Document:

<PAGE>

                                                                    EXHIBIT 10.6

   SECOND AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN CFBANK AND DAVID C. VERNON

                    SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
                                     CFBANK

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT") is entered into
and made effective as of December 16, 2004 between CFBank, a federally chartered
savings association fka Central Federal Bank fka Central Federal Savings and
Loan Association of Wellsville (the "ASSOCIATION"), and David C. Vernon, an Ohio
resident (the "EXECUTIVE").

A.    The Association and the Executive entered into an Employment Agreement as
      of February 28, 2003, which agreement was amended as of May 10, 2004 (the
      Employment Agreement, as amended, the "AGREEMENT").

B.    A cogent and realistic management succession plan is key to the continued
      stability and growth of the Association.

C.    The Executive has participated in and has been integral to the ongoing
      plan for management succession of the Association.

D.    The Corporate Governance and Nominating Committee of the Association's
      parent company, Central Federal Corporation, a Delaware corporation (the
      "HOLDING COMPANY"), the Compensation and Management Committee of the
      Holding Company, and the Executive recommended the finalization of a
      succession plan for executive management of the Association.

E.    The recommended succession plan calls for an executive other than the
      Executive to be Chief Executive Officer of the Association.

F.    Notwithstanding the recommended succession plan, the Board of Directors of
      the Association values the services of the Executive and desires to have
      him continue to provide services to the Association.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
in this Amendment, the Association and the Executive agree as follows:

1. Section 1 of the Agreement is hereby deleted and the following is substituted
therefore in its entirety:

            (a) Effective February 1, 2005, and so long as Executive continues
      to serve, if elected, as a director of the Association, Executive agrees
      to serve as Chairman of the Board of Directors of the Association through
      December 31, 2005 and thereafter as Vice Chairman of the Board of
      Directors until the scheduled expiration of Executive's employment under
      Section 2(a) of this Agreement. Executive shall render such administrative
      and management services to the Association as are customarily performed by
      persons in a similar executive capacity. During such period, Executive
      also agrees to serve, if elected, as a director of the Holding Company and
      any subsidiary of the Association.

                                       59
<PAGE>

            (b) If during any period until April 17, 2014 Executive shall not be
      elected to continue to serve as a director of the Association, then he
      agrees to provide, and the Association agrees to retain, his services as a
      consultant or employee.

            (c) The Association agrees that at the scheduled expiration of
      Executive's employment under Section 2(a) of this Agreement, and so long
      as he shall continue to be elected as a director of the Association, he
      shall be elected to serve as Chairman Emeritus of the Board of Directors
      of the Association.

2. Section 2 of the Agreement is hereby amended by the insertion of the
following new Subsection:

            (d) Subject to the provisions of Section 2(c) of this Agreement, and
      from and after the scheduled expiration of his employment under Section
      2(a) of this Agreement, Executive shall continue to serve as a consultant
      to or employee of the Association. Executive shall be available to perform
      special project services for and on behalf of the Association until April
      17, 2014.

3. Section 3 of the Agreement is hereby amended by the insertion of the
following new Subsection:

            (f) In lieu of compensation under Subsections (a), (b), (d) and (e)
      of Section 3 of this Agreement, Executive shall receive reasonable
      compensation for his services during the period from and after the
      scheduled expiration of his employment under Section 2(a) of this
      Agreement until the expiration of his services to the Association under
      Section 2(d) of this Agreement. Compensation to Executive shall be
      commensurate with his duties and responsibilities, but in any event not
      less than $100 per month. Executive shall continue to receive reasonable
      reimbursement under Section 3(c) of this Agreement.

4. The changes to Section 1 of the Agreement as set forth in Paragraph 1 of this
Amendment do not constitute an Event of Termination, as defined in Section 4 of
the Agreement.

5. The vesting schedule relating to any and all restricted stock and incentive
stock options awarded to the Executive during the course of the Agreement, as
amended by this Amendment, shall remain unaffected by this Amendment.

6. All provisions of the Agreement, other than as modified in this Amendment,
are hereby ratified and shall remain in full force and effect.

IN WITNESS WHEREOF, the Association and the Executive have executed this
Amendment as of the day and year first written above.

THE ASSOCIATION:                            THE EXECUTIVE:

CFBANK

                                                  /s/ David C. Vernon
                                                  -----------------------------
                                                  David C. Vernon

By: /s/ Thomas P. Ash
    ------------------------
Name in
Print: Thomas P. Ash
       For the Board of Directors

                                       60<PAGE>

                                                                   EXHIBIT 10.48

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT is effective the 28th day of March, 2005, by and
between CERES GROUP, INC., a Delaware corporation, referred to in this Agreement
as "Employer," and MARK E. BILLINGSLEY referred to in this Agreement as
"Employee."

                                    RECITALS:

     Employer is engaged in the insurance business and maintains its main
corporate office in the City of Strongsville, Ohio; and

     Employer wished to employ Employee, and Employee wishes to be employed by
Employer on the terms, covenants and conditions set forth in this Agreement.

     For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

     Employer hereby employs Employee and Employee hereby accepts such
employment upon the terms, covenants and conditions hereinafter set forth.

     1.   SERVICES. Employer shall employ Employee as Executive Vice President
          and Chief Actuary, solely subject to the supervision and pursuant to
          the assignments, advices and directions of Employer. Employee's duties
          and responsibilities shall include duties and responsibilities as are
          customarily performed by one holding such a position for Employer
          and/or other similar businesses or enterprises.

          Employee shall devote all Employee's time, attention, knowledge, and
          skill solely and exclusively to the business and interest of Employer,
          and Employer shall be entitled to all of the benefits, emoluments,
          profits or other issues arising from or incident to any and all work,
          services and advice of Employee, and Employee expressly agrees that
          during the term of this Agreement, Employee will not be interested,
          directly or indirectly, in any form, fashion or manner, as partner,
          officer, director, 5% or more stockholder, advisor, employee or in any
          other form or capacity, in any other business similar to Employer's
          business or any allied trade. However, this will not preclude Employee
          from engaging in personal, civic, cultural, charitable or religious
          activities that do not interfere with the performance of Employee's
          duties and responsibilities hereunder, that do not adversely impact
          Employer and that are not in conflict with the above.

          Employee represents and warrants to Employer that his employment
          hereunder and compliance with the terms and conditions of this
          Agreement will not conflict with or result in the breach of any
          agreement or obligation to which he is a party or may be bound.

     2.   TERM AND TERMINATION. The duration of employment pursuant to this
          Agreement shall be for a period of two (2) years, commencing on March
          28, 2005 through March 29, 2007; provided, however, that this
          Agreement shall automatically renew for succeeding one (1) year terms,
          unless the Employer

                                       1
<PAGE>

          provides Employee with at least sixty (60) days' advance written
          notice that this Agreement and Employee's employment shall terminate
          as of the close of business on March 29 of the then-current original
          or renewal termination date (as the case may be).

          TERMINATION WITHOUT CAUSE. Regardless of any provisions of this
          Agreement to the contrary, or which could be construed to the
          contrary, in the event that (a) Employer chooses to terminate this
          Agreement upon sixty (60) days' advance written notice prior to the
          end of the initial term or then-current renewal term, (b) Employee's
          annual salary is reduced, or (c) Employee shall leave the employment
          of Employer at any time other than as a voluntary quit or for "cause"
          (as defined below) or Employee's employment is terminated in
          connection with a "change of control" (as defined below), this
          Agreement shall terminate and Employee shall be entitled to severance
          pay equal to twelve (12) months of Employee's then-current annual
          salary (less normal administrative deductions), payable in twelve (12)
          equal monthly installments. Such payments shall be in lieu of any
          other payments from Employer, including, without limitation, severance
          or termination payments contained herein or otherwise and Employer
          shall have no further liability or obligation to Employee for
          compensation or benefits.

          "CHANGE OF CONTROL." In the event that Employee's employment is
          terminated in connection with a "change of control" of Employer,
          Employee shall be entitled to receive cash compensation equal to
          twenty-four (24) months of Employee's then-current annual salary (less
          normal administrative deductions), payable in lump sum within thirty
          (30) days of such "change of control." Such payment shall be in lieu
          of any other payments from Employer, including, without limitation,
          severance or termination payments contained herein or otherwise and
          Employer shall have no further liability or obligation to Employee for
          compensation or benefits.

          "Change of control" shall mean the occurrence of any of the following
          events:

                  (i)   a tender offer shall be made and consummated for the
                        ownership of 50.1% or more of the outstanding voting
                        securities of Employer;

                  (ii)  Employer shall be merged or consolidated with another
                        corporation and, as a result of such merger or
                        consolidation, less than 50.1% of the outstanding voting
                        securities of the surviving or continuing corporation
                        shall be owned in the aggregate by the former
                        stockholders of Employer as the same shall have existed
                        immediately prior to such merger or consolidation; or

                  (iii) Employer shall sell substantially all of its operating
                        assets to another corporation which is not a
                        wholly-owned subsidiary;

                  (iv)  a person, within the meaning of Section 3(a)(9) or of
                        Section 13(d)(3) (as in effect on the date hereof) of
                        the Exchange Act shall acquire, other than by reason of
                        inheritance, (50.1%) or more

                                       2
<PAGE>

                        of the outstanding voting securities of Employer
                        (whether directly, indirectly, beneficially or of
                        record).

                  In determining whether a Change of Control has occurred,
                  gratuitous transfers made by a person to an affiliate of such
                  person (as determined by the Board of Directors of Employer),
                  whether by gift, devise or otherwise, shall not be taken into
                  account. For purposes of this Agreement, ownership of voting
                  securities shall take into account and shall include ownership
                  as determined by applying the provisions of Rule
                  13d-3(d)(1)(i) as in effect on the date hereof pursuant to the
                  Exchange Act."

          TERMINATION FOR "CAUSE." Notwithstanding any other provisions of this
          Agreement to the contrary, Employee's employment and this Agreement
          may be terminated by the Employer at any time without further
          compensation or severance pay or fringe benefits for "cause."

          For purposes of this paragraph, "cause" shall mean if Employee (a) has
          refused, failed or neglected to perform duties or render services
          hereunder or has performed or rendered them incompetently; (b) has
          been dishonest or committed a fraud or breach of trust or engaged in
          illegal or wrongful conduct substantially detrimental to the business
          or reputation of Employer; (c) has developed or pursued interests
          substantially adverse to Employer; (d) has been charged with, indicted
          for, or convicted of, a crime that constitutes a felony; or (e) has
          otherwise materially breached this Agreement.

          If, in the opinion of the Board of Employer, Employee's employment
          shall become subject to termination for "cause," the Board shall give
          Employee written notice to that effect which notice shall describe the
          matter or matters constituting such "cause." In the case of clauses
          (b) and (d) above, such notice shall constitute notice of termination
          of Employee's employment and Employee's employment will terminate
          immediately. In the case of clauses (a), (c) and (e) above, if, within
          15 days of receipt of such notice, Employee has not substantially
          eliminated, resolved or cured each such matter or matters to the
          satisfaction of the Board in its sole discretion, then Employer shall
          have the right to give Employee notice that Employee's employment will
          terminate immediately.

          VOLUNTARY QUIT. Notwithstanding any other provision of this Agreement,
          Employee shall have the right to voluntarily quit Employee's
          employment and terminate this Agreement by giving sixty (60) days'
          advance written notice to Employer at the address provided herein.
          Notwithstanding any other provision of this Agreement, if Employee
          shall so voluntarily quit and terminate this Agreement, Employer shall
          have no further obligations pursuant to the terms of this Agreement,
          except to pay to Employee accrued salary to the date of termination.

          In the event Employee voluntarily terminates his employment with
          Employer during the first twelve (12) months of employment, Employee
          shall reimburse Employer, on a pro rata basis, all relocation benefits
          previously paid to him.

                                       3
<PAGE>

          Employee will also reimburse Employer, on a pro rata basis, the amount
          of Employee's Signing Bonus, as defined in Section 3.

     3.   COMPENSATION.

          BASE COMPENSATION. During this Agreement, Employer shall pay Employee
          (according to Employer's normal payroll procedures) and Employee
          agrees to accept from Employer, in full payment for services under
          this Agreement, a salary set by the Board of Directors and Employee
          shall receive annual reviews and merit increases. Employee's initial
          salary shall be $275,000 per annum.

          SIGNING BONUS. Upon execution of this Agreement, Employer shall pay
          Employee a one-time signing bonus of $50,000.00 (the "Signing Bonus").

          BONUSES. Employee shall also participate in Employer's bonus plan for
          officers or such other incentive compensation or plans as may be
          established by the Board of Directors of Employer (the "Officer Bonus
          Plan"). Employee's bonus shall be payable as soon as it reasonably can
          be determined. Notwithstanding the foregoing, Employee shall be
          entitled to defer the receipt of his salary and/or bonus pursuant to
          procedures adopted or plans maintained by Employer.

          EXPENSES. Employer agrees that it will reimburse Employee for any and
          all necessary, customary and usual business expenses incurred by
          Employee, subject to Employer's then-current policies regarding such
          expenses.

          BENEFITS. In addition to the above salary and reimbursement, Employee
          shall be provided all fringe benefits on the same basis that Employer
          normally provides to a regular full-time employee holding Employee's
          position with Employer, including, but not limited to, health/dental
          insurance, life insurance, holidays, paid time off ("PTO") (etc.).
          Employee will be entitled to five (5) weeks of PTO per year.

     4.   COVENANTS.

          NON-DISCLOSURE. During Employee's employment by Employer, Employee
          will enjoy access to Employer's "confidential information" and "trade
          secrets." For the purposes of this Agreement, "confidential
          information" shall mean information which is not publicly available
          including, without limitation, information concerning customers,
          material sources, suppliers, financial projections, marketing plans
          and operation methods, Employee's access to which derives solely from
          Employee's employment with Employer. For purposes of this Agreement,
          "trade secrets" shall mean Employer's processes, methodologies and
          techniques known only to those employees of Employer who need to know
          such secrets in order to perform their duties on behalf of Employer.
          Employer takes numerous steps, including these provisions, to protect
          the confidentiality of its confidential information and trade secrets,
          which it considers unique, valuable and special assets.

                                       4
<PAGE>

          Employee, recognizing Employer's significant investment of time,
          effort and money in developing and preserving its confidential
          information and trade secrets, shall not, during his employment
          hereunder and for a period of three (3) years after the end of
          Employee's employment hereunder, use for his direct or indirect
          personal benefit any of Employer's confidential information or trade
          secrets. During the term of this Agreement and for a period of three
          (3) years after the end of Employee's employment hereunder, Employee
          shall not disclose to any person any of Employer's confidential
          information or trade secrets.

          NON-COMPETITION. During Employee's employment hereunder and, in the
          event of a change of control or termination of Employee's employment
          for any reason other than (i) for "cause" (under Section 2) or (ii) a
          voluntary quit, for a period of one (1) year, Employee shall not
          engage, directly or indirectly, whether as an owner, partner,
          employee, officer, director, agent, consultant or otherwise, in any
          location where Employer or any of its subsidiaries is engaged in
          business after the date hereof and prior to the termination of
          Employee's employment, in a business the same or similar to, any
          business now, or at any time after the date hereof and prior to
          Employee's termination, conducted by Employer or any of its
          subsidiaries, provided, however, that the mere ownership of 5% or less
          of the stock of a company whose shares are traded on a national
          securities exchange or are quoted on the National Association of
          Securities Dealers Automated Quotation System shall not be deemed
          ownership which is prohibited hereunder.

          NON-SOLICITATION. Employee agrees that regardless of any termination
          of this Agreement, during or at the end of this Agreement or any
          renewal thereof, Employee will not, for a period of one (1) year
          thereafter, (i) hire, retain or recruit any of Employer's insurance
          agents for the purpose of performing services for Employee or another
          insurance company, or (ii) contact or solicit, directly or indirectly,
          any person, firm or entity connected with Employer, including its
          customers or clients, for the purpose of diverting work or business
          from the Employer.

          No termination of this Agreement shall terminate the rights and
          obligations of the parties under this Section, but such rights and
          obligations shall serve such termination in accordance with the terms
          of this Section.

     5.   NON-DISPARAGEMENT. Following the termination of this Agreement for any
          reason, Employee hereby agrees and acknowledges that Employee will
          continue to have a duty of loyalty to Employer, and to the officers,
          directors, shareholders and employees of Employer, and in recognition
          of that duty of loyalty, Employee agrees that Employee shall not
          indulge in any conduct which may reflect adversely upon, nor make any
          statements disparaging of, Employer, or the officers, directors,
          shareholders or employees of Employer.

     6.   REMEDIES. Employee agrees that the remedy at law for any violation or
          threatened violation by Employee of Sections 4 and 5 will be
          inadequate and that, accordingly, Employer shall be entitled to
          injunctive relief in the event of a violation or threatened violation
          without being required to post bond or other surety. The foregoing
          remedies shall be in addition to, and not in limitation of,

                                       5
<PAGE>

          any other rights or remedies to which Employer is or may be entitled
          at law, or in equity, or under this Agreement.

     7.   DEATH. Notwithstanding any other provisions of this Agreement, this
          Agreement shall be deemed automatically terminated upon death of the
          Employee. In such event, Employer shall pay to Employee's personal
          representative or executor any compensation accrued but unpaid as of
          such date. Upon the payment of such accrued compensation, Employer
          shall have no further obligations under this Agreement, including, but
          not limited to, an obligation to pay a salary, severance or
          termination pay or any other form of compensation, or to provide any
          further fringe benefits of any kind or nature.

     8.   ENTIRE AGREEMENT. This written Agreement contains the sole and entire
          agreement between the parties and shall supersede any and all other
          agreements, whether oral or written, between the parties. The parties
          acknowledge and agree that neither of them has made any representation
          with respect to the subject matter of this Agreement or any
          representations inducing its execution and delivery, except such
          representations as are specifically set forth in this writing, and the
          parties acknowledge that they have relied on their own judgment in
          entering into the same. The parties further acknowledge that any
          statements or representations that may have been made by either of
          them to the other are void and of no effect and that neither of them
          has relied on such statements or representations in connection with
          its dealings with the other.

     9.   CONFIDENTIALITY. The terms of this Agreement are to be confidential,
          and Employee shall disclose its terms only to Employee's attorney, tax
          advisor and/or spouse, if any, subject to disclosure that may be
          necessary to comply with applicable law or in the event of a dispute
          leading to mediation and/or arbitration.

     10.  WAIVER/MODIFICATION. It is agreed that no waiver or modification of
          this Agreement or of any covenant, condition or limitation contained
          in it shall be valid unless it is in writing and duly executed by the
          party to be charged with it, and that no evidence of any waiver or
          modification shall be offered or received in evidence in any
          proceeding, arbitration or litigation between the parties arising out
          of or affecting this Agreement, or the rights or obligations of any
          party under it, unless such waiver or modification is in writing, duly
          executed as above. The parties agree that the provisions of this
          paragraph may not be waived, except by a duly executed writing.

     11.  ARBITRATION. If a dispute of any kind arises from or relates in any
          manner to this Agreement or the breach thereof, and if such dispute
          cannot be settled through direct discussions, the parties agree to
          endeavor to first settle the dispute in an amicable manner by
          mediation administered by and through the American Arbitration
          Association in accordance with its Commercial Mediation Rules before
          resorting to arbitration. Thereafter, any unresolved controversy or
          claim arising from or relating to this Agreement or breach thereof
          shall be settled by arbitration administered by and through the
          American Arbitration Association in accordance with its Commercial
          Arbitration Rules, provided however that only one arbitrator shall be
          appointed, which arbitrator shall be an attorney licensed in

                                       6
<PAGE>

          the State of Ohio or an active or retired judge, having experience in
          employment contracts, and judgment on the award rendered by the
          arbitrator may be entered in any court having jurisdiction thereof.

     12.  GOVERNING LAW. The parties agree that it is their intention and
          covenant that this Agreement be construed in accordance with and under
          and pursuant to the laws of the State of Ohio.

     13.  SUCCESSORS AND ASSIGNS. Employee may not assign any rights or
          obligations under this Agreement without the prior written consent of
          Employer. This Agreement shall be binding upon and inure to the
          benefit of Employee and his lawful heirs, guardians, executors,
          administrators, and permitted successors and assigns.

          Employer may not assign any rights or obligations under this Agreement
          without the prior written consent of Employee except to the surviving
          corporation in connection with a merger or consolidation involving
          Employer or to the purchaser of assets in connection with a sale of
          all or substantially all of its assets, so long as the assignee
          expressly assumes Employer's rights or obligations. This Agreement
          shall be binding upon and inure to the benefit of Employer and its
          permitted successors and assigns.

          This Agreement does not create, and shall not be construed as
          creating, any rights enforceable by any person not a party to this
          Agreement, except as provided in this Section 13.

     14.  RETURN OF PROPERTY. Upon termination of this Agreement for any reason,
          Employee shall immediately return any property of Employer, including,
          but not limited to, any equipment, credit cards, advertising
          materials, booklets, training guides or any other such similar
          information, materials or documents that Employee has in Employee's
          possession or control; provided, however, that Employee shall be
          allowed to keep copies of documentation required to be maintained by
          law or regulation.

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

     16.  SEVERABILITY. If any clause, paragraph, or section of this Agreement
          be held invalid or unenforceable, the remaining provisions of this
          Agreement shall not be affected thereby and shall be valid and remain
          enforceable to the extent permitted by law. Moreover, if any one or
          more of the provisions in this Agreement shall for any reason by held
          to be excessively broad as to duration, geographical scope, activity,
          or subject, it shall be construed by limiting and reducing it, so as
          to be enforceable to the extent compatible with then applicable law.

     17.  NOTICES: All notices required to be provided under the terms of this
          Agreement shall be sent by United States mail, certified, return
          receipt requested, and to the following addresses:

                                       7
<PAGE>

                  TO EMPLOYER:
                  Ceres Group, Inc.
                  17800 Royalton Road
                  Strongsville, Ohio 44136

                  TO EMPLOYEE:
                  Mark Billingsley
                  1314 Mesquite Road
                  Cedar Park, Texas 78613

          ACKNOWLEDGMENT BY EMPLOYEE: BY SIGNING THIS AGREEMENT, I AFFIRM THAT I
          HAVE CAREFULLY READ AND CONSIDERED ALL OF THE TERMS AND CONDITIONS OF
          THIS AGREEMENT AND THAT SUCH TERMS AND CONDITIONS ARE UNDERSTOOD,
          ACCEPTED AND AGREED.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

EMPLOYER:                                  EMPLOYEE:
CERES GROUP, INC.                          MARK E. BILLINGSLEY

By: /s/ Mark A. Nielsen                    By: /s/ Mark E. Billingsley
    ------------------------------             ---------------------------------
    Printed Name:  Mark A. Nielsen             Printed Name: Mark E. Billingsley
    Its: Executive Vice President

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]