Document:

Exhibit 10.2

 Exhibit 10.2 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN 
 AS AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1,
2005 
 The Board of Directors of Versailles Savings & Loan Company hereby amends and restates the Versailles Savings &
Loan Company Deferred Compensation Plan (the “Plan”) effective as of January 1, 2005 in order to establish that all amounts deferred or credited after December 31, 2004 shall be governed by the sub-plan attached as Exhibit D
hereto. The Plan was originally effective on December 16, 1998. The purpose of the Plan is to provide deferred income and retirement benefits for its directors and any officers selected by the Board of Directors. The Plan is not
tax-qualified under Section 401 of the Code, and is unfunded and primarily for a select group of management or highly compensated employees within the meaning of Section 201(2) of the Employee Retirement Income Security Act of 1974, as
amended. 
 ARTICLE I 
 Definitions 
 The following words and phrases, when used in the Plan with an initial capital letter, shall have the
meanings set forth below unless the context clearly indicates otherwise. 
 1.1 “Acceptance” shall mean acceptance, by the
Committee, of a Deferral Election Form, a Distribution Election Form, or an Investment Election Form (which acceptance shall be presumed unless, within ten business days of delivery of a Participant’s election to a Director, the Committee
provides the Participant with a written notice detailing the reasons for its rejection). 
 1.2 “Account” shall mean shall
mean a bookkeeping account maintained by the Company in the name of each Participant. 
 1.3 “Affiliate” shall mean any
“parent corporation” or “subsidiary corporation” of the Company, as the terms are defined in Section 424(e) and (f), respectively, of the Code. 
 1.4 “Beneficiary” shall mean the person or persons whom a Participant may designate as the beneficiary of the Participant’s Benefits under Article II, and shall mean the Participant’s estate
in the absence of a valid designation. A Participant’s election of a Beneficiary shall be made on the Distribution Election Form, shall be revocable by the Participant during his or her lifetime, and shall be effective only upon its Acceptance
by the Committee. 
 1.5 “Benefits” shall mean any and all benefits that are or may become payable under Article II of the
Plan. 
 1.6 “Board” shall mean the Board of Directors of the Company. 

 1.7 “Change in Control” shall mean (i) the execution of an agreement for the sale
of all, or a material portion, of the assets of the Company; (ii) the execution of an agreement for a merger, consolidation, or other transaction of the Company whereby the Company is not the surviving entity; (iii) a change of control of
the Company, as defined or determined under the regulations or policies of the Company’s primary regulator; (iv) the acquisition, directly or indirectly, of the beneficial ownership within the meaning of that term as it is used in
Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting proxies or securities of the Company by any person, trust, entity, or group. This limitation
shall not apply to a transaction in which either the Company merely converts to stock form or forms a holding company or up to 30% of any class of securities of the Company are purchased by a tax-qualified employee stock benefit plan
of the Company or any Affiliate. The term “person” refers to an individual or a corporation, partnership, trust, bank, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not
specifically listed here. References herein to the “Company” shall also refer to any company that at any future time becomes the owner of more than 50% of the Company’s assets or securities. 
 1.8 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 1.9 “Committee” shall mean any committee that the Board may appoint to administer and effectuate the Plan. The Committee shall act only
by a majority of its members, and may act through meetings or written consents. Notwithstanding the foregoing, the Board may at any time act in lieu of the Committee with respect to any action that the Committee may take pursuant to the Plan.

 1.10 “Common Stock” shall mean the common stock, if any, of the Company, but shall mean common stock of a holding company
of the Company if one is formed for that purpose independently of a Change in Control. 
 1.11 “Company” shall mean
Versailles Savings & Loan Company, and any successor to its interest. 
 1.12 “Deferrals” shall mean any
Participant-directed deferrals that occur pursuant to Section 2.3 hereof. 
 1.13 “Deferral Election Form” shall mean
the form attached hereto as Exhibit “A”. 
 1.14 “Director” shall mean a member of the Board. 
 1.15 “Distribution Election Form” shall mean the form attached hereto as Exhibit “B”. 
 1.16 “Effective Date” shall mean December 16, 1998. 
 1.17 “Employee” shall mean any person to whom the Company or an Affiliate pays “wages” that are reportable to the Internal Revenue Service on Form W-2 (or a successor form thereto).

 1.18 “Investment Election Form” shall mean the form attached as Exhibit “C”. 
  

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 1.19 “Just Cause” shall mean misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violations or any law, rule or regulation (other than traffic violation of similar offenses), or final cease-and-desist orders. 
 1.20 “Participant” shall mean (i) an individual who serves as a Director of the Company on the Effective Date, regardless of
whether or not the Director is an Employee, and (ii) any Director or Employee whom the Board specifically selects for participation in the Plan after the Effective Date, provided that an Employee shall be eligible for Plan participation only if
the Employee is a member of a select group of the management or highly compensated Employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 1.21 “Plan” shall mean this Versailles Savings & Loan Company Deferred Compensation Plan. 
 1.22 “Plan Year” shall mean the one-year period that begins each January 1, except the initial Plan Year shall begin on the
Effective Date and end on December 31, 1998. 
 1.23 “ROAE” shall mean the return-on-average-equity for the Company and
its Affiliates as determined by the Committee in accordance with generally accepted accounting principals, but subject to the Committee’s discretion to take into account or disregard extraordinary financial events impacting the Company or its
Affiliates. 
 1.24 “Trust” shall mean the trust created under the Trust Agreement. 
 1.25 “Trust Agreement” shall mean the agreement entered into between the Company and the Trustee, pursuant to the terms hereof.

 1.26 “Trustee” shall mean the person(s) or entity appointed by the Board pursuant to the Trust Agreement to hold legal
title to the Plan Assets for the purposes set forth herein. 
 1.27 “Year of Service” shall mean each full year of a
Participant’s service, measured from the date a Participant initially commences such service, as a Director or Employee of the Company or an Affiliate (but disregarding service as an emeritus or advisory director). 
 ARTICLE II 
 Credits to Accounts:
Life Insurance 
 2.1 Initial Credits. On the Effective Date, the Company shall make the following credits to the Accounts of
Participants: (i) the Account for each non-Employee Director will receive a credit equal to the product of $1,494 and the number of Years of Service of the Director; and (ii) the Account for the Employee-Director will receive a credit
equal to the product of $5,103 and the number of his Years of Service. 
 2.2 Future Credits. On each
December 31st after 1998, the Company shall make a credit to the Account of
each Participant who is on that date serving as a Director or Employee. The amount of each credit will equal the following percentages of the cash compensation that a Participant earns during the calendar year to which the credit relates: 24% for a
non-Employee Director; 8% for an Employee-Director. 
  

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 2.3 Deferrals. Each Participant may elect, on the Deferral Election Form, to make Deferrals by
directing that his or her fees, salary, bonuses, or other cash compensation be reduced on a pre-tax basis. Participants may elect to defer up to 25 % of their salary and up to 100 % of any board fees or cash bonuses. Such elections shall
(i) be irrevocable until the end of the calendar year in which they are made, and (ii) be effective on the January 1st following their Acceptance; provided that a Participant may elect to have an election take effect as soon as
administratively practicable with respect to cash compensation that the Participant may receive in the future and as to which the Participant currently has no legal right or claim. As soon as practicable after the end of each pay period, the Company
shall credit each Participant’s Account with any Deferrals that occurred during the pay period. 
 2.4 Investment Return. At the
end of each calendar year during which a Participant’s Account has a positive value, the Company shall credit the average balance credited to the Participant’s Account during the year with an investment return equal to the highest annual
return that the Company is paying, on January 1 of the particular year, on certificates of deposit having a term of one year or less, unless the Participant has previously elected, on the Investment Election Form, to have such investment return
equal the Company’s actual ROAE for that year. Such elections shall be irrevocable until the effective date of a superseding election, and shall be effective on the January 1st following their Acceptance. In the event of a stock conversion
or mutual holding company reorganization by the Company, each Participant may elect to have his or her Account credited with the total return on the resulting Common Stock. 
 2.5 Short-swing Profit Rule. If the Company were to sell stock as part of a conversion or mutual holding company reorganization and if a
Participant elects to have his or her Account appreciate or depreciate based on changes in the value of the Common Stock, the effectiveness of any investment election that the Participant makes shall be deferred until the next following date on
which said election would not result in an “opposite way” transaction for purposes of SEC Rule 16b3. For purposes of this paragraph, an “opposite way” transaction means an election that affects a “sale” of the Common
Stock by a Participant within six months of an election that affects a “purchase” (and vice versa), whether under this Plan or another plan maintained by the Company. This six-month “opposite way” rule will not apply, however, if
the Participant elects to receive a distribution in connection with either his or her death or termination of the Participant’s service with the Company. 
 ARTICLE III 
 Vesting: Distributions from Accounts 
 3.1 Vesting. Each Participant shall at all times be fully vested in his or her Account; provided that if a Participant’s service as an
Employee or Director terminates due to Just Cause, the Participant shall automatically forfeit the portion of his or her Account that is not attributable to Deferrals. 
 3.2 In-Service Hardship Distributions. If the Participant or a member of the Participant’s immediate family (or a dependent of the Participant) should suffer one or more of the following unforeseen
hardships, the Participant may apply to the Committee for a withdrawal of all or part of the vested portion of his or her Account: 
  

	 	(i)	extraordinary medical expenses, or 

  

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	 	(ii)	other unforeseeable and severe financial hardships that the Committee may generally recognize. 

 The Committee shall have sole and complete discretion over whether or not to grant a Participant’s request for a hardship withdrawal, provided that
(i) the Committee shall make its decisions in a uniform and nondiscriminatory manner, and (ii) the Participant who requests a withdrawal shall abstain from participation in, and voting on, such request. If the Committee approves a
withdrawal, the Company shall pay the approved amount to the Participant as soon as practicable, and shall treat said amount as a pro-rata reduction from each measure of investment return then in effect under Section 2.4 hereof. 
 3.3 Post-Termination Distributions. The Company shall pay a Participant’s Account in the medium selected by the Participant on the
Distribution Election Form, in substantially equal annual payments over a period of five years, beginning as soon as administratively practicable following the Participant’s termination of employment for any reason other than Just Cause or
death; provided that a Participant may elect on the Distribution Election Form to have his or her Account paid in an immediate lump sum distribution or in annual payments over a period not exceeding 10 years. 
 3.4 Distribution Elections. In order to be effective, Acceptance of a Participant’s Distribution Election Form must occur either
(i) more than one year before the date on which the Participant’s service as an Employee terminates for any reason or (ii) within 30 days of the Participant’s initial commencement of Plan participation, or
(iii) more than 90 days before the closing of a Change in Control. In the event a Participant files more than one valid Distribution Election Form, the most recent valid election shall supersede any and all prior elections. Nevertheless,
Beneficiary designations made pursuant to executed Election Forms shall be revocable during the Participant’s lifetime and a Participant may, by submitting an effective superseding Election Form at any time and from time to time, prospectively
change the designated Beneficiary and the manner of payment to a Beneficiary. 
 3.5 Death Benefits. If a Participant dies before
receiving all Benefits payable pursuant to Section 3.3, then the remaining vested balance of the Participant’s Account shall be distributed in a lump sum to the Participant’s Beneficiary as soon as administratively practicable
following the date of the Participant’s death; provided that a Participant may specify on the Distribution Election Form the distribution period elected by the Participant pursuant to Section 3.3 hereof. 
 3.6 Change in Control. In the event of a Change in Control, the Company and the Participant have the right to mutually agree to limit payments
that they might consider excess “golden parachute payments” as defined under §§280G and 4999 of the Code. 
  

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 ARTICLE IV 
 Source of Benefits 
 4.1 General Rule. Benefits accumulated under the Plan shall
constitute an unfunded, unsecured promise by the Company to provide such payments in the future, as and to the extent such Benefits become payable. Benefits accumulated under the Plan shall be paid from the general assets of the Company, and no
person shall, by virtue of this Plan, have any interest in such assets, other than as an unsecured creditor of the Company. For any Plan Year during which a Trust is maintained, (i) the Trustee shall inform the Committee annually prior to the
commencement of each fiscal year as to the manner in which such Trust assets shall be invested, and (ii) the Committee shall, as soon as practicable after the end of each calendar quarter, provide the Trustee with a schedule specifying the
amount of any Trust contribution that is attributable to the Participant’s Account. The Company shall also, at least annually, provide the Trustee with a schedule specifying the amounts payable to each Participant, and the time for making such
payments. All interest, dividends, and realized gain/losses on Trust assets will be taxed to the Company. 
 4.2 Trust Funding on Change
in Control. In the event of a Change in Control, the Company shall contribute to the Trust an amount sufficient to provide the Trust with assets having an overall value equivalent to the value of the aggregate Account balances under the Plan.

 ARTICLE V 
 Recordkeeping; Plan Expenses 
 The Committee shall be responsible for maintaining all Accounts, with particular
reference to contribution sources and allocating gains and losses (at least quarterly), and shall prepare Account reports for the Participants and the Company. The Committee in its discretion may appoint or remove a third-party recordkeeper. The
Company shall pay all expenses associated with the Plan and the Trust. 
 ARTICLE VI 
 Assignment 
 Except as otherwise
expressly provided by this Plan, it is agreed that neither the Participant nor his or her Beneficiary, to include the Participant’s executors and administrators, heirs, legatees, distributees, and any other person or persons claiming any
benefits under him or her under this Plan, shall have any right to assign, transfer, pledge, hypothecate, sell, transfer, alienate and encumber or otherwise convey the right to receive any Benefits hereunder, which Benefits and the rights thereto
are expressly declared to be nontransferable. The right to receive Benefits under this Plan shall likewise not be subject to execution, attachment, garnishment, sequestration or similar legal, equitable or other process to the benefit of the
Participant’s creditors. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Participant’s rights to receive Benefits under this Plan or the levy of any attachment, garnishment or similar process
thereupon, shall be null and void and without effect. 
  

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 ARTICLE VII 
 No Retention of Services 
 The Benefits payable under this Plan shall be independent of, and
in addition to, any other compensation payable by the Company to a Participant, whether in the form of fees, bonus, retirement income under employee benefit plans sponsored or maintained by the Company or otherwise. This Plan shall not be deemed to
constitute a contract of employment between the Company and any Participant. 
 ARTICLE VIII 
 Rights of Participants and Beneficiaries 
 The rights (if any) of Participants and their Beneficiaries under this Plan shall be solely those rights of unsecured creditors of the Company. 
 ARTICLE IX 
 Reorganization 
 The Company agrees that it will not merge or consolidate with any other corporation or organization, or permit its business activities to be taken over
by any other organization, unless and until the succeeding or continuing corporation or other organization shall expressly assume the rights and obligations of the Company herein set forth. The Company further agrees that it will not cease its
business activities or terminate its existence, other than as heretofore set forth in this Article IX, without having made adequate provision for the fulfillment of its obligation hereunder. 
 ARTICLE X 
 Amendment and Termination 
 The Board may amend or terminate the Plan at any time, provided that no such amendment or termination shall, without the written consent of an affected
Participant, alter or impair either the vested balance credited to the Participant’s Account or any rights that the Participant has accrued under the Plan. 
 ARTICLE XI 
 State Law 
 This Plan shall be construed and governed in all respects under and by the laws of the State of Ohio, except to the extent preempted by federal law. If
any provision of this Plan shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 
 ARTICLE XII 
 Headings; Gender 
 Headings and subheadings in this Plan are inserted for convenience and reference only and constitute no part of this Plan. This Plan shall be construed,
where required, so that the masculine gender includes the feminine. 
  

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 ARTICLE XIII 
 Interpretation of the Plan 
 The Committee shall have sole and absolute discretion to
administer, construe, and interpret the Plan, and the decisions of the Committee shall be conclusive and binding on all affected parties, unless such decisions are arbitrary and capricious. 
 ARTICLE XIV 
 Disputes: Legal Fees 
 14.1 Generally. Any controversy or claim that arises under this Plan and cannot be settled by the parties shall be addressed solely in the federal
or state courts located in Versailles, Ohio or in the closest jurisdiction thereto if no state or federal court exists in Versailles, Ohio at the time of such review. 
 14.2 Reimbursement of Legal Fees. In the event that any dispute arises between the Participant and the Company as to the terms or interpretation of this Plan, whether instituted by formal legal proceedings or
otherwise, including any action that the Participant takes to enforce the terms of this Plan or to defend against any action taken by the Company or an Affiliate, the Participant shall be reimbursed for all costs and expenses, including reasonable
attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Participant shall obtain a final judgement or settlement substantially in favor of the Participant either in a court of competent jurisdiction or in binding
arbitration under the rules of the American Arbitration Association or in a written settlement of the dispute. Such reimbursement shall be paid within ten (10) days of Participant’s furnishing to the Company written evidence, which may be
in the form, among other things, of a canceled check or receipt, of any costs or expenses incurred by the Participant. 
 14.3
Indemnification. To the maximum extent allowed by law, the Company shall indemnify each member of the Committee and each Trustee who is a Director or Employee for any loss arising from their actions under the Plan and Trust; provided that
such indemnification shall not occur for actions that constitute Just Cause. 
 ARTICLE XV 
 Duration of Plan 
 Unless
terminated earlier in accordance with Article XV, this Plan shall remain in effect during the term of service of the Participants and until all Benefits payable hereunder have been made. 
  

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 Plan Exhibit “A” 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN 
  
  
 Deferral Election Form 
  
  
 AGREEMENT, made this ___
day of ________, 20_____, by and between the undersigned participant (the “Participant”) in the Versailles Savings & Loan Company Deferred Compensation Plan (the “Plan”) and Versailles Savings & Loan Company
(the “Company”). 
 WHEREAS, the Company has established the Plan, and the Participant is eligible to participate in said
Plan. 
 NOW THEREFORE, it is mutually agreed as follows: 
 1. The Participant, by the execution hereof, agrees to participate in the Plan upon the terms and conditions set forth therein, and, in accordance
therewith, elects to defer the receipt of: 
 ____% of the Participant’s base salary (up to 25%). 
 ____% of the Participant’s director’s fees, bonuses or other cash compensation (up to 100%). 
 2. Unless the Participant checks this space ______ thereby designating the next January 1st as this election’s effective date, this election will supersede any prior election and will take effect as soon
as practicable hereafter (but only with respect to future compensation as to which the Participant has no current legal right or claim through the rending of services). 
 3. This election will continue in force until either the effective date of a superseding election by the Participant, or until the Participant terminates service with the Company, or until the Plan is terminated by
appropriate corporate action, whichever shall first occur. 
 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands the
day and year first above-written. 
  

									
	Witnessed by:	 		 	PARTICIPANT
			
	 	 		 	 
			
	Witnessed by:	 		 	VERSAILLES SAVINGS & LOAN COMPANY
				
	 	 		 	By  	 	 
		 		 		 		 	A member of the Board

  

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 Plan Exhibit “B” 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN 
  
  
 Distribution Election Form 
  
  
 AGREEMENT, made this
_____ day of __________, 20___, by and between the undersigned participant (the “Participant”) in the Versailles Savings & Loan Company Deferred Compensation Plan (the “Plan”), and Versailles Savings & Loan
Company (the “Company”) with respect to distribution of the Participant’s benefits under the Plan. 
 NOW THEREFORE, it
is mutually agreed as follows: 
 1. Form of Payment Generally. The Participant, by the execution hereof, agrees to participate in the
Plan upon the terms and conditions set forth therein, and, in accordance therewith, elects to have his or her Account distributed as follows: 
  

	 	 ̈	in a lump sum. 

  

	 	 ̈	in substantially equal annual payments over a period of ___ years. 

 2. Timing of Payment. Payment of a Participant’s first annual installment from his or her Account shall occur as soon as administratively practicable after the Participant terminates service with the
Company. Payment of any subsequent annual installments shall be occur no later than March 31 of each calendar year thereafter. 
 3.
Medium of Payment. Any benefits payable to the Participant shall be paid – 
  

	 	 ̈	in cash only; 

  

	 	 ̈	in cash and any shares of common stock of the Company (or its holding company, if one is formed) that are held in the Plan’s grantor trust for the Participant’s benefit.

 4. Form of Payment to Beneficiary. In the event of the Participant’s death, his or her Account shall be
distributed — 
  

	 	 ̈	in one lump sum payment. 

  

	 	 ̈	in accordance with the payment schedule selected in paragraph l hereof (with payments made as though the Participant survived to collect all benefits, and as though the Participant
terminated service on the date of his or her death, if payments had not already begun). 

  

 1 

 Deferred Compensation Plan 
 Distribution Election Form 
 Page 2 
 5. Designation of Beneficiary. In the event of the Participant’s death before he or she has collected all of the benefits payable under the Plan, the Participant hereby directs that any survivorship benefits payable under
Article III of the Plan be distributed to the beneficiary or beneficiaries designated under subparagraphs a and b of this paragraph 5 in the medium elected pursuant to paragraph 3 above: 
 a. Primary Beneficiary. The Participant hereby designates the person(s) named below to be his or her primary beneficiary and to receive the
balance of any unpaid benefits under the Plan. 
  

					
	 Name of 
Primary Beneficiary
	  	Mailing Address	  	Percentage of
Death Benefit
		  		  	%
		  		  	%

 b. Contingent Beneficiary. In the event that the primary beneficiary or beneficiaries named
above are not living at the time of the Participant’s death, the Participant hereby designates the following person(s) to be his or her contingent beneficiary for purposes of the Plan: 
  

					
	 Name of 
Contingent Beneficiary
	  	Mailing Address	  	Percentage of
Death Benefit
		  		  	%
		  		  	%

 6. Effect of Election. The elections made in paragraphs 1, 2 and 3 hereof shall become
irrevocable on the earlier of (1) the Participant’s death, (2) the date one year before the Participant first becomes entitled to receive a distribution under Article III of the Plan, and (3) the date 90 days before a Change in
Control. The Participant may, by submitting an effective superseding Distribution Election Form at any time and from time to time, prospectively change the beneficiary designation and the manner of payment to a Beneficiary. Such elections shall,
however, become irrevocable upon the Participant’s death. 
  

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 Deferred Compensation Plan 
 Distribution Election Form 
 Page 3 
 7. Mutual Commitments. The Company agrees to make payment of all amounts due the Participant in accordance with the terms of the Plan and the elections made by the Participant herein. The Participant agrees to be bound by the terms
of the Plan, as in effect on the date hereof or properly amended hereafter. 
 IN WITNESS WHEREOF, the parties hereto have hereunto
set their hands the day and year first above-written. 
  

									
	Witnessed by:	 		 	PARTICIPANT
			
	 	 		 	 
			
	Witnessed by:	 		 	VERSAILLES SAVINGS & LOAN COMPANY
				
	 	 		 	By  	 	 
		 		 		 		 	A duly authorized Committee Member

  

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 Plan Exhibit “C” 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN 
  
  
 Investment Election Form 
  
  
 WHEREAS, Versailles
Savings & Loan Company (the “Company”) has established the Versailles Savings & Loan Company Deferred Compensation Plan (the “Plan”), and the undersigned participant therein is eligible to make an investment
election pursuant to Article II of said Plan. 
 NOW THEREFORE, the Participant hereby elects as follows: 
 1. The Participant directs that any amounts credited to his or her account under the Plan will appreciate or depreciate from the effective date hereof,
as though they were invested as follows: 
 ____% in one-year certificates of deposit of the Company. 
 ____% in a fund having a yield equal to the Company’s most recent ROAE 
 2. The investment election made in the prior paragraph shall be effective on the next following January 1st, and shall remain in effect until the December 31st that immediately follows the Committee’s receipt of a properly executed superseding investment election by the
Participant. 
 IN WITNESS WHEREOF, the Participant has executed this form on the ___ day of ___ 20____. 
  

					
	Witnessed by:	 		 	PARTICIPANT
			
	  	 		 	  
		 		 	

  

 4Exhibit 10.3

 Exhibit 10.3 
 FIRST AMENDMENT TO 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN 
 This First Amendment (the “Amendment”) to the Versailles Savings & Loan Company (the “Company”) Deferred Compensation Plan, as amended and restated effective as of January 1, 2005, (as amended, the
“Plan”) is dated and is effective as of August 21st, 2009. Capitalized
terms which are not defined herein shall have the same meaning as set forth in the Plan. 
 W I T N E S S E T H: 
 WHEREAS, in connection with the Company’s conversion from mutual to stock form (the “Conversion”) and the related offering of shares of
common stock (the “Offering”) by Versailles Financial Corporation (the “Holding Company”), the Board of Directors of the Company (the “Board”) desires to amend the Plan to provide Participants with a one-time
opportunity to direct that amounts deferred or credited to their Accounts be used to purchase common stock of the Holding Company (“Common Stock”) in the Offering and that no Common Stock may be purchased on behalf of Participants
subsequent to the Offering; 
 WHEREAS, the Board desires to amend the Plan to provide that Participants that elect to purchase Common Stock
will not be allowed to diversify their investment and such investment must be distributed in the form of Company Stock in order to preserve favorable accounting treatment; 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby
acknowledged, the Board hereby amends the Plan as follows: 
 Section 1. Amendment to Section 1.2 of the Plan.
Section 1.2 of the Plan is hereby amended to read in its entirety as follows: 
 “1.2 “Account” shall mean a bookkeeping
account maintained by the Company in the name of each Participant. Each Participant’s Account shall consist of the following sub-Accounts: (i) Cash Account, a sub-account that is credited with all investments other than assets credited to
the Stock Units Account; (ii) Stock Units Account, a sub-account that is credited with Stock Units; and (iii) such other sub-accounts as the Committee may deem necessary. The Stock Units Account (i) may not be diversified;
(ii) must remain at all times credited with units that represent Company Stock; and (iii) must be distributed solely in the form of Company Stock. A Participant’s Account shall be utilized solely as a device for the measurement and
determination of any benefits payable to the Participant pursuant to this Plan. A Participant shall have no interest in his Account, nor shall it constitute or be treated as a trust fund of any kind.” 

 Section 2. New Section 1.28 of the Plan. Section 1.28 of the Plan is hereby added
to read as follows: 
 “Stock Units” shall mean shares of Company Stock, with each Stock Unit representing one share of Company
Stock. 
 Section 3. New Article IIA of the Plan. Article IIA of the Plan is hereby added to read as follows: 
 “2A.1 General. Amounts credited under this Plan will be credited to one or more bookkeeping accounts (including the Cash Account
and/or the Stock Units Account) for the Participant in accordance with the Participant’s investment election (subject to the ability of the Committee to override the investment election at its sole discretion) on an investment election form
supplied by the Company (the “Investment Election Form”), a copy of which is attached as Exhibit 4. All amounts credited to an Account prior to the date of this Amendment shall be credited to the Cash Account. The Participant’s
ultimate deferred compensation payments shall be based on the aggregate value of the Cash Account and the aggregate number of Stock Units accrued in the Stock Units Account (and any other sub-accounts) determined as hereinafter set forth:

 (a) Stock Units Account – One-Time Election/Opportunity. In connection with the Offering, a Participant may elect that
all or any part of amounts contributed to his or her account be credited to the Stock Units Account (“Amount Invested”). A Participant may not make any such election following the Offering. All amounts credited to the Stock Units Account
shall be applied to the crediting of Stock Units. The number of Stock Units credited to a Participant’s Stock Units Account shall equal the Amount Invested divided by the fair market value of one share of Company Stock as of the date of the
Offering. Fractional Stock Units will be used. Each Stock Unit shall be deemed to pay dividends as if it were one share of Company Stock, and any such deemed dividends will result in the crediting of additional Stock Units to the Stock Units Account
on each December 31, with the number of Stock Units so credited to be calculated based on the fair market value of one share of Company Stock as of the date of each dividend payment. After the crediting of Stock Units to the Stock Units
Account, subsequent fluctuations in the fair market value of the Company Stock shall not result in any change in the number of such Stock Units then credited to the Stock Units Account. 
 (b) Cash Account. Any amount that a Participant does not elect to be credited to the Stock Units Account shall remain in his or her account
Cash Account and such amounts shall continue to be credited with an investment return as specified in Section 2.4 of the Plan. 
 (c) In
the event of any change in the outstanding shares of the Holding Company by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate
change, then the Stock Units Account of each Participant shall be adjusted by the Committee in a reasonable manner to compensate for the change, and any such adjustment by the Committee shall be conclusive and binding for all purposes of the Plan.

  

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 (d) Neither a Participant nor the Committee are permitted to transfer amounts between the Cash Account
and the Stock Units Account, with the exception that Participants will be given the ability in connection with the mutual to stock conversion of the Company to transfer amounts from the Cash Account to the Stock Units Account. 
 Section 4. Amendment to Section 2.3 of the Plan. Section 2.3 of the Plan is hereby amended to add the following sentence
immediately after the last sentence of Section 2.3: 
 “All references to Deferrals shall include any compensation paid by the
Company and/or the Holding Company.” 
 Section 5. Amendment to Section 3.3 of the Plan. Section 3.3 of the Plan
is hereby amended to add the following sentence immediately after the last sentence of Section 3.3: 
 “Any distribution from the
Stock Units Account must be solely in the form of whole shares of Company Stock and cash will not be distributed in lieu of fractional shares.” 
 Section 6. Effectiveness. Notwithstanding anything to the contrary contained herein, this Amendment shall be subject to the consummation of the Conversion and Offering. In the event the Conversion and
Offering does not occur, this Amendment shall be deemed null and void. 
 Section 7. Governing Law. This Amendment and the rights
and obligations hereunder shall be governed by and construed in accordance with the laws of the State of Ohio. 
 IN WITNESS WHEREOF, the
Company has duly executed this Amendment as of the day and year first written above. 
  

			
	VERSAILLES SAVINGS & LOAN COMPANY
		
	By:	 	/s/ Douglas P. Ahlers
	Name:	 	Douglas P. Ahlers
	Title:	 	President and Chief Executive Officer

  

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 Exhibit 4 
 VERSAILLES SAVINGS & LOAN COMPANY 
 DEFERRED COMPENSATION PLAN  
  
  
 Investment Election Form for One-Time Opportunity 
 To Invest in the Stock
Units Account 
  
  
 I acknowledge receipt of a copy of the Versailles Savings & Loan Company Deferred Compensation Plan and the First Amendment to the Plan
(collectively, the “Plan”) and I understand that the Plan and this Investment Election Form constitute a binding agreement between myself and the Company. I further acknowledge that I have no rights to any benefits under the Plan until the
time of distribution pursuant to the provisions of the Plan. Any capitalized terms used in this Investment Election Form but not otherwise defined herein shall have the meanings set forth in the Plan. 
 The First Amendment provides that you may elect that all or any part of amounts contributed to your account be used to purchase common stock of
Versailles Financial Corporation (the “Common Stock”) on the date of the Conversion. The Common Stock will be held in a Stock Units Account on your behalf and the fair market value of a Stock Unit will equal the fair market value of a
share of Common Stock. 
 The First Amendment provides that the Stock Units Account may not be diversified (i.e., it may not be converted to
cash or any other investment) and a distribution from the Stock Units Account must be in the form of Common Stock. 
 The First Amendment
provides that after the Conversion, you will not be able to elect to have any additional amounts contributed to the Stock Units Account. Consequently, you have a one-time opportunity to use your account balance to purchase Common Stock in the
Offering. If you do not wish to make such an election, you do not need to return this form. 
 I hereby elect to use my account balance to
purchase the following amount of Common Stock at the time of the Offering (the amount may not exceed the maximum amount provided in the prospectus): 
 $___________________ of Common Stock of Versailles Financial Corporation. 
  

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	PARTICIPANT
		
	Signature:	 	 
		
	Printed Name:	 	 

 The Committee hereby accepts this Investment Election Form. 

			
		
	Signature:	 	 
		
	Printed Name:	 	 
		
	Date Received:	 	 

  

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