Document:

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                                                                   EXHIBIT 10.12

                          CLIFTON SAVINGS BANK, S.L.A.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

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                          CLIFTON SAVINGS BANK, S.L.A.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                TABLE OF CONTENTS

Article I - Introduction.......................................................1

Article II - Definitions.......................................................2

Article III - Eligibility and Participation....................................5

Article IV - Benefits..........................................................6

Article V - Accounts...........................................................8

Article VI - Supplemental Benefit Payments.....................................9

Article VII - Claims Procedures...............................................10

Article VIII - Amendment and Termination......................................12

Article IX - General Provisions...............................................13

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                                    ARTICLE I
                                  INTRODUCTION

SECTION 1.01      PURPOSE, DESIGN AND INTENT.
                  --------------------------

(a)      The purpose of the Clifton Savings Bank, S.L.A. Supplemental Executive
         Retirement Plan (the "Plan") is to assist Clifton Savings Bank, S.L.A.
         (the "Bank") and its affiliates in retaining the services of key
         employees until their retirement, to induce such employees to use their
         best efforts to enhance the business of the Bank and its affiliates,
         and to provide certain supplemental retirement benefits to such
         employees.

(b)      The Plan, in relevant part, is intended to constitute an unfunded
         "excess benefit plan" as defined in Section 3(36) of the Employee
         Retirement Income Security Act of 1974, as amended. In this respect,
         the Plan is specifically designed to provide certain key employees with
         retirement benefits that would have been provided under various
         tax-qualified retirement plans sponsored by the Bank but for the
         applicable limitations placed on benefits and contributions under such
         plans by various provisions of the Internal Revenue Code of 1986, as
         amended.

                                       1

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                                   ARTICLE II
                                   DEFINITIONS

SECTION 2.01 DEFINITIONS. In this Plan, whenever the context so indicates, the
             -----------
singular or the plural number and the masculine or feminine gender shall be
deemed to include the other, the terms "he," "his," and "him," shall refer to a
Participant or a beneficiary of a Participant, as the case may be, and, except
as otherwise provided, or unless the context otherwise requires, the capitalized
terms shall have the following meanings:

(a) "AFFILIATE" means any corporation, trade or business, which, at the time of
reference, is together with the Bank, a member of a controlled group of
corporations, a group of trades or businesses (whether or not incorporated)
under common control, or an affiliated service group, as described in Sections
414(b), 414(c), and 414(m) of the Code, respectively, or any other organization
treated as a single employer with the Bank under Section 414(o) of the Code.

(b) "APPLICABLE LIMITATIONS" means one or more of the following, as applicable:

         (i)      the maximum limitations on annual additions to a tax-qualified
                  defined contribution plan under Section 415(c) of the Code;

         (ii)     the maximum limitation on the annual amount of compensation
                  that may, under Section 401(a)(17) of the Code, be taken into
                  account in determining contributions to and benefits under
                  tax-qualified plans; and

         (iii)    the maximum limitations, under Sections 401(k), 401(m), or
                  402(g) of the Code, on pre-tax contributions that may be made
                  to a qualified defined contribution plan.

(c) "BANK" means Clifton Savings Bank, S.L.A., and its successors.

(d) "BOARD OF DIRECTORS" means the Board of Directors of the Bank.

(e) "CHANGE IN CONTROL" means one of the following events:

         (i)      there occurs a change in control of the Bank, as defined or
                  determined either by the Bank's primary federal regulator or
                  under regulations promulgated by such regulator;

         (ii)     as a result of, or in connection with, a merger or other
                  business combination, sale of assets or contested election,
                  the persons who were directors of the Bank before such
                  transaction or event cease to constitute a majority of the
                  Board of Directors of the Bank or its successor;

         (iii)    the Bank transfers all or substantially all of its assets to
                  another corporation or entity which is not an affiliate of the
                  Bank;
                                       2

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         (iv)     the Bank is merged or consolidated with another corporation or
                  entity and, as a result of such merger or consolidation, less
                  than 60% of the equity interest in the surviving or resulting
                  corporation is owned by the former shareholders or depositors
                  of the Bank;

         (v)      the Company merges into or consolidates with another
                  corporation, or merges another corporation into the Company
                  and, as a result, less than a majority of the combined voting
                  power of the resulting corporation immediately after the
                  merger or consolidation is held by persons who were
                  stockholders of the Company immediately before the merger or
                  consolidation;

         (vi)     the Company files, or is required to file, a report on
                  Schedule 13D, or another form or schedule required under
                  Sections 13(d) or 14(d) of the Securities Exchange Act of
                  1934, disclosing that the filing person or persons acting in
                  concert has or have become the beneficial owner(s) of 25% or
                  more of a class of the Company's voting securities, except for
                  beneficial ownership of Company voting shares held in a
                  fiduciary capacity by an entity of which the Company directly
                  or indirectly owns 50% or more of its outstanding voting
                  securities;

         (vii)    during any period of two consecutive years, individuals who
                  constitute the Company's Board of Directors at the beginning
                  of the two-year period cease for any reason to constitute at
                  least a majority thereof, provided that any person becoming a
                  director subsequent to the date hereof whose election was
                  approved by a vote of at least two-thirds of the directors who
                  were directors at the beginning of the two-year period shall
                  be deemed to have also been a director at the beginning of
                  such period; or

         (viii)   the Company sells to a third party all or substantially all of
                  its assets.

(f) "CODE" means the Internal Revenue Code of 1986, as amended.

(g) "COMMITTEE" means the person(s) designated by the Board of Directors,
pursuant to Section 9.02 of the Plan, to administer the Plan.

(h) "COMMON STOCK" means the common stock of the Company.

(i) "COMPANY" means Clifton Savings Bancorp, Inc. and its successors.

(j) "ELIGIBLE INDIVIDUAL" means any Employee who participates in the ESOP or the
Savings Plan, as the case may be, and whom the Board of Directors determines is
one of a "select group of management or highly compensated employees," as such
phrase is used for purposes of Sections 101, 201, and 301 of ERISA.

(k) "EMPLOYEE" means any person employed by the Bank or an Affiliate.

(l) "EMPLOYER" means the Bank or Affiliate that employs the Employee.

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(m) "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

(n) "ESOP" means the Clifton Savings Bank, S.L.A. Employee Stock Ownership Plan,
as amended from time to time.

(o) "ESOP ACQUISITION LOAN" means a loan or other extension of credit incurred
by the trustee of the ESOP in connection with the purchase of Common Stock on
behalf of the ESOP.

(p) "ESOP VALUATION DATE" means any day as of which the investment experience of
the trust fund of the ESOP is determined and individuals' accounts under the
ESOP are adjusted accordingly.

(q) "EFFECTIVE DATE" means January 1, 2004.

(r) "PARTICIPANT" means an Eligible Employee who is entitled to benefits under
the Plan.

(s) "PLAN" means this Clifton Savings Bank, S.L.A. Supplemental Executive
Retirement Plan.

(t) "SAVINGS PLAN" means the Clifton Savings Bank, S.L.A. 401(k) Savings Plan,
as amended from time to time.

(u) "SUPPLEMENTAL ESOP ACCOUNT" means an account established by an Employer,
pursuant to Section 5.01 of the Plan, with respect to a Participant's
Supplemental ESOP Benefit.

(v)"SUPPLEMENTAL  ESOP BENEFIT" means the benefit  credited to a Participant
pursuant to Section 4.01 of the Plan.

(w) "SUPPLEMENTAL SAVINGS BENEFIT" means the benefit credited to a Participant
pursuant to Section 4.03 of the Plan.

(x) "SUPPLEMENTAL SAVINGS ACCOUNT" means an account established by an Employer,
pursuant to Section 5.03 of the Plan, with respect to a Participant's
Supplemental Savings Benefit.

(y) "SUPPLEMENTAL STOCK OWNERSHIP ACCOUNT" means an account established by an
Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant's
Supplemental Stock Ownership Benefit.

(z) "SUPPLEMENTAL STOCK OWNERSHIP BENEFIT" means the benefit credited to a
Participant pursuant to Section 4.02 of the Plan.

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                                   ARTICLE III
                          ELIGIBILITY AND PARTICIPATION

SECTION 3.01      ELIGIBILITY AND PARTICIPATION.
                  -----------------------------

(a)      Each Eligible Employee may participate in the Plan. An Eligible
         Employee shall become a Participant in the Plan upon designation as
         such by the Board of Directors. An Eligible Employee whom the Board of
         Directors designates as a Participant in the Plan shall commence
         participation as of the date established by the Board of Directors. The
         Board of Directors shall establish an Eligible Employee's date of
         participation at the same time it designates the Eligible Employee as a
         Participant in the Plan.

(b)      The Board of Directors may, at any time, designate an Eligible Employee
         as a Participant for any or all supplemental benefits provided for
         under Article IV of the Plan.

                                       5

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                                   ARTICLE IV
                                    BENEFITS

SECTION 4.01      SUPPLEMENTAL ESOP BENEFIT.
                  -------------------------

As of the last day of each plan year of the ESOP, the Employer shall credit the
Participant's Supplemental ESOP Account with a Supplemental ESOP Benefit equal
to the excess of (a) over (b), where:

(a)      Equals the annual contributions made by the Employer and/or the number
         of shares of Common Stock released for allocation in connection with
         the repayment of an ESOP Acquisition Loan that would otherwise be
         allocated to the accounts of the Participant under the ESOP for the
         applicable plan year, if the provisions of the ESOP were administered
         without regard to any of the Applicable Limitations; and

(b)      Equals the annual contributions made by the Employer and/or the number
         of shares of common stock released for allocation in connection with
         the repayment of an ESOP Acquisition Loan that are actually allocated
         to the accounts of the Participant under the provisions of the ESOP for
         that particular plan year, after giving effect to any reduction of such
         allocation required by any of the Applicable Limitations.

SECTION 4.02      SUPPLEMENTAL STOCK OWNERSHIP BENEFIT.
                  ------------------------------------

(a)      Upon a Change in Control, the Employer shall credit to the
         Participant's Supplemental Stock Ownership Account a Supplemental Stock
         Ownership Benefit equal to (i) less (ii), the result of which is
         multiplied by (iii), where:

         (i)      Equals the total number of shares of Common Stock acquired
                  with the proceeds of all ESOP Acquisition Loans (together with
                  any dividends, cash proceeds, or other medium related to such
                  ESOP Acquisition Loans) that would have been allocated or
                  credited for the benefit of the Participant under the ESOP
                  and/or this Plan, as the case may be, had the Participant
                  continued in the employ of the Employer through the first ESOP
                  Valuation Date following the last scheduled payment of
                  principal and interest on all ESOP Acquisition Loans
                  outstanding at the time of the Change in Control; and

         (ii)     Equals the total number of shares of Common Stock acquired
                  with the proceeds of all ESOP Acquisition Loans (together with
                  any dividends, cash proceeds, or other medium related to such
                  ESOP Acquisition Loans) and allocated for the benefit of the
                  Participant under the ESOP and/or this Plan, as the case may
                  be, as of the first ESOP Valuation Date following the Change
                  in Control; and

         (iii)    Equals the fair market value of the Common Stock immediately
                  preceding the Change in Control.

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(b)      For purposes of clause (i) of subsection (a) of this Section 4.02, the
         total number of shares of Common Stock shall be determined by
         multiplying the sum of (i) and (ii) by (iii), where:

         (i)      equals the average of the total shares of Common Stock
                  acquired with the proceeds of an ESOP Acquisition Loan and
                  allocated for the benefit of the Participant under the ESOP as
                  of the three most recent ESOP Valuation Dates preceding the
                  Change in Control (or lesser number if the Participant has not
                  participated in the ESOP for three full years);

         (ii)     equals the average number of shares of Common Stock credited
                  to the Participant's Supplemental ESOP Account for the three
                  most recent plan years of the ESOP (such that the three most
                  recent plan years coincide with the three most recent ESOP
                  Valuation Dates referred to in (i) above); and

         (iii)    equals the original number of scheduled annual payments on the
                  ESOP Acquisition Loans.

SECTION 4.03      SUPPLEMENTAL SAVINGS BENEFIT.
                  ----------------------------

A Participant's Supplemental Savings Benefit under the Plan shall be equal to
the excess of (a) over (b), where:

(a)      is the sum of the matching contributions and other contributions of the
         Employer that would otherwise be allocated to an account of the
         Participant under the Savings Plan for a particular year, if the
         provisions of the Savings Plan were administered without regard to any
         of the Applicable Limitations; and

(b)      is the sum of the matching contributions and other contributions of the
         Employer that are actually allocated on account of the Participant
         under the provisions of the Savings Plan for that particular year,
         after giving effect to any reduction of such allocation required by any
         of the Applicable Limitations.

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                                    ARTICLE V
                                    ACCOUNTS

SECTION 5.01      SUPPLEMENTAL ESOP BENEFIT ACCOUNT.
                  ---------------------------------

For each Participant who is credited with a benefit pursuant to Section 4.01 of
the Plan, the Employer shall establish, as a memorandum account on its books, a
Supplemental ESOP Account. Each year, the Committee shall credit to the
Participant's Supplemental ESOP Account the amount of benefits determined under
Section 4.01 of the Plan for that year. The Committee shall credit the account
with an amount equal to the appropriate number of shares of Common Stock or
other medium of contribution that would have otherwise been made to the
Participant's accounts under the ESOP but for the limitations imposed by the
Code. Shares of Common Stock shall be valued under this Plan in the same manner
as under the ESOP. Cash contributions credited to a Participant's Supplemental
ESOP Account shall be credited annually with interest at a rate equal to the
combined weighted return provided to the Participant's non-stock accounts under
the ESOP.

SECTION 5.02      SUPPLEMENTAL STOCK OWNERSHIP ACCOUNT.
                  ------------------------------------

The Employer shall establish, as a memorandum account on its books, a
Supplemental Stock Ownership Account. Upon a Change in Control, the Committee
shall credit to the Participant's Supplemental Stock Ownership Account the
amount of benefits determined under Section 4.02 of the Plan. The Committee
shall credit the account with an amount equal to the appropriate number of
shares of Common Stock or other medium of contribution that would have otherwise
been made to the Participant's accounts under the ESOP. Shares of Common Stock
shall be valued under this Plan in the same manner as under the ESOP. Cash
contributions credited to a Participant's Supplemental Stock Ownership Account
shall be credited annually with interest at a rate equal to the combined
weighted return provided to the Participant's non-stock accounts under the ESOP.

SECTION 5.03      SUPPLEMENTAL SAVINGS ACCOUNT.
                  ----------------------------

The Employer shall establish a memorandum account, the "Supplemental Savings
Account" for each Participant on its books, and each year the Committee will
credit the amount of contributions determined under Section 4.03 of the Plan.
Contributions credited to a Participant's Supplemental Savings Account shall be
credited monthly with interest at a rate equal to the combined weighted return
provided to the Participant's account(s) under the Savings Plan.

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                                   ARTICLE VI
                          SUPPLEMENTAL BENEFIT PAYMENTS

SECTION 6.01      PAYMENT OF SUPPLEMENTAL ESOP BENEFIT.
                  ------------------------------------

(a)      A Participant's Supplemental ESOP Benefit shall be paid to the
         Participant or, in the event of the Participant's death, to his
         beneficiary, in the same form, time and medium (i.e., cash and/or
         shares of Common Stock) as his benefits are paid under the ESOP.

(b)      A Participant shall have a non-forfeitable right to the Supplemental
         ESOP Benefit credited to him under this Plan in the same percentage as
         he has to benefits allocated to him under the ESOP at the time the
         benefits become distributable to him under the ESOP.

SECTION 6.02      PAYMENT OF SUPPLEMENTAL STOCK OWNERSHIP BENEFIT.
                  -----------------------------------------------

(a)      A Participant's Supplemental Stock Ownership Benefit shall be paid to
         the Participant or, in the event of the Participant's death, to his
         beneficiary, in the same form, time and medium (i.e., cash and/or
         shares of Common Stock) as his benefits are paid under the ESOP.

(b)      A Participant shall always have a fully non-forfeitable right to the
         Supplemental Stock Ownership Benefit credited to him under this Plan.

SECTION 6.03      PAYMENT OF SUPPLEMENTAL SAVINGS BENEFIT.
                  ---------------------------------------

(a)      A Participant's Supplemental Savings Benefit shall be paid to the
         Participant or, in the event of the Participant's death, to his
         beneficiary, in the same form and at the same time as his benefits are
         paid under the Savings Plan.

(b)      A Participant shall have a non-forfeitable right to his Supplemental
         Savings Benefit under this Plan in the same percentage as he has to his
         matching contributions under the Savings Plan at the time the benefits
         become distributable to him under the Savings Plan.

SECTION 6.04      ALTERNATIVE PAYMENT OF BENEFITS.
                  -------------------------------

Notwithstanding the other provisions of this Article VI, a Participant may, with
prior written consent of the Committee and upon such terms and conditions as the
Committee may impose, request that the Supplemental ESOP Benefit and/or the
Supplemental Stock Ownership Benefit and/or the Supplemental Savings Benefit to
which he is entitled be paid commencing at a different time, over a different
period, in a different form, or to different persons, than the benefit to which
he or his beneficiary may be entitled under the ESOP or the Savings Plan.

                                       9

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                                   ARTICLE VII
                                CLAIMS PROCEDURES

SECTION 7.01      CLAIMS REVIEWER.
                  ---------------

For purposes of handling claims with respect to this Plan, the "Claims Reviewer"
shall be the Committee, unless the Committee designates another person or group
of persons as Claims Reviewer.

SECTION 7.02      CLAIMS PROCEDURE.
                  ----------------

(a)      An initial claim for benefits under the Plan must be made by the
         Participant or his beneficiary or beneficiaries in accordance with the
         terms of this Section 7.02.

(b)      Not later than ninety (90) days after receipt of such a claim, the
         Claims Reviewer will render a written decision on the claim to the
         claimant, unless special circumstances require the extension of such
         90-day period. If such extension is necessary, the Claims Reviewer
         shall provide the Participant or the Participant's beneficiary or
         beneficiaries with written notification of such extension before the
         expiration of the initial 90-day period. Such notice shall specify the
         reason or reasons for the extension and the date by which a final
         decision can be expected. In no event shall such extension exceed a
         period of ninety (90) days from the end of the initial 90-day period.

(c)      In the event the Claims Reviewer denies the claim of a Participant or
         any beneficiary in whole or in part, the Claims Reviewer's written
         notification shall specify, in a manner calculated to be understood by
         the claimant, the reason for the denial; a reference to the Plan or
         other document or form that is the basis for the denial; a description
         of any additional material or information necessary for the claimant to
         perfect the claim; an explanation as to why such information or
         material is necessary; and an explanation of the applicable claims
         procedure.

(d)      Should the claim be denied in whole or in part and should the claimant
         be dissatisfied with the Claims Reviewer's disposition of the
         claimant's claim, the claimant may have a full and fair review of the
         claim by the Committee upon written request submitted by the claimant
         or the claimant's duly authorized representative and received by the
         Committee within sixty (60) days after the claimant receives written
         notification that the claimant's claim has been denied. In connection
         with such review, the claimant or the claimant's duly authorized
         representative shall be entitled to review pertinent documents and
         submit the claimant's views as to the issues, in writing. The Committee
         shall act to deny or accept the claim within sixty (60) days after
         receipt of the claimant's written request for review unless special
         circumstances require the extension of such 60-day period. If such
         extension is necessary, the Committee shall provide the claimant with
         written notification of such extension before the expiration of such
         initial 60-day period. In all events, the Committee shall act to deny
         or accept the claim within 120 days of the receipt of the claimant's
         written request for review. The action of the Committee shall be in the
         form

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         of a written notice to the claimant and its contents shall include all
         of the requirements for action on the original claim.

(e)      In no event may a claimant commence legal action for benefits the
         claimant believes are due the claimant until the claimant has exhausted
         all of the remedies and procedures afforded the claimant by this
         Article VII.

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                                  ARTICLE VIII
                            AMENDMENT AND TERMINATION

SECTION 8.01      AMENDMENT OF THE PLAN.
                  ---------------------

The Bank may from time to time and at any time amend the Plan; provided,
however, that such amendment may not adversely affect the rights of any
Participant or beneficiary with respect to any benefit under the Plan to which
the Participant or beneficiary may have previously become entitled prior to the
effective date of such amendment without the consent of the Participant or
beneficiary. The Committee shall be authorized to make minor or administrative
changes to the Plan, as well as amendments required by applicable federal or
state law (or authorized or made desirable by such statutes); provided, however,
that such amendments must subsequently be ratified by the Board of Directors.

SECTION 8.02      TERMINATION OF THE PLAN.
                  -----------------------

The Bank may at any time terminate the Plan; provided, however, that such
termination may not adversely affect the rights of any Participant or
beneficiary with respect to any benefit under the Plan to which the Participant
or beneficiary may have previously become entitled prior to the effective date
of such termination without the consent of the Participant or beneficiary. Any
amounts credited to the supplemental accounts of any Participant shall remain
subject to the provisions of the Plan and no distribution of benefits shall be
accelerated because of termination of the Plan.

                                       12
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                                   ARTICLE IX
                               GENERAL PROVISIONS

SECTION 9.01      UNFUNDED, UNSECURED PROMISE TO MAKE PAYMENTS IN THE FUTURE.
                  ----------------------------------------------------------

The right of a Participant or any beneficiary to receive a distribution under
this Plan shall be an unsecured claim against the general assets of the Bank or
its Affiliates, and neither a Participant, nor his designated beneficiary or
beneficiaries, shall have any rights in or against any amount credited to any
account under this Plan or any other assets of the Bank or an Affiliate. The
Plan at all times shall be considered entirely unfunded both for tax purposes
and for purposes of Title I of ERISA. Any funds invested hereunder shall
continue for all purposes to be part of the general assets of the Bank or an
Affiliate and available to its general creditors in the event of bankruptcy or
insolvency. Accounts under this Plan and any benefits which may be payable
pursuant to this Plan are not subject in any manner to anticipation, sale,
alienation, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors of a Participant or a Participant's beneficiary. The
Plan constitutes a mere promise by the Bank or Affiliate to make benefit
payments in the future. No interest or right to receive a benefit may be taken,
either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such Participant or beneficiary, including
claims for alimony, support, separate maintenance and claims in bankruptcy
proceedings.

SECTION 9.02      COMMITTEE AS PLAN ADMINISTRATOR.
                  -------------------------------

(a)      The Plan shall be administered by the Committee designated by the Board
         of Directors of the Bank.

(b)      The Committee shall have the authority, duty and power to interpret and
         construe the provisions of the Plan as it deems appropriate. The
         Committee shall have the duty and responsibility of maintaining
         records, making the requisite calculations and disbursing the payments
         hereunder. In addition, the Committee shall have the authority and
         power to delegate any of its administrative duties to employees of the
         Bank or an Affiliate, as they may deem appropriate. The Committee shall
         be entitled to rely on all tables, valuations, certificates, opinions,
         data and reports furnished by any actuary, accountant, controller,
         counsel or other person employed or retained by the Bank with respect
         to the Plan. The interpretations, determinations, regulations and
         calculations of the Committee shall be final and binding on all persons
         and parties concerned.

SECTION 9.03      EXPENSES.
                  --------

Expenses of administration of the Plan shall be paid by the Bank or an
Affiliate.

SECTION 9.04      STATEMENTS.
                  ----------

The Committee shall furnish individual annual statements of accrued benefits to
each Participant, or current beneficiary, in such form as determined by the
Committee or as required by law.

                                       13

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SECTION 9.05      RIGHTS OF PARTICIPANTS AND BENEFICIARIES.
                  ----------------------------------------

(a)      The sole rights of a Participant or beneficiary under this Plan shall
         be to have this Plan administered according to its provisions and to
         receive whatever benefits he or she may be entitled to hereunder.

(b)      Nothing in the Plan shall be interpreted as a guaranty that any funds
         in any trust which may be established in connection with the Plan or
         assets of the Bank or an Affiliate will be sufficient to pay any
         benefit hereunder.

(c)      The adoption and maintenance of this Plan shall not be construed as
         creating any contract of employment or service between the Bank or an
         Affiliate and any Participant or other individual. The Plan shall not
         affect the right of the Bank or an Affiliate to deal with any
         Participants in employment or service respects, including their hiring,
         discharge, compensation, and other conditions of employment or service.

SECTION 9.06      INCOMPETENT INDIVIDUALS.
                  -----------------------

The Committee may, from time to time, establish rules and procedures which it
determines to be necessary for the proper administration of the Plan and the
benefits payable to a Participant or beneficiary in the event that such
Participant or beneficiary is declared incompetent and a conservator or other
person is appointed and legally charged with that Participant's or beneficiary's
care. Except as otherwise provided for herein, when the Committee determines
that such Participant or beneficiary is unable to manage his financial affairs,
the Committee may pay such Participant's or beneficiary's benefits to such
conservator, person legally charged with such Participant's or beneficiary's
care, or institution then contributing toward or providing for the care and
maintenance of such Participant or beneficiary. Any such payment shall
constitute a complete discharge of any liability of the Bank or an Affiliate and
the Plan for such Participant or beneficiary.

SECTION 9.07      SALE, MERGER OR CONSOLIDATION OF THE BANK.
                  -----------------------------------------

The Plan may be continued after a sale of assets of the Bank, or a merger or
consolidation of the Bank into or with another corporation or entity only if,
and to the extent that, the transferee, purchaser or successor entity agrees to
continue the Plan. Additionally, upon a merger, consolidation or other change in
control any amounts credited to Participant's deferral accounts shall be placed
in a grantor trust to the extent not already in such a trust. In the event that
the Plan is not continued by the transferee, purchaser or successor entity, then
the Plan shall be terminated subject to the provisions of Section 8.02 of the
Plan. Any legal fees incurred by a Participant in determining benefits to which
such Participant is entitled under the Plan following a sale, merger, or
consolidation of the Bank or an Affiliate of which the Participant is an
Employee or, if applicable, a member of the Board of Directors, shall be paid by
the resulting or succeeding entity.

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<PAGE> 17

SECTION 9.08      LOCATION OF PARTICIPANTS.
                  ------------------------

Each Participant shall keep the Bank informed of his current address and the
current address of his designated beneficiary or beneficiaries. The Bank shall
not be obligated to search for any person. If such person is not located within
three (3) years after the date on which payment of the Participant's benefits
payable under this Plan may first be made, payment may be made as though the
Participant or his beneficiary had died at the end of such three-year period.

SECTION 9.09      LIABILITY OF THE BANK AND ITS AFFILIATES.
                  ----------------------------------------

Notwithstanding any provision herein to the contrary, neither the Bank nor any
individual acting as an employee or agent of the Bank shall be liable to any
Participant, former Participant, beneficiary, or any other person for any claim,
loss, liability or expense incurred in connection with the Plan, unless
attributable to fraud or willful misconduct on the part of the Bank or any such
employee or agent of the Bank.

SECTION 9.10      GOVERNING LAW.
                  -------------

All questions pertaining to the construction, validity and effect of the Plan
shall be determined in accordance with the laws of the United States and, to the
extent not preempted by such laws, by the laws of the State of New Jersey.

Having been adopted by its Board of Directors, this Plan is executed by its duly
authorized officer this 17th day of March, 2004.

                                      CLIFTON SAVINGS BANK, S.L.A.
Attest:

/s/ Walter Celuch                     By: /s/ John A. Celentano, Jr.
----------------------------              -------------------------------------
Corporate Secretary                       For the Entire Board of Directors

                                       15Exhibit 10.1

                              EMPLOYMENT AGREEMENT

     This Agreement is made effective as of April 1, 2004 by and between Wayne
Savings Community Bank (the "Bank"), an Ohio savings and loan association, with
its principal administrative office at 151 North Market Street, Wooster, Ohio
and Charles F. Finn (the "Executive"). Any reference to "Company" herein shall
mean Wayne Savings Bancshares, Inc., the stock holding company parent of the
Bank or any successor thereto.

     WHEREAS, the Bank wishes to assure itself of the continued services of
Executive for the period provided in this Agreement; and

     WHEREAS, Executive is willing to continue to serve in the employ of the
Bank on a full-time basis for said period.

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

1.   POSITION AND RESPONSIBILITIES

     During the period of his employment hereunder, Executive agrees to serve as
President and Chief Executive Officer of the Bank (the "Executive Position").
During said period, Executive also agrees to serve, if elected, as an officer of
any subsidiary or affiliate of the Bank. Failure to reelect Executive to the
Executive Position without the consent of the Executive during the term of this
Agreement (except for any termination for Cause, as defined herein) shall
constitute a breach of this Agreement.

2.   TERMS AND DUTIES

     (a) The period of Executive's employment under this Agreement shall begin
as of the date first above written and shall continue for a period of thirty-six
full calendar months thereafter. Within thirty days prior to the first
anniversary date of this Agreement, and within thirty days prior to each
anniversary date thereafter, the Board of Directors of the Bank ("Board") will
conduct a performance evaluation and review of the Executive for purposes of
determining whether to extend the Agreement, and the results thereof shall be
included in the minutes of the Board's meeting and communicated to Executive.
Upon a favorable performance evaluation, the Board shall renew the term of the
Agreement for an additional year from the anniversary date such that the
remaining term shall be three years; provided, however, if written notice of
nonrenewal is provided to Executive at least ten days and not more than thirty
days prior to any anniversary date, the Agreement shall expire at the end of
thirty-six months following such anniversary date.

     (b) During the period of his employment hereunder, except for periods of
absence occasioned by illness, reasonable vacation periods, and reasonable
leaves of absence, Executive shall devote substantially all his business time,
attention, skill, and efforts to the faithful performance of his duties
hereunder including activities and services related to the organization,
operation and management of the Bank; provided, however, that, with the approval
of the Board, as evidenced by a resolution of such Board, from time to time,
Executive may serve, or continue to serve, on the boards of directors of, and
hold any other offices or positions in, business companies or business
organizations, which, in such Board's judgment, will not present any conflict of
interest with the Bank, or materially affect the performance of Executive's
duties pursuant to this Agreement (for purposes of this Section 2(b), Board
approval shall be deemed provided as to service with any such business companies
or organizations that Executive was serving as of the date of this Agreement).
See Attached Exhibit.

<PAGE>

3.   COMPENSATION AND REIMBURSEMENT.

     (a) The compensation specified under this Agreement shall constitute the
salary and benefits paid for the duties described in Section 2(b). The Bank
shall pay Executive as compensation a salary of not less than $179,200 per year
("Base Salary"). Such Base Salary shall be payable biweekly. During the period
of this Agreement, Executive's Base Salary shall be reviewed at least annually.
Such review shall be conducted by a Committee designated by the Board, and the
Board may increase, but not decrease (except a decrease that is generally
applicable to all employees), Executive's Base Salary (any increase in Base
Salary shall become the "Base Salary" for purposes of this Agreement). In
addition to the Base Salary provided in this Section 3(a), the Bank shall
provide Executive at no cost to Executive with all such other benefits as are
provided uniformly to permanent full-time employees of the Bank. Base Salary
shall include any amounts of compensation deferred by Executive under qualified
and nonqualified plans maintained by the Bank.

     (b) The Bank will provide Executive with employee benefit plans,
arrangements and perquisites substantially equivalent to those in which
Executive was participating or otherwise deriving benefit from immediately prior
to the beginning of the term of this Agreement, and the Bank will not, without
Executive's prior written consent, make any changes in such plans, arrangements
or perquisites which would adversely affect Executive's rights or benefits
thereunder, except as to any changes that are applicable to all employees or as
reasonably or customarily available. Without limiting the generality of the
foregoing provisions of this Subsection (b), Executive will be entitled to
participate in or receive benefits under any employee benefit plans including
but not limited to, retirement plans, supplemental retirement plans, pension
plans, profit-sharing plans, health-and-accident plans, medical coverage or any
other employee benefit plan or arrangement made available by the Bank in the
future to its senior executives and key management employees, subject to and on
a basis consistent with the terms, conditions and overall administration of such
plans and arrangements. Executive will be entitled to incentive compensation and
bonuses as provided in any plan of the Bank in which Executive is eligible to
participate (and he shall be entitled to a pro rata distribution under any
incentive compensation or bonus plan as to any year in which a termination of
employment occurs, other than termination for Cause). Nothing paid to the
Executive under any such plan or arrangement will be deemed to be in lieu of
other compensation to which the Executive is entitled under this Agreement.

     (c) In addition to the Base Salary provided for by paragraph (a) of this
Section 3, the Bank shall pay or reimburse Executive for all reasonable travel
and other reasonable expenses incurred by Executive performing his obligations
under this Agreement and may provide such additional compensation in such form
and such amounts as the Board may from time to time determine.

4.   PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

     (a) Upon the occurrence of an Event of Termination (as herein defined)
during the Executive's term of employment under this Agreement, the provisions
of this Section shall apply. As used in this Agreement, an "Event of
Termination" shall mean and include any one or more of the following: (i) the
termination by the Bank or the Company of Executive's full-time employment
hereunder for any reason other than (A) termination for Cause (as defined in
Section 7 hereof), (B) upon Retirement (as defined in Section 6 hereof), or (C)
for Disability (as set forth in Section 5 hereof); (ii) Executive's resignation
from the Bank's employ following (A) any failure to elect or reelect or to
appoint or reappoint Executive to the Executive Position, (B) a material change
in Executive's function, duties, or responsibilities, which change would cause
Executive's position to become one of lesser responsibility, importance, or
scope from the position and attributes thereof described in Section 1 above, to
which Executive has not agreed in writing (and any such material change shall be
deemed a continuing breach of this Agreement), (C) a relocation of Executive's
principal place of employment to a location more than 30

                                       2

<PAGE>

miles outside the City of Wooster, or a material reduction in the benefits and
perquisites, including Base Salary, to the Executive from those being provided
as of the effective date of this Agreement (except for any reduction that is
part of an employee-wide reduction in pay or benefits), (D) a liquidation or
dissolution of the Bank or the Company, or (E) material breach of this Agreement
by the Bank; and (iii) the event specified in Section 4(b) hereof. Upon the
occurrence of any event described in clauses (ii) (A), (B), (C), (D) or (E)
above, Executive shall have the right to elect to terminate his employment under
this Agreement by resignation upon not less than thirty (30) days prior written
notice given within a reasonable period of time (not to exceed, except in case
of a continuing breach, four calendar months) after the event giving rise to
said right to elect, which termination by Executive shall be an Event of
Termination. No payments or benefits shall be due to Executive under this
Agreement upon the termination of Executive's employment except as provided in
Sections 3, 4 or 5 hereof.

     (b) As used in this Agreement, an Event of Termination shall also mean and
include Executive's involuntary termination or voluntary resignation from the
Bank's employ on the effective date of, or at any time following, a Change in
Control during the term of this Agreement. For these purposes, a Change in
Control of the Bank or the Company shall mean a change in control of a nature
that: (i) would be required to be reported in response to Item 1(a) of the
current report on Form 8-K, as in effect on the date hereof, pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); or (ii)
results in a Change in Control of the Bank or the Company within the meaning of
the Bank Holding Company Act ("BHCA"), as amended, and applicable rules and
regulations promulgated thereunder (collectively, the "BHCA") as in effect at
the time of the Change in Control; or (iii) without limitation such a Change in
Control shall be deemed to have occurred at such time as (a) any "person" (as
the 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 Company representing 25% or more of
the combined voting power of Company's outstanding securities, except for any
securities purchased by the Bank's employee stock ownership plan or trust; or
(b) individuals who constitute the Board on the date hereof (the "Incumbent
Board") cease for any reason to constitute at least a majority thereof, provided
that any person becoming a director subsequent to the date hereof whose election
was approved by a vote of at least three-quarters of the directors comprising
the Incumbent Board, or whose nomination for election by the Company's
stockholders was approved by the same Nominating Committee serving under an
Incumbent Board, shall be, for purposes of this clause (b), considered as though
he were a member of the Incumbent Board; or (c) a plan of reorganization,
merger, consolidation, sale of all or substantially all the assets of the Bank
or the Company or similar transaction in which the Bank or Company is not the
surviving institution occurs; or (d) a proxy statement soliciting proxies from
stockholders of the Company, by someone other than the current management of the
Company, seeking stockholder approval of a plan of reorganization, merger or
consolidation of the Company or similar transaction with one or more
corporations as a result of which the outstanding shares of the class of
securities then subject to the plan are to be exchanged for or converted into
cash or property or securities not issued by the Company; or (e) a tender offer
is made for 25% or more of the voting securities of the Company and the
shareholders owning beneficially or of record 25% or more of the outstanding
securities of the Company have tendered or offered to sell their shares pursuant
to such tender offer and such tendered shares have been accepted by the tender
offeror.

     (c) Upon the occurrence of an Event of Termination, as defined in Section
4(a) or 4(b), the Bank shall pay Executive, or, in the event of his subsequent
death, his beneficiary or beneficiaries, or his estate, as the case may be, as
severance pay or liquidated damages, or both, a cash amount equal to the greater
of the payments due for the remaining term of the Agreement, or three (3) times
the sum of: (i) the highest annual rate of Base Salary paid to Executive at any
time under this Agreement, and (ii) the greater of (x) the average annual cash
bonus paid to Executive with respect to the three completed fiscal years prior
to the Event of Termination, or (y) the cash bonus paid to Executive with
respect to the fiscal year ended prior to the Event of Termination; provided
however, that if the Bank is not in

                                       3
<PAGE>

compliance with its minimum capital requirements or if such payments would cause
the Bank's capital to be reduced below itsminimum capital requirements, such
payments shall be deferred until such time as the Bank is in capital compliance.
At the election of the Executive, which election may be made annually by January
31 of each year and is irrevocable for the year in which made (and once payments
commence), such payments shall be made in a lump sum or paid quarterly during
the remaining term of the agreement following the Executive's termination. In
the event that no election is made, payment to the Executive will be made on a
quarterly basis during the remaining term of the Agreement. Such payments shall
not be reduced in the event the Executive obtains other employment following
termination of employment.

     (d) Upon the occurrence of an Event of Termination, the Bank will cause to
be continued life, medical and dental coverage substantially comparable, as
reasonably or customarily available, to the coverage maintained by the Bank for
Executive prior to his termination, except to the extent such coverage may be
changed in its application to all Bank employees or is not available on an
individual basis to a terminated employee. Such coverage shall cease thirty-six
(36) months following the Event of Termination.

     (e) Notwithstanding anything to the contrary in this Agreement, in the
event that:

          (i)  the aggregate payments or benefits to be made or afforded to
               Executive (the "Termination Benefits") would be deemed to include
               an "excess parachute payment" under Section 280G of the Code or
               any successor thereto, and

          (ii) if such Termination Benefits were reduced to an amount (the
               "Non-Triggering Amount"), the value of which is one dollar
               ($1.00) less than an amount equal to the total amount of payments
               permissible under Section 280G of the Code or any successor
               thereto,

then the Termination Benefits to be paid to Executive shall be so reduced so as
to be a Non-Triggering Amount. The allocation of the reduction required hereby
among Termination Benefits provided by the preceding paragraphs of this Section
4 shall be determined by the Executive.

5.   TERMINATION FOR DISABILITY.

     (a) If, as a result of Executive's incapacity due to physical or mental
illness, he shall have been absent from his duties with the Bank or the Company
on a full-time basis for six (6) consecutive months, and within thirty (30) days
after written notice of potential termination is given he shall not have
returned to the full-time performance of his duties, the Bank may terminate
Executive's employment for "Disability."

     (b) The Bank will pay Executive, as disability pay, a bi-weekly payment
equal to 75% of the Executive's bi-weekly rate of Base Salary on the effective
date of such termination. These disability payments shall commence on the
effective date of Executive's termination and will end on the earlier of (i) the
date Executive returns to the full-time employment of the Bank in the same
capacity as he was employed prior to his termination for Disability and pursuant
to an employment agreement between Executive and the Bank; (ii) Executive's
full-time employment by another employer; (iii) Executive attaining a Retirement
age as identified in Section 6; or (iv) Executive's death. The disability pay
shall be reduced by the amount, if any, paid to the Executive under any plan of
the Bank or the Company providing disability benefits to the Executive.

     (c) The Bank will cause to be continued life, medical, and dental coverage
substantially comparable, as reasonable or customarily available, to the
coverage maintained by the Bank for Executive

                                       4
<PAGE>

prior to his termination for Disability, except to the extent such coverage may
be changed in its application to all Bank employees. This coverage shall cease
upon the earlier of (i) the date Executive returns to the full-time employment
of the Bank in the same capacity as he was employed prior to his termination for
Disability and pursuant to an employment agreement between Executive and the
Bank; (ii) Executive's full-time employment by another employer; (iii) Executive
attaining the Retirement age as identified in Section 6; or (iv) Executive's
death.

     (d) Notwithstanding the foregoing, there will be no reduction in the
compensation otherwise payable to Executive during any period during which
Executive is incapable of performing his duties hereunder by reason of temporary
disability.

6.   TERMINATION UPON RETIREMENT.

     Termination by the Bank of the Executive based on "Retirement" shall mean
termination of executive in accordance with any retirement policy established
with Executive's consent with respect to him. Upon termination of Executive upon
Retirement, no amounts or benefits shall be due Executive under this Agreement
and the Executive shall be entitled to all benefits under any retirement plan of
the Bank and other plans to which Executive is a party.

7.   TERMINATION FOR CAUSE.

     The term "Termination for Cause" shall mean termination because of the
Executive's personal dishonesty, incompetence, willful misconduct, any 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 this Agreement. Notwithstanding the foregoing,
Executive shall not be deemed to have been Terminated for Cause unless and until
there shall have been delivered to him a copy of a resolution duly adopted by
the affirmative vote of not less than a majority of the members of the Board at
a meeting of the Board called and held for that purpose (after reasonable notice
to Executive and an opportunity for him, together with counsel, to be heard
before the Board), finding that in the good faith opinion of the Board,
Executive was guilty of conduct justifying Termination for Cause and specifying
the particulars thereof in detail. The Executive shall not have the right to
receive compensation or other benefits for any period after Termination for
Cause. Any non-vested stock options or restricted stock granted to Executive
under any stock option plan or restricted stock plan of the Bank, the Company or
any subsidiary or affiliate thereof, shall become null and void effective upon
Executive's receipt of Notice of Termination for Cause pursuant to Section 8
hereof, and any non-vested stock options shall not be exercisable by Executive
at any time subsequent to such Termination for Cause, (unless it is determined
in arbitration that grounds for termination of Executive for Cause did not
exist, in which event all terms of the options or restricted stock as of the
date of termination shall apply, and any time periods for exercising such
options shall commence from the date of resolution in arbitration).

8.   NOTICE.

     (a) Any purported termination by the Bank for Cause shall be communicated
by Notice of Termination to the Executive. For purposes of this Agreement, a
"Notice of Termination" shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive's employment under the provision so indicated. If,
within thirty (30) days after any Notice of Termination for Cause is given, the
Executive notifies the Bank or the Company that a dispute exists concerning the
termination, the parties shall promptly proceed to arbitration. Notwithstanding
the pendency of any such dispute, the Bank and the Company may discontinue to
pay Executive

                                       5
<PAGE>

compensation until the dispute is finally resolved in accordance with this
Agreement. If it is determined that Executive is entitled to compensation and
benefits under Section 4 of this Agreement, the payment of such compensation and
benefits by the Bank and Company shall commence immediately following the date
of resolution by arbitration, with interest due Executive on the cash amount
that would have been paid pending arbitration (at the prime rate as published in
the Wall Street Journal from time to time).

     (b) Any other purported termination by the Bank or by Executive shall be
communicated by a Notice of Termination to the other party. For purposes of this
Agreement, a "Notice of Termination" shall mean a written notice which shall
indicate the specific termination provision in this Agreement relied upon and
shall set forth in detail the facts and circumstances claimed to provide a basis
for termination of employment under the provision so indicated. "Date of
Termination" shall mean the date of the Notice of Termination. If, within thirty
(30) days after any Notice of Termination is given, the party receiving such
Notice of Termination notifies the other party that a dispute exists concerning
the termination, the parties shall promptly proceed to arbitration as provided
in Section 18 of this Agreement. Notwithstanding the pendency of any such
dispute, the Bank shall continue to pay the Executive his Base Salary, and other
compensation and benefits in effect when the notice giving rise to the dispute
was given (except as to termination of Executive for Cause). In the event of the
voluntary termination by the Executive of his employment, which is disputed by
the Bank, and if it is determined in arbitration that Executive is not entitled
to termination benefits pursuant to this Agreement, he shall return all cash
payments made to him pending resolution by arbitration, with interest thereon at
the prime rate as published in the Wall Street Journal from time to time if it
is determined in arbitration that Executive's voluntary termination of
employment was not taken in good faith and not in the reasonable belief that
grounds existed for his voluntary termination.

9.   POST-TERMINATION OBLIGATIONS.

     (a) All payments and benefits to Executive under this Agreement shall be
subject to Executive's compliance with paragraph (b) of this Section 9 during
the term of this Agreement and for one (1) full year after the expiration or
termination hereof.

     (b) Executive shall, upon reasonable notice, furnish such information and
assistance to the Bank as may reasonably be required by the Bank in connection
with any litigation in which it or any of its subsidiaries or affiliates is, or
may become, a party.

     (c) Executive recognizes and acknowledges that the knowledge of the
business activities and plans for business activities of the Bank and affiliates
thereof, as it may exist from time to time, is a valuable, special and unique
asset of the business of the Bank. Executive will not, during or after the term
of his employment, disclose any knowledge of the past, present, planned or
considered business activities of the Bank or affiliates thereof to any person,
firm, corporation, or other entity for any reason or purpose whatsoever (except
for such disclosure as may be required to be provided to the Office of Thrift
Supervision ("OTS"), the Federal Deposit Insurance Corporation (the "FDIC"), or
other federal banking agency with jurisdiction over the Bank or Executive).
Notwithstanding the foregoing, Executive may disclose any knowledge of banking,
financial and/or economic principles, concepts or ideas which are not solely and
exclusively derived from the business plans and activities of the Bank, and
Executive may disclose any information regarding the Bank or the Company which
is otherwise publicly available. In the event of a breach or threatened breach
by the Executive of the provisions of this Section 9, the Bank will be entitled
to an injunction restraining Executive from disclosing, in whole or in part, the
knowledge of the past, present, planned or considered business activities of the
Bank or affiliates thereof, or from rendering any services to any person, firm,
corporation, other entity to whom such knowledge, in whole or in part, has been
disclosed or is threatened to be disclosed. Nothing herein will be construed as

                                       6
<PAGE>

prohibiting the Bank from pursuing any other remedies available to the Bank for
such breach or threatened breach, including the recovery of damages from
Executive.

10.  SOURCE OF PAYMENTS.

     All payments provided in this Agreement shall be timely paid in cash or
check from the general funds of the Bank. The Company, however, guarantees
payment and provision of all amounts and benefits due hereunder to Executive
and, if such amounts and benefits due from the Bank are not timely paid or
provided by the Bank, such amounts and benefits shall be paid or provided by the
Company.

11.  EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

     This Agreement contains the entire understanding between the parties hereto
and supersedes any prior employment agreement between the Bank or any
predecessor of the Bank and Executive, except that this Agreement shall not
affect or operate to reduce any benefit or compensation inuring to the Executive
of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than
those available to him without reference to this Agreement.

12.  NO ATTACHMENT.

     (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null,
void, and of no effect.

     (b) This Agreement shall be binding upon, and inure to the benefit of,
Executive and the Bank and their respective successors and assigns.

13.  MODIFICATION AND WAIVER.

     (a) This Agreement may not be modified or amended except by an instrument
in writing signed by the parties hereto.

     (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future as to any act other than that specifically
waived.

14.  REQUIRED REGULATORY PROVISIONS.

     (a) The Bank's Board of Directors may terminate the Executive's employment
at any time, but any termination by the Bank's Board of Directors, other than
Termination for Cause, shall not prejudice Executive's right to compensation or
other benefits under this Agreement. Executive shall not have the right to
receive compensation or other benefits for any period after Termination for
Cause as defined in Section 8 hereinabove.

     (b) If the Executive is suspended from office and/or temporarily prohibited
from participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) (12 U.S.C. Sections 1818(e)(3)) or 8(g) (12 U.S.C. Section
1818(g)) of the Federal Deposit Insurance Act (the "FDI Act"), as

                                       7
<PAGE>

amended by the Financial Institutions Reform, Recovery and Enforcement Act of
1989, the Bank's obligations under this contract shall be suspended as of the
date of service, unless stayed by appropriate proceedings. If the charges in the
notice are dismissed, the Bank may in its discretion (i) pay the Executive all
or part of the compensation withheld while their contract obligations were
suspended and (ii) reinstate (in whole or in part) any of the obligations which
were suspended.

     (c) If the Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
Section 8(e) (12 U.S.C. Sections 1818(e)) or 8(g) (12 U.S.C. Section 1818(g)) of
the FDI Act, as amended by the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, all obligations of the Bank under this contract shall
terminate as of the effective date of the order, but vested rights of the
contracting parties shall not be affected.

     (d) If the Bank is in default as defined in Section 3(x) (12 U.S.C. Section
1813(x)(1)) of the Federal Deposit Insurance Act, as amended by the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, all obligations of
the Bank under this contract shall terminate as of the date of default, but this
paragraph shall not affect any vested rights of the contracting parties.

     (e) All obligations of the Bank under this contract shall be terminated,
except to the extent determined that continuation of the contract is necessary
for the continued operation of the institution, (i) by the Director, at the time
FDIC or the Resolution Trust Corporation enters into an agreement to provide
assistance to or on behalf of the Bank; or (ii) by the OTS at the time the OTS
or its District Director approves a supervisory merger to resolve problems
related to the operations of the Bank or when the Bank is determined by the OTS
or FDIC to be in an unsafe or unsound condition. Any rights of the parties that
have already vested, however, shall not be affected by such action.

     (f) Any payments made to Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon their compliance with 12 USC
Section 1828(k) and any regulations promulgated thereunder.

15.  SEVERABILITY.

     If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect.

16.  HEADINGS FOR REFERENCE ONLY.

     The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

17.  GOVERNING LAW.

     This Agreement shall be governed by the laws of the State of Ohio but only
to the extent not superseded by federal law.

18.  ARBITRATION.

     Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators sitting in a location selected by the employee within the
Cleveland metropolitan area, in accordance with the rules of the American

                                       8
<PAGE>

Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

19.  PAYMENT OF LEGAL FEES.

     All reasonable legal fees paid or incurred by Executive pursuant to any
dispute or question of interpretation relating to this Agreement shall be paid
or reimbursed by the Bank, provided that the dispute or interpretation has been
settled by Executive and the Bank or resolved in the Executive's favor.

20.  INDEMNIFICATION.

     The Bank and the Company shall provide Executive (including his heirs,
executors and administrators) with coverage under a standard directors' and
officers' liability insurance policy at its expense, and shall indemnify
Executive (and his heirs, executors and administrators) to the fullest extent
permitted under federal law against all expenses and liabilities reasonably
incurred by him in connection with or arising out of any action, suit or
proceeding in which he may be involved by reason of his having been a director
or officer of the Bank or the Company (whether or not he continues to be a
director or officer at the time of incurring such expenses or liabilities), such
expenses and liabilities to include, but not be limited to, judgments, court
costs and attorneys' fees and the cost of reasonable settlements (such
settlements must be approved by the Board of Directors of the Bank or the
Company, as appropriate), provided, however, neither the Bank nor Company shall
be required to indemnify or reimburse the Executive for legal expenses or
liabilities incurred in connection with an action, suit or proceeding arising
from any illegal or fraudulent act committed by the Executive.

21.  SUCCESSOR TO THE BANK.

     The Bank shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Bank or the Company, expressly
and unconditionally to assume and agree to perform the Bank's obligations under
this Agreement, in the same manner and to the same extent that the Bank would be
required to perform if no such succession or assignment had taken place.

                            [Signature page follows]

                                       9
<PAGE>

                                   SIGNATURES

     IN WITNESS WHEREOF, the Bank and the Company have caused this Agreement to
be executed and their seals to be affixed hereunto by their duly authorized
officers, and Executive has signed this Agreement, on the day and date first
above written.

ATTEST:                                     WAYNE SAVINGS COMMUNITY BANK

/s/ Michael C. Anderson                     By:  /s/ Michael C. Anderson
-----------------------                          -----------------------
Secretary

WITNESS:                                    EXECUTIVE:

/s/ Michael C. Anderson                          /s/ Charles F. Finn
-----------------------                          -------------------
                                                 Charles F. Finn

CONSENT OF GUARANTOR (PURSUANT
TO SECTION TEN HEREOF)

WAYNE SAVINGS BANCSHARES, INC.

By:  /s/ Michael C. Anderson
     -----------------------

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]