Document:

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                                                                   Exhibit 10.16

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT AGREEMENT, dated this 30th day of October, 2000, but
effective as of August 1, 2000, (the "Agreement"), by and between HEALTH CARE
REIT, INC., a Delaware corporation, (the "Corporation"), and CHARLES J. HERMAN,
Jr. (the "Executive").

         WHEREAS, the Corporation wishes to assure itself of the services of the
Executive for the period provided in this Agreement and the Executive is willing
to serve in the employ of the Corporation for such period upon the terms and
conditions set forth in this Employment Agreement.

         NOW THEREFORE, in consideration of the mutual covenants herein
contained, the parties, intending to be legally bound, hereby agree as follows:

1. EMPLOYMENT

         The Corporation hereby agrees to employ the Executive as the
Corporation's Vice President of Operations, upon the terms and conditions herein
contained, and the Executive hereby agrees to accept such employment and to
serve in such position, and to be responsible for originating new transactions,
underwriting, monitoring, research and such related duties that are customarily
performed by a Vice President of Operations of a publicly traded corporation
during the term of this Agreement. In such capacity, the Executive shall report
only to the Corporation's Chief Executive Officer ("CEO") and Executive Vice
President ("EVP"), and shall have the powers and responsibilities set forth in
Article IV of the Corporation's By-Laws ( if specified) as well as such
additional powers and responsibilities consistent with his position as the CEO
and Executive Vice President may assign to him.

         Throughout the term of this Agreement, the Executive shall devote his
best efforts and all of his business time and services to the business and
affairs of the Corporation.

2. TERM OF AGREEMENT

         The term of employment under this Agreement shall commence as of August
1, 2000 (the "Effective Date"). The initial term of this Agreement shall be for
a period of two (2) years and five (5) months, ending December 31, 2002. Upon
the expiration of such initial employment period, the term of employment
hereunder shall automatically be extended without further action by the parties
for successive two (2) year renewal terms, unless either party shall give at
least six (6) months advance written notice to the other of his or its intention
that this Agreement shall terminate upon the expiration of the initial term or
the current renewal term, as the case may be.

         Notwithstanding the foregoing, the Corporation shall be entitled to
terminate this Agreement immediately, subject to a continuing obligation to make
any payments required under Section 5 below, if the Executive (i) becomes
disabled as described in Section 5(b), (ii) is

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terminated for Cause, as defined in Section 5(c), or (iii) voluntarily
terminates his employment before the current term of this Agreement expires, as
described in Section 5(d).

3. SALARY AND BONUS

         The Executive shall receive a base salary during the term of this
Agreement at a rate of not less than $200,000 per annum, payable in
substantially equal semi-monthly installments. The Compensation Committee of the
Board shall consult with the CEO and review the Executive's base salary at
annual intervals, and may adjust the Executive's annual base salary from time to
time as the Committee deems to be appropriate.

         The Executive shall also be eligible to receive a bonus from the
Corporation each year during the term of this Agreement, with the actual amount
of such bonus to be determined by the Compensation Committee of the
Corporation's Board, using such performance measures as the Committee deems to
be appropriate. For the year 2000, the bonus shall be $50,000 and the maximum
bonus for year 2001 shall not exceed sixty percent (60%) of the Executive's base
salary.

4. ADDITIONAL COMPENSATION AND BENEFITS

         The Executive shall receive the following additional compensation and
welfare and fringe benefits:

                  (a) STOCK OPTIONS AND OTHER LONG-TERM INCENTIVES. The
         Executive shall participate in the Corporation's 1995 Stock Incentive
         Plan commencing after one year of employment. Any allocations of stock
         options and restricted stock shall be at the discretion of the
         Compensation Committee of the Corporation's Board and subject to normal
         terms and conditions. At the end of the Executive's first year of
         employment, Management shall recommend an initial grant of 7,500 shares
         of restricted stock and options for 37,500 shares of stock, all to vest
         over a five (5) year period.

                  (b) HEALTH INSURANCE. The Corporation shall provide the
         Executive and his dependents with health insurance, life insurance, and
         disability coverage on terms no less favorable than that from time to
         time made available to other key employees.

                  (c) VACATION. The Executive shall be entitled to up to two (2)
         weeks of vacation during the first twelve (12) months of this
         Agreement, and three (3) weeks of vacation each year during any
         extensions thereof, all prorated for partial years.

                  (d) BUSINESS EXPENSES. The Corporation shall reimburse the
         Executive for all reasonable expenses he incurs in promoting the
         Corporation's business, including expenses for travel and similar
         items, upon presentation by the Executive from time to time of an
         itemized account of such expenditures.

                  (e) MOVING EXPENSES. The Corporation shall reimburse the
         Executive for the reasonable moving expenses that have been approved by
         the Corporation's EVP.

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                  (f) TEMPORARY HOUSING. The Corporation shall reimburse the
         Executive for mutually agreed upon temporary housing expenses.

         In addition to the benefits provided pursuant to the preceding
paragraphs of this Section 4, the Executive shall be eligible to participate in
such other executive compensation and retirement plans (if eligible) of the
Corporation as are applicable generally to other officers, and in such welfare
benefit plans, programs, practices and policies of the Corporation as are
generally applicable to other key employees, unless such participation would
duplicate, directly or indirectly, benefits already accorded to the Executive.

5. PAYMENTS UPON TERMINATION

         (a) INVOLUNTARY TERMINATION. If the Executive's employment is
terminated by the Corporation during the term of this Agreement, the Executive
shall be entitled to receive his base salary accrued through the date of
termination, any accrued but unpaid vacation pay, plus any bonuses earned but
unpaid with respect to fiscal years or other periods preceding the termination
date. The Executive shall also receive any nonforfeitable benefits payable to
him under the terms of any deferred compensation, incentive or other benefit
plan maintained by the Corporation, payable in accordance with the terms of the
applicable plan.

                  If the termination is not a termination for Cause, as
described in paragraph (c), a voluntary termination by the Executive as
described in paragraph (d), or a result of the Executive's death or disability,
then the Corporation shall also be obligated to make a series of monthly
severance payments to the Executive for each month during the remaining term of
this Agreement, but not less than twelve (12) months. Each monthly payment shall
be equal to one-twelfth (1/12th) of the sum of (i) the Executive's annual base
salary, as in effect on the date of termination, and (ii) the greater of (A) the
annual bonus paid to the Executive for the last fiscal year preceding the
termination date or (B) a minimum bonus equal to thirty percent (30%) of his
annual base salary. If the Executive obtains a replacement position with any new
employer (including a position as an officer, employee, consultant, or agent, or
self-employment as a partner or sole proprietor), the payments shall be reduced
by all amounts the Executive receives as compensation for services performed
during such period. The Executive shall be under no duty to mitigate the amounts
owed to him under this paragraph (a) by seeking such a replacement position.

         In addition, if the termination is not a termination for Cause as
described in paragraph (c), a voluntary termination by the Executive as
described in paragraph (d), or a result of the Executive's death or disability,
then:

                  (i) Any stock options, restricted stock or other awards
         granted to the Executive under the Corporation's 1995 Stock Incentive
         Plan shall become fully vested and, in the case of stock options,
         exercisable in full;

                  (ii) The Executive shall be provided continued coverage at the
         Corporation's expense under any life, health and disability insurance
         programs maintained by the

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         Corporation in which the Executive participated at the time of his
         termination for the remaining term of the Agreement (but not less than
         six (6) months), or until, if earlier, the date the Executive obtains
         comparable coverage under benefit plans maintained by a new employer;
         and

                  (iii) The Executive may elect, by delivering written notice to
         the Corporation within thirty (30) days following such termination of
         his employment, to receive from the Corporation a lump sum severance
         payment in lieu of the monthly severance payments described in the
         preceding paragraph in an amount equal to the present value of such
         payments. Such present value shall be calculated using a discount rate
         equal to the interest rate on 90-day Treasury bills, as reported in the
         WALL STREET JOURNAL (or similar publication) for the date the election
         is received by the Corporation. The Corporation shall deliver the
         payment to the Executive, in the form of a bank cashier's check, within
         ten (10) business days following the date on which the Corporation
         receives written notice of the Executive's election.

         (b) DISABILITY. The Corporation shall be entitled to terminate this
Agreement, if the Board determines that the Executive has been unable to attend
to his duties for at least ninety (90) days because of a medically diagnosable
physical or mental condition, and has received a written opinion from a
physician acceptable to the Board that such condition prevents the Executive
from resuming full performance of his duties and is likely to continue for an
indefinite period. Upon such termination, the Executive shall be entitled to
receive his base salary accrued through the date of termination, any accrued but
unpaid vacation pay, plus any bonuses earned but unpaid with respect to fiscal
years or other periods preceding the termination date. In addition, the
Corporation shall make a series of monthly disability payments to Executive,
each equal to one-twelfth (1/12(th)) of the sum of (i) his annual base salary,
as in effect at the time Executive became permanently disabled, and (ii) the
greater of (A) the annual bonus paid to the Executive for the last fiscal year
preceding the date of disability or (B) a minimum bonus equal to thirty percent
(30%) of the Executive's annual base salary. Payment of such disability benefit
shall commence with the month following the date of the termination by reason of
permanent disability and continue each month for the remaining current term of
this Agreement (but not less than twelve (12) months), but shall terminate at an
earlier date if the Executive returns to active employment, either with the
Corporation or otherwise. Any amounts payable under this Section 5(b) shall be
reduced by any amounts paid to the Executive under any long-term disability plan
or other disability program or insurance policies maintained or provided by the
Corporation.

         (c) TERMINATION FOR CAUSE. If the Executive's employment is terminated
by the Corporation for Cause, the amount the Executive shall be entitled to
receive from the Corporation shall be limited to his base salary accrued through
the date of termination, any accrued but unpaid vacation pay, plus any bonuses
earned but unpaid with respect to the fiscal year of the Corporation most
recently ended, and any nonforfeitable benefits payable to the Executive under
the terms of deferred compensation, incentive or other benefit plans maintained
by the Corporation.

         For purposes of this Agreement, the term "Cause" shall be limited to
(i) action by the Executive involving willful disloyalty to the Corporation,
such as embezzlement, fraud,

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misappropriation of corporate assets or a breach of the covenants set forth in
Sections 9 and 10 below; or (ii) the Executive being convicted of a felony; or
(iii) the Executive being convicted of any lesser crime or offense committed in
connection with the performance of his duties hereunder or involving moral
turpitude; or (iv) the intentional and willful failure by the Executive to
substantially perform his duties hereunder as directed by the Corporation's CEO
(other than any such failure resulting from the Executive's incapacity due to
physical or mental disability) after a demand for substantial performance is
made on the Executive by the Board of Directors.

         (d) VOLUNTARY TERMINATION BY THE EXECUTIVE. If the Executive resigns or
otherwise voluntarily terminates his employment before the end of the current
term of this Agreement (other than in connection with a Change in Corporate
Control, as described in Section 6), the amount the Executive shall be entitled
to receive from the Corporation shall be limited to his base salary accrued
through the date of termination, any accrued but unpaid vacation pay, plus any
bonuses earned but unpaid with respect to any fiscal years or other periods
preceding the termination date, and any nonforfeitable benefits payable to the
Executive under the terms of any deferred compensation, incentive or other
benefit plans of the Corporation.

         For purposes of this paragraph, a resignation by the Executive shall
not be deemed to be voluntary if the Executive is (1) assigned to a position
other than the Vice President of Operations of the Corporation (other than for
Cause or by reason of permanent disability), (2) assigned duties materially
inconsistent with such position, or (3) directed to report to anyone other than
the Corporation's CEO or EVP.

6. EFFECT OF CHANGE IN CORPORATE CONTROL

         (a) In the event of a Change in Corporate Control, the vesting of any
stock options, restricted stock or other awards granted to the Executive under
the terms of the Corporation's 1995 Stock Incentive Plan shall be accelerated
(to the extent permitted by the terms of such Plan) and such awards shall become
immediately vested in full and, in the case of stock options, exercisable in
full.

         (b) If, at any time during the period of twelve (12) consecutive months
following the occurrence of a Change in Corporate Control, and during the term
of this Agreement, the Executive is involuntarily terminated (other than for
Cause) or elects to voluntarily resign his employment, the Executive shall be
entitled to receive monthly severance payments for twenty-four (24) months. Each
monthly payment shall be equal to one-twelfth (1/12th) of the sum of (i) the
Executive's annual base salary, as in effect at the time of the Change in
Corporate Control, and (ii) the greater of (A) the annual bonus paid to the
Executive for the last fiscal year of the Corporation ending prior to the Change
in Corporate Control or (B) a minimum bonus equal to thirty percent (30%) of his
annual base salary.

         (c) If the Executive is involuntarily terminated (other than for Cause)
or elects to voluntarily resign his employment within twelve (12) months after a
Change in Corporate Control, he may elect, by delivering written notice to the
Corporation within thirty (30) days following such termination of his
employment, to receive from the Corporation a lump sum

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severance payment in lieu of the monthly payments described in the preceding
paragraph. The amount of this payment shall be equal to the present value of the
monthly payments described in the preceding paragraph. Such present value shall
be calculated using a discount rate equal to the interest rate on 90-day
Treasury bills, as reported in the WALL STREET JOURNAL (or similar publication)
for the date the election is received by the Corporation. The Corporation shall
deliver the payment to the Executive, in the form of a bank cashier's check,
within ten (10) business days following the date on which the Corporation
receives written notice of the Executive's election.

         In addition, if the Executive is involuntarily terminated (other than
for Cause) or elects to voluntarily resign his employment within twelve (12)
months after a Change in Corporate Control, he shall be entitled to continued
coverage at the Corporation's expense under any life, health and disability
insurance programs maintained by the Corporation in which the Executive
participated at the time of his termination, which coverage shall be continued
until the expiration of the current term of the Agreement (but not less than six
(6) months) or until, if earlier, the date the Executive obtains comparable
coverage under benefit plans maintained by a new employer.

         (d) For purposes of this Agreement, a "Change in Corporate Control"
shall include any of the following events:

         (1) The acquisition in one or more transactions of more than twenty
         percent (20%) of the Corporation's outstanding Common Stock (or the
         equivalent in voting power of any class or classes of securities of the
         Corporation entitled to vote in elections of directors) by any
         corporation, or other person or group (within the meaning of Section
         14(d)(3) of the Securities Exchange Act of 1934, as amended);

         (2) Any transfer or sale of substantially all of the assets of the
         Corporation, or any merger or consolidation of the Corporation into or
         with another corporation in which the Corporation is not the surviving
         entity;

         (3) Any election of persons to the Board of Directors which causes a
         majority of the Board of Directors to consist of persons other than
         "Continuing Directors". For this purpose, those persons who were
         members of the Board of Directors on May 1, 1995, shall be "Continuing
         Directors". Any person who is nominated for election as a member of the
         Board after May 1, 1995, shall also be considered a "Continuing
         Director" for this purpose if, and only if, his or her nomination for
         election to the Board of Directors is approved or recommended by a
         majority of the members of the Board (or of the relevant Nominating
         Committee) and at least five (5) members of the Board are themselves
         Continuing Directors at the time of such nomination; or

         (4) Any person, or group of persons, announces a tender offer for at
         least twenty percent (20%) of the Corporation's Common Stock, and the
         Board of Directors appoints a special committee of the Board to
         consider the Corporation's response to such tender offer.

         (e) Notwithstanding anything else in this Agreement, if any payment,
accelerated vesting or other benefit provided by the Corporation to the
Executive in connection

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with a Change in Corporate Control, whether paid or payable pursuant to the
terms of this Agreement or otherwise (a "Parachute Payment") is determined to be
a parachute payment subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code (such excise tax, together with any interest and penalties
incurred by the Executive with respect to such excise tax, are referred to as
the "Excise Tax"), the Corporation shall make an additional payment (the
"Gross-Up Payment") to the Executive in an amount such that the net amount of
the Gross-Up Payment the Executive retains, after payment by the Executive of
all taxes imposed upon the Gross-Up Payment, including, without limitation, the
Excise Tax and any federal, state or local income taxes (and any interest and
penalties imposed with respect thereto) on the Gross-Up Payment, will be equal
to the Excise Tax liability imposed upon the Executive with respect to all
Parachute Payments (other than the Gross-Up Payment).

7. DEATH

         If the Executive dies during the term of this Agreement, the
Corporation shall pay to the Executive's estate a lump sum payment equal to the
sum of the Executive's base salary accrued through the date of death, any
accrued but unpaid vacation pay, plus any bonuses earned but unpaid with respect
to fiscal years or other periods preceding the date of death. In addition, the
Corporation shall pay to the Executive's surviving spouse (or such other
beneficiary as the Executive may designate in writing) a lump sum payment equal
to the present value of a series of monthly payments for each month during the
remaining term of the Agreement (but not less than twelve (12) months), each in
an amount equal to one-twelfth (1/12(th)) of the sum of (i) the Executive's
annual base salary, as in effect on the date of death, and (ii) the greater of
(A) the annual bonus paid to the Executive for the last fiscal year preceding
the date of death or (B) a minimum bonus equal to thirty percent (30%) of the
Executive's annual base salary. Such present value shall be calculated using a
discount rate equal to the interest rate on 90-day Treasury bills, as reported
in the WALL STREET JOURNAL (or similar publication) for the date of death. In
addition, the death benefits payable by reason of the Executive's death under
any retirement, deferred compensation, life insurance or other employee benefit
plan maintained by the Corporation shall be paid to the beneficiary designated
by the Executive, and the stock options, restricted stock or other awards held
by the Executive under the Corporation's stock plans shall become fully vested,
and, in the case of stock options, exercisable in full, in accordance with the
terms of the applicable plan or plans.

8. WITHHOLDING

         The Corporation shall, to the extent permitted by law, have the right
to withhold and deduct from any payment hereunder any federal, state or local
taxes of any kind required by law to be withheld with respect to any such
payment.

9. PROTECTION OF CONFIDENTIAL INFORMATION

         The Executive agrees that he will keep all confidential and proprietary
information of the Corporation or relating to its business confidential, and
that he will not (except with the Corporation's prior written consent), while in
the employ of the Corporation or thereafter, disclose

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any such confidential information to any person, firm, corporation, association
or other entity, other than in furtherance of his duties hereunder, and then
only to those with a "need to know." The Executive shall not make use of any
such confidential information for his own purposes or for the benefit of any
person, firm, corporation, association or other entity (except the Corporation)
under any circumstances during or after the term of his employment. The
foregoing shall not apply to any information which is already in the public
domain, or is generally disclosed by the Corporation or is otherwise in the
public domain at the time of disclosure.

         The Executive recognizes that because his work for the Corporation may
bring him into contact with confidential and proprietary information of the
Corporation, the restrictions of this Section 9 are required for the reasonable
protection of the Corporation and its investments and for the Corporation's
reliance on and confidence in the Executive.

10. COVENANT NOT TO COMPETE

         The Executive hereby agrees that he will not, either during the
Employment Term or during the period of one (1) year from the time the
Executive's employment under this Agreement is terminated by him voluntarily, by
the Corporation for Cause, or because the Executive chooses not to extend the
term of this Agreement, engage in any business activities on behalf of any
enterprise which competes with the Corporation in the business of the passive
ownership of health care facilities, or passive investing in or lending to
health care-related enterprises. The Executive will be deemed to be engaged in
such competitive business activities if he participates in such a business
enterprise as an employee, officer, director, consultant, agent, partner,
proprietor, or other participant; provided that the ownership of no more than
two percent (2%) of the stock of a publicly traded corporation engaged in a
competitive business shall not be deemed to be engaging in competitive business
activities.

         The Executive agrees that he shall not, for a period of one year from
the time his employment under this Agreement ceases (for whatever reason), or,
if later, during any period in which he is receiving monthly severance payments
under Section 5 or Section 6 of this Agreement, solicit any employee or
full-time consultant of the Corporation for the purposes of hiring or retaining
such employee or consultant. For this purpose, the Executive shall be considered
to be receiving monthly severance payments under Section 5 or Section 6 of this
Agreement during any period for which he would have received such severance
payments had he not elected to receive a lump sum severance payment or had such
payments not been offset by compensation received from a successor employer.

11. INJUNCTIVE RELIEF

         The Executive acknowledges and agrees that it would be difficult to
fully compensate the Corporation for damages resulting from the breach or
threatened breach of the covenants set forth in Sections 9 and 10 of this
Agreement and accordingly agrees that the Corporation shall be entitled to
temporary and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, to enforce such provisions in
any action or proceeding instituted in the United States District Court for the
Northern District of Ohio or in

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any court in the State of Ohio having subject matter jurisdiction. This
provision with respect to injunctive relief shall not, however, diminish the
Corporation's right to claim and recover damages.

         It is expressly understood and agreed that although the parties
consider the restrictions contained in this Agreement to be reasonable, if a
court determines that the time or territory or any other restriction contained
in this Agreement is an unenforceable restriction on the activities of the
Executive, no such provision of this Agreement shall be rendered void but shall
be deemed amended to apply as to such maximum time and territory and to such
extent as such court may judicially determine or indicate to be reasonable.

12. NOTICES

         All notices or communications hereunder shall be in writing and sent
certified or registered mail, return receipt requested, postage prepaid,
addressed as follows (or to such other address as such party may designate in
writing from time to time):

         IF TO THE CORPORATION:

                  Health Care REIT, Inc.
                  One SeaGate, Suite 1500
                  Toledo, OH 43604
                  Attention:  Chief Executive Officer and
                              President

         IF TO THE EXECUTIVE:

                  Charles J. Herman, Jr.
                  One SeaGate, Suite 1500
                  Toledo, OH  43604

The actual date of receipt, as shown by the receipt therefor, shall determine
the time at which notice was given.

13. SEPARABILITY

         If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the remaining provisions hereof which shall remain in full force and
effect.

14. ASSIGNMENT

         This Agreement shall be binding upon and inure to the benefit of the
heirs and representatives of the Executive and the assigns and successors of the
Corporation, but neither this Agreement nor any rights hereunder shall be
assignable or otherwise subject to hypothecation by the Executive.

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15. ENTIRE AGREEMENT

         This Agreement represents the entire agreement of the parties and shall
supersede any and all previous contracts, arrangements or understandings between
the Corporation and the Executive. The Agreement may be amended at any time by
mutual written agreement of the parties hereto.

16. GOVERNING LAW

         This Agreement shall be construed, interpreted, and governed in
accordance with the laws of the State of Ohio, other than the conflict of laws
provisions of such laws.

         IN WITNESS WHEREOF, the Corporation has caused this Agreement to be
duly executed, and the Executive has hereunto set his hand, as of the day and
year first above written.

ATTEST:                                    HEALTH CARE REIT, INC.

    /s RAYMOND W. BRAUN                    By:   /s/ GEORGE L. CHAPMAN
-----------------------------                 ---------------------------------
Executive Vice President                         Chief Executive Officer

WITNESS:                                             EXECUTIVE:

   /s/ ERIN C. IBELE                             /s/ CHARLES J. HERMAN, JR.
------------------------------                ---------------------------------
                                                 Charles J. Herman, Jr.

                                       10<PAGE>

Exhibit 10(f)

                              EMPLOYMENT AGREEMENT

      This Employment Agreement ("Agreement") is entered into as of the 13th day
of February, 2002, by and between CORNERSTONE BANK, 28 East Main Street,
Springfield, Ohio 45502 (the "Bank"), and WILLIAM E. WHITMOYER, 6790 Concord
Road, Delaware, Ohio 43015 (the "Employee").

      WHEREAS, it is intended that the Employee will serve as Senior Vice
President of Mortgage Lending of the Bank; and

      WHEREAS, the Board of Directors of the Bank (the "Board") has approved and
authorized the execution of this Agreement with the Employee to take effect as
stated in Section 4 hereof;

      NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements of the parties herein contained, it is AGREED as
follows:

      1. Employment. The Bank employs the Employee as its Senior Vice President
of Mortgage Lending. Employee shall render administrative and management
services as are customarily performed by persons situated in similar capacities,
as determined by the Bank, and shall have other or different powers and duties
as may from time to time be prescribed by the Board. The Employee shall devote
his best efforts and substantially all his business time and attention to the
business and affairs of the Bank and its affiliated companies, including, but
not limited to, service as Senior Vice President of Western Ohio Financial
Corporation (the "Holding Company").

      2. Compensation.

            (a) Salary. Beginning on the Commencement Date (as defined in
Section 4 below), the Bank agrees to pay the Employee during the term of this
Agreement a salary of $94,500.00 per year. The Employee's salary shall be
payable not less frequently than monthly and not later than the tenth day
following the expiration of the month in question.

            (b) Performance Bonuses. The Employee shall be entitled to
participate with other executive officers of the Bank in performance bonuses as
authorized and declared by the Board to its executive employees.

            (c) Expenses. The Employee shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by him (in accordance with
the policies and procedures applicable to the senior executive officers of the
Bank) in performing services hereunder, provided that the Employee properly
accounts therefore in accordance with Bank policy.

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      3. Benefits.

            (a) Participation in Retirement and Employee Benefit Plans. The
Employee shall be entitled while employed hereunder to participate in, and
receive benefits under, all plans relating to pension, thrift, profit-sharing,
group life insurance, medical coverage, education, cash bonuses, and other
retirement or employee benefits or combinations thereof, that are maintained for
the benefit of the Bank's executive employees or for its employees generally.

            (b) Fringe Benefits. The Employee shall be eligible while employed
hereunder to participate in, and receive benefits under, any other fringe
benefit plans which are or may become applicable to the Bank's executive
employees or to its employees generally.

      4. Term. The term of employment under this Agreement shall be a period of
two (2) years commencing January 17, 2002 (the Commencement Date"), subject to
earlier termination as provided herein.

      5. Vacations. The Employee shall be entitled to an annual vacation in
accordance with policy set by the Board. The timing of vacations shall be
scheduled in a reasonable manner by the Employee.

      6. Termination of Employment; Death.

            (a) The Board may terminate the Employee's employment at any time,
but any termination by the Board other than termination for cause, shall not
prejudice the Employee's right to compensation or other benefits under this
Agreement. The Employee shall have no right to receive compensation or other
benefits for any period after termination for cause. If the employment of the
Employee is involuntarily terminated, other than for "cause" as provided in this
Section 6(a) or pursuant to any of Sections 6(d) through 6(g), or by reason of
death or disability as provided in Sections 6(c) or 7, the Employee shall be
entitled to (i) his then applicable salary for the then-remaining term of the
Agreement as calculated in accordance with Section 4 hereof, payable in such
manner and at such times as such salary would have been payable to the Employee
under Section 2 had he remained in the employ of the Bank, and (ii) health
insurance benefits as maintained by the Bank for the benefit of its senior
executive employees or its employees generally over the then-remaining term of
the Agreement as calculated in accordance with Section 4 hereof.

      The terms "termination" or "involuntarily terminated" in this Agreement
shall refer to the termination of the employment of Employee without his express
written consent.

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      In case of termination of the Employee's employment for cause, the Bank
shall pay the Employee his salary through the date of termination, and the Bank
shall have no further obligation to the Employee under this Agreement. For
purposes of this Agreement, termination for "cause" shall include termination
for personal dishonesty, incompetence, poor performance review by the Bank,
willful misconduct, breach of fiduciary duty involving personal profit,
intentional failure to perform stated duties, willful violation of any law,
rule, or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of this Agreement.

            (b) The Employee's employment may be voluntarily terminated by the
Employee at any time upon 90 days' written notice to the Bank or upon such
shorter period as may be agreed upon between the Employee and the Board. In the
event of such voluntary termination, the Bank shall be obligated to continue to
pay the Employee his salary and benefits only through the date of termination,
at the time such payments are due, and the Bank shall have no further obligation
to the Employee under this Agreement.

            (c) In the event of the death of the Employee during the term of
employment under this Agreement and prior to any termination hereunder, the
Employee's estate, or such person as the Employee may have previously designated
in writing, shall be entitled to receive from the Bank the salary of the
Employee through the last day of the calendar month in which his death shall
have occurred, and the term of employment under this Agreement shall end on such
last day of the month.

            (d) If the Employee is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act ("FDIA"), 12
U.S.C. Section 1818(e)(3) and (g)(1), the Bank's obligations under this
Agreement 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 Employee all or part of the compensation
withheld while its obligations under this Agreement were suspended and (ii)
reinstate in whole or in part any of its obligations which were suspended.

            (e) If the Employee 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) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(4) and (g)(1),
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.

            (f) If the Bank is in default (as defined in Section 3(x)(1) of the
FDIA), all obligations under this Agreement shall terminate as of the date of
default, but this provision shall not affect any vested rights of the
contracting parties.

                                       3
<PAGE>
            (g) All obligations under this Agreement shall be terminated, except
to the extent determined that continuation of this Agreement is necessary for
the continued operation of the Bank: (i) by the Director of the Office of Thrift
Supervision (the "Director") or his or her designee, at the time the Federal
Deposit Insurance Corporation ("FDIC") or the Resolution Trust Corporation
("RTC") enters into an agreement to provide assistance to or on behalf of the
Bank under the authority contained in Section 13(c) of the FDIA; 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 any such action.

      7. Disability. If the Employee shall become disabled as defined in the
Bank's then current disability plan or if the Employee shall be otherwise unable
to serve as Senior Vice President of Mortgage Lending, the Employee shall be
entitled to receive group and other disability income benefits of the type then
provided by the Bank for other executive employees.

      8. Change in Control.

            (a) Involuntary Termination. If the Employee's employment is
involuntarily terminated (other than for cause or pursuant to any of Sections
6(c) through 6(g) or Section 7 of this Agreement) in connection with or within
12 months after a change in control which occurs at any time during the term of
employment under this Agreement, the Bank shall pay to the Employee in a lump
sum in cash within 25 business days after the Date of Termination (as
hereinafter defined) of employment an amount equal to the greater of two (2)
years' salary under Section 2(a) of this Agreement, or his then applicable
salary for the remaining term of this Agreement.

            For purposes of this paragraph 8(a), an involuntary termination
shall, at the employee's option, be deemed to be (i) a reduction in the
Employee's then-applicable salary, or (ii) a diminution of the Employee's
duties, which shall be defined as a material reduction or adverse change in the
salary, perquisites, benefits, contingent benefits, or vacation time which had
previously been provided to the Employee, or a material reduction or adverse
change in the Employee's previous position or job description, or (iii) a
relocation of the Employee to a new work location more than sixty (60) miles
from his previous work location.

            (b) Definitions. For purposes of Sections 6 and 8 of this Agreement,
"Date of Termination" means the earlier of (i) the date upon which the Bank
gives notice to the Employee of the termination of his employment with the Bank
or (ii) the date upon which the Employee ceases to serve as an Employee of the
Bank, and "change in control" is defined solely as any acquisition of control,
as defined in 12 C.F.R. Section 574.4, or any successor regulation, of the Bank
which would require the filing of an application for acquisition of control or
notice of change in control in a manner as set forth in 12 C.F.R. Section 574.3
, or any successor regulation.

      9. Miscellaneous. This Agreement shall inure to the benefit of and be
enforceable by the personal and legal representatives, executors,
administrators, successors, assigns, heirs, distributees, devisees and legatees
of the parties.

                                       4
<PAGE>
      10. Notice. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when personally delivered or sent by certified
mail, return receipt requested, postage prepaid. All notices to the Bank shall
be sent to its home office, directed to the attention of the Board of Directors
of the Bank, with a copy to the Secretary of the Bank. All notices to the
Employee shall be sent to the home or other address he has most recently
provided in writing to the Bank.

      11. Amendments. This Agreement is subject to the terms of a letter
agreement between the parties dated May 18, 2001, reference to which is hereby
made. Otherwise, no amendments or additions to this Agreement shall be binding
unless in writing and signed by both parties, except as herein otherwise
provided. The parties hereto agree to amend this Agreement to comply with any
required provisions of 12 C.F.R. Section 563.39(b), as the same may be amended.

      12. Paragraph Headings. The paragraph headings used in this Agreement are
included solely for convenience and shall not affect, or be used in connection
with, the interpretation of this Agreement.

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

      14. Governing Law. This Agreement shall be governed by the laws of the
United States to the extent applicable and otherwise by the laws of the State of
Ohio.

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

                                            CORNERSTONE BANK

                                            By:  /s/ John W. Raisbeck
                                                 --------------------
                                                     John W. Raisbeck, President

                                            EMPLOYEE

                                            /s/  William E. Whitmoyer
                                            -------------------------
                                                 William E. Whitmoyer

                                       5

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