Document:

Career Education Corporation Management Annual Bonus Plan

 EXHIBIT 10.1 
 CAREER EDUCATION CORPORATION 
 Management Annual Bonus Plan 
 1. Purpose. Career Education Corporation (the “Company”) has introduced the Management Annual Bonus Plan (the
“Plan”) to: (1) develop a high quality organization by attracting, retaining and rewarding key management employees, and (2) motivate key management employees to perform to the best of their abilities and achieve or exceed
the Company’s academic, compliance, financial and other objectives. 
 2. Definitions. As used in the Plan, in
addition to terms elsewhere defined in the Plan, the following terms shall have the meanings set forth below: 
 “Administrator” means a committee consisting of the Company’s President/CEO, the EVP/Chief Financial Officer, the Sr. VP and General Counsel and the Sr. VP of Organizational Effectiveness and Administration (or their
designees), and/or any other executive officer as determined by the Board. 
 “Affiliate” means any corporation, campus or
other entity that, directly or indirectly through one or more intermediaries, is owned by the Company. 
 “Award” shall mean
a cash payment made to a Participant pursuant to this Plan. 
 “Award Notice” means a notice made available by the Company
to a Participant which describes the Participant’s bonus opportunity under the Plan for a particular Performance Period and certain other terms and conditions of such bonus opportunity. 
 “Board” shall mean the Board of Directors of the Company. 
 “Committee” shall have the meaning ascribed to such term in Section 7. 
 “Eligible Employee” means any full-time, exempt employee of the Company or of an Affiliate, except as provided otherwise herein. Non-exempt employees, part-time employees, independent contractors, student workers,
work-study students, and temporary employees are among those not eligible to participate in this Plan. 
 “Participant”
shall mean any Eligible Employee who is selected to participate in accordance with Section 3 of this Plan. 
 “Performance
Measure” has the meaning ascribed to such term in Section 4(a). 
 “Performance Period” shall mean any period
(which may be shorter or longer than a year) designated as a performance period by the Committee. 

 Career Education Corporation 
 Management Annual Bonus Plan 
  
  
  

 “Performance Target” shall mean the applicable bonus opportunity for a Participant
as set forth in the Participant’s Award Notice, which may be based upon the attainment of performance goals as set by the Committee for an applicable Performance Period. 
 3. Eligibility. 
 (a)
Participation. The Participants in this Plan for any Performance Period shall be Eligible Employees who are designated individually or by class to be Participants for any Performance Period by the Committee. 
 (b) Campus Organizational Level. To the extent that any one Eligible Employee at a campus is selected to be a Participant in this Plan, all or
substantially all employees at that Participant’s particular organizational level (as determined by the Company’s compliance department) at that campus will be included in this Plan. Such organizational level may not consist primarily of
employees involved in admissions and financial aid. 
 (c) Partial Year. If a Participant was not employed in the bonus eligible
position for the full year, the Participant’s Award, if earned hereunder, will be prorated accordingly, based on wages earned while in the bonus eligible position, as long as the Participant is employed by the Company or an Affiliate at the end
of the Performance Period. 
 4. Awards. 
 (a) The Committee shall establish performance goals for each Performance Period. The performance criteria for the performance goals may be based upon any performance criteria selected by the Committee, including, but
not limited to, any one or more of the following (each a “Performance Measure”): 
  

	 	(i)	Earnings before or after any or all of interest, tax, depreciation or amortization (actual and adjusted and either in the aggregate or on a per-share basis);

  

	 	(ii)	Earnings (either in the aggregate or on a per-share basis); 

  

	 	(iii)	Net income or loss (either in the aggregate or on a per-share basis); 

  

	 	(iv)	Operating profit; 

  

	 	(v)	Growth or rate of growth in cash flow; 

  

	 	(vi)	Cash flow provided by operations (either in the aggregate or on a per-share basis); 

  

	 	(vii)	Free cash flow (either in the aggregate on a per-share basis); 

  

	 	(viii)	Costs; 

  

	 	(ix)	Revenues; 

  

	 	(x)	Reductions in expense levels; 

  

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	 	(xi)	Operating and maintenance cost management and employee productivity; 

  

	 	(xii)	Stockholder returns (including return on assets, investments, equity, or gross sales); 

  

	 	(xiii)	Return measures (including return on assets, equity, or sales); 

  

	 	(xiv)	Growth or rate of growth in return measures; 

  

	 	(xv)	Share price (including growth measures and total stockholder return or attainment by the shares of a specified value for a specified period of time); 

  

	 	(xvi)	Net economic value; 

  

	 	(xvii)	Economic value added; 

  

	 	(xviii)	Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market share, market penetration, geographic business expansion goals,
objectively identified project milestones, production volume levels, cost targets, goals relating to acquisitions or divestitures, goals related to employee turnover, and goals relating to compliance; 

  

	 	(xix)	Achievement of business or operational goals such as market share and/or business development; 

  

	 	(xx)	Achievement of diversity objectives; 

  

	 	(xxi)	Results of student satisfaction surveys; 

  

	 	(xxii)	Debt ratings, debt leverage and debt service; 

  

	 	(xxiii)	Safety performance; 

  

	 	(xxiv)	Business unit and site accomplishments; 

  

	 	(xxv)	Achievement of personal goal accomplishments and high performance principles; 

  

	 	(xxvi)	Compliance (Institutional Self Assessments); 

  

	 	(xxvii)	Employee Turnover; 

  

	 	(xxviii)	Student Retention Rates; 

  

	 	(xxix)	Student Graduation Rates; 

  

	 	(xxx)	Student Placement Rates; 

 provided that applicable
Performance Measures may be applied on a pre- or post-tax basis; and provided further that the Committee may, at any time, provide that the formula for such Award may include or exclude items to measure specific objectives, including, but not
limited to, losses from discontinued operations, extraordinary gains or losses, litigation or claim judgments or settlements, the cumulative effect of tax or accounting changes, acquisitions or divestitures, foreign exchange impacts and any unusual,
nonrecurring gain or loss. 
 (b) The Committee shall also establish the Performance Target with respect to a Performance Period. The levels
of performance required with respect to Performance Measures 

  

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to achieve such Performance Target may be expressed in absolute or relative levels and may be based upon a set increase, set positive result, maintenance of
the status quo, set decrease or set negative result. Performance Measures may differ for Awards to different Participants. The Committee may specify the weighting (which may be the same or different for multiple objectives) to be given to each
performance objective for purposes of determining the final amount payable with respect to any such Award. Any one or more of the Performance Measures may apply to the Participant, a department, unit, division or function within the Company or any
one or more Affiliates; and may apply either alone or relative to the performance of other businesses or individuals (including industry or general market indices). 
 (c) The payment of an Award shall be subject to achievement of the performance goals, as determined by the Committee, in its sole discretion, following the completion of the Performance Period. 
 5. Form of Payment. An Award shall be paid in the form of cash in a single lump sum payment. 
 6. Time of Payment. Unless a timely election is made pursuant to, and subject to, the terms and conditions of the Career Education Corporation
Deferred Compensation Plan, an Award payable to a Participant for a Performance Period shall be paid in the calendar year following the calendar year in which the Performance Period ends, but no later than March 15 of the calendar year
following the calendar year in which the Performance Period ends. Except to the extent expressly otherwise required by an employment agreement by and between the Participant and the Company, a Participant is not eligible to receive an Award unless
he or she is employed with the Company or an Affiliate on the last day of the relevant Performance Period. 
 7. Plan
Administration. 
 (a) The Plan shall be administered by the Compensation Committee of the Board unless otherwise determined
by the Board (the “Committee”) or unless such authority is delegated pursuant to Section 7(c). 
 (b) Subject to and
consistent with the provisions of the Plan, the Committee shall have full power and authority and sole discretion as follows: 
  

	 	(i)	to determine when, to whom and in what amounts Awards should be granted; 

  

	 	(ii)	to determine the terms and conditions applicable to each Award as documented in each Award Notice; 

  

	 	(iii)	to determine the benefit payable under any Award and to determine whether any performance goals or Performance Measures have been satisfied; 

  

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 Management Annual Bonus Plan 
  
  
  

	 	(iv)	to determine the Performance Period, as applicable; 

  

	 	(v)	to appoint such agents as the Committee may deem necessary or advisable to administer the Plan; 

  

	 	(vi)	to correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and regulations, and award agreement or any other
instrument entered into or relating to an Award under the Plan; and 

  

	 	(vii)	to take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions and determinations, including factual
determinations, as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan. 

 Any action of the Committee with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Participant or any person claiming any rights under the Plan from
or through any Participant, and stockholders, except to the extent the Committee may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the time at which the Committee must or may make
any determination shall be determined by the Committee, and any such determination may thereafter be modified by the Committee. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be
construed as limiting any power or authority of the Committee. All determinations of the Committee shall be made by a majority of its members. 
 (c) The Committee may delegate, to the fullest extent permitted under Delaware General Corporation Law, to the Administrator any or all of the authority of the Committee with respect to the grant of Awards to Participants, other than
Participants who are executive officers. To the extent any such delegation is made, for purposes of the Plan, the Administrator shall be referred to as the Committee. 
 8. Miscellaneous. 
 (a) Modification or Termination of Plan. The Committee may
modify or terminate the Plan at any time and for any reason, effective at such date as the Committee may determine, without the approval of the stockholders of the Company. Without limiting the foregoing, the Committee reserves the right to adjust
Performance Measures, Performance Targets, Targeted Operating Income, Awards, the Base Bonus Pool, the Bonus Pool Ratio or any other bonus related classification or determination for any and all Participants for any reason, including if, in the
Committee’s sole discretion, any unforeseen or unplanned event results in a positive or negative impact to the Company’s performance during the Performance Period or overall financial position. All such modifications or terminations to the
Plan shall be binding on all Participants. 
  

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 (b) Effective Date. The Plan shall be effective as of January 1, 2008. 

(c) Withholdings. The Company shall deduct from any payment made under the Plan any federal, state or local income or other taxes or
withholdings required by law or designated by the Participant to be withheld with respect to such payment. 
 (d) Employment At-Will.
The establishment of a Performance Target or the granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment of a Participant and shall not lessen or affect the Company’s right to
terminate the employment of such Participant. By participating in this Plan, the Participant agrees that his or her employment remains “at will”, unless the Participant has entered into an employment agreement with the Company or an
Affiliate, and the Participant or the Company or its Affiliates, as the case may be, may terminate the employment relationship at any time for any lawful reason, with or without notice. 
 (e) Prior Plans. This Plan supersedes all prior bonus plans applicable to Participants. The provisions of any prior commission and bonus plans not
specifically addressed in this Plan shall no longer operate nor be considered part of the Plan unless otherwise specified in an agreement between the Company and a Participant. 
 (f) Other Plans. Participants in this Plan may not participate in any other Company commission or bonus plan unless approved in writing by the
Chief Executive Officer or Executive Vice President/Chief Financial Officer. 
 (g) Severability. If any of the provisions of this
Plan shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not render the entire Plan invalid or unenforceable. In such event, the provisions of the Plan so affected shall be modified and/or restricted only to
the extent necessary to bring them within legal requirements, and the remainder of the Plan and the affected/modified provisions shall be construed and enforced accordingly. 
 (h) Governing Law. The terms and conditions of this Plan shall be governed by Illinois law, excluding its choice of law principles and the choice
of law principles of any other jurisdiction. Any dispute, claim or controversy arising out of or relating to this Plan or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or
applicability of this Plan to arbitrate, shall be settled by arbitration in a location convenient to the Participant, in accordance with the rules of the American Arbitration Association, and judgment on the award rendered in such arbitration may be
entered in any court having jurisdiction. The arbitration shall be conducted before a single arbitrator selected by the Company and the Participant. If the Company and the Participant cannot agree on the 

  

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appointment of an arbitrator, one shall be appointed by the Company and one by the Participant, and a third appointed by the other two arbitrators. The
arbitrator(s) shall have the power to determine any and all such claims, to issue any and all appropriate relief, including but not limited to injunctive relief (temporary and/or permanent) and to award attorney’s fees and costs to the
prevailing party in its discretion. 
 (i) Compliance With Law. The Committee may, at its sole discretion, suspend, defer or cancel
bonus payments if it determines conditions exist which in whole, or for selected Participant groups, would violate any governmental regulation or any ethical considerations, including but not limited to the federal incentive compensation rules and
regulations and policies and procedures required by the federal Sarbanes-Oxley Act. 
 (j) Right to Receive Payment. Any payment made
pursuant to the terms of the Plan shall be paid solely from the general assets of the Company. Nothing in this Plan shall be construed to create a trust or establish or evidence any Participant’s claim of any right other than as an unsecured
general creditor with respect to any payment to which he or she may be entitled. 
 (k) No Uniform Treatment. No person shall have any
claim to an Award under the Plan, and there is no obligation of uniformity of treatment of Participants under the Plan. 
 (l) No
Alienation. Awards under the Plan may not be assigned or alienated. 
 (m) No Guarantee of Employment. The establishment of a
Performance Target or the granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment of a Participant and shall not lessen or affect the Company’s right to terminate the employment
of such Participant. 
 (n) Prorated Bonus. 
 (i) A person who becomes an Eligible Employee during a Performance Period may be designated as a Participant and become eligible to
receive a prorated bonus Award as set forth in an Award Notice. 
 (ii) Except as otherwise provided by law, if a Participant
is on a leave of absence, Family Medical Leave Act or other type of approved leave, for greater than four (4) weeks during the Performance Period, the Participant will receive a prorated amount for the time he or she worked in that position
during the Performance Period. 
 (iii) If at any time during the Performance Period a Participant transfers as an Eligible
Employee from one Affiliate to an Eligible Employee position at another Affiliate, he or she may be eligible to receive a prorated bonus amount (if earned), calculated in accordance with the terms of the Plan and applicable Award Notice, for the
time he or she was employed at each Affiliate. 
  

 7EXHIBIT 10.1

 Exhibit 10.1 
 WAYNE SAVINGS COMMUNITY BANK 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of APRIL, 14
th, 2008 by and between Wayne Savings Community Bank (the “Bank”), an Ohio savings and loan association, with its principal administrative
office at 151 North Market Street, Wooster, Ohio and Steven Dimos (the “Executive”). Any reference to “Company” herein shall mean Wayne Savings Bancshares, Inc. the stock holding company parent of the Bank or any successor
thereto. 
 WHEREAS, the Bank agrees to employ Executive as its Executive Vice President and Chief Operations Officer subject to the
authority and direction of the Bank’s President and Chief Executive Officer, and Executive agrees to accept such employment subject to the terms and conditions set forth herein; and 
 WHEREAS, the parties acknowledge that, by virtue of Executive’s activities on behalf of the Bank, Executive will be entrusted with and will
have access to certain Confidential Information (as hereinafter defined) related to the business and operations of the Bank which constitutes a valuable, special and unique asset of the Bank, and which is protected by the Bank in order to preserve
its business, trade and goodwill; and 
 WHEREAS, the parties desire to set forth their understanding as to such Confidential
Information as an integral part of the terms and conditions of Executive’s employment hereunder. 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
 1. POSITION AND RESPONSIBILITIES 
 During the period of his employment hereunder, Executive agrees to serve as Executive Vice
President and Chief Operations Officer for the Bank (the “Executive Position”). As Executive Vice President and Chief Operations Officer, the Executive agrees to serve under the direction of the President and CEO of the Bank and will
provide administration to oversee the Bank’s operations. During said period, Executive also agrees to serve, if elected, as an officer of any subsidiary or affiliate of the Bank. 
 2. TERMS AND DUTIES 
 (a) The term of Executive’s employment under this Agreement shall begin as
of the date first above written and shall continue for a period of twenty-four full calendar months thereafter. Unless terminated earlier in accordance with the terms herein, this Agreement shall be renewed automatically for successive one
(1) year terms unless and until either party shall have given the other at least sixty (60) days’ written notice prior to the expiration of the term (or renewal term, if applicable) of this Agreement. The Executive’s obligations
and the Bank’s rights under Section 10 hereof shall survive the expiration of the term (including any renewal terms of this Agreement). 

 (b) During the term of his employment hereunder, except for periods of absence occasioned by illness,
reasonable vacation periods, and reasonable leaves of absence, Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including activities and services related to
the organization, operation and management of the Bank; provided, however, that, with the approval of the Board, as evidenced by a resolution of such Board, from time to time, Executive may serve, or continue to serve, on the boards of directors of,
and hold any other offices or positions in, business companies or business organizations, which, in such Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance of Executive’s duties
pursuant to this Agreement (for purposes of this Section 2(b), Board approval shall be deemed provided as to service with any such business companies or organizations that Executive was serving as provided on the attached exhibit to this
Employment Agreement). 
 3. COMPENSATION AND REIMBURSEMENT. 
 (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2(b). The Bank shall pay Executive as compensation a salary of not less than
$120,000 per year (“Base Salary”). Such Base Salary shall be payable biweekly. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by the President and
reviewed by a Committee designated by the Board. Base Salary shall include any amounts of compensation deferred by Executive under qualified and nonqualified plans maintained by the Bank. 
 (b) The Bank will provide Executive with such employee benefit plans, arrangements and perquisites as are generally provided by the Bank to its executive
employees, and as are in effect from time to time. Without limiting the generality of the foregoing provisions of this Subsection (b), Executive will be entitled to participate in or receive benefits under any employee benefit plans including but
not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its
senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Executive will be entitled to incentive compensation and bonuses as provided
in any plan of the Bank in which Executive is eligible to participate (and he shall be entitled to a pro rata distribution under any incentive compensation or bonus plan as to any year in which a termination of employment occurs, other than
termination for Cause). Nothing paid to the Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement. 
 (c) In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all
reasonable travel and other reasonable expenses incurred by Executive in performing his obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine.

 4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 
 (a) Upon the occurrence of an Event of Termination (as herein defined) during the Executive’s term of employment under this Agreement, the
provisions of this Section shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Bank or the Company of Executive’s full-time
employment hereunder for any reason other than (A) termination for Cause (as defined in Section 8 hereof), (B) upon Retirement (as defined in Section 7 hereof), or (C) for Disability (as set forth in Section 6 hereof);
(ii) Executive’s resignation from the Bank’s employ following (A) a material change in Executive’s function, duties, or responsibilities, which change would cause Executive’s position to become one of lesser
responsibility, importance, or scope from the position and, attributes thereof described in Section 1 above, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach, of this Agreement),
(B) a relocation of Executive’s principal place of employment to a location more than 30 miles outside the City of Wooster, or a material reduction in the benefits and perquisites, including Base Salary, to the Executive from those being
provided as of the effective date of this Agreement (except for any reduction that is part of an employee-wide reduction in pay or benefits), (C) a liquidation or dissolution of the Bank or the Company, or (D) material breach of this
Agreement by the Bank; and (iii) the event specified in Section 4(b) hereof. Upon the occurrence of any event described in clauses (ii) (A), (B), (C) or (D) above, Executive shall have the right to elect to terminate his
employment under this Agreement by resignation upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed, except in case of a continuing breach, four calendar months) after the event giving
rise to said right to elect, which termination by Executive shall be an Event of Termination. No payments or benefits shall be due to Executive under this Agreement upon the termination of Executive’s employment except as provided in Sections
4, 5, 6 or 7 hereof. 
 (b) As used in this Agreement, an Event of Termination shall also mean and include Executive’s involuntary
termination or voluntary resignation from the Bank’s employ on the effective date of, or at any time following, a Change in Control during the term of this Agreement or any renewal term hereof. For these purposes, a Change in Control shall mean
a change in the ownership of the Bank or the. Company, a change in the effective control of the Bank or the Company or a change in the ownership of a substantial portion of the assets of the Bank or the Company, in each case as provided under
Section 409A of the Code and the regulations thereunder. 
 (c) Following the occurrence of an Event of Termination, the Bank shall pay
Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages (but not both), a lump sum cash amount equal to, in the case of an Event of Termination
as defined in Section 4(a), one (1) times the sum of, or, in the case of an Event of Termination as defined in Section 4(b), two (2) times the sum of: (i) the highest annual rate of Base Salary paid to Executive at any time
under this Agreement, (ii) the greater of (x) the average annual cash bonus paid to Executive with respect to the two completed fiscal years prior to the Event of Termination, or (y) the cash bonus paid to Executive with respect to
the fiscal year ended prior to the Event of Termination, and (iii) the value of the 

 employer matching contributions made on the Executive’s behalf in the Wayne Savings 401(k) Retirement Plan, or any
successor thereto, and the value of the employer contribution or allocation made on the Executive’s behalf in the Wayne Savings Community Bank Restated Employee Stock Ownership Plan, or any successor thereto, in the calendar year preceding the
year in which the Event of Termination occurs; provided however, that if the Bank is not in compliance with its minimum capital requirements or if such payments would cause the Bank’s capital to be reduced below its minimum capital
requirements, such payments’ shall be deferred until such time as the Bank is in capital compliance. Such payments shall not be reduced in the event the Executive obtains other employment following termination of employment. 
 (d) Upon the occurrence of an Event of Termination, the Bank will cause to be continued life, medical and dental coverage substantially comparable, as
reasonably or customarily available, to the coverage maintained by the Bank for Executive, at no cost to the Executive, prior to his termination, except to the extent such coverage may be changed in its application to all Bank employees or is not,
available on an individual basis to a terminated employee. Such coverage shall cease twelve (12) months following an Event of Termination as defined in Section 4(a), or twenty-four (24) months following an Event of Termination as
defined in Section 4(b). If the provision of any of the benefits covered by this Section 4(d) would trigger the 20% tax and interest penalties under Section 409A of the Code, then the benefit(s) that would trigger such tax and
interest penalties shall not be provided (collectively, the “Excluded Benefits”), and in lieu of the Excluded Benefits the Bank shall pay to the Executive, in a lump sum within 30 days following termination of employment or within 30 days
after such determination should it occur after termination of employment, a cash amount equal to the cost to the Bank of providing the Excluded Benefits. 
 5. TAX INDEMNIFICATION. 
 (a) If the payments and benefits pursuant to this Agreement, either alone or together with other
payments and benefits which the Executive has the right to receive from the Company and the Bank would constitute a “parachute payment” as defined in Section 280G(b)(2) of the Code (the “Initial Parachute Payment”), then the
Bank shall pay to the Executive, at the time such payments of benefits are paid and subject to applicable withholding requirements, a cash amount equal to the sum of the following: 
 (i) twenty (20) percent (or such other percentage equal to the tax rate imposed by Section 4999 of the Code) of the amount by
which the Initial Parachute Payment exceeds the Executive’s “base amount” from the Company and its subsidiaries, as defined in Section 280G(b)(3) of the Code, with the difference between the Initial Parachute Payment and the
Executive’s base amount being hereinafter referred to as the “Initial Excess Parachute Payment”; 
 (ii) such
additional amount (tax allowance) as may be necessary to compensate the Executive for the payment by the Executive of state and federal income and excise taxes on the payment provided under clause (i) above and on 

 
any payments under this clause (ii). In computing such tax allowance, the payment to be made under clause (i) above shall be multiplied by the
“gross up percentage” (“GUP”). The GUP shall be determined as follows: 
  

							
		 		 	 Tax Rate
	 	
	GUP =	 	1-	 	Tax Rate	 	

 The Tax Rate for purposes of computing the GUP shall be the highest marginal federal and state
income and employment-related tax rate (including Social Security and Medicare taxes), including any applicable excise tax rate, applicable to the Executive in the, year in which the payment under clause (i) above is made, and shall also
reflect the phase-out of deductions and the ability to deduct certain of such taxes. 
 (b) Notwithstanding the foregoing, if it shall
subsequently be determined in a final judicial determination or a final administrative settlement to which the Executive is a party that the actual excess parachute payment as defined in Section 280G(b)(l) of the Code is different from the
Initial Excess Parachute Payment (such different amount being hereafter referred to as the “Determinative Excess Parachute Payment”), then the Bank’s independent tax counsel or accountants shall determine the amount (the
“Adjustment Amount”) which either the Executive must pay to the Bank or the Bank must pay to the Executive in order to put the Executive (or the Bank, as the case may be) in the same position the Executive (or the Bank, as the case may be)
would have been if the Initial Excess Parachute Payment had been equal to the Determinative Excess Parachute Payment. In determining the Adjustment Amount, the independent tax counsel or accountants shall take into account any and all taxes
(including any penalties and interest) paid by or for the Executive or refunded to the Executive or for the Executive’s benefit. As soon as practicable after the Adjustment Amount has been so determined, the Bank shall pay the Adjustment Amount
to the Executive or the Executive shall repay the Adjustment Amount to the Bank, as the case may be. 
 (c) In each calendar year that the
Executive receives payments of benefits that constitute a parachute payment, the Executive shall report on his state and federal income tax returns such information as is consistent with the determination made by the independent tax counsel or
accountants of the Bank as described above. The Bank shall indemnify and hold the Executive harmless from any and all losses, costs and expenses (including without limitation, reasonable attorneys’ fees, interest, fines and penalties) which the
Executive incurs as a result of so reporting such information. The Executive shall promptly notify the Bank in writing whenever the Executive receives notice of the institution of a judicial or administrative proceeding, formal or informal, in which
the federal tax treatment under Section 4999 of the Code of any amount paid or payable under this Section 5 is being reviewed or is in dispute. The Bank shall assume control at its expense over all legal and accounting matters pertaining
to such federal tax treatment (except to the extent necessary or appropriate for the Executive to resolve any such proceeding with respect to any matter unrelated to amounts paid or payable pursuant to this Section 5) and the Executive shall

 
cooperate fully with the Bank in any such proceeding. The Executive shall not enter into any compromise or settlement or otherwise prejudice any rights the
Bank may have in connection therewith without the prior consent of the Bank. 
 6. DISABILITY. 
 (a) Short-Term. In the event of Executive’s failure to substantially perform his duties hereunder on a full-time basis for a
period of not more than one hundred eighty (180) days due to incapacity resulting from physical or mental illness, the Bank will continue to pay Executive’s Base Salary during the period of such incapacity, but only in the amounts and to
the extent that disability benefits payable to the Executive under Bank-sponsored insurance policies are less than Executive’s Base Salary. 
 (b) Long-Term. If Executive is incapacitated for a period of one hundred eighty (180) consecutive days so that he cannot perform his duties hereunder on a full-time basis, Executive’s employment will terminate upon
the expiration of such one hundred eighty (180) day period, and Executive shall be entitled to receive all benefits payable as a result of the termination under the terms of the Bank’s employee benefit plans. 
 7. TERMINATION UPON RETIREMENT. 
 Termination by the
Bank of the Executive based on “Retirement” shall mean termination of Executive in accordance with any retirement policy established with Executive’s consent with respect to him. Upon termination of Executive upon Retirement, no
amounts or benefits shall be due Executive under this Agreement and the Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party. 
 8. TERMINATION FOR CAUSE. 
 The term “Termination
for Cause” shall mean termination because of the Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, gross negligence in
the performance of duties, willful violation of any law, rule, or regulation (other than minor traffic violations or similar offenses) or final cease-and-desist order, commission of an act of moral turpitude, engagement in activities or conduct
injurious to the reputation of the Bank, material breach of any provision of this Agreement, or continued failure and/or refusal to correct any performance deficiencies within fifteen (15) days following receipt by the Executive of written
notice from the President or the Board of such deficiencies. Notwithstanding the foregoing, Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted
by the affirmative vote of not less than a majority of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before
the Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause as defined herein, and specifying the particulars thereof in detail. The Executive shall not have the right to receive
compensation or other benefits for any period after Termination for Cause (other than any vested stock options, vested restricted stock or vested benefits under any tax qualified or non-qualified employee benefit plan). Any non-vested stock 

 
options or restricted stock granted to Executive under any stock option plan or restricted stock plan of the Bank, the Company or any subsidiary or affiliate
thereof, shall become null and void effective upon Executive’s receipt of Notice of Termination for Cause pursuant to Section 9 hereof, and any non-vested stock options shall not be exercisable by Executive at any time subsequent to such
Termination for Cause, (unless it is determined in arbitration that grounds for termination of Executive for Cause did not exist, in which event all terms of the options or restricted stock as of the date of termination shall apply, and any time
periods for exercising such options shall commence from the date of resolution in arbitration). 
 9. NOTICE. 
 (a) Any purported termination by the Bank for Cause shall be communicated by Notice of Termination to the Executive. For purposes of this Agreement,
a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive’s employment under the provision so indicated. If, within thirty (30) days after any Notice of Termination for Cause is given, the Executive notifies the Bank or the Company that a dispute exists
concerning the termination, the parties shall promptly proceed to arbitration. Notwithstanding the pendency of any such dispute, the Bank and the Company may discontinue to pay Executive compensation until the dispute is finally resolved in
accordance with this Agreement. If it is determined that Executive is entitled to compensation and benefits under Section 4 of this Agreement, the payment of such compensation and benefits by the Bank and Company shall commence immediately
following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in the Wall Street Journal from time to time). 
 (b) Any other purported termination by the Bank or by Executive shall be communicated by a Notice of Termination to the other party. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for
termination of employment under the provision so indicated. “Date of Termination” shall mean the date of the Notice of Termination. If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice
of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 19 of this Agreement. Notwithstanding the pendency of any such dispute, the Bank
shall continue to pay the Executive his Base Salary, and other compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive for Cause). In the event of the voluntary termination by
the Executive of his employment, which is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall return all cash payments made to him pending
resolution by arbitration, with interest thereon at the prime rate as published in the Wall Street Journal from time to time if it is determined in arbitration that Executive’s voluntary termination of employment was not taken in good
faith and not in the reasonable belief that grounds existed for his voluntary termination. 

 10. POST-TERMINATION OBLIGATIONS. 
 (a) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (b) of this Section 10 during the term of this Agreement and for one
(1) full year after the expiration or termination hereof 
 (b) Executive shall, upon reasonable notice, furnish such information and
assistance to the Bank as may reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. 
 (c) Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Bank and affiliates
thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank. Executive will not, during or after the term of his employment, use or disclose to any person, firm, corporation, or other entity for
any reason or purpose whatsoever, (except for such disclosure as may be required to be provided to the Office of Thrift Supervision (“OTS”), the Federal Deposit Insurance Corporation (the “FDIC”), or other federal banking agency
with jurisdiction over the Bank or Executive), any knowledge of the past, present, planned or considered business activities of the Bank or affiliates thereof or any Confidential Information. For purposes of this Agreement, Confidential Information
shall mean all information or knowledge belonging to, used by, or which is in the possession of the Bank relating to the Bank’s business, business plans, strategies, pricing, sales methods, customers (including, without limitation, the names,
addresses or telephone numbers of such customers), technology, programs, finances, costs, employees (including, without limitation, the names, addresses or telephone numbers of any employees), employee compensation rates or policies, marketing
plans, development plans, computer programs, computer systems, inventions, developments, trade secrets, know how or confidences of the Bank or the Bank’s business, without regard to whether any of such Confidential Information may be deemed
confidential or material to any third party, and the Bank and the Executive hereby stipulate to the confidentiality and materiality of all such Confidential Information. The Executive acknowledges that all of the Confidential Information is and
shall continue to be the exclusive proprietary property of the Bank, whether or not prepared in whole or in part by the Executive and whether or not disclosed to or entrusted to the custody of the Executive. The Executive agrees that upon the
termination of the Executive’s employment with the Bank for any reason, the Executive will return promptly to the Bank all memoranda, notes, records, reports, manuals, pricing lists, prints and other documents (and all copies thereof) relating
to the Bank’s business which he may then possess or have with the Executive’s control, regardless of whether any such documents constitute Confidential Information. The Executive further agrees that he shall forward to the Bank all
Confidential Information which at any time (including after the period of his employment with the Bank) should come into the Executive’s possession or the possession of any other person, firm or entity with which the Executive is affiliated in
any capacity. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank,
and Executive may disclose any information regarding the Bank or the Company which is otherwise publicly available. 

 (d) The Executive agrees that he shall not at any time (whether during or for a period of one
(1) year after the Executive’s termination of employment with the Bank), without the prior written consent of the Bank, either directly or indirectly (i) solicit (or attempt to solicit), induce (or attempt to induce), cause or
facilitate any employee, director, agent, consultant, independent contractor, representative or associate of the Bank to terminate his, her or its relationship with the Bank, or (ii) solicit (or attempt to solicit), induce (or attempt to
induce), cause or facilitate any supplier of services or products to the Bank to terminate or change his, her or its relationship with the Bank, or otherwise interfere with any relationship between the Bank and any of the Bank’s suppliers of
products or services. 
 (e) The Executive agrees not to in any way slander or injure the business reputation or goodwill of the Bank through
any contact with customers, vendors, suppliers, employees or agents of the Bank, or in any other way. 
 (f) The Executive agrees that all
inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, and all similar or related information which relates to the Bank’s actual or anticipated business, research and development or existing or
futruer products or services and which are conceived, developed or made by the Executive while employed by the Bank (all of the foregoing being referred to herein as “Work Product”) belong to the Bank. The Executive shall perform all
actions reasonably requested by the Bank (whether-during or after the employment period) to establish and confirm such ownership of Work Product (including, without limitation, assignments, consents, powers of attorney and other instruments).

 (g) The Executive acknowledges that the restrictions contained in this Section 10 are reasonable and necessary to protect the
legitimate interests of the Bank. If the event of a breach or threatened breach by the Executive of any of the provisions of Section 10 hereof, the Bank shall have the right to specifically enforce this Agreement by means of an injunction, it
being acknowledged by the Executive and agreed upon by the parties that any such breach will cause irreparable injury to the Bank for which money damage alone will not provide an adequate remedy. The rights and remedies enumerated above shall be in
addition to, and not in lieu of, any other rights and remedies available to the Bank at law or in equity. 
 (h) In the event any of the
covenants contained in Section 10 or any portion thereof, shall be found by a court of competent jurisdiction to be invalid or unenforceable as against public policy or for any other reason, such court shall exercise its discretion to reform
such covenant to the end that the Executive shall be subject to covenants that are reasonable under the circumstances and are enforceable by the Bank. In any event, if any provision of this Agreement is found unenforceable for any reason, such
provision shall remain in force and effect to the maximum extent allowable and all unaffected provisions shall remain fully valid and enforceable. 
 11.
SOURCE OF PAYMENTS. 
 All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.
The Company, however, guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or
provided by the Company. 

 12. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 
 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any
predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean
that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
 13. NO ATTACHMENT. 
 (a) Except as required by law, no right to receive payments under this Agreement
shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, of hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or
involuntary, to affect any such action shall be null, void, and of no effect. 
 This Agreement shall be binding upon, and inure to the
benefit of, Executive and the Bank and their respective successors and assigns. 
 14. MODIFICATION AND WAIVER. 
 (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. In addition, notwithstanding anything
in this Agreement to the contrary, the Bank may amend in good faith any terms of this Agreement, including retroactively, in order to comply with Section 409A of the Code. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 
 15. REQUIRED REGULATORY PROVISIONS. 
 (a) The Bank’s Board of Directors may terminate the Executive’s employment at
any time, but any termination by the Bank’s Board of Directors, other than Termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive
compensation or other benefits for any period after Termination for Cause as defined in Section 8 hereinabove. 
 (b) If the
Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) 

 (12 U.S.C. §§ 1818(e)(3)) or 8(g) (12 U.S.C. § 1818(g)) of the Federal Deposit Insurance Act (the
“FDI Act”), the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the
Executive all or part of the compensation withheld while their contract obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under
Section 8(e) (12 U.S.C. §§ 1818(e)) or 8(g) (12 U.S.C. § 1818(g)) of the FDI Act, all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x) (12 U.S.C. § 1813(x)(l)) of the FDI Act, all
obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
 (e) All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by the
Director, at the time the FDIC or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank; or (ii) by the OTS at the time the OTS or its District Director approves a supervisory merger to
resolve problems related to the operations of the Bank or when the Bank is determined by the OTS or FDIC to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

 (f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12
USC Section 1828(k) and any regulations promulgated thereunder. 
 16. SEVERABILITY. 
 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
 17. HEADINGS FOR REFERENCE ONLY. 
 The headings of
sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
 18. GOVERNING LAW. 
 This Agreement shall be governed by the laws of the State of Ohio but only to the
extent not superseded by federal law. 

 19. ARBITRATION. 
 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by the employee
within the Cleveland metropolitan area, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
 20. PAYMENT OF LEGAL FEES. 
 All reasonable legal fees
paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by Executive and the Bank or
resolved in the Executive’s favor. 
 21. INDEMNIFICATION. 
 The Bank and the Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and
shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under federal law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or
proceeding in which he may be involved by reason of his having been a director or officer of the Bank or the Company (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and
liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board of Directors of the Bank or the Company, as appropriate), provided,
however, neither the Bank nor Company shall be required to indemnify or reimburse the Executive for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by the
Executive. 
 22. SUCCESSOR TO THE BANK. 
 The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank or the Company, expressly and unconditionally to
assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 
 [Signature page follows] 

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

									
	ATTEST:	 		 	WAYNE SAVINGS COMMUNITY BANK
				
	 

	 		 	By:	 	 

	Secretary	 		 		 	President and Chief Executive Officer
			
	WITNESS:	 		 	EXECUTIVE:
			
	 

	 		 	 

		 		 		 	Steven Dimos

  

			
	 CONSENT OF GUARANTOR (PURSUANT
 TO SECTION
ELEVEN HEREOF)

	
	WAYNE SAVINGS BANCSHARES, INC.
		
	By:	 	 

		 	President and Chief Executive Officer

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