Document:

STC

                                [LOGO]FIRESTONE
                                 COMMUNICATIONS

                               AGREEMENT AMENDMENT

This document will hereby amend certain terms and conditions of that certain
Agreement between Firestone Communications, Inc., and The Soundtrack Channel,
LLC., dated August 7, 2003 and titled: FIRESTONE COMMUNICATIONS, INC. AND THE
SOUNDTRACK CHANNEL NETWORK SERVICE AGREEMENT (THE "SERVICES AGREEMENT") AND ITS
ATTACHMENTS.

      Amended Terms and Conditions
The parties agree that the above mentioned Services Agreement and its
Attachments shall be amended only for the following terms and conditions:

      1.  FCI shall begin providing master control and playout services for STC
          as accurately described in the Services Agreement and its Attachments
          on April 15th, 2005.

      2.  Both parties agree that the Services Agreement fully contemplates FCI
          providing master control and playout services to STC but that the cost
          quotations provided for in Services Agreement for some of these
          services has expired. Therefore, both parties agree to a new combined
          cost for all services contemplated in the Services Agreement
          including, but not limited to, master control and playout services,
          uplink and satellite services, and various other services. That new
          cost shall be according to the following schedule:

          a)
          b)
          c)
          d)

      3.  Both parties agree that as a result of the sale of the Telstar 7
          satellite to Intelsat and the subsequent communications failure of
          transponder 18, FCI has relocated all of its network signals to the
          Intelsat America 13 satellite, transponder 18 and has entered into a
          new contract for the same level of service on IA 13 for the life of
          the satellite in the year of 2018. FCI does hereby represent and
          warrant that its agreement with Intelsat for service on IA 13 is for
          non preemptible satellite space segment and service and is not of a
          lower level of protection and service than previously provided on
          Telstar 7.

      4.  FCI agrees to, within seven days of the date of this Amendment to
          provide a redacted copy of the agreement existing between Intelsat and
          FCI for IA 13, transponder 18.

This Amendment shall only amend the terms and conditions of the Services
Agreement and its Attachments as written above and shall not amend, modify, or
change any and all other terms and conditions of the Services Agreement or any
other written agreements between Firestone Communications, Inc., and The
Soundtrack Channel, LLC. All other

terms and conditions of the above mentioned agreements shall remain fully in
force and unchanged.

This amendment shall, upon execution by both parties, become a part of the
Services Agreement and shall have the same enforceability, governances and
General Provisions as the whole Service Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement Amendment as
of the day and year written below and the persons signing warrant that they are
duly authorized to sign for and on behalf of the respective parties.

SOUNDTRACK CHANNEL, LLC.                          FIRESTONE COMMUNICATIONS, INC.

/s/ William Lee                                   /s/ Michael G. Fletcher
---------------------------                       ------------------------------
William Lee, President, CEO                       Michael G. Fletcher, President

Date 3/14/05                                      Date 3-14-05

                       FIRESTONE COMMUNICATIONS, INC. AND
         THE SOUNDTRACK CHANNEL NETWORK SERVICE AGREEMENT (THE "SERVICE
                                   AGREEMENT")

      This "Service Agreement" between THE SOUND TRACK CHANNEL, a California
Limited Liability Company ("STC") and FIRESTONE COMMUNICATIONS, INC., a Delaware
corporation ("FCI") is effective as of the date (Effective Date) signed by STC
and FCI, "The Parties", below.

1.    SERVICE PROVIDED

      TURNAROUND AND SATELLITE SERVICES

      During the Service Term (as described hereto), FCI will provide to STC(i)
a full time digitally compressed channel on its Transponder Protected With
Special Non Preemptible Provision Service, (ii) a full time C-band digital
(video/two audio, including audio subcarriers, if available) uplink system from
FCI's Fort Worth location to uplink STC's programming to the satellite space
described herein on a 24 hours per day, 7 days per week basis (collectively, the
"Service"). The Transponder and technical performance criteria are more fully
described in Attachment "A". FCI may elect to provide service on a different
satellite transponder as mutually agreeable to the parties and under certain
conditions described herein. Prior to commencing use of the Service, STC shall,
at its expense, provide FCI with any unscrambling devices that may be required
for signal monitoring.

      MASTER CONTROL AND PLAYOUT SERVICES

      The Parties agree that they may elect to expand the Service to include FCI
providing full master control and play-out ("Play-out") for STC. The Play-out
shall include complete network origination services utilizing the same automated
digital equipment and system utilized by FCI to provide similar services for
other networks. The Play-out services and criteria are more clearly defined in
Attachment "B" but do NOT include preparing the log or managing the traffic
system. The cost for additional Play-out services shall be as defined below,
shall be in addition to the costs set forth in section 4 of this Agreement and
are valid until December 31,2003 at which time, if the Parties have not expanded
this agreement to include Play-out, these prices shall no longer be binding upon
FCI.

                Payment Schedule for Master Control and Playout:

      In the event that the Service is interrupted, FCI shall make best efforts
to restore the Service as quickly as possible. The restoration of the Service
provided to STC shall be treated on an equal basis as the channel "Sorpresa".

August 7, 2003              Private and Confidential                Page 1 of 25

2.    TERM

      The term of this Service Agreement (the "Service Term") shall be in effect
for a period of 120 months ("Term") from the date of illumination (as defined by
the transmission of the STC signal to the Telstar 7 satellite), unless earlier
terminated as provided herein. STC shall give FCI a minimum of fourteen (14)
days notice for start of illumination. The prices reflected in this Service
Agreement shall remain valid until December 31, 2003.

3.    NOTICES

      All notices requiring immediate attention may be given by telephone
followed by written notification. All other notices and requests will be in
writing delivered to the address set forth below or to such other address as the
party may designate.

If to STC:                             If to FCI:

STC.                                   Firestone Communications, Inc.
Attention: William Lee                 Attention: Michael Fletcher
1335 Fourth Street, Suite 400          6125 Airport Freeway #200
Santa Monica, CA. 90401                Fort Worth, TX 76117
Telephone: 310 899-1315                Telephone: 817 222 1234
Fax: 310 587 3387                      Fax: 817 222 0613

4.    PAYMENT FOR TURNAROUND AND SATELLITE SERVICES

      STC shall pay to FCI a monthly recurring service charge for Turnaround and
Satellite Services as defined on Attachment "A". The payments shall be according
to the following schedule during the Service Term with the monthly billing and
service period covering from the 15th of each month through the 14th of the
following month. Payment shall be due on the 14th day of each month in advance
of the following monthly service period, thereafter.

                                Payment Schedule:

      The above charges referenced in this Section 4 apply only to the
Turnaround and Satellite Services only and do not include amounts payable for
Play-out, which will be additional charges.

August 7, 2003              Private and Confidential                Page 2 of 25

      All charges hereunder are exclusive of taxes, duties and other fees or
charges levied by any governmental authority on the Service or the facilities
used to provide the Service. STC will pay directly or reimburse FCI for all such
taxes, duties and other fees or charges that may be levied against FCI for the
Service. Notwithstanding me foregoing, real, income and personal property taxes
or fees on FCI's facilities, operations, business and equipment are specifically
excluded from the foregoing and are not subject to any payment or reimbursement
by STC.

      STC and FCI acknowledge and agree that the rates described in this Section
4 are based on the existing underlying rates charged to FCI under the terms of
the Agreement. In the event the rates charged to FCI under the Agreement are
adjusted, down at any time after the execution date of this contract FCI will
make a corresponding percentage adjustment on a pro rata basis for STC to the
rates described in Section 4.

5.    CREDITS FOR INTERRUPTIONS / FORCE MAJEURE

      STC shall receive from FCI credits for continuous interruptions in Service
of more, calculated by dividing the number of minutes of interruption by 43,200
and then multiplying that fraction by the current total monthly service charge
in effect at the time interruption.

      Neither of the parties shall be liable to the other for any failure or
delay of performance of its obligations hereunder which is due to circumstances
beyond its reasonable control, that is not reasonably foreseeable, including
without limitation, civil commotion, war, act of public enemy, order of
government, strike or labor dispute; any failure or degradation in performance
of the Satellite(s) or transponders on such satellites (as applicable) or of a
mechanical failure to any scrambling/descrambling equipment or any other
equipment owned or maintained by STC, FCI or a local operator; any failure at
the origination and uplinking center used by FCI, collectively a force majeure,
("Force Majeure").

      Each party shall use its commercially reasonable efforts to minimize the
duration and consequences of any Force Majeure. In the event FCI fails to
perform any of its obligations hereunder due to Force Majeure, STC's obligation
to make payments under this Agreement shall be reduced by a pro-rata amount of
the monthly fee divided by the time of the Force Majeure.

August 7, 2003              Private and Confidential                Page 3 of 25

      Moreover, if any event of Force Majeure causes the interruption of the
service to any STC customers for a period of more than 24 hours, STC shall be
authorized to suspend or to terminate this Agreement unless FCI can restore the
service within a 24-hour period or offer the same service in a manner acceptable
to STC.

6.    TERMINATION

A.    This Service Agreement may be terminated at any time after the following
occurrence:

          (i)   By either party in the event of a material breach by the other
      party of any of the material terms and conditions, representations and
      warranties contained herein. The non-breaching party may terminate upon
      written notice to the other with thirty (30) days prior written notice
      citing the cause of such termination, which period may be used to cure
      (except that if STC fails to pay amounts due hereunder, including any
      subject Early Termination Charge as described hereunder, such cure period
      shall be reduced to fifteen (15) days).

          (ii)  STC shall have the right to terminate this agreement, in its
      discretion, subject to it paying the fees as set forth in B) below.

          (iii) STC shall have the right to terminate this agreement in its
      discretion without paying any Early Termination Fee if the Service is
      interrupted for a continuous twenty-four (24) hour period and the service
      is not restored within the 24-hour period. If the Service interruption is
      due solely to the Telstar 7 satellite, then STC's right to terminate this
      agreement without paying any Early Termination Fee shall be for thirty-six
      (36) hours from the time of the start of the interruption.

B.    In the event STC orders the discontinuance of Service or terminates this
Agreement at any time prior to the end of the Term (or any subsequent renewal
term) STC shall pay to FCI an early termination charge ("Early Termination
Charge")

C.    If at any time after the first twenty-four months of this Service
Agreement the cable network, "Sorpresa", shall no longer be located on the same
transponder as STC, FCI shall make best efforts to offer STC the option to
relocate to the same transponder as "Sorpresa". Should STC be unable to relocate
to the same transponder as Sorpresa on terms agreeable to STC in its sole
discretion, then STC shall have the right to terminate this Service Agreement,
and the Early Termination Charge shall be discounted by an amount equal to
thirty percent (30%). All Early Termination Charges shall be due and payable
immediately upon receipt by STC of FCI's invoice for such charges. Early
termination charges apply regardless of whether or not Service has begun and are
in addition to any other rights FCI may have hereunder.

August 7, 2003              Private and Confidential                Page 4 of 25

7.    GENERAL PROVISIONS

      INDEMNITY. STC acknowledges and agrees that it is solely responsible for
the content of STC's or STC's contractors, subcontractors or customers
(collectively "Customer") transmissions using any Service. STC shall indemnify,
protect and defend FCI and its officers, directors, shareholders, employees and
agents (collectively, the "Indemnified Parties") and release and hold the
Indemnified Parties harmless from and against (i) any and all claims, damages,
demands, penalties, obligations, suits, actions, causes of action, judgments,
losses and liabilities of every kind and nature whatsoever, whether known or
unknown, and whether foreseeable or unforeseeable, that at any time may be
incurred or suffered by the Indemnified Parties, or that at any time may be
commenced or obtained against the Indemnified Parties, by reason of, arising out
of or in any way related to the performance or non-performance by STC or any
officer, director, employee or agent of STC of the terms and conditions of this
Service Agreement, the programming or content submitted by STC or STC's
contractors, subcontractors or customers, transmissions on behalf of STC, or the
use of FCI's facility and (ii) any and all costs or expenses, including without
limitation, reasonable attorneys' fees and court costs, that the Indemnified
Parties at any time may pay or incur in connection with or arising out of any of
the foregoing.

      LIABILITY. The liability of FCI arising out the furnishing of the Service,
including, but not limited to mistakes, omissions, interruptions, delays, errors
or other defects or representations or arising out of the failure to furnish-the
service and whether caused by acts of commission or omission, shall be limited
solely to the allowances for interruptions set forth in Section 6 of this
Service Agreement. Such allowances for interruption shall be the form, intent,
and purpose of its surviving provisions.

      SEVERABILITY. If any provision of this Service Agreement or the
application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this Service Agreement, or the
application of such provision to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and
each provision of this Service Agreement shall be valid and enforceable to the
fullest extent permitted by law.

      NO AGENCY, REPRESENTATIVE OR JOINT VENTURE. STC and FCI are independent
contractors engaged in the operation of their own respective businesses. Neither
the making of this Service Agreement nor the performance of any part or
provision thereof shall (i) be construed to constitute or represent that STC is
or shall be considered to be the employee, agent, master or servant of FCI for
any purpose, or that FCI is or shall be considered, to be the employee, agent,
master or servant of STC for any purpose (ii) be construed to constitute or
represent that STC has any authority to enter into any contract, representation,
understanding, act or deed, assume any obligation or make any warranties or
representations on behalf of FCI or represent that FCI has any authority to
enter into any contract, representation, understanding, act or deed, assume any
obligation or make any warranties or representations on behalf of STC or (iii)
be deemed to establish or create a joint venture, partnership or fiduciary
relationship between STC and FCI.

      ENFORCEMENT. The failure of either party hereto to enforce or insist upon
compliance with any of the provisions of this Service Agreement or the waiver
thereof in any instance shall not be construed by the other party as a general
waiver or relinquishment of any other provision of this Service Agreement, but
the same shall, nonetheless be and remain in full force and effect.

August 7, 2003              Private and Confidential                Page 5 of 25

      ASSIGNMENTS. Neither party shall, without the prior written consent of the
other party, which will not be unreasonably withheld, assign its interest in or
the rights to or obligation under this Service Agreement to a third party.

      AMENDMENTS. This Service Agreement shall not be amended, changed,
modified, terminated or discharged in whole or in part, except by an instrument
in writing duly executed by the parties hereto, or their respective successors
or permitted assigns.

      ENTIRE AGREEMENT. This Service Agreement and any exhibits constitutes the
entire Service Agreement between the parties as to the subject matter hereof and
supersedes and merges all prior oral or written Service Agreements between the
parties hereto.

      GOVERNING LAW. This Service Agreement shall be construed and governed by
the laws of the State of Texas without regard to the choice of law rules
thereof. The parties hereto acknowledge and agree that the rule of construction
to the effect that any ambiguities are resolved against the drafting party shall
not be employed in the interpretation of this Service Agreement; and the terms
and provisions of this Service Agreement shall be construed fairly as to all
parties hereto and not in favor of or against any party, regardless of which
party was generally responsible for the preparation of this Service Agreement.

      ATTORNEY'S FEES. If any suit, appeal, or other action is commenced by a
party to establish, maintain, or enforce any right or remedy arising from this
Service Agreement, the losing party shall pay all reasonable attorney's fees and
litigation or appeal expenses incurred therein by the prevailing party, to the
extent awarded by the court or other decision maker.

      EXECUTION AND DELIVERY. This Service Agreement may be executed in one or
more counterparts, all of which taken together shall constitute one and the same
Service Agreement. Signatures to this Service Agreement may be transmitted by
electronic means, and such signatures shall be treated as original signatures
for all purposes.

      IN NO EVENT SHALL FCI OR STC BE LIABLE TO THE OTHER OR ANY THIRD PARTY FOR
ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO
LOSS OF PROFITS OR INCOME OR POTENTIAL BUSINESS OPPORTUNITIES, REGARDLESS OF THE
NATURE OF THE CLAIM OR THE ACTION, ARISING FROM STC'S USE OF THE SERVICE,
WHETHER OR NOT SUCH OTHER PARTY SHALL HAVE HAD ANY KNOWLEDGE, ACTUAL OR
CONSTRUCTIVE, THAT SUCH DAMAGES MIGHT BE INCURRED.

August 7, 2003              Private and Confidential                Page 6 of 25

      IN WITNESS WHEREOF, the parties hereto have executed this Service
Agreement as of the day and year written below and the persons signing warrant
that they are duly authorized to sign for and on behalf of the respective
parties.

SOUND TRACK CHANNEL, LLC.              FIRESTONE COMMUNICATIONS, INC.

/s/ William Lee                        /s/ Leonard L. Firestone
---------------------------            -----------------------------------
William Lee, President, CEO            Leonard L. Firestone, Chairman, CEO
Date 8/8/03                            Date 8/8/03

August 7, 2003              Private and Confidential                Page 7 of 25

                        TURNAROUND AND SATELLITE SERVICES

                                  ATTACHMENT A

Turnaround service shall consist of: Reception of the STC signal via PanAmSat 9
feed. Decoding and Decryption, Rollover of existing commercials, Encoding and
Encryption, and Uplinking to FCI's transponder on Telstar 7 for transmission.
Turnaround shall be understood to be strictly a "pass through" of any video and
up to two audio channels and any DTMF signals sent or delivered by STC.

"Reception" shall be performed via a minimum of a 3.8-meter solid-reflector
antenna.

"Decoding and Decryption" shall be performed using Integrated Receiver Decoder
(IRD) equipment provided to FCI by STC.

"Encoding" shall be via fully redundant Power Vu Plus encoding and multiplexing
system at an average bit rate of 4 to 5MBPS. Should FCI utilize statistical
multiplexing mode in the encoding system, the average bit rate shall be defined
as the total available bit rate in the multiplexer divided by the total number
of channels sharing that multiplexer.

"Encryption" shall be via means of the PowerVu system and include management of
affiliate IRD authorizations.

"Uplinking" shall be via fully redundant transmission chain.

STC shall be responsible for providing necessary receivers for the downlink of
their video and audio signal at the FCI facility.

Also included in Attachment A shall be certain sections of the "Agreement
Between Firestone Communications, Inc. and Concerning Space Segment Service".

August 7, 2003              Private and Confidential                Page 8 of 25

                      MASTER CONTROL AND PLAYOUT SERVICES

                                  ATTACHMENT B

Origination Service shall consist of Ingestion of the Program Material into the
video server, processing the Program Logs to conform them to the format and form
required by the automated playout system, Playout of the Program Logs from the
video file server or video tape player, Storage of the master tapes, Monitoring
of the systems and signal.

All video file servers and VTRs shall have 100% redundancy such that the failure
of one unit shall not affect the transmission of the service.

It is understood that the STC consists of many short pieces of programming under
5 minutes in length and as such may require the majority of the music video
programming to be stored in the video server.

As an aid in managing the video server capacity, STC shall periodically send a
purge list to FCI that shall contain a list of materials that are not expected
to be played again in the near future, and as such may be purged from the video
server. Under no circumstances should the master tapes of materials on the purge
list ever be erased or destroyed.

"Ingestion" shall include a quality check of master tape and ingested pieces
including levels and time codes. FCI shall not be required to make protection
copies or duplications of master tape materials. STC shall be required to supply
FCI with program master tapes that include time codes and are properly labeled
to describe the content.

"Program Material" shall be sent to FCI on Beta SP or Beta SX format, NTSC
videotapes. Tapes shall arrive to FCI within 72 hours of the airdate of the
materials. Materials will include STC ID numbers. Tapes will contain multiple
events of varying duration with slates prior to each event. STC shall assume all
cost for shipping the tapes to FCI and the shipping cost for FCI to return the
tapes to STC or other locations that STC may direct.

"Program Logs" shall consist of 24-hour schedules sent in a format compatible
with the FCI automation hardware and software including Sundance FastBreak and
Sea Change media cluster systems. Program Logs shall be sent via e-mail within
72 hours prior to the airdate. Materials in logs shall be identified via STC
material ID numbers.

"Playout" shall consist of: 1) uninterrupted sequential streaming of the video
Program Materials in accordance to the Program Log; 2) the insertion of an
animated bug, which should be triggered via the automation system per
instruction conveyed through the Program Log; 3) the insertion of DTFM tones,
which should be triggered via the automation system per instruction conveyed
through the Program Log.

August 7, 2003              Private and Confidential               Page 21 of 25

"Storage" of mater tape materials shall be in a space with environmental control
suitable for long-term storage of videotape.

"Monitoring" shall include monitoring the playout automation, the signal levels
and waveforms, and the uplink and downlink video and audio. Monitoring shall
include the electronic transmission from FCI to STC of as run files on a daily
basis.

August 7, 2003              Private and Confidential               Page 22 of 25EX-10.1

 

	 	 	 	 	 

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (hereinafter referred to as this “AGREEMENT”), entered into as
of the 19th day of September, 2006, by and among Greenville Federal Financial Corporation, a
federally chartered mid-tier savings and loan holding company (hereinafter referred to as “HOLDING
COMPANY”), Greenville Federal, a federally chartered savings bank and a wholly-owned subsidiary of
HOLDING COMPANY (hereinafter referred to as “BANK”), and David M. Kepler, an individual
(hereinafter referred to as the “EMPLOYEE”);

WITNESSETH:

     WHEREAS, the EMPLOYEE is currently employed as President and Chief Executive Officer of
HOLDING COMPANY and BANK (hereinafter collectively referred to as the “EMPLOYERS”);

     WHEREAS, as a result of the skill, knowledge and experience of the EMPLOYEE, the Boards of
Directors of the EMPLOYERS desire to retain the services of the EMPLOYEE as the President and Chief
Executive Officer of BANK and of HOLDING COMPANY;

     WHEREAS, the EMPLOYEE desires to continue to serve as the President and Chief Executive
Officer of BANK and of HOLDING COMPANY; and

     WHEREAS, the EMPLOYEE and the EMPLOYERS desire to enter into this Agreement to set forth the
terms and conditions of the employment relationship between the EMPLOYERS and the EMPLOYEE;

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYERS and the EMPLOYEE hereby agree as follows:

     Section l. Employment and Term. Upon the terms and subject to the conditions of this
AGREEMENT, the EMPLOYERS hereby employ the EMPLOYEE, and the EMPLOYEE hereby accepts employment, as
the President and Chief Executive Officer of BANK and of HOLDING COMPANY. The term of this
AGREEMENT shall commence on July 1, 2006, and shall end on June 30, 2009 (hereinafter referred to
as the “TERM”).

 

 

     Section 2. Duties of EMPLOYEE.

     (a) General Duties and Responsibilities. As an officer of each of the EMPLOYERS, the
EMPLOYEE shall perform the duties and responsibilities customary for such offices to the best of
his ability and in accordance with the policies established by the Boards of Directors of the
EMPLOYERS and all applicable laws and regulations. The EMPLOYEE shall perform such other duties
not inconsistent with his position as may be assigned to him from time to time by the Boards of
Directors of the EMPLOYERS; provided, however, that the EMPLOYERS shall employ the EMPLOYEE during
the TERM in a senior executive capacity without diminishment of the importance or prestige of his
position.

     (b) Devotion of Entire Time to the Business of the EMPLOYERS. The EMPLOYEE shall
devote his entire productive time, ability and attention during normal business hours throughout
the TERM to the faithful performance of his duties under this AGREEMENT. The EMPLOYEE shall not
directly or indirectly render any services of a business, commercial or professional nature to any
person or organization without the prior written consent of the Boards of Directors of the
EMPLOYERS; provided, however, that the EMPLOYEE shall not be precluded from (i) vacations and other
leave time in accordance with Section 3(e) hereof; (ii) reasonable participation in community,
civic, charitable or similar organizations; or (iii) the pursuit of personal investments which do
not interfere or conflict with the performance of the EMPLOYEE’S duties to the EMPLOYERS.

     Section 3. Compensation, Benefits and Reimbursements.

     (a) Salary. The EMPLOYEE shall receive during the TERM an annual salary payable in
equal installments not less often than monthly. The amount of such annual salary shall be $150,000
until changed by the Boards of Directors of the EMPLOYERS in accordance with Section 3(b) of this
AGREEMENT or otherwise.

     (b) Annual Salary Review. Each year throughout the TERM, the annual salary and annual
bonus of the EMPLOYEE shall be reviewed by the Compensation Committee of the Board of Directors of
BANK and shall be set, effective for the next year, at a total amount of not less than $150,000,
based upon the EMPLOYEE’S individual performance and the overall profitability and financial
condition of the EMPLOYERS (hereinafter referred to as the “ANNUAL REVIEW”). The results of the
ANNUAL REVIEW shall be reflected in the minutes of the Compensation Committee.

     (c) Expenses. In addition to any compensation received under Section 3(a) or (b) of
this AGREEMENT, the EMPLOYERS shall pay or reimburse the EMPLOYEE for all reasonable travel,
entertainment and miscellaneous expenses incurred in connection with the performance of his duties
under this AGREEMENT. Such reimbursement shall be made in accordance with the existing policies
and procedures of the EMPLOYERS pertaining to reimbursement of expenses to senior management
officials.

 

 

     (d) Employee Benefit Program.

     (i) During the TERM, the EMPLOYEE shall be entitled to participate in all formally
established employee benefit, bonus, pension and profit-sharing plans and similar programs
that are maintained by the EMPLOYERS from time to time, including programs in respect of
group health, disability or life insurance, reimbursement of membership fees in civic,
social and professional organizations and all employee benefit plans or programs hereafter
adopted in writing by the Boards of Directors of the EMPLOYERS, for which senior management
personnel are eligible, including any employee stock ownership plan, stock option plan or
other stock benefit plan (hereinafter collectively referred to as the “BENEFIT PLANS”).
Notwithstanding the foregoing sentence, the EMPLOYERS may discontinue or terminate at any
time any such BENEFIT PLANS, now existing or hereafter adopted, to the extent permitted by
the terms of such plans and shall not be required to compensate the EMPLOYEE for such
discontinuance or termination.

     (ii) After the expiration of the TERM or the termination of the employment of the
EMPLOYEE for any reason other than JUST CAUSE (as defined hereinafter) and other than under
the circumstances set forth in Section 4(a)(ii), the EMPLOYERS shall provide a group health
insurance program in which the EMPLOYEE and his spouse will be eligible to participate until
both the EMPLOYEE and his spouse become 65 years of age; provided, however that all premiums
for such program shall be paid by the EMPLOYEE and/or his spouse after the EMPLOYEE’S
termination of employment; provided further, however, that the EMPLOYEE and his spouse may
only participate in such program for as long as the EMPLOYERS make available an employee
group health insurance program which permits the EMPLOYERS to make coverage available for
similarly situated retirees. In addition to the foregoing provisions of this subsection
3(d)(ii), if the EMPLOYERS make available an employee group health insurance program that
would permit terminated employees and their spouses to continue to be covered past age 65,
the EMPLOYEE shall be permitted to participate in such program, with all premiums paid by
the EMPLOYEE and/or his spouse, for so long as the EMPLOYERS maintain such a program;
provided, however, that the EMPLOYERS shall not be required to provide or maintain such a
program.

     (e) Vacation and Sick Leave. The EMPLOYEE shall be entitled, without loss of pay, to
be absent voluntarily from the performance of his duties under this AGREEMENT, subject to the
following conditions:

     (i) The EMPLOYEE shall be entitled to an annual vacation in accordance with the
policies periodically established by the Boards of Directors of the EMPLOYERS for senior
management officials of the EMPLOYERS, the duration of which shall not be less than 5 weeks
each calendar year;

 

 

     (ii) Vacation time shall be scheduled by the EMPLOYEE in a reasonable manner and shall
be subject to approval by the Boards of Directors of the EMPLOYERS. The EMPLOYEE shall not
be entitled to receive any additional compensation from the EMPLOYERS in the event of his
failure to take the full allotment of vacation time in any calendar year; and

     (iii) The EMPLOYEE shall be entitled to annual sick leave as established by the Boards
of Directors of the EMPLOYERS for senior management officials of the EMPLOYERS. In the
event that any sick leave time shall not have been used during any calendar year, such leave
shall accrue to subsequent calendar years only to the extent authorized by the Boards of
Directors of the EMPLOYERS. Upon termination of employment, the EMPLOYEE shall not be
entitled to receive any additional compensation from the EMPLOYERS for unused sick leave.

     Section 4. Termination of Employment.

     (a) General. The employment of the EMPLOYEE shall terminate at any time during the
TERM (i) at the option of the EMPLOYERS, upon the delivery by the EMPLOYERS of written notice of
termination to the EMPLOYEE, or (ii) at the option of the EMPLOYEE, upon delivery by the EMPLOYEE
of written notice of termination to the EMPLOYERS if the present capacity or circumstances in which
the EMPLOYEE is employed are materially adversely changed without the EMPLOYEE’s written consent,
including, but not limited to, a material reduction in responsibilities or authority, the
assignment of duties or responsibilities substantially inconsistent with those normally associated
with the EMPLOYEE’S position described in Section 2(a) of this AGREEMENT, a change of title, the
requirement that the EMPLOYEE regularly perform his principal executive functions more than
thirty-five (35) miles from his primary office as of the date of this AGREEMENT or the reduction of
the EMPLOYEE’S benefits provided under this AGREEMENT, unless the benefit reductions are part of a
company-wide reduction. The following subsections (I), (II) and (III) of this Section 4(a) shall
govern the obligations of the EMPLOYERS to the EMPLOYEE upon the occurrence of the events described
in such subparagraphs:

     (I) Termination for JUST CAUSE. In the event that the EMPLOYERS terminate the
employment of the EMPLOYEE during the TERM because of the EMPLOYEE’S personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal profit,
intentional failure or refusal to perform the duties and responsibilities assigned in this
AGREEMENT, willful violation of any law, rule, regulation or final cease-and-desist order
(other than traffic violations or similar offenses), conviction of a felony or for fraud or
embezzlement, or material breach of any provision of this AGREEMENT (hereinafter
collectively referred to as “JUST CAUSE”), the EMPLOYEE shall not receive, and shall have no
right to receive, any compensation or other benefits for any period after such termination.

 

 

     (II) Termination after CHANGE OF CONTROL. In the event that, before the
expiration of the TERM and in connection with or within one year after a CHANGE OF CONTROL
(as defined hereinafter) of either one of the EMPLOYERS, the employment of the EMPLOYEE is
terminated for any reason other than JUST CAUSE or is terminated by the EMPLOYEE as provided
in Section 4(a)(ii) above, then the following shall occur:

     (A) The EMPLOYERS shall promptly pay to the EMPLOYEE or to his dependents,
beneficiaries or estate an amount equal to the sum of (l) the amount of compensation
to which the EMPLOYEE would be entitled for the remainder of the TERM under this
AGREEMENT, plus (2) the difference between (x) the product of three, multiplied by
the EMPLOYEE’S “base amount” [as defined in Section 280G(b)(3) of the Internal
Revenue Code of 1986, as amended and applicable regulations of the Internal Revenue
Service] as of the date of the CHANGE OF CONTROL, less (y) the sum of (i) $1.00 plus
(ii) the amount paid to the EMPLOYEE pursuant to clause (l) of this subparagraph
(A);

     (B) The EMPLOYEE, his dependents, beneficiaries and estate shall be covered under either
the health, life and disability plans of the EMPLOYERS or the health, life and disability plans
of the successors, survivors or assigns of the EMPLOYERS, or under substantially equivalent
coverage obtained elsewhere if coverage under the plans of the EMPLOYERS or the EMPLOYERS’
successor, survivor or assign is not available, without any material diminution in coverage or
benefit at the expense of the EMPLOYERS or the successors, survivors or assigns of the EMPLOYERS
as if the EMPLOYEE were still employed under this AGREEMENT until the earliest of the expiration
of the TERM or the date on which the EMPLOYEE is included in another employer’s benefit plans as
a full-time employee; and

     (C) The EMPLOYEE shall not be required to mitigate the amount of any payment
provided for in this AGREEMENT by seeking other employment or otherwise, nor shall
any amounts received from other employment or otherwise by the EMPLOYEE offset in
any manner the obligations of the EMPLOYERS hereunder, except as specifically stated
in subparagraph (B) above.

Provided, however, that in the event that the value of the payments pursuant to this
subsection (II), when combined with the value of other payments attributable to the same
CHANGE OF CONTROL, would result in the imposition of a penalty tax pursuant to Section
280G(b)(3) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder (hereinafter collectively referred to as “SECTION 280G”), such payments shall be
reduced to the maximum amount which may be paid under SECTION 280G without exceeding such
limits. This reduction will be applied through the following procedure:

(Y) First, at least 30 days before the payment is due under this subsection (II), the
EMPLOYER will apprise the EMPLOYEE of the value of each of the benefits payable because
of the CHANGE OF CONTROL and the maximum amount which may be paid under SECTION 280G
without exceeding such limits and afford the

 

 

EMPLOYEE an opportunity to select the benefit (or portion of the benefit) to be reduced.

(Z) Second, if, before the end of that 30 day period, the EMPLOYEE apprises the EMPLOYER
in writing of the benefit or benefits to be reduced (and the amount of each reduction),
the EMPLOYEE’S election will be implemented and, subject to the next subparagraph, the
adjusted payment made promptly.

But, if, before the end of that 30 day period, the EMPLOYEE does not apprise the EMPLOYER of
the benefit or benefits to be reduced or if the amount of the reductions the EMPLOYEE
specifies does not reduce the value of all benefits payable because of the CHANGE OF CONTROL
to the maximum amount that may be paid under SECTION 280G without exceeding such limits, the
EMPLOYER will reduce the amount payable under this agreement by an amount needed to ensure
that the limits imposed under SECTION 280G are not exceeded.

     (III) Termination Without CHANGE OF CONTROL. In the event that the employment
of the EMPLOYEE is terminated before the expiration of the TERM for any reason other than
death, JUST CAUSE or in connection with or within one year after a CHANGE OF CONTROL, the
EMPLOYERS shall be obligated to continue (A) to pay on a monthly basis to the EMPLOYEE, his
dependents, beneficiaries or estate his annual salary provided pursuant to Section 3(a) or
(b) of this AGREEMENT until the expiration of the TERM and (B) to provide to the EMPLOYEE,
his dependents, beneficiaries and estate at the EMPLOYERS’ expense, health, life, disability
and other benefits substantially equal to those being provided to the EMPLOYEE at the date
of termination of his employment until the earliest to occur of the expiration of the TERM
or the date the EMPLOYEE becomes employed full-time by another employer; provided, however,
that in the event that payments pursuant to this subsection (III) would result in the
imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the
maximum amount which may be paid under SECTION 280G without exceeding those limits. The
EMPLOYEE shall not be required to mitigate the amount of any payment provided for in this
AGREEMENT by seeking other employment or otherwise, nor shall any amounts received from
other employment or otherwise by the EMPLOYEE offset in any manner the obligations of the
EMPLOYERS hereunder, except as specifically stated in subparagraph (III)(B) above.

     (b) Death of the EMPLOYEE. The TERM automatically terminates upon the death of the
EMPLOYEE, unless the employment of EMPLOYEE has been terminated prior to EMPLOYEE’s death pursuant
to Section 4(a) of this AGREEMENT. In the event of such death, the EMPLOYEE’S estate shall be
entitled to receive the compensation due the EMPLOYEE through the last day of the calendar month in
which the death occurred, except as otherwise specified herein.

     (c) “Golden Parachute” Provision. Any payments made to the EMPLOYEE pursuant to this
AGREEMENT, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
§1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

 

     (d) Definition of “CHANGE OF CONTROL”. A “CHANGE OF CONTROL” shall mean any one of
the following events: (i) the acquisition of ownership or power to vote more than 25% of the voting
stock of either of the EMPLOYERS; (ii) the acquisition of the ability to control the election of a
majority of the directors of either of the EMPLOYERS; (iii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the Board of Directors of HOLDING
COMPANY or BANK cease for any reason to constitute at least a majority thereof; provided, however,
that any individual whose election or nomination for election as a member of the Board of Directors
of HOLDING COMPANY or BANK was approved by a vote of at least two-thirds of the directors then in
office shall be considered to have continued to be a member of the Board of Directors of HOLDING
COMPANY or BANK; (iv) the occurrence of a reorganization, consolidation or similar transaction as a result of
which at least 60% of the shares of the common stock of the resulting entity are owned by persons
who were not stockholders of HOLDING COMPANY or BANK immediately prior to the consummation of the
transaction; or (v) the sale or transfer of substantially all of the assets of BANK to another
person that is not controlled by HOLDING COMPANY or BANK. For purposes of this paragraph, the term
“person” refers to an individual or corporation, partnership, trust, association, or other
organization, but does not include the EMPLOYEE and any person or persons with whom the EMPLOYEE is
“acting in concert” within the meaning of 12 C.F.R. Part 574.

     Notwithstanding the foregoing, in no event shall (I) the ownership of stock of BANK by HOLDING
COMPANY or the ownership of stock of HOLDING COMPANY by Greenville Federal MHC, or (II) the
conversion of the EMPLOYERS or Greenville Federal MHC from the mutual holding company form of
organization to the full stock form of organization, constitute a CHANGE OF CONTROL.

     Section 5. Special Regulatory Events. Notwithstanding Section 4 of this AGREEMENT,
the obligations of the EMPLOYERS to the EMPLOYEE shall be as follows in the event of the following
circumstances:

     (a) If the EMPLOYEE is suspended and/or temporarily prohibited from participating in the
conduct of the EMPLOYERS’ affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal
Deposit Insurance Act (hereinafter referred to as the “FDIA”), the EMPLOYERS’ obligations under
this AGREEMENT shall be suspended as of the date of service of such notice, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the EMPLOYERS may, in their
discretion, pay the EMPLOYEE all or part of the compensation withheld while the obligations in this
AGREEMENT were suspended and reinstate, in whole or in part, any of the obligations that were
suspended.

     (b) If the EMPLOYEE is removed and/or permanently prohibited from participating in the conduct
of the EMPLOYERS’ affairs by an order issued under Section 8(e)(4) or (g)(l) of the FDIA, all
obligations of the EMPLOYERS under this AGREEMENT shall terminate as of the effective date of such
order; provided, however, that vested rights of the EMPLOYEE shall not be affected by such
termination.

     (c) If the EMPLOYERS are 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; provided, however, that
vested rights of the EMPLOYEE shall not be affected.

 

 

     (d) All obligations under this AGREEMENT shall be terminated, except to the extent of a
determination that the continuation of this AGREEMENT is necessary for the continued operation of
the EMPLOYERS, (i) by the Director of the Office of Thrift Supervision (hereinafter referred to as
the “OTS”), or his or her designee, at the time that the Federal Deposit Insurance Corporation
enters into an agreement to provide assistance to or on behalf of the EMPLOYERS under the authority
contained in Section 13(c) of the FDIA; or (ii) by the Director of the OTS, or his or her designee,
at any time the Director of the OTS, or his or her designee, approves a supervisory merger to
resolve problems related to the operation of the EMPLOYERS or when the EMPLOYERS are determined by
the Director of the OTS to be in an unsafe or unsound condition. No vested rights of the EMPLOYEE
shall be affected by any such action.

     Section 6. Consolidation, Merger or Sale of Assets. Nothing in this AGREEMENT shall
preclude the EMPLOYERS from consolidating with, merging into, or transferring all, or substantially
all, of their assets to another corporation that assumes all of the EMPLOYERS’ obligations and
undertakings hereunder. Upon such a consolidation, merger or transfer of assets, the term
“EMPLOYERS” as used herein shall mean such other corporation or entity and this AGREEMENT shall
continue in full force and effect; provided, however, that the assumption of the EMPLOYERS’
obligations and undertakings hereunder shall not affect the EMPLOYEE’S right to payments pursuant
to Section 4(a)(II) of this AGREEMENT in connection with such consolidation, merger or transfer of
assets.

     Section 7. Confidential Information. The EMPLOYEE acknowledges that during his
employment he will learn and have access to confidential information regarding the EMPLOYERS and
their customers and businesses. The EMPLOYEE agrees and covenants not to disclose or use for his
own benefit, or the benefit of any other person or entity, any confidential information, unless or
until the EMPLOYERS’ consent to such disclosure or use or such information becomes common knowledge
in the industry or is otherwise legally in the public domain. The EMPLOYEE shall not knowingly
disclose or reveal to any unauthorized person any confidential information relating to the
EMPLOYERS, their subsidiaries or affiliates, or to any of the businesses operated by them, and the
EMPLOYEE confirms that such information constitutes the exclusive property of the EMPLOYERS. The
EMPLOYEE shall not otherwise knowingly act or conduct himself (a) to the material detriment of the
EMPLOYERS, their subsidiaries, or affiliates, or (b) in a manner which is inimical or contrary to
the interests of the EMPLOYERS.

     Section 8. Nonassignability. Neither this AGREEMENT nor any right or interest
hereunder shall be assignable by the EMPLOYEE, his beneficiaries, or legal representatives without
the EMPLOYERS’ prior written consent; provided, however, that nothing in this Section 8 shall
preclude (a) the EMPLOYEE from designating a beneficiary to receive any benefits payable hereunder
upon his death, or (b) the executors, administrators, or other legal representatives of the
EMPLOYEE or his estate from assigning any rights hereunder to the person or persons entitled
thereto.

     Section 9. No Attachment. Except as required by law, no right to receive payment
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 of assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such
action shall be null, void and of no effect.

     Section 10. Binding Agreement. This AGREEMENT shall be binding upon, and inure to the
benefit of, the EMPLOYEE and the EMPLOYERS and their respective permitted successors and assigns.

     Section 11. Amendment of AGREEMENT. This AGREEMENT may not be modified or amended,
except (a) by an instrument in writing signed by the parties hereto, or (b) by the EMPLOYERS
without any additional consideration to the EMPLOYEE, to the extent deemed necessary by the
EMPLOYERS upon the advice of legal counsel to avoid penalties arising under Section 409A of the
Internal Revenue Code of 1986, as amended, and regulations thereunder, even if those amendments
reduce, restrict or eliminate rights granted under this AGREEMENT.

     Section 12. Waiver. No term or condition of this AGREEMENT shall be deemed to have
been waived, nor shall there be an 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
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 or as to any act other than the act specifically
waived.

     Section 13. Severability. If, for any reason, any provision of this AGREEMENT is held
invalid, such invalidity shall not affect the other provisions of this AGREEMENT not held so
invalid, and each such other provision shall, to the full extent consistent with applicable law,
continue in full force and effect. If this AGREEMENT is held invalid or cannot be enforced, then
any prior AGREEMENT between the EMPLOYERS (or any predecessor thereof) and the EMPLOYEE shall be
deemed reinstated to the full extent permitted by law, as if this AGREEMENT had not been executed.

     Section 14. Headings. The headings of the 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.

     Section 15. Governing Law. This AGREEMENT has been executed and delivered in the
State of Ohio and its validity, interpretation, performance, and enforcement shall be governed by
the laws of this State of Ohio, except to the extent that federal law is governing.

     Section 16. Effect of Prior Agreements. This AGREEMENT contains the entire
understanding between the parties hereto and supersedes any prior employment agreement between the
EMPLOYERS and the EMPLOYEE, each of which is hereby terminated and is of no further force or
effect.

 

 

     Section 17. Notices. Any notice or other communication required or permitted pursuant
to this AGREEMENT shall be deemed delivered if such notice or communication is in writing and is
delivered personally or by facsimile transmission or is deposited in the United States mail,
postage prepaid, addressed as follows:

     If to HOLDING COMPANY and/or BANK:

Greenville Federal

690 Wagner Avenue

Greenville, OH 45331

Attention: Chairman of the Board

     With copies to:

Vorys, Sater, Seymour and Pease LLP

Suite 2000, Atrium Two

221 East Fourth Street

Cincinnati, Ohio 45202

Attention: Cynthia A. Shafer

     If to the EMPLOYEE to:

Mr. David M. Kepler

119 Merrie Lane

Pitsburg, OH 45358

 

 

     IN WITNESS WHEREOF, the EMPLOYERS have caused this AGREEMENT to be executed by their duly
authorized officers, and the EMPLOYEE has signed this AGREEMENT, each as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	GREENVILLE FEDERAL FINANCIAL	 	 
	 	 	 	 	CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ David Feltman

	 	 	 	By
	 	/s/ James W. Ward	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	James W. Ward	 	 
	 

	 	 	 	 	 	its Chairman	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:	 	 	 	GREENVILLE FEDERAL	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ David Feltman

	 	 	 	By
	 	/s/ James W. Ward	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	James W. Ward	 	 
	 

	 	 	 	 	 	its Chairman	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ David Feltman	 	 	 	/s/ David M. Kepler	 	 
	 	 	 	 	 	 	 
	 	 	 	 	David M. Kepler

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