pennsylvania.

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         11. ARBITRATION. Any controversy or claim arising out of or relating to
this  Agreement,  or the breach  thereof,  shall 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 the Bank,  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. The Bank shall incur the cost of all fees and expenses
associated  with filing a request for  arbitration  with the AAA,  whether  such
filing  is  made on  behalf  of the  Bank or the  employee,  and the  costs  and
administrative  fees  associated  with  employing  the  arbitrator  and  related
administrative  expenses  assessed  by the AAA.  The Bank  shall  reimburse  the
Employee for all reasonable costs and expenses,  including reasonable attorneys'
fees, arising from such dispute,  proceedings or actions,  following delivery of
the decision of the arbitrator. Such reimbursement shall be paid within ten (10)
days of  Employee  furnishing  to the Bank  evidence,  which may be in the form,
among other  things,  of a canceled  check or receipt,  of any costs or expenses
incurred by Employee.