Document:

Exhibit 10.3
                                                                    ------------

                      CHANGE IN CONTROL SEVERANCE AGREEMENT

         THIS CHANGE IN CONTROL SEVERANCE AGREEMENT ("Agreement") entered into
this _______________, 2003 ("Effective Date"), by and between CHEVIOT SAVINGS
BANK ("Association") and JEFFREY LENZER ("Employee").

         WHEREAS, Employee is currently employed by Association as the Chief
Lending Officer and is experienced in all phases of the business of Association;
and

         WHEREAS, the parties desire by this writing to set forth the rights and
responsibilities of Association and Employee if Association should undergo a
change in control (as defined hereinafter in the Agreement) after the Effective
Date.

         NOW THEREFORE, it is agreed as follows:

1.       Employment. Employee is employed in the capacity as the Chief Lending
         Officer of Association. Employee will render such administrative and
         management services to Association and Cheviot Financial Corp.
         ("Parent") as are currently rendered and as are customarily performed
         by persons situated in a similar executive capacity. Employee will
         promote to the extent permitted by law the business of Association and
         Parent. Employee's other duties will be such as the Board of Directors
         for Association (the "Board of Directors" or "Board") may from time to
         time reasonably direct, including normal duties as an officer of
         Association.

2.       Terms of Agreement. The term of this Agreement will be for the period
         commencing on the Effective Date and ending thirty-six (36) months
         thereafter. Additionally, on, or before, each annual anniversary date
         from the Effective Date, the term of this Agreement will be extended
         for an additional one-year period beyond the then effective expiration
         date upon a determination and resolution of the Board of Directors that
         the performance of Employee has met the requirements and standards of
         the Board, and that the term of such Agreement will be extended.

3.       Termination of Employment in Connection with or Subsequent to a Change
         in Control.

         3.1      Involuntary Termination. Notwithstanding any provision herein
                  to the contrary, in the event of the involuntary termination
                  of Employee's employment under this Agreement, absent Cause,
                  in connection with, or within twelve (12) months after, any
                  change in control of Association or Parent, Employee will be
                  paid an amount equal to two times the prior calendar year's
                  cash compensation paid to Employee by Association (whether
                  said amounts were received or deferred by Employee). Said sum
                  will be paid, at the option of Employee, either in one (1)
                  lump sum not later than the date of such termination of
                  employment or in periodic payments
<PAGE>

                  over the next 24 months, and such payments will be in lieu of
                  any other future payments which Employee would be otherwise
                  entitled to receive. Notwithstanding the foregoing, all sums
                  payable hereunder will be reduced in such manner and to such
                  extent so that no such payments made hereunder when aggregated
                  with all other payments to be made to Employee by Association
                  or the Parent will be deemed an "excess parachute payment" in
                  accordance with Section 280G of the Internal Revenue Codes of
                  1986, as amended (the "Code"), and be subject to the excise
                  tax provided at Section 4999(a) of the Code. The term
                  "control" will refer to the ownership, holding or power to
                  vote more than 25% of the Parent's or Association's voting
                  stock, the control of the election of a majority of the
                  Parent's or Association's directors, or the exercise of a
                  controlling influence over the management or policies of the
                  Parent or Association by any person or by persons acting as a
                  group within the meaning of Section 13(d) of the Securities
                  Exchange Act of 1934. The term "person" means an individual
                  other than Employee, or a corporation, partnership, trust,
                  association, joint venture, pool, syndicate, sole
                  proprietorship, unincorporated organization or any other form
                  of entity not specifically listed herein.

         3.2      Voluntary Termination. Notwithstanding any other provision of
                  this Agreement to the contrary, Employee may voluntarily
                  terminate his employment under this Agreement within twelve
                  (12) months following a change in control of Association or
                  Parent, and Employee will thereupon be entitled to receive the
                  payment described in Section 3.1 of this Agreement, upon the
                  occurrence, or within ninety (90) days thereafter, of any of
                  the following events, which have not been consented to in
                  advance by Employee in writing: (i) if Employee would be
                  required to move his personal residence or perform his
                  principal executive functions more than thirty-five (35) miles
                  from Employee's primary office as of the signing of this
                  Agreement; (ii) if in the organizational structure of
                  Association or Parent, Employee would be required to report to
                  a person or persons other than the President of Association or
                  Parent; (iii) if Association or Parent should fail to maintain
                  existing employee benefits plans, including material fringe
                  benefit, stock option and retirement plans, except to the
                  extent that such reduction in benefit programs is part of an
                  overall adjustment in benefits for all employees of
                  Association or Parent and does not disproportionately
                  adversely impact Employee; (iv) if Employee would be assigned
                  duties and responsibilities other than those normally
                  associated with his position as referenced at Section 1,
                  herein, for a period of more than six (6) months, or if such
                  additional assigned duties and responsibilities result in
                  additional cost to be incurred by Employee not otherwise
                  associated with the previously assigned duties and
                  responsibilities, which costs are not reimbursed by
                  Association within forty-five (45) days of being incurred; or
                  (v) if Employee's responsibilities or authority have in any
                  way been materially diminished or reduced for a period of more
                  than six (6) months.

         3.3      Arbitration. Any controversy or claim arising out of or
                  relating to this Agreement, or the breach thereof, will be
                  settled by arbitration in accordance with the rules then in
                  effect of the district office of the American Arbitration
                  Association ("AAA") nearest to the home office of Association,
                  and judgment

                                       -2-
<PAGE>

                  upon the award rendered may be entered in any court having
                  jurisdiction thereof, except to the extent that the parties
                  may otherwise reach a mutual settlement of such issue.
                  Association will incur the cost of all fees and expenses
                  associated with filing a request for arbitration with the AAA,
                  whether such filing is made on behalf of Association or
                  Employee, and the costs and administrative fees associated
                  with employing the arbitrator and related administrative
                  expenses assessed by the AAA. Association will reimburse
                  Employee for all costs and expenses, including reasonable
                  attorneys' fees, arising from such dispute, proceedings or
                  actions, notwithstanding the ultimate outcome thereof,
                  following the delivery of the decision of the arbitrator
                  finding in favor of Employee or settlement of the matter;
                  provided that if such finding of the Arbitrator is not in
                  favor of Employee, then such Employee will reimburse
                  Association for the initial filing fee paid by Association to
                  the AAA. Such settlement to be approved by the Board of
                  Association or the Parent may include a provision for the
                  reimbursement by Association or Parent to Employee for all
                  costs and expenses, including reasonable attorneys' fees,
                  arising from such dispute, proceedings or actions, or the
                  Board of Association or the Parent may authorize such
                  reimbursement of such costs and expenses by separate action
                  upon a written action and determination of the Board. Such
                  reimbursement will be paid within ten (10) days of Employee
                  furnishing to Association or Parent evidence, which may be in
                  the form, among other things, of a canceled check or receipt,
                  of any costs or expenses incurred by Employee.

4.       Other Changes in Employment Status.

         4.1      Notwithstanding the provisions of Section 3, herein, the Board
                  of Directors may terminate Employee's employment at any time,
                  but any termination by the Board of Directors other than
                  termination for Cause, will not prejudice Employee's right to
                  compensation or other benefits under the Agreement. Employee
                  will have no right to receive compensation or other benefits
                  for any period after termination for Cause. Termination for
                  "Cause" will include termination because of Employee's
                  personal dishonesty, incompetence, willful misconduct, breach
                  of fiduciary duty involving personal profit, intentional
                  failure to perform stated duties, willful violation of any
                  law, rule or regulation (other than traffic violations or
                  similar offenses) or final cease-and-desist order, or material
                  breach of any provision of the Agreement.

         4.2      If Employee is removed and/or permanently prohibited from
                  participating in the conduct of Association's affairs by an
                  order issued under Sections 8(e)(4) or 8(g)(l) of the Federal
                  Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and
                  (g)(1)), all obligations of Association under this Agreement
                  will terminate, as of the effective date of the order, but the
                  vested rights of the parties will not be affected.

         4.3      If this Association is in default (as defined in Section
                  3(x)(l) of FDIA), all obligations under this Agreement will
                  terminate as of the date of default, but this Section will not
                  affect any vested rights of the contracting parties.

                                       -3-
<PAGE>

         4.4      All obligations under this Agreement will be terminated,
                  except to the extent determined that continuation of this
                  Agreement is necessary for the continued operation of
                  Association: (i) by the Director of the Office of Thrift
                  Supervision ("Director of OTS") or his or her designee, at the
                  time that the Federal Deposit Insurance Corporation ("FDIC")
                  enters into an agreement to provide assistance to or on behalf
                  of Association under the authority continued in Section 13(c)
                  of FDIA; or (ii) by the Director of the OTS, or his or her
                  designee, at the time that the Director of the OTS, or his or
                  her designee approves a supervisory merger to resolve problems
                  related to operation of Association or when Association is
                  determined by the Director of the OTS to be in an unsafe or
                  unsound condition. Any rights of the parties that have already
                  vested, however, will not be affected by such action.

         4.5      Notwithstanding anything herein to the contrary, any payments
                  made to Employee pursuant to the Agreement, or otherwise, will
                  be subject to and conditioned upon compliance with 12 U.S.C.
                  ss.1828(k) and any regulations promulgated thereunder.

5.       Suspension of Employment. If Employee is suspended and/or temporarily
         prohibited from participating in the conduct of Association's affairs
         by a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12
         U.S.C. 1818 (e)(3) and (g)(1)), Association's obligations under the
         Agreement shall be suspended as of the date of service, unless stayed
         by appropriate proceedings. If the charges in the notice are dismissed,
         Association may in its discretion, (i) pay Employee all or part of the
         compensation withheld while its contract obligations were suspended,
         and (ii) reinstate (in whole or in part) any of its obligations which
         were suspended.

6.       Successors and Assigns.

         6.1      This Agreement will inure to the benefit of and be binding
                  upon any corporate or other successor of Association which
                  will acquire, directly or indirectly, by merger,
                  consolidation, purchase or otherwise, all or substantially all
                  of the assets or stock of Association.

         6.2      Employee will be precluded from assigning or delegating his
                  rights or duties hereunder without first obtaining the written
                  consent of Association.

7.       Amendments. No amendments or additions to this Agreement will be
         binding upon the parties hereto unless made in writing and signed by
         both parties, except as herein otherwise specifically provided.

8.       Applicable Law. This Agreement will be governed by all respects whether
         as to validity, construction, capacity, performance or otherwise, by
         the laws of the State of Ohio, except to the extent that Federal law
         will be deemed to apply.

9.       Severability. The provisions of this Agreement will be deemed severable
         and the invalidity or unenforceability of any provision will not affect
         the validity or enforceability of the other provisions hereof.

                                       -4-
<PAGE>

10.      Entire Agreement. This Agreement together with any understanding or
         modifications thereof as agreed to in writing by the parties, will
         constitute the entire agreement between the parties hereto.

Signed as of _______________________, 2003.

                                       ASSOCIATION:
                                       CHEVIOT SAVINGS BANK

                                       By:
                                           -------------------------------------
                                           Thomas J. Linneman
                                           President and CEO

                                       EMPLOYEE:

                                       -----------------------------------------
                                       Jeffrey Lenzer

                                      -5-Exhibit 10.5
                                                                    ------------

                            TAX ALLOCATION AGREEMENT
                            ------------------------

         This Tax Allocation Agreement (the "Agreement") is entered into by and
between Cheviot Financial Corp., a Federal corporation (the "Holding Company")
and its first-tier subsidiary, Cheviot Savings Bank, an Ohio state chartered
savings and loan association (the "Bank"), effective this ____ day of
_______________, 2003.

         WHEREAS, the Holding Company owns 100 percent of the issued and
outstanding capital stock of the Bank; and

         WHEREAS, the Holding Company and the Bank are members of an affiliated
group within the meaning of Section 1504(a) of the Internal Revenue Code of
which the Holding Company is the common parent corporation (the "Group"); and

         WHEREAS, the Bank may be willing from time to time to be included in
the filing of a consolidated Federal income tax return for the year ended
December 31, 2003 provided that the Holding Company is willing to undertake the
responsibilities regarding the preparation of, filing of and accounting with
respect to such consolidated Federal income tax return; and

         WHEREAS, the Holding Company and the Bank each desire to compensate the
other fully for their individual share of the consolidated tax liability and/or
any tax benefits provided by them in the filing of the consolidated Federal
income tax return; and

         WHEREAS, Cheviot Mutual Holding Company owns 55.00 percent of the
issued and outstanding voting stock of the Holding Company and is not a party to
this agreement. As such, Cheviot Mutual Holding Company files a separate Federal
and state income tax return and is responsible for payment of its own tax
liabilities; and

         WHEREAS, the Holding Company and the Bank recognize that from time to
time other companies may become members of the affiliated group and, therefore,
parties to this Agreement. The above-named members hereby agree that it will not
be necessary to revise this Agreement, but any new members may sign the existing
Agreement and it will be effective as to such new members as of the date they
join the affiliated group.

         NOW, THEREFORE, in consideration of the mutual promises and
undertakings included in this Agreement, the Holding Company and the Bank agree
as follows:

1.       CONSOLIDATED RETURN ELECTION

In the event that the Bank agrees to join in the filing of a consolidated
Federal tax return by the Holding Company for the calendar year ending December
31, 2003, and for any subsequent tax periods for which the Group is required to
file such a return or for any tax period for which the Group is permitted to
file such a return if the Holding Company so elects, the Bank and the Holding
Company agree to execute and file such consents, elections and other documents
and to take any actions necessary or appropriate to carry out the purpose of
this Agreement. Any period
<PAGE>

for which the Bank is included in a consolidated Federal income tax return filed
by the Holding Company is referred to in this Agreement as a "Consolidated
Return Year."

2.       BANK'S LIABILITIES TO THE HOLDING COMPANY FOR CONSOLIDATED RETURN YEARS

In the event that the Bank has elected to file a consolidated Federal tax return
with the Holding Company, the Bank agrees to transfer quarterly to the Holding
Company an amount equal to the estimated payments which it would be required to
pay to the Internal Revenue Service if it were filing a separate income tax
return. The Bank also agrees to pay to the Holding Company, on or before the
fifteenth day of the third month following the close of the tax year, its
pro-rata share of the consolidated tax liability less applicable credits,
estimates and other payments, calculated as if each entity were filing a
separate return. The amount due from or to any entity may be adjusted on an
equitable basis to account for any difference in the amounts due under the
consolidated return calculation and the separate entity calculation. If the
Group's consolidated income tax obligation arising from the alternative minimum
tax (the "AMT") or any form of tax penalty exceeds its regular tax on a
consolidated basis, the excess shall be equitably allocated among the members of
the Group based upon the portion of tax preferences, adjustments and other items
generated by each member which causes the AMT or penalty to be applicable.

3.       TREATMENT OF ANY NET OPERATING LOSS OF THE BANK

If Bank incurs a tax loss during a consolidated tax period, the Holding Company
shall pay to the Bank an amount no less than the amount the affiliate would have
been entitled to receive from a taxing authority as a separate entity. This
payment shall be made within a reasonable period following the date the Bank
would have been obligated to file its own return. If the affiliate would not be
entitled to a refund as a separate entity because it has no carryback benefits
available, the Holding Company may utilize the loss on its consolidated return
and must reimburse the Bank for that benefit no later than the time when the
Bank would become able to utilize the loss on a separate basis to offset future
taxable income.

4.       TAX ADJUSTMENTS

In the event of any adjustment to a consolidated tax return which includes the
Holding Company and the Bank, the liability of the Holding Company and the Bank
shall be redetermined to give effect to any adjustment as if it had been made as
part of the original computation of tax liability, and any payments required
thereby must be made within a reasonable time after additional tax payments are
made or refunds are received.

5.       THE HOLDING COMPANY'S RESPONSIBILITIES

In the event that the Bank elects to file a consolidated tax return which
includes the Holding Company, the Holding Company shall prepare and maintain all
books, records and accounts required by the Internal Revenue Code and
regulations promulgated thereunder for groups filing a consolidated return
including, but not limited to, all books, records and accounts with regard to
intercompany transactions and earnings and profits. The Holding Company shall
timely file all returns required by the Internal Revenue Code and the
regulations promulgated thereunder. The Holding Company will make timely
payments to the Internal Revenue Service, provided that the Bank pays the
Holding Company all amounts required under Section 2 of this Agreement.
<PAGE>

6.       DEFERRED TAXES

The Holding Company and the Bank agree that there will be no transfer between
the entities of deferred tax liabilities or assets. The Bank shall not pay any
deferred taxes before they are required to.

7.       COMPLIANCE WITH SECTION 23A AND 23B OF THE FEDERAL RESERVE ACT

Any payment by the Bank in excess of the amount required by this Agreement or
significantly before the payment is due shall be deemed an extension of credit
by the Bank to the Holding Company and shall comply with Section 23A and 23B of
the Federal Reserve Act and the regulations promulgated thereunder.

8.       STATE TAXES

In the event that the Bank so elects, the Group will file an Ohio State Combined
Tax Return. The provisions of this Agreement shall apply for purposes of
allocating Ohio State tax liabilities and benefits between and among the Holding
Company and the Bank. Any other state taxes shall be allocated to the entity for
which that state's tax return must be filed.

9.       BINDING EFFECT

This Agreement shall be binding on and inure to the benefit of any successor, by
merger or acquisition of assets or otherwise. This agreement shall also be
binding on any additional members added to the affiliated group by merger or
acquisition of assets or otherwise.

10.      WITHDRAWAL

Any party to this agreement may withdraw from this agreement at any time,
without cause, upon 30 days notice to the other party.

CHEVIOT FINANCIAL CORP.

By:                                         Date:
    ------------------------------                ------------------------------
    Thomas J. Linneman, President
    and Chief Executive Officer

CHEVIOT SAVINGS BANK

By:                                         Date:
    ------------------------------                ------------------------------
    Thomas J. Linneman, President
    and Chief Executive Officer

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