Document:

Exhibit 10.6

 Exhibit 10.6 
 TRUST AGREEMENT 
 FOR DEFERRED COMPENSATION PLAN AND 2005 SUB-PLAN 
 OF VERSAILLES SAVINGS & LOAN COMPANY 
 (AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005) 
 This Versailles Savings & Loan Company Trust
Agreement (the “Trust Agreement”) is made as of the 21st day of August
2009, by and between Versailles Savings & Loan Company (the “Bank”) and the Trustee Committee, which initially consists of Douglas P. Ahlers, Edward L. Borchers and James Poeppelman, as may be changed from time to time, to serve
as trustee of the Trust (the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Bank has adopted the Versailles Savings & Loan Company Deferred Compensation Plan and the 2005 Sub-Plan (collectively, the
“Plan”) to provide deferred compensation for its Directors and certain members of the Bank’s senior management (collectively, the “Participant” or “Participants”); 
 WHEREAS, the Bank wishes to establish this trust (the “Trust”) to fund the obligations under the Plan with the assets contributed
to the Trust to be subject to the claims of the Bank’s creditors in the event of the Bank’s insolvency, as herein defined, until paid to a Participant or their beneficiaries in such manner and at such times as specified in the Plan, and
intends that the Trust shall satisfy the requirements of Revenue Procedure 92-64 which sets forth a model grantor trust for use in executive compensation arrangements; and 
 WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the
Plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”) and trustees of
the Bank. 
 NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and
disposed of as follows: 
 Section 1. Establishment of Trust. 
 (a) The Bank hereby deposits with the Trustee in trust cash valued at not less $100.00 which shall become the initial principal of the Trust to be held, administered and disposed of by the Trustee as provided in this
Trust Agreement. The initial principal of the Trust, together with any future contributions to the Trust and any other assets held by the Trust, and earnings thereon, are collectively referred to herein as the “Trust Assets.” 

(b) The Trust hereby established shall be irrevocable by the Bank at all times until the Trust is terminated pursuant to Section 12(b) hereof.

 (c) The Trust is intended to be a grantor trust, of which the Bank is the grantor, within the meaning of
subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be construed accordingly. 
 (d) The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Bank and shall be used exclusively for the uses and purposes of the Plan and general creditors as
herein set forth. Participants in the Plan and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any of the Trust Assets. Any rights created under the Plan and this Trust Agreement shall be mere unsecured
contractual rights of a Participant in the Plan and their beneficiaries against the Bank. Any assets held by the Trust will be subject to the claims of the Bank’s general creditors under federal and state law in the event of the Bank’s
insolvency, as defined in Section 3(a) hereof. 
 (e) The Bank, in its sole discretion, may at any time, or from time to time, make
additional deposits of cash or other property in trust with the Trustee to augment the principal to be held, administered and disposed of by the Trustee as provided in this Trust Agreement. Neither the Trustee nor a Participant in the Plan or
beneficiary of a Participant in the Plan shall have any right to compel such additional deposits. 
 (f) Notwithstanding any other provision
of this Trust Agreement, all Trust Assets shall be held in the United States of America, and at no time shall the Trustee or any other person or entity cause any of such assets to be transferred outside of the United States. 
 Section 2. Payments to Plan Participants and their Beneficiaries. 
 (a) The Bank shall deliver to the Trustee a schedule (the “Payment Schedule”) consistent with the terms of the applicable Plan in respect of a Participant in the Plan (and their beneficiaries), that provides
instructions acceptable to the Trustee which set forth the amounts payable to a Participant in the applicable Plan or their beneficiaries, if applicable, the form in which such amount is to be paid, and the time of commencement for payment of such
amounts. As provided for herein, the Payment Schedule may be revised by the Bank. Except as otherwise provided herein, the Trustee shall make payments to a Participant in the Plan or their beneficiaries in accordance with such Payment Schedule, as
it may be revised from time-to-time by the Bank, and any instructions received from the Bank. The preparation and delivery of the Payment Schedule referred to in this subsection shall be the responsibility of the Bank. The Trustee shall use the
Trust Assets to make such payments to Participants or their beneficiaries in accordance with the Payment Schedule. In respect of such amounts payable, the Bank shall determine the provision for any withholdings required by federal, state and local
taxes with respect to the payment of benefits pursuant to the Plan. The Bank shall, prior to the date such payment is due, instruct the Trustee to withhold the appropriate amount from any payment to be made under the Payment Schedule, and the
Trustee shall then make payment of the net benefits, without any further reduction, directly to a Participant in the Plan or their beneficiaries as they become due unless the Bank elects to make such payments directly. The Bank shall report and pay
withheld amounts to the appropriate tax authorities from assets outside the Trust. The Trustee shall reinvest any amounts withheld pursuant to this Section in accordance with Section 5. 
  

 2 

 (b) The entitlement of a Participant or their beneficiaries to benefits under the Plan shall be
determined by the Bank or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 
 (c) The Bank may make payment of benefits directly to a Participant or their beneficiaries as they become due under the terms of a Plan. In such event,
the Bank shall revise the Payment Schedule as appropriate to reflect any direct payments by the Bank. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms
of a Plan, the Bank shall make the balance of each such payment as it falls due. The Trustee shall notify the Bank when principal and earnings are not sufficient to make any payment pursuant to the Payment Schedule. 
 Section 3. The Trustee’s Responsibility Regarding Payments to Trust Beneficiaries When the Bank is Insolvent. 
 (a) The Trustee shall cease payment of benefits to a Participant in a Plan and their beneficiaries if the Bank becomes Insolvent. The Bank shall be
considered “Insolvent” for purposes of this Trust Agreement if the Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code or if the Bank is subject to any receivership or conservatorship proceedings
under federal banking laws. 
 (b) At all times during the continuance of this Trust, the principal and income of the Trust shall be subject
to claims of general creditors of the Bank under federal and state law as set forth below. 
 (1) The Board of Directors of
the Bank shall have the duty to inform the Trustee in writing if the Bank is deemed to be Insolvent. If a person claiming to be a creditor of the Bank alleges in writing to the Trustee that the Bank has become Insolvent, the Trustee shall determine
whether the Bank is Insolvent in accordance with the procedure set forth in subparagraph (2) below and, pending such determination, the Trustee shall discontinue payment of benefits to a Participant or their beneficiaries. 
 (2) Unless an officer of the Trustee responsible for administering the Trust has actual knowledge that the Bank is Insolvent, or has
received notice from the Bank or a person claiming to be a creditor alleging that the Bank is Insolvent, the Trustee shall have no duty to inquire whether the Bank is Insolvent. The Trustee may in all events rely on such evidence concerning the
Bank’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Bank’s Insolvent status. 
 (3) If at any time the Trustee has determined that the Bank is Insolvent, the Trustee shall discontinue payments to a Participant in a
Plan or their beneficiaries and shall hold the assets of the Trust for the benefit of the Bank’s general creditors. The Trustee shall promptly notify the Bank of its determination that the Bank is insolvent and of the discontinuation of
payments hereunder. Nothing in this Trust Agreement shall in any way diminish any rights of a Participant in a Plan or their beneficiaries to pursue their rights as general creditors of the Bank with respect to benefits due under a Plan or
otherwise. 
  

 3 

 (4) The Trustee shall resume the payment of benefits to a Participant or their
beneficiaries in accordance with Section 2 of this Trust Agreement only after the Trustee has determined that the Bank is not Insolvent (or is no longer Insolvent). The Trustee will promptly notify the Bank of its intention to resume the
payment of benefits hereunder. 
 (5) The Trustee shall incur no personal liability for any determination made pursuant to
this Section 3 that was made in good faith. 
 (c) Provided that there are sufficient assets, if the Trustee discontinues the payment of
benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the Bank shall provide the Trustee with a revised Payment Schedule such that the first payment following such discontinuance shall include the
aggregate amount of all payments due to a Participant in a Plan or their beneficiaries under the terms of a Plan for the period of such discontinuance, less the aggregate amount of any payments made to a Participant in a Plan or their beneficiaries
directly by the Bank in lieu of the payments provided for hereunder during any such period of discontinuance. 
 Section 4. Payments to the Bank.

 Except as provided in Section 3 hereof, the Bank shall have no right or power to direct the Trustee to return to the Bank or to
divert to others any of the Trust Assets before all payment of benefits have been made the to participant in a Plan and their beneficiaries pursuant to the terms of a Plan. 
 Section 5. Investment and Other Authority. 
 The Trustee may invest the Trust Assets in such
assets as the Bank may from time to time direct. Notwithstanding the foregoing, to the extent any such assets are invested in common stock or common stock units of Versailles Financial Corporation (the “Company”), such investments
(i) must not be diversified; (ii) must remain at all times invested in the form of common stock or common stock units of the Company, as applicable; and (iii) must be distributed solely in the form of shares of common stock of the
Company. All rights associated with the Trust Assets shall be exercised by the Trustee or the person designated by the Trustee, and shall in no event be exercisable by or rest with a Plan Participant, except that voting rights with respect to Trust
Assets will be exercised by the Bank. Except for any assets invested in common stock or common stock units of the Company, the Bank shall have the right at any time, and from time to time in its sole discretion, to substitute assets of equal fair
market value for any Trust Asset. This right is exercisable by the Bank in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. The Trustee shall not be liable for any loss on any investment made pursuant to
this Section 5. 
  

 4 

 Section 6. Disposition of Income. 
 During the term of this Trust, all income received by the Trust, net of expenses and taxes paid from the Trust as provided in this Agreement, shall be
accumulated and reinvested by the Trustee pursuant to Section 5. 
 Section 7. Accounting by the Trustee. 
 (a) The Trustee shall keep on an aggregate basis accurate and detailed records of all investments, receipts and disbursements made by it with respect to
the Trust Assets, including such specific records as shall be agreed upon in writing between the Bank and the Trustee. Within 45 days following the close of each calendar year and within 45 days after the removal or resignation of the Trustee, the
Trustee shall deliver to the Bank a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments,
receipts and disbursements effected by it on an aggregate basis with respect to the Trust Assets, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest
or dividends paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 
 (b) The Bank shall prepare any federal and state tax returns due with respect to the Trust and shall deliver prepared returns, ready for execution, to
the Trustee for signature not later than 20 days prior to the due date. The Trustee shall return the executed returns to the Bank for filing in a timely manner. 
 (c) With respect to the Trust, the Trustee shall keep accurate and detailed records of (i) all contributions made by the Bank to the Trust in the aggregate, including the amount of each such contribution and the
date received, (ii) all securities and investments purchased and sold with such contributions, including the cost or net proceeds and the date of such purchases or sales, (iii) all dividends or interest paid on the Trust Assets and the
reinvestment of such dividends or interest, and (iv) such other matters as shall be agreed upon in writing between the Bank and the Trustee. 
 Section 8. Responsibility of the Trustee. 
 (a) The Trustee shall act in good faith and shall have no liability except
for gross negligence or willful misconduct, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Bank which is contemplated by, and in conformity
with, the terms of a Plan or this Trust and is given in writing by the Bank. In the event of a dispute between the Bank and a party, the Trustee may at the expense of the Trust apply to a court of competent jurisdiction to resolve the dispute.

  

 5 

 (b) If the Trustee undertakes or defends any litigation arising in connection with this Trust, the Bank
agrees to indemnify the Trustee against the Trustee’s costs, expenses and liabilities (including, without limitation, reasonable attorneys’ fees and expenses) relating thereto and to be primarily liable for such payments. If the Bank does
not pay such costs, expenses and liabilities in a reasonably timely manner, the Trustee may obtain payment from the Trust. 
 (c) The Trustee
may at the expense of the Trust or of the Bank consult with legal counsel (who may also be counsel for the Bank generally) with respect to any of its duties or obligations hereunder. 
 (d) The Trustee may hire at the expense of the Trust or of the Bank agents, accountants, actuaries, investment advisors, financial consultants or other
professionals to assist it in performing any of its duties or obligations hereunder, and the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the recommendation of such firm.

 (e) The Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise
herein. 
 (f) Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not
have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Code.

 (g) The Trustee shall not be liable for any error of judgment made in good faith by an officer of the Trustee. 
 (h) No provision of this Trust Agreement shall require the Trustee to expend or risk funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. 
 (i) Under no circumstances shall the Trustee be personally liable for any indebtedness evidenced by or arising under a Plan, including the payment of the
annuity or benefit amounts thereunder. 
 (j) The Trustee shall not be responsible for or in respect of the validity or sufficiency of this
Trust Agreement or for the due execution hereof by the Bank or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Assets, or for or in respect of the qualification of the Trust as a grantor trust under the
Internal Revenue Code, and the Trustee shall in no event assume or incur any liability, duty or obligation to the Bank, the Bank’s creditors, or to a Participant in a Plan, other than as expressly provided for herein. 
  

 6 

 (k) The Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine or believed by it to be signed by the proper party or parties. The Trustee may accept a certified copy of a resolution
of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of
determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to
such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be take by it in good faith in reliance thereon. 
 (l) In the exercise or administration of the trusts hereunder, the Trustee (i) may act directly or through its agents or attorneys pursuant to
agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith, and (ii) may consult with
counsel, accountants and other experts to be selected in good faith and employed by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice of any such counsel, accountants or
other such experts. 
 (m) The Trustee shall not be required to file any inventory or accounting with any court or officer of any court,
unless specifically ordered to do so on the application of the Trustee or on the application of any beneficiary of the Trust, or on the court’s own motion. 
 Section 9. Compensation and Expenses of the Trustee. 
 (a) The Trustee, and any third party assisting the Trustee in
administration of the Trust, shall be entitled to reasonable compensation for their services. The Trustee’s compensation shall be based on the separate fee agreement between the Trustee and the Bank, as may be amended from time to time. The
Trustee shall also be reimbursed for its reasonable legal, accounting, and appraisal fees, expenses and other charges incurred in connection with the administration, management, investment and distribution of the Trust. Such compensation shall be
paid, and such reimbursement shall be made, first by the Bank and then from the Trust Assets if the Bank fails to pay such compensation or reimbursement within a reasonable time. 
 (b) The Trustee (in its individual and trust capacities) and its officers, directors, affiliates, successors, assigns, agents and servants (collectively,
the “Indemnified Parties”) shall be indemnified and held harmless by the Bank from and against any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against any Indemnified Party in any way relating to or
arising out of this Trust Agreement, the Trust Assets, the administration of the Trust Assets or the action or inaction of the Trustee hereunder, except only that the Indemnified Parties shall not be entitled to indemnification from and against
Expenses arising or resulting from its own willful misconduct or gross negligence. The indemnities contained in this Section shall survive the resignation or 

  

 7 

 
termination of the Trustee or the termination of this Trust Agreement, and to secure the same, the Trustee shall have a claim against the Trust Assets, which
claim shall be prior to the rights of a Plan Participant or any creditors of the Bank to the Trust Assets. 
 Section 10. Resignation and Removal of
the Trustee. 
 (a) The Trustee may resign at any time by written notice to the Bank, which shall be effective 30 days after receipt of
such notice, unless the Bank and the Trustee agree otherwise. 
 (b) The Trustee may be removed by the Bank on 15 days notice or upon shorter
notice accepted by the Trustee. 
 (c) Upon resignation or removal of the Trustee and appointment of a successor Trustee, all Trust Assets
shall after payment of fees and expenses then due and owing to the outgoing Trustee, subsequently be transferred to the successor Trustee. The transfer shall be completed within 30 days after receipt of notice of resignation, removal or transfer,
unless the Bank extends the time limit. 
 (d) If the Trustee resigns or is removed, a successor shall be appointed, in accordance with
Section 11 hereof, by the effective date of resignation or removal under paragraphs (a) or (b) of this section. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a
successor or for instructions. All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. 
 Section 11. Appointment of Successor. 
 (a) If the Trustee resigns or is removed in accordance with Section 10(a)
or (b) hereof, the Bank may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law or the laws of the United States, as a successor to replace the Trustee upon
resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust Assets. The former Trustee shall
execute any instrument necessary or reasonably requested by the Bank or the successor Trustee to evidence the transfer. 
 (b) The successor
Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust Assets, subject to Sections 5, 6, 7 and 8 hereof. The successor Trustee shall not be responsible for, and the Bank shall indemnify and
defend the successor Trustee from, any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 
  

 8 

 Section 12. Amendment or Termination. 
 (a) This Trust Agreement may be amended by a written instrument executed by the Trustee and the Bank. The Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president, or by the treasurer or other authorized officers of the relevant party, as to any fact or matter and such certificate shall constitute full protection to the Trustee for any action taken or
omitted to be taken by it in good faith reliance thereon. Notwithstanding the foregoing, no such amendment shall conflict with the terms of a Plan. 
 (b) The Trust shall terminate on the date on which a Participant in a Plan and their beneficiaries are no longer entitled to benefits pursuant to the terms of a Plan. Upon termination of the Trust, any assets remaining in the Trust, after
payment of all fees and expenses then due and owing to the Trustee, shall be returned to the Bank. Notwithstanding the foregoing or any other provision of the Trust, the Company and Bank intend that the provisions of the Trust shall satisfy the
requirements of Notice 2000-56; and therefore, any common stock of the Company contributed by the Company to the Trust to assist the Bank in meeting the Bank’s deferred compensation obligations under the Plan will (i) be subject to the
claims of the creditors of the Company in the event of the Company’s Insolvency; and (ii) revert to the Company on termination of the Trust (after payment of all fees and expenses then due and owing to the Trustee). 
 Section 13. Miscellaneous. 
 (a) Any provision of
this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
 (b) Benefits payable to a Participant in a Plan and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable process. 
 (c) This Trust Agreement shall be governed by and construed
in accordance with the laws of the State of Ohio. 
 Section 14. Effective Date. 
 The effective date of this Trust Agreement shall be as of the date first written above. 
 Section 15. Notices. 
 All notices, requests or other communications required or permitted to be
delivered hereunder shall be in writing, delivered by registered or certified mail, return receipt requested, as follows: 
  

			
	To the Bank:	  	Versailles Savings & Loan Company
		  	Attn: Douglas P. Ahlers
		  	President and Chief Executive Officer
		  	27 Main Street
		  	Versailles, Ohio 45380
		  	Phone: (937) 526-4515

  

 9 

			
	 To the Trustee:
	  	Douglas P. Ahlers, Edward L. Borchers and James Poeppelman
		  	c/o Versailles Savings & Loan Company
		  	27 Main Street
		  	Versailles, Ohio 45380
		  	Phone: (937) 526-4515

 Any party hereto may from time to time, by written notice given in the aforesaid manner, designate any other
address to which notices, requests or other communications addressed to it shall be sent. 
 Section 16. Trustee Not Acting in Individual Capacity.

 Except as otherwise expressly provided herein, in accepting the trusts hereby created, the Trustee acts solely as trustee hereunder and
not in its individual capacity, and all persons other than the Bank, as provided herein, having any claim against the Trustee by reason of the transactions contemplated hereby shall look only to the Trust Assets for payment or satisfaction thereof,
but subject to the liens created pursuant to this Trust Agreement. 
 Section 17. No Third Party Beneficiaries. 
 This Trust Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, executors and legal
representatives and no other person shall have any right, benefit or obligation hereunder. 
  

 10 

 IN WITNESS WHEREOF, the Bank and the Trustee have caused this Trust Agreement to be signed,
as of the day and year first above written. 
  

			
	VERSAILLES SAVINGS & LOAN COMPANY
		
	By:	 	/s/ Douglas P. Ahlers
	President and Chief Executive Officer
	
	TRUSTEE COMMITTEE
		
	By:	 	/s/ Douglas P. Ahlers
		 	Douglas P. Ahlers
		
	By:	 	/s/ Edward L. Borchers
		 	Edward L. Borchers
		
	By:	 	/s/ James Peoppelman
		 	James Peoppelman

  

 11Exhibit 10.7

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is made effective as of
                         , 2009 (the “Effective Date”), by and between Versailles Savings and Loan
Company, an Ohio chartered stock savings and loan company (the “Bank”) and Douglas P. Ahlers (“Executive”). The Bank and Executive are sometimes collectively referred to herein as the “parties.” Any reference to the
“Company” shall mean Versailles Financial Corporation, the holding company of the Bank. The Company is a signatory to this Agreement for the purpose of guaranteeing the Bank’s performance hereunder. 
 WITNESSETH 
 WHEREAS, Executive
is currently employed as President and Chief Executive Officer of the Bank; 
 WHEREAS, the Bank has adopted a Plan of Conversion
pursuant to which the Bank will convert to an Ohio chartered stock savings and loan company and become a wholly owned subsidiary of the Company; 
 WHEREAS, the Bank desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement; and 
 WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

 During the term of
this Agreement, Executive shall serve as a member of the board of directors of the Bank (the “Board”), President and Chief Executive Officer of the Bank. Executive shall be responsible for the overall management of the Bank, and shall be
responsible for establishing the business objectives, policies and strategic plan of the Bank, in conjunction with the Board. Executive also shall be responsible for providing leadership and direction to all departments or divisions of the Bank, and
shall be the primary contact between the Board and the staff. As Chief Executive Officer, Executive shall directly report to the Board. Executive also shall be nominated as a member of the Board, subject to election by members or shareholders of the
Bank, as the case may be. Executive also agrees to serve, if elected, as an officer and director of any affiliate of the Bank. 
  

	2.	TERM AND DUTIES. 

 (a) Three Year Contract;
Annual Renewal. The term of this Agreement will begin as of the Effective Date and shall continue thereafter for a period of three (3) years. Beginning on the first annual anniversary date of this Agreement, and on each annual anniversary
date thereafter, the term of this Agreement shall be extended for a period of one year in addition to 

 
the then-remaining term; provided that (1) the Bank has not given notice to the Executive in writing at least ninety (90) days prior to such
renewal date that the term of this Agreement shall not be extended further; and (2) prior to such renewal date, the disinterested members of the Board of Directors of the Bank (the “Board”) have explicitly reviewed and approved the
extension and the results thereof shall be included in the minutes of the Board’s meeting. On an annual basis prior to the deadline for the notice period referenced above, the Board shall conduct a performance review of the Executive for
purposes of determining whether to provide notice of non-renewal. Reference herein to the term of this Agreement shall refer to both such initial term and such extended terms. 
 (b) Termination of Agreement. Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate
Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement. 
 (c) Continued Employment Following Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and
conditions as the Bank and Executive may mutually agree. 
 (d) Duties; Membership on Other Boards. During the term of this Agreement,
except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all of 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, 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 or civic organizations, which, in the 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. Executive shall provide the Board of Directors annually for its approval a list of organizations for which the Executive acts as a director or officer. 
  

	3.	COMPENSATION, BENEFITS AND REIMBURSEMENT. 

 (a)
Base Salary. In consideration of Executive’s performance of the duties set forth in Section 2, the Bank shall provide Executive the compensation specified in this Agreement. The Bank shall pay Executive a salary of $97,000 per year
(“Base Salary”). The Base Salary shall be payable in the same frequency as other officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed at least annually by the Board or by a committee
designated by the Board, and the Bank may increase, but not decrease (except for a decrease that is generally applicable to all employees) Executive’s Base Salary. Any increase in Base Salary shall become “Base Salary” for purposes of
this Agreement. 
 (b) Bonus and Incentive Compensation. Executive shall be entitled to equitable participation in incentive
compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which
Executive is entitled under this Agreement. 
  

 2 

 (c) Employee Benefits. The Bank shall provide Executive with employee benefit plans, arrangements
and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the term of this Agreement, and the Bank shall not, without Executive’s prior
written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees. Without limiting
the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate in and 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 insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in the future to its senior executives, including any stock
benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 
 (d) Paid Time Off. Executive shall be entitled to paid vacation time each year during the term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick
leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for senior executives. Any unused paid time off during an annual period shall be treated in accordance with the Bank’s personnel policies as in
effect from time to time. 
 (e) Expense Reimbursements. The Bank shall also pay or reimburse Executive for all reasonable travel,
entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board
shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may reasonably require, provided
that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in which such right to such payment or reimbursement occurred. 
  

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

 (a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4 shall apply; provided, however, that in the event such Event of Termination occurs within
eighteen (18) months following a Change in Control (as defined in Section 5 hereof), Section 5 shall apply instead. As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the
following: 
 (i) the involuntary termination of Executive’s employment hereunder by the Bank for any reason other than
termination governed by Section 5 (in connection with or following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement), or Section 8 (for Cause), provided that such termination constitutes
a “Separation from Service” within the meaning of Section 409A of the Internal Revenue Code (“Code”); or 
  

 3 

 (ii) Executive’s resignation from the Bank’s employ upon any of the following,
unless consented to by Executive: 
 (A) failure to appoint Executive to the position set forth in Section 1, or 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 responsibilities described in
Section 1, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach of this Agreement by the Bank); 
 (B) a relocation of Executive’s principal place of employment to a location that is more than 20 miles from the location of the
Bank’s principal executive offices as of the date of this Agreement; 
 (C) a material reduction in the benefits and
perquisites, including Base Salary, to Executive from those being provided as of the Effective Date (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees of the Bank);

 (D) a liquidation or dissolution of the Bank; or 
 (E) a material breach of this Agreement by the Bank. 
 Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation for “Good Reason” upon not less than thirty
(30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which termination by Executive shall be an Event of Termination. The Bank shall
have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day period. 
 (b) Upon 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, or both, the Base Salary and bonuses that Executive would be entitled to for the remaining unexpired term of the Agreement. For purposes of determining the bonus(es) payable hereunder, the bonus(es) will be deemed to be
(i) equal to the highest bonus paid at any time during the prior three years, and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination. Such payments shall be paid in a lump sum within ten
(10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive obtains other employment following the Event of Termination. Notwithstanding the
foregoing, Executive shall not be entitled to any payments or benefits under this Section 4 unless and until Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors
and assigns, releasing said persons from any and all claims, 

  

 4 

 
rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination
in Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this Agreement
that survive the termination of this Agreement. 
 (c) Upon 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, a lump sum cash payment reasonably estimated to be equal to the present value of the contributions that would have been made on the
Executive’s behalf under the Bank’s defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank), as if Executive had continued working for the Bank for the remaining unexpired term
of the Agreement following such Event of Termination, earning the salary that would have been achieved during such period. Such payments shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service and shall
not be reduced in the event Executive obtains other employment following the Event of Termination. 
 (d) Upon the occurrence of an Event of
Termination, the Bank shall provide, at the Bank’s expense, for the remaining unexpired term of the Agreement, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage
maintained by the Bank for Executive prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees. 
 (e) For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by the Executive after
the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide services in the 12 months immediately preceding the Event
of Termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a Specified Employee, as defined in Code Section 409A
and any payment to be made under sub-paragraph (b) or (c) of this Section 4 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the
minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service. 
  

	5.	CHANGE IN CONTROL. 

 (a) Any payments made to
Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such that Executive shall either receive payments pursuant to Section 4 or pursuant
to Section 5, but not pursuant to both Sections. 
 (b) For purposes of this Agreement, the term “Change in Control” shall
mean: 
 (i) a change in control of a nature that would be required to be reported in response to Item 5.01(a) of the
current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); or 
  

 5 

 (ii) a change in control of the Bank within the meaning of the Home Owner’s Loan
Act, as amended (“HOLA”), and applicable rules and regulations promulgated thereunder, as in effect at the time of the Change in Control; or 
 (iii) any of the following events, upon which a Change in Control shall be deemed to have occurred: 
 (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Bank or the Company representing 25% or more of the combined voting power of such outstanding securities, except for any securities purchased by any employee stock ownership plan or trust established by the Bank or the Company; or 
 (B) individuals who constitute the Board on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at
least a majority thereof, provided that any person becoming a director subsequent to the Effective Date whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for
election by stockholders of the Bank or the Company was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this subsection (B), considered as though they were members of the Incumbent Board; or

 (C) a sale of all or substantially all the assets of the Bank or the Company, or a plan of reorganization, merger,
consolidation, or similar transaction occurs in which the security holders of the Bank or the Company immediately prior to the consummation of the transaction do not own at least 50.1% of the securities of the surviving entity to be outstanding upon
consummation of the transaction; or 
 (D) a proxy statement is issued soliciting proxies from stockholders of the Bank or the
Company by someone other than the current management of the Bank or the Company of the Bank, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Bank or the Company, or similar transaction with one or more
corporations as a result of which the outstanding shares of the class of securities then subject to the plan are to be exchanged for or converted into cash or property or securities not issued by the Bank or the Company; or 
 (E) a tender offer is made for 25% or more of the voting securities of the Bank or the Company, and stockholders owning beneficially or of
record 25% or more of the outstanding securities of the Bank or the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror. 
  

 6 

 (F) Notwithstanding anything herein to the contrary, a Change in Control shall not be
deemed to have occurred in connection with the conversion of the Bank to a stock Bank as a subsidiary of the Company. 
 (c) Upon the
occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), Executive, shall receive as severance pay or liquidated damages, or both, a lump sum cash payment equal to
three times the sum of (i) Executive’s highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to Executive with respect to the three completed fiscal years prior to the
Change in Control. Such payment shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive obtains other
employment following the Event of Termination. 
 (d) Upon the occurrence of a Change in Control followed within eighteen (18) months by
an Event of Termination (as defined in Section 4 hereof), 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, a lump sum cash payment reasonably estimated
to be equal to the present value of the contributions that would have been made on Executive’s behalf under the Bank’s defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank), as
if Executive had continued working for the Bank for thirty-six (36) months after the effective date of such termination of employment, earning the salary that would have been achieved during such period. Such payments shall be paid in a lump
sum within ten (10) days of the Executive’s Separation from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination. If Executive is a Specified Employee, as defined in Code
Section 409A and any payment to be made under this sub-paragraph (c) or (d) of this Section 5 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of
such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service. 
 (e) Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor) shall provide at the Bank’s
(or its successor’s) expense, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to his termination, except to the
extent such coverage may be changed in its application to all Bank employees and then the coverage provided to Executive shall be commensurate with such changed coverage. Such coverage shall cease thirty-six (36) months following the
termination of Executive’s employment. 
 (f) Notwithstanding the preceding paragraphs of this Section 5, in the event that the
aggregate payments or benefits to be made or afforded to Executive in the event of a Change in Control would be deemed to include an “excess parachute payment” under Section 280G of the 

  

 7 

 
Internal Revenue Code or any successor thereto, then such payments or benefits shall be reduced to an amount, the value of which is one dollar ($1.00) less
than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Section 280G of the Code. In the event a reduction is necessary, then the cash severance payable by the Bank pursuant to
Section 5 shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under Section 5 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to
excise tax imposed under Section 4999 of the Code. 
  

	6.	TERMINATION FOR DISABILITY OR DEATH. 

 (a)
Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable
physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and
health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the
Executive’s employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. 
 (b) Executive shall be entitled to receive benefits under any short-term or long-term disability plan maintained by the Bank. To the extent such benefits
are less than Executive’s Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive’s Base Salary for the longer of one (1) year following the
termination of his employment due to Disability or the remaining term of this Agreement, which shall be payable in accordance with the regular payroll practices of the Bank. 
 (c) The Bank shall cause to be continued life insurance coverage and non-taxable medical and dental coverage substantially comparable, as reasonably
available, to the coverage maintained by the Bank for Executive prior to the termination of his employment based on Disability, except to the extent such coverage may be changed in its application to all Bank employees or not available on an
individual basis to an employee terminated based on Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by another
employer; (iii) expiration of the remaining term of this Agreement; or (iv) Executive’s death. 
 (d) In the event of
Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s
death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive’s death, and the Bank shall continue to provide non-taxable medical, dental and other insurance benefits normally
provided for Executive’s family (in accordance with its customary co-pay 

  

 8 

 
percentages) for twelve (12) months after Executive’s death. Such payments are in addition to any other life insurance benefits that
Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank’s tax-qualified retirement plans. 
  

	7.	TERMINATION UPON RETIREMENT. 

 Termination of
Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at any time after Executive reaches age 67 or in accordance with any retirement policy established by the Board with Executive’s
consent with respect to him. Upon termination of Executive based on Retirement, no amounts or benefits shall be due Executive under this Agreement, and 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. 

 (a) The Bank may terminate
Executive’s employment at any time, but any termination other than termination for “Cause,” as defined herein, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no
right to receive compensation or other benefits for any period after termination for “Cause.” The term “Cause” as used herein, shall exist when there has been a good faith determination by the Board that there shall have occurred
one or more of the following events with respect to the Executive: (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the willful commission by the Executive of a criminal or
other act that, in the judgment of the Board will likely cause substantial economic damage to the Company or the Bank or substantial injury to the business reputation of the Company or the Bank; (iii) the commission by the Executive of an act
of fraud in the performance of his duties on behalf of the Company or the Bank; (iv) the continuing willful failure of the Executive to perform his duties to the Company or the Bank (other than any such failure resulting from the
Executive’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to the Executive by the
Board; or (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of the Executive’s employment by the Company. Notwithstanding the foregoing, Cause shall not be deemed to exist
unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after
reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof.
Prior to holding a meeting at which the Board is to make a final determination whether Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause
for it to find that the Executive was guilty of conduct constituting Cause as described above, the Board may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further
meeting at which the Executive shall be given the opportunity to be heard before the Board. Upon a finding of Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 10 below. 
  

 9 

 (b) For purposes of this Section 8, no act or failure to act, on the part of Executive, shall be
considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Bank. Any act, or failure to act, based upon
the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Bank. 
  

	9.	RESIGNATION FROM BOARDS OF DIRECTORS 

 In the event
of Executive’s termination of employment due to an Event of Termination, Executive’s service as a director of the Bank, the Company, and any affiliate of the Bank or the Company shall immediately terminate. This Section 9 shall
constitute a resignation notice for such purposes. 
  

	10.	NOTICE. 

 (a) Any purported termination by the Bank
for Cause shall be communicated by Notice of Termination to Executive. If, within thirty (30) days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties
shall promptly proceed to arbitration, as provided in Section 20. Notwithstanding the pendency of any such dispute, the Bank shall discontinue paying Executive’s 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 or 5, the payment of such compensation and benefits by the Bank 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” (as defined in
Section 10(c)) to the other party. 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 20. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay 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); provided, however, that such payments and benefits shall not continue beyond the date that is 36 months from the date the Notice of Termination is given. In the event
the voluntary termination by Executive of his employment 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. If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base Salary and other
compensation and benefits made to Executive under this Section 10 shall offset the amount of any severance benefits that are due to Executive under this Agreement. 
  

 10 

 (c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that
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. 
  

	11.	POST-TERMINATION OBLIGATIONS. 

 (a) Executive hereby
covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly: 
 (i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would
expect) to have the effect of causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their direct or indirect subsidiaries or affiliates or has headquarters or offices within 20 miles of the
locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to establish an office; 
 (ii) become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder, partner or trustee of any savings bank, savings and
loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with the business of the Bank
or its affiliates or has headquarters or offices within twenty-five (25) miles of Versailles, Ohio; provided, however, that this restriction shall not apply if Executive’s employment is terminated following a Change in Control or if
Executive does not have any right to or waives (or returns to the Bank) any payments under Section 4 hereof; or 
 (b) As used in this
Agreement, “Confidential Information” means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the
Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales
information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Bank. Confidential
Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information to which the Executive may have access in connection with the Executive’s employment.
Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain. The Executive
understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all 

  

 11 

 
Confidential Information. At all times, both during the Executive’s employment with the Bank and after its termination, the Executive will keep in
confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s
duties to the Bank. 
 (c) 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; provided, however, that Executive shall not be required to provide information or assistance with respect to any
litigation between the Executive and the Bank or any of its subsidiaries or affiliates. 
 (d) All payments and benefits to Executive under
this Agreement shall be subject to Executive’s compliance with this Section 11. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this
Section 11, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive and all persons acting for
or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that the
enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank or the Company from pursuing any other remedies available to them for such breach or
threatened breach, including the recovery of damages from Executive. 
  

	12.	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 may accede to this Agreement but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

  

	13.	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 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. 
  

	14.	NO ATTACHMENT; BINDING ON SUCCESSORS. 

 (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, or hypothecation, or to execution, attachment, levy, or similar process
or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. 
  

 12 

 (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their
respective successors and assigns. 
  

	15.	MODIFICATION AND WAIVER. 

 (a) This Agreement may
not be modified or amended except by an instrument in writing signed by the parties hereto. 
 (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. 
  

	16.	REQUIRED PROVISIONS. 

 (a) The Bank may terminate
Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive
compensation or other benefits for any period after termination for Cause. 
 (b) If 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 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance 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 Executive all or part of the compensation
withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (c) If 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)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the
Federal Deposit Insurance Act, all obligations of the Bank under this Agreement 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)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the
Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
 (e) All obligations under this Agreement 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 of the OTS
or his or her designee, at the time the FDIC enters into an 

  

 13 

 
agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit
Insurance Act; or (ii) by the Director or his or her designee at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director 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) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with
Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359. 
  

	17.	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. 
  

	18.	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. 
  

	19.	GOVERNING LAW. 

 This Agreement shall be governed by
the laws of the State of Ohio except to the extent superseded by federal law. 
  

	20.	ARBITRATION. 

 Any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a
location selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes (“National
Rules”) then in effect. One arbitrator shall be selected by Executive, one arbitrator shall be selected by the Bank and the third arbitrator shall be selected by the arbitrators selected by the parties. If the arbitrators are unable to agree
within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction. 
  

 14 

	21.	INDEMNIFICATION. 

 (a) Executive shall be provided
with coverage under a standard directors’ and officers’ liability insurance policy, and shall be indemnified for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable 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 any affiliate (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), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or
fraudulent act committed by Executive. Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 

(b) Any indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

  

	22.	NOTICE. 

 For the purposes of this Agreement,
notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth below: 
  

			
	To the Bank:	  	 Versailles Savings and Loan Co.
 27 Main
Street
 Versailles, Ohio 45380

		
	To Executive:	  	 Douglas P. Ahlers
 At the address last appearing on

 the personnel records of the Bank

  

 15 

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

  

			
	VERSAILLES SAVINGS AND LOAN COMPANY
		
	By:	 	 
		 	Chairman of the Board
	
	VERSAILLES FINANCIAL CORPORATION
		
	By:	 	 
		 	Chairman of the Board
	
	EXECUTIVE:
	
	 
	Douglas P. Ahlers

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]