Document:

<PAGE>

Exhibit 10.17

                                                  Guy Carpenter & Company, Inc.
                                                  Centennial Lakes, Suite 400
GUY CARPENTER                                     3600 Minnesota Drive
                                                  Edina, MN 55435
                                                  952 920 3300 Fax 952 920 9382

Placement Slip
--------------------------------------------------------------------------------
                                       File #: 2557-00-0001-00
                                       Effective Date: January 1, 2003

COMPANY:

     PROFESSIONALS DIRECT INSURANCE COMPANY
     Grand Rapids, Michigan
     (herein called the COMPANY)

TITLE:

     FIRST EXCESS CASUALTY REINSURANCE AGREEMENT

BUSINESS COVERED:

     New and renewal business classified by the Company as Lawyers Professional
     Liability, including, but not limited to, claims made business written or
     assumed under the Company's Select and Essentials or Premier Programs.
     Prior Acts and Extended Reporting Endorsements covered as per original
     policy.

TERRITORY:

     To follow the Company's policies as respects insureds domiciled in the
     United States, its territories or possessions.

PERIOD:

     Continuous and to take effect January 1, 2003 as respects new and renewal
     business. Annual or multi-year renewals thereafter as mutually agreed.
     Original policy shall be issued for a maximum policy period of 12 months
     plus odd time (not exceeding 18 months in all), plus any extended reporting
     period endorsements.

     Underwriting year account basis.

     Cancellation at December 31, 2003, or any December 31 thereafter, by either
     party via 180 days prior notice by certified or registered mail. Run-off
     for all policies in force at the date of termination until their natural
     expiration.

<PAGE>

                                               Page:             2 of 5
GUY CARPENTER                                  File #:           2557-00-0001-00
                                               Effective Date:   January 1, 2002

PERIOD CONTINUED:

     Reinsurers' liability will continue in the event any extended discovery or
     reporting options are exercised in accordance with the original policies,
     and/or in the event the Company is bound by statute, regulation, or
     judicial decision to continue coverage.

LIMIT & RETENTION:

     $500,000 each original insured, each and every claim in excess of $500,000
     each original insured, each and every claim. Loss Expenses to be included
     within and subject to the Reinsurers' limit of liability.

     It is understood and agreed all ceded policies shall include claims expense
     within limits of liability or so deemed.

EXCLUSIONS:

     1.   Insolvency Funds Exclusion Clause

     2.   Pools, Associations, and Syndicates

     3.   Nuclear Incident Exclusion Clause - Liability - Reinsurance

     4.   All actual or threatened loss or damage (including all consequential
          loss or damage of any type) caused by, arising or resulting from, or
          in connection with, an act or acts of Terrorism, including all costs
          and expenses of whatever nature, related thereto. For purposes of this
          exclusion, "Terrorism" shall mean any act(s), attempt(s) or threat(s)
          thereof, which endangers human life or health, tangible or intangible
          property or infrastructure, or intimidates, disrupts or coerces a
          government or a unit of government, business or commercial enterprise,
          the public, or any segment thereof, in furtherance of political,
          religious, ideological or social objectives. This Exclusion shall
          apply regardless of any otherwise covered cause, event or peril
          contributing concurrently or in any other sequence to the loss.

PREMIUM:

     85% of the layer net increased limits ceded premium.

     Within thirty (30) days of the end of each quarter, the Company shall
     furnish the Reinsurer with a statement of account detailing the ceded
     premium to be paid to the Reinsurer together with a bordereau of policies
     ceded under this agreement during the quarter.

<PAGE>

                                                Page:           3 of 5
GUY CARPENTER                                   File #:         2557-00-0001-00
                                                Effective Date: January 1, 2002

RESERVES:

     Letters of Credit and/or Trust Agreements required from unauthorized
     Reinsurers for outstanding losses and expenses, recoverables, IBNR, and
     unearned premium.

GENERAL CONDITIONS:

     All reinsurance under this Contract shall be subject to the same rates,
     terms, conditions, deductibles, waivers and interpretations and to the same
     modifications and alterations as the respective policies of the Company.

     "Original Insured" shall mean all interests covered under one Policy.

     "Claim" shall mean any notice received by the Company in writing of an
     incident, or claim or suit which is sufficient to enable the Company to
     establish a claim advice file. A Claim, for purposes hereon, shall include
     each Claim or series of Claims arising out of any one incident as respects
     any one Insured, such Claim(s) arising due to the same accident, error or
     omission in providing a professional service, or series of accidents,
     errors or omissions in providing professional service having a common
     cause, unless otherwise defined in the Company's original policy.

     "Increased Limits Net Written Premium" as used herein, shall mean the
     Company's gross written premium associated by the Company to the limits
     ceded to this contract. As respects business produced through agents and
     brokers, it is understood and agreed the Company may gross up their ILF
     premium for the representative expenses of acquiring the business, with
     said commission not to exceed 15% of the layer increased limits net written
     premium.

CLAUSES:

     Access to Records Clause
     Amendments
     Arbitration Clause
     Confidentiality Clause
     Coverage
     Currency Clause
     Definitions (ALAE included within the UNL; DJ expenses covered)
     ECO 90%, XPL 90% (within UNL on ceded policies)
     Exclusions
     Federal Excise Tax Clause
     Governing Law Clause
     Indemnification and Errors and Omissions Clause
     Insolvency Clause, applies severally to each reinsured entity
     Loss Notices and Settlements

<PAGE>

                                                Page:           4 of 5
GUY CARPENTER                                   File #:         2557-00-0001-00
                                                Effective Date: January 1, 2002

CLAUSES CONTINUED:

     Net Retained Lines
     Offset Clause, this Agreement only
     Other Reinsurance
     Reinsurance Follows Original Policies
     Reinsurance Premium
     Reserve and Funding
     Reports and Remittances
     Retention and Limit
     Salvage and Subrogation Clause
     Service of Suit Clause
     Settlements Clause
     Several Liability Notice - LSW - 1001
     Taxes Clause
     Term and Cancellation
     Territory

     GUY CARPENTER & COMPANY, INC., Intermediary Clause

INFORMATION:

     Estimated 2003 gross ceded premium equals $1,700,000.

<PAGE>

                                                Page:           5 of 5
GUY CARPENTER                                   File #:         2557-00-0001-00
                                                Effective Date: January 1, 2002

BROKERAGE:

     10.00% of net premium ceded to reinsurers.

ACCEPTED:

First Layer:   15% of $500,000  Ref # 03XL02001

Reinsurer:             AmerInst Insurance Company, Ltd.

FEIN #:

NAIC #:

Authorized Signature:  /s/ Stuart Grayston

Date:                  February 27, 2003Change of Control Agreement for Coleman J. Clougherty

   Exhibit 10.1
  CHANGE OF CONTROL AGREEMENT

	             This Change of Control Agreement (this “Agreement”) is entered into to be effective as of March
1, 2003 by and among FC Banc Corp, a bank holding company (“FC Banc”), The Farmers Citizens Bank, an Ohio-chartered, FDIC-insured bank with its main office in Bucyrus, Ohio (the “Bank”) (collectively, the “Employer”),
and Coleman J. Clougherty, a natural person (“Employee”).  Employer and Employee are sometimes collectively referred to herein as the “Parties” and each individually as a “Party.”
 

  RECITALS

	              Employee desires to be employed by Employer to serve as Executive Vice President of the Bank, and
Employer desires for Employee to so serve, subject to the terms and conditions hereinafter set forth.
 

  STATEMENT OF AGREEMENT

	              NOW THEREFORE, in consideration of the premises and mutual covenants and agreements
hereinafter set forth, the Parties hereby agree as follows:
 
	  
 
	              1.  EMPLOYMENT. Bank hereby employs Employee as its Executive Vice
President.  In the event of a change in control as below described, Employer agrees to pay to Employee the amount of one years’ severance pay based upon Employee’s annual salary for the previous twelve (12) months.  Said
severance pay shall be paid upon Employee giving to Employer written notice.
 
	  
 
	  
 	 2.  CHANGE OF CONTROL.
 
	  
 	  
 
	  
 	  (A) A Change of Control shall be deemed to have occurred if there is:
 
	  
 	  
 
	  
 	  (1) A purchase or other acquisition by any person, entity or group of persons (within the meaning of section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended
(“the Exchange Act”) or any comparable successor provisions), directly or indirectly, which results in the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of such person, entity or group of
persons equaling 50% of more of the combined voting power of the then outstanding voting securities of FC Banc entitled to vote generally in the election of directors (“Voting Securities”); excluding, however, any acquisition (i) by FC
Banc or any person 
 

 

	  
 	  controlled by FC Banc or the Board of Directors of FC Banc, (ii) by any employee benefit plan or related trust sponsored or maintained by FC Banc, (iii) by Employee or (iv) by
another group including Employee, but only if Employee and other executives of FC Banc control such group;
 
	  
 	  
 
	  
 	 (2)  A change, within any rolling two-year period beginning with any date on or after the effective date of this Agreement, in the composition of the Board such that the
individuals who constitute the Board (the “Incumbent Board”) at the beginning of such rolling period cease for any reason to constitute at least a majority of the Board; provided, however, that for purposes of this definition, any
individual who becomes a member of the Board after the effective date of this Agreement, whose election, or nomination for election, by FC Banc’s security-holders was approved by a vote of at least a majority of those individuals who are
members of the Board and who were also members of the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; and provided, further however, that any such individual whose initial assumption of office
occurs as a result of or in connection with either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of any person other than the Board shall not be so considered as a member of the Incumbent Board;
 
	  
 	  
 
	  
 	  (3)  A merger, reorganization or consolidation to which FC Banc is a party or a sale or other disposition of all or substantially all of the assets of FC Banc  (each,
a “Corporate Transaction”); excluding however, any Corporate Transaction pursuant to which (i) persons who were security holders of FC Banc immediately prior to such Corporate Transaction do (solely because of their Voting Securities owned
immediately prior to Corporate Transaction)own immediately thereafter more than 50 percent of the combined voting power entitled to vote in the election of directors of the then outstanding securities or the company surviving the Corporate
Transaction and (ii) individuals who constitute the Incumbent Board will immediately after the consummation of the Corporate Transaction constitute at least a majority of the members of the board of the company surviving such Corporate Transaction;
or
 
	  
 	  
 
	  
 	 (4)  Approval by the security-holders of FC Banc of a plan of complete liquidation or dissolution of FC Banc;
 
	  
 	  
 
	  provided however, that notwithstanding anything herein to the contrary, it is the intent of the Parties that any merger or other form of combination,
whether by acquisition of securities or sale of assets or otherwise that is declared by the Incumbent Board to be a combination “of equals” pursuant to which persons who comprise the Incumbent Board immediately before such combination will
comprise not less than 50 percent of the Board of Directors of the resulting entity after consummation of the combination shall not be a “Change of Control.”
 

 

	              (B)  “Good Reason” shall exist, in the absence of Cause, if, during the
twelve month period following the occurrence of any Change of Control:
 
	  
 
	  
 	  (1)  Employer commits a material breach of any provision of this Agreement and does not cure such breach within ten (10) days after written notice of such
breach is provided to Employer by Employee;
 
	  
 	  
 
	  
 	 (2)  Employee is assigned, without Employee’s consent, duties or responsibility materially inconsistent with the duties and responsibilities contemplated by
Exhibit A of this Agreement;
 
	  
 	  
 
	  
 	  (3) There is a reduction or material delay in payment of Employee’s Base Compensation as in effect on the date of the Change of Control;
 
	  
 	  
 
	  
 	  (4)  Employee is required to reside or travel outside of the Bucyrus, Ohio area, other than on travel reasonably required to carry out Employee’s
obligations under this Agreement.
 
	  
 	  
 
	  
 	  3.  EMPLOYEE’S SEVERANCE PACKAGE.
 
	  
 	  
 
	              In the event of a change of control, Employee shall be paid in one lump sum payment with the
appropriate local, state and federal taxes withheld.
 
	  
 	  
 
	  
 	 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.
 
	  
 	  
 
	  EMPLOYEE:
 	  
 
	  
 	  
 
	 
 	  
 	  
 
	  Coleman J. Clougherty
 	  
 	  Witness
 
	  
 	  
 
	  FC BANC CORP.
 	  
 
	  
 	  
 
	  By
 	  
 	  
 	  
 
	  
 	 
 	  
 	  
 
	 Its:
 	  
 	  
 	  Witness
 
	  
 	 
 	  
 	  
 
	  
 	  
 
	  THE FARMERS CITIZENS BANK
 	  
 
	  
 	  
 
	  By
 	  
 	  
 	  
 
	  
 	 
 	  
 	  
 
	  Its:
 	  
 	  
 	  Witness

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]