Document:

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) 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

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            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.

      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

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            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 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

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            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.

           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

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                  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 except for vested benefits. Termination for
            "Cause" shall mean termination because of, in the good faith
            determination of the Board, 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) that reflects
                  adversely on the reputation of the Company and the
                  Association, any felony conviction, any violation of law
                  involving moral turpitude, or any violation of a 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, other than Termination for
            Cause, shall not prejudice Executive's right to compensation or
            other benefit under this Agreement. Executive shall not have the
            right to receive compensation or other benefits

                                     - 12 -
<PAGE>

            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 of the Association 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 of the Association 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 designee), the
            FDIC or the Resolution Trust Corporation, 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 designee) at the time the Director
            (or his 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 -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 Just 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 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

<PAGE>

      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 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

                                     - 2 -
<PAGE>

            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   Except as provided for at 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 Just 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
            Just Cause. Termination for "Just Cause" will include termination
            because of Employee's personal dishonesty, incompetence, willful
            conduct, 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.

      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

                                     - 3 -
<PAGE>

            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. s.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 will be
      suspended as of the date of service, unless stayed by appropriate
      proceedings. If the charges in the notice are dismissed, Association will,
      (i) pay Employee all or part of the compensation withheld while its
      contract obligations were suspended, and (ii) reinstate 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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