Document:

Exhibit 10.1
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                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT (the "Agreement"), made this ___ day of
________________, 2003, by and among CHEVIOT SAVING BANK (the "Association") and
THOMAS J. LINNEMAN ("Executive").

                                   WITNESSETH

         WHEREAS, Executive serves in a position of substantial responsibility;

         WHEREAS, the Association wishes to assure the services of Executive to
the Association and its parent, Cheviot Financial Corp. (the "Company") for the
period in this Agreement; and

         WHEREAS, Executive is willing to serve in the employ of the Association
on a full-time basis for said period.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows:

1.       Employment. Executive is employed as the President and Chief Executive
         Officer of the Association. Executive shall perform all duties and
         shall have all powers which are commonly incident to the offices of the
         President and Chief Executive Officer and which, consistent with those
         offices, are delegated to him by the Board of Directors of the
         Association.

2.       Location and Facilities. The Executive will be furnished with the
         working facilities and staff customary for executive officers with the
         title and duties set forth in Section 1 and as are necessary for him to
         perform his duties. The location of such facilities and staff shall be
         at the principal administrative offices of the Association or at such
         other site or sites customary for such offices.

3.       Term.

         3.1      The term of this Agreement shall be (i) the initial term,
                  consisting of the period commencing on the date of this
                  Agreement (the "Effective Date") and ending on the third
                  anniversary of the Effective Date, plus (ii) any and all
                  extensions of the initial term made pursuant to this Section
                  3.

         3.2      Commencing on the first year anniversary date of this
                  Agreement, and continuing on each anniversary thereafter, the
                  disinterested members of the boards of directors of the
                  Association may extend the Agreement an additional year such
                  that the remaining term of the Agreement shall be thirty-six
                  (36)
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                  months, unless Executive elects not to extend the term of this
                  Agreement by giving written notice in accordance with Section
                  18 of this Agreement. The Board of Directors of the
                  Association (the "Board") will review the Agreement and
                  Executive's performance annually for purposes of determining
                  whether to extend the Agreement and the rationale and results
                  thereof shall be included in the minutes of the Board's
                  meeting. The Board of Directors of the Association shall give
                  notice to Executive as soon as possible after such review as
                  to whether the Agreement is to be extended.

4.       Base Compensation.

         4.1      The Association agree to pay the Executive during the term of
                  this Agreement a base salary at the rate of $155,270.96 per
                  year, payable in accordance with customary payroll practices.

         4.2      The Board shall review annually the rate of the Executive's
                  base salary based upon factors they deem relevant, and may
                  maintain or increase his salary, provided that no such action
                  shall reduce the rate of salary below the rate in effect on
                  the Effective Date.

         4.3      In the absence of action by the Board, the Executive shall
                  continue to receive salary at the annual rate specified on the
                  Effective Date or, if another rate has been established under
                  the provisions of this Section 4, the rate last properly
                  established by action of the Board under the provisions of
                  this Section 4.

5.       Bonuses. In lieu of any bonus normally provided to permanent full-time
         employees of the Association, the Association agrees to provide a bonus
         program to the Executive which will provide the Executive with the
         opportunity to earn up to 50% of the Executive's base salary, on an
         annual basis, the amount of which shall be determined by specific
         performance standards and a formula agreed to by Executive and the
         Association annually. Performance standards shall be measured on a
         calendar year, and no bonus shall be payable if Executive is not
         employed on December 31 of the year in question.

6.       Benefit Plans. The Executive shall be entitled to participate in such
         life insurance, medical, dental, 401k, profit-sharing, and stock-based
         compensation plans and other programs and arrangements as may be
         approved from time to time by the Association for the benefit of their
         employees. In addition, during the term of this Agreement, the
         Association shall provide the Executive with a supplemental life
         insurance policy with a death benefit of not less than $200,000.

7.       Vacation and Leave.

         7.1      The Executive shall be entitled to vacations and other leave
                  in accordance with policy for senior executives, or otherwise
                  as approved by the Board, but, in any event, not less than
                  four (4) weeks vacation annually.

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         7.2      In addition to paid vacations and other leave, the Executive
                  shall be entitled, without loss of pay, to absent himself
                  voluntarily from the performance of his employment for such
                  additional periods of time and for such valid and legitimate
                  reasons as the Board may in its discretion determine. Further,
                  the Board may grant to the Executive a leave or leaves of
                  absence, with or without pay, at such time or times and upon
                  such terms and conditions as the Board in its discretion may
                  determine.

8.       Expense Payments and Reimbursements. The Executive shall be reimbursed
         for all reasonable out-of-pocket business expenses that he shall incur
         in connection with his services under this Agreement upon
         substantiation of such expenses in accordance with applicable policies
         of the Association.

9.       Loyalty and Confidentiality; Noncompetition.

         9.1      During the term of this Agreement, Executive: (i) shall devote
                  all his time, attention, skill and efforts to the faithful
                  performance of his duties hereunder; provided, however, that
                  from time to time, Executive may serve on the boards of
                  directors of, and hold any other offices or positions in,
                  companies or organizations which will not present any conflict
                  of interest with the Association or any of their subsidiaries
                  or affiliates, unfavorably affect the performance of
                  Executive's duties pursuant to this Agreement, or violate any
                  applicable statute or regulation; and (ii) shall not engage in
                  any business or activity contrary to the business affairs or
                  interests of the Association.

         9.2      Nothing contained in this Agreement shall prevent or limit
                  Executive's right to invest in the capital stock or other
                  securities of any business dissimilar from that of the
                  Association, or, solely as a passive, minority investor, in
                  any business.

         9.3      Executive, agrees to maintain the confidentiality of any and
                  all information concerning the operation or financial status
                  of the Association; the names or addresses of any of its
                  borrowers, depositors and other customers; any information
                  concerning or obtained from such customers; and any other
                  information concerning the Association to which he may be
                  exposed during the course of his employment. The Executive
                  further agrees that, unless required by law or specifically
                  permitted by the Board in writing, he will not disclose to any
                  person or entity, either during or subsequent to his
                  employment, any of the above-mentioned information which is
                  not generally known to the public, nor shall he employ such
                  information in any way other than for the benefit of the
                  Association.

         9.4      Upon the termination of Executive's employment hereunder for
                  any reason, Executive agrees not to compete with the
                  Association for a period of two (2) years following such
                  termination in any city, town or county in which the
                  Executive's normal business office is located and the
                  Association has an office or has filed an application for
                  regulatory approval to establish an office (or within a
                  60-mile radius of each of such offices), determined as of the
                  effective date of such termination, except as agreed to
                  pursuant to a resolution duly adopted by the

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                  Board. Executive agrees that during such period and within
                  said cities, towns and counties, Executive shall not work for
                  or advise, consult or otherwise serve with, directly or
                  indirectly, any entity whose business materially competes with
                  the depository, lending or other business activities of the
                  Association. The parties hereto, recognizing that irreparable
                  injury will result to the Association, its business and
                  property in the event of Executive's breach of his obligations
                  under this paragraph and agree that in the event of any such
                  breach by Executive, the Association will be entitled, in
                  addition to any other remedies and damages available, to an
                  injunction to restrain the violation hereof by Executive,
                  Executive's partners, agents, servants, employees and all
                  persons acting for or under the direction of Executive.
                  Nothing herein will be construed as prohibiting the
                  Association from pursuing any other remedies available to the
                  Association for such breach or threatened breach, including
                  the recovery of damages from Executive.

10.      Termination and Termination Pay. Subject to Section 11 of this
         Agreement, Executive's employment under this Agreement may be
         terminated in the following circumstances:

         10.1     Death. Executive's employment under this Agreement shall
                  terminate upon his death during the term of this Agreement, in
                  which event Executive's estate shall be entitled to receive
                  the compensation due to the Executive through the last day of
                  the calendar month in which his death occurred.

         10.2     Retirement. This Agreement shall be terminated upon
                  Executive's retirement under the retirement benefit plan or
                  plans in which he participates pursuant to Section 6 of this
                  Agreement or otherwise.

         10.3     Disability.

                  10.3.1   The Board or Executive may terminate Executive's
                           employment after having determined Executive has a
                           Disability. For purposes of this Agreement,
                           "Disability" means a physical or mental infirmity
                           that impairs Executive's ability to substantially
                           perform his duties under this Agreement and that
                           results in Executive becoming eligible for long-term
                           disability benefits under any long-term disability
                           plans of the Association (or, if there are no such
                           plans in effect, that impairs Executive's ability to
                           substantially perform his duties under this Agreement
                           for a period of one hundred eighty (180) consecutive
                           days). The Board shall determine whether or not
                           Executive is and continues to be permanently disabled
                           for purposes of this Agreement in good faith, based
                           upon competent medical advice and other factors that
                           they reasonably believe to be relevant. As a
                           condition to any benefits, the Board may require
                           Executive to submit to such physical or mental
                           evaluations and tests as it deems reasonably
                           appropriate.

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                  10.3.2   In the event of such Disability, Executive's
                           obligation to perform services under this Agreement
                           will terminate. The Association will pay Executive,
                           as Disability pay, pursuant to the long term
                           disability policy then in effect. Disability payments
                           will be made on a monthly basis and will commence on
                           the first day of the month following the effective
                           date of Executive's termination of employment for
                           Disability and end on the earlier of: (A) the date he
                           returns to full-time employment at the Association in
                           the same capacity as he was employed prior to his
                           termination for Disability; (B) his death; or (C) the
                           remaining term of the Agreement (if the Agreement had
                           not been earlier terminated by the Executive's
                           Disability). Such payments shall be reduced by the
                           amount of any short- or long-term disability benefits
                           payable to the Executive under any other disability
                           programs sponsored by the Association. In addition,
                           during any period of Executive's Disability,
                           Executive and his dependents shall, to the greatest
                           extent possible, continue to be covered under all
                           benefit plans (including, without limitation,
                           retirement plans and medical, dental and life
                           insurance plans) of the Association, in which
                           Executive participated prior to his Disability on the
                           same terms as if Executive were actively employed by
                           the Association.

         10.4     Termination for Cause.

                  10.4.1   The Board may, by written notice to the Executive in
                           the form and manner specified in this paragraph,
                           immediately terminate his employment at any time, for
                           "Cause". The Executive shall have no right to receive
                           compensation or other benefits for any period after
                           termination for Cause. Termination for "Cause" shall
                           include termination because of the Executive's:

                           (1)      Personal dishonesty;

                           (2)      Incompetence;

                           (3)      Willful misconduct;

                           (4)      Breach of fiduciary duty involving personal
                                    profit;

                           (5)      Intentional failure to perform duties under
                                    this Agreement;

                           (6)      Willful violation of any law, rule or
                                    regulation (other than traffic violations or
                                    similar offenses), or final cease-and-desist
                                    order;

                           (7)      Material breach by Executive of any
                                    provision of this Agreement.

                  10.4.2   Notwithstanding the foregoing, Executive shall not be
                           deemed to have been terminated for Cause by the
                           Company and the Association unless

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                           there shall have been delivered to Executive a copy
                           of a resolution duly adopted by the affirmative vote
                           of three-fourths (3/4) of the entire membership of
                           the Board at a meeting of such Board called and held
                           for the purpose (after reasonable notice to Executive
                           and an opportunity for Executive to be heard before
                           the Board with counsel), of finding that in the good
                           faith opinion of the Board, Executive was guilty of
                           the conduct described above and specifying the
                           particulars thereof.

         10.5     Voluntary Termination by Executive. In addition to his other
                  rights to terminate under this Agreement, Executive may
                  voluntarily terminate employment during the term of this
                  Agreement upon at least sixty (60) days prior written notice
                  to the Board, in which case Executive shall receive only his
                  compensation, vested rights and employee benefits up to the
                  date of his termination.

         10.6     Without Cause or With Good Reason.

                  10.6.1   In addition to termination pursuant to Sections 10.1
                           through 10.5 the Board, may, by written notice to
                           Executive, immediately terminate his employment at
                           any time for a reason other than Cause (a termination
                           "Without Cause") and Executive may, by written notice
                           to the Board, immediately terminate this Agreement at
                           any time within ninety (90) days following an event
                           constituting "Good Reason" as defined below (a
                           termination "With Good Reason").

                  10.6.2   Subject to Section 11 of this Agreement, in the event
                           of termination under this Section 10.6, Executive
                           shall be entitled to receive a payment equal to the
                           base salary (determined by reference to the Executive
                           base salary on the termination date) and bonuses
                           (determined by reference to the Executive's average
                           bonus over the three (3) years preceding his
                           termination date or such lesser period as he was
                           employed by the Association) that would otherwise
                           have been payable over the remaining term of the
                           Agreement. Such amount shall be paid in one lump sum
                           within ten (10) calendar days of such termination.
                           Also, in such event, Executive shall, for the
                           remaining term of the Agreement, receive the benefits
                           he would have received during the remaining term of
                           the Agreement under any retirement programs (whether
                           tax-qualified or nonqualified) in which Executive
                           participated prior to his termination (with the
                           amount of the benefits determined by reference to the
                           benefits received by the Executive or accrued on his
                           behalf under such programs during the twelve (12)
                           months preceding his termination) and continue to
                           participate in any benefit plans of the Company and
                           the Association that provide health (including
                           medical and dental), life, or similar coverage upon
                           terms no less favorable than the most favorable terms
                           provided to senior executives of the Company and the
                           Association during such period. In the event that the
                           Company and the Association are unable to provide
                           such coverage by reason of Executive no longer being
                           an

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                           employee, the Company and the Association shall
                           provide Executive with comparable coverage on an
                           individual policy basis.

                  10.6.3   "Good Reason" shall exist if, without Executive's
                           express written consent, the Company and the
                           Association materially breach any of their respective
                           obligations under this Agreement. Without limitation,
                           such a material breach shall be deemed to occur upon
                           any of the following:

                           (1)      A material reduction in Executive's
                                    responsibilities or authority in connection
                                    with his employment with the Company or the
                                    Association;

                           (2)      Assignment to Executive of duties of
                                    non-executive nature or duties for which he
                                    is not reasonably equipped by his skills and
                                    experience;

                           (3)      A reduction in salary or benefits contrary
                                    to the terms of this Agreement, or,
                                    following a Change in Control as defined in
                                    Section 11 of this Agreement, any reduction
                                    in salary or material reduction in benefits
                                    below the amounts to which he was entitled
                                    prior to the Change in Control;

                           (4)      Termination of incentive and benefit plans,
                                    programs or arrangements, or reduction of
                                    Executive's participation to such an extent
                                    as to materially reduce their aggregate
                                    value below their aggregate value as of the
                                    Effective Date; or

                           (5)      A requirement that Executive relocate his
                                    principal business office or his principal
                                    place of residence outside of the area
                                    consisting of a twenty-five (25) mile radius
                                    from the current main office and any branch
                                    of the Association, or the assignment to
                                    Executive of duties that would reasonably
                                    require such a relocation.

                  10.6.4   Notwithstanding the foregoing, a reduction or
                           elimination of the Executive's benefits resulting
                           from the reduction or elimination of one or more
                           benefit plans maintained by the Company and the
                           Association as part of a good faith, overall
                           reduction or elimination of such plans or benefits
                           thereunder applicable to all participants in a manner
                           that does not discriminate against Executive (except
                           as such discrimination may be necessary to comply
                           with law) shall not constitute an event of Good
                           Reason or a material breach of this Agreement;
                           provided that, other officers of the Company and the
                           Association (or any company that controls either of
                           them) do not have available to them benefits of the
                           type or to the general extent as those previously
                           offered to Executive under such plans prior to such
                           reduction or elimination set forth above

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                           under a plan or plans in or under which Executive is
                           not entitled to participate.

11.      Termination in Connection with a Change in Control.

         11.1     For purposes of this Agreement, a "Change in Control" shall be
                  deemed to occur on the earliest of:

                  11.1.1   such times as any "person" (as the term is used in
                           Sections 13(d) and 14(d) of the Securities Exchange
                           Act of 1934, as amended ("Exchange Act") is or
                           becomes the "beneficial owner" (as defined in Rule
                           13d-3 under the Exchange Act), directly or
                           indirectly, of voting securities of the Association
                           representing 25% or more of the Association's
                           outstanding voting securities or the right to acquire
                           such securities, except for any voting securities
                           purchased by any employee benefit plan of the
                           Association;

                  11.1.2   such time as individuals who constitute the Board of
                           Directors on the date hereof (the "Incumbent Board")
                           cease for any reason to constitute at least a
                           majority thereof, provided that any person becoming a
                           director subsequent to the date hereof whose election
                           was approved by a vote of at least three-quarters of
                           the directors constituting the Incumbent Board (or
                           members who were nominated by the Incumbent Board),
                           or whose nomination for election by the Association's
                           stockholders was approved by a Nominating Committee
                           solely composed of members which are Incumbent Board
                           members (or members nominated by the Incumbent
                           Board), shall be, for purposes of this clause (ii),
                           considered as though he or she were a member of the
                           Incumbent Board;

                  11.1.3   such time as a reorganization, merger, consolidation,
                           or similar transaction occurs or is effectuated as a
                           result of which 60% of shares of the common stock of
                           the resulting entity are owned by persons who were
                           not stockholders of the Association immediately prior
                           to the consummation of the transaction;

                  11.1.4   such time as substantially all of the assets of the
                           Association are sold or otherwise transferred to
                           another corporation or other entity that is not
                           controlled by the Association.

                           Notwithstanding anything in this Agreement to the
                           contrary, in no event shall (i) the conversion of the
                           Company and the Association from the mutual holding
                           company form of organization to the full stock form
                           of organization (including without 1imitation,
                           through the formation of a stockholding company as
                           the part of the Association), (ii) the formation of a
                           mid-tier holding company controlled by the Company as
                           the parent holding company of the Association, or
                           (iii) the consummation of an additional offering by
                           the Association (or any mid-

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                           tier holding company controlled by the Company) in a
                           transaction which results in the Company continuing
                           to qualify as a mutual holding company, constitute a
                           "Change in Control" for purposes of this Agreement.

         11.2     Termination. If within the period ending two years after a
                  Change in Control, (i) the Company and the Association shall
                  terminate the Executive's employment Without Cause, or (ii)
                  Executive voluntarily terminates his employment With Good
                  Reason, the Company and the Association shall, within ten (10)
                  calendar days of the termination of Executive's employment,
                  make a lump-sum cash payment to him equal to 2.99 times the
                  Executive's average Annual Compensation over the five (5) most
                  recently completed calendar years ending with the year
                  immediately preceding the effective date of the Change in
                  Control (or such lesser number of completed calendar years as
                  the Executive has been employed by the Company and the
                  Association). In determining Executive's average Annual
                  Compensation, Annual Compensation shall include base salary
                  and any other taxable income, including but not limited to
                  amounts related to the granting, vesting or exercise of
                  restricted stock or stock option awards, commissions, bonuses
                  (whether paid or accrued for the applicable period), as well
                  as, retirement benefits, director or committee fees and fringe
                  benefits paid or to be paid to Executive or paid for
                  Executive's benefit during any such year, profit sharing,
                  employee stock ownership plan and other retirement
                  contributions or benefits, including to any tax-qualified plan
                  or arrangement (whether or not taxable) made or accrued (in
                  behalf of Executive of such year. The cash payment made under
                  this Section 11.2 shall be made in lieu of any payment also
                  required under Section 10.6 of this Agreement because of a
                  termination in such period. Executive's rights under Section
                  10.6 are not otherwise affected by this Section 11. Also, in
                  such event, the Executive shall, for a thirty-six (36) month
                  period following his termination of employment, receive the
                  benefits he would have received over such period under any
                  retirement programs (whether tax-qualified or nonqualified) in
                  which the Executive participated prior to his termination
                  (with the amount of the benefits determined by reference to
                  the benefits received by the Executive or accrued on his
                  behalf under such programs during the twelve (12) months
                  preceding the Change in Control) and continue to participate
                  in any benefit plans of the Company and the Association that
                  provide health (including medical and dental), life, or
                  similar coverage upon terms no less favorable than the most
                  favorable terms provided to senior executives during such
                  period. In the event that the Company and the Association are
                  unable to provide such coverage by reason of the Executive no
                  longer being an employee, the Company and the Association
                  shall provide the Executive with comparable coverage on an
                  individual policy.

         11.3     The provisions of Sections 11 and Sections 13 through 24,
                  including the defined terms used in such sections, shall
                  continue in effect until the later of the expiration of this
                  Agreement or two years following a Change in Control.

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12.      Indemnification and Liability Insurance.

         12.1     Indemnification. The Company and the Association agree to
                  indemnify the Executive (and his heirs, executors and
                  administrators), and to advance expenses related thereto, to
                  the fullest extent permitted under applicable law and
                  regulations against any and all expenses and liabilities
                  reasonably incurred by him in connection with or arising out
                  of any action, suit, or proceeding in which he may be involved
                  by reason of his having been a director or Executive of the
                  Company, the Association or any of their subsidiaries (whether
                  or not he continues to be a director or Executive at the time
                  of incurring any such expenses or liabilities) such expenses
                  and liabilities to include, but not be limited to, judgments,
                  court costs, and attorneys' fees and the cost of reasonable
                  settlements, such settlements to be approved by the Board, if
                  such action is brought against the Executive in his capacity
                  as an Executive or director of the Company and the Association
                  or any of their subsidiaries. Indemnification for expense
                  shall not extend to matters for which the Executive has been
                  terminated for Cause. Nothing contained herein shall be deemed
                  to provide indemnification prohibited by applicable law or
                  regulation. Notwithstanding anything herein to the contrary,
                  the obligations of this Section 12 shall survive the term of
                  this Agreement by a period of six (6) years.

         12.2     Insurance. During the period in which indemnification of the
                  Executive is required under this Section, the Company and the
                  Association still provide the Executive (and his heirs,
                  executors and administrators) with coverage under a directors'
                  and Executives' liability policy at the expense of the Company
                  and the Association, at least equivalent to such coverage
                  provided to directors and senior Executives of the Company and
                  the Association.

13.      Reimbursement of Executive's Expenses to Enforce this Agreement. The
         Company and the Association shall reimburse the Executive for all
         out-of-pocket expenses, including, without limitation, reasonable
         attorneys' fees, incurred by the Executive in connection with
         successful enforcement by the Executive of the obligations of the
         Company and the Association to the Executive under this Agreement.
         Successful enforcement shall mean the grant of an award of money or the
         requirement that the Company and the Association take some action
         specified by this Agreement (i) as a result of court order; or (ii)
         otherwise by the Company and the Association following an initial
         failure of the Company and the Association to pay such money or take
         such action promptly after written demand therefor from the Executive
         stating the reason that such money or action was due under this
         Agreement at or prior to the time of such demand.

14.      Limitation of Benefits under Certain Circumstances. If the payments and
         benefits pursuant to Section 11 of this Agreement, either alone or
         together with other payments and benefits which the Executive has the
         right to receive from the Company and the Association, would constitute
         a "parachute payment" under Section 280G of the Code, the payments and
         benefits pursuant to Section 11 shall be reduced or revised, in the
         manner determined by the Executive, by the amount, if any, which is the
         minimum

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         necessary to result in no portion of the payments and benefits under
         Section 11 being non-deductible to the Company and the Association
         pursuant to Section 280G of the Code and subject to the excise tax
         imposed under Section 4999 of the Code. The determination of any
         reduction in the payments and benefits to be made pursuant to Section
         11 shall be based upon the opinion of the Company and the Association's
         independent public accountants and paid for by the Company and the
         Association. In the event that the Company, the Association and/or the
         Executive do not agree with the opinion of such counsel, (i) the
         Company and the Association shall pay to the Executive the maximum
         amount of payments and benefits pursuant to Section 11, as selected by
         the Executive, which opinion indicates there is a high probability of
         such payments and benefits being non-deductible to the Company and the
         Association and subject to the imposition of the excise tax imposed
         under Section 4999 of the Code and (ii) the Company and the Association
         may request, and the Executive shall have the right to demand that they
         request, a ruling from the IRS as to whether the disputed payments and
         benefits pursuant to Section 11 have such consequences. Any such
         request for a ruling from the IRS shall be promptly prepared and filed
         by the Company and the Association, but in no event later than thirty
         (30) days from the date of the opinion of counsel referred to above,
         and shall be subject to the Executive's approval prior to filing, which
         shall not be unreasonably withheld. The Company, the Association and
         the Executive agree to be bound by any ruling received from the IRS and
         to make appropriate payments to each other to reflect any such rulings,
         together with interest at the applicable federal rate provided for in
         Section 7872(f)(2) of the Code. Nothing contained herein shall result
         in a reduction of any payments or benefits to which the Executive may
         be entitled upon termination of employment other than pursuant to
         Section 11 hereof, or a reduction in the payments and benefits
         specified in Section 11 below zero.

15.      Injunctive Relief. If there is a breach or threatened breach of Section
         9 of this Agreement, the parties agree that there is no adequate remedy
         at law for such breach, and that the Company and the Association shall
         be entitled to injunctive relief restraining the Executive from such
         breach or threatened breach, but such relief shall not be the exclusive
         remedy hereunder for such breach. The parties hereto likewise agree
         that the Executive, without limitation, shall be entitled to injunctive
         relief to enforce the obligations of the Company and the Association
         under this Agreement.

16.      Successors and Assigns.

         16.1     This Agreement shall inure to the benefit of and be binding
                  upon any corporate or other successor of the Company and the
                  Association which shall acquire, directly or indirectly, by
                  merger, consolidation, purchase or otherwise, all or
                  substantially all of the assets or stock of the Company and
                  the Association.

         16.2     Since the Company and the Association are contracting for the
                  unique and personal skills of Executive, Executive shall be
                  precluded from assigning or delegating his rights or duties
                  hereunder without first obtaining the written consent of the
                  Company and the Association.

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17.      No Mitigation. Executive shall not be required to mitigate the amount
         of any payment provided for in this Agreement by seeking other
         employment or otherwise and no such payment shall be offset or reduced
         by the amount of any compensation or benefits provided to Executive in
         any subsequent employment.

18.      Notices. All notices, requests, demands and other communications in
         connection with this Agreement shall be made in writing and shall be
         deemed to have been given when delivered by hand or 48 hours after
         mailing at any general or branch United States Post Office, by
         registered or certified mail, postage prepaid, addressed to the Company
         and/or the Association at their principal business offices and to
         Executive at his home address as maintained in the records of the
         Company and the Association.

19.      No Plan Created by this Agreement. Executive, the Company and the
         Association expressly declare and agree that this Agreement was
         negotiated among them and that no provision or provisions of this
         Agreement are intended to, or shall be deemed to, create any plan for
         purposes of the Employee Retirement Income Security Act or any other
         law or regulation, and each party expressly waives any right to assert
         the contrary. Any assertion in any judicial or administrative filing,
         hearing, or process that such a plan was so created by this Agreement
         shall be deemed a material breach of this Agreement by the party making
         such an assertion.

20.      Amendments. No amendments or additions to this Agreement shall be
         binding unless made in writing and signed by all of the parties, except
         as herein otherwise specifically provided.

21.      Applicable Law. Except to the extent preempted by Federal law, the laws
         of the State of Ohio shall govern this Agreement in all respects,
         whether as to its validity, construction, capacity, performance or
         otherwise.

22.      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.

23.      Headings. Headings contained herein are for convenience of reference
         only.

24.      Entire Agreement. This Agreement, together with any understanding or
         modifications thereof as agreed to in writing by the parties, shall
         constitute the entire agreement among the parties hereto with respect
         to the subject matter hereof, other than written agreements with
         respect to specific plans, programs or arrangements described in
         Sections 5 and 6.

25.      Required Provisions. In the event any of the provisions of this Section
         25 are in conflict with the terms of this Agreement, this Section 25
         shall prevail.

         25.1     The Association may terminate Executive's employment at any
                  time, but any termination by the Association's board of
                  directors, other than Termination for Cause, shall not
                  prejudice Executive's right to compensation or

                                      -12-
<PAGE>

                  other benefits under this Agreement. Executive shall have no
                  right to receive compensation or other benefits for any period
                  after Termination for Cause as defined in Section 10
                  hereinabove.

         25.2     If Executive is suspended from office and/or temporarily
                  prohibited from participating in the conduct of the
                  Association's affairs by a notice served under Section 8(e)(3)
                  or 8(g)(1) of the Federal Deposit Insurance Act, 12
                  U.S.C.ss.l818(e)(3) or (g)(1); the Association's obligations
                  under this contract shall be suspended as of the date of
                  service, unless stayed by appropriate proceedings. If the
                  charges in the notice are dismissed, the Association may in
                  its discretion: (i) pay Executive all or part of the
                  compensation withheld while their contract obligations were
                  suspended; and (ii) reinstate (in whole or in part) any of the
                  obligations which were suspended.

         25.3     If Executive is removed and/or permanently prohibited from
                  participating in the conduct of the Association's affairs by
                  an order issued under Section 8(c)(4) or 8(g)(l) of the
                  Federal Deposit Insurance Act, 12 U.S.C. ss.1818(e)(4)
                  or(g)(l), all obligations of the Association under this
                  contract shall terminate as of the effective date of the
                  order, but vested rights of the contracting parties shall not
                  be affected.

         25.4     If the Association is in default (as defined m Section 3(x)(l)
                  of the Federal Deposit Insurance Act, 12 U.S.C. ss.1813(x)(l))
                  all obligations under this contract shall terminate as of the
                  date of default, but this paragraph shall not affect any
                  vested rights of the contracting parties.

         25.5     All obligations under this contract shall be terminated,
                  except to the extent determined that continuation of the
                  contract is necessary for the continued operation of the
                  institution: (i) by the Director of the OTS (or his or her
                  designee) at the time the FDIC enters into an agreement to
                  provide assistance to or on behalf of the Association under
                  the authority contained in Section 13(c) of the Federal
                  Deposit Insurance Act, 12 U.S.C. ss.1823(c); or (ii) by the
                  Director of the OTS (or his or her designee) at the time the
                  Director (or his or her designee) approves a supervisory
                  merger to resolve problems related to the operations of the
                  Association or when the Association is determined by the
                  Director to be in an unsafe or unsound condition. Any rights
                  of the parties that have already vested, however, shall not be
                  affected by such action.

         25.6     Any payments made to Executive pursuant to this Agreement, or
                  otherwise, are subject to and conditioned upon compliance with
                  12 U.S.C.ss.1828(k) and 12 C.F.R. Section 545.121 and any
                  rules and regulations promulgated thereunder.

                                      -13-
<PAGE>

Signed as of _______________________, 2003.

                                       ASSOCIATION:
                                       CHEVIOT SAVINGS BANK

By:                                    By:
    -----------------------------          ------------------------------
    John Smith                             Edward Kleemeier
    Director                               Director

                                       EXECUTIVE:

                                       ----------------------------------
                                       Thomas J. Linneman

                                      -14-Exhibit 10.2
                                                                    ------------

                      CHANGE IN CONTROL SEVERANCE AGREEMENT

         THIS CHANGE IN CONTROL SEVERANCE AGREEMENT ("Agreement") entered into
this _______________, 2003 ("Effective Date"), by and between CHEVIOT SAVINGS
BANK ("Association") and KEVIN KAPPA ("Employee").

         WHEREAS, Employee is currently employed by Association as the
Compliance Officer and is experienced in all phases of the business of
Association; and

         WHEREAS, the parties desire by this writing to set forth the rights and
responsibilities of Association and Employee if Association should undergo a
change in control (as defined hereinafter in the Agreement) after the Effective
Date.

         NOW THEREFORE, it is agreed as follows:

1.       Employment. Employee is employed in the capacity as the Compliance
         Officer of Association. Employee will render such administrative and
         management services to Association and Cheviot Financial Corp.
         ("Parent") as are currently rendered and as are customarily performed
         by persons situated in a similar executive capacity. Employee will
         promote to the extent permitted by law the business of Association and
         Parent. Employee's other duties will be such as the Board of Directors
         for Association (the "Board of Directors" or "Board") may from time to
         time reasonably direct, including normal duties as an officer of
         Association.

2.       Terms of Agreement. The term of this Agreement will be for the period
         commencing on the Effective Date and ending thirty-six (36) months
         thereafter. Additionally, on, or before, each annual anniversary date
         from the Effective Date, the term of this Agreement will be extended
         for an additional one-year period beyond the then effective expiration
         date upon a determination and resolution of the Board of Directors that
         the performance of Employee has met the requirements and standards of
         the Board, and that the term of such Agreement will be extended.

3.       Termination of Employment in Connection with or Subsequent to a Change
         in Control.

         3.1      Involuntary Termination. Notwithstanding any provision herein
                  to the contrary, in the event of the involuntary termination
                  of Employee's employment under this Agreement, absent Cause,
                  in connection with, or within twelve (12) months after, any
                  change in control of Association or Parent, Employee will be
                  paid an amount equal to two times the prior calendar year's
                  cash compensation paid to Employee by Association (whether
                  said amounts were received or deferred by Employee). Said sum
                  will be paid, at the option of Employee, either in one (1)
                  lump sum not later than the date of such termination of
                  employment or in periodic payments
<PAGE>

                  over the next 24 months, and such payments will be in lieu of
                  any other future payments which Employee would be otherwise
                  entitled to receive. Notwithstanding the foregoing, all sums
                  payable hereunder will be reduced in such manner and to such
                  extent so that no such payments made hereunder when aggregated
                  with all other payments to be made to Employee by Association
                  or the Parent will be deemed an "excess parachute payment" in
                  accordance with Section 280G of the Internal Revenue Codes of
                  1986, as amended (the "Code"), and be subject to the excise
                  tax provided at Section 4999(a) of the Code. The term
                  "control" will refer to the ownership, holding or power to
                  vote more than 25% of the Parent's or Association's voting
                  stock, the control of the election of a majority of the
                  Parent's or Association's directors, or the exercise of a
                  controlling influence over the management or policies of the
                  Parent or Association by any person or by persons acting as a
                  group within the meaning of Section 13(d) of the Securities
                  Exchange Act of 1934. The term "person" means an individual
                  other than Employee, or a corporation, partnership, trust,
                  association, joint venture, pool, syndicate, sole
                  proprietorship, unincorporated organization or any other form
                  of entity not specifically listed herein.

         3.2      Voluntary Termination. Notwithstanding any other provision of
                  this Agreement to the contrary, Employee may voluntarily
                  terminate his employment under this Agreement within twelve
                  (12) months following a change in control of Association or
                  Parent, and Employee will thereupon be entitled to receive the
                  payment described in Section 3.1 of this Agreement, upon the
                  occurrence, or within ninety (90) days thereafter, of any of
                  the following events, which have not been consented to in
                  advance by Employee in writing: (i) if Employee would be
                  required to move his personal residence or perform his
                  principal executive functions more than thirty-five (35) miles
                  from Employee's primary office as of the signing of this
                  Agreement; (ii) if in the organizational structure of
                  Association or Parent, Employee would be required to report to
                  a person or persons other than the President of Association or
                  Parent; (iii) if Association or Parent should fail to maintain
                  existing employee benefits plans, including material fringe
                  benefit, stock option and retirement plans, except to the
                  extent that such reduction in benefit programs is part of an
                  overall adjustment in benefits for all employees of
                  Association or Parent and does not disproportionately
                  adversely impact Employee; (iv) if Employee would be assigned
                  duties and responsibilities other than those normally
                  associated with his position as referenced at Section 1,
                  herein, for a period of more than six (6) months, or if such
                  additional assigned duties and responsibilities result in
                  additional cost to be incurred by Employee not otherwise
                  associated with the previously assigned duties and
                  responsibilities, which costs are not reimbursed by
                  Association within forty-five (45) days of being incurred; or
                  (v) if Employee's responsibilities or authority have in any
                  way been materially diminished or reduced for a period of more
                  than six (6) months.

         3.3      Arbitration. Any controversy or claim arising out of or
                  relating to this Agreement, or the breach thereof, will be
                  settled by arbitration in accordance with the rules then in
                  effect of the district office of the American Arbitration
                  Association ("AAA") nearest to the home office of Association,
                  and judgment

                                       -2-
<PAGE>

                  upon the award rendered may be entered in any court having
                  jurisdiction thereof, except to the extent that the parties
                  may otherwise reach a mutual settlement of such issue.
                  Association will incur the cost of all fees and expenses
                  associated with filing a request for arbitration with the AAA,
                  whether such filing is made on behalf of Association or
                  Employee, and the costs and administrative fees associated
                  with employing the arbitrator and related administrative
                  expenses assessed by the AAA. Association will reimburse
                  Employee for all costs and expenses, including reasonable
                  attorneys' fees, arising from such dispute, proceedings or
                  actions, notwithstanding the ultimate outcome thereof,
                  following the delivery of the decision of the arbitrator
                  finding in favor of Employee or settlement of the matter;
                  provided that if such finding of the Arbitrator is not in
                  favor of Employee, then such Employee will reimburse
                  Association for the initial filing fee paid by Association to
                  the AAA. Such settlement to be approved by the Board of
                  Association or the Parent may include a provision for the
                  reimbursement by Association or Parent to Employee for all
                  costs and expenses, including reasonable attorneys' fees,
                  arising from such dispute, proceedings or actions, or the
                  Board of Association or the Parent may authorize such
                  reimbursement of such costs and expenses by separate action
                  upon a written action and determination of the Board. Such
                  reimbursement will be paid within ten (10) days of Employee
                  furnishing to Association or Parent evidence, which may be in
                  the form, among other things, of a canceled check or receipt,
                  of any costs or expenses incurred by Employee.

4.       Other Changes in Employment Status.

         4.1      Notwithstanding the provisions of Section 3, herein, the Board
                  of Directors may terminate Employee's employment at any time,
                  but any termination by the Board of Directors other than
                  termination for Cause, will not prejudice Employee's right to
                  compensation or other benefits under the Agreement. Employee
                  will have no right to receive compensation or other benefits
                  for any period after termination for Cause. Termination for
                  "Cause" will include termination because of Employee's
                  personal dishonesty, incompetence, 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 the Agreement.

         4.2      If Employee is removed and/or permanently prohibited from
                  participating in the conduct of Association's affairs by an
                  order issued under Sections 8(e)(4) or 8(g)(l) of the Federal
                  Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and
                  (g)(1)), all obligations of Association under this Agreement
                  will terminate, as of the effective date of the order, but the
                  vested rights of the parties will not be affected.

         4.3      If this Association is in default (as defined in Section
                  3(x)(l) of FDIA), all obligations under this Agreement will
                  terminate as of the date of default, but this Section will not
                  affect any vested rights of the contracting parties.

                                       -3-
<PAGE>

         4.4      All obligations under this Agreement will be terminated,
                  except to the extent determined that continuation of this
                  Agreement is necessary for the continued operation of
                  Association: (i) by the Director of the Office of Thrift
                  Supervision ("Director of OTS") or his or her designee, at the
                  time that the Federal Deposit Insurance Corporation ("FDIC")
                  enters into an agreement to provide assistance to or on behalf
                  of Association under the authority continued in Section 13(c)
                  of FDIA; or (ii) by the Director of the OTS, or his or her
                  designee, at the time that the Director of the OTS, or his or
                  her designee approves a supervisory merger to resolve problems
                  related to operation of Association or when Association is
                  determined by the Director of the OTS to be in an unsafe or
                  unsound condition. Any rights of the parties that have already
                  vested, however, will not be affected by such action.

         4.5      Notwithstanding anything herein to the contrary, any payments
                  made to Employee pursuant to the Agreement, or otherwise, will
                  be subject to and conditioned upon compliance with 12 U.S.C.
                  ss.1828(k) and any regulations promulgated thereunder.

5.       Suspension of Employment. If Employee is suspended and/or temporarily
         prohibited from participating in the conduct of Association's affairs
         by a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12
         U.S.C. 1818 (e)(3) and (g)(1)), Association's obligations under the
         Agreement shall be suspended as of the date of service, unless stayed
         by appropriate proceedings. If the charges in the notice are dismissed,
         Association may in its discretion, (i) pay Employee all or part of the
         compensation withheld while its contract obligations were suspended,
         and (ii) reinstate (in whole or in part) any of its obligations which
         were suspended.

6.       Successors and Assigns.

         6.1      This Agreement will inure to the benefit of and be binding
                  upon any corporate or other successor of Association which
                  will acquire, directly or indirectly, by merger,
                  consolidation, purchase or otherwise, all or substantially all
                  of the assets or stock of Association.

         6.2      Employee will be precluded from assigning or delegating his
                  rights or duties hereunder without first obtaining the written
                  consent of Association.

7.       Amendments. No amendments or additions to this Agreement will be
         binding upon the parties hereto unless made in writing and signed by
         both parties, except as herein otherwise specifically provided.

8.       Applicable Law. This Agreement will be governed by all respects whether
         as to validity, construction, capacity, performance or otherwise, by
         the laws of the State of Ohio, except to the extent that Federal law
         will be deemed to apply.

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

                                       -4-
<PAGE>

10.      Entire Agreement. This Agreement together with any understanding or
         modifications thereof as agreed to in writing by the parties, will
         constitute the entire agreement between the parties hereto.

Signed as of _______________________, 2003.

                                       ASSOCIATION:
                                       CHEVIOT SAVINGS BANK

                                       By:
                                           -------------------------------------
                                           Thomas J. Linneman
                                           President and CEO

                                       EMPLOYEE:

                                       -----------------------------------------
                                       Kevin Kappa

                                      -5-

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