Document:

Exhibit 10.2

 

DCB FINANCIAL CORP

EMPLOYMENT AGREEMENT

 

This sets forth the EMPLOYMENT AGREEMENT made and entered into
as of August 11, 2014 (the “Effective Date”) by and among The Delaware County Bank & Trust Company which is a wholly-owned
subsidiary of the DCB Financial Corp (the Corporation and Bank are hereafter referred to collectively as the “Employer”),
having an office in Lewis Center, Ohio, and J. Daniel Mohr, an individual currently residing at 459 Sunburst Dr, Delaware, OH 43015
(“Executive”).

 

WITNESSETH

IN CONSIDERATION of the mutual premises, covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
agree to the following employment terms.

 

1. Employment.

 

(a) Term. Employer shall employ Executive,
and Executive shall serve as an executive officer of Employer, in accordance with the terms and conditions of this Agreement, for
a term commencing on the Effective Date and ending on December 31, 2015 (“Ending Date”). On the Ending Date, and upon
the expiration of each 24-month period thereafter (each such date is referred to as a “Renewal Date”), unless previously
terminated, the term will be extended automatically for an additional two-year period, unless no less than 90 days prior to a Renewal
Date either party gives notice to the other that the term will not be extended.

 

(b) Duties. On the terms and subject to the
conditions set forth herein, the Employer employs the Executive to serve as the Chief Financial Officer and Treasurer of the Corporation
and of the Bank. The Executive shall perform the regular duties commensurate with his position, subject to the control and supervision
of Executive’s CEO and Boards of Directors, as from time to time may be reasonably assigned to Executive by Employer based
upon his position. Executive shall devote Executive’s best efforts to the affairs of Employer, serve faithfully and to the
best of Executive’s ability and devote all of Executive’s working time and attention, knowledge, experience, energy
and skill to the business of Employer, except that Executive may affiliate with professional associations, business and civic organizations,
provided that Executive’s involvement in such activities does not adversely affect the performance of his duties on behalf
of Employer. Executive shall also serve on the Board of Directors of, or as an officer of, Employer’s affiliates, if requested
to do so by the CEO or Boards of Directors of Employer.

 

2. Compensation and Benefits.

 

(a) Employer. Whenever in this Agreement Executive
is entitled to compensation, benefits or other remuneration from Employer, the term Employer shall mean the Corporation or the
Bank. Executive shall not be entitled to duplicate compensation, benefits or other remuneration from the Corporation and the Bank.

 

(b) Base Salary. The Executive shall initially
be paid a base salary at an annualized rate of $185,000 (“Base Salary”), which shall be the effective base salary rate
as of the Effective Date. On an annual basis, consistent with Employer’s regular review procedures, the Executive’s
base salary shall be reviewed and may be adjusted in the discretion of the Corporation’s Board of Directors or a committee
thereof, provided that it shall not be decreased unless such reduction is on the basis of documented poor job performance or is
a result of the Employer’s financial performance. In the event of a reduction based on the Employer’s financial performance,
the reduction shall be consistent and concurrent with base salary reductions imposed by Employer on similarly situated executive
managers. Executive’s Base Salary shall be paid in accordance with Employer’s regular payroll practices for executives.

 

    	 

    	 

    

 

(c) Short-Term Incentive Compensation and Bonuses.
During Executive’s employment with Employer, Executive shall be eligible to participate in the short term incentive compensation
plans, bonus, or similar plans maintained from time to time by the Employer for its senior executive officers. The short-term incentive
bonus payable for any year (the “Bonus Amount”) will be based upon the terms and conditions of such plans. Upon termination
of Executive’s employment by Employer for reasons other than “Cause” (as defined in this Agreement) or by Executive
for “Good Reason” (as defined in this Agreement), Executive shall be entitled to a pro rata portion (based on Executive’s
complete months of active employment in the applicable year) of the annual cash bonuses that are payable with respect to the year
during which the termination occurs.

 

(d) Benefit Plans. Executive shall be eligible
to participate in any Employer maintained executive pension benefit plans (as that term is defined under Section 3(2) of the Employee
Retirement Income Security Act of 1974, as amended), group life insurance plans, medical plans, dental plans, long-term disability
plans, business travel insurance programs and other fringe benefit plans or programs maintained by Employer for the benefit of
its executives. Executive’s participation in any such benefit plans and programs shall be based on, and subject to satisfaction
of, the eligibility requirements and other conditions of such plans and programs.

 

(e) Expenses. Upon submission to Employer
of vouchers or other required documentation, Executive shall be reimbursed for Executive’s actual out-of-pocket travel and
other expenses reasonably incurred and paid by Executive in connection with Executive’s duties under this Agreement.

 

(f) Other Benefits. During the period of employment,
Executive shall also be entitled to receive the benefits offered to Employer’s senior executives, including without limitation
the following:

 

(i) Paid vacation of at least 4 weeks during each
calendar year (prorated for partial years) (with carry over of unused vacation to a subsequent year pursuant to the Employee Handbook
policy) and any holidays that may be provided to all executives of Employer in accordance with Employer’s holiday policy;

 

(ii) Sick leave as defined by the current Employee
Handbook;

 

(iii) Travel expenses of an average of $1,000 per
month reimbursed to the Executive through December 2014 with a maximum of $12,000 in 2014.

 

(iv) Employer will reimburse the Executive for the
monthly rental of the apartment presently rented by Executive, or in the alternative, an apartment of equal expense in the area.
This reimbursement by Employer shall cease with the January, 2015 monthly rental payment. Executive shall submit proof of payment
of the rent for reimbursement.

 

(v) Use of company issued cellular telephone and
all Employer-related business charges incurred in connection with the use of such telephone.

 

(vi) Signing Bonus. Executive was previously granted
a signing bonus at the time of his initial employment which consisted of restricted stock of DCBF in the amount of $10,000 with
a five year vesting period as agreed upon previously between the parties.

 

(vii) Relocation Costs. The parties had previously
agreed that Employer would reimburse the Executive for costs related to his relocation to the Employer’s service area, in
an amount not to exceed $20,000. The Employer will reimburse Executive for the costs at the time they are submitted to the Employer.

 

(g) Equity Based and Long-Term Incentive Compensation.
During Executive’s employment with Employer, Executive shall be eligible to participate in any equity based compensation
programs and long-term incentive compensation plans maintained by Employer for the benefit of its executives. The amount of any
equity compensation and long-term incentive bonus payable to Executive for any year shall be determined under the terms and conditions
of such plans and programs. Executive will be granted shares of restricted stock pursuant to all terms and conditions of the DCB
2014 Restricted Stock Plan by rounding down to the largest whole number of shares.

 

(h) Clawback of Amounts. Any amounts paid
to, credited to an account on behalf of, or vested to the Executive in the prior twenty-four (24) months by the Employer under
any short-term incentive compensation program, long-term incentive compensation program (including restricted stock awards under
the Corporation’s 2014 Restricted Stock Plan or similar equity based programs maintained by Employer) or Employer’s
nonqualified deferred compensation plan shall be subject to repayment within thirty (30) days upon the request of the Employer
in the event that any such amount is shown to be directly attributable to materially misleading financial statements; provided,
however, that in order for this subparagraph 2(h) to be applicable the Executive must have knowingly prepared such materially
misleading financial statements or knowingly contributed materially misleading data which was then incorporated into such materially
misleading financial statements. If an overpayment of incentive compensation results from a restatement of financial statements
Employers’ Boards of Directors shall have the discretion to consider the overpayment in awarding future incentive compensation
without regard to the Executive’s role with respect to the financial statements which are restated.

    	 

    	 

    

  

3. Termination. Except in connection with a termination
caused by a “Change of Control” (as defined in paragraph 4), Executive’s employment by Employer shall be subject
to termination as follows:

 

(a) Expiration of the Term. Except as provided
in this Agreement, Executive’s employment with Employer shall terminate automatically at the expiration of any biannual term
of this Agreement.

 

(b) Termination Upon Death. This Agreement
shall terminate upon Executive’s death. In the event this Agreement is terminated as a result of Executive’s death,
Employer shall continue payments of Executive’s then current Base Salary for a period of 60 days following Executive’s
death to the beneficiary designated by Executive on the “Beneficiary Designation Form” attached to this Agreement as
Appendix A.

 

(c) Termination Upon Disability. Employer
may terminate this Agreement upon Executive’s “long term disability.” For purposes of this agreement, “long
term disability means Executive is unable for twelve months or more to perform the essential functions of the job with or without
a reasonable accommodation. The determination of disability shall be made by the Employer’s third party long term disability
provider and a physician selected by Executive; provided, however, that if the two parties so selected shall disagree, or if Employer
shall disagree with the findings of the physicians, the determination of disability shall be submitted to arbitration in accordance
with the rules of the American Arbitration Association and the decision of the arbitrator shall be binding and conclusive on Executive
and Employer. In the event of a termination of this Agreement for a disability, the Executive will be paid per the terms of the
Employer’s long term disability plan. If Employer terminates this Agreement upon Executive’s disability, Executive
shall not be entitled to any payment pursuant to paragraph 3 of this Agreement other than the disability benefits specified in
this paragraph.

 

(d) Termination for Cause. Subject to satisfaction
of the notice and correction provisions of this subparagraph (d), Employer may terminate Executive’s employment for “Cause”
by written notice to Executive. For purposes of this Agreement, a termination shall be for “Cause” if the termination
results from any of the following events:

 

(i) Material breach of this Agreement;

 

(ii) Misconduct as an executive or director of Employer,
or any subsidiary or affiliate of Employer for which Executive performs services, which consists of misappropriating any funds
or property, or attempting to obtain any personal profit from any transaction to which such company is a party or from any transaction
with any third party in which Executive has an interest.

 

(iii) Unreasonable neglect in performing the duties
assigned to Executive under or pursuant to this Agreement, unless cured within twenty (20) days following Executive’s receipt
of written notice to Executive of such neglect or refusal;

 

(iv) Conviction of a felony or  of a misdemeanor
involving theft or dishonesty;

 

(v) Adjudication as a bankrupt, which adjudication
has not been contested in good faith, unless bankruptcy is caused directly by Employer’s unexcused failure to perform its
obligations under this Agreement; or

 

(vi) Failure to follow the reasonable and documented
instructions of the Board of Directors of Employer, provided that the instructions do not require Executive to engage in unlawful
conduct.

 

Notwithstanding any other term or provision of
this Agreement to the contrary, if Executive’s employment is terminated for Cause, Executive shall forfeit all rights
to payments and benefits otherwise provided pursuant to this Agreement; provided, however, that Base Salary, fringe benefits
and accrued vacation shall be paid through the date of termination.

 

    	 

    	 

    

  

(e) Termination Without Cause. Employer may
terminate Executive’s employment for reasons other than “Cause” (as defined in subparagraph 3(d)) upon not less
than thirty (30) days prior written notice delivered to Executive, or pay in lieu of notice. In the event of a termination without
Cause, and provided that Executive first signs and does not later revoke a binding release of all potential claims Executive may
have at that time against Employer or any of its affiliated companies, officers, managers, or employees based on his employment
or the termination of his employment, Employer shall be obligated to pay to Executive amounts equivalent to the greater of (i)
the unpaid compensation (including any accrued bonus) and benefits that would have been paid to or earned by Executive pursuant
to this Agreement if Executive had remained employed under the terms of this Agreement until the expiration of the then-current
term of this Agreement, or (ii) the unpaid compensation (including any accrued bonus) and benefits that Executive would have been
paid or earned by Executive if Executive remained employed pursuant to this Agreement for a period of one (1) year following the
termination date. The amount of any cash payments hereunder shall be paid in a lump sum payment within forty-five (45) business
days after the termination date. This subparagraph (e) shall not require duplication of payments to be made pursuant to paragraph
3, or benefits to be provided pursuant to paragraph 4, following Executive’s termination of employment.

 

(f) Termination Following a Change of Control.
If, within twenty-four (24) months after a Change of Control (as defined in subparagraph 4(c)), Executive’s employment
is terminated by Employer (or any successor to Employer) for any reason other than death, Disability (as defined in subparagraph
3(c)), or Cause (as defined in subparagraph 3(d)) or by Executive for Good Reason (as defined in subparagraph 3(h)), the provisions
of paragraph 4 shall apply.

(g) Resignation as Director. Upon Executive’s
termination of employment for any reason, Executive agrees to resign as a member of Employer’s Board of Directors, if Executive
is a director at the time of termination, and to resign from any and all other offices and positions related to Executive’s
employment with Employer and held by Executive at the time of termination.

 

(h) Resignation for Good Reason. Executive
may terminate his employment for Good Reason upon providing Employer with advanced written notice no later than 90 days after a
Good Reason condition has occurred and failure of Employer to cure the Good Reason condition within 30 days after receipt of such
notice. In the event of a resignation for Good Reason as defined in this subparagraph (h), and provided that Executive first signs
and does not later revoke a binding release of all potential claims Executive may have at that time against Employer or any of
its affiliated companies, officers, managers or employees based on his employment or the separation of his employment, Employer
shall be obligated to pay to Executive amounts equivalent to the greater of (i) the unpaid compensation (including any accrued
bonus) and benefits that would have been paid to or earned by Executive pursuant to this Agreement if Executive had remained employed
under the terms of this Agreement until the expiration of the then current term of this Agreement, or (ii) the unpaid compensation
(including any accrued bonus) and benefits that Executive would have been paid or earned by Executive if Executive remained employed
pursuant to this Agreement for a period of one (1) year following the termination date. For purposes of this subparagraph 4(h),
“Good Reason” shall be interpreted in a manner consistent with Section 409A to mean (i) a significant adverse change
in the nature or scope of the Executive’s duties or authority or the Executive’s having to report directly to anyone
other than chief executive officer of Employer’s ultimate parent or the Board of Directors of Employer,
(ii) a material reduction in the Executive’s total compensation (including accrued bonus or benefits) that is not consistent
with the provisions of subparagraph 2(b) hereof, (iii) a material breach of this Agreement by Employer, or (iv) a change in the
general location where the Executive is required to perform services which shall include requiring Executive to relocate more than
fifty (50) miles from Delaware, Ohio. The amount of any cash payments hereunder shall be paid in a lump sum payment within forty-five
(45) business days after the termination date. This subparagraph (h) shall not require duplication of payments to be made pursuant
to other parts of this Agreement, following Executive’s termination of employment.

 

4. Termination Following a Change of Control.

 

(a) If, within twenty-four (24) months after a Change
of Control (as defined herein), Executive’s employment is terminated by Employer (or any successor to Employer) for any reason
other than death, Disability (as defined in subparagraph 3(c)), or Cause (as defined in subparagraph 3(d)) or by Executive for
Good Reason (as defined in subparagraph 3(h)), Employer shall provide Executive with the following benefits described in this subparagraph
4(a) in lieu of any other benefits described under this Agreement:

 

    	 

    	 

    

 

(i) Within forty-five (45) business
days after termination, pay to Executive a lump sum equal to two (2) times the average annual compensation paid to Executive by
Employer and included in Executive’s gross income for income tax purposes for the three (3) full taxable years that immediately
precede the year during which the Change of Control occurs (adjusted to include bonuses paid, rather than accrued, in respect of
such years);

(ii) Provide Executive with
his rights, if any, to receive continued health care benefits under COBRA, and pay Executive, within forty-five (45) business days
after termination of employment, a lump sum amount equal to two (2) times Employer’s annual cost of providing health, life
and long-term disability insurance coverages and other fringe benefits provided to Executive immediately prior to such termination;
and

(iii) Treat as immediately vested
and exercisable all forms of equity-based compensation, including unexpired stock options and unvested restricted stock previously
granted to Executive that are not otherwise vested or exercisable or that have not been exercised.

(b) Notwithstanding anything to the contrary contained
in this Agreement, in the event that a Change of Control shall occur, and a final determination is made by legislation, regulation,
ruling directed to Employer or Executive, by court decision, or by independent tax counsel selected by Employer or Executive, that
the aggregate amount of any payment made to Executive (1) hereunder, and (2) pursuant to any plan, program or policy of the Company
in connection with, on account of, or as a result of, such Change of Control ("Total Payments") will be subject to the
excise tax provisions (“Excise Tax”) of Section 4999 of the Internal Revenue Code of 1986, as amended, and the guidance
promulgated thereunder ("Section 4999"), or any successor section thereof, the Total Payments shall be reduced by the
minimum amount necessary so as not to cause Employer to have paid a “parachute payment” as defined in Section 280G(b)(1)
and so Executive will not be subject to excise tax under Section 4999. The Total Payments minus this reduction shall be referred
to as the “Reduced Amount.” For this purpose, Executive shall be deemed to be in the highest marginal rate of federal,
state and local taxes. In the event that Executive is paid the Reduced Amount, the Total Payments will be reduced in on a pro-rata
basis so as not to change the time and form of any payment to Executive in a manner that is inconsistent with Section 409A.

Unless Employer and Executive otherwise agree in
writing, any determination required under this Section shall be made in writing by Employer’s regular independent public
accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and Employer for
all purposes. For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions
and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application
of Sections 280G and 4999. Employer and Executive shall furnish to the Accountants such information and documents as the Accountants
may reasonably request in order to make a determination under this Section. Executive shall bear all costs the Accountants may
reasonably incur in connection with any calculations contemplated by this Section.

 

(c) For purposes of paragraph 4(a), a “Change
of Control” shall be deemed to have occurred if:

(i) any “person,”
including “persons acting as a group,” as determined in accordance with Section 409A, acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons acting as a group) securities of
Employer representing 30% or more of the combined voting power of Employer’s then outstanding securities;

(ii) as a result of, or in connection
with, any proxy contest, tender offer or exchange offer, merger or other business combination (a “Transaction”), the
persons who were directors of Employer before the Transaction shall cease to constitute a majority of the Board of Directors of
Employer or any successor to Employer;

(iii) any person or persons acting
as a group acquires ownership of the securities of Employer that, together with the securities held by that person or group, constitutes
more than 50% of the total fair market value or total voting power of the securities of Employer; or

(iv) Employer transfers substantially
all of its assets to another corporation which is not controlled by Employer.

 

5. Covenants.

 

(a) Confidentiality. Executive shall not,
without the prior written consent of Employer, disclose or use in any way, either during his employment by Employer or thereafter,
except as required in the course of his employment by Employer, any confidential business or technical information or trade secret
acquired in the course of Executive’s employment by Employer. Executive acknowledges and agrees that it would be difficult
to fully compensate Employer for damages resulting from the breach or threatened breach of the foregoing provision and, accordingly,
that Employer shall be entitled to temporary preliminary injunctions and permanent injunctions to enforce such provision. This
provision with respect to injunctive relief shall not, however, diminish Employer’s right to claim and recover damages. Executive
covenants to use his best efforts to prevent the publication or disclosure of any trade secret or any confidential information
concerning the business or finances of Employer or Employer’s affiliates, or any of its or their dealings, transactions or
affairs which may come to Executive’s knowledge in the pursuance of his duties or employment. This Section 5(a) shall not
apply to any document or information that is readily ascertainable from public or published information or trade sources or has
otherwise been made available to the public through no fault of the Executive. Nothing in this Agreement shall prevent the Executive,
with or without the Employer’s consent, from participating in or disclosing documents or information in connection with any
judicial or administrative investigation, inquiry or proceeding to the extent that such participation or disclosure is required
under applicable law.

    	 

    	 

    

  

(b) No Competition. Executive will not during
employment under this Agreement or for a period of 1 year after termination, regardless of the reason for termination thereof,
compete with the Employer without the Employer’s prior written consent. Executive will be deemed to be competing with the
Employer if Executive is self-employed as, employed by, works for, becomes associated with (whether as partner, officer, directors,
10% shareholder, consultant, Executive, agent, or otherwise), furnishes information to, or communicates with any of the Employer’s
customers or borrowers on behalf of any business entity or other person that competes or that may reasonably be construed to compete
with the Employer anywhere in Delaware County, Ohio, or within a 5 mile radius of any of the Employer’s branches, including
but not limited to any business entity that (i) itself or through an affiliated entity produces, markets, or sells products, renders
services, or engages in business activities that are the same as, similar to, or otherwise competitive with those of, or under
development or research by the Employer and (ii) produces, markets, or sells such products, renders such services, or engages in
such activities in the Employer’s market area at that time (as that market area may change from time to time).

 

(c) Nondisparagement. Executive agrees not
to make any statement or take any action which is designed to be or is disparaging of Employer in the eyes of its customers, employees,
business associates or otherwise, or which could adversely reflect on Employer’s business or reputation.

 

(d) Non-solicitation. During the term of this
Agreement and during the period for which Executive is entitled to receive compensation from Employer after the termination of
this Agreement or pursuant to any other agreement, and for a period of twelve (12) months thereafter, Executive shall not,
directly or indirectly, without the written consent of Employer: (i) recruit or solicit for employment any employee of the Employer
or encourage any such employee to leave their employment with Employer, or (ii) solicit, induce or influence any customer, supplier,
lessor or any other person or entity which has a business relationship with Employer to discontinue or reduce the extent of such
relationship with Employer.

 

(e) Non-Payment of Amounts. In the event that
Executive breaches any of the provisions of this subparagraph 5(b), the payments and benefits provided for by Employer under this
Agreement shall cease immediately and Employer shall have no further liability for such payments after the date of Executive’s
breach.

 

(f) Modification. Although the parties consider
the restrictions contained in this paragraph 5 reasonable as to protected business, duration, and geographic area, in the event
that any court of competent jurisdiction deems them to be unreasonable, then such restrictions shall apply to the broadest business,
longest period, and largest geographic territory as may be considered reasonable by such court, and this paragraph 5, as so amended,
shall be enforced.

 

(g) Other Agreements. Executive represents
and warrants that neither Executive’s employment with the Corporation nor Executive’s performance of his obligations
hereunder will conflict with or violate Executive’s obligations under the terms of any agreement with a previous employer
or other party including agreements to refrain from competing, directly or indirectly, with the business of such previous employer
or any other party.

 

6. Withholding. Employer shall deduct and withhold from
compensation and benefits provided under this Agreement all necessary income and employment taxes and any other similar sums required
by law to be withheld.

 

7. Notices. Any notice which may be given hereunder shall
be sufficient if in writing and mailed by certified mail, return receipt requested, to Executive at his residence and to Employer
at its offices in Lewis Center, OH (with a copy to the Chair of the Compensation Committee of Board of Directors) or at such other
addresses as either Executive or Employer may, by similar notice, designate.

 

8. Rules, Regulations and Policies. Executive shall use
his best efforts to abide by and comply with all of the rules, regulations, and policies of Employer, including without limitation
Employer’s policy of strict adherence to, and compliance with, any and all requirements of the banking, securities, and antitrust
laws and regulations. The terms of this Agreement are subject to the provisions of all applicable laws, rules and regulations.

 

    	 

    	 

    

 

 9. Return of Employer’s Property; Release.
After Executive has received notice of termination or at the end of the Period of Employment, whichever first occurs, Executive
shall immediately return to Employer all documents and other property in his possession belonging to Employer. Employer may condition
payments due on Executive’s termination of employment prior to a Change of Control upon receipt by Employer from Executive
of a customary release and nonrevocation thereof.

 

10. Construction and Severability. The invalidity of
any one or more provisions of this Agreement or any part thereof, all of which are inserted conditionally upon their being valid
in law, shall not affect the validity of any other provisions to this Agreement; and in the event that one or more provisions contained
herein shall be invalid, as determined by a court of competent jurisdiction, this Agreement shall be construed as if such invalid
provisions had not been inserted.

 

11. Governing Law. This Agreement was executed and delivered
in Ohio and shall be construed and governed in accordance with the laws of the State of Ohio.

 

12. Assignability and Successors. This Agreement may
not be assigned by Executive or Employer, except that this Agreement shall be binding upon and shall inure to the benefit of the
successor of Employer through merger or corporate reorganization.

 

13. Counterparts. This Agreement may be executed in counterparts
(each of which need not be executed by each of the parties), which together shall constitute one and the same instrument.

 

14. Jurisdiction and Venue. The jurisdiction of any proceeding
between the parties arising out of, or with respect to, this Agreement shall be in a court of competent jurisdiction in Ohio, and
venue shall be in Delaware County. Each party shall be subject to the personal jurisdiction of the courts of the State of Ohio.

 

15. Section 409A Provisions.

 

(a) This Agreement shall be construed and administered
to the extent possible to be exempt from, or otherwise comply with, the requirements of Internal Revenue Code Section 409A and
the regulations and guidance issued thereunder (“Section 409A”). Consistent with this intent, any reference to a payment
being made to an Executive when he “terminates employment,” upon his “termination of employment,” at his
“termination date” or similar reference shall mean the date that the Executive incurs a “separation from service”
(within the meaning of Section 409A). Any payments that qualify for the separation pay exception or another exception under Section
409A shall be paid under the applicable exception. Each payment of compensation under this Agreement shall be treated as a separate
payment of compensation for purposes of Section 409A. No payments to be made under this Agreement may be accelerated or deferred
except as specifically permitted under Section 409A. In no event may Executive, directly or indirectly, designate the calendar
year of any payment under this Agreement.

 

(b) Notwithstanding anything in this Agreement to
the contrary, if at the time of the Executive’s “separation from service” (within the meaning of Section 409A),
the Executive is a “specified employee” (within the meaning of Section 409A), the Employer will not pay or provide
any “Specified Benefits” (as defined herein) until after the end of the sixth calendar month beginning after the Executive’s
separation from service (the “409A Suspension Period”) (or, if earlier, the Executive’s death), in which case
such amounts will be paid to the Executive within seven (7) days after the 409A Suspension Period ends (or death if earlier). To
the extent the 409A Suspension Period is imposed following a Change of Control, the resulting Specified Benefits shall be paid
into a rabbi trust for the benefit of the Executive and invested in accordance with the reasonable directions of the Executive
as if the 409A Suspension Period was not imposed with such amounts then being distributed to the Executive within seven (7) days
after the 409A Suspension Period ends. For purposes of this Agreement, “Specified Benefits” are any amounts or benefits
that would be subject to taxation under Section 409A if the Employer were to pay them, pursuant to this Agreement, on account of
the Executive’s separation from service (and without the delay contemplated by this paragraph.

 

16. Miscellaneous.

 

(a) This Agreement constitutes the entire understanding
and agreement between the parties with respect to the subject matter hereof and shall supersede all prior understandings and agreements.

 

    	 

    	 

    

  

(b) This Agreement cannot be amended, modified, or
supplemented in any respect, except by a subsequent written agreement entered into by the parties hereto.

 

(c) The services to be performed by Executive are
special and unique; it is agreed that any breach of this Agreement by Executive shall entitle Employer (or any successor or assigns
of Employer), in addition to any other legal remedies available to it, to apply to any court of competent jurisdiction to enjoin
such breach.

 

(d) The amounts payable by the Employer under this
Agreement under paragraphs 3 and 4 shall not be subject to mitigation or setoff.

 

(e) The provisions of paragraphs 2(h), 3, 4, 5, 6
and 10-16 hereof shall survive the termination or expiration of this Agreement.

 

The foregoing is agreed to by the following signatures of the
parties.

 

	DCB Financial Corp	 
	 	 	 
	By:	/s/ Ronald J. Seiffert	 
	 	Ronald J. Seiffert	 
	Its:	President and Chief Executive Officer	 
	 	 	 
	Date:	August 11, 2014	 
	 	 	 
	The Delaware County Bank & Trust	 
	 	 	 
	By:	/s/ Ronald J. Seiffert	 
	 	Ronald J. Seiffert	 
	Its:	President and Chief Executive Officer	 
	 	 	 
	Date:	August 11, 2014	 
	 	 	 
	Executive 	 
	 	 	 
	/s/ J. Daniel Mohr	 
	J. Daniel Mohr	 
	 	 	 
	Date:	August 11, 2014	 

 

    	 

    	 

    

 

 Beneficiary Designation Form Appendix A

 

BENEFICIARY DESIGNATION FORM

 

Pursuant to the Employment Agreement between (i) DCB Financial
Corp., and (ii) J Daniel Mohr dated as of August 11, 2014 (“Agreement”), I, J. Daniel Mohr., hereby designate Kathleen
M. Mohr, my wife, as the beneficiary of amounts payable upon my death in accordance with paragraph 3(b) of the Agreement.

 

	My beneficiary’s current address is:Exhibit 10.3

 

DCB FINANCIAL CORP

FORM OF CHANGE OF CONTROL AGREEMENT

 

This Change of Control Agreement (the “Agreement”)
is made and entered into as of August 11, 2014, by and between DCB Financial Corp (the “Company”) and ________ (“Employee”).
Certain capitalized terms used in this Agreement are defined in Section 1 below.

 

RECITALS

A. Employee is employed by
The Delaware County Bank & Trust Company, the Company’s subsidiary.

B. The Company may at some
time in the future consider the possibility of a Change of Control. The Board of Directors of the Company (the “Board”)
recognizes that this could be a distraction to Employee and can cause Employee to consider alternative employment opportunities.

C. The Board believes that
it is in the best interests of the Company to provide Employee with an incentive to continue his employment upon a Change of Control.

D. In order to provide Employee
with enhanced financial security and encourage Employee to remain with the Company notwithstanding the possibility of a Change
of Control, the Board wishes to provide Employee with certain benefits in the event of Employee’s termination following a
Change of Control.

 

AGREEMENT

In consideration of the mutual covenants contained herein and
the continued employment of Employee by the Company, the parties agree as follows:

 

1. Definition of Terms. The following terms referred
to in this Agreement shall have the following meanings for purposes of this Agreement:

 

(a) Cause. “Cause” is defined
as (i) an act of dishonesty committed by Employee in connection with Employee’s responsibilities as an employee , (ii) Employee’s
conviction of, or plea of guilty or nolo contendere to, a crime other than a minor misdemeanor, (iii) an act by Employee which
constitutes gross misconduct or fraud, or (iv) Employee’s continued, violations of Employee’s employment responsibilities
after Employee has received a written notice from the Company which sets forth the specific factual basis for the Company’s
belief that Employee has not performed his duties.

 

(b) Change of Control. “Change of Control”
of the Company shall be interpreted in a manner consistent with Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations and guidance issued thereunder (“Section 409A”) and is defined as:

 

(i) any “person,” including “persons
acting as a group,” as determined in accordance with Section 409A, acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons acting as a group) securities of Company representing 30%
or more of the combined voting power of the Company’s then outstanding securities;

(ii) as a result of, or in connection with, any proxy
contest, tender offer or exchange offer, merger or other business combination (a “Transaction”), the persons who were
directors of the Company before the Transaction shall cease to constitute a majority of the Board of Directors of the Company or
any successor to the Company;

 

(iii) any person or persons acting as a group acquires
ownership of the securities of the Company that, together with the securities held by that person or group, constitutes more than
50% of the total fair market value or total voting power of the securities of the Company; or

 

(v) the Company transfers substantially all of its
assets to another corporation which is not controlled by the Company.

 

    	 

    	 

    

 

(c) Constructive Termination. “Constructive
Termination” is defined as a resignation of Employee’s employment after Employee provided written notice to the Company
within ninety (90) days following the occurrence of any of the following events and the Company failure to cure such events within
30 days after receipt of such notice: (i) without Employee’s written consent, either a material reduction by the Company
of the Employee’s base salary as in effect from time to time or a significant reduction of Employee’s duties or responsibilities
relative to Employee’s duties or responsibilities in effect immediately prior to such reduction, or (ii) a relocation of
Employee’s principal workplace outside of Central Ohio area. Constructive Termination under this Agreement shall be interpreted
in a manner consistent with the definition of “good reason” under Section 409A.

 

2. Term of Agreement. This Agreement shall terminate
upon the earlier to occur of (i) the date that all obligations of the parties hereto under this Agreement have been satisfied or
(ii) the date that Employee is no longer employed by the Company, provided such termination occurs prior to a Change of Control.

 

3. At-Will Employment. The Company and Employee acknowledge
that Employee’s employment is and shall continue to be at-will, as defined under applicable law. If Employee’s employment
terminates for any reason, Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than
as provided by this Agreement, or as may otherwise be established under the Company’s then existing employee benefit plans,
agreements and policies at the time of termination.

 

4. Benefits.

 

(a) Termination Following a Change of Control.
If, within twenty-four (24) months following a Change of Control, the Company terminates Employee other than for Cause or Employee
voluntarily terminates as a result of a Constructive Termination, then, provided Employee also executes and does not revoke a release
of all claims in a form determined by the Company at the time of termination:

 

(i) Employee will be entitled to receive a lump sum
severance payment equal to ______ percent (___%) of Employee’s annual base salary as in effect as of the date of such termination,
payable within forty five (45) days after Employee’s date of termination;

 

(ii) All unvested stock options and restricted stock
granted to Employee prior to the Change of Control shall accelerate and become vested and exercisable as of the date of termination;
and

 

(iii) If (1) Employee constitutes a qualified beneficiary,
as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended, and (2) Employee elects continuation coverage
pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed
pursuant to COBRA, Employee and his or her qualified family members shall be entitled to health care coverage under COBRA. The
Company shall reimburse Employee for Employee’s share of the COBRA premiums each month, until the earlier of (x) the date
Employee is no longer eligible to receive continuation coverage pursuant to COBRA, (y) twenty-four (24) months following such termination,
or (z) for such shorter period until Employee obtains new employment offering health insurance coverage. Such reimbursements under
this paragraph shall be subject to the following conditions: (i) the benefits or payments provided during any taxable year of Employee
may not affect the benefits or payments to be provided to Employee in any other taxable year; (ii) reimbursement of any eligible
expense must be made on or before the last day of the Employee’s taxable year following the taxable year in which the expense
was incurred; and (iii) the right to such benefits or payments is not subject to liquidation or exchange for another benefit or
payment.

 

(b) Accrued Wages and Vacation; Expenses.
Without regard to the reason for, or the timing of, Employee’s termination of employment: (i) the Company shall pay Employee
any unpaid base salary due for periods prior to the date of termination; (ii) the Company shall pay Employee all of Employee’s
accrued and unused vacation time through the date of termination; and (iii) following submission of proper expense reports by Employee,
the Company shall reimburse Employee for all expenses reasonably and necessarily incurred by Employee in connection with the business
of the Company prior to the date of termination. These payments shall be made promptly upon termination and within the period of
time mandated by law.

 

    	 

    	 

    

 

5. Limitation on Payments. Notwithstanding anything to
the contrary contained in this Agreement, in the event that a Change of Control shall occur, and a final determination is made
by legislation, regulation, ruling directed to the Company or Employee, by court decision, or by independent tax counsel selected
by the Company or Employee, that the aggregate amount of any payment made to Employee (1) hereunder, and (2) pursuant to any plan,
program or policy of the Company in connection with, on account of, or as a result of, such Change of Control ("Total Payments")
will be subject to the excise tax provisions of Section 4999 of the Code ("Excise Tax"), or any successor section thereof,
Employee shall be entitled to receive from the Company one dollar less than the Total Payments otherwise payable to Employee that
would constitute “parachute payments” under Section 4999 of the Code (the "Reduced Amount"); provided, however
that if, after payment of the Excise Tax and any other federal, state, local, and other taxes imposed on the Total Payments, the
amount to be paid to Employee would exceed the Reduced Amount, Employee shall receive the Total Payments. The Total Payments, however,
shall be subject to any federal, state and local income and employment taxes thereon. For this purpose, Employee shall be deemed
to be in the highest marginal rate of federal, state and local taxes. In the event that Employee is paid the Reduced Amount, the
Total Payments will be reduced in the inverse order of when the Total Payments would have been made to Employee until the Reduced
Amount is achieved.

 

Unless the Company and Employee otherwise agree in writing,
any determination required under this Section shall be made in writing by the Company’s regular independent public accountants
(the “Accountants”), whose determination shall be conclusive and binding upon Employee and the Company for all purposes.
For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and
4999 of the Code. The Company and Employee shall furnish to the Accountants such information and documents as the Accountants may
reasonably request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably
incur in connection with any calculations contemplated by this Section.

 

6. No Duty to Mitigate. Employee shall not be required
to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that
Employee may receive from any other source.

 

7. Waiver. No provision of this Agreement may be modified,
waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Employee and by an authorized
officer of the Company (other than Employee). No waiver by either party of any breach of, or of compliance with, any condition
or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same
condition or provision at another time.

 

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

 

9. Arbitration. Employee agrees that any and all disputes
arising out of the terms of this Agreement, their interpretation, and any of the matters herein released, shall be subject to binding
arbitration in Delaware, Ohio under the rules of the American Arbitration Association. Employee agrees that the prevailing party
in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award.
Employee agrees that the prevailing party in any arbitration shall be awarded its reasonable attorney’s fees and costs.

 

10. Integration; Amendment. This Agreement represents
the entire agreement and understanding between the parties regarding its subject matter, and supersedes all prior or contemporaneous
agreements, whether written or oral, with respect to such subject matter. No modification of this Agreement may be made except
by written agreement of the parties hereto.

 

11. Tax Withholding. All payments made pursuant to this
Agreement shall be subject to withholding of applicable income and employment taxes.

 

12. Governing Law. This Agreement will be governed by
the laws of the State of Ohio (with the exception of its conflict of laws principles).

 

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

 

    	 

    	 

    

 

14. Section 409A. This Agreement shall be construed and
administered to the extent possible to be exempt from, or otherwise comply with, the requirements of Section 409A. Consistent with
this intent, any reference to a payment being made to Employee when he “terminates employment,” upon his “termination
of employment,” at his “termination date” or similar reference shall mean the date that Employee incurs a “separation
from service” (within the meaning of Section 409A). Any payments that qualify for the separation pay exception or another
exception under Section 409A shall be paid under the applicable exception. Each payment of compensation under this Agreement shall
be treated as a separate payment of compensation for purposes of Section 409A. No payments to be made under this Agreement may
be accelerated or deferred except as specifically permitted under Section 409A. In no event may Employee, directly or indirectly,
designate the calendar year of any payment under this Agreement. Notwithstanding anything in this Agreement to the contrary, if
at the time of Employee’s “separation from service” (within the meaning of Section 409A), Employee is a “specified
employee” (within the meaning of Section 409A), the Company will not pay or provide any “Specified Benefits”
(as defined herein) until after the end of the sixth calendar month beginning after Employee’s separation from service (the
“409A Suspension Period”) (or, if earlier, Employee’s death), in which case such amounts will be paid to Employee
within seven (7) days after the 409A Suspension Period ends (or death if earlier). For purposes of this Agreement, “Specified
Benefits” are any amounts or benefits that would be subject to taxation under Section 409A if the Company were to pay them,
pursuant to this Agreement, on account of Employee’s separation from service (and without the delay contemplated by this
paragraph.

 

IN WITNESS WHEREOF, each of the parties has executed
this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.

 

	DCB Financial Corp	 
	 	 
	 	 
	Signature and Title	 
	 	 
	 	 
	Date	 

 

	The Delaware County Bank & Trust
	 	 
	 	 
	Signature and Title	 
	 	 
	 	 
	Date	 
	 	 
	“Employee”	 
	 	 
	 	 
	Employee Signature	 
	 	 
	 	 
	Date

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