Document:

Exhibit 10.8

CHANGE IN CONTROL SEVERANCE AGREEMENT

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT is dated
this 29th day of March 2004, among Peoples Community Bancorp, Inc., a Delaware
corporation (the “Corporation”), Peoples Community Bank, a Federally chartered
savings bank and wholly owned subsidiary of the Corporation (the “Bank”), and
Lori M. Henn (the “Executive”).  The
Corporation and the Bank are collectively referred to as the “Employers”.

WITNESSETH

WHEREAS, the Executive is presently an officer of each
of the Employers;

WHEREAS, the Employers desire to be ensured of the
Executive’s continued active participation in the business of the Employers;
and

WHEREAS, in order to induce the Executive to remain
in the employ of the Employers and in consideration of the Executive’s agreeing
to remain in the employ of the Employers, the parties desire to specify the
severance benefits which shall be due the Executive in the event that his
employment with the Employers is terminated under specified circumstances;

NOW THEREFORE, in consideration of the mutual
agreements herein contained, and upon the other terms and conditions
hereinafter provided, the parties hereby agree as follows:

1.             Definitions.  The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:

(a)           Annual Compensation.  The Executive’s “Annual Compensation” for
purposes of this Agreement shall be deemed to mean the average level of
compensation paid to the Executive by the Employers or any subsidiary thereof
during the most recent five taxable years preceding the Date of Termination (or
such shorter period as the Executive was employed), and which was included in
the Executive’s gross income for tax purposes, including but not limited to the
Executive’s salary, bonuses and all other amounts taxable to the Executive
pursuant to any employee benefit plans of the Employers.

(b)           Cause. Termination of the Executive’s
employment for “Cause” shall mean termination because of personal dishonesty,
incompetence, willful misconduct, 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),
final cease-and-desist order or material breach of any provision of this
Agreement.  For purposes of this
paragraph, no act or failure to act on the Executive’s part shall be considered
“willful” unless done, or omitted to be done, by the Executive not in good
faith and without reasonable belief that the Executive’s action or omission was
in the best interests of the Employers.

(c)           Change in Control of the Corporation.  “Change in Control of the Corporation” shall
mean a change in control of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (“Exchange Act”), or any successor
thereto, whether or not the Corporation is registered under the Exchange Act;
provided that, without limitation, such a change in control shall be deemed to
have occurred if (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Corporation representing 25% or more of the combined voting power of the
Corporation’s then outstanding securities; or (ii) during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board of Directors of the Corporation cease for any reason to constitute at
least a majority thereof unless the election, or the nomination for election by
stockholders, of each new director was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of the period.

(d)           Code. 
“Code” shall mean the Internal Revenue Code of 1986, as amended.

(e)           Date of Termination.  “Date of Termination” shall mean (i) if the
Executive’s employment is terminated for Cause, the date on which the Notice of
Termination is given, and (ii) if the Executive’s employment is terminated for
any other reason, the date specified in the Notice of Termination.

(f)            Disability. 
Termination by the Employers of the Executive’s employment based on “Disability”
shall mean termination because of any physical or mental impairment which
qualifies the Executive for disability benefits under the applicable long-term
disability plan maintained by the Employers or any subsidiary or, if no such
plan applies, which would qualify the Executive for disability benefits under
the Federal Social Security System.

(g)           Good Reason.  Termination by the Executive of the Executive’s
employment for “Good Reason” shall mean termination by the Executive following
a Change in Control of the Corporation based on:

(i)                                     Without the Executive’s express written
consent, the failure to elect or to re-elect or to appoint or to re-appoint the
Executive to the office of Senior Vice President of the Employers or a material
adverse change made by the Employers in the Executive’s functions, duties or
responsibilities as Senior Vice President of the Employers;

(ii)                                  Without the Executive’s express written
consent, a material reduction by the Employers in the Executive’s base salary
as the same may be increased from time to time or a material reduction in the
package of fringe benefits provided to the Executive, taken as a whole;

(iii)                               Without the Executive’s express written
consent, the Employers require the Executive to work in an office which is more
than 30 miles from the location of the Employers’ current principal executive
office, except for required travel on business of the Employers to an extent
substantially consistent with the Executive’s present business travel
obligations;

(iv)                              Any purported termination of the Executive’s
employment for Disability or Retirement which is not effected pursuant to a
Notice of Termination satisfying the requirements of paragraph (i) below; or

(v)                                 The failure by the Employers to obtain the
assumption of and agreement to perform this Agreement by any successor as
contemplated in Section 6 hereof.

(h)           IRS. 
IRS shall mean the Internal Revenue Service.

(i)            Notice of Termination.  Any purported termination of the Executive’s
employment by the Employers for any reason, including without limitation for
Cause, Disability or Retirement, or by the Executive for any reason, including
without limitation for Good Reason, shall be communicated by written “Notice of
Termination” to the other party hereto. 
For purposes of this Agreement, a “Notice of Termination” shall mean a
dated notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated, (iii) specifies a Date of
Termination, which shall be not less than thirty (30) nor more than ninety (90)
days after such Notice of Termination is given, except in the case of the
Employers’ termination of the Executive’s employment for Cause, which shall be
effective immediately; and (iv) is given in the manner specified in Section 7
hereof.

(j)            Retirement. 
“Retirement” shall mean voluntary termination by the Executive in
accordance with the Employers’ retirement policies, including early retirement,
generally applicable to the Employers’ salaried employees.

2.             Benefits
Upon Termination.   If the Executive’s employment by the
Employers shall be terminated subsequent to a Change in Control of the
Corporation by (i) the Employers for other than Cause, Disability,
Retirement or the Executive’s death or (ii) the Executive for Good Reason, then
the Employers shall:

(a)           pay
to the Executive, in either twelve (12) equal monthly installments beginning
with the first business day of the month following the Date of Termination or
in a lump sum as of the Date of Termination (at the Executive’s election), a
cash severance amount equal to one (1) times the Executive’s Annual
Compensation; and

(b)           maintain
and provide for a period ending at the earlier of (i) the expiration of the
remaining term of this Agreement as of the Date of Termination or (ii) the date
of the Executive’s full-time employment by another employer (provided that the
Executive is entitled under the terms of such employment to benefits
substantially similar to those described in this subparagraph (b)), at no cost
to the Executive, the Executive’s continued participation in all group
insurance, life insurance, health and accident insurance, disability insurance
and other employee benefit plans, programs and arrangements offered by the
Employers in which the Executive was entitled to participate immediately prior
to the Date of Termination (excluding (y) stock option and restricted
stock plans of the Employers and (z) cash incentive compensation included
in Annual Compensation), provided that in the event that the Executive’s
participation in any plan, program or arrangement as provided in this
subparagraph (b) is barred, or during such period any such plan, program or
arrangement is discontinued or the benefits thereunder are materially reduced,
the Employers shall arrange to provide the Executive with benefits
substantially similar to those which the Executive was entitled to receive
under such plans, programs and arrangements immediately prior to the Date of
Termination.

3.             Limitation
of Benefits under Certain Circumstances.  If
the payments and benefits pursuant to Section 2 hereof, either alone or
together with other payments and benefits which the Executive has the right to
receive from the Employers, would constitute a “parachute payment” under
Section 280G of the Code, the payments and benefits payable by the Employers
pursuant to Section 2 hereof shall be reduced, in the manner determined by the
Executive, by the amount, if any, which is the minimum necessary to result in
no portion of the payments and benefits under Section 2 being non-deductible to
either of the Employers pursuant to Section 280G of the Code and subject to the
excise tax imposed under Section 4999 of the Code.  The determination of any reduction in the
payments and benefits to be made pursuant to Section 2 shall be based upon the
opinion of independent tax counsel selected by the Employers and paid by the
Employers.  Such counsel shall be
reasonably acceptable to the Employers and the Executive; shall promptly
prepare the foregoing opinion, but in no event later than thirty (30) days from
the Date of Termination; and may use such actuaries as such counsel deems
necessary or advisable for the purpose. In the event that the Employers and/or
the Executive do not agree with the opinion of such counsel, (i) the Employers
shall pay to the Executive the maximum amount of payments and benefits pursuant
to Section 2, as selected by the Executive, which such opinion indicates that
there is a high probability do not result in any of such payments and benefits
being non-deductible to the Employers and subject to the imposition of the
excise tax imposed under Section 4999 of the Code and (ii) the Employers may
request, and Executive shall have the right to demand that the Employers
request, a ruling from the IRS as to whether the disputed payments and benefits
pursuant to Section 2 hereof have such consequences.  Any such request for a ruling from the IRS
shall be promptly prepared and filed by the Employers, but in no event later
than thirty (30) days from the date of the opinion of counsel referred to
above, and shall be subject to Executive’s approval prior to filing, which
shall not be unreasonably withheld.  The
Employers and Executive agree to be bound by any ruling received from the IRS
and to make appropriate payments to each other to reflect any such rulings,
together with interest at the applicable federal rate provided for in Section
7872(f)(2) of the Code.  Nothing
contained herein shall result in a reduction of any payments or benefits to
which the Executive may be entitled upon termination of employment under any
circumstances other than as specified in this Section 3, or a reduction in the
payments and benefits specified in Section 2 below zero.

4.             Mitigation;
Exclusivity of Benefits.

(a)           The
Executive shall not be required to mitigate the amount of any benefits
hereunder by seeking other employment or otherwise, nor shall the amount of any
such benefits be reduced by any compensation earned by the Executive as a
result of employment by another employer after the Date of Termination or
otherwise.

(b)           The
specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.

5.             Withholding.  All
payments required to be made by the Employers hereunder to the Executive shall
be subject to the withholding of such amounts, if any, relating to tax and
other payroll deductions as the Employers may reasonably determine should be
withheld pursuant to any applicable law or regulation.

6.             Assignability.  The
Employers may assign this Agreement and their rights and obligations hereunder
in whole, but not in part, to any corporation, bank, savings association or
other entity with or into which either of the Employers may hereafter merge or
consolidate or to which either of the Employers may transfer all or
substantially all of its respective assets, if in any such case said
corporation, bank or other entity shall by operation of law or expressly in
writing assume all obligations of the Employers hereunder as fully as if it had
been originally made a party hereto, but may not otherwise assign this
Agreement or their rights and obligations hereunder.  The Executive may not assign or transfer this
Agreement or any rights or obligations hereunder.

7.             Notice.  For
the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:

	
  To the Employers:

  	
   

  	
  Boards of Directors

  
	
   

  	
   

  	
  Peoples Community Bancorp, Inc.

  
	
   

  	
   

  	
  Peoples Community Bank

  
	
   

  	
   

  	
  6100 West Chester Road

  
	
   

  	
   

  	
  West Chester, Ohio 45069

  
	
   

  	
   

  	
   

  
	
  To the
  Executive:

  	
   

  	
  Lori M. Henn

  
	
   

  	
   

  	
  9555 Sparrow Place

  
	
   

  	
   

  	
  Mason, Ohio 45040

  

 

8.             Amendment;
Waiver.  No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer or officers
as may be specifically designated by the Boards of Directors of the Employers
to sign on their behalf.  No waiver by
any party hereto at any time of any breach by any other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

9.             Governing
Law.  The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the United
States where applicable and otherwise by the substantive laws of the
Corporation’s state of jurisdiction.

10.          Nature
of Employment and Obligations.

(a)           Nothing
contained herein shall be deemed to create other than a terminable at will
employment relationship between the Employers and the Executive, and the
Employers may terminate the Executive’s employment at any time, subject to
providing any payments specified herein in accordance with the terms hereof.

(b)           Nothing
contained herein shall create or require the Employers to create a trust of any
kind to fund any benefits which may be payable hereunder, and to the extent
that the Executive acquires a right to receive benefits from the Employers
hereunder, such right shall be no greater than the right of any unsecured
general creditor of the Employers.

11.          Term
of Agreement.  The term of this Agreement shall be for one
year, commencing on the date of this Agreement and, upon approval of the Boards
of Directors of the Employers, shall extend for an additional year on each
annual anniversary of the date of this Agreement.  Prior to the first annual anniversary of the
date of this Agreement and each annual anniversary thereafter, the Boards of
Directors of the Employers shall consider and review (after taking into account
all relevant factors, including the Executive’s performance) an extension of
the term of this Agreement, and the term shall continue to extend each year if
the Boards of Directors approve such extension unless the Executive gives
written notice to the Employers of the Executive’s election not to extend the
term, with such written notice to be given not less than thirty (30) days prior
to any such anniversary date. If the Boards of Directors of the Employers elect
not to extend the term, they shall give written notice of such decision to the
Executive not less than thirty (30) days prior to any

such anniversary date.  If any
party gives timely notice that the term will not be extended as of any annual
anniversary date, then this Agreement shall terminate at the conclusion of its
remaining term.  References herein to the
term of this Agreement shall refer both to the initial term and successive
terms.

12.          Headings.  The
section headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this
Agreement.

13.          Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this
Agreement, which shall remain in full force and effect.

14.          Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.

15.          Regulatory
Prohibition.  Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k))
and the regulations promulgated thereunder.

16.          Entire
Agreement.  This Agreement embodies the entire agreement
between the Employers and the Executive with respect to the matters agreed to
herein.  All prior agreements between the
Employers and the Executive with respect to the matters agreed to herein are
hereby superseded and shall have no force or effect.

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first above written.

	
  Attest:

  	
   

  	
   

  	
   

  	
  PEOPLES COMMUNITY BANCORP, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Thomas J. Noe

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Jerry D. Williams

  
	
  Thomas J. Noe

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Jerry D. Williams

  
	
  Executive Vice President

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
  PEOPLES COMMUNITY BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Thomas J. Noe

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Jerry D. Williams

  
	
  Thomas J. Noe

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Jerry D. Williams

  
	
  Executive Vice President

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Lori M. Henn

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Lori M. HennExhibit 10.9

CHANGE IN CONTROL SEVERANCE AGREEMENT

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT is dated
this 25th day of March 2005, among Peoples Community Bancorp, Inc., a Delaware
corporation (the “Corporation”), Peoples Community Bank, a Federally chartered
savings bank and wholly owned subsidiary of the Corporation (the “Bank”), and
Frederick L. Darlington (the “Executive”). 
The Corporation and the Bank are collectively referred to as the “Employers.”

WITNESSETH

WHEREAS, the Executive is presently an officer of
each of the Employers;

WHEREAS, the Employers desire to be ensured of the
Executive’s continued active participation in the business of the Employers;
and

WHEREAS, in order to induce the Executive to remain
in the employ of the Employers and in consideration of the Executive’s agreeing
to remain in the employ of the Employers, the parties desire to specify the
severance benefits which shall be due the Executive in the event that his
employment with the Employers is terminated under specified circumstances;

NOW THEREFORE, in consideration of the mutual
agreements herein contained, and upon the other terms and conditions
hereinafter provided, the parties hereby agree as follows:

1.             Definitions.  The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:

(a)           Annual Compensation.  The Executive’s “Annual Compensation” for
purposes of this Agreement shall be deemed to mean the average level of
compensation paid to the Executive by the Employers or any subsidiary thereof
during the most recent five taxable years preceding the Date of Termination (or
such shorter period as the Executive was employed), and which was included in
the Executive’s gross income for tax purposes, including but not limited to the
Executive’s salary, bonuses and all other amounts taxable to the Executive
pursuant to any employee benefit plans of the Employers.

(b)           Cause. Termination of the Executive’s
employment for “Cause” shall mean termination because of personal dishonesty,
incompetence, willful misconduct, 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),
final cease-and-desist order or material breach of any provision of this
Agreement.  For purposes of this
paragraph, no act or failure to act on the Executive’s part shall be considered
“willful” unless done, or omitted to be done, by the Executive not in good
faith and without reasonable belief that the Executive’s action or omission was
in the best interests of the Employers.

(c)           Change in Control of the Corporation.  “Change in Control of the Corporation” shall
mean a change in control of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (“Exchange Act”), or any successor
thereto, whether or not the Corporation is registered under the Exchange Act;
provided that, without limitation, such a change in control shall be deemed to
have occurred if (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Corporation representing 25% or more of the combined voting power of the
Corporation’s then outstanding securities; or (ii) during any period of
two

consecutive years, individuals who at the beginning of such period
constitute the Board of Directors of the Corporation cease for any reason to
constitute at least a majority thereof unless the election, or the nomination
for election by stockholders, of each new director was approved by a vote of at
least two-thirds of the directors then still in office who were directors at
the beginning of the period.

(d)           Code. 
“Code” shall mean the Internal Revenue Code of 1986, as amended.

(e)           Date of Termination.  “Date of Termination” shall mean (i) if the
Executive’s employment is terminated for Cause, the date on which the Notice of
Termination is given, and (ii) if the Executive’s employment is terminated for
any other reason, the date specified in the Notice of Termination.

(f)            Disability. 
Termination by the Employers of the Executive’s employment based on “Disability”
shall mean termination because of any physical or mental impairment which
qualifies the Executive for disability benefits under the applicable long-term
disability plan maintained by the Employers or any subsidiary or, if no such
plan applies, which would qualify the Executive for disability benefits under
the Federal Social Security System.

(g)           Good Reason.  Termination by the Executive of the Executive’s
employment for “Good Reason” shall mean termination by the Executive following
a Change in Control of the Corporation based on:

(i)                                     Without the Executive’s express written
consent, the failure to elect or to re-elect or to appoint or to re-appoint the
Executive to the office of Senior Vice President and General Counsel of the
Employers or a material adverse change made by the Employers in the Executive’s
functions, duties or responsibilities as Senior Vice President and General
Counsel of the Employers;

(ii)                                  Without the Executive’s express written
consent, a material reduction by the Employers in the Executive’s base salary
as the same may be increased from time to time or a material reduction in the
package of fringe benefits provided to the Executive, taken as a whole;

(iii)                               Without the Executive’s express written
consent, the Employers require the Executive to work in an office which is more
than 30 miles from the location of the Employers’ current principal executive
office, except for required travel on business of the Employers to an extent
substantially consistent with the Executive’s present business travel
obligations;

(iv)                              Any purported termination of the Executive’s
employment for Disability or Retirement which is not effected pursuant to a
Notice of Termination satisfying the requirements of paragraph (i) below; or

(v)                                 The failure by the Employers to obtain the
assumption of and agreement to perform this Agreement by any successor as
contemplated in Section 6 hereof.

(h)           IRS. 
IRS shall mean the Internal Revenue Service.

(i)            Notice of Termination.  Any purported termination of the Executive’s
employment by the Employers for any reason, including without limitation for
Cause, Disability or Retirement, or by the Executive for any reason, including
without limitation for Good Reason, shall be communicated by written “Notice of
Termination” to the other party hereto. 
For purposes of this Agreement, a “Notice of Termination” shall mean a
dated notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s

employment under the provision so indicated, (iii) specifies a Date of
Termination, which shall be not less than thirty (30) nor more than ninety (90)
days after such Notice of Termination is given, except in the case of the
Employers’ termination of the Executive’s employment for Cause, which shall be
effective immediately; and (iv) is given in the manner specified in Section 7
hereof.

(j)            Retirement.  “Retirement” shall mean voluntary termination
by the Executive in accordance with the Employers’ retirement policies,
including early retirement, generally applicable to the Employers’ salaried
employees.

2.             Benefits
Upon Termination.  If the Executive’s employment by the
Employers shall be terminated subsequent to a Change in Control of the
Corporation by (i) the Employers for other than Cause, Disability,
Retirement or the Executive’s death or (ii) the Executive for Good Reason, then
the Employers shall:

(a)           pay
to the Executive, in either twelve (12) equal monthly installments beginning
with the first business day of the month following the Date of Termination or
in a lump sum as of the Date of Termination (at the Executive’s election), a
cash severance amount equal to one (1) times the Executive’s Annual
Compensation; and

(b)           maintain
and provide for a period ending at the earlier of (i) the expiration of the
remaining term of this Agreement as of the Date of Termination or (ii) the date
of the Executive’s full-time employment by another employer (provided that the
Executive is entitled under the terms of such employment to benefits
substantially similar to those described in this subparagraph (b)), at no cost
to the Executive, the Executive’s continued participation in all group
insurance, life insurance, health and accident insurance, disability insurance
and other employee benefit plans, programs and arrangements offered by the
Employers in which the Executive was entitled to participate immediately prior
to the Date of Termination (excluding (y) stock option and restricted
stock plans of the Employers and (z) cash incentive compensation included
in Annual Compensation), provided that in the event that the Executive’s
participation in any plan, program or arrangement as provided in this
subparagraph (b) is barred, or during such period any such plan, program or
arrangement is discontinued or the benefits thereunder are materially reduced,
the Employers shall arrange to provide the Executive with benefits substantially
similar to those which the Executive was entitled to receive under such plans,
programs and arrangements immediately prior to the Date of Termination.

3.             Limitation
of Benefits under Certain Circumstances.  If
the payments and benefits pursuant to Section 2 hereof, either alone or
together with other payments and benefits which the Executive has the right to
receive from the Employers, would constitute a “parachute payment” under
Section 280G of the Code, the payments and benefits payable by the Employers
pursuant to Section 2 hereof shall be reduced, in the manner determined by the
Executive, by the amount, if any, which is the minimum necessary to result in
no portion of the payments and benefits under Section 2 being non-deductible to
either of the Employers pursuant to Section 280G of the Code and subject to the
excise tax imposed under Section 4999 of the Code.  The determination of any reduction in the
payments and benefits to be made pursuant to Section 2 shall be based upon the
opinion of independent tax counsel selected by the Employers and paid by the
Employers.  Such counsel shall be
reasonably acceptable to the Employers and the Executive; shall promptly
prepare the foregoing opinion, but in no event later than thirty (30) days from
the Date of Termination; and may use such actuaries as such counsel deems
necessary or advisable for the purpose. In the event that the Employers and/or
the Executive do not agree with the opinion of such counsel, (i) the Employers
shall pay to the Executive the maximum amount of payments and benefits pursuant
to Section 2, as selected by the Executive, which such opinion indicates that
there is a high probability do not result in any of such payments and benefits
being non-deductible to the Employers and subject to the imposition of the
excise tax imposed under Section 4999 of the Code and (ii) the Employers may
request, and Executive shall have the right to demand that the Employers
request, a ruling from the IRS as to whether the disputed payments and benefits
pursuant to Section 2 hereof have such consequences.  Any such request for a ruling from the IRS
shall be promptly prepared and filed by the Employers, but in no event later
than thirty (30) days from the date of the opinion of counsel referred to above,
and shall be subject to Executive’s approval prior

to filing, which shall not be unreasonably withheld.  The Employers and Executive agree to be bound
by any ruling received from the IRS and to make appropriate payments to each
other to reflect any such rulings, together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code.  Nothing contained herein shall result in a
reduction of any payments or benefits to which the Executive may be entitled
upon termination of employment under any circumstances other than as specified
in this Section 3, or a reduction in the payments and benefits specified in
Section 2 below zero.

4.             Mitigation; Exclusivity of
Benefits.

(a)           The Executive shall not be required to mitigate the amount
of any benefits hereunder by seeking other employment or otherwise, nor shall
the amount of any such benefits be reduced by any compensation earned by the
Executive as a result of employment by another employer after the Date of
Termination or otherwise.

(b)           The
specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.

5.             Withholding.  All
payments required to be made by the Employers hereunder to the Executive shall
be subject to the withholding of such amounts, if any, relating to tax and
other payroll deductions as the Employers may reasonably determine should be
withheld pursuant to any applicable law or regulation.

6.             Assignability.  The
Employers may assign this Agreement and their rights and obligations hereunder
in whole, but not in part, to any corporation, bank, savings association or
other entity with or into which either of the Employers may hereafter merge or
consolidate or to which either of the Employers may transfer all or
substantially all of its respective assets, if in any such case said
corporation, bank or other entity shall by operation of law or expressly in
writing assume all obligations of the Employers hereunder as fully as if it had
been originally made a party hereto, but may not otherwise assign this
Agreement or their rights and obligations hereunder.  The Executive may not assign or transfer this
Agreement or any rights or obligations hereunder.

7.             Notice.  For
the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:

	
  To the Employers:

  	
   

  	
  Boards of Directors

  
	
   

  	
   

  	
  Peoples Community Bancorp, Inc.

  
	
   

  	
   

  	
  Peoples Community Bank

  
	
   

  	
   

  	
  6100 West Chester Road

  
	
   

  	
   

  	
  West Chester, Ohio 45069

  
	
   

  	
   

  	
   

  
	
  To the
  Executive:

  	
   

  	
  Frederick L. Darlington

  
	
   

  	
   

  	
  6356 Spyglass Ridge Drive

  
	
   

  	
   

  	
  Cincinnati, OH 45230

  

 

8.             Amendment;
Waiver.  No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer or officers
as may be specifically designated by the Boards of Directors of the Employers
to sign on their behalf.  No waiver by
any party hereto at any time of any breach by any other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

9.             Governing
Law.  The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the United
States where applicable and otherwise by the substantive laws of the
Corporation’s state of jurisdiction.

10.          Nature
of Employment and Obligations.

(a)           Nothing
contained herein shall be deemed to create other than a terminable at will
employment relationship between the Employers and the Executive, and the
Employers may terminate the Executive’s employment at any time, subject to
providing any payments specified herein in accordance with the terms hereof.

(b)           Nothing
contained herein shall create or require the Employers to create a trust of any
kind to fund any benefits which may be payable hereunder, and to the extent
that the Executive acquires a right to receive benefits from the Employers
hereunder, such right shall be no greater than the right of any unsecured
general creditor of the Employers.

11.          Term
of Agreement.  The term of this Agreement shall be for one
year, commencing on the date of this Agreement and, upon approval of the Boards
of Directors of the Employers, shall extend for an additional year on each
annual anniversary of the date of this Agreement.  Prior to the first annual anniversary of the
date of this Agreement and each annual anniversary thereafter, the Boards of
Directors of the Employers shall consider and review (after taking into account
all relevant factors, including the Executive’s performance) an extension of
the term of this Agreement, and the term shall continue to extend each year if
the Boards of Directors approve such extension unless the Executive gives
written notice to the Employers of the Executive’s election not to extend the
term, with such written notice to be given not less than thirty (30) days prior
to any such anniversary date. If the Boards of Directors of the Employers elect
not to extend the term, they shall give written notice of such decision to the
Executive not less than thirty (30) days prior to any such anniversary
date.  If any party gives timely notice
that the term will not be extended as of any annual anniversary date, then this
Agreement shall terminate at the conclusion of its remaining term.  References herein to the term of this
Agreement shall refer both to the initial term and successive terms.

12.          Headings.  The
section headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.

13.          Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this
Agreement, which shall remain in full force and effect.

14.          Counterparts.  This Agreement
may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same
instrument.

15.          Regulatory
Prohibition.  Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k))
and the regulations promulgated thereunder.

16.          Entire
Agreement.  This Agreement embodies the entire agreement
between the Employers and the Executive with respect to the matters agreed to
herein.  All prior agreements between the
Employers and the Executive with respect to the matters agreed to herein are
hereby superseded and shall have no force or effect.

IN WITNESS WHEREOF, this Agreement has been executed as of the date
first above written.

	
  Attest:

  	
   

  	
  PEOPLES COMMUNITY BANCORP, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ John E. Rathkamp

  	
   

  	
  By:

  	
   

  	
  /s/ Jerry D. Williams

  
	
  John E. Rathkamp

  	
   

  	
   

  	
   

  	
  Jerry D. Williams

  
	
   

  	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
  PEOPLES COMMUNITY BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ John E.
  Rathkamp

  	
   

  	
  By:

  	
   

  	
  /s/ Jerry D. Williams

  
	
  John E. Rathkamp

  	
   

  	
   

  	
   

  	
  Jerry D. Williams

  
	
   

  	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Frederick L. Darlington

  
	
   

  	
   

  	
   

  	
   

  	
  Frederick L. Darlington

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]